Analyst Consensus ?
ConsensusHold26 ratings
Bullish1350.0%
Neutral1246.2%
Bearish13.8%
Trane Technologies plc · TT · FY2026 Q1 · Calendar Q2 2026
Trane Technologies Q1: Bookings Surge 24%, Guidance Raised on Data-Center Demand
Trane Technologies delivered a strong start to fiscal 2026, with 24% organic bookings growth pushing backlog to a record $10.7 billion and both EPS and revenue beating consensus. The company raised full-year guidance, driven by surging data-center cooling demand and the newly integrated Stellar Energy acquisition. The stock initially rose on the report but subsequently drifted approximately 8% lower, suggesting the market may be weighing valuation and macro risks against the strong operational results. The widening gap between the current price of $470 and the analyst consensus target of $530 reflects this tension between strong fundamentals and near-term uncertainty.
Reported Before market openNYSEIndustrials
$103.90B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.63
Consensus $2.53
EPS surprise
+4.0%
Reported versus consensus
Reported revenue
$4.97B
Consensus $4.81B
Revenue surprise
+3.2%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+2.7%
Event window
SPY move
+1.0%
Same window
Abnormal move
+1.8%
Stock minus SPY
Volume
1.8×
Versus trailing sessions
Subsequent drift
-8.4%
Up to 20 sessions
TTSPY benchmark
Ask FN2 about TT FY2026 Q1
Transcript, numbers and history already loaded
Why did TT rise 2.7% after beating EPS estimates in FY2026 Q1?What changed in TT's guidance and outlook in FY2026 Q1?Give me the bull and bear case for TT after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Organic bookings growth accelerated from 22% in Q4 2025 to 24% in Q1 2026. Backlog grew from $7.8 billion to a record $10.7 billion, up over 30% year-over-year. Full-year guidance was raised: organic revenue growth from 6-7% to approximately 7%, EPS from $14.65-$14.85 to $14.75-$14.95. Applied solutions and data-center bookings growth jumped from over 120% to 160% year-over-year. The Stellar Energy acquisition closed, adding approximately $1 billion in backlog. Capex outlook increased from stable to 2-3% of revenue. Guidance sentiment shifted from maintained to raised.
Guidance delta
Full-year organic revenue growth raised from 6-7% to approximately 7%. Adjusted EPS guidance raised from $14.65-$14.85 to $14.75-$14.95. Capex outlook increased from stable to 2-3% of revenue. Guidance sentiment shifted from maintained to raised.
Key takeaways
- Q1 organic bookings grew 24% and backlog reached a record $10.7 billion, up over 30% year-over-year
- EPS of $2.63 beat estimates by approximately 4%; revenue of $4.97 billion beat by approximately 3%
- Data-center and applied solutions bookings surged 160% year-over-year, boosted by the Stellar Energy acquisition
- Full-year guidance raised: organic revenue growth to about 7% and adjusted EPS to $14.75-$14.95
- Stellar Energy acquisition adds roughly $1 billion in backlog and modular data-center cooling capabilities
- Transport refrigeration outperformed the market with recovery projected for late 2026
Management priorities
- Integrating and expanding Stellar Energy's modular data-center cooling platform
- Opening a new Texas manufacturing facility to increase applied solutions capacity
- Investing 2-3% of revenue in capex to support growth initiatives
