Analyst Consensus ?
ConsensusHold26 ratings
Bullish1350.0%
Neutral1246.2%
Bearish13.8%
Trane Technologies plc · TT · FY2024 Q4 · Calendar Q1 2025
Trane Technologies: Strong Q4, Maintained 2025 Outlook
The supplied analysis supports a constructive operating thesis: resilient Commercial HVAC and service demand, elevated backlog, and digital offerings provide visibility into 2025. The thesis is conditional on service-margin durability, transport recovery, China stabilization, and residential pricing execution.
Reported Before market openNYSEIndustrials
$97.89B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $2.52
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $4.77B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+0.6%
Event window
SPY move
+0.5%
Same window
Abnormal move
+0.1%
Stock minus SPY
Volume
2.0×
Versus trailing sessions
Subsequent drift
-3.4%
Up to 20 sessions
TTSPY benchmark
Ask FN2 about TT FY2024 Q4
Transcript, numbers and history already loaded
What drove TT's +0.6% move after FY2024 Q4 earnings?What changed in TT's guidance and outlook in FY2024 Q4?Give me the bull and bear case for TT after FY2024 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Q4 analysis added evidence of 10% organic revenue growth, margin expansion, a $6.75 billion backlog, and BrainBox AI integration. Compared with the prior quarter, guidance moved from raised to maintained, while capex shifted from increasing to stable.
Guidance delta
Management maintained its 2025 outlook, following the prior quarter's raised guidance.
Key takeaways
- Management described 10% organic revenue growth and strong margin expansion in Q4, supported by Commercial HVAC and services.
- The 2025 outlook calls for 7–8% organic revenue growth and EPS of $12.70–$12.90, backed by backlog and free-cash-flow conversion above 100%.
- Digital building management, applied systems, and service growth remain central to the operating plan, while transport, China, and residential pricing remain watch points.
Management priorities
- Integrate BrainBox AI into service offerings and digital twins.
- Deploy $2.5–$3 billion of 2025 capex for growth projects and channel acquisitions.
- Expand direct sales and high-growth vertical exposure while continuing the low-GWP refrigerant transition.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$444.9Current
$155Low
$381.25Average
$585High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 24, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Mizuho | Neutral | Neutral | Maintain | Oct 15, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Oct 14, 2026 |
| Goldman Sachs | Buy | Neutral | Upgrade | Oct 14, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Aug 14, 2026 |
| Citigroup | Buy | Buy | Maintain | Jul 31, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | May 14, 2026 |
| Keybanc | Overweight | Overweight | Maintain | May 1, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | May 1, 2026 |
| Barclays | Overweight | Overweight | Maintain | May 1, 2026 |
| Wells Fargo | Underweight | Underweight | Maintain | Jan 30, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Jan 30, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jan 13, 2026 |
| UBS | Buy | Buy | Maintain | Jan 5, 2026 |
| B of A Securities | Buy | Neutral | Upgrade | Nov 13, 2025 |
| HSBC | Hold | Buy | Downgrade | Jul 31, 2025 |
| Baird | Neutral | Neutral | Maintain | Jul 17, 2025 |
| Melius Research | Hold | Buy | Downgrade | Jan 28, 2025 |
| Stephens & Co. | Equal Weight | Equal Weight | Maintain | Aug 5, 2024 |
| TD Cowen | Buy | Buy | Maintain | May 1, 2024 |
| Deutsche Bank | Hold | Hold | Maintain | Apr 12, 2023 |
