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14:00
Jul 30 ◎

TT FY2026 Q2 Watch

Trane Technologies plc (TT) FY2026 Q2 Earnings Call

14:00
Apr 30 ◎

TT FY2026 Q1 Watch

Trane Technologies plc (TT) FY2026 Q1 Earnings Call

TT ▾

Dave Regneri

Trane raised full-year organic revenue and EPS guidance based on record backlog and strong demand, especially in commercial HVAC and data centers.

"Our strong bookings and record backlog provide strong visibility to continued market outgrowth and revenue growth acceleration in the second half of the year"

TT WATCH

HIGH

15:00
Jan 29 ◎

TT FY2025 Q4 Watch

Trane Technologies plc (TT) FY2025 Q4 Earnings Call

ACTR TT NVDA VRT CARR ▾

Dave Rigneri

Trane aligns with ACT's trailer market forecast for 2026, expecting a trough in H1 and a gradual recovery, which impacts its Americas transport refrigeration segment.

"ACT forecast the trailer market down about 7% in 2026, bottoming in the first half and improving in the back half."

ACTR WATCH

Chris Kuhn

Guidance calls for continued growth despite residential/transport softness, with commercial HVAC strength driving the core. Residential and transport are seen as troughing in H1, with easier comps into H2.

"We are initiating 2026 guidance with 6 to 7% organic revenue growth and adjusted EPS of $14.65 to $14.85 of 12 to 14%."

TT WATCH

Dave Rigneri

Trane is directly involved in designing 'data centers of the future' with NVIDIA/hyperscalers and sees chillers remaining part of the design for 2-4 years out, but is modeling higher innovation in thermal management that may affect service intensity. — This is a direct rebuttal to liquid-cooling disruption fears for chiller OEMs, but implies ongoing thermal system design changes that could impact maintenance/service recurring revenue.

"we're working very closely with many influencers in the data center vertical. So think of hyperscalers, think of chip manufacturers like NVIDIA and others, okay? And we're helping them design data centers of the future"

NVDA WATCH VRT WATCH

Chris Kuhn

Trane took one-third of its residential factory production days out in Q4 2025 to normalize channel inventory, causing ~60% deleverage in that segment, but management believes inventory is now right-sized. — Suggests the residential HVAC destocking cycle is largely over for Trane but may indicate market-wide pricing/discounting pressure, especially for peers like Carrier that have heavier resi exposure.

"We were very, very intentional in the fourth quarter to get the inventory right. And you heard in our prepared remarks, we took a third of the production days out"

CARR WATCH

Dave Rigneri

Trane expects Q1 2026 to be a trough for residential, with market revenue expected down ~20% YoY due to very tough comps (Q1 2025 was up high-teens), while overall company Q1 organic growth is expected flat. — Residential HVAC market participants face a very weak Q1 2026 comp, which could pressure near-term earnings for OEMs until H2 recovery takes hold.

"Our outlook for the market for 2026 is prudent, flat to modestly lower, with Q1 expected to be the trough. down about 20% given the high teens growth we saw in Q1 2025."

JCI WATCH

HIGH

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