Analyst Consensus ?
ConsensusHold26 ratings
Bullish1246.2%
Neutral1350.0%
Bearish13.8%
Trane Technologies plc · TT · FY2026 Q2 · Calendar Q3 2026
Trane Technologies raises outlook as backlog and bookings accelerate
The Q2 update supports a constructive operating trajectory: resilient commercial HVAC and applied-equipment demand, stronger bookings, and a record backlog accompanied a higher full-year outlook. The evidence is favorable for growth, but the thesis depends on converting backlog, expanding capacity, and delivering planned margin improvement while managing EMEA and supply-chain risks.
Reported Before market openNYSEIndustrials
$96.33B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$4.31
Consensus $4.27
EPS surprise
+0.9%
Reported versus consensus
Reported revenue
$6.35B
Consensus $6.20B
Revenue surprise
+2.5%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-1.5%
Event window
SPY move
+1.7%
Same window
Abnormal move
-3.1%
Stock minus SPY
Volume
2.9×
Versus trailing sessions
Subsequent drift
+3.2%
Up to 20 sessions
TTSPY benchmark
Ask FN2 about TT FY2026 Q2
Transcript, numbers and history already loaded
Why did TT fall 1.5% after beating EPS estimates in FY2026 Q2?What changed in TT's guidance and outlook in FY2026 Q2?Give me the bull and bear case for TT after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, Trane Technologies reported faster organic growth, stronger bookings, a larger backlog, and a higher full-year outlook. Management also emphasized capacity expansion, Stellar integration, battery-storage rentals, and AI-enabled controls, while identifying EMEA profitability, inventory, and supply-chain capacity as key watch items.
Guidance delta
Management raised full-year guidance to approximately 9% organic revenue growth and adjusted EPS of $15.20-$15.30, from the prior quarter's approximately 7% organic growth and $14.75-$14.95 EPS range.
Key takeaways
- Q2 organic revenue increased 9% and adjusted EPS increased 11%; overall bookings rose 37%.
- Commercial HVAC bookings rose 50% and applied bookings rose 130%, supporting a record $12.1 billion backlog.
- Management said $6 billion of backlog is earmarked for 2027 and beyond, extending visibility.
- Margin expansion is expected in the second half, while EMEA, supply-chain capacity, and inventory remain watch items.
- Capacity expansion, Stellar integration, battery-storage rentals, and AI-enabled controls are central execution priorities.
Management priorities
- Expand Grand Rapids and applied-business capacity.
- Integrate Stellar's modular chiller business and scale its pipeline.
- Develop battery-energy-storage rental and off-grid resiliency offerings.
- Invest in AI-based smart controls and next-generation data-center cooling.
- Maintain disciplined M&A, dividend growth, and share repurchases.
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Analyst 52W Price Targets
$439.05Current
$155Low
$362.43Average
$585High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 23, 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 |
|---|---|---|---|---|
| Bernstein | Outperform | Outperform | Maintain | Aug 14, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 31, 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 |
| Goldman Sachs | Neutral | Neutral | Maintain | Jul 8, 2025 |
| Melius Research | Hold | Buy | Downgrade | Jan 28, 2025 |
| Mizuho | Neutral | Neutral | Maintain | Oct 17, 2024 |
| 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 $439.04. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Bernstein | Analyst unavailable | $555 | $471.95 | +26.4% | Jul 9, 2026 |
| Bernstein | Analyst unavailable | $550 | $470.76 | +25.3% | Jun 9, 2026 |
| Morgan Stanley | Christopher Snyder | $565 | $484.6 | +28.7% | May 4, 2026 |
| Oppenheimer | Noah Kaye | $530 | $495.64 | +20.7% | May 1, 2026 |
| Mizuho Securities | Brett Linzey | $475 | $495.3 | +8.2% | May 1, 2026 |
| Evercore ISI | Analyst unavailable | $560 | $495.82 | +27.5% | May 1, 2026 |
| KeyBanc | Analyst unavailable | $555 | $492.54 | +26.4% | May 1, 2026 |
| Barclays | Julian Mitchell | $585 | $492.54 | +33.2% | May 1, 2026 |
| KeyBanc | Analyst unavailable | $525 | $477.24 | +19.6% | Apr 21, 2026 |
| BNP Paribas | Andrew Buscaglia | $550 | $472.94 | +25.3% | Apr 14, 2026 |
| Oppenheimer | Noah Kaye | $468 | $426.07 | +6.6% | Jan 30, 2026 |
