8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

____________________________________________

FORM 8-K

____________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15 (d) of The

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) — July 30, 2025

____________________________________________

TRANE TECHNOLOGIES PLC

(Exact name of registrant as specified in its charter)

____________________________________________

Ireland	001-34400	98-0626632
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

170/175 Lakeview Drive

Airside Business Park

Swords Co. Dublin

Ireland

(Address of principal executive offices, including zip code)

+(353)(0)18707400

(Registrant’s phone number, including area code)

N/A

(Former name or former address, if changed since last report)

____________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the

registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol	Name of each exchange on which registered
Ordinary Shares, Par Value $1.00 per Share	TT	New York Stock Exchange
5.250% Senior Notes due 2033	TT33	New York Stock Exchange
5.100% Senior Notes due 2034	TT34	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2):

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02. Results of Operations and Financial Condition

On July 30, 2025, Trane Technologies plc issued a press release announcing its second quarter 2025 results. The information in this Form 8-K and the exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference.

Item 9.01.	Financial Statements and Exhibits
(d) Exhibits.

Exhibit No.	Description
99.1	Press Release of Trane Technologies plc dated July 30, 2025
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		TRANE TECHNOLOGIES PLC (Registrant)
Date:	July 30, 2025	/s/ Christopher J. Kuehn
		Christopher J. Kuehn, Executive Vice President and Chief Financial Officer

EX-99.1

Trane Technologies Reports Strong Second Quarter Results;

Raises Full-Year Revenue and EPS Guidance

Highlights (second-quarter 2025 versus second-quarter 2024, unless otherwise noted):

l	Record enterprise bookings of $5.6 billion, up 5 percent; organic bookings up 4 percent
l	Bookings strength led by Americas Commercial HVAC applied solutions up over 60 percent
l	GAAP continuing EPS of $3.87; adjusted continuing EPS* of $3.88, up 18 percent
l	Enterprise backlog of $7.1 billion, up 6 percent versus year-end 2024
*This news release contains non-GAAP financial measures. Definitions of the non-GAAP financial measures can be found in the footnotes of this news release. See attached tables for additional details and reconciliations.

SWORDS, Ireland, July 30, 2025 - Trane Technologies plc (NYSE:TT), a global climate innovator, today reported diluted earnings per share (EPS) from continuing operations of $3.87 for the second quarter of 2025. Adjusted continuing EPS was $3.88, up 18 percent.

Second-Quarter 2025 Results

Financial Comparisons - Second-Quarter Continuing Operations

$, millions except EPS	Q2 2025	Q2 2024	Y-O-Y Change	Organic Y-O-Y Change
Bookings	$5,626	$5,340	5%	4%
Net Revenues	$5,746	$5,307	8%	7%
GAAP Operating Income	$1,164	$1,034	13%
GAAP Operating Margin	20.3%	19.5%	80 bps
Adjusted Operating Income*	$1,166	$1,027	14%
Adjusted Operating Margin*	20.3%	19.4%	90 bps
Adjusted EBITDA*	$1,250	$1,119	12%
Adjusted EBITDA Margin*	21.8%	21.1%	70 bps
GAAP Continuing EPS	$3.87	$3.33	16%
Adjusted Continuing EPS	$3.88	$3.30	18%
Pre-Tax Non-GAAP Adjustments, net**	$2.0	$(7.1)	$9.1

**For details see table 2 and 3 of the news release.

"In the second quarter, we continued our consistent track record of leading financial results with record enterprise bookings and revenue and 18 percent earnings per share growth," said Dave Regnery, chair and CEO, Trane Technologies. "Our performance continues to be led by Americas Commercial HVAC, with strong demand for our sustainable solutions across a broad base of highly complex projects. In the second quarter, orders for our bespoke applied solutions were up over 60 percent, adding to our backlog and our visibility to future equipment and services revenues.

With our leading innovation, elevated backlog and strong financial position, we are confident in raising our full year revenue and EPS guidance and are well positioned to deliver differentiated shareholder value over the long term.”

