Trane Technologies plc (TT)

Trane Technologies plc is a global climate innovator, incorporated in Ireland in 2009, that provides sustainable and efficient solutions for buildings, homes and transportation. It earns revenue and cash primarily from the design, manufacture, sales and service of Heating, Ventilation and Air Conditioning (HVAC), transport refrigeration and custom refrigeration solutions. Its growth strategy includes expanding recurring revenue through services and rental options, building on a large global installed base. The company has set 2030 Sustainability Commitments, including a "Gigaton Challenge" to reduce customer greenhouse gas emissions by a billion metric tons, a 40% reduction in embodied carbon, and designing products for circularity.

The company reports three segments. Americas (2025 net revenues of $17,168.8 million) covers North and Latin America, including commercial heating, cooling and ventilation systems, building controls, energy services, residential heating and cooling, and transport refrigeration. EMEA ($2,802.1 million) covers Europe, the Middle East and Africa, with HVAC systems and services, energy services and transport refrigeration. Asia Pacific ($1,351.0 million) offers HVAC systems, services and solutions for commercial buildings, plus transport refrigeration. Its product range includes air conditioners, chillers, air handlers, heat pumps, furnaces, rooftop units, building management systems and controls, data center HVAC and liquid cooling, thermal energy storage, truck, trailer, container and rail refrigeration, auxiliary power units, telematics, parts, rental, and repair and maintenance services. Products are sold mainly under the Trane® and Thermo King® brands.

About 25% of 2025 net revenues came from outside the U.S., and products were sold in roughly 100 countries. No customer accounted for more than 10% of consolidated net revenues in 2025, 2024 or 2023. U.S. sales go through branch sales offices, distributors and dealers, while non-U.S. sales go through subsidiary sales and service companies supported by distributors. Demand is seasonal, with commercial and residential HVAC sales typically higher in the second and third quarters. Order backlog was $7,769.4 million at the end of 2025, versus $6,747.7 million a year earlier.

Trane both manufactures and buys components, sourcing commodities such as steel, copper and aluminum from many independent suppliers, mostly in the regions where products are made. It describes itself as one of the world's leading HVAC and transport temperature control manufacturers, competing against regional and specialized firms as well as larger U.S. and non-U.S. corporations on price, quality, delivery, service, technology and innovation. It spent $347.6 million on research and development in 2025, focused on energy efficiency, lower global warming potential refrigerants and circularity. Its subsidiaries Aldrich Pump and Murray Boiler filed for Chapter 11 in 2020 to resolve asbestos-related claims.