financial statements

The full income statement, balance sheet, and cash-flow statement for Trane Technologies plc (TT), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	21.3B YoY+7.5%	19.8B YoY+12.2%	17.7B YoY+10.5%	16.0B YoY+13.1%	14.1B YoY+13.5%
Research & development	348M YoY+12.3%	310M YoY+22.7%	252M YoY+19.5%	211M YoY+9.1%	194M YoY+17.3%
Selling, general & administrative	3.74B YoY+4.5%	3.58B YoY+20.8%	2.96B YoY+16.4%	2.55B YoY+4.1%	2.45B YoY+7.7%
Restructuring	—	—	15.1M YoY-27.1%	20.7M YoY-23.3%	27.0M YoY-64.3%
Amortization of intangibles	165M YoY-9.0%	181M YoY+9.4%	165M YoY+15.8%	143M YoY+15.5%	124M YoY+6.8%
Operating income	3.97B YoY+13.4%	3.50B YoY+20.9%	2.89B YoY+19.6%	2.42B YoY+19.6%	2.02B YoY+32.0%
Interest expense	227M YoY-4.9%	238M YoY+1.7%	235M YoY+4.9%	224M YoY-4.4%	234M YoY-6.0%
Other non-operating income	-20.9M YoY-4.0%	-20.1M YoY+70.2%	-67.5M YoY-1587.5%	-4.00M YoY-142.6%	9.40M YoY-61.3%
Pre-tax income	3.68B YoY+13.5%	3.24B YoY+26.3%	2.57B YoY+18.2%	2.17B YoY+21.3%	1.79B YoY+39.0%
Income tax	706M YoY+12.5%	628M YoY+25.9%	498M YoY+32.6%	376M YoY+12.7%	334M YoY+12.4%
	2.92B YoY+13.7%	2.57B YoY+26.9%	2.02B YoY+15.2%	1.76B YoY+23.4%	1.42B YoY+66.5%
Income from continuing operations	2.96B YoY+14.0%	2.59B YoY+26.4%	2.05B YoY+15.4%	1.78B YoY+23.1%	1.44B YoY+47.8%
Discontinued operations	-37.0M YoY-49.8%	-24.7M YoY+9.2%	-27.2M YoY-26.5%	-21.5M YoY-4.4%	-20.6M YoY+83.0%
	$12.98 YoY+15.5%	$11.24 YoY+28.2%	$8.77 YoY+17.2%	$7.48 YoY+27.4%	$5.87 YoY+66.8%
EPS (basic)	$13.09 YoY+15.3%	$11.35 YoY+28.2%	$8.85 YoY+17.2%	$7.55 YoY+26.7%	$5.96 YoY+67.4%
Weighted-avg shares (basic)	223M YoY-1.4%	226M YoY-1.0%	229M YoY-1.7%	233M YoY-2.6%	239M YoY-0.6%
Weighted-avg shares (diluted)	225M YoY-1.5%	228M YoY-1.0%	231M YoY-1.8%	235M YoY-3.1%	242M YoY-0.3%
Dividends per share	$3.76 YoY+11.9%	$3.36 YoY+12.0%	$3.00 YoY+11.9%	$2.68 YoY+13.6%	$2.36 YoY+11.3%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	7.86B YoY+7.2%	7.34B YoY+6.8%	6.87B YoY+7.7%	6.38B YoY-1.4%	6.47B YoY-6.3%
Cash & equivalents	1.76B YoY+10.9%	1.59B YoY+45.2%	1.10B YoY-10.3%	1.22B YoY-43.5%	2.16B YoY-34.4%
Short-term investments	14.6M YoY+0.0%	14.6M YoY+0.0%	14.6M YoY+0.0%	14.6M YoY+0.0%	14.6M YoY+0.0%
Accounts receivable	3.24B YoY+4.7%	3.09B YoY+4.5%	2.96B YoY+6.4%	2.78B YoY+14.4%	2.43B YoY+10.3%
Inventory	2.10B YoY+6.7%	1.97B YoY-8.4%	2.15B YoY+7.9%	1.99B YoY+30.2%	1.53B YoY+28.7%
Prepaid expenses	334M YoY+0.0%	334M YoY+0.0%	334M YoY+0.0%	334M YoY+0.0%	334M YoY+0.0%
Other current assets	761M YoY+10.9%	686M YoY+3.0%	666M YoY+73.0%	385M YoY+9.5%	352M YoY+56.6%
	21.4B YoY+6.3%	20.1B YoY+3.9%	19.4B YoY+7.2%	18.1B YoY+0.1%	18.1B YoY-0.5%
Property, plant & equipment	2.25B YoY+11.2%	2.02B YoY+14.2%	1.77B YoY+15.4%	1.54B YoY+9.8%	1.40B YoY+3.7%
Operating lease right-of-use	603M YoY+0.0%	603M YoY+17.4%	513M YoY+10.9%	463M YoY+5.9%	437M YoY-0.6%
