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Sep 30, 2025
Trane Q3 2025 Earnings Report
Trane delivered strong Q3 results with record bookings, solid earnings growth, and robust commercial HVAC demand.
Key Takeaways
Trane Technologies posted strong third-quarter results, achieving record enterprise bookings of $6 billion and a 15% increase in adjusted EPS. Revenue grew 6% year-over-year to $5.74 billion, driven primarily by strength in the Americas commercial HVAC segment. Net income totaled $857 million, and the company generated $1.79 billion in free cash flow year-to-date.
Record enterprise bookings of $6 billion, driven by over 100% growth in applied solutions.
Adjusted EPS grew 15% to $3.88, while GAAP EPS was $3.82.
Americas segment delivered $4.66 billion in revenue with strong commercial HVAC performance.
Year-to-date free cash flow totaled $1.79 billion, with $2.8 billion in capital deployed or committed.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For full-year 2025, Trane expects reported revenue growth of ~7% and adjusted EPS between $12.95 and $13.05, supported by backlog strength and strong demand in commercial HVAC.
Positive Outlook
- Strong backlog provides revenue visibility into 2026
- Expected full-year organic revenue growth of ~6%
- Full-year adjusted EPS guidance of $12.95 to $13.05
- Solid demand trends across all commercial HVAC regions
- Continued investment in innovation and productivity initiatives
Challenges Ahead
- Challenging residential HVAC markets
- Inflationary pressures persist across supply chain
- Integration costs impacting EMEA margins
- Year-to-date cash from operations below prior year
Historical Earnings Impact
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Avg. Return Before/After Earnings
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