NYSE: TT
Trane Technologies plcCIK 0001466258 · Automatic Controls
Trane Technologies plc, a public limited company, incorporated in Ireland in 2009, and its consolidated subsidiaries (collectively we, us, our, the Company) is a global climate innovator. We bring sustainable and efficient solutions to buildings, homes and transportation through our strategic… About this business →
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About Trane Technologies plc
Source: Item 1 (Business) from the 10-K filed February 5, 2026. Description as filed by the company with the SEC.
Item 1. BUSINESS
Overview
Trane Technologies plc, a public limited company, incorporated in Ireland in 2009, and its consolidated subsidiaries (collectively we, us, our, the Company) is a global climate innovator. We bring sustainable and efficient solutions to buildings, homes and transportation through our strategic brands, Trane® and Thermo King®, and our environmentally responsible portfolio of products, services and connected intelligent controls. We generate revenue and cash primarily through the design, manufacture, sales and service of solutions for Heating, Ventilation and Air Conditioning (HVAC), transport refrigeration, and custom refrigeration solutions. As an industry leader with an extensive global install base, our growth strategy includes expanding recurring revenue through services and rental options. Our unique business operating system, uplifting culture and highly engaged team around the world are also central to our earnings and cash flow growth.
Through our sustainability-focused strategy and purpose to boldly challenge what's possible for a sustainable world, we meet critical needs and growing global demand for innovation that reduces greenhouse gas emissions while enabling more efficient buildings and industry, and reliable delivery of essential temperature-controlled cargo. We have announced certain defined sustainability commitments with a goal of achieving these commitments by 2030 (2030 Sustainability Commitments). Trane Technologies' 2030 Sustainability Commitments include our 'Gigaton Challenge' to reduce customer greenhouse gas emissions by a billion metric tons; 'Leading by Example' through reducing embodied carbon by 40%, and designing products for circularity; and creating 'Opportunity for All' by investing in our people and our communities.
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Reportable Segments
We operate under three reportable segments.
•Our Americas segment innovates for customers in North America and Latin America. The Americas segment encompasses commercial heating, cooling and ventilation systems, building controls and solutions, and energy services and solutions; residential heating and cooling; and transport refrigeration systems and solutions. This segment had 2025 net revenues of $17,168.8 million.
•Our EMEA segment innovates for customers in the Europe, Middle East and Africa region. The EMEA segment encompasses heating, cooling and ventilation systems and services, energy services and solutions, and transport refrigeration systems and solutions. This segment had 2025 net revenues of $2,802.1 million.
•Our Asia Pacific segment innovates for customers throughout the Asia Pacific region. The Asia Pacific segment encompasses heating, cooling and ventilation systems, services and solutions for commercial buildings and transport refrigeration systems and solutions. This segment had 2025 net revenues of $1,351.0 million.
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Products and Services
Our principal products and services include the following:
Air conditioners Industrial process refrigeration
Air exchangersInstallation contracting
Air handlersLighting retrofit solutions
Airside and terminal devicesMedical grade refrigeration solutions
Air-sourced heat pumpsMulti-pipe HVAC systems
Asset management systems
Package heating and cooling systems
Auxiliary power units (electric and diesel)Packaged rooftop units
Building management systemsParts and supplies (aftermarket and OEM)
Bus air purification systemsPortable and mobile refrigeration systems
Bus and rail HVAC systemsRail refrigeration systems
ChillersRate chambers
Coils and condensersRefrigerant reclamation
Cold storage units
Renewable energy and storage projects
Condensing units
Rental services
Container refrigeration systems and gensetsRepair and maintenance services
Control systems Residential air filters
Controls contracting and commissioning
Residential air filtration system
Data center facility controlsResidential cold climate heat pumps
Data center HVAC systemsResidential hybrid heating solutions
Data center liquid cooling solutionsSelf-powered truck refrigeration systems
Data center servicesService agreements
Decarbonization programsSmart and AI-enabled services
Dehumidifiers Stationary cold storage solutions
Ductless systemsTelematics solutions
Energy and water efficiency programsTemporary heating and cooling systems
Energy infrastructure programsThermal energy storage
Energy management services Thermostats/controls & associated digital solutions
Energy recovery - power solutionsTrailer refrigeration systems (diesel, electric and hybrid)
Energy recovery ventilators
Transport heater products
Energy storage (battery)
Truck refrigeration systems (diesel, electric and hybrid)
FurnacesUltra-low temperature freezers
Geothermal systems Unitary systems (light and large)
Home automationVariable refrigerant flow systems
HumidifiersVehicle-powered truck refrigeration systems
HVAC Performance-monitoring applicationsVentilation
Indoor air quality assessments and related products for HVAC and Transport solutionsWater source heat pumps
These products are sold primarily under our tradenames including Trane® and Thermo King®.
