Trane Technologies plc (TT) Income Statement
TT 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsTT revenue and net income
Where TT's revenue goes
2025Each bar shows an amount and its share of revenue. TT kept 13.7% of revenue as net income.
TT profit margins
TT growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +7.5% | +10.1% | +11.4% | +4.8% |
| Gross profit | +8.9% | +15.8% | +15.2% | +6.8% |
| Operating income | +13.4% | +17.9% | +20.9% | +10.5% |
| Net income | +13.7% | +18.4% | +27.8% | +15.9% |
| EPS (diluted) | +16.5% | +21.0% | +24.0% | +13.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
TT quarterly EPS vs estimates
Trane Technologies beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 29, 2026 (estimate $4.74).
TT income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.32B | $19.84B | $17.68B | $15.99B | $14.14B | $12.45B | $13.08B | $12.34B | $14.20B | $13.51B |
| Cost of revenue | $13.61B | $12.76B | $11.82B | $11.03B | $9.67B | $8.65B | $9.09B | $8.58B | $9.81B | $9.33B |
| Gross profit | $7.71B | $7.08B | $5.86B | $4.96B | $4.47B | $3.80B | $4.03B | $3.76B | $4.39B | $4.20B |
| Research & development | $347.6M | — | $252.3M | $211.2M | $193.5M | $165.0M | $174.2M | $166.7M | $210.8M | $207.9M |
| Sales, general & admin | $3.74B | $3.58B | $2.96B | $2.55B | $2.45B | $2.27B | $6.24B | $5.79B | $5.43B | $5.18B |
| Total operating expenses | $3.74B | $3.58B | $2.96B | $2.55B | $2.45B | $2.27B | $2.36B | $2.25B | $2.71B | $2.61B |
| Operating income | $3.97B | $3.50B | $2.89B | $2.42B | $2.02B | $1.53B | $1.67B | $1.51B | $1.67B | $1.60B |
| Interest income | $226.7M | $35.9M | $15.4M | $223.5M | $233.7M | $268.4M | $258.6M | $261.5M | $157.2M | $142.3M |
| Interest expense | $227.5M | $238.4M | $234.5M | $223.5M | $233.7M | $248.7M | $243.0M | $221.0M | $215.8M | $221.5M |
| Income before taxes | $3.68B | $3.24B | $2.57B | $2.17B | $1.79B | $1.29B | $1.40B | $1.26B | $1.42B | $1.74B |
| Income taxes | $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 |
| EBITDA | $4.21B | $3.86B | $3.15B | $2.72B | $2.32B | $1.83B | $1.93B | $2.16B | $1.99B | $2.31B |
| EPS (diluted) | $13.07 | $11.22 | $9.05 | $7.37 | $6.09 | $4.45 | $6.37 | $5.62 | $4.52 | $4.13 |
| Gross margin | 36.2% | 35.7% | 33.1% | 31.0% | 31.6% | 30.5% | 30.8% | 30.5% | 30.9% | 31.1% |
| Operating margin | 18.6% | 17.6% | 16.4% | 15.1% | 14.3% | 12.3% | 12.8% | 12.2% | 11.7% | 11.9% |
| Net margin | 13.7% | 12.9% | 11.4% | 11.0% | 10.1% | 6.9% | 10.8% | 10.8% | 9.2% | 10.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.35B | $4.97B | $5.14B | $5.74B | $5.75B | $4.69B | $4.87B | $5.44B | $5.31B | $4.22B | $4.42B | $4.88B |
| Cost of revenue | $4.09B | $3.24B | $3.39B | $3.62B | $3.59B | $3.01B | $3.16B | $3.47B | $3.37B | $2.76B | $2.95B | $3.22B |
| Gross profit | $2.26B | $1.73B | $1.75B | $2.12B | $2.16B | $1.68B | $1.71B | $1.97B | $1.94B | $1.46B | $1.47B | $1.66B |
| Research & development | — | — | — | — | — | — | — | — | — | — | $252.3M | — |
| Sales, general & admin | $1.04B | $952.0M | $934.9M | $952.9M | $996.4M | $858.6M | $903.2M | $949.8M | $904.8M | $836.2M | $783.7M | $793.9M |
| Total operating expenses | $1.04B | $952.0M | $934.9M | $952.9M | $996.4M | $858.6M | $903.2M | $949.8M | $901.3M | $826.1M | $783.7M | $793.9M |