| BMO Capital | Market Perform | Market Perform | Maintain | Feb 12, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Nov 3, 2022 |
| Jefferies | Hold | Hold | Maintain | Jul 15, 2022 |
| Cowen & Co. | Outperform | Market Perform | Upgrade | Jul 8, 2022 |
| Wolfe Research | Peer Perform | Peer Perform | Maintain | Feb 1, 2022 |
| Vertical Research | Hold | Buy | Downgrade | Jan 3, 2022 |
Named analyst price targets
Upside is calculated against the persisted current price $444.9. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Mizuho Securities | Analyst unavailable | $485 | $471.29 | +9.0% | Oct 15, 2026 |
| Goldman Sachs | Joe Ritchie | $565 | $478.01 | +27.0% | Oct 14, 2026 |
| Wells Fargo | Analyst unavailable | $536 | $438.54 | +20.5% | Sep 24, 2026 |
| Bernstein | Analyst unavailable | $555 | $471.95 | +24.7% | Jul 9, 2026 |
| Bernstein | Analyst unavailable | $550 | $470.76 | +23.6% | Jun 9, 2026 |
| Morgan Stanley | Christopher Snyder | $565 | $484.6 | +27.0% | May 4, 2026 |
| Oppenheimer | Noah Kaye | $530 | $495.64 | +19.1% | May 1, 2026 |
| Mizuho Securities | Brett Linzey | $475 | $495.3 | +6.8% | May 1, 2026 |
| Evercore ISI | Analyst unavailable | $560 | $495.82 | +25.9% | May 1, 2026 |
| KeyBanc | Analyst unavailable | $555 | $492.54 | +24.7% | May 1, 2026 |
| Barclays | Julian Mitchell | $585 | $492.54 | +31.5% | May 1, 2026 |
| KeyBanc | Analyst unavailable | $525 | $477.24 | +18.0% | Apr 21, 2026 |
| BNP Paribas | Andrew Buscaglia | $550 | $472.94 | +23.6% | Apr 14, 2026 |
| Oppenheimer | Noah Kaye | $468 | $426.07 | +5.2% | Jan 30, 2026 |
| Robert W. Baird | Analyst unavailable | $450 | $426.07 | +1.1% | Jan 30, 2026 |
| RBC Capital | Deane Dray | $470 | $426.07 | +5.6% | Jan 30, 2026 |
| Barclays | Analyst unavailable | $507 | $426.07 | +14.0% | Jan 30, 2026 |
| Oppenheimer | Noah Kaye | $460 | $389.53 | +3.4% | Jan 20, 2026 |
| Robert W. Baird | Analyst unavailable | $445 | $381.7 | +0.0% | Jan 12, 2026 |
| Melius Research | Scott Davis | $490 | $381.1 | +10.1% | Jan 7, 2026 |
| Barclays | Julian Mitchell | $505 | $381.1 | +13.5% | Jan 7, 2026 |
| UBS | Analyst unavailable | $520 | $399.28 | +16.9% | Jan 5, 2026 |
| Mizuho Securities | Analyst unavailable | $370 | $398 | -16.8% | Jan 5, 2026 |
| KeyBanc | Analyst unavailable | $500 | $390.84 | +12.4% | Dec 15, 2025 |
| Barclays | Julian Mitchell | $506 | $409.07 | +13.7% | Dec 4, 2025 |
| Robert W. Baird | Analyst unavailable | $500 | $449.42 | +12.4% | Oct 31, 2025 |
| Barclays | Julian Mitchell | $485 | $401.28 | +9.0% | Sep 16, 2025 |
| Stephens | Analyst unavailable | $500 | $433.97 | +12.4% | Aug 4, 2025 |
| HSBC | Wesley Brooks | $460 | $431.44 | +3.4% | Jul 30, 2025 |
| Barclays | Analyst unavailable | $475 | $344.65 | +6.8% | Mar 10, 2025 |
| Wells Fargo | Joseph O'Dea | $380 | $379.96 | -14.6% | Jan 7, 2025 |
| HSBC | Wesley Brooks | $405 | $375.52 | -9.0% | Oct 31, 2024 |
| Stephens | Tommy Moll | $425 | $397.5 | -4.5% | Oct 16, 2024 |
| Robert W. Baird | Timothy Wojs | $408 | $399.86 | -8.3% | Oct 14, 2024 |
| Morgan Stanley | Chris Snyder | $425 | $342.91 | -4.5% | Sep 6, 2024 |
| RBC Capital | Deane Dray | $350 | $334.28 | -21.3% | Aug 1, 2024 |
| Barclays | Julian Mitchell | $380 | $321.5 | -14.6% | Jun 4, 2024 |
| Stephens | Tommy Moll | $320 | $317.34 | -28.1% | May 1, 2024 |
| Mizuho Securities | Brett Linzey | $325 | $312.71 | -26.9% | May 1, 2024 |
| RBC Capital | Deane Dray | $330 | $313.64 | -25.8% | May 1, 2024 |
| Barclays | Julian Mitchell | $354 | $317.34 | -20.4% | May 1, 2024 |
| Goldman Sachs | Analyst unavailable | $203 | $185.73 | -54.4% | Feb 6, 2023 |
| Stephens | Analyst unavailable | $185 | $185.12 | -58.4% | Feb 6, 2023 |
| RBC Capital | Analyst unavailable | $177 | $185.39 | -60.2% | Feb 3, 2023 |
