[TT] Trane Technologies: Q3 2026 earnings, can a $12.1 billion backlog lift margins?

Trane Technologies, the heating, ventilation and air conditioning (HVAC) and transport refrigeration company behind the Trane and Thermo King brands, will hold its earnings call on 2026-10-29 to report the third quarter of 2026, ending September 30, 2026[1]. The central question for Trane Technologies' backlog and margins is visible in its latest quarter. In the second quarter of 2026, revenue rose 10.6% to $6.35 billion (9% organic), bookings reached $7.82 billion with 37% organic growth, backlog hit a record $12.1 billion, up 70%, the adjusted operating margin was 19.7%, down 60 basis points, and adjusted EPS rose 11% to $4.31[2]. On the second-quarter call, management guided third-quarter organic revenue growth of about 10%, adjusted operating margin expansion of about 50 basis points year over year and adjusted EPS of about $4.70[3]; the company also raised full-year adjusted EPS guidance to $15.20-$15.30, with reported revenue growth of about 11.5% and organic growth of about 9%[4]. According to analyst estimates compiled by Drillr, the third-quarter consensus is $4.73 for adjusted EPS from 12 analysts and $6.489 billion for revenue from 11 analysts[5]; measured against the third-quarter 2025 revenue of $5.7425 billion and adjusted EPS of $3.88 recorded in the Drillr calendar, those figures imply growth of about 13% and about 22%[1].

Three things matter most in this report. First, whether the record backlog ships on schedule and lifts organic growth from 9% in the second quarter to about 10%: Americas applied-equipment bookings rose 130% in the second quarter, but a third-quarter acceleration could also come mainly from an easy residential comparison rather than large commercial projects converting[6][7]. Second, whether margins swing from year-over-year contraction to roughly 50 basis points of expansion: pricing added only 0.3 percentage points in the second quarter and gross margin fell 200 basis points to 35.6%, so the third quarter is the first test of whether volume leverage can outrun inflation and pulled-forward capacity investment[8]. Third, whether the EMEA segment's margin stops falling: the segment's organic revenue fell 3.7% in the second quarter, its adjusted operating margin dropped from 17.3% to 13.1%, Middle East revenue fell about 30%, and management has already said EMEA margins will stay under pressure in the second half[9][10][3].

Company Background and Business Structure

Trane Technologies is a company focused on HVAC and the cold chain; it began operating independently in 2020 after the former Ingersoll Rand separated its industrial businesses, and its annual revenue has nearly doubled since then[11]. The company is incorporated in Ireland and headquartered in Swords; the Trane brand covers commercial and residential HVAC (residential also uses the American Standard brand), while Thermo King covers transport refrigeration for trucks, trailers and containers[12]. In 2025 about 75% of revenue came from the United States, products were sold in about 100 countries, and no single customer accounted for more than 10% of revenue[13]. In June 2026 the company created a chief operating officer role, with Donny Simmons overseeing the regional businesses and operations from July 1 and reporting to Chair and CEO Dave Regnery[11].

The company reports three regional segments, and the Americas alone contributes roughly four-fifths of revenue. In 2025 the Americas posted revenue of $17.169 billion, or 80.5% of the total, with a segment adjusted EBITDA margin of 21.6%, covering commercial HVAC (chillers, air handlers, rooftop units, building controls and energy services), residential HVAC and Thermo King transport refrigeration; EMEA revenue was $2.802 billion at an 18.3% margin, and Asia Pacific revenue was $1.351 billion at a 23.9% margin[14]. By revenue type, 2025 equipment revenue was $13.982 billion and services revenue $7.340 billion, so services were about one-third; about 79% of revenue was recognized at a point in time on delivery, with the rest recognized as projects progressed[15]. On the second-quarter call, management said services make up about 33% of company revenue and have compounded at a low-teens annual rate since 2020[10].

