Q2 25 EPS
$3.88
BEAT +2.29%
Est. $3.79
Q2 25 Revenue
$5.75B
MISS 0.48%
Est. $5.77B
vs S&P Since Q2 25
+0.3%
BEATING MARKET
TT +13.9% vs S&P +13.6%
Market Reaction
Did TT Beat Earnings? Q2 2025 Results
Trane Technologies posted a confident second quarter, beating earnings expectations while delivering another year of double-digit revenue growth as surging commercial HVAC demand more than carried the weight of softer residential and Asia Pacific res… Read more Trane Technologies posted a confident second quarter, beating earnings expectations while delivering another year of double-digit revenue growth as surging commercial HVAC demand more than carried the weight of softer residential and Asia Pacific results. The industrial climate company earned $3.88 per share, ahead of the $3.79 consensus estimate by 2.29%, while revenue climbed 8.3% year-over-year to $5.75 billion, fractionally shy of the $5.77 billion Wall Street had anticipated. The key driver behind the quarter's strength was exceptional momentum in Americas Commercial HVAC, where orders for applied solutions surged over 60%, helping push enterprise bookings to a record $5.63 billion, up 5% year-over-year, and lifting the backlog to $7.10 billion. The Americas segment alone generated $4.69 billion in revenue, up 9% organically, with adjusted operating margins expanding 130 basis points to 22.4%. Encouraged by the broad-based demand for sustainable climate solutions, management raised its full-year 2025 outlook, now targeting approximately 8% organic revenue growth and adjusted continuing EPS of approximately $13.05.
Key Takeaways
- • Record enterprise bookings of $5.6 billion, up 5% year-over-year
- • Americas Commercial HVAC applied solutions orders up over 60%
- • Strong volume growth, positive price realization and productivity more than offset inflation
- • Commercial HVAC book-to-bill greater than 100% in all regions
- • Enterprise backlog of $7.1 billion, up 6% versus year-end 2024
TT YoY Financials
Q2 2025 vs Q2 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 second quarter, we continued our consistent track record of leading financial results with record enterprise bookings and revenue and 18 percent earnings per share growth. Our performance continues to be led by Americas Commercial HVAC, with strong demand for our sustainable solutions across a broad base of highly complex projects. In the second quarter, orders for our bespoke applied solutions were up over 60 percent, adding to our backlog and our visibility to future equipment and services revenues.”
— Dave Regnery, Q2 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% |