Trane Q1 2026: Revenue +6%, margin -100bp on inflation; $4.97B spent on data center deals

Filed April 30, 2026 · Period ending March 31, 2026 · Compared to 10-Q Apr 30, 2025 · ~1 min read

Key Changes

• high

  Gross margin compressed 100 basis points to 34.8% (from 35.8% prior year) as inflation outpaced productivity and pricing gains, reversing the prior year's 120bp expansion.

  MD&A: Gross Profit verify on EDGAR →
• high

  Acquired Stellar Energy and full ownership of LiquidStack for data center cooling, plus 49% of Kieback&Peter for building automation; total M&A spend $668M vs $265M prior year.

  MD&A: Acquisitions verify on EDGAR →
• high

  Residential HVAC markets now 'weak following the regulatory refrigerant transition and softer consumer demand' versus 'strong' in Q1 2025, signaling a material end-market deterioration.

  MD&A: Market Conditions verify on EDGAR →