The commercial business is driven by project orders, while the residential business runs through distribution. Commercial customers include data centers, schools, hospitals, offices, warehouses and factories; applied equipment is customized per project with long lead times, so orders first enter backlog, which stood at $7.769 billion at the end of 2025, most of which the company said would ship during 2026[16]; residential products are mostly shipped from stock, and U.S. sales run through branch sales offices, distributors and dealers[13]. On the first-quarter call, management said more than 95% of the products the company sells in the U.S. are manufactured or assembled in the U.S.[17]. In February 2026 the company acquired Stellar Energy, a provider of turnkey data center cooling solutions, for $553.4 million and placed it in the Americas segment, and during the first half it also bought the remaining equity of liquid-cooling company LiquidStack, deepening its data center thermal management position[18].

Financial History and Current Position

Trane Technologies' revenue and operating margin have risen together over the past five years. Revenue for 2021-2025 was $14.136 billion, $15.992 billion, $17.678 billion, $19.838 billion and $21.322 billion, up about 51% over four years, while operating income grew from $2.023 billion to $3.967 billion and the operating margin rose from 14.3% to 18.6%[19]. In 2025 revenue grew 7.5%, including 6.2% organic growth (3.2 percentage points from volume and 3.0 from price); gross margin rose 50 basis points to 36.2% on productivity and pricing, the selling and administrative expense ratio fell from 18.1% to 17.6%, and diluted EPS from continuing operations was $13.14 versus $11.35 in 2024[20].

Cash flow in 2025 was large enough to cover capital spending, dividends and buybacks at the same time. Operating cash flow from continuing operations was $3.220 billion for the year, capital expenditure was $383 million and free cash flow was $2.887 billion[21]. The company repurchased $1.5 billion of stock during the year, and in February 2026 the board raised the quarterly dividend 12% from $0.94 to $1.05[22].

The first half of 2026 followed a slow-first-quarter, fast-second-quarter pattern. First-quarter revenue was about $5 billion, up 6% reported and 3% organic, adjusted EPS rose 7% to $2.63, and backlog ended the quarter at $10.7 billion[23]. Second-quarter revenue rose 10.6% to $6.354 billion, with volume contributing 8.7 percentage points, price 0.3, acquisitions 1.2 and currency 0.4; gross margin was 35.6%, down 200 basis points, and the GAAP operating margin was 19.3%[8]. Excluding M&A transaction costs, amortization of acquired backlog intangibles and restructuring, second-quarter adjusted operating income was $1.253 billion at a 19.7% margin, with GAAP EPS of $4.20 and adjusted EPS of $4.31[24].

First-half cash flow was much stronger than a year earlier, but part of the improvement came from the timing of customer down payments. Operating cash flow from continuing operations was $1.735 billion versus $1.044 billion a year earlier; capital expenditure was $156 million and free cash flow was $1.603 billion versus $841 million[25]. The 10-Q attributes the increase in operating cash flow mainly to lower working capital and the timing of customer down payments[26], and current contract liabilities rose from $1.374 billion at the end of 2025 to $2.179 billion at the end of June[27]. At June 30 the company held $1.318 billion of cash against $4.617 billion of total debt, and working capital was 0.9% of revenue versus 3.7% a year earlier[4]; in the first half it repurchased $756.4 million of stock, leaving $4.0 billion under its authorization[26].

Operating Model

Trane Technologies' revenue breaks down into equipment and services revenue across three segments, and equipment revenue is shipments multiplied by net price. Applied commercial equipment ships out of backlog according to factory capacity and customer site schedules, and those orders can be deferred and, to a lesser extent, cancelled, so project timing directly affects when revenue is recognized[16]. In the second quarter, Americas equipment revenue rose 14.1% to $3.565 billion and services revenue rose about 9% to $1.706 billion; services come from repairs, maintenance contracts, parts and energy services on the installed base and grow more steadily than equipment[27]. The HVAC business is seasonal, with commercial and residential HVAC sales historically higher in the second and third quarters[13].

