Trane Technologies PLC

Latest Results (28.08.2026):

Trane Technologies PLC reported results for the second quarter of 2026, posting solid top-line growth, strong bookings and record backlog while raising full‑year guidance. GAAP continuing EPS was $4.20 and adjusted continuing EPS was $4.31 (up 11% year‑over‑year); reported revenues were $6.4 billion (organic +9%) and bookings were $7.8 billion (organic +37%) with a record backlog of $12.1 billion.

Earnings

GAAP diluted earnings per share from continuing operations: $4.20 (Q2 2026 vs $3.87 Q2 2025, +9%). Adjusted continuing EPS: $4.31 (up 11% y/y). Pre-tax non‑GAAP adjustments were ~$28.4M for the quarter.

Revenue & Bookings

Reported net revenues: $6.354 billion (up 11% y/y; organic +9%). Record bookings: $7.818 billion (up 39% y/y; organic +37%). Book‑to‑bill for the company was 123% and exceeded 100% in all segments.

Backlog

Record backlog of $12.1 billion, up 70% year‑over‑year, led by strong demand in Commercial HVAC (Americas).

Margins

GAAP operating margin: 19.3% (down 100 bps y/y). Adjusted operating margin: 19.7% (down 60 bps). Adjusted EBITDA margin: 21.1% (down 70 bps).

Americas Segment

Bookings: $6.562 billion (up 44%; organic +43%) with book‑to‑bill 124%. Commercial HVAC bookings up 50% (applied equipment bookings up 130%). Net revenues: $5.271 billion (up 12%; organic +11%). Adjusted operating margin ~22.1% (down modestly y/y).

EMEA Segment

Bookings: $753.0 million (up 7%; organic +4%) with book‑to‑bill 108%. Net revenues: $697.6 million (down ~1%; organic ‑4%). GAAP operating margin weakened to 11.8% (down 550 bps y/y); adjusted operating margin down ~420 bps.

Asia Pacific Segment

Bookings: $502.9 million (up 33%; organic +31%) with book‑to‑bill 131%. Net revenues: $384.6 million (up 11%; organic +10%). Margins modestly lower y/y (adjusted operating margin ~21.0%).

Cash Flow & Balance Sheet

Year‑to‑date cash from continuing operations: ~$1.735 billion; free cash flow YTD: ~$1.603 billion. Cash balance at June 30, 2026: $1.318 billion; total debt roughly $4.617 billion. Through July the company deployed/committed ~$1.9 billion of capital (≈$690M dividends, $340M M&A, $840M share repurchases).

Full‑Year 2026 Guidance

Raised guidance: full‑year reported revenue growth ~11.5% and organic revenue growth ~9% vs 2025. GAAP continuing EPS expected ~$15.00–$15.10 (including $0.20 for non‑GAAP adjustments); adjusted continuing EPS expected $15.20–$15.30.