$TT Trane Technologies PLC | Understand Stock

What Do They Do?

Sells heating, cooling and ventilation systems, building controls and services, and refrigeration solutions for commercial buildings, homes and transportation.

How Do They Make Money?

Customers pay for equipment when it ships; contracting and installation work is billed as it progresses. Service agreements bring in money over their contract terms, while some repairs and parts are counted when provided or sold.

revenue

Segment	Share	Revenue	How money arrives
Product Sold outright	66% FY2022: 68%		Sold outright
Service Mix	34% FY2022: 32%		Mix

Who Are Their Customers?

The company serves commercial and residential HVAC markets and transport refrigeration customers. U.S. sales go through branch sales offices, distributors and dealers; outside the U.S., subsidiary sales and service companies work with distributors.

Do Revenues Turn Into Profits?

Yes. It kept 14 cents of every revenue dollar as net income in FY2025 and turned 13 cents into free cash flow.

Operating income, FY2025

19% of revenue

▲ +13% vs FY2024 ($3.5B, 18%)

Net income, FY2025

14% of revenue

▲ +14% vs FY2024 ($2.6B, 13%)

Free cash flow, FY2025

13% of revenue

▲ +1% vs FY2024 ($2.8B, 14%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +11%; vs $5.7B in Q2 FY2025
Net income: ▲ +6%; vs $874.8M in Q2 FY2025

Jul 30, 2026 Raises full-year revenue and earnings-per-share guidance The company raised its full-year revenue and EPS guidance after reporting second-quarter results.

Growing. Revenue grew 51% in 4 years, from $14.1B in FY2021 to $21.3B in FY2025, about 11% a year.

Revenue over time

Product Service

$25B$12.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025