Gross margin depends on the gap between price and material and labor inflation, plus productivity and product mix. Cost of goods sold is mainly steel, copper, aluminum, purchased components and factory labor and overhead; in 2025 price contributed 3.0 percentage points and helped lift gross margin to 36.2%[19], but in the first half of 2026 the price contribution fell to 0.9 percentage points, including only 0.3 in the second quarter[28]. Selling and administrative expenses are diluted when revenue grows, and in the second quarter their ratio fell from 17.3% to 16.3%, partly offsetting the gross margin decline[8]. On the first-quarter call, management framed incremental margin (operating leverage) as being in the mid-20s percent range in the second quarter and the mid-to-high 20s in the second half[17].

Operating cash flow moves with the order cycle, because customer down payments on large projects arrive before shipments when bookings are strong. Down payments are recorded as contract liabilities and become revenue only after shipment, so cash flow runs ahead of profit when orders are growing quickly[27]. The company raised its 2026 capital expenditure plan from about 2.0% of revenue at the time of the annual report to 2%-3%, to pull forward capacity expansion, integrate acquisitions such as Stellar and develop new products[21][29]. The remaining cash goes to dividends ($4.20 per share annualized), buybacks and acquisitions; through July the company had deployed or committed about $1.9 billion of capital this year and says it intends to return 100% of excess cash to shareholders over time[26][4].

Industry and Competitive Position

Trane Technologies' relative advantage is concentrated in applied commercial equipment and its large installed service base. Its competitors in HVAC and transport temperature control range from divisions of large multinationals to regional specialists, and competition turns on price, quality, delivery, service support and technology[13]. In the second quarter, Americas commercial HVAC bookings rose 50% and applied-equipment bookings rose 130%, the fourth consecutive quarter of triple-digit growth[10]; management said all 14 commercial verticals it tracks in the Americas grew more than 20% in the quarter, and that Stellar won one of the four orders above $100 million booked in the quarter and is on track for its 2026 revenue target of $500 million[7]. The filings describe the industry only qualitatively, so competitors' share and margins cannot be compared directly from the available material.

The company's end markets are moving on different cycles. The residential market declined sharply in 2025 because of a regulatory refrigerant transition and softer consumer demand[30]; in 2026 the U.S. residential market began improving, while transport refrigeration demand remained weak and demand in China stayed soft even as the rest of Asia was strong[31]. On the second-quarter call, management said U.S. transport indicators were improving, including high rejection rates, a positive spot-to-contract spread and 10 consecutive months of rising utilization, and that Thermo King could turn from a headwind into a growth contributor in late 2026 and 2027[10].

Core Debates

Trane ended the second quarter with a record $12.1 billion backlog, up 70% from a year earlier, after applied-equipment orders rose 130%. The company guides third-quarter organic revenue growth of about 10%, faster than the second quarter's 9%. Can that backlog ship on schedule and actually accelerate revenue?

This question determines whether full-year guidance holds, because most of the revenue and most of the orders sit in Americas commercial HVAC. The Americas segment contributes 80.5% of company revenue[14], and about 90% of backlog is in commercial HVAC[29]. The company raised full-year organic growth guidance to about 9%, which requires about 11.5% organic growth in the second half, well above the 6.5% achieved in the first half[3][28].

Second-quarter revenue growth came almost entirely from volume, while orders kept growing much faster than revenue. Company bookings were $7.818 billion, up 37% organically, for a book-to-bill of 123%[2]; Americas revenue was $5.271 billion, up 10.8% organically, with volume contributing 10.5 percentage points, price only 0.3 and acquisitions another 1.5[32]. Americas organic bookings rose 43% for a book-to-bill of 124%[6]. Backlog rose from $7.769 billion at the end of 2025 and $10.7 billion at the end of the first quarter to $12.1 billion at the end of the second, with about $6 billion already scheduled for 2027[16][23][3]; applied commercial HVAC revenue grew about 40% in the second quarter, and management said that pace would continue into the second half[29].

