TT
Updated: 23/09/2026, 23:08:19
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. The company also provides asset management, building management, bus air purification, bus and rail HVAC, container refrigeration, control, ductless, geothermal, data center and multi-pipe HVAC, package heating and cooling, rail refrigeration, residential air filtration, self and vehicle powered truck refrigeration, temporary heating and cooling, truck refrigeration, unitary, variable refrigerant flow, and trailer refrigeration systems. In addition, it offers industrial process refrigeration, installation contracting, lighting retrofit, medical grade refrigeration, refrigerant reclamation, renewable energy and storage, residential hybrid heating, telematics, thermostats/controls and associated digital, ventilation, and stationary cold storage solutions; packaged rooftop units; rate chambers; residential air filters; thermal energy storage; transport heater products; temperature freezers; energy infrastructure programs and management, repair and maintenance, smart and AI-enabled, and rental services; water source heat pumps; and aftermarket and OEM parts and supplies. The company was formerly known as Ingersoll-Rand Plc and changed its name to Trane Technologies plc in March 2020. The company was founded in 1885 and is headquartered in Swords, Ireland.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$21.3B
FY 2025 · Reported
Net income
$2.9B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
N/A
FY — · Reported
R&D intensity
1.6%
FY 2025 · Calculated
Share repurchases
$1.5B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
Global climate innovator; brands Trane and Thermo King; HVAC, transport refrigeration, custom refrigeration; incorporated in Ireland in 2009
“We bring sustainable and efficient solutions to buildings, homes and transportation through our strategic brands, Trane® and Thermo King®”
Asia Pacific segment
Asia Pacific: commercial HVAC and transport refrigeration; 2025 net revenues $1,351.0 million
“The Asia Pacific segment encompasses heating, cooling and ventilation systems, services and solutions for commercial buildings and transport refrigeration systems and solutions. This segment had 2025 net revenues of $1,351.0 million.”
Americas segment
Americas: commercial HVAC, controls, energy services, residential HVAC, transport refrigeration; 2025 net revenues $17,168.8 million
“The Americas segment encompasses commercial heating, cooling and ventilation systems, building controls and solutions, and energy services and solutions; residential heating and cooling; and transport refrigeration systems and solutions. This segment had 2025 net revenues of $17,168.8 million.”
EMEA segment
EMEA: HVAC systems and services, energy services, transport refrigeration; 2025 net revenues $2,802.1 million
“The EMEA segment encompasses heating, cooling and ventilation systems and services, energy services and solutions, and transport refrigeration systems and solutions. This segment had 2025 net revenues of $2,802.1 million.”
Distribution methods
U.S. sales through branch sales offices, distributors and dealers; non-U.S. sales through subsidiary sales and service companies and distributors
“U.S. sales are made through branch sales offices, distributors and dealers across the country. Non-U.S. sales are made through numerous subsidiary sales and service companies with a supporting chain of distributors throughout the world.”
Principal products and services
Broad portfolio spanning commercial HVAC, data center cooling and controls, transport refrigeration, residential HVAC, aftermarket parts, services and rentals under Trane and Thermo King
“Data center HVAC systemsResidential cold climate heat pumps”
U.S. revenue share and country footprint
~75% of 2025 net revenues derived inside the U.S. (~25% outside); products sold in approximately 100 countries
“Approximately 75% of our net revenues in 2025 were derived inside the U.S., and we sold products in approximately 100 countries.”
Segment revenues 2025-2023
Americas $17,168.8M / $15,903.2M / $13,832.0M; EMEA $2,802.1M / $2,556.7M / $2,401.2M; Asia Pacific $1,351.0M / $1,378.3M / $1,444.4M (2025/2024/2023)
“Segment revenues$17,168.8 $15,903.2 $13,832.0”
Key commodities
Manufactures components requiring steel, copper and aluminum, sourced from many independent sources primarily regionally
“we are required to source a wide variety of commodities such as steel, copper, and aluminum”
Sole/limited source suppliers
Uses sole or limited source suppliers for some purchases; replacement sources may be difficult to quickly qualify
“Some of our purchases are from sole or limited source suppliers for reasons of cost effectiveness, regulatory requirements, uniqueness of design, or product quality.”
