Trane Technologies plc financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Trane Technologies plc files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	13,509	14,198	12,344	13,076	12,455	14,136	15,992	17,678	19,838	21,322
Cost of revenue	9,308	9,812	8,583	9,086	8,651
Gross profit	4,201	4,386	3,761	3,990	3,803
Research and development	208	211	167	174	165	194	211	252	310	348
Selling, general and administrative	2,598	2,721	2,249	2,320	2,271	2,446	2,546	2,963	3,580	3,743
Operating income	1,603	1,665	1,512	1,670	1,533	2,023	2,419	2,894	3,500	3,967
Interest expense	222	216	221	243	249	234	224	235	238	227
Interest income	8	9.4	6.4	3.1	4.5	4	9.2	15.4	35.9	9
Other non-operating income	360	-31.6	-33.3	-28.4	4.1	1.1	-23.3	-92.2	-19.9	-62.1
Pre-tax income	1,741	1,418	1,258	1,399	1,288	1,791	2,172	2,567	3,242	3,679
Income tax	282	80.2	235	239	297	334	376	498	628	706
Income from continuing operations	1,443	1,328	1,008	1,145	977	1,444	1,778	2,051	2,593	2,956
Net income to minority interests	16.5	9.7	19.9	17.6
Net income	1,476	1,303	1,338	1,411	855	1,423	1,757	2,024	2,568	2,919
EBITDA	1,955	2,019	1,874	2,068	1,827	2,323	2,743	3,242	3,880	4,344
EPS, basic	5.70	5.11	5.41	5.84	3.56	5.96	7.55	8.85	11.35	13.09
EPS, diluted	5.65	5.05	5.35	5.77	3.52	5.87	7.48	8.77	11.24	12.98
Shares, basic (weighted)	259	255	247	242	240	239	233	229	226	223
Shares, diluted (weighted)	262	258	250	244	243	242	235	231	228	225
Dividend per share	1.16	1.70	1.96	2.12	2.12	2.36	2.68	3.00	3.36	3.76

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,715	1,524	878	1,279	3,290	2,159	1,221	1,095	1,590	1,763
Receivables	2,223	2,477	2,679	2,185	2,202	2,429	2,780	2,957	3,090	3,235
Inventory	1,386	1,555	1,678	1,279	1,189	1,531	1,994	2,152	1,972	2,104
Other current assets	256	537	472	345	224	352	385	666	686	761
Total current assets	5,579	6,119	5,732	9,294	6,906	6,471	6,379	6,870	7,338	7,863
Property, plant and equipment	1,511	1,551	1,731	1,352	1,350	1,399	1,536	1,772	2,025	2,251
Lease right-of-use assets				469		437	463	513	603
Goodwill	5,658	5,936	5,099	5,126	5,343	5,505	5,504	6,095	6,128	6,457
Intangible assets	3,785	3,743	3,635	3,324	3,286	3,306	3,264	3,440	3,308	3,237
Other non-current assets	864	824	858	1,397	1,272	1,380	1,399	1,215	1,348	1,613
Total assets	17,397	18,173	17,915	20,492	18,157	18,060	18,082	19,392	20,147	21,421
Accounts payable	1,334	1,556	1,705	1,381	1,520	1,787	2,092	2,025	2,148	2,154
Accrued liabilities	1,426	1,655	1,728	1,564	1,592	2,070	2,006	2,635	2,790	2,825
Deferred revenue										1,374
Short-term debt	361	1,107	351	650	776	350	1,048	802	452	693
Total current liabilities	3,590	4,828	4,316	5,239	4,339	4,752	5,687	6,054	6,069	6,287
Long-term debt	3,709	2,957	3,741	4,923	4,497	4,492	3,788	3,978	4,318	3,922
Lease liabilities				330
Other non-current liabilities	1,138	1,139	1,062	1,398	1,291	1,150	1,154	1,043	1,124	1,353
Total liabilities	10,679	10,966	10,850	13,180	11,730	11,787	11,976	12,375	12,660	12,820
Total debt	4,060	4,057	4,091	5,573	5,272	4,842	4,836	4,780	4,770	4,615
Paid-in capital	347	461	0	0	0	0	0
Retained earnings	8,019	8,903	9,440	9,731	8,495	8,353	8,321	9,134	9,792	10,422
Treasury stock	-703	-1,719	-1,719	-1,719	-1,719	-1,719	-1,719	-1,719	-1,719	-1,649
Other comprehensive income	-1,291	-779	-964	-1,007	-632	-638	-766	-671	-864	-439
Shareholders' equity	6,644	7,140	7,023	7,268	6,408	6,256	6,089	6,995	7,457	8,579
Minority interests	74.5	66.6	42.1	44.8	19.4	17.2	16.6	21.8	29.5	21.7
Total equity	6,718	7,207	7,065	7,312	6,427	6,273	6,105	7,017	7,487	8,601
Total liabilities and equity	17,397	18,173	17,915	20,492	18,157	18,060	18,082	19,392	20,147	21,421
Shares outstanding							253	252	249

