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Trane Technologies (DE:2IS)
XETRA:2IS
Germany Market
EarningsQ2 2026 Earnings Report

Trane Technologies (2IS) Q2 2026 Earnings Report

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DE:2IS Q2 2026 EPS Results

Actual EPS€3.84
Consensus EPS€3.80
Beat/MissBeat by +€0.04
One Year Ago EPS€3.46

DE:2IS Q2 2026 Revenue Results

Actual Revenue€5.66B
Expected Revenue€5.52B
Beat/MissBeat by +€139.29M
YoY Revenue Growth+10.56%

Earnings Announcement Details

QuarterQ2 2026
Date07/30/2026
TimeBefore Open
Conference CallThursday, July 30, 2026
DE:2IS Upcoming Earnings
Trane Technologies's next earnings date is estimated for October 29, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

DE:2IS Q2 2026 Earnings Call
0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026
Earnings Call Date:Jul 30, 2026|
% Change Since:
|
Earnings Call Sentiment|Positive
The earnings call conveyed a strong operational and commercial momentum: record bookings, a $12.1B backlog (up 70% YoY), double-digit applied/data center momentum, raised full-year revenue and EPS guidance, robust geographic and portfolio breadth, and continued capital returns. These positives are tempered by near-term margin pressure from inflation and accelerated reinvestments (including Stellar integration), EMEA headwinds related to the Middle East conflict (revenues down ~30% there), manageable but present supply-chain constraints, and a transport segment still recovering. Management communicated confidence in backlog conversion, capacity expansions and margin expansion into H2, while explicitly acknowledging areas of temporary weakness and taking cost actions where appropriate.
Company Guidance
Management raised full‑year guidance, calling for organic revenue growth of approximately 9% and adjusted EPS of $15.20–$15.30, with Q3 organic revenue growth expected at ~10% and adjusted EPS of about $4.70; Q2 results included enterprise organic revenue +9% and adjusted EPS +11%. They pointed to strong demand drivers — enterprise organic bookings +37%, record backlog of $12.1B (+70% YoY) with ~95% in commercial HVAC and roughly $6B slated for 2027+, applied bookings +130% (2‑yr stack >4x) and applied revenue up >40% in Q2, Americas commercial HVAC bookings +50% (organic revenue up low‑teens), residential bookings up high‑20s (organic revenue up low‑teens), and services representing ~1/3 of revenue with a low‑teens CAGR since 2020. On capital and margins, management expects stronger second‑half margins (~50 bps expansion in Q3 and >100 bps in Q4), a CapEx guide of 2–3% of revenue, target capital deployment of $2.8–$3.3B, a 12% dividend increase to $4.20 annualized, ~$840M buybacks YTD with $3.8B remaining authorizations, and said the raised guidance already absorbs EMEA/Middle‑East headwinds (Middle East <3% of enterprise revenue but ~15% of EMEA; EMEA revenues were ~30% lower in Q2 and are modeled similarly in H2).
Record Bookings and Backlog
Enterprise organic bookings rose 37% year-over-year, driving a record backlog of $12.1 billion (up 70% YoY). Applied bookings surged 130% (fourth consecutive quarter >100% growth) and on a 2-year stack are more than 4x, with approximately $6.0 billion of backlog slated for 2027 and beyond.
Revenue and EPS Growth; Upgraded Guidance
Enterprise organic revenue grew 9% in Q2 and adjusted EPS increased 11%. Management raised full-year organic revenue growth outlook to approximately 9% and adjusted EPS guidance to $15.20–$15.30. Q3 guidance: ~10% organic revenue growth and adjusted EPS of ~ $4.70.
Outstanding Americas Commercial HVAC Performance
Commercial HVAC in the Americas delivered exceptional results with bookings up 50% YoY and organic revenue up in the low teens. Management noted commercial HVAC backlog is up ~90% year-over-year and remains a major driver of near-term visibility.
Applied / Data Center Momentum
Applied (data center and related) bookings and revenue accelerated materially: applied bookings +130% and applied revenue growth in the quarter exceeded 40%. The company highlighted strong design activity and pipeline across hyperscalers; Stellar acquisition contributed (one of four >$100M orders in quarter) and the Stellar backlog of ~ $1 billion is expected to generate ~$500 million of revenue in 2026.
Strong Geographic Performance Outside EMEA Headwinds
Asia Pacific bookings were up 31% with organic revenue up ~10%. Excluding the Middle East impact, EMEA commercial HVAC bookings were up mid-20s and revenues up mid-single digits, indicating broader geographic strength.
Durable Services and Residential Strength
Services (about one-third of enterprise revenue) continued as a consistent growth driver with low-teens CAGR since 2020. Residential exceeded expectations in the quarter with bookings up high-20s and organic revenue up in the low teens; management raised the residential outlook and now expects mid-single-digit growth for 2026.
Capital Allocation and Shareholder Returns
Management reaffirmed a balanced capital allocation strategy with a target deployment of $2.8B–$3.3B for the year. Dividend was increased earlier in the year by 12% to $4.20 annualized. Share repurchases of approximately $840 million have been completed YTD with $3.8 billion remaining under the authorization.
Operational Investments and Capacity Preparation
Company has materially expanded applied capacity (about 4x over the last 3 years), is investing in capacity, innovation and channel expansion, and emphasized its business operating system (BOS) to drive productivity and offset inflation—management stated they are not turning away orders and have confidence in 4-wall capacity.

DE:2IS Earnings History

Report Date
Fiscal Quarter
Forecast / EPS
Last Year's EPS
EPS YoY Change
Press Release
Oct 29, 2026
2026 (Q3)
4.21 / -
3.456―
2026 (Q2)
3.80 / 3.84
3.45611.08% (+0.38)
2026 (Q1)
2.26 / 2.34
2.1827.35% (+0.16)
2025 (Q4)
2.51 / 2.55
2.3259.58% (+0.22)
2025 (Q3)
3.39 / 3.46
3.00215.13% (+0.45)
2025 (Q2)
3.38 / 3.46
2.93917.58% (+0.52)
2025 (Q1)
1.96 / 2.18
1.72826.29% (+0.45)
2024 (Q4)
2.27 / 2.32
1.93320.28% (+0.39)
2024 (Q3)
2.89 / 3.00
2.48520.79% (+0.52)
2024 (Q2)
2.75 / 2.94
2.38723.13% (+0.55)
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed