Trane Technologies reported second-quarter 2026 diluted earnings per share from continuing operations of $4.20 and adjusted continuing EPS of $4.31, up 11% year‑over‑year, on reported revenues of $6.35 billion (up 11%). The company posted record bookings of $7.82 billion, a book‑to‑bill of 123% and a backlog of $12.1 billion, and raised its full‑year 2026 revenue and EPS guidance. Management cited strong demand for sustainable, energy‑efficient solutions and particularly robust performance in Americas Commercial HVAC.

Financial Highlights

  • Net revenues: $6,353.5 million for Q2 2026, up 11% versus Q2 2025; organic revenues up 9%.
  • GAAP operating income: $1,224.3 million for Q2 2026; GAAP operating margin 19.3% (down 100 bps year‑over‑year).
  • Adjusted operating income: $1,252.7 million for Q2 2026; adjusted operating margin 19.7% (down 60 bps).
  • GAAP diluted EPS from continuing operations: $4.20 for Q2 2026; adjusted continuing EPS: $4.31, up 11% versus prior year.
  • Balance sheet & cash flow: record backlog $12.1 billion; cash from continuing operating activities YTD $1,734.6 million and free cash flow YTD $1,602.7 million.

Business Highlights

  • Record bookings of $7.818 billion in Q2 2026, up 39% year‑over‑year; organic bookings up 37% and companywide book‑to‑bill of 123%.
  • Americas Commercial HVAC led growth with bookings up 50% and applied equipment bookings up 130%; Americas segment bookings reached $6.56 billion (up 44%).
  • Segment performance: EMEA bookings up 7% but organic revenues down 4% with notable margin contraction; Asia Pacific bookings up 33% with organic revenues up 10%.
  • Operational momentum reflected in a record backlog of $12.1 billion (up 70%), supporting stronger second‑half outlook and prompting raised full‑year guidance.
  • Capital deployment YTD through July included ~ $690 million dividends, ~$340 million for M&A and ~$840 million for share repurchases; company reaffirmed policy to deploy excess cash to shareholders over time.

Original SEC Filing:

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