| Wells Fargo | Analyst unavailable | $176 | $185.14 | -60.4% | Feb 3, 2023 |
| Citigroup | Analyst unavailable | $218 | $187.08 | -51.0% | Feb 3, 2023 |
| BMO Capital | John Joyner | $180 | $168.75 | -59.5% | Dec 20, 2022 |
| Morgan Stanley | Joshua Pokrzywinski | $155 | $138.44 | -65.2% | Jun 6, 2022 |
| Deutsche Bank | Nicole Deblase | $184 | $167.18 | -58.6% | Feb 1, 2022 |
| Jefferies | Stephen Volkmann | $195 | $175.49 | -56.2% | Jan 24, 2022 |
| Vertical Research | Jeffrey Sprague | $214 | $194.01 | -51.9% | Jan 3, 2022 |
| UBS | Markus Mittermaier | $206 | $198.94 | -53.7% | Dec 14, 2021 |
| Stephens | Tommy Moll | $205 | $179.55 | -53.9% | Nov 4, 2021 |
| BMO Capital | Joel Tiss | $210 | $179.55 | -52.8% | Nov 4, 2021 |
| Robert W. Baird | Timothy Wojs | $200 | $177 | -55.0% | Nov 3, 2021 |
| Cowen & Co. | Gautam Khanna | $200 | $195.81 | -55.0% | Sep 1, 2021 |
| J.P. Morgan | Stephen Tusa | $160 | $191.87 | -64.0% | Aug 9, 2021 |
| Argus Research | John Eade | $220 | $193.39 | -50.6% | Aug 5, 2021 |
| Bank of America Securities | Andrew Obin | $207 | $199.35 | -53.5% | Jul 23, 2021 |
Track every rating change on TT the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationTrane Technologies plc designs, manufactures, sells, and services of solutions for heating, ventilation, air conditioning, and custom and transport refrigeration. It offers air conditioners, exchangers, and handlers; airside and terminal devices; air sourced heat pumps; chillers; coils and condensers; auxiliary power, cold storage, and condensing units; controls contracting and commissioning, decarbonization programs, and gensets; dehumidifiers; energy and water efficiency programs; energy recovery ventilators and power solutions; energy storage; furnaces; home automation; humidifiers; HVAC performance-monitoring products; and indoor air quality assessments and related products for HVAC and transport solutions.…
Historical context
All TT earningsIndustrials peers this season
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|---|---|---|---|---|
| FIX Comfort Systems USA, Inc. | FY2026 Q3 · Calendar Q4 2026 | +8.2% | -8.5% | Comfort Systems USA: Strong Growth, Record Backlog, Margin Watchpoints |
| BE Bloom Energy Corporation | FY2026 Q3 · Calendar Q4 2026 | +36.0% | -8.7% | Bloom Energy Raises Outlook as AI Power Demand Drives Expansion |
| SNA Snap-on Incorporated | FY2026 Q3 · Calendar Q4 2026 | -5.9% | -3.4% | Snap-on: C&I strength offsets organic sales pressure in Q3 |
| HON Honeywell International Inc. | FY2026 Q3 · Calendar Q4 2026 | +4.6% | +1.7% | Honeywell Raises 2026 Outlook as Backlog and Forge Support Growth |
| LMT Lockheed Martin Corporation | FY2026 Q3 · Calendar Q4 2026 | +6.0% | +7.0% | Lockheed Martin: backlog and guidance rise, with execution risks |
| NSC Norfolk Southern Corporation | FY2026 Q3 · Calendar Q4 2026 | +4.6% | +3.1% | Norfolk Southern posts strong Q3 as capex outlook rises |
Latest beats and misses
Who reports nextBeat on EPS
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
- FCNCOFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- FCNCPFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- RDYFY2027 Q2 · October 23, 2026+24.0% EPS-0.2% move
- SLBFY2026 Q3 · October 23, 2026+3.7% EPS+7.1% move
Missed on EPS
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
Get the TT recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-01-16T00:01:26.053560+00:00
- Polygon adjusted daily market bars · 2026-10-24T17:10:42.544258+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-24T17:10:42.540128+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-24. For educational purposes only; not investment advice.