At a glance
Trane Technologies plc is worth $90.48B, about 32 times its fiscal 2025 earnings. Revenue grew 7.5% to $21.32B in fiscal 2025, with 13.7% kept as profit; over 5 years it has grown 11.4% a year. It pays a 0.99% dividend yield, raised every year for at least 5 years, and returned $9.19B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −7.0% over the past year with dividends reinvested and +19.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 39.2% in the 2020 crash (S&P 500: 33.7%) and 37.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 9 months after the lows.
The business in plain English
Trane Technologies makes, sells and services heating, ventilation and air conditioning (HVAC) equipment, the systems that heat, cool and move air through buildings. Its main brands are Trane and Thermo King. Products range from home furnaces, heat pumps and thermostats to commercial chillers and cooling systems for data centers. It also makes transport refrigeration: units that keep temperature-sensitive cargo cold in trucks, trailers, rail cars and shipping containers. The company is incorporated in Ireland and was formerly Ingersoll-Rand plc.
In the year ended December 31, 2025, revenue was about $21.3 billion. Product sales made up 65.6% and services 34.4%. Services include repairs, maintenance and service agreements. With a large base of equipment already installed worldwide, the company aims to grow this recurring revenue through services and rentals. No single customer accounted for more than 10% of revenue. In the U.S., it sells through branch offices, distributors and dealers.
The Americas segment (North and Latin America) produced 80.5% of 2025 revenue, Europe, the Middle East and Africa 13.1%, and Asia Pacific 6.3%. About 75% came from the U.S. alone, so results lean heavily on one economy. Demand is also seasonal: HVAC sales tend to peak in the second and third quarters, the northern spring and summer, so one quarter can mislead about the full year.
Price history
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TT -7.0% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Product | $13.98B | 65.6% |
| Service | $7.34B | 34.4% |
By geography
| Americas | $17.17B | 80.5% |
| EMEA | $2.80B | 13.1% |
| Asia Pacific | $1.35B | 6.3% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $6.76B, up 17.7% from a year earlier, and net income was $1.05B (+23.7%).
- For fiscal 2025, revenue was $21.32B (+7.5% year over year; +11.4% a year from FY2020 to FY2025) with a 13.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +11.4% good |
|---|---|
| Operating margin | 18.6% good |
| Free cash flow margin | 13.2% good |
| Return on equity (FY2025) | 34% good |
| Return on assets (FY2025) | 13.6% good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $12.45B | $854.9M | $1.29B |
| FY2021 | $14.14B | $1.42B | $1.37B |
| FY2022 | $15.99B | $1.76B | $1.21B |
| FY2023 | $17.68B | $2.02B | $2.09B |
| FY2024 | $19.84B | $2.57B | $2.77B |
| FY2025 | $21.32B | $2.92B | $2.81B |
Valuation snapshot
| Market value | $90.48B |
|---|---|
| P/E ratio | 31.8 |
| Dividend yield | 0.99% |
Rank among 1514 US companies
Market value at each year end
Trane Technologies’s market value went from $19.39B at the end of 2016 to $90.48B on Nov 2, 2026, about 4.7 times as much; since the end of 2025 it is up 5%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $90.48B | +4.8% |
| 2025 | $86.30B | +3.8% |
| 2024 | $83.11B | +49.7% |
| 2023 | $55.50B | +43.4% |
| 2022 | $38.71B | -19.3% |
| 2021 | $47.99B | +37.7% |
| 2020 | $34.86B | +9.4% |
| 2019 | $31.85B | +42.1% |
| 2018 | $22.41B | +0.6% |
| 2017 | $22.29B | +15.0% |
| 2016 | $19.39B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| TT price data to Nov 2, 2026 | +7.0% | -7.0% | +26.0% | +19.2% | +24.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +7.0% |
| 2025 | +6.4% |
| 2024 | +53.0% |
| 2023 | +47.4% |
| 2022 | -15.4% |
| 2021 | +41.0% |
| 2020 | +43.6% |
| 2019 | +48.3% |
| 2018 | +4.4% |
| 2017 | +21.3% |
| 2016 | +38.5% |
| 2015 | -11.1% |
| 2014 | +4.6% |
| 2013 | +64.0% |
| 2012 | +59.8% |
| 2011 | -34.5% |
| 2010 | +32.8% |
| 2009 | +110.8% |
| 2008 | -61.7% |
| 2007 | +20.6% |
| 2006 | -1.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 76.7% over that stretch · deepest drop along the way 77.3%, back to its old high 26.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 36.6% over that stretch · deepest drop along the way 39.2%, back to its old high 4.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 24.6% over that stretch · deepest drop along the way 37.5%, back to its old high 8.5 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 1 open-market purchases ($172K) and 8 sales ($67.2M), 7 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 6, 2026 | David S Regnery Chair and CEO, Director | sell (plan) | $23.1M |
| Aug 5, 2026 | David S Regnery Chair and CEO, Director | sell (plan) | $20.8M |
| Mar 6, 2026 | David S Regnery Chair and CEO, Director | sell (plan) | $15.2M |
| Apr 8, 2026 | Christopher J Kuehn Executive Vice President & CFO | sell (plan) | $3.9M |
| Apr 30, 2026 | Donald E. Simmons Group President, Americas | sell (plan) | $2.3M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 7.7% | Mar 31, 2025 |
| Vanguard Capital Management | 7.49% | Mar 31, 2026 |
| JPMORGAN CHASE & CO. | 5.6% | Jun 30, 2026 |
| FMR LLC | 5.1% | Sep 30, 2025 |
ETFs with the most weight in TT
| FCTE SMI 3Fourteen Full-Cycle Trend ETF | 5.23% |
| PKB Invesco Building & Construction ETF | 5.19% |
| SUPP TCW Transform Supply Chain ETF | 5.13% |
| PWRD TCW Transform Systems ETF | 5.03% |
| GK AdvisorShares Gerber Kawasaki ETF | 4.95% |
| PRN Invesco Dorsey Wright Industrials Momentum ETF | 3.94% |
| BDIV AAM Brentview Dividend Growth ETF | 3.92% |
| XHB SPDR S&P Homebuilders ETF | 3.53% |
What could go wrong
- Asbestos lawsuits and subsidiary bankruptcies. Trane faces asbestos lawsuits. In June 2020, subsidiaries Aldrich Pump and Murray Boiler filed for Chapter 11 (court-supervised reorganization). Trane warns these cases carry risks that could significantly affect it.