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,493	1,312	1,358	1,429	870	1,437	1,775	2,042	2,590	2,936
Depreciation and amortization	352	353	362	397	294	299	324	348	379	376
Stock-based compensation	69.6	70.8	78.8	66.4	69.5	66.5	56.3	64.3	82.9	86.6
Deferred income tax	-33.8	-117	-97.8	-20.6	22.2	-25.2	67.8	-53.5	-129	114
Change in inventory	26.8	-112	-187	3.9	109	-349	-467	-96.4	163	-84.8
Change in payables	104	167	99.6	93.2	75.8	275	318	-125	101	-2.6
Cash from operations	1,522	1,524	1,408	1,920	1,435	1,588	1,504	2,390	3,146	3,195
Capital expenditures	-183	-221	-285	-205	-146	-223	-292	-301	-371	-383
Acquisitions	-9.2	-158	-286	-83.4	-183	-269	-235	-863	-180	-276
Purchases of investments							0	0	-450	0
Cash from investing	240	-375	-629	-1,780	-376	-546	-540	-1,172	-563	-640
Debt issued	0	0	1,147	1,498	0	0	0	699	499	0
Debt repaid	0	-7.7	-1,123	-7.5	-308	-433	-9.6	-755	-508	-159
Stock issued	62.9	76.7	43.1	72.5	64.5	78.3	2.6	79.3	46.9	12.6
Share buybacks	-250	-1,017	-900	-750	-250	-1,100	-1,200	-669	-1,281	-1,481
Dividends paid	-349	-430	-480	-510	-507	-561	-620	-684	-758	-837
Cash from financing	-727	-1,433	-1,379	271	884	-2,128	-1,852	-1,350	-2,021	-2,496
Exchange rate effect	-57.2	118	-45.6	-9.8	68.2	-45.7	-50.1	7.7	-67.3	115
Net change in cash	978	-165	-646	400	2,011	-1,131	-939	-125	495	173
Free cash flow	1,339	1,302	1,123	1,714	1,289	1,365	1,212	2,089	2,775	2,812
Interest paid	209	210	201	221	244	235	218	217	233	222
Income taxes paid	334	287	375	425	152	357	321	526	717	647

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $454.44 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	17.9%	Operating income / revenue.
EBITDA margin	19.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	13.3%	Net income / revenue.
Operating cash flow margin	17.5%	Cash from operations / revenue.
Return on equity (ROE)	34.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	12.3%	Net income / average total assets.
Return on invested capital (ROIC)	25.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	17.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	1.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	13.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	17.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	20.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	12.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	16.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	18.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	13.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	18.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	27.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	15.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	20.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	29.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	1.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	28.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	17.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	1.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	32.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	16.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	11.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	11.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	12.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	15.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	12.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.07x	Current assets / current liabilities.
Debt / equity	0.46x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	16.4%	Total debt / total assets.
Liabilities / assets	63.9%	Total liabilities / total assets.
Interest coverage	18.1x	Operating income / interest expense.
Working capital	$615.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	44.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.93B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.93x	Revenue / average total assets.
Fixed asset turnover	9.28x	Revenue / average property, plant and equipment.
Receivables turnover	5.24x	Revenue / average receivables.
Days sales outstanding	70 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$13.25	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$99.82	Revenue / diluted weighted shares.
Operating cash flow per share	$17.42	Cash from operations / diluted weighted shares.
Book value per share	$38.75	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$8.66	Tangible book value / shares outstanding.
Payout ratio	29.9%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$99.99B	Share price x shares outstanding.
Enterprise value	$103.91B	Market cap + total debt - cash - short-term investments.
P/E	33.9x	Market cap / net income. Only when net income is positive.
P/S	4.50x	Market cap / revenue.
P/B	11.6x	Market cap / shareholders' equity. Only when equity is positive.
P/OCF	25.8x	Market cap / cash from operations, when positive.
EV/Sales	4.68x	Enterprise value / revenue.
EV/EBIT	26.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	23.8x	Enterprise value / EBITDA, when both are positive.
Earnings yield	2.9%	Net income / market cap (the inverse of P/E).
Dividend yield	0.9%	Dividends paid over the period / market cap.
Shareholder yield	2.2%	(Dividends paid + share buybacks) / market cap.
PEG	1.68x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Trane Technologies plc's revenue in fiscal 2025?

Trane Technologies plc reported revenue of $21.32B for fiscal 2025, 7.5% higher than the year before.

Was Trane Technologies plc profitable in fiscal 2025?

Yes. Net income was $2.92B, a net margin of 13.7%.

How much free cash flow did Trane Technologies plc generate in fiscal 2025?

Cash from operations of $3.19B minus capital expenditures of $383.0M left free cash flow of $2.81B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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