The conversion path is clear, but there is a competing explanation for where third-quarter acceleration comes from. The chain runs from new-build and retrofit projects across 14 commercial verticals to applied chiller and system orders, which enter backlog, ship according to factory capacity and customer site schedules, and finally land in Americas equipment revenue and organic growth[7]. The alternative is that third-quarter acceleration comes more from an easy residential comparison: independent distributor inventory was cut by the equivalent of 30% of production in the fourth quarter of 2025, and second-quarter residential revenue had already recovered to low-teens growth with bookings up in the high 20s percent[10]. Large data center projects could also take delivery later because of delayed grid connections and permitting, and management said guidance already includes reasonable slippage assumptions[33].

The third-quarter report has to be read for both the growth rate and its source to judge whether backlog is really converting. Watch company and Americas organic growth and the volume-price split, whether applied commercial HVAC revenue growth is still around 40%, quarter-end backlog and Americas organic bookings growth, residential revenue and distributor inventory, and whether management mentions data center delays or capacity and supply chain bottlenecks. If organic growth comes in below 9%, or backlog falls sequentially while bookings growth drops below 20%, conversion is slowing or the order peak has passed; if acceleration comes mainly from the easy residential comparison while applied growth slows, the backlog-conversion case is only partly supported.

Trane grew second-quarter revenue 11%, but pricing contributed only 0.3 percentage points and gross margin fell 200 basis points. Management says third-quarter margin will expand about 50 basis points year over year, with adjusted EPS of about $4.70. Can volume growth outrun inflation and the investments it pulled forward?

Margins are the part of this year's guidance that depends most on execution, because pricing now does far less to support profit. In 2025 the company lifted gross margin to 36.2% on 3.0 percentage points of price and productivity[19]. Full-year 2026 adjusted EPS guidance of $15.20-$15.30 requires second-half margin expansion[4], and management guided about 50 basis points of expansion in the third quarter and more than 100 basis points in the fourth, which makes the third quarter the first checkpoint[3].

Second-quarter profit grew more slowly than revenue, and gross margin compression was the main reason. Adjusted operating income rose 7% to $1.253 billion, the adjusted margin was 19.7%, down 60 basis points, and the GAAP operating margin was 19.3%, down 100 basis points[2]. Gross margin was 35.6%, down 200 basis points, which the 10-Q attributes to inflation and investments partly offset by productivity and pricing, while the selling and administrative ratio fell from 17.3% to 16.3%[8]. Price contributions were low in every segment, at 0.3 percentage points in the Americas, 0.4 in EMEA and minus 0.2 in Asia Pacific[32], and the Americas adjusted operating margin was 22.1%, down 30 basis points[6].

The margin chain depends on how fast price, inflation and volume move relative to each other, and the second-quarter compression has more than one explanation. Inflation in steel, copper, aluminum and purchased components (including tariffs), plus pulled-forward investment in capacity, acquisition integration and R&D, raises unit costs; price increases that fall short leave price minus inflation negative; volume growth spreads fixed costs and selling and administrative expense; together these set the adjusted operating margin and EPS[33]. Management presents the compression as deliberate pulled-forward investment, with 2026 capital expenditure at about 2%-3% of revenue, above the roughly 2.0% planned at the time of the annual report[29][21]. The alternative is that the compression is not only temporary investment but a rising share of lower-margin large projects and modular chiller plants in new revenue, along with sharper price competition; the Zacks article also notes that management anticipates price versus total inflation staying negative in the second half[34].

The third-quarter report has to show whether the compression is temporary or structural. Watch the year-over-year basis-point change in adjusted operating margin and the differences between segments, the stated reasons for the price contribution and gross margin, adjusted EPS against guidance of about $4.70 and analyst consensus of $4.73, and whether guidance for more than 100 basis points of fourth-quarter expansion is maintained[5]. If the third-quarter adjusted operating margin narrows year over year and EPS comes in below $4.65, margin recovery is being delayed; if the gross margin decline narrows and the margin expands about 50 basis points, the second-quarter compression looks more like temporary investment.

