Trane Technologies plc · TT · FY2025 Q2 · Calendar Q3 2025

Trane Technologies Raises Guidance on Commercial HVAC Strength

The current analysis supports a constructive but conditional view: commercial HVAC demand, backlog, services, and connected-building initiatives strengthened, while the raised guidance provides evidence of near-term operating momentum. The thesis remains dependent on residential normalization, tariff mitigation, China and transport refrigeration recovery, and continued high-capex demand.

Reported Before market openNYSEIndustrials $104.95B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $3.88 Consensus $3.79
EPS surprise +2.4% Reported versus consensus
Reported revenue $5.75B Consensus $5.77B
Revenue surprise -0.5% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -8.4% Event window
SPY move -0.1% Same window
Abnormal move -8.3% Stock minus SPY
Volume 3.0× Versus trailing sessions
Subsequent drift -1.7% Up to 20 sessions
TTSPY benchmark

Ask FN2 about TT FY2025 Q2

Transcript, numbers and history already loaded

Free account. Your question opens in FN2 with this report's transcript and numbers attached.

Transcript intelligence

What changed

Relative to the prior quarter, management raised full-year guidance, reported stronger commercial HVAC bookings and a larger backlog, and described services growth in the low-teens range. The main offset was a temporary residential HVAC disruption from a refrigerant cylinder shortage; tariff cost estimates also declined from the prior quarter's estimate.

Guidance delta

Management raised full-year guidance to about 8% organic revenue growth and $13.05 adjusted EPS, from the prior quarter's maintained outlook of 7%-8% organic growth and $12.70-$12.90 adjusted EPS.

Key takeaways

  • Americas commercial HVAC bookings grew more than 20% year over year, while Applied Solutions grew more than 60% in the quarter.
  • Management cited a $7.1 billion backlog, with more than 90% in commercial HVAC, as visibility into 2026.
  • Residential HVAC revenue is expected to be flat for the full year after a Q2 refrigerant cylinder shortage.
  • Services growth remained in the low-teens range, supported by the applied-solutions equipment tail and connected-building initiatives.

Management priorities

  • Expand Americas commercial HVAC and applied-solutions capacity in high-capex verticals.
  • Accelerate services through connected solutions and digital commissioning, including BrainBox.
  • Maintain pricing discipline against tariff and inflation pressures while pursuing selective bolt-on acquisitions and balanced capital allocation.

Follow TT with an agent that reads every filing, transcript, and price print. Free to start.

Try FN2 free

Earnings History

Estimate Beat Miss Match
TT REVENUE earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q1 '24 estimate $4B Q1 '24 actual $4B, beat Q2 '24 estimate $5B Q2 '24 actual $5B, beat Q3 '24 estimate $5B Q3 '24 actual $5B, beat Q2 '25 estimate $6B Q2 '25 actual $6B, miss Q3 '25 estimate $6B Q3 '25 actual $6B, miss Q4 '25 estimate $5B Q4 '25 actual $5B, beat Q1 '26 estimate $5B Q1 '26 actual $5B, beat Q2 '26 estimate $6B Q2 '26 actual $6B, beat Q3 '26 estimate $6B Q4 '26 estimate $6B Q1 '27 estimate $5B
Show 1 more >

Analyst Consensus ?

ConsensusHold26 ratings
Bullish1246.2%
Neutral1350.0%
Bearish13.8%

Analyst 52W Price Targets

$476.98Current
$155Low
$372.71Average
$585High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 10, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Bernstein Outperform OutperformMaintainAug 14, 2026
RBC Capital Sector Perform Sector PerformMaintainJul 31, 2026
Citigroup Buy BuyMaintainJul 31, 2026
JP Morgan Neutral NeutralMaintainMay 14, 2026
Keybanc Overweight OverweightMaintainMay 1, 2026
Show 21 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $476.98. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Wells FargoAnalyst unavailable$536$438.54 +12.4%Sep 24, 2026
BernsteinAnalyst unavailable$555$471.95 +16.4%Jul 9, 2026
BernsteinAnalyst unavailable$550$470.76 +15.3%Jun 9, 2026
Morgan StanleyChristopher Snyder$565$484.6 +18.5%May 4, 2026
OppenheimerNoah Kaye$530$495.64 +11.1%May 1, 2026
See 52 more

Track every rating change on TT the moment it posts. Free to start.

Start free

Company context

Snapshot as of publication

Trane 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 earnings

Industrials peers this season

Latest reports in the same sector

Latest beats and misses

Who reports next

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

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:55.686058+00:00
  3. Polygon adjusted daily market bars · 2026-10-10T12:20:43.090189+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-10T12:20:43.087469+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 2026-10-10. For educational purposes only; not investment advice.