Goodwill	6.46B YoY+5.4%	6.13B YoY+0.5%	6.10B YoY+10.7%	5.50B YoY-0.0%	5.50B YoY+3.0%
Intangible assets	3.24B YoY-2.2%	3.31B YoY-3.8%	3.44B YoY+5.4%	3.26B YoY-1.3%	3.31B YoY+0.6%
Other non-current assets	1.61B YoY+19.6%	1.35B YoY+11.0%	1.21B YoY-13.1%	1.40B YoY+1.4%	1.38B YoY+8.4%
	6.29B YoY+3.6%	6.07B YoY+0.3%	6.05B YoY+6.4%	5.69B YoY+19.7%	4.75B YoY+9.5%
Accounts payable	2.15B YoY+0.3%	2.15B YoY+6.1%	2.03B YoY-3.2%	2.09B YoY+17.0%	1.79B YoY+17.6%
Accrued liabilities	2.83B YoY+1.2%	2.79B YoY+5.9%	2.63B YoY+31.3%	2.01B YoY-3.1%	2.07B YoY+30.0%
Short-term & current debt	693M YoY+53.3%	452M YoY-43.6%	802M YoY-23.5%	1.05B YoY+199.1%	350M YoY-54.8%
Current lease liability	144M YoY+0.0%	144M YoY+0.0%	144M YoY+0.0%	144M YoY+0.0%	144M YoY+0.0%
	12.8B YoY+1.3%	12.7B YoY+2.3%	12.4B YoY+3.3%	12.0B YoY+1.6%	11.8B YoY+0.5%
Long-term debt	3.92B YoY-9.2%	4.32B YoY+8.6%	3.98B YoY+5.0%	3.79B YoY-15.7%	4.49B YoY-0.1%
Deferred revenue (non-current)	0.20 YoY+11.1%	0.18 YoY+12.5%	0.16 YoY-50.0%	0.32 YoY-11.1%	0.36 YoY-10.0%
Non-current lease liability	301M YoY+0.0%	301M YoY+0.0%	301M YoY+0.0%	301M YoY+0.0%	301M YoY+0.0%
Other non-current liabilities	1.35B YoY+20.4%	1.12B YoY+7.8%	1.04B YoY-9.6%	1.15B YoY+0.3%	1.15B YoY-10.9%
	8.58B YoY+15.0%	7.46B YoY+6.6%	7.00B YoY+14.9%	6.09B YoY-2.7%	6.26B YoY-2.4%
Common stock	245M YoY-1.6%	249M YoY-1.1%	252M YoY-0.6%	253M YoY-2.5%	260M YoY-1.4%
Additional paid-in capital	23.4M YoY+0.0%	23.4M YoY+0.0%	23.4M	0.00	0.00
Retained earnings	10.4B YoY+6.4%	9.79B YoY+7.2%	9.13B YoY+9.8%	8.32B YoY-0.4%	8.35B YoY-1.7%
Treasury stock	1.65B YoY-4.1%	1.72B YoY-0.0%	1.72B YoY+0.0%	1.72B YoY+0.0%	1.72B YoY+0.0%
Accumulated other comprehensive income	-439M YoY+49.2%	-864M YoY-28.8%	-671M YoY+12.5%	-766M YoY-20.2%	-638M YoY-1.0%
Non-controlling interest	21.7M YoY-26.4%	29.5M YoY+35.3%	21.8M YoY+31.3%	16.6M YoY-3.5%	17.2M YoY-11.3%
Total equity incl. non-controlling	8.60B YoY+14.9%	7.49B YoY+6.7%	7.02B YoY+14.9%	6.11B YoY-2.7%	6.27B YoY-2.4%
Total liabilities & equity	21.4B YoY+6.3%	20.1B YoY+3.9%	19.4B YoY+7.2%	18.1B YoY+0.1%	18.1B YoY-0.5%
Common shares issued	245M YoY-1.6%	249M YoY-1.1%	252M YoY-0.7%	253M YoY-2.5%	260M YoY-1.4%
Common shares outstanding	249M YoY+0.0%	249M YoY-1.1%	252M YoY-0.6%	253M YoY-19.8%	316M YoY+0.0%
Shares outstanding (cover)	222M YoY-1.5%	225M YoY-1.1%	228M YoY-1.2%	230M YoY-3.0%	238M YoY-1.1%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	3.19B YoY+1.6%	3.15B YoY+31.6%	2.39B YoY+58.9%	1.50B YoY-5.3%	1.59B YoY+10.7%
Depreciation & amortization	376M YoY-0.8%	379M YoY+9.0%	348M YoY+7.6%	324M YoY+8.1%	299M YoY+1.7%
Share-based compensation	86.6M YoY+4.5%	82.9M YoY+28.9%	64.3M YoY+14.2%	56.3M YoY-15.3%	66.5M YoY-4.3%
Deferred income taxes	114M YoY+188.0%	-129M YoY-141.3%	-53.5M YoY-178.9%	67.8M YoY+369.0%	-25.2M YoY-213.5%
