Trane Technologies plc reported financial results for the fourth quarter (Q4) and full year (FY) 2025. In Q4 2025, Trane Technologies posted net revenues of USD 5.1 billion, an increase of 6 percent. Bookings reached USD 5.8 billion, up 24 percent, with organic bookings rising 22 percent. The company’s backlog stood at a record USD 7.8 billion at year-end. GAAP operating income for the quarter was USD 819 million, while adjusted operating income amounted to USD 837 million. GAAP operating margin was 15.9 percent. Adjusted EBITDA totaled USD 923 million, with an adjusted EBITDA margin of 17.9 percent. Diluted earnings per share $(EPS)$ from continuing operations was USD 2.74, and adjusted continuing EPS was USD 2.86, up 10 percent. For the full year 2025, reported revenues totaled USD 21.3 billion, up 7 percent. Organic revenues rose 6 percent. The company’s GAAP operating margin increased by 1 percentage point. Adjusted operating margin was up 0.9 percentage points. Adjusted EBITDA margin was 20.1 percent, rising 0.7 percentage points. Trane Technologies reported diluted earnings per share from continuing operations of USD 13.14 and adjusted continuing EPS of USD 13.06, up 16 percent. Free cash flow conversion was 98 percent.

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