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TTTrane Technologies

Industrials · Building Controls · NYSE

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FY2025 at a glance

Sales up 7.5%, free cash flow up to $2.8B

XBRL, from each 10-K

RevenueStatements ↓

$21.3B

from $19.8B in FY2024

FY2016FY2025

Net incomeStatements ↓

$2.9B

from $2.6B in FY2024

FY2016FY2025

Free cash flowStatements ↓

$2.8B

from $2.8B in FY2024

FY2016FY2025

EPS (diluted)Statements ↓

$12.98

from $11.24 in FY2024

FY2016FY2025

Operating marginStatements ↓

18.6%

from 17.6% in FY2024

FY2016FY2025

Total debtStatements ↓

$5.3B

from $5.2B in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (39, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	14.16	Sales (ttm)	23.2B	Net income (ttm)	3.2B	Sales growth	+7.5%	EPS growth	+15.5%	Sales Q/Q	+17.7%
Free cash flow	3.8B	Gross margin	-	Oper. margin	17.9%	Net margin	13.6%	FCF margin	16.4%	ROE	34.6%
ROA	13.2%	R&D / sales	1.6%	Dividend	3.76	Debt/Eq	0.46	Curr. ratio	1.12	Cash	1.8B
Op. cash flow (ttm)	4.2B	EBITDA	4.3B	EBITDA margin	20.4%	Net debt	2.5B	Quick ratio	0.85	Interest cover	17.50
ROIC	24.1%	Payout ratio	29.0%	Tax rate	19.2%	Stock pay / sales	0.4%	Shares out.	218.9M	Shares Y/Y	-1.5%
Book / share	41.62	Cash / share	8.06	Sales / share	106.11	Asset turnover	0.97	Days sales out.	55	Sales 3Y CAGR	+10.1%
Sales 5Y CAGR	+11.4%	EPS 3Y CAGR	+20.2%	EPS 5Y CAGR	+29.8%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

TT against Industrials peers

Ten years, side by side → · All 83 →

TTPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth

+7.5%30th of 82 · median +4.8%

Net margin

13.6%38th of 82 · median 13.0%

Return on equity

34.6%22nd of 77 · median 24.9%

Free cash flow margin

16.4%28th of 79 · median 13.0%

Debt / equity (less is better)

0.4616th of 72 · median 0.72

TT and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
TT Trane Technologies	$23.2B	+7.5%	-	13.6%	34.6%	16.4%	0.46
JCI Johnson Controls	$24.4B	+2.8%	36.6%	14.5%	26.1%	10.9%	0.70
LHX L3Harris	$22.8B	+9.8%	25.7%	9.0%	10.1%	16.0%	0.54
CARR Carrier Global	$22.8B	-3.3%	-	-7.9%	-17.3%	10.4%	1.10
PH Parker Hannifin	$22.4B	+8.3%	37.7%	16.6%	23.3%	17.2%	1.09
ADP Automatic Data Processing	$22.3B	+6.7%	46.6%	20.3%	88.9%	-	0.98

Profitability

3 of 3

✓
Net margin above the peer median13.6% vs 13.0%
✓
Return on equity above 15%34.6%
✓
A profit in every one of 10 years

Net margin, FY2016 to FY2025: 10.9% → 13.7%

Balance sheet

4 of 4

✓
Interest covered more than 5 timesOperating income is 17.5× interest expense
✓
Debt smaller than equityDebt / equity 0.46 on the latest balance sheet (peer median 0.72)
✓
Current assets cover current liabilitiesCurrent ratio 1.12
✓
Net debt under 3 years of free cash flow$2.5B net debt, 0.6 years

Debt / equity at each year end, FY2016 to FY2025: 0.63 → 0.62

What the debt is made of ↓

Cash and shareholders

4 of 4

✓
Free cash flow positive in every one of 10 years$2.8B last year
✓
Share count down over 5 years−7.5%
✓
Dividend per share up over 5 years$2.12 → $3.76
✓
Cash from operations above net income$3.2B vs $2.9B

Free cash flow, FY2016 to FY2025: 1.3B → 2.8B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$4.6B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 21.3B Net income 2.9B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $21.3B of revenue came from

by product, year to Dec 31, 2025

Product $14.0B · 66%
Service $7.3B · 34%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

TT's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue21.3B

Net income2.9B

Free cash flow2.8B

EPS (diluted)12.98

Dividend per share3.76

Diluted shares224.9M

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Product	14.0B	65.6%	+5.0%
Service	7.3B	34.4%	+12.5%

10-K 0001628280-26-005731, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
Americas	17.2B	80.5%	+8.0%
EMEA	2.8B	13.1%	+9.6%
Asia Pacific	1.4B	6.3%	-2.0%