| Operating income | $1.22B | $776.1M | $819.0M | $1.17B | $1.16B | $818.9M | $807.6M | $1.02B | $1.03B | $633.8M | $687.6M | $864.2M |
| Interest income | $3.0M | $4.6M | $55.6M | $1.2M | $57.4M | $3.3M | $11.5M | $15.3M | $5.4M | $3.7M | $4.3M | $60.1M |
| Interest expense | $53.1M | $55.6M | $55.6M | $55.6M | $58.2M | $58.1M | $59.9M | $63.0M | $57.5M | $58.1M | $57.4M | $57.9M |
| Income before taxes | $1.16B | $735.8M | $741.3M | $1.09B | $1.09B | $752.9M | $750.6M | $967.9M | $972.6M | $550.7M | $614.8M | $796.3M |
| Income taxes | $218.2M | $136.3M | $122.8M | $231.5M | $216.7M | $134.9M | $135.3M | $181.1M | $205.8M | $105.5M | $98.2M | $157.5M |
| Net income | $925.7M | $584.4M | $591.3M | $847.6M | $874.8M | $604.9M | $604.3M | $772.0M | $755.3M | $436.3M | $504.3M | $626.3M |
| EBITDA | $1.33B | $892.5M | $887.7M | $1.24B | $1.25B | $910.1M | $907.2M | $1.13B | $1.12B | $700.3M | $760.0M | $946.2M |
| EPS (diluted) | $4.31 | $2.63 | $2.86 | $3.88 | $3.88 | $2.45 | $2.61 | $3.37 | $3.30 | $1.94 | $2.17 | $2.79 |
| Gross margin | 35.6% | 34.8% | 34.1% | 36.9% | 37.6% | 35.8% | 35.1% | 36.3% | 36.5% | 34.6% | 33.3% | 34.0% |
| Operating margin | 19.3% | 15.6% | 15.9% | 20.3% | 20.3% | 17.5% | 16.6% | 18.8% | 19.5% | 15.0% | 15.5% | 17.7% |
| Net margin | 14.6% | 11.8% | 11.5% | 14.8% | 15.2% | 12.9% | 12.4% | 14.2% | 14.2% | 10.3% | 11.4% | 12.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in TT's financial statements (latest annual report filed February 5, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TT financial results
In fiscal year 2025 (ended December 31, 2025), Trane Technologies reported revenue of $21.3 billion, up 7.5% from the year before. It had net income of $2.9 billion (up 13.7%), a net profit margin of 13.7%. Diluted earnings per share came to $13.07. Over five years revenue grew at an average rate of 11.4% a year.
See the TT stock overview for the latest quote and news, or the TT chart for price history and technical indicators.
TT income statement FAQ
What is Trane Technologies's annual revenue?
Trane Technologies reported total revenue of $21.3 billion for fiscal year 2025, which ended on December 31, 2025. That was up 7.5% from $19.8 billion the previous year.
Is Trane Technologies profitable?
Yes. Trane Technologies reported net income of $2.9 billion in fiscal 2025, a net profit margin of 13.7%; its operating margin was 18.6%.
What is Trane Technologies's gross margin?
Trane Technologies's gross margin was 36.2% in fiscal 2025: for every $100 of revenue, Trane Technologies kept $36 after the direct cost of its products and services.
How much does Trane Technologies spend on research and development?
Trane Technologies spent $347.6 million on research and development in fiscal 2025, 1.6% of revenue.
How fast is Trane Technologies growing?
Revenue grew 11.4% a year on average over the last five fiscal years, from $12.5 billion to $21.3 billion.
What are Trane Technologies's earnings per share?
Trane Technologies earned $13.07 per diluted share in fiscal 2025, compared with $11.22 a year earlier.
When will Trane Technologies report its next earnings?
Trane Technologies is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Trane Technologies's fiscal year end?
Trane Technologies's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 5, 2026.