- Irish incorporation affects shareholders. Trane is incorporated in Ireland. Irish law may give shareholders less protection than U.S. law, and dividends may be subject to Irish withholding tax (tax taken out before payment) or Irish income tax.
- Climate rules and sustainability promises. Trane's strategy centers on cutting emissions and set 2030 goals, including cutting customer emissions by a billion metric tons. Climate change and related regulations, or missing those goals, could hurt its reputation, operations and results.
- Costly or scarce metals and parts. Trane needs steel, copper, aluminum and electronic components, some from sole or limited-source suppliers. Shortages or price spikes could delay shipments, and the company may not be able to pass on higher costs.
- Tariffs and shifting trade policy. Many customers, factories and suppliers sit outside the U.S. Tariffs, quotas, export limits or changes to trade agreements could raise costs or limit sales in some of the roughly 100 countries where Trane sells.
- Strong rivals and pressure to innovate. Trane competes on price, quality, delivery, service and technology against regional specialists and large U.S. and foreign companies. Its growth depends partly on launching new products and services on time and customers adopting them.
Recent events
- Quarterly results released
- Quarterly results released
- Executive or board change
- Executive or board change; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released
- Major agreement signed
- Quarterly results released
- Other company announcement
- Quarterly results released
For income and retirement investors
Trane pays a dividend, but the yield is modest: 0.91% as of October 28, 2026. Dividends per share climbed every year from $2.12 in 2020 to $3.76 in 2025, about 12% a year. In 2025 the dividend used about 29% of earnings and 30% of free cash flow (cash left after running the business and buying equipment), a fairly low share. Trane returns more cash through buybacks: $5.7 billion over 2021–2025, against $3.5 billion in dividends. The share count fell 7.4% between October 2021 and July 2026. Dividends may also be subject to Irish withholding tax (tax deducted before payment).
The shares have fallen hard in downturns. In the 2008 financial crisis, when the company was still Ingersoll-Rand, they dropped 77% and took about 26 months to recover. They fell 39% in the 2020 COVID crash and 37.5% in the 2022 bear market, recovering in 4.5 and 8.5 months, respectively. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Trane Technologies make money?
Trane makes money by designing, making, selling and servicing heating, ventilation and air conditioning (HVAC) systems and transport refrigeration, mainly under the Trane and Thermo King brands. In 2025, product sales made up about 66% of its $21.3 billion of revenue and services about 34%. The Americas brought in about 81% of revenue, Europe, the Middle East and Africa 13%, and Asia Pacific 6%. No single customer accounted for more than 10% of sales.
Does Trane Technologies raise its dividend every year?
Yes, in each year from 2021 through 2025, a five-year streak. Dividends per share grew from $2.12 in 2020 to $3.76 in 2025, about 12% a year on average, and the yield was 0.91% as of October 28, 2026. The 2025 dividend used about 29% of earnings. Trane's 10-K says dividends and buybacks are subject to uncertainty and could be modified or discontinued, so past raises do not guarantee future ones.
Is Trane Technologies an Irish company?
Yes. Trane Technologies plc was incorporated in Ireland in 2009 and was formerly named Ingersoll-Rand plc. Its shares trade on the New York Stock Exchange, and about 75% of its 2025 revenue came from inside the U.S. Being incorporated in Ireland matters to shareholders: the 10-K warns that Irish law may offer less protection than U.S. law, and that dividends may be subject to Irish dividend withholding tax and Irish income tax.
How has Trane Technologies stock performed?
The share price rose about 26% a year over the 10 years to October 28, 2026, a total gain of about 909%. It rose about 21% a year over five years but only 6.2% over one year. Returns were uneven. From 2020 through 2025, calendar-year returns ranged from a 15.4% loss in 2022 to a 53% gain in 2024, and the stock lost 77% in the 2008 financial crisis. Past returns do not predict future ones.
What is Trane Technologies' P/E ratio?
It was about 34.6 as of October 28, 2026. That price-to-earnings (P/E) ratio means buyers paid roughly $34.60 for each $1 of Trane's 2025 earnings per share. Those earnings were $12.98, up from $3.52 in 2020. The company's market value was about $98.7 billion on that date. A multiple this high usually reflects expectations that growth will continue. If growth slows, the share price can fall even while the business stays profitable.