15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 11.4% per year over the past 5 years.
Net income has grown faster than revenue (27.8% vs 11.4% per year).
Operating margin has expanded, at 18.6% in the latest year.
Free cash flow has grown 16.9% per year over the past 5 years.
Financial health
Total debt ($4.6B) exceeds cash ($1.8B); net debt is $2.9B.
Total debt has grown slower than revenue (-2.6% vs 11.4% per year).
Operating income covered interest expense 18× in the latest year, up from 6.2× 5 years ago.
Total debt is 1.1× EBITDA.
Shareholder returns
Dividends have been paid for 15 consecutive years, consuming 28.7% of earnings and 29.8% of free cash flow.
The dividend has grown 10.5% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
2025
$21.3B
$2.9B
0.0%
18.6%
34.0%
13.6%
$2.8B
$4.6B
$1.8B
2024
$19.8B
$2.6B
0.0%
17.6%
34.4%
12.7%
$2.8B
$4.8B
$1.6B
2023
$17.7B
$2.0B
0.0%
16.4%
28.9%
10.4%
$2.1B
$4.8B
$1.1B
2022
$16.0B
$1.8B
0.0%
15.1%
28.8%
9.7%
$1.2B
$4.8B
$1.2B
2021
$14.1B
$1.4B
0.0%
14.3%
22.8%
7.9%
$1.4B
$4.8B
$2.2B
2020
$12.5B
$855M
30.5%
12.3%
13.3%
4.7%
$1.3B
$5.3B
$3.3B
2019
$13.1B
$1.4B
30.5%
12.8%
19.4%
6.9%
$1.7B
$5.6B
$1.3B
2018
$12.3B
$1.3B
30.5%
12.2%
19.0%
7.5%
$1.1B
$4.1B
$878M
2017
$14.2B
$1.3B
30.9%
11.7%
18.2%
7.2%
$1.3B
$4.1B
$1.5B
2016
$13.5B
$1.5B
31.1%
11.9%
22.2%
8.5%
$1.3B
$4.2B
$1.7B
2015
—
$665M
—
—
11.4%
4.0%
$639M
$4.2B
$737M
2014
—
$932M
—
—
15.6%
5.4%
$740M
$4.2B
$1.7B
2013
—
$619M
—
—
8.8%
3.5%
$849M
$3.5B
$1.9B
2012
—
$1.0B
—
—
14.3%
5.5%
$952M
$3.2B
$708M
2011
—
$343M
—
—
5.0%
1.8%
$1.0B
$3.6B
$987M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
Sep '26
$6.8B
$1.0B
35.3%
19.9%
11.5%
4.4%
$1.2B
$3.9B
—
Jun '26
$6.4B
$926M
35.6%
19.3%
10.7%
3.9%
$1.0B
$3.9B
—
Mar '26
$5.0B
$584M
34.8%
15.6%
6.8%
2.6%
$547M
$3.9B
—
Dec '25
$5.1B
$591M
0.0%
15.9%
6.9%
2.8%
—
$4.6B
$1.8B
Sep '25
$5.7B
$848M
36.9%
20.3%
10.2%
4.0%
$936M
$3.9B
—
Jun '25
$5.7B
$875M
37.6%
20.3%
11.2%
4.2%
$602M
$3.9B
—
Mar '25
$4.7B
$605M
35.8%
17.5%
8.1%
3.0%
$221M
$3.9B
—
Dec '24
$4.9B
$604M
0.0%
16.6%
8.1%
3.0%
$774M
$4.8B
$1.6B
Sep '24
$5.4B
$772M
36.3%
18.8%
10.2%
3.7%
$1.2B
$4.3B
—
Jun '24
$5.3B
$755M
36.5%
19.5%
10.9%
3.7%
$623M
$4.3B
—
Mar '24
$4.2B
$436M
34.6%
15.0%
6.3%
2.3%
$163M
$4.0B
—
Dec '23
$4.4B
$504M
0.0%
15.5%
7.2%
2.6%
$851M
$4.8B
$1.1B
Sep '23
$4.9B
$626M
34.0%
17.7%
9.4%
3.3%
$839M
$4.5B
—
Jun '23
$4.7B
$586M
33.7%
18.8%
9.4%
3.1%
$467M
$4.5B
—
Mar '23
$3.7B
$307M
31.2%
12.5%
5.1%
1.7%
-$69M
$4.5B
—
Dec '22
$4.1B
$439M
0.0%
14.3%
7.2%
2.4%
$671M
$4.8B
$1.2B
Sep '22
$4.4B
$548M
32.8%
16.9%
9.4%
3.1%
$451M
$3.8B
—
Jun '22
$4.2B
$509M
31.6%
17.0%
8.9%
2.9%
$353M
$3.8B
—
Mar '22
$3.4B
$260M
29.5%
11.6%
4.3%
1.5%
-$263M
$4.5B
—
Dec '21
$3.6B
$318M
0.0%
12.2%
5.1%
1.8%
$326M
$4.8B
$2.2B
Valuation over time
How the market has priced TT against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has risen from 22.9× (Mar '23) to 31.3× (Nov '26).
The price-to-sales ratio has risen from 2.5× (Mar '23) to 4.3× (Nov '26).
The dividend yield has fallen from 1.5% (Mar '23) to 0.9% (Nov '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is TT growing its revenue and profit?
Over the past 5 years, Trane Technologies's revenue has grown 11.4% per year, and net income grown 27.8% per year. These are computed facts, not advice.
How much debt does TT have?
As of FY2025, Trane Technologies reported $4.6B of total debt against $1.8B of cash; operating income covered interest expense 18×.
What is TT's profit margin?
In FY2025, gross margin was —, operating margin 18.6%, and net margin 13.7%.
What is TT's P/E ratio?
Trane Technologies's P/E (TTM) is 29.01 as of the 2026-11-03 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the TT stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 31.3× as of Nov '26) can differ. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.