Talent and labor risks
Dependent on attracting and retaining skilled talent; labor disputes, stoppages, and competition for skilled professionals could delay innovation or raise costs
“Constraints in the labor market or increased competition for skilled professionals may delay innovation initiatives or increase costs, or require the company to accelerate automation.”
BrainBox AI acquisition
Acquired BrainBox AI Inc. (AI building management platform for HVAC optimization) on January 2, 2025; reported in Americas segment
“On January 2, 2025, we completed the acquisition of BrainBox AI Inc., a building management platform for HVAC optimization, using advanced AI technologies.”
European distributor acquisitions and Kieback&Peter stake
Acquired multiple European distributors in H1 2025; after year-end acquired two transport refrigeration distributors and a 49% interest in Kieback&Peter (building automation)
“The Company also acquired a 49% interest in Kieback&Peter, a provider of building automation hardware, software and solutions across the building lifecycle and energy management.”
Capital expenditures by segment
Capex: Americas $263.4M, EMEA $31.3M, Asia Pacific $7.0M, Corporate $81.3M, total $383.0M in 2025 (2024: $370.6M; 2023: $300.7M)
“Total capital expenditures$383.0 $370.6 $300.7”
Competitive landscape
Highly competitive markets; competitors vary by product line including regional/specialized firms and large U.S./non-U.S. corporations; competition on price, quality, delivery, service, technology and innovation
“The principal methods of competition in these markets relate to price, quality, delivery, service and support, technology and innovation.”
Decarbonization and energy efficiency demand
Demand driven by emissions reduction, building/industry efficiency, and temperature-controlled cargo needs
“we meet critical needs and growing global demand for innovation that reduces greenhouse gas emissions while enabling more efficient buildings and industry, and reliable delivery of essential temperature-controlled cargo”
HVAC and transport refrigeration leadership
One of the leading global manufacturers of HVAC and transport temperature control products and services
“We are one of the leading manufacturers in the world of HVAC systems and services and transport temperature control products and services.”
Research and development spending
2025 R&D spend $347.6 million focused on sustainability: energy efficiency, lower-GWP refrigerants, material reduction, circularity
“In 2025, we spent $347.6 million on research and development, focused on product and system sustainability improvements”
2030 Sustainability Commitments
2030 commitments include Gigaton Challenge (1 billion metric tons CO2e reduction), 40% embodied carbon reduction, circularity, carbon-neutral operations; SBTi-validated with 2050 net-zero targets
“including our Gigaton Challenge to reduce customers' carbon emissions by a billion metric tons through sustainable products and services”
Recurring revenue expansion
Growth strategy includes expanding recurring revenue through services and rental options
“our growth strategy includes expanding recurring revenue through services and rental options”
Debt structure and credit facilities
Long-term debt $3,922.1M; short-term $693.0M; $2.0B commercial paper program (none outstanding); two $1.0B revolvers due 2027 and 2030
“the Company maintains two $1.0 billion senior unsecured revolving credit facilities, one of which matures in April 2027 and the other which matures in May 2030”
Geopolitical conflicts
Forward-looking statements flag national and international conflict including the Russia-Ukraine conflict and the Middle East conflict
“national and international conflict, including war, civil disturbances and terrorist acts, including the Russia-Ukraine conflict, the Middle East conflict, and other geopolitical hostilities”
End-market trends
Americas and EMEA Commercial HVAC markets strong (energy efficiency, decarbonization demand); Asia markets dynamic/mixed
“Overall Commercial HVAC markets in Americas and EMEA remain strong due to demand for our differentiated customer driven solutions and the benefits of installing energy efficient products and decarbonizing the built environment.”
Asbestos-related bankruptcy (Aldrich Pump and Murray Boiler)
Deconsolidated subsidiaries Aldrich Pump LLC and Murray Boiler LLC in Chapter 11 to resolve asbestos claims; liability estimation hearing begins week of August 10, 2026
“On December 17, 2025, the Bankruptcy Court granted the FCR's motion to streamline the Bankruptcy Court proceedings to estimate the Debtors' asbestos-related liabilities. The first phase of the estimation hearing will commence the week of August 10, 2026.”
