Trane Technologies Q3 2026: revenue up 17.7%, adjusted EPS up 25%
Trane's third quarter was a demand quarter: revenue up 17.7% to $6.76 billion, bookings up 21%, backlog at $12.5 billion and adjusted EPS up 25% to $4.86, a hair under the $4.88 consensus. Management raised full-year revenue guidance and held profit guidance. The blemish is gross margin, down 1.6 points to 35.3%. Read it as growth with a cost problem, not a demand problem.
1 · Expected vs. Actual
Free preview belowAdjusted EPS of $4.86 was up 25% but came in $0.02 below the $4.88 consensus, a rounding-error miss rather than a crack. GAAP continuing EPS was $4.79, up from $3.82. The diluted share count fell to 221.4 million from 224.4 million, so buybacks added to per-share growth on top of the profit increase.
Revenue of $6.76 billion rose 17.7% from $5.74 billion a year earlier, with 16% of the increase organic and roughly 2 points of acquisitions inside the Americas segment. All three segments grew, led by the Americas at 21% reported. This is the strongest top line in the eight quarters shown here.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-03
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