Trane's EMEA organic revenue fell 3.7% in the second quarter, and its adjusted operating margin dropped from 17.3% to 13.1%. Middle East revenue fell about 30% while European commercial HVAC kept growing. Can that margin stop falling in the third quarter?

EMEA is a small share of revenue, but it determines how much of the second-half margin expansion the Americas must deliver alone. EMEA revenue was $2.802 billion in 2025, about 13% of the company total[14], yet it had the largest margin decline of any segment in the second quarter and is the part management explicitly said would remain under margin pressure in the second half[3].

EMEA revenue and profit both weakened in the second quarter, but European commercial HVAC outside the Middle East grew. Segment revenue was $697.6 million, down 1.5% reported and 3.7% organic (volume down 4.1%, price up 0.4 percentage points), with currency adding 2.1 percentage points[32]; adjusted operating income fell 26% to $91.4 million, the margin was 13.1%, down 420 basis points, and organic bookings rose 4% for a book-to-bill of 108%[9]. In the first quarter the EMEA adjusted operating margin was 11.9%, down 260 basis points, and organic bookings fell 9%[35]. The Middle East is about 15% of EMEA revenue and less than 3% of company revenue, and its revenue fell about 30% in the second quarter; excluding the Middle East, commercial HVAC bookings rose about 25% and revenue grew in the mid-single digits, and the company took cost restructuring actions during the quarter[10].

The EMEA margin decline has two possible sources, and they mean different things for the third quarter. The Middle East conflict cut local project and equipment shipments by about 30%, and weak European truck and trailer refrigeration demand also depressed EMEA volume, while European commercial HVAC order growth, restructuring and dealer integration acted as offsets[32]. The full-year guidance assumes Middle East revenue falls 30% year over year in the second half, in line with the second quarter[3]; as relayed by Zacks, management estimates the conflict will reduce second-half revenue by about $100 million and operating income by about $30 million[34]. The alternative is that the margin decline comes more from integrating European dealers acquired in 2025 and from the transport refrigeration cycle than from the Middle East, in which case margins may not recover even if the Middle East stabilizes[28].

The third-quarter report can separate these two sources, and the key is performance outside the Middle East. Watch the year-over-year change in EMEA organic revenue and adjusted operating margin, whether the Middle East decline is still around 30%, European commercial HVAC orders and revenue excluding the Middle East, and commentary on transport refrigeration demand and restructuring savings. If EMEA organic revenue falls more than 4% and the margin declines by more than 420 basis points, the drag extends beyond the Middle East; if the margin decline narrows to within 260 basis points and growth resumes, the second quarter more likely marked the low point of the Middle East shock.

Risks and Falsifiers

Part of the first-half cash flow improvement could reverse as backlog ships. First-half operating cash flow of $1.735 billion and free cash flow of $1.603 billion were above the prior-year $1.044 billion and $841 million[25], and the 10-Q attributes the increase to lower working capital and the timing of customer down payments[26]; current contract liabilities rose from $1.374 billion to $2.179 billion, and as backlog ships this balance turns into revenue rather than new cash[27]. If third-quarter working capital as a share of revenue stays below the 2025 level and contract liabilities do not fall noticeably, this risk has not materialized.

The asbestos-related bankruptcy cases of subsidiaries Aldrich and Murray have entered the liability estimation stage, which could bring new charges or funding needs. The first phase of the estimation hearing began the week of August 10, 2026[36], and the company's second-quarter loss from discontinued operations was $9.6 million[8]. If the third-quarter 10-Q discloses no new material charge or funding commitment, this risk has not yet reached the financial statements.

Large data center projects could take delivery later because of delayed grid connections and permitting, which would directly hit Americas equipment revenue and company organic growth. Americas equipment revenue was $3.565 billion in the second quarter[27], and management said guidance already includes reasonable project slippage assumptions[33]. If third-quarter organic growth reaches about 10% and management mentions no slippage beyond expectations, this risk has not changed the current understanding.

