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Trane Technologies (TT) investor relations material
Trane Technologies Baird 55th Annual Global Industrial Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Baird 55th Annual Global Industrial Conference summary12 Nov, 2025
Financial outlook and performance
Projecting 6% organic revenue growth, 7% reported growth, and 15–16% EPS growth for 2025, with strong free cash flow conversion and plans underway for 2026.
Commercial HVAC backlog at $7.2 billion, up 7% year-over-year, with over 90% in CHVAC, providing strong visibility into 2025 and 2026.
Americas margins grew despite headwinds in residential and transport, with enterprise margins up 600 basis points since COVID, approaching 19% in 2024.
Residential and Thermo King segments faced cyclical pressures in 2024, with recovery expected in the second half of 2025.
Durable services revenue stream represents about a third of revenues, growing at a low teens CAGR and up low double digits in Q3.
Market and business drivers
Commercial HVAC growth is broad-based across 14 verticals, with strength in data centers, Class A office, higher education, healthcare, and government.
Data center segment benefits from rapid innovation cycles and direct customer relationships, with service and commissioning as key differentiators.
Decarbonization and electrification trends are driving demand, with competitive paybacks often under three years for new systems.
Residential business impacted by refrigerant changes, canister shortages, and a shorter cooling season in 2024; two of these factors are not expected to repeat in 2025.
EMEA and Asia focus on commercial HVAC, with innovation and credit policy adjustments supporting sequential improvement, especially in China where bookings rose ~80% and revenues ~20%.
Strategic investments and innovation
Significant investments in service technician training, with two world-class centers in North America and ongoing capacity expansion.
Digital and AI capabilities enhanced by the BrainBox AI acquisition, now managing over 65,000 connected buildings and delivering 15–40% energy savings.
SaaS-based service models are being scaled, with energy savings guarantees offered in some markets.
Ongoing M&A focus on early-stage technology and channel acquisitions, with 25 deals since 2020, supporting margin expansion and market share growth.
Continued investment in innovation and digital solutions to drive outperformance and capitalize on secular decarbonization trends.
What is Trane's competitive edge in data centers?
How do investments impact Trane's margin expansion?
Beyond data centers, where is HVAC growth?
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Next Trane Technologies earnings date
Q4 202530 Jan, 2026
Next Trane Technologies earnings date
Q4 202530 Jan, 2026
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Frequently asked questions
Heating, Ventilation, and Air Conditioning
Trane Technologies plc is an American company domiciled in Ireland that specializes in HVAC (heating, ventilation, and air conditioning) and refrigeration solutions. Trane Technologies operates primarily through two well-known subsidiary brands: Trane and Thermo King. Trane specializes in designing, manufacturing, and servicing climate control products and systems for homes, buildings, and industrial spaces, while ThermoKing is focused on transport temperature systems. The company is headquartered in Davidson, North Carolina, and its shares are traded on the NYSE.
Merger and Subsequent Spin-off
Trane Technologies started as a family plumbing business in 1885. It evolved into a heating company by 1916, eventually diversifying into air conditioning. The company, known for its reliable heating and cooling systems, experienced significant growth over the years and expanded its area of expertise as the decades rolled on. In 2008, Ingersoll Rand, a diversified industrial company, acquired Trane and subsequently integrated it into its portfolio of brands. In 2020 Ingersoll Rand sold its non-refrigeration businesses to Gardner Denver, rebranding itself as Trane Technologies, and shifting its focus to the company’s current areas of operations.
HVAC
Trane Technologies, a global climate innovator, provides a broad range of heating, ventilation, and air conditioning solutions for both residential and commercial markets. For residential environments, Trane offers energy-efficient heating and cooling systems, including air conditioners, heat pumps, furnaces, and thermostats.
In the commercial sector, Trane's HVAC solutions cater to a diverse range of buildings and applications, from small businesses to large industrial facilities. Their commercial offerings include chillers, rooftop units, air handling systems, and building management systems. These products are engineered to deliver optimal performance, energy efficiency, and sustainability, tailored to meet the specific needs of each commercial space.
Thermo King
Thermo King, which is a subsidiary of Trane Technologies, is a manufacturer of transport temperature control systems for a variety of mobile applications, including trailers, trucks, buses, shipboard containers, and railway cars. Thermo King's product range includes refrigeration and heating units that are designed to maintain specific climate conditions, crucial for food safety and quality in transit. One of the closest competitors the subsidiary is Carrier Global.
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