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
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
FCF
Total debt
Cash
2025
$21.3B
$2.9B
0.0%
18.6%
$2.8B
$4.6B
$1.8B
2024
$19.8B
$2.6B
0.0%
17.6%
$2.8B
$4.8B
$1.6B
2023
$17.7B
$2.0B
0.0%
16.4%
$2.1B
$4.8B
$1.1B
2022
$16.0B
$1.8B
0.0%
15.1%
$1.2B
$4.8B
$1.2B
2021
$14.1B
$1.4B
0.0%
14.3%
$1.4B
$4.8B
$2.2B
2020
$12.5B
$855M
30.5%
12.3%
$1.3B
$5.3B
$3.3B
2019
$13.1B
$1.4B
30.5%
12.8%
$1.7B
$5.6B
$1.3B
2018
$12.3B
$1.3B
30.5%
12.2%
$1.1B
$4.1B
$878M
2017
$14.2B
$1.3B
30.9%
11.7%
$1.3B
$4.1B
$1.5B
2016
$13.5B
$1.5B
31.1%
11.9%
$1.3B
$4.2B
$1.7B
2015
—
$665M
—
—
$639M
$4.2B
$737M
2014
—
$932M
—
—
$740M
$4.2B
$1.7B
2013
—
$619M
—
—
$849M
$3.5B
$1.9B
2012
—
$1.0B
—
—
$952M
$3.2B
$708M
2011
—
$343M
—
—
$1.0B
$3.6B
$987M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
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
FCF
Total debt
Cash
Mar '26
$5.0B
$584M
34.8%
15.6%
$547M
$3.9B
—
Dec '25
$5.1B
$591M
0.0%
15.9%
—
$4.6B
$1.8B
Sep '25
$5.7B
$848M
36.9%
20.3%
$936M
$3.9B
—
Jun '25
$5.7B
$875M
37.6%
20.3%
$602M
$3.9B
—
Mar '25
$4.7B
$605M
35.8%
17.5%
$221M
$3.9B
—
Dec '24
$4.9B
$604M
0.0%
16.6%
$774M
$4.8B
$1.6B
Sep '24
$5.4B
$772M
36.3%
18.8%
$1.2B
$4.3B
—
Jun '24
$5.3B
$755M
36.5%
19.5%
$623M
$4.3B
—
Mar '24
$4.2B
$436M
34.6%
15.0%
$163M
$4.0B
—
Dec '23
$4.4B
$504M
0.0%
15.5%
$851M
$4.8B
$1.1B
Sep '23
$4.9B
$626M
34.0%
17.7%
$839M
$4.5B
—
Jun '23
$4.7B
$586M
33.7%
18.8%
$467M
$4.5B
—
Mar '23
$3.7B
$307M
31.2%
12.5%
-$69M
$4.5B
—
Dec '22
$4.1B
$439M
0.0%
14.3%
$671M
$4.8B
$1.2B
Sep '22
$4.4B
$548M
32.8%
16.9%
$451M
$3.8B
—
Jun '22
$4.2B
$509M
31.6%
17.0%
$353M
$3.8B
—
Mar '22
$3.4B
$260M
29.5%
11.6%
-$263M
$4.5B
—
Dec '21
$3.6B
$318M
0.0%
12.2%
$326M
$4.8B
$2.2B
Sep '21
$3.7B
$406M
32.4%
15.7%
$367M
$4.5B
$2.7B
Jun '21
$3.8B
$465M
33.2%
17.0%
$457M
$4.5B
$2.9B
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 23.2× (Mar '23) to 38.2× (Jun '26).
The price-to-sales ratio has risen from 2.5× (Mar '23) to 5.2× (Jun '26).
The dividend yield has fallen from 1.5% (Mar '23) to 0.8% (Jun '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?
As of Jun '26, Trane Technologies traded at a price-to-earnings ratio of about 38.2× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.