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Trane Technologies plc designs, manufactures, sells, and services of solutions for heating, ventilation, air conditioning, and custom and transport refrigeration. It offers air conditioners, exchangers, and handlers; airside and terminal devices; air sourced heat pumps; chillers; coils and condensers; auxiliary power, cold storage, and condensing units; controls contracting and commissioning, decarbonization programs, and gensets; dehumidifiers; energy and water efficiency programs; energy recovery ventilators and power solutions; energy storage; furnaces; home automation; humidifiers; HVAC performance-monitoring products; and indoor air quality assessments and related products for HVAC and transport solutions. The company also provides asset management, building management, bus air purification, bus and rail HVAC, container refrigeration, control, ductless, geothermal, data center and multi-pipe HVAC, package heating and cooling, rail refrigeration, residential air filtration, self and vehicle powered truck refrigeration, temporary heating and cooling, truck refrigeration, unitary, variable refrigerant flow, and trailer refrigeration systems. In addition, it offers industrial process refrigeration, installation contracting, lighting retrofit, medical grade refrigeration, refrigerant reclamation, renewable energy and storage, residential hybrid heating, telematics, thermostats/controls and associated digital, ventilation, and stationary cold storage solutions; packaged rooftop units; rate chambers; residential air filters; thermal energy storage; transport heater products; temperature freezers; energy infrastructure programs and management, repair and maintenance, smart and AI-enabled, and rental services; water source heat pumps; and aftermarket and OEM parts and supplies. The company was formerly known as Ingersoll-Rand Plc and changed its name to Trane Technologies plc in March 2020. The company was founded in 1885 and is headquartered in Swords, Ireland.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $21.3B | $4.3B | $2.9B | $2.8B | 34.0% | 7.5% | 13.7% |
| 2024 | $19.8B | $3.9B | $2.6B | $2.8B | 34.4% | 12.2% | 26.9% |
| 2023 | $17.7B | $3.1B | $2.0B | $2.1B | 28.9% | 10.5% | 15.2% |
| 2022 | $16.0B | $2.7B | $1.8B | $1.2B | 28.8% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 15,991.70 | 17,677.60 | 19,838.20 | 21,321.90 |
| Operating Revenue | - | 15,991.70 | 17,677.60 | 19,838.20 | 21,321.90 |
| Cost Of Revenue | - | 11,026.90 | 11,820.40 | 12,757.70 | 13,611.70 |
| Gross Profit | - | 4,964.80 | 5,857.20 | 7,080.50 | 7,710.20 |
| Operating Expense | - | 2,545.90 | 2,963.20 | 3,580.40 | 3,742.80 |
| Selling General And Administration | - | 2,545.90 | 2,963.20 | 3,580.40 | 3,742.80 |
| Total Expenses | - | 13,572.80 | 14,783.60 | 16,338.10 | 17,354.50 |
| Operating Income | - | 2,418.90 | 2,894 | 3,500.10 | 3,967.40 |
| Total Operating Income As Reported | - | 2,418.90 | 2,894 | 3,500.10 | 3,967.40 |
| EBITDA | - | 2,719.20 | 3,149.90 | 3,859.60 | 4,281.60 |
| Normalized EBITDA | - | 2,737.10 | 3,170 | 3,883.70 | 4,297 |
| EBIT | - | 2,395.60 | 2,801.80 | 3,480.20 | 3,905.30 |
| Interest Income | - | 9.20 | 15.40 | 35.90 | 9 |
| Interest Expense | - | 223.50 | 234.50 | 238.40 | 226.70 |
| Net Interest Income | - | -214.30 | -219.10 | -202.50 | -217.70 |
| Other Non Operating Income Expenses | - | -14.60 | -87.50 | -31.70 | -55.70 |
| Other Income Expense | - | -32.50 | -107.60 | -55.80 | -71.10 |
| Interest Income Non Operating | - | 9.20 | 15.40 | 35.90 | 9 |
| Interest Expense Non Operating | - | 223.50 | 234.50 | 238.40 | 226.70 |
| Net Non Operating Interest Income Expense | - | -214.30 | -219.10 | -202.50 | -217.70 |
| Pretax Income | - | 2,172.10 | 2,567.30 | 3,241.80 | 3,678.60 |
| Tax Provision | - | 375.90 | 498.40 | 627.60 | 705.90 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -3.10 | -3.90 | -4.68 | -2.96 |
| Net Income Continuous Operations | - | 1,796.20 | 2,068.90 | 2,614.20 | 2,972.70 |
| Net Income From Continuing And Discontinued Operation | - | 1,756.50 | 2,023.90 | 2,567.90 | 2,918.60 |
| Net Income From Continuing Operation Net Minority Interest | - | 1,778 | 2,051.10 | 2,592.60 | 2,955.60 |
| Net Income | - | 1,756.50 | 2,023.90 | 2,567.90 | 2,918.60 |
| Net Income Common Stockholders | - | 1,756.50 | 2,023.90 | 2,567.90 | 2,918.60 |
| Net Income Including Noncontrolling Interests | - | 1,774.70 | 2,041.70 | 2,589.50 | 2,935.70 |
| Normalized Income | - | 1,792.80 | 2,067.30 | 2,612.02 | 2,968.04 |
| Diluted NI Availto Com Stockholders | - | 1,756.50 | 2,023.90 | 2,567.90 | 2,918.60 |
| Basic Average Shares | - | 228.83 | 227.17 | 224.47 | 221.47 |
| Diluted Average Shares | - | 234.90 | 230.70 | 228.40 | 224.90 |
| Reconciled Depreciation | - | 323.60 | 348.10 | 379.40 | 376.30 |
| Reconciled Cost Of Revenue | - | 11,026.90 | 11,820.40 | 12,757.70 | 13,611.70 |
| Total Unusual Items | - | -17.90 | -20.10 | -24.10 | -15.40 |
| Total Unusual Items Excluding Goodwill | - | -17.90 | -20.10 | -24.10 | -15.40 |
| Minority Interests | - | -18.20 | -17.80 | -21.60 | -17.10 |
| Net Income Discontinuous Operations | - | -21.50 | -27.20 | -24.70 | -37 |
| Gain On Sale Of Security | - | -17.90 | -20.10 | -24.10 | -15.40 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Trane Technologies plcthis co. | TT | $102.5B | 35.13↑ premium | 11.95 | 34.0% | 24.61 |
| Parker-Hannifin Corporation | PH | $110.0B | 31.15 | 8.04 | 25.8% | 21.91 |
| Quanta Services, Inc. | PWR | $107.9B | 104.94 | 12.07 | 11.5% | 44.47 |
| Howmet Aerospace Inc. | HWM | $99.8B | 66.15 | 18.64 | 28.2% | 44.96 |
| United Parcel Service, Inc. | UPS | $93.7B |
| - |
| - |
| - |
| - |
| - |
| 16.81 |
| 5.77 |
| 34.3% |
| 9.76 |
| Cummins Inc. | CMI | $93.6B | 32.91 | 7.58 | 23.0% | 18.31 |
| General Dynamics Corporation | GD | $92.4B | 21.94 | 3.60 | 16.4% | 15.52 |
| Johnson Controls International plc | JCI | $89.9B | 27.33 | 6.96 | 25.5% | 32.48 |
| Waste Management, Inc. | WM | $87.9B | 32.48 | 8.80 | 27.1% | 15.37 |
| Peer Median | - | 31.81 | 7.81 | 25.6% | 20.11 | |