Applied orders include a small number of very large orders and swing sharply from quarter to quarter, so a fading order peak would weaken the revenue pipeline for 2027 and beyond. About $6 billion of backlog is already scheduled for 2027[3], and the Americas book-to-bill was 124% in the second quarter[6]. If third-quarter Americas organic bookings growth stays above 20% and backlog is at least $12.1 billion, the concern about a fading order peak is falsified.

Material and tariff inflation could keep outrunning price increases, leaving price minus inflation negative in the second half. That would weigh directly on gross margin, which was 35.6% in the second quarter, on the adjusted operating margin and on full-year EPS guidance of $15.20-$15.30[8][4], and management said on the first-quarter call that it was anticipating more inflation to manage through the year[17]. If the third-quarter price contribution recovers above 1 percentage point and the year-over-year gross margin decline narrows to within 100 basis points, this risk eases materially.

Pulled-forward capacity and integration spending could exceed the leverage from volume growth, and new capacity could run below target efficiency while it ramps. Management acknowledged that its decision to pull forward investment in capacity, acquisition integration and innovation may pressure near-term margin leverage, with 2026 capital expenditure at about 2%-3% of revenue[33][29]. If the third-quarter adjusted operating margin expands by at least 50 basis points year over year, that investment has not consumed the volume leverage.

What to Watch Next

• Backlog conversion: second-quarter organic growth was 9.0% for the company and 10.8% for the Americas, with price adding 0.3 points in each. About 10% growth led by applied equipment, with applied commercial HVAC still near 40%, would confirm the case; growth below 9% would weaken it.
• Backlog and bookings: backlog was $12.1 billion, up 70%, and Americas organic bookings rose 43%. A sequential backlog decline together with bookings growth below 20% would falsify the conversion case.
• Residential mix: residential revenue grew in the low teens with bookings up in the high 20s percent. If acceleration comes mainly from residential while applied growth slows, the backlog case is only partly supported.
• Margins: the adjusted operating margin was 19.7% (down 60 basis points) and gross margin 35.6% (down 200 basis points). About 50 basis points of expansion would confirm recovery; another year-over-year decline would falsify it.
• EPS and price: second-quarter adjusted EPS was $4.31 with price adding 0.3 points. Against guidance of about $4.70 and consensus of $4.73, EPS below $4.65 would signal a delayed recovery, while price above 1 point would mark improvement.
• EMEA margin: organic revenue fell 3.7% and the margin was 13.1% (down 420 basis points). A decline narrowed to within 260 basis points would mark a floor; a decline wider than 420 basis points would falsify the Middle East explanation.
• Cash flow: contract liabilities were $2.179 billion and working capital was 0.9% of revenue. A clear drop in contract liabilities and a rebound in the working capital ratio would mean the down-payment risk is materializing.

Conclusion

Trane Technologies' growth is driven by commercial HVAC project orders, especially for applied equipment, and revenue has started to accelerate while margins have not yet followed. Second-quarter revenue grew 10.6% and backlog reached $12.1 billion[2], but price contributed only 0.3 percentage points and gross margin fell 200 basis points[8], and first-half free cash flow of $1.603 billion relied partly on customer down payments[25]. The key unresolved relationship is whether volume from backlog conversion can outrun inflation, pulled-forward investment and the EMEA drag while price contributes so little.

Since the second-quarter report, the only independent analysis readable in full is a single Zacks article by analyst Arghyadeep Bose published on August 24, 2026; other coverage mostly restated results or covered data center cooling products, partnerships and executive appointments, so the range of outside views is narrow[34]. Bose argues that the record backlog and commercial HVAC order growth support the revenue-growth case, but that margins are the key execution test and that inflation, reinvestment and EMEA weakness could limit profit conversion[34]. That view matches the framing of the first two core debates: it treats revenue as order-backed and margins as the open question, but it does not split the margin decline between temporary investment and insufficient pricing, nor does it address the easy residential comparison as an alternative explanation for revenue acceleration.

