Q3 25 EPS
$3.88
BEAT +2.69%
Est. $3.78
Q3 25 Revenue
$5.74B
MISS 0.67%
Est. $5.78B
vs S&P Since Q3 25
+2.6%
BEATING MARKET
TT +8.6% vs S&P +6.0%
Market Reaction
Did TT Beat Earnings? Q3 2025 Results
Trane Technologies posted a solid third quarter, beating earnings expectations while revenue came in just short of forecasts, a split result that nonetheless underscored the company's strong operational momentum. Adjusted EPS of $3.88 topped the $3.7… Read more Trane Technologies posted a solid third quarter, beating earnings expectations while revenue came in just short of forecasts, a split result that nonetheless underscored the company's strong operational momentum. Adjusted EPS of $3.88 topped the $3.78 consensus estimate by 2.69%, even as revenue of $5.74 billion fell a narrow 0.67% below expectations, though it still represented a 5.5% gain year-over-year. The standout driver was a surge in commercial HVAC demand, particularly in the Americas, where bookings climbed roughly 30% and applied solutions more than doubled, pushing record enterprise bookings to $5.98 billion, up 15% year-over-year. Adjusted operating margin expanded 170 basis points to 20.6%, as volume growth and pricing gains more than offset inflationary pressures. Residential markets remained a drag, with declines there partially offsetting commercial strength, a dynamic also visible among peers navigating the same divergence. Looking ahead, management guided for full-year 2025 reported revenue growth of approximately 7% and adjusted continuing EPS of $12.95 to $13.05, reflecting confidence in secular tailwinds around energy efficiency and data center demand.
Key Takeaways
- • Record enterprise bookings of $6 billion, up 15% (13% organically)
- • Americas Commercial HVAC bookings up approximately 30%, with applied solutions up over 100%
- • Volume growth, positive price realization, and productivity more than offset inflation
- • Book-to-bill above 100% in Commercial HVAC across all regions
- • Excluding Residential, enterprise organic bookings up 26% and revenues up 10%
- • Asia Pacific adjusted operating margin expanded 340 basis points
TT YoY Financials
Q3 2025 vs Q3 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 third quarter, we delivered 15% adjusted EPS growth and achieved all-time-high quarterly bookings of $6 billion, up 13% organically, despite challenging residential markets. Our commercial HVAC business remains strong, and our project pipeline continues to expand as customers increasingly choose Trane Technologies for the most efficient and sustainable solutions.”
— Dave Regnery, Q3 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% |