What is the primary revenue source for Trane Technologies (TT)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze TT's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Trane Technologies's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Trane Technologies Makes Money: TT Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

The largest revenue segment accounts for 81.87% of revenue, indicating concentration.

Operating margin declined by 1.34 percentage points year over year.

Revenue: USD 11.32B
Largest revenue segment share (Americas): 81.87%
Cost of revenue: USD 7.34B
Selling, general and administrative: USD 1.99B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

RevenueNet revenues · RevenueFromContractWithCustomerExcludingAssessedTax
Cost of revenueCost of product and service sold · CostOfGoodsAndServicesSold
Selling, general and administrativeSelling, general and administrative expense · SellingGeneralAndAdministrativeExpense
Largest revenue segment share (Americas)Americas · segment_value / revenue * 100
Operating marginOperating income · operating_income / revenue * 100

Assets

Where is the money tied up, and how is the company financed?

Neutral

Liabilities and shareholder equity jointly fund the asset base, with a broadly stable mix.

Goodwill: USD 7.03B
Accounts receivable: USD 4.23B
Inventory: USD 2.62B
Total liabilities: USD 15.28B
Shareholder equity: USD 8.65B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

GoodwillGoodwill · Goodwill
Shareholder equityTotal equity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Total liabilitiesTotal liabilities · Liabilities
InventoryTotal · InventoryNet
Accounts receivableAccounts and notes receivable, net · ReceivablesNetCurrent

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 114.87% of net income.

Free cash flow remains positive after capital expenditure.

Net income: USD 1.51B
Operating cash flow: USD 1.73B
Cash conversion: 114.87%
Free cash flow: USD 1.58B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet earnings attributable to trane technologies plc · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionNet cash provided by (used in) continuing operating activities · operating_cash_flow / net_income * 100
Operating cash flowNet cash provided by (used in) continuing operating activities · NetCashProvidedByUsedInOperatingActivitiesContinuingOperations

Shareholders

Did the money earned actually make its way back to shareholders?

Steady

Dividends and net buybacks are covered by free cash flow, so cash genuinely reached shareholders.

Cash dividends: USD 463.20M
Share repurchases: USD 756.40M
Net shareholder return: USD 1.22B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Cash dividendsPayments of ordinary dividends, common stock · PaymentsOfDividendsCommonStock · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?