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Highlights from the Second Quarter of 2025 (all comparisons against second-quarter 2024 unless otherwise noted)

•Delivered strong revenue, operating income, EBITDA and EPS growth.

•Strong bookings of $5.6 billion, up 5 percent; organic bookings up 4 percent. Bookings strength led by Commercial HVAC up mid-teens, with a book-to bill greater than 100 percent in Commercial HVAC in all regions.

•Backlog of $7.1 billion was up 6 percent versus year-end 2024 and down approximately $125 million sequentially as growth in Commercial HVAC backlog was offset by declines in Residential and Transport.

•Enterprise reported revenues were up 8 percent; organic revenues were up 7 percent.

•GAAP operating margin was up 80basis points, adjusted operating margin was up 90 basis points and adjusted EBITDA margin was up 70 basis points.

•Strong volume growth, positive price realization and productivity more than offset inflation. The Company also continued high levels of business reinvestment.

Second-Quarter Business Review (all comparisons against second-quarter 2024 unless otherwise noted)

Americas Segment: innovates for customers in the North America and Latin America regions. The Americas segment encompasses commercial heating, cooling and ventilation systems, building controls and solutions, energy services and solutions, residential heating and cooling; and transport refrigeration systems and solutions.

$, millions	Q2 2025	Q2 2024	Y-O-Y Change	Organic Y-O-Y Change
Bookings	$4,543.5	$4,221.9	8%	7%
Net Revenues	$4,692.3	$4,290.9	9%	9%
GAAP Operating Income	$1,052.5	$912.1	15%
GAAP Operating Margin	22.4%	21.3%	110 bps
Adjusted Operating Income	$1,052.8	$903.9	16%
Adjusted Operating Margin	22.4%	21.1%	130 bps
Adjusted EBITDA	$1,125.3	$978.2	15%
Adjusted EBITDA Margin	24.0%	22.8%	120 bps

•Strong bookings of $4.5 billion, up 8 percent; organic bookings up 7 percent.

•Bookings strength led by Americas Commercial HVAC, up over 20 percent.

•Reported and organic revenues were both up 9 percent.

•GAAP operating margin was up 110 basis points, adjusted operating margin was up 130 basis points and adjusted EBITDA margin was up 120 basis points.

•Strong volume growth, positive price realization and productivity more than offset inflation. The Company also continued high levels of business reinvestment.

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Europe, Middle East and Africa (EMEA) Segment: innovates for customers in the Europe, Middle East and Africa region. The EMEA segment encompasses heating, cooling and ventilation systems, services and solutions for commercial buildings and transport refrigeration systems and solutions.

$, millions	Q2 2025	Q2 2024	Y-O-Y Change	Organic Y-O-Y Change
Bookings	$704.7	$669.4	5%	(2)%
Net Revenues	$707.9	$645.3	10%	3%
GAAP Operating Income	$122.7	$120.7	2%
GAAP Operating Margin	17.3%	18.7%	(140) bps
Adjusted Operating Income	$122.7	$121.0	1%
Adjusted Operating Margin	17.3%	18.8%	(150) bps
Adjusted EBITDA	$129.5	$131.0	(1)%
Adjusted EBITDA Margin	18.3%	20.3%	(200) bps

•Bookings were up 5 percent; organic bookings were down 2 percent.

•Reported revenues were up 10 percent including approximately 5 percentage points of positive foreign exchange impact and 2 percentage points related to acquisitions. Organic revenues were up 3 percent.

•GAAP operating margin was down 140 basis points; adjusted operating margin was down 150 basis points and adjusted EBITDA margin was down 200 basis points.

•Continued high levels of business reinvestment and inflation offset volume growth and productivity.

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.

$, millions	Q2 2025	Q2 2024	Y-O-Y Change	Organic Y-O-Y Change
Bookings	$377.7	$448.8	(16)%	(17)%
Net Revenues	$346.2	$371.2	(7)%	(8)%
GAAP Operating Income	$73.7	$89.3	(17)%
GAAP Operating Margin	21.3%	24.1%	(280) bps
Adjusted Operating Income	$74.7	$89.3	(16)%
Adjusted Operating Margin	21.6%	24.1%	(250) bps
Adjusted EBITDA	$80.8	$94.8	(15)%
Adjusted EBITDA Margin	23.3%	25.5%	(220) bps

•Bookings were down 16 percent. Organic bookings were down 17 percent.

