Trane Technologies (TT) financial statements

Industrials · Building Products & Equipment · Market cap $100.3B

Trane Technologies reported revenue of $21.3B in fiscal 2025, up 5.2% a year over 9 years.

Net income was $2.9B and the operating margin 18.6%, against 11.9% in 2016.

Free cash flow was $2.8B, and the company returned $837M in dividends and $1.5B in net buybacks.

The diluted share count fell 14% over the period (buybacks).

Revenue and free cash flow

Fiscal years, $ billions.

01020302016201720182019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, from Trane Technologies's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Revenue$13.5B$14.2B$12.3B$13.1B$12.5B$14.1B$16.0B$17.7B$19.8B$21.3B
Cost of revenue$9.3B$9.8B$8.6B$9.1B$8.7B—————
Gross profit$4.2B$4.4B$3.8B$4.0B$3.8B—————
Research and development$208M$211M$167M$174M$165M$194M$211M$252M$310M$348M
Selling, general and admin$2.6B$2.7B$2.2B$2.3B$2.3B$2.4B$2.5B$3.0B$3.6B$3.7B
Operating income$1.6B$1.7B$1.5B$1.7B$1.5B$2.0B$2.4B$2.9B$3.5B$4.0B
Interest expense$222M$216M$221M$243M$249M$234M$224M$234M$238M$227M
Pre-tax income$1.7B$1.4B$1.3B$1.4B$1.3B$1.8B$2.2B$2.6B$3.2B$3.7B
Income tax$282M$80M$235M$239M$297M$334M$376M$498M$628M$706M
Net income$1.5B$1.3B$1.3B$1.4B$855M$1.4B$1.8B$2.0B$2.6B$2.9B
EPS (diluted)$5.65$5.05$5.35$5.77$3.52$5.87$7.48$8.77$11.24$12.98
Diluted shares262M258M250M244M243M242M235M231M228M225M
Gross margin31.1%30.9%30.5%30.5%30.5%—————
Operating margin11.9%11.7%12.2%12.8%12.3%14.3%15.1%16.4%17.6%18.6%
Net margin10.9%9.2%10.8%10.8%6.9%10.1%11.0%11.4%12.9%13.7%

Balance sheet

Fiscal years, from Trane Technologies's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments$1.7B$1.5B$878M$1.3B$3.3B$2.2B$1.2B$1.1B$1.6B$1.8B
Receivables$2.2B$2.5B$2.7B$2.2B$2.2B$2.4B$2.8B$3.0B$3.1B$3.2B
Inventory$1.4B$1.6B$1.7B$1.3B$1.2B$1.5B$2.0B$2.2B$2.0B$2.1B
Total current assets$5.6B$6.1B$5.7B$9.3B$6.9B$6.5B$6.4B$6.9B$7.3B$7.9B
Property, plant and equipment$1.5B$1.6B$1.7B$1.4B$1.3B$1.4B$1.5B$1.8B$2.0B$2.3B
Goodwill$5.7B$5.9B$5.1B$5.1B$5.3B$5.5B$5.5B$6.1B$6.1B$6.5B
Total assets$17.4B$18.2B$17.9B$20.5B$18.2B$18.1B$18.1B$19.4B$20.1B$21.4B
Total current liabilities$3.6B$4.8B$4.3B$5.2B$4.3B$4.8B$5.7B$6.1B$6.1B$6.3B
Long-term debt$3.7B$3.0B$3.7B$4.9B$4.5B$4.5B$3.8B$4.0B$4.3B$3.9B
Total liabilities$10.7B$11.0B$10.9B$13.2B$11.7B$11.8B$12.0B$12.4B$12.7B$12.8B
Shareholders' equity$6.6B$7.1B$7.0B$7.3B$6.4B$6.3B$6.1B$7.0B$7.5B$8.6B
Net debt$2.4B$2.5B$3.2B$4.3B$2.0B$2.7B$3.6B$3.7B$3.2B$2.9B

Cash flow

Fiscal years, from Trane Technologies's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Operating cash flow$1.5B$1.5B$1.4B$1.9B$1.4B$1.6B$1.5B$2.4B$3.1B$3.2B
Capital spending$183M$221M$285M$205M$146M$223M$292M$301M$371M$383M
Free cash flow$1.3B$1.3B$1.1B$1.7B$1.3B$1.4B$1.2B$2.1B$2.8B$2.8B
Stock-based compensation$70M$71M$79M$66M$70M$66M$56M$64M$83M$87M
Dividends paid$349M$430M$480M$510M$507M$561M$620M$684M$758M$837M
Share buybacks (net)-$250M-$1.0B-$900M-$750M-$250M-$1.1B-$1.2B-$669M-$1.3B-$1.5B
Net borrowing-$151M-$12M$18M$1.5B-$308M-$432M-$10M-$57M-$9M-$159M
Free cash flow margin9.9%9.2%9.1%13.1%10.3%9.7%7.6%11.8%14.0%13.2%
Dividends per share$1.33$1.67$1.92$2.09$2.09$2.32$2.64$2.96$3.32$3.72
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Questions

What was Trane Technologies's revenue in 2025?

$21.3B in fiscal 2025, from its 10-K filing.

How much free cash flow does Trane Technologies generate?

$2.8B in fiscal 2025 (operating cash flow minus capital spending).

From Trane Technologies's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.