- Deploying excess cash through higher dividends and share repurchases
- Advancing AI-enabled reference designs and agentic AI tools for smart building management
Follow TT with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$461.07Current
$155Low
$381.25Average
$585High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 27, 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 $461.07. 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 | +5.2% | Oct 15, 2026 |
| Goldman Sachs | Joe Ritchie | $565 | $478.01 | +22.5% | Oct 14, 2026 |
| Wells Fargo | Analyst unavailable | $536 | $438.54 | +16.3% | Sep 24, 2026 |
| Bernstein | Analyst unavailable | $555 | $471.95 | +20.4% | Jul 9, 2026 |
| Bernstein | Analyst unavailable | $550 | $470.76 | +19.3% | Jun 9, 2026 |
| Morgan Stanley | Christopher Snyder | $565 | $484.6 | +22.5% | May 4, 2026 |
| Oppenheimer | Noah Kaye | $530 | $495.64 | +15.0% | May 1, 2026 |
| Mizuho Securities | Brett Linzey | $475 | $495.3 | +3.0% | May 1, 2026 |
| Evercore ISI | Analyst unavailable | $560 | $495.82 | +21.5% | May 1, 2026 |
| KeyBanc | Analyst unavailable | $555 | $492.54 | +20.4% | May 1, 2026 |
| Barclays | Julian Mitchell | $585 | $492.54 | +26.9% | May 1, 2026 |
| KeyBanc | Analyst unavailable | $525 | $477.24 | +13.9% | Apr 21, 2026 |
| BNP Paribas | Andrew Buscaglia | $550 | $472.94 | +19.3% | Apr 14, 2026 |
| Oppenheimer | Noah Kaye | $468 | $426.07 | +1.5% | Jan 30, 2026 |
| Robert W. Baird | Analyst unavailable | $450 | $426.07 | -2.4% | Jan 30, 2026 |
| RBC Capital | Deane Dray | $470 | $426.07 | +1.9% | Jan 30, 2026 |
| Barclays | Analyst unavailable | $507 | $426.07 | +10.0% | Jan 30, 2026 |
| Oppenheimer | Noah Kaye | $460 | $389.53 | -0.2% | Jan 20, 2026 |
| Robert W. Baird | Analyst unavailable | $445 | $381.7 | -3.5% | Jan 12, 2026 |
| Melius Research | Scott Davis | $490 | $381.1 | +6.3% | Jan 7, 2026 |
| Barclays | Julian Mitchell | $505 | $381.1 | +9.5% | Jan 7, 2026 |
| UBS | Analyst unavailable | $520 | $399.28 | +12.8% | Jan 5, 2026 |
| Mizuho Securities | Analyst unavailable | $370 | $398 | -19.8% | Jan 5, 2026 |
| KeyBanc | Analyst unavailable | $500 | $390.84 | +8.4% | Dec 15, 2025 |
| Barclays | Julian Mitchell | $506 | $409.07 | +9.7% | Dec 4, 2025 |
| Robert W. Baird | Analyst unavailable | $500 | $449.42 | +8.4% | Oct 31, 2025 |
| Barclays | Julian Mitchell | $485 | $401.28 | +5.2% | Sep 16, 2025 |
| Stephens | Analyst unavailable | $500 | $433.97 | +8.4% | Aug 4, 2025 |
| HSBC | Wesley Brooks | $460 | $431.44 | -0.2% | Jul 30, 2025 |
| Barclays | Analyst unavailable | $475 | $344.65 | +3.0% | Mar 10, 2025 |
| Wells Fargo | Joseph O'Dea | $380 | $379.96 | -17.6% | Jan 7, 2025 |
| HSBC | Wesley Brooks | $405 | $375.52 | -12.2% | Oct 31, 2024 |
| Stephens | Tommy Moll | $425 | $397.5 | -7.8% | Oct 16, 2024 |
| Robert W. Baird | Timothy Wojs | $408 | $399.86 | -11.5% | Oct 14, 2024 |
| Morgan Stanley | Chris Snyder | $425 | $342.91 | -7.8% | Sep 6, 2024 |
| RBC Capital | Deane Dray | $350 | $334.28 | -24.1% | Aug 1, 2024 |
| Barclays | Julian Mitchell | $380 | $321.5 | -17.6% | Jun 4, 2024 |
| Stephens | Tommy Moll | $320 | $317.34 | -30.6% | May 1, 2024 |
| Mizuho Securities | Brett Linzey | $325 | $312.71 | -29.5% | May 1, 2024 |
| RBC Capital | Deane Dray | $330 | $313.64 | -28.4% | May 1, 2024 |
