Trane Technologies (TT) — Q2 2026 Earnings Preview
Key Points Table
| Factor | Details |
|---|---|
| Consensus Q2 2026 Revenue | $6,189M (+7% YoY vs. Q2 2025 actuals of $5,746M) |
| Consensus Q2 2026 EPS | $4.25 (GAAP), up from $3.88 (Q2 2025 actuals, adjusted EPS was $3.88) |
| Guidance (as of Q1 2026) | Organic revenue growth ~7% for FY26 (raised from 6–7%), reported revenue growth ~9.5% |
| Backlog/Bookings | Record backlog of $10.7B at Q1 2026 (+30% vs. year-end 2025); Q1 bookings +24% YoY |
| Segment Trends | Americas Commercial HVAC bookings +40% in Q1; Applied bookings +160% |
| Margin Focus | Q1 2026 adjusted operating margin 16.0% (down 20 bps YoY); guidance targets 25%+ leverage |
| Key Watch Areas | Data center demand, service growth, residential recovery, transport cycle inflection, price/cost spread, Stellar Energy integration |