In the third-quarter report, organic growth of about 10% with applied commercial HVAC still growing about 40%, adjusted operating margin expansion of about 50 basis points with a narrower gross margin decline, and an EMEA margin decline smaller than 420 basis points would materially strengthen the view that backlog conversion is driving a margin recovery. Conversely, acceleration driven mainly by residential, another year-over-year margin decline, a sequential drop in backlog, or a fast unwind of contract liabilities that drags on cash flow would weaken that view.

Sources

[1] Drillr earnings calendar (updated 2026-10-02) · TT 2026-10-29 call · 2026-10-02 · Drillr earnings calendar

[2] TT 8-K filed 2026-07-30 · Q2 2026 headline results and enterprise table · 2026-07-30 · 8-K · https://www.sec.gov/Archives/edgar/data/1466258/000162828026050743/exhibit991-q22026earningsr.htm

[3] TT earnings call 2026-07-30 · Q3 2026 and FY2026 guidance detail · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[4] TT 8-K filed 2026-07-30 · Q2 2026 cash flow, capital deployment and FY2026 guidance · 2026-07-30 · 8-K · https://www.sec.gov/Archives/edgar/data/1466258/000162828026050743/exhibit991-q22026earningsr.htm

[5] Drillr analyst_financial_estimates (updated 2026-10-02) · TT quarter ending 2026-09-30 · 2026-10-02 · Drillr analyst_financial_estimates · https://gateway.drillr.ai/mcp/private

[6] TT 8-K filed 2026-07-30 · Q2 2026 Americas segment · 2026-07-30 · 8-K · https://www.sec.gov/Archives/edgar/data/1466258/000162828026050743/exhibit991-q22026earningsr.htm

[7] TT earnings call 2026-07-30 · Q&A: residential inventory, vertical breadth, capacity, chillers · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[8] TT 10-Q filed 2026-07-30 · Q2 2026 consolidated results, revenue bridge and margins · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1466258/000162828026051117/tt-20260630.htm

[9] TT 8-K filed 2026-07-30 · Q2 2026 EMEA and Asia Pacific segments · 2026-07-30 · 8-K · https://www.sec.gov/Archives/edgar/data/1466258/000162828026050743/exhibit991-q22026earningsr.htm

[10] TT earnings call 2026-07-30 · segment commentary (residential, transport, services, Middle East) · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[11] TT 8-K filed 2026-06-10 · Donny Simmons named Chief Operating Officer · 2026-06-10 · 8-K · https://www.sec.gov/Archives/edgar/data/1466258/000162828026042055/projectsouthernpressrelease.htm

[12] TT 10-K filed 2026-02-05 · business overview and reportable segments · 2026-02-05 · 10-K · https://www.sec.gov/Archives/edgar/data/1466258/000162828026005731/tt-20251231.htm

[13] TT 10-K filed 2026-02-05 · competition, distribution, customers, materials and seasonality · 2026-02-05 · 10-K · https://www.sec.gov/Archives/edgar/data/1466258/000162828026005731/tt-20251231.htm

[14] TT 10-K filed 2026-02-05 · FY2025 segment results · 2026-02-05 · 10-K · https://www.sec.gov/Archives/edgar/data/1466258/000162828026005731/tt-20251231.htm

[15] TT 10-K filed 2026-02-05 · FY2025 revenue by equipment and services · 2026-02-05 · 10-K · https://www.sec.gov/Archives/edgar/data/1466258/000162828026005731/tt-20251231.htm

[16] TT 10-K filed 2026-02-05 · backlog of orders at December 31, 2025 · 2026-02-05 · 10-K · https://www.sec.gov/Archives/edgar/data/1466258/000162828026005731/tt-20251231.htm