| Robert W. Baird | Analyst unavailable | $450 | $426.07 | +2.5% | Jan 30, 2026 |
| RBC Capital | Deane Dray | $470 | $426.07 | +7.1% | Jan 30, 2026 |
| Barclays | Analyst unavailable | $507 | $426.07 | +15.5% | Jan 30, 2026 |
| Oppenheimer | Noah Kaye | $460 | $389.53 | +4.8% | Jan 20, 2026 |
| Robert W. Baird | Analyst unavailable | $445 | $381.7 | +1.4% | Jan 12, 2026 |
| Melius Research | Scott Davis | $490 | $381.1 | +11.6% | Jan 7, 2026 |
| Barclays | Julian Mitchell | $505 | $381.1 | +15.0% | Jan 7, 2026 |
| UBS | Analyst unavailable | $520 | $399.28 | +18.4% | Jan 5, 2026 |
| Mizuho Securities | Analyst unavailable | $370 | $398 | -15.7% | Jan 5, 2026 |
| KeyBanc | Analyst unavailable | $500 | $390.84 | +13.9% | Dec 15, 2025 |
| Barclays | Julian Mitchell | $506 | $409.07 | +15.3% | Dec 4, 2025 |
| Robert W. Baird | Analyst unavailable | $500 | $449.42 | +13.9% | Oct 31, 2025 |
| Barclays | Julian Mitchell | $485 | $401.28 | +10.5% | Sep 16, 2025 |
| Stephens | Analyst unavailable | $500 | $433.97 | +13.9% | Aug 4, 2025 |
| HSBC | Wesley Brooks | $460 | $431.44 | +4.8% | Jul 30, 2025 |
| Barclays | Analyst unavailable | $475 | $344.65 | +8.2% | Mar 10, 2025 |
| Wells Fargo | Joseph O'Dea | $380 | $379.96 | -13.4% | Jan 7, 2025 |
| HSBC | Wesley Brooks | $405 | $375.52 | -7.8% | Oct 31, 2024 |
| Stephens | Tommy Moll | $425 | $397.5 | -3.2% | Oct 16, 2024 |
| Robert W. Baird | Timothy Wojs | $408 | $399.86 | -7.1% | Oct 14, 2024 |
| Morgan Stanley | Chris Snyder | $425 | $342.91 | -3.2% | Sep 6, 2024 |
| RBC Capital | Deane Dray | $350 | $334.28 | -20.3% | Aug 1, 2024 |
| Barclays | Julian Mitchell | $380 | $321.5 | -13.4% | Jun 4, 2024 |
| Stephens | Tommy Moll | $320 | $317.34 | -27.1% | May 1, 2024 |
| Mizuho Securities | Brett Linzey | $325 | $312.71 | -26.0% | May 1, 2024 |
| RBC Capital | Deane Dray | $330 | $313.64 | -24.8% | May 1, 2024 |
| Barclays | Julian Mitchell | $354 | $317.34 | -19.4% | May 1, 2024 |
| Goldman Sachs | Analyst unavailable | $203 | $185.73 | -53.8% | Feb 6, 2023 |
| Stephens | Analyst unavailable | $185 | $185.12 | -57.9% | Feb 6, 2023 |
| RBC Capital | Analyst unavailable | $177 | $185.39 | -59.7% | Feb 3, 2023 |
| Wells Fargo | Analyst unavailable | $176 | $185.14 | -59.9% | Feb 3, 2023 |
| Citigroup | Analyst unavailable | $218 | $187.08 | -50.3% | Feb 3, 2023 |
| BMO Capital | John Joyner | $180 | $168.75 | -59.0% | Dec 20, 2022 |
| Morgan Stanley | Joshua Pokrzywinski | $155 | $138.44 | -64.7% | Jun 6, 2022 |
| Deutsche Bank | Nicole Deblase | $184 | $167.18 | -58.1% | Feb 1, 2022 |
| Jefferies | Stephen Volkmann | $195 | $175.49 | -55.6% | Jan 24, 2022 |
| Vertical Research | Jeffrey Sprague | $214 | $194.01 | -51.3% | Jan 3, 2022 |
| UBS | Markus Mittermaier | $206 | $198.94 | -53.1% | Dec 14, 2021 |
| Stephens | Tommy Moll | $205 | $179.55 | -53.3% | Nov 4, 2021 |
| BMO Capital | Joel Tiss | $210 | $179.55 | -52.2% | Nov 4, 2021 |
| Robert W. Baird | Timothy Wojs | $200 | $177 | -54.4% | Nov 3, 2021 |
| Cowen & Co. | Gautam Khanna | $200 | $195.81 | -54.4% | Sep 1, 2021 |
| J.P. Morgan | Stephen Tusa | $160 | $191.87 | -63.6% | Aug 9, 2021 |
| Argus Research | John Eade | $220 | $193.39 | -49.9% | Aug 5, 2021 |
| Bank of America Securities | Andrew Obin | $207 | $199.35 | -52.9% | 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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| SUNB Sunbelt Rentals Holdings Inc | FY2027 Q1 · Calendar Q3 2026 | +19.2% | +5.9% | Sunbelt raises FY27 outlook as specialty rental demand accelerates |
| FRO Frontline Plc | FY2026 Q2 · Calendar Q3 2026 | +8.0% | +1.0% | Frontline posts a record quarter as tanker rates remain elevated |
| DCI Donaldson Company, Inc. | FY2026 Q4 · Calendar Q3 2026 | +1.8% | +2.1% | Donaldson posts record FY26 and targets further growth |
Latest beats and misses
Who reports nextBeat on EPS
- AZOFY2026 Q4 · September 22, 2026+3.6% EPS+3.3% move
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% 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 · 2026-07-30T19:07:11.879588+00:00
- FN2 earnings calendar · 2026-09-04T01:23:15.205020+00:00
- Polygon adjusted daily market bars · 2026-09-23T12:50:55.532742+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-23T12:50:55.529593+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 2026-09-23. For educational purposes only; not investment advice.