Q1 25 EPS
$2.45
BEAT +11.41%
Est. $2.20
Q1 25 Revenue
$4.69B
BEAT +5.04%
Est. $4.46B
vs S&P Since Q1 25
+2.0%
BEATING MARKET
TT +32.0% vs S&P +30.0%
Market Reaction
Did TT Beat Earnings? Q1 2025 Results
Trane Technologies opened 2025 with a notably strong first quarter, posting adjusted EPS of $2.45 against a consensus estimate of $2.20, a beat of 11.41%, while revenue of $4.69 billion topped expectations by 5.04% and grew 11.2% year over year. The … Read more Trane Technologies opened 2025 with a notably strong first quarter, posting adjusted EPS of $2.45 against a consensus estimate of $2.20, a beat of 11.41%, while revenue of $4.69 billion topped expectations by 5.04% and grew 11.2% year over year. The primary engine behind the outperformance was the Americas segment, where revenues climbed 14% to $3.80 billion and adjusted operating margins expanded 140 basis points to 17.8%, powered by broad-based commercial HVAC demand that drove enterprise bookings to $5.28 billion and pushed the total backlog to $7.30 billion, roughly $500 million above year-end 2024 levels. Americas Commercial HVAC set an all-time bookings record in the period, underscoring a demand backdrop that peers in the HVAC industry have similarly flagged as unusually robust. Free cash flow reached $230.20 million, and the company deployed approximately $1.10 billion in capital through April across dividends, acquisitions, and buybacks. Management reaffirmed full-year 2025 guidance for adjusted EPS of $12.70 to $12.90 and revenue growth of 7.5% to 8.5%, signaling confidence in finishing toward the high end of both ranges.
Key Takeaways
- • Strong volume growth across the enterprise
- • Positive price realization
- • Productivity gains more than offset inflation
- • All-time high bookings for Americas Commercial HVAC
- • Enterprise bookings of $5.3 billion with 113% book-to-bill ratio
- • Enterprise backlog elevated to $7.3 billion, up approximately $500 million versus year-end 2024
TT YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
TT Revenue by Segment
With YoY comparisons, source: SEC Filings
TT Revenue by Geography
With YoY comparisons, source: SEC Filings
“In the first quarter, our global team delivered outstanding performance through our purpose-driven strategy, extending our consistent track record of results. With strong execution through our proven business operating system, we continue to navigate a dynamic macro environment. Demand for our innovative solutions remains robust, with customers selecting Trane Technologies as their partner of choice.”
— Dave Regnery, Q1 2025 Earnings Press Release
TT Earnings Trends
TT vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
TT EPS Trend
Earnings per share: estimate vs actual
TT Revenue Trend
Quarterly revenue: estimate vs actual
TT Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $2.63 | — | $4.97B | +3.38% |
| Q4 25 BEAT FY | $2.82 | $2.86 | +1.42% | $5.14B | +0.53% |
| FY Full Year | $13.03 | $13.06 | +0.21% | $21.32B | +0.13% |
| Q3 25 BEAT | $3.78 | $3.88 | +2.69% | $5.74B | -0.67% |
| Q2 25 BEAT | $3.79 | $3.88 | +2.29% | $5.75B | -0.48% |
| Q1 25 BEAT | $2.20 | $2.45 | +11.41% | $4.69B | +5.04% |