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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Trane Technologies
Trane Technologies (TT) investor relations material
Trane Technologies Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Q3 organic revenue grew 16.2%, bookings rose 20%, and adjusted continuing EPS increased 25% to $4.86; EPS growth was 23% excluding a ~$0.10 tax-timing benefit.
Backlog reached $12.5B, up 73% YoY, with book-to-bill at 107%.
FY organic revenue outlook increased to ~11%; adjusted EPS guidance was reaffirmed at $15.20–$15.30.
Financial highlights
Q3 revenue was $6,759.7M, up 17.7% reported and 16.2% organically; organic growth included 15.7% volume and 0.5% pricing.
Adjusted continuing EPS was $4.86 versus $3.88; GAAP diluted EPS was $4.74 versus $3.78.
Adjusted EBITDA was $1.447B, up 16%; adjusted EBITDA margin was 21.4%, down 40 bps YoY.
Nine-month operating cash flow was $3,060.1M and free cash flow was $2,827.5M, versus $2,054.1M and $1,786.0M, respectively.
Gross margin was 35.3% in Q3, down 160 bps, primarily reflecting inflation and investment, partly offset by productivity and pricing.
Outlook and guidance
FY 2026 organic revenue growth guidance rose to ~11% from ~9%; reported revenue growth guidance increased to ~13.5% from ~11.5%.
FY adjusted continuing EPS guidance remained $15.20–$15.30, representing expected growth of ~16%–17%.
Q4 organic revenue growth is expected at ~14.5%, with adjusted EPS of $3.40–$3.50, including a $0.10 higher-tax-rate headwind.
FY free cash flow is expected to exceed adjusted net earnings; capital expenditures are forecast at ~2% of revenue.
FY price realization outlook was reduced to ~1 point; organic leverage is expected in the low 20s, while the long-term algorithm remains 25%+.
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Latest events from Trane Technologies
- Record backlog and commercial HVAC demand underpin 2024 growth guidance.TT
Q4 2023 - Double-digit service growth, strong order momentum, and innovation drive long-term value.TTMorgan Stanley's 14th Annual Laguna Conference
- Record bookings, backlog, and raised guidance highlight robust growth and execution.TTQ2 2026
- Q1 bookings and backlog surged, fueling raised guidance and strong second-half growth expectations.TT19th Annual Global Transportation & Industrials Conference
- Strong data center and service growth drive robust guidance despite inflationary pressures.TTBank of America’s 33th Annual Industrials, Transportation and Airlines Key Leaders Conference
- Record backlog and double-digit EPS growth drive a strong 2026 outlook.TTQ4 2025
- Record bookings and commercial HVAC strength drove robust EPS and margin growth despite headwinds.TTQ3 2025
- Record growth, margin expansion, and raised outlook driven by innovation and sustainability.TTMorgan Stanley’s 13th Annual Laguna Conference
- Record 2024 growth in revenue and EPS, with strong 2025 outlook and robust backlog.TTQ4 2024
Next Trane Technologies earnings date
Baird 2026 Global Industrial Conference12 Nov, 2026
Trane Technologies
Next Trane Technologies earnings date
Baird 2026 Global Industrial Conference12 Nov, 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.