10-K 0001628280-26-005731, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	13.5B	14.2B	12.3B	13.1B	12.5B	14.1B	16.0B	17.7B	19.8B	21.3B
Cost of revenue	9.3B	9.8B	8.6B	9.1B	8.7B	-	-	-	-	-
R&D	207.9M	210.8M	166.7M	174.2M	165.0M	193.5M	211.2M	252.3M	309.6M	347.6M
SG&A	2.6B	2.7B	2.2B	2.3B	2.3B	2.4B	2.5B	3.0B	3.6B	3.7B
Operating income	1.6B	1.7B	1.5B	1.7B	1.5B	2.0B	2.4B	2.9B	3.5B	4.0B
Interest expense	221.5M	215.8M	221.0M	242.8M	248.7M	233.7M	223.5M	234.5M	238.4M	226.7M
Pretax income	1.7B	1.4B	1.3B	1.4B	1.3B	1.8B	2.2B	2.6B	3.2B	3.7B
Income tax	281.5M	80.2M	234.9M	238.6M	296.8M	333.5M	375.9M	498.4M	627.6M	705.9M
Net income	1.5B	1.3B	1.3B	1.4B	854.9M	1.4B	1.8B	2.0B	2.6B	2.9B
EPS (diluted)	5.65	5.05	5.35	5.77	3.52	5.87	7.48	8.77	11.24	12.98
Diluted shares	261.7M	258.1M	250.1M	244.4M	243.1M	242.3M	234.9M	230.7M	228.4M	224.9M
Depreciation & amortization	352.2M	353.3M	361.5M	397.4M	294.3M	299.4M	323.6M	348.1M	379.4M	376.3M
EBITDA	2.0B	2.0B	1.9B	2.1B	1.8B	2.3B	2.7B	3.2B	3.9B	4.3B
Operating margin	11.9%	11.7%	12.2%	12.8%	12.3%	14.3%	15.1%	16.4%	17.6%	18.6%
Net margin	10.9%	9.2%	10.8%	10.8%	6.9%	10.1%	11.0%	11.4%	12.9%	13.7%
Revenue growth	-	+5.1%	-13.1%	+5.9%	-4.8%	+13.5%	+13.1%	+10.5%	+12.2%	+7.5%
EPS growth	-	-10.6%	+5.9%	+7.9%	-39.0%	+66.8%	+27.4%	+17.2%	+28.2%	+15.5%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	1.7B	1.5B	878.4M	1.3B	3.3B	2.2B	1.2B	1.1B	1.6B	1.8B
Receivables	2.2B	2.5B	2.7B	2.2B	2.2B	2.4B	2.8B	3.0B	3.1B	3.2B
Inventory	1.4B	1.6B	1.7B	1.3B	1.2B	1.5B	2.0B	2.2B	2.0B	2.1B
Current assets	5.6B	6.1B	5.7B	9.3B	6.9B	6.5B	6.4B	6.9B	7.3B	7.9B
Property & equipment	1.5B	1.6B	1.7B	1.4B	1.3B	1.4B	1.5B	1.8B	2.0B	2.3B
Goodwill	5.7B	5.9B	5.1B	5.1B	5.3B	5.5B	5.5B	6.1B	6.1B	6.5B
Total assets	17.4B	18.2B	17.9B	20.5B	18.2B	18.1B	18.1B	19.4B	20.1B	21.4B
Accounts payable	1.3B	1.6B	1.7B	1.4B	1.5B	1.8B	2.1B	2.0B	2.1B	2.2B
Current liabilities	3.6B	4.8B	4.3B	5.2B	4.3B	4.8B	5.7B	6.1B	6.1B	6.3B
Total debt	4.2B	4.1B	4.1B	6.2B	6.0B	5.2B	5.9B	5.6B	5.2B	5.3B
Total liabilities	10.7B	11.0B	10.9B	13.2B	11.7B	11.8B	12.0B	12.4B	12.7B	12.8B
Shareholders' equity	6.6B	7.1B	7.0B	7.3B	6.4B	6.3B	6.1B	7.0B	7.5B	8.6B
Retained earnings	8.0B	8.9B	9.4B	9.7B	8.5B	8.4B	8.3B	9.1B	9.8B	10.4B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	1.5B	1.5B	1.4B	1.9B	1.4B	1.6B	1.5B	2.4B	3.1B	3.2B
Capital spending	182.7M	221.3M	284.7M	205.4M	146.2M	223.0M	291.8M	300.7M	370.6M	383.0M
Free cash flow	1.3B	1.3B	1.1B	1.7B	1.3B	1.4B	1.2B	2.1B	2.8B	2.8B
Stock-based pay (added back)	69.6M	70.8M	78.8M	66.4M	69.5M	66.5M	56.3M	64.3M	82.9M	86.6M
Dividends paid	348.6M	430.1M	479.5M	510.1M	507.3M	561.1M	620.2M	683.7M	757.5M	837.3M
Buybacks	250.1M	1.0B	900.2M	750.1M	250.0M	1.1B	1.2B	669.3M	1.3B	1.5B
Acquisitions	9.2M	157.6M	285.7M	83.4M	182.8M	269.2M	234.7M	862.8M	180.3M	276.0M
Debt raised	0	0	1.1B	1.5B	0	0	0	699.2M	498.5M	0
Debt repaid	0	7.7M	1.1B	7.5M	307.5M	432.5M	9.6M	754.6M	507.5M	159.1M
Investing cash flow	240.1M	-374.7M	-629.4M	-1.8B	-376.2M	-545.7M	-540.4M	-1.2B	-562.9M	-640.0M
Financing cash flow	-726.9M	-1.4B	-1.4B	270.5M	884.3M	-2.1B	-1.9B	-1.4B	-2.0B	-2.5B
Dividend per share	1.16	1.70	1.96	2.12	2.12	2.36	2.68	3.00	3.36	3.76

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	69.6M	70.8M	78.8M	66.4M	69.5M	66.5M	56.3M	64.3M	82.9M	86.6M
Stock-based pay / revenue	0.5%	0.5%	0.6%	0.5%	0.6%	0.5%	0.4%	0.4%	0.4%	0.4%
Operating lease cost	-	-	-	163.5M	173.0M	168.3M	179.4M	187.8M	197.8M	244.1M
Operating lease cash paid	-	-	-	161.5M	172.2M	167.9M	179.0M	185.3M	195.4M	241.1M
Right-of-use assets	-	-	517.1M	469.4M	-	436.8M	462.5M	513.1M	602.6M	-
Operating lease liabilities	-	-	520.8M	566.4M	-	-	-	-	-	824.7M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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