Change in inventory	84.8M YoY+152.2%	-163M YoY-268.6%	96.4M YoY-79.3%	467M YoY+33.8%	349M YoY+420.0%
Change in payables	-2.60M YoY-102.6%	101M YoY+180.5%	-125M YoY-139.4%	318M YoY+15.5%	275M YoY+263.2%
Other operating activities	31.6M YoY+117.7%	-178M YoY-445.3%	-32.7M YoY-291.2%	17.1M YoY+147.0%	-36.4M YoY-2326.7%
	-640M YoY-13.7%	-563M YoY+52.0%	-1.17B YoY-116.9%	-540M YoY+1.0%	-546M YoY-45.1%
Capital expenditure	383M YoY+3.3%	371M YoY+23.2%	301M YoY+3.1%	292M YoY+30.9%	223M YoY+52.5%
Acquisitions	276M YoY+53.1%	180M YoY-79.1%	863M YoY+267.6%	235M YoY-12.8%	269M YoY+47.3%
Proceeds from sale of PP&E	20.6M YoY+338.3%	4.70M YoY-48.9%	9.20M YoY-5.2%	9.70M YoY-35.8%	15.1M YoY+15000.0%
Other investing activities	1.60M YoY-90.4%	16.7M YoY-6.7%	17.9M YoY-22.2%	23.0M YoY-66.5%	68.6M YoY+5816.7%
	-2.50B YoY-23.5%	-2.02B YoY-49.6%	-1.35B YoY+27.1%	-1.85B YoY+12.9%	-2.13B YoY-340.6%
Long-term debt issued	0.00 YoY-100.0%	499M YoY-28.7%	699M	0.00	0.00
Long-term debt repaid	159M YoY-68.7%	508M YoY-32.7%	755M YoY+7760.4%	9.60M YoY-97.8%	433M YoY+40.7%
Net short-term debt	0.00	0.00 YoY+100.0%	-1.90M	0.00	0.00
Common stock repurchased	1.48B YoY+15.7%	1.28B YoY+91.4%	669M YoY-44.2%	1.20B YoY+9.1%	1.10B YoY+340.1%
Dividends paid	837M YoY+10.5%	758M YoY+10.8%	684M YoY+10.2%	620M YoY+10.5%	561M YoY+10.6%
Other financing activities	-2.00M YoY+13.0%	-2.30M	0.00 YoY+100.0%	-2.00M YoY+95.5%	-44.9M YoY-790.8%
FX effect on cash	115M YoY+270.1%	-67.3M YoY-974.0%	7.70M YoY+115.4%	-50.1M YoY-9.6%	-45.7M YoY-167.0%
Net change in cash	173M YoY-65.0%	495M YoY+495.2%	-125M YoY+86.7%	-939M YoY+17.0%	-1.13B YoY-156.2%
Interest paid	222M YoY-4.8%	233M YoY+7.3%	217M YoY-0.3%	218M YoY-7.2%	235M YoY-3.5%
Income taxes paid	647M YoY-9.8%	717M YoY+36.3%	526M YoY+63.7%	321M YoY-10.0%	357M YoY+135.4%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	86.3B YoY+3.8%	83.1B YoY+49.7%	55.5B YoY+43.4%	38.7B YoY-19.3%	48.0B YoY+37.7%
P/E	29.6× YoY-8.6%	32.4× YoY+13.8%	28.4× YoY+19.4%	23.8× YoY-29.4%	33.7× YoY-17.3%
P/S	4.0× YoY-3.4%	4.2× YoY+30.3%	3.2× YoY+27.8%	2.5× YoY-25.9%	3.4× YoY+21.3%
P/B	10.1× YoY-9.7%	11.1× YoY+33.7%	8.3× YoY+25.4%	6.6× YoY-13.3%	7.7× YoY+41.0%
P/FCF	30.7× YoY+2.5%	30.0× YoY+2.6%	29.2× YoY-35.1%	44.9× YoY+27.9%	35.1× YoY+30.0%
Earnings yield	3.4% YoY+9.5%	3.1% YoY-12.1%	3.5% YoY-16.2%	4.2% YoY+41.5%	3.0% YoY+20.9%
FCF yield	3.3% YoY-2.4%	3.3% YoY-2.6%	3.4% YoY+54.0%	2.2% YoY-21.8%	2.8% YoY-23.1%
Dividend yield	1.0% YoY+6.2%	0.9% YoY-26.0%	1.2% YoY-22.9%	1.6% YoY+36.5%	1.2% YoY-20.0%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: TT's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all TT filings on SEC EDGAR → Not investment advice.

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About this data

financial statements