| Barclays | Julian Mitchell | $354 | $317.34 | -23.2% | May 1, 2024 |
| Goldman Sachs | Analyst unavailable | $203 | $185.73 | -56.0% | Feb 6, 2023 |
| Stephens | Analyst unavailable | $185 | $185.12 | -59.9% | Feb 6, 2023 |
| RBC Capital | Analyst unavailable | $177 | $185.39 | -61.6% | Feb 3, 2023 |
| Wells Fargo | Analyst unavailable | $176 | $185.14 | -61.8% | Feb 3, 2023 |
| Citigroup | Analyst unavailable | $218 | $187.08 | -52.7% | Feb 3, 2023 |
| BMO Capital | John Joyner | $180 | $168.75 | -61.0% | Dec 20, 2022 |
| Morgan Stanley | Joshua Pokrzywinski | $155 | $138.44 | -66.4% | Jun 6, 2022 |
| Deutsche Bank | Nicole Deblase | $184 | $167.18 | -60.1% | Feb 1, 2022 |
| Jefferies | Stephen Volkmann | $195 | $175.49 | -57.7% | Jan 24, 2022 |
| Vertical Research | Jeffrey Sprague | $214 | $194.01 | -53.6% | Jan 3, 2022 |
| UBS | Markus Mittermaier | $206 | $198.94 | -55.3% | Dec 14, 2021 |
| Stephens | Tommy Moll | $205 | $179.55 | -55.5% | Nov 4, 2021 |
| BMO Capital | Joel Tiss | $210 | $179.55 | -54.5% | Nov 4, 2021 |
| Robert W. Baird | Timothy Wojs | $200 | $177 | -56.6% | Nov 3, 2021 |
| Cowen & Co. | Gautam Khanna | $200 | $195.81 | -56.6% | Sep 1, 2021 |
| J.P. Morgan | Stephen Tusa | $160 | $191.87 | -65.3% | Aug 9, 2021 |
| Argus Research | John Eade | $220 | $193.39 | -52.3% | Aug 5, 2021 |
| Bank of America Securities | Andrew Obin | $207 | $199.35 | -55.1% | 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
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| PCAR PACCAR Inc | FY2026 Q3 · Calendar Q4 2026 | — | -2.0% | PACCAR Q3: Parts Record, Supply Constraints Temper Outlook |
| WSO Watsco, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -2.1% | Watsco posts record Q3 as acquisitions lift sales and digital scale |
| HUBB Hubbell Incorporated | FY2026 Q3 · Calendar Q4 2026 | — | -5.1% | Hubbell: Strong Electrical Demand, Utility Constraints Temper Outlook |
| AIT Applied Industrial Technologies, Inc. | FY2027 Q1 · Calendar Q4 2026 | — | -9.4% | AIT raises EPS outlook as Engineered Solutions drives growth |
| LECO Lincoln Electric Holdings, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +9.0% | Lincoln Electric raises outlook as automation demand and backlog strengthen |
| BA The Boeing Company | FY2026 Q3 · Calendar Q4 2026 | — | -9.5% | Boeing highlights 737 certification, defense wins and backlog |
Latest beats and misses
Who reports nextBeat on EPS
- CLSFY2026 Q3 · October 26, 2026+12.6% EPS+12.1% move
- CINFFY2026 Q3 · October 26, 2026+39.5% EPS+2.3% move
- VZFY2026 Q3 · October 26, 2026+3.1% EPS-3.5% move
- CXFY2026 Q3 · October 26, 2026+12.0% EPS-0.1% move
- CDNSFY2026 Q3 · October 26, 2026+2.9% EPS+1.8% move
- BAHFY2027 Q2 · October 23, 2026+18.9% EPS-0.3% move
Missed on EPS
- PSA-POFY2026 Q3 · October 26, 2026-32.1% EPS— move
- PSA-PKFY2026 Q3 · October 26, 2026-32.1% EPS— move
- PSA-PGFY2026 Q3 · October 26, 2026-32.1% EPS— move
- PSAFY2026 Q3 · October 26, 2026-32.1% EPS+1.8% move
- SUIFY2026 Q3 · October 26, 2026-20.0% EPS-4.1% move
- PSA-PIFY2026 Q3 · October 26, 2026-32.1% EPS— 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 · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-29T01:31:16.564266+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T01:31:16.561436+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 2026-07-29. For educational purposes only; not investment advice.