Supply chain and commodity price risk
Supplier disruptions, commodity shortages (especially steel and non-ferrous metals), electronic component shortages, and inflation/deflation could hurt results; hedging has limits
“We rely on suppliers to secure commodities, particularly steel and non-ferrous metals, and third-party parts and components, including electronic components, required for the manufacture of our products.”
Refrigerant regulation and climate change
Refrigerant regulation risk; developing next-generation products with lower global warming potential; climate legislation uncertainty affects demand and compliance costs
“As regulations reduce the use and potential availability of the current class of widely used refrigerants, we are developing and selling our next generation products that utilize lower global warming potential solutions.”
Tariff and trade protection risk
Trade protection measures including tariffs, quotas, import/export restrictions and trade agreement changes could adversely affect results
“trade protection measures such as import or export restrictions and requirements, the imposition of tariffs and quotas, trade embargoes, or revocation or material modification of trade agreements”
Ireland incorporation tax risk
Risks from Irish incorporation include potential changes to tax laws, global minimum tax, and U.S. government contracting legislation targeting ex-U.S. reincorporations
“any legislation that may limit or eliminate potential tax benefits resulting from our incorporation in a non-U.S. jurisdiction, such as Ireland”
Sustainability commitments execution risk
Failure to achieve 2030 sustainability commitments could harm reputation and financial performance; evolving sustainability reporting laws create compliance obligations
“If we are unable to meet our targets and goals, it could result in reputational and other harm to our company”
Global minimum tax and changing tax laws
Exposure to new or changing tax laws including a global minimum tax
“new or changing tax laws, including the implementation of a global minimum tax”
AI-related risks
AI presents emerging issues and uncertainties with potential competitive, reputational, or legal harm; disruptive technology risk from non-traditional competitors
“AI also presents emerging issues and the pace presents uncertainties, and we may experience competitive harm, harm to our reputation, or legal liability.”
Approximately 75% of 2025 net revenues derived inside the U.S.; U.S. sales through branch offices, distributors and dealers.
“Approximately 75% of our net revenues in 2025 were derived inside the U.S., and we sold products in approximately 100 countries.”
Manufactured components require steel among other commodities; shortages, price volatility, and supplier disruptions affect costs and ability to meet commitments.
“We rely on suppliers to secure commodities, particularly steel and non-ferrous metals, and third-party parts and components, including electronic components, required for the manufacture of our products.”
Decarbonizing the built environment and energy-efficient product benefits support strong Commercial HVAC demand in Americas and EMEA.
“Overall Commercial HVAC markets in Americas and EMEA remain strong due to demand for our differentiated customer driven solutions and the benefits of installing energy efficient products and decarbonizing the built environment.”
Refrigerants essential to products are greenhouse gases subject to curtailment regulations; could force costly product changes or obsolescence; company is developing lower-GWP next-generation products.
“national, regional and international regulations and policies have been implemented to curtail the use of certain refrigerants.”
Copper is one of the principal commodities purchased for components the company manufactures.
“we are required to source a wide variety of commodities such as steel, copper, and aluminum”
Imposition of tariffs and quotas and trade protection measures are flagged as factors affecting results and could increase costs.
“trade protection measures such as import or export restrictions and requirements, the imposition of tariffs and quotas, trade embargoes, or revocation or material modification of trade agreements”
Aluminum is one of the principal commodities purchased for components the company manufactures.
“we are required to source a wide variety of commodities such as steel, copper, and aluminum”
AI presents emerging issues and competitive uncertainty; company acquired BrainBox AI for HVAC optimization using advanced AI technologies.
“BrainBox AI Inc., a building management platform for HVAC optimization, using advanced AI technologies”
The Russia-Ukraine conflict is listed among factors that could affect forward-looking results.
“including the Russia-Ukraine conflict, the Middle East conflict, and other geopolitical hostilities”
The Middle East conflict is listed among factors that could affect forward-looking results.
“including the Russia-Ukraine conflict, the Middle East conflict, and other geopolitical hostilities”
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