Competitive Conditions
Our products and services are sold in highly competitive markets throughout the world. Due to the diversity of these products and services and the variety of markets served, we encounter a wide variety of competitors that vary by product line and services. They include well-established regional or specialized competitors, as well as larger U.S. and non-U.S. corporations or divisions of larger companies.
The principal methods of competition in these markets relate to price, quality, delivery, service and support, technology and innovation. We are one of the leading manufacturers in the world of HVAC systems and services and transport temperature control products and services.
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Distribution
Our products are distributed by a number of methods, which we believe are appropriate to the type of product. U.S. sales are made through branch sales offices, distributors and dealers across the country. Non-U.S. sales are made through numerous subsidiary sales and service companies with a supporting chain of distributors throughout the world.
Operations by Geographic Area
Approximately 25% of our net revenues in 2025 were derived outside the U.S. and we sold products in approximately 100 countries. Therefore, the attendant risks of manufacturing or selling in a particular country, such as currency devaluation, nationalization and establishment of common markets, may have an adverse impact on our non-U.S. operations.
Customers
We have no single external customer that accounted for more than 10% of our consolidated net revenues in 2025, 2024 or 2023. No material part of our business is dependent upon a single customer or a small group of customers; therefore, the loss of any one customer would not have a material adverse effect on our results of operations or cash flows.
Materials
We both manufacture and procure many of the components included in our products. For components we manufacture, we are required to source a wide variety of commodities such as steel, copper, and aluminum. These principal commodities are purchased from a large number of independent sources around the world, primarily within the region where the products are manufactured. We believe that available sources of supply will generally be sufficient for the foreseeable future.
For many components we procure, we have an effective supply chain resiliency plan and capable sources to ensure sufficient supply, however there are certain categories of components that could occasionally see limited availability or shortages.
Seasonality
Demand for certain products and services is influenced by weather conditions. For instance, sales in our commercial and residential HVAC businesses historically tend to be higher in the second and third quarters of the year because this represents spring and summer in the U.S. and other northern hemisphere markets, which are the peak seasons for sales of air conditioning systems and services. Therefore, results of any quarterly period may not be indicative of expected results for a full year and unusual weather patterns or events could positively or negatively affect certain segments of our business and impact overall results of operations.
Research and Development
We engage in research and development activities in an effort to introduce new products, enhance existing product effectiveness, improve ease of use and reliability as well as expand the various applications for which our products may be appropriate. In 2025, we spent $347.6 million on research and development, focused on product and system sustainability improvements such as increasing energy efficiency, developing products that allow for use of lower global warming potential refrigerants, reducing material content in products, and designing products for circularity. New product development (NPD) programs complete a Design for Sustainability module within our NPD process to ensure that programs consider environmental impact.
We also have a strong focus on sustaining activities, which include costs incurred to reduce production costs, improve existing products, create custom solutions for customers and provide support to our manufacturing facilities. We anticipate that we will continue to make significant expenditures for research and development and sustaining activities to maintain and improve our competitive position.
Patents and Licenses
Our intellectual property rights are important to our business and include numerous patents, trademarks, copyrights, trade secrets, proprietary technology, technical data, business processes, and other confidential information. Although in aggregate the Company's intellectual property is important to its operations, the Company does not consider any single patent, trademark, copyright, trade secret, proprietary technology, technical data, business process or any other confidential information (or any related group of any such items) to be of material importance to any segment or to the business as a whole. From time to time the Company engages in litigation to protect its intellectual property rights. For a discussion of risks related to the Company's intellectual property, refer to "