[17] TT earnings call 2026-04-30 · Q1 2026 Q&A: tariffs, US manufacturing, transport trough · 2026-04-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[18] TT 10-Q filed 2026-07-30 · 2026 acquisitions: Stellar Energy and LiquidStack · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1466258/000162828026051117/tt-20260630.htm

[19] TT 10-K filed 2026-02-05 · FY2025 consolidated results and revenue bridge · 2026-02-05 · 10-K · https://www.sec.gov/Archives/edgar/data/1466258/000162828026005731/tt-20251231.htm

[20] TT 10-K filed 2026-02-05 · FY2025 diluted EPS from continuing operations · 2026-02-05 · 10-K · https://www.sec.gov/Archives/edgar/data/1466258/000162828026005731/tt-20251231.htm

[21] TT 10-K filed 2026-02-05 · FY2025 operating cash flow, free cash flow and capex plan · 2026-02-05 · 10-K · https://www.sec.gov/Archives/edgar/data/1466258/000162828026005731/tt-20251231.htm

[22] TT 10-K filed 2026-02-05 · FY2025 share repurchases and dividend · 2026-02-05 · 10-K · https://www.sec.gov/Archives/edgar/data/1466258/000162828026005731/tt-20251231.htm

[23] TT 8-K filed 2026-04-30 · Q1 2026 headline results and guidance · 2026-04-30 · 8-K · https://www.sec.gov/Archives/edgar/data/1466258/000162828026028547/exhibit991-q12026earningsr.htm

[24] TT 8-K filed 2026-07-30 · Q2 2026 GAAP to adjusted reconciliation · 2026-07-30 · 8-K · https://www.sec.gov/Archives/edgar/data/1466258/000162828026050743/exhibit991-q22026earningsr.htm

[25] TT 8-K filed 2026-07-30 · Q2 2026 balance sheet and working capital metrics · 2026-07-30 · 8-K · https://www.sec.gov/Archives/edgar/data/1466258/000162828026050743/exhibit991-q22026earningsr.htm

[26] TT 10-Q filed 2026-07-30 · liquidity, buybacks, dividend and operating cash flow drivers · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1466258/000162828026051117/tt-20260630.htm

[27] TT 10-Q filed 2026-07-30 · Q2 2026 revenue by equipment/services and contract balances · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1466258/000162828026051117/tt-20260630.htm

[28] TT 10-Q filed 2026-07-30 · H1 2026 revenue bridge and segment pricing · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1466258/000162828026051117/tt-20260630.htm

[29] TT earnings call 2026-07-30 · backlog conversion, capacity and capex · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[30] TT 10-K filed 2026-02-05 · trends and economic events · 2026-02-05 · 10-K · https://www.sec.gov/Archives/edgar/data/1466258/000162828026005731/tt-20251231.htm

[31] TT 10-Q filed 2026-07-30 · trends and economic events · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1466258/000162828026051117/tt-20260630.htm

[32] TT 10-Q filed 2026-07-30 · Q2 2026 segment revenue bridges and margin drivers · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1466258/000162828026051117/tt-20260630.htm

[33] TT earnings call 2026-07-30 · stated risks: Middle East, supply chain, data center slippage · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[34] Zacks 2026-08-24 · Can TT's Raised 2026 Outlook Hold as HVAC Backlog Reaches a Record? · 2026-08-24 · Zacks Investment Research · https://www.zacks.com/stock/news/2979221/can-tts-raised-2026-outlook-hold-as-hvac-backlog-reaches-a-record

[35] TT 8-K filed 2026-04-30 · Q1 2026 Americas and EMEA segments · 2026-04-30 · 8-K · https://www.sec.gov/Archives/edgar/data/1466258/000162828026028547/exhibit991-q12026earningsr.htm

[36] TT 10-K filed 2026-02-05 · Aldrich and Murray asbestos Chapter 11 status · 2026-02-05 · 10-K · https://www.sec.gov/Archives/edgar/data/1466258/000162828026005731/tt-20251231.htm