Q1 26 EPS
$2.63
Q1 26 Revenue
$4.97B
BEAT +3.38%
Est. $4.81B
vs S&P Since Q1 26
+1.8%
BEATING MARKET
TT +2.1% vs S&P +0.3%
Market Reaction
Did TT Beat Earnings? Q1 2026 Results
Trane Technologies plc kicked off fiscal 2026 with a convincing first quarter, posting adjusted EPS of $2.63 against a consensus estimate of $2.53, a 4.12% beat that marks the fourth consecutive quarter the company has topped Wall Street's expectatio… Read more Trane Technologies plc kicked off fiscal 2026 with a convincing first quarter, posting adjusted EPS of $2.63 against a consensus estimate of $2.53, a 4.12% beat that marks the fourth consecutive quarter the company has topped Wall Street's expectations. Revenue climbed 6.0% year over year to $4.97 billion, clearing the $4.81 billion consensus by 3.38%, with the headline results anchored by an extraordinary surge in demand across its Americas Commercial HVAC business, where applied equipment bookings rose more than 160% in the period. That momentum pushed enterprise-wide organic bookings up 24% and drove the company's backlog to a record $10.70 billion, up more than 30% from year-end 2025, giving management unusual clarity on the rest of the year. Trane, which has been expanding its workforce rapidly as growth accelerates, raised its full-year 2026 guidance accordingly, now targeting reported revenue growth of approximately 9.5% and full-year EPS of roughly $14.75 to $14.95.
Key Takeaways
- • Organic bookings up 24% enterprise-wide, led by Americas Commercial HVAC up approximately 40%
- • Applied equipment bookings up more than 160% in Americas Commercial HVAC
- • Record backlog of $10.7 billion, up over 30% from year-end 2025
- • Book-to-bill of 135%, led by global Commercial HVAC
- • Strong free cash flow of $573 million, up from $230 million year-over-year
- • Asia Pacific adjusted operating margin expansion of 90 basis points to 22.1%
TT Forward Guidance & Outlook
The company raised its full-year 2026 guidance: reported revenue growth of approximately 9.5% and organic revenue growth of approximately 7% versus full-year 2025. Full-year 2026 GAAP and adjusted continuing EPS guidance raised to approximately $14.75 to $14.95. Record backlog of $10.7 billion provides strong visibility for 2026 and beyond. The company expects to pay a competitive and growing dividend and deploy 100% of excess cash to shareholders over time.
TT YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
TT Revenue by Segment
With YoY comparisons, source: SEC Filings
TT Revenue by Geography
With YoY comparisons, source: SEC Filings
“We are off to a strong start in 2026, with exceptional demand for our sustainable products and services. Enterprise bookings grew 24 percent, led by nearly 40 percent growth in our Americas Commercial HVAC business. We closed the quarter with a record $10.7 billion backlog, up more than 30 percent from year-end, giving us strong visibility for 2026 and beyond.”
— Dave Regnery, Q1 2026 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% |