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Earnings analysis · 10-Q

TT earnings analysis

Filed April 30, 2026 · Our reading of the company's report

The latest report

Trane Technologies reported net revenues of $4.97 billion for Q1 2026, reflecting a 6% increase from the prior year, but a slight decrease in EPS to $2.66, missing consensus expectations. The Americas Commercial HVAC…

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Trane Technologies reported net revenues of $4.97 billion for Q1 2026, reflecting a 6% increase from the prior year, but a slight decrease in EPS to $2.66, missing consensus expectations. The Americas Commercial HVAC segment experienced robust growth, albeit with challenges in operating margins.

Read the original on SEC.gov

Gross and operating margin

How much of each revenue dollar the business keeps.

38% Gross margin Operating margin May 2019 Apr 2026

One point per quarterly or annual filing. Both margins are shares of that report's revenue.

From revenue to operating profit

Where each $100 of revenue went in this report.

Of every $100 of revenue Cost of sales $65 Operating expenses $19 Left as operating profit $16

Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.

How we read each report

Our analysis across the last few reports.

Read as bullish Read as bearish May 2019 Apr 2026

Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.

Reported figures

Earnings per share
$2.66

What stood out

  • 6% Revenue Growth Year-over-Year

    Revenue increased to $4.97 billion from $4.69 billion in Q1 2025.

  • Stable Operating Income

    Operating income was reported at $776.1 million compared to $818.9 million a year ago.

  • Solid Cash Reserves Maintained

    Cash and cash equivalents stood at $1.07 billion, down from $1.76 billion at year-end.

  • Accounts Receivable Increase

    Accounts receivable increased by $535 million to $3.77 billion.

  • Significant Backlog Expansion

    Bookings in the Americas Commercial HVAC segment rose by 40%, driving demand.

  • Improved Inventory Management

    Inventories grew to $2.40 billion from $2.10 billion, reflecting strategic stock build-up.

What to watch

  • Operating Margin Decline

    Operating margin dropped to 15.6%, down from 17.5% in the same quarter last year.

  • Lower EPS vs Expectations

    Reported diluted EPS of $2.66, missing consensus of $2.71 and down from $2.71 last year.

  • Increased Debt Levels

    Long-term debt remained stable at $3.92 billion, but current liabilities rose substantially.

Management's outlook

Management raised full-year revenue and EPS guidance due to strong demand.

Earlier filings 4

10-Q · July 30, 2025

Trane Technologies reported Q2 net revenues of $5,746.4 million, up $439.0 million (+8.3%) versus Q2 2024 ($5,307.4 million), with operating income of $1,164.2 million and diluted EPS of $3.89, both higher…

10-K · February 8, 2024

Trane Technologies positions itself as a global climate innovator focused on HVAC and transport refrigeration with a growth strategy to expand recurring revenue via services and rentals and a product roadmap aligned to…

10-K · February 10, 2023

Trane Technologies (TT) positions itself as a global climate innovator focused on HVAC and transport refrigeration with a strategy to expand recurring revenue through services and rentals and drive sustainability via…

10-K · February 7, 2022

Trane Technologies positions itself as a global climate innovator focused on sustainable HVAC and transport refrigeration solutions, emphasizing recurring revenue from services and rentals and a product roadmap aligned…

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.