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Sentiment · FY2026 Q2
On July 20, 2026, Trane Technologies and Mingxiao (Gary) Guo, Senior Vice President and Chief Global Integrated Supply Chain Officer, agreed he will depart the company effective August 1, 2026 under a separation agreement in which the company forgoes clawback of certain sign-on bonus payments. The departure is not the result of any disagreement over the company's operations, policies, practices, controls or financial matters.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Amit Mehrotra | UBS | 14 (7%) |
| Andy Kaplowitz | Citigroup | 14 (0%) |
| Steve Tusa | JPMorgan | 14 (7%) |
| Chris Snyder | Morgan Stanley | 14 (0%) |
| Scott Davis | Melius Research | 13 (0%) |
| Joe Ritchie | Goldman Sachs | 12 (8%) |
| Nigel Coe | Wolfe Research | 12 (8%) |
| Julian Mitchell | Barclays | 12 (0%) |
| Jeff Sprague | Vertical Research Partners | 11 (0%) |
| Noah Kaye | Oppenheimer | 11 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| UBS | 1 | 14 (7%) |
| JPMorgan | 1 | 14 (7%) |
| Citigroup | 1 | 14 (0%) |
| Morgan Stanley | 1 |
| Melius Research | 1 | 13 (0%) |
| Wolfe Research | 1 | 12 (8%) |
| Barclays | 1 | 12 (0%) |
| Goldman Sachs | 1 | 12 (8%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $4.87B | +10.2% | $2.66 | +21.5% | 16.6% | 12.4% | $774M |
| FY2025 Q1 | $4.69B | +11.2% | $2.67 | +40.5% | 17.5% | 12.9% | $221M |
| FY2025 Q2 | $5.75B | +8.3% | $3.89 | +17.9% | 20.3% | 15.2% | $602M |
| FY2025 Q3 | $5.74B | +5.5% | $3.78 | +11.5% | 20.3% | 14.8% | $954M |
| FY2025 Q4 | $5.14B | +5.5% | $2.64 | -0.8% | 15.9% | 11.5% | $1.06B |
| FY2026 Q1 | $4.97B | +6.0% | $2.62 | -1.9% | 15.6% | 11.8% | $542M |
| FY2026 Q2 | $6.35B | +10.6% | $4.15 | +6.7% | 19.3% | 14.6% | $1.19B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
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 |
What TT and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“The other addition that we made was in LiquidStack, which really expanded our offering in CDUs.”
Trane acquired LiquidStack to expand its coolant distribution unit (CDU) portfolio for data-center liquid cooling.
“This includes approximately $1 billion from our acquisition of Stellar Energy, a leader in modular data center cooling solutions.”
Trane acquired Stellar Energy, a modular data-center cooling leader, adding ~$1B of backlog and expanding Trane's data-center thermal management offering.
| 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% |