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Sentiment · FY2026 Q1
| Analyst | Firm | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Steve Tusa | JPMorgan | 14 | 7% |
| Chris Snyder | Morgan Stanley | 12 | 0% |
| Amit Mehrotra | UBS | 12 | 0% |
| Julian Mitchell | Barclays | 12 | 0% |
| Nigel Coe | Wolfe Research | 12 | 8% |
| Andy Kaplowitz | Citigroup | 12 | 0% |
| Scott Davis | Melius Research | 11 | 0% |
| Joe Ritchie | Goldman Sachs | 10 | 0% |
| Noah Kaye | Oppenheimer | 9 | 0% |
| Jeff Sprague | Vertical Research Partners | 9 | 0% |
| Firm | Analysts | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| JPMorgan | 1 | 14 | 7% |
| Morgan Stanley | 1 | 12 | 0% |
| Barclays | 1 | 12 | 0% |
| Citigroup | 1 |
| 12 |
| 0% |
| Wolfe Research | 1 | 12 | 8% |
| UBS | 1 | 12 | 0% |
| Melius Research | 1 | 11 | 0% |
| Goldman Sachs | 1 | 10 | 0% |
Trane delivered 3% organic revenue growth and 7% adjusted EPS growth in Q1, raising FY2026 EPS guidance to $14.75-$14.95 and organic revenue growth to approximately 7% on the strength of record commercial HVAC bookings and a record backlog of $10.7B, up over 30% from year-end 2025. Data center demand continued driving applied growth while the Stellar Energy acquisition expanded capabilities, and residential HVAC showed stabilization ahead of expectations. Transport refrigeration appeared to be bottoming, though Middle East conflict created revenue headwinds in select regions.
Demand | Revenue Growth | Competitive Dynamics | Innovation & R&D | Capex Investment | Pricing | Margin | Trade Tariffs | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 13 | 7 | 4 | 5 | 2 | 2 | 2 | 1 |
| 2025Q1 | 10 | 4 | 7 | 2 | 2 | 3 | 2 | 9 |
| 2025Q2 | 10 | 7 | 4 | 2 | 4 | 4 | 4 | 2 |
| 2025Q3 | 12 | 7 | 5 | 4 | 5 | 2 | 7 | |
| 2025Q4 | 13 | 7 | 3 | 6 | 5 | 6 | 2 | 1 |
| 2026Q1 | 7 | 2 | 4 | 4 | 1 | 1 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 13 | 10 | 10 | 12 | 13 | 7 |
| Revenue Growth | 7 | 4 | 7 | 7 | 7 | 2 |
| Competitive Dynamics | 4 | 7 | 4 | 5 | 3 | 4 |
| Innovation & R&D | 5 | 2 | 2 | 4 | 6 | 4 |
| Capex Investment | 2 | 2 | 4 | 5 | 5 | 1 |
| Pricing | 2 | 3 | 4 | 2 | 6 | 1 |
| Margin | 2 | 2 | 4 | 7 | 2 | 1 |
| Trade Tariffs | 1 | 9 | 2 | 1 | 1 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
TT Trane Technologies | 7 | +6.0% | |
| BLDR Builders FirstSource | 1 | -10.1% | |
| CARR Carrier Global | 4 | +2.4% | |
| JCI Johnson Controls | 9 | +8.2% | |
| LII Lennox International | 6 | +5.8% | |
| MAS Masco | 6 | +6.5% |