Trane Technologies plc TT
Trane Technologies plc, a public limited company, incorporated in Ireland in 2009, and its consolidated subsidiaries (collectively we, us, our, the Company) is a global climate innovator. We bring sustainable and efficient solutions to buildings, homes and transportation through our strategic brands, Trane® and Thermo King®, and our environmentally responsible portfolio of products, services and connected intelligent controls. We generate revenue and cash primarily through the design, manufacture, sales and service of solutions for Heating, Ventilation and Air Conditioning (HVAC), transport refrigeration, and custom refrigeration solutions. As an industry leader with an extensive global install base, our growth strategy includes expanding recurring revenue through services and rental options. Our unique business operating system, uplifting culture and highly engaged team around the world are also central to our earnings and cash flow growth.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.32B | $19.84B | $17.68B | $15.99B | $14.14B | $12.45B | $13.08B | $12.34B | $14.20B | $13.51B |
| Cost of revenue | — | — | — | — | — | $8.65B | $9.09B | $8.58B | $9.81B | $9.31B |
| Gross profit | — | — | — | — | — | $3.80B | $3.99B | $3.76B | $4.39B | $4.20B |
| R&D | $347.6M | $309.6M | $252.3M | $211.2M | $193.5M | $165.0M | $174.2M | $166.7M | $210.8M | $207.9M |
| SG&A | $3.74B | $3.58B | $2.96B | $2.55B | $2.45B | $2.27B | $2.32B | $2.25B | $2.72B | $2.60B |
| Operating income | $3.97B | $3.50B | $2.89B | $2.42B | $2.02B | $1.53B | $1.67B | $1.51B | $1.67B | $1.60B |
| Interest expense | $226.7M | $238.4M | $234.5M | $223.5M | $233.7M | $248.7M | $242.8M | $221.0M | $215.8M | $221.5M |
| Pre-tax income | $3.68B | $3.24B | $2.57B | $2.17B | $1.79B | $1.29B | $1.40B | $1.26B | $1.42B | $1.74B |
| Income tax | $705.9M | $627.6M | $498.4M | $375.9M | $333.5M | $296.8M | $238.6M | $234.9M | $80.2M | $281.5M |
| Net income | $2.92B | $2.57B | $2.02B | $1.76B | $1.42B | $854.9M | $1.41B | $1.34B | $1.30B | $1.48B |
| EPS, basic | 13.09 | 11.35 | 8.85 | 7.55 | 5.96 | 3.56 | 5.84 | 5.41 | 5.11 | 5.70 |
| EPS, diluted | 12.98 | 11.24 | 8.77 | 7.48 | 5.87 | 3.52 | 5.77 | 5.35 | 5.05 | 5.65 |
| Shares, diluted (wtd. avg.) | $224.9M | $228.4M | $230.7M | $234.9M | $242.3M | $243.1M | $244.4M | $250.1M | $258.1M | $261.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.76B | $1.59B | $1.10B | $1.22B | $2.16B | $3.29B | $1.28B | $878.4M | $1.52B | $1.71B |
| Receivables | $3.24B | $3.09B | $2.96B | $2.78B | $2.43B | $2.20B | $2.18B | $2.68B | $2.48B | $2.22B |
| Inventory | $2.10B | $1.97B | $2.15B | $1.99B | $1.53B | $1.19B | $1.28B | $1.68B | $1.56B | $1.39B |
| Total current assets | $7.86B | $7.34B | $6.87B | $6.38B | $6.47B | $6.91B | $9.29B | $5.73B | $6.12B | $5.58B |
| Property, plant and equipment | $2.25B | $2.02B | $1.77B | $1.54B | $1.40B | $1.35B | $1.35B | $1.73B | $1.55B | $1.51B |
| Goodwill | $6.46B | $6.13B | $6.10B | $5.50B | $5.50B | $5.34B | $5.13B | $5.10B | $5.94B | $5.66B |
| Other intangibles | $3.24B | $3.31B | $3.44B | $3.26B | $3.31B | $3.29B | $3.32B | $3.63B | $3.74B | $3.79B |
| Total assets | $21.42B | $20.15B | $19.39B | $18.08B | $18.06B | $18.16B | $20.49B | $17.91B | $18.17B | $17.40B |
| Accounts payable | $2.15B | $2.15B | $2.03B | $2.09B | $1.79B | $1.52B | $1.38B | $1.71B | $1.56B | $1.33B |
| Short-term debt | $693.0M | $452.2M | $801.9M | $1.05B | $350.4M | $775.6M | $650.3M | $350.6M | $1.11B | $360.8M |
| Total current liabilities | $6.29B | $6.07B | $6.05B | $5.69B | $4.75B | $4.34B | $5.24B | $4.32B | $4.83B | $3.59B |
| Long-term debt | $3.92B | $4.32B | $3.98B | $3.79B | $4.49B | $4.50B | $4.92B | $3.74B | $2.96B | $3.71B |
| Total liabilities | $12.82B | $12.66B | $12.37B | $11.98B | $11.79B | $11.73B | $13.18B | $10.85B | $10.97B | $10.68B |
| Retained earnings | $10.42B | $9.79B | $9.13B | $8.32B | $8.35B | $8.50B | $9.73B | $9.44B | $8.90B | $8.02B |
| Total equity | $8.58B | $7.46B | $7.02B | $6.11B | $6.27B | $6.43B | $7.31B | $7.06B | $7.21B | $6.72B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.19B | $3.15B | $2.39B | $1.50B | $1.59B | $1.44B | $1.92B | $1.41B | $1.52B | $1.52B |
| Depreciation and amortisation | $376.3M | $379.4M | $348.1M | $323.6M | $299.4M | $294.3M | $288.8M | $282.3M | $353.3M | $352.2M |
| Stock-based compensation | $86.6M | $82.9M | $64.3M | $56.3M | $66.5M | $69.5M | $66.4M | $78.8M | $70.8M | — |
| Capital expenditure | $383.0M | $370.6M | $300.7M | $291.8M | $223.0M | $146.2M | $205.4M | $284.7M | $221.3M | $182.7M |
| Investing cash flow | -$640.0M | -$562.9M | -$1.17B | -$540.4M | -$545.7M | -$376.2M | -$1.78B | -$629.4M | -$374.7M | $240.1M |
| Financing cash flow | -$2.50B | -$2.02B | -$1.35B | -$1.85B | -$2.13B | $884.3M | $270.5M | -$1.38B | -$1.43B | -$726.9M |
| Dividends paid | $837.3M | $757.5M | $683.7M | $620.2M | $561.1M | $507.3M | $510.1M | $479.5M | $430.1M | $348.6M |
| Buybacks | $1.48B | $1.28B | $669.3M | $1.20B | $1.10B | $250.0M | $750.1M | $900.2M | $1.02B | $250.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-026679.