•Reported revenues were down 7 percent including approximately 1 percentage point of positive foreign exchange impact. Organic revenues were down 8 percent.

•GAAP operating margin was down 280 basis points, adjusted operating margin was down 250 basis points and adjusted EBITDA margin was down 220 basis points.

•Continued high levels of business reinvestment, lower volumes and inflation offset productivity.

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Balance Sheet and Cash Flow

$, millions	Q2 2025	Q2 2024	Y-O-Y Change
Cash From Continuing Operating Activities Y-T-D	$1,044	$959	$85
Free Cash Flow Y-T-D*	$841	$810	$31
Working Capital/Revenue*	3.7%	4.2%	(50 bps)
Cash Balance June 30	$774	$1,326	($552)
Debt Balance June 30	$4,615	$5,268	($653)

•Through June 30, 2025, cash flow from continuing operating activities was approximately $1 billion and free cash flow was $841 million.

•Year-to-date through July, the Company deployed or committed approximately $1.8 billion of capital including approximately $420 million for dividends, $275 million for M&A, $1 billion for share repurchases and $150 million for debt retirement.

•The Company expects to pay a competitive and growing dividend and to deploy 100 percent of excess cash to shareholders over time.

Company Raises Full-Year 2025 Guidance

•The Company expects full-year 2025 reported revenue growth of approximately 9 percent, including 100 basis points related to acquisitions, and organic revenue growth of approximately 8 percent versus full-year 2024.

•The Company expects GAAP continuing EPS for full-year 2025 of approximately $13.30, including $0.25 for non-GAAP adjustments. The Company expects adjusted continuing EPS for full-year 2025 of approximately $13.05.

•Additional information regarding the Company's 2025 guidance is included in the Company's second-quarter earnings presentation found at www.tranetechnologies.com in the Investor Relations section.

This news release includes “forward-looking" statements within the meaning of securities laws, which are statements that are not historical facts, including statements that relate to our future financial performance and targets, including revenue, EPS, and earnings; our business operations; demand for our products and services, including bookings and backlog; capital deployment, including the amount and timing of our dividends, our share repurchase program, anticipated capital commitments for M&A activity, and our capital allocation strategy; our available liquidity; our anticipated revenue growth, and the performance of the markets in which we operate.

These forward-looking statements are based on our current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from our current expectations. Such factors include, but are not limited to, global economic conditions, including recessions and economic downturns, inflation, volatility in interest rates and foreign exchange; trade protection measures such as import or export restrictions, tariffs, or quotas; changing energy prices; worldwide geopolitical conflict; financial institution disruptions; climate change and our sustainability strategies and goals; future health care emergencies on our business, our suppliers and our customers; commodity shortages; price increases; government regulation; restructurings activity and cost savings associated with such activity; secular trends toward decarbonization, energy efficiency and internal air quality, the outcome of any litigation, including the risks and uncertainties associated with the Chapter 11 proceedings for our deconsolidated subsidiaries Aldrich Pump LLC and Murray Boiler LLC; cybersecurity risks; and tax audits and tax law changes and interpretations. Additional factors that could cause such differences can be found in our Form 10-K for the year ended December 31, 2024, as well as our subsequent reports on Form 10-Q and other SEC filings. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events and how they may affect the Company. We assume no obligation to update these forward-looking statements.

This news release also includes non-GAAP financial information, which should be considered supplemental to, not a substitute for, or superior to, the financial measure calculated in accordance with GAAP. The definitions of our non-GAAP financial information and reconciliation to GAAP are attached to this news release.

All amounts reported within the earnings release above related to net earnings (loss), earnings (loss) from continuing operations, earnings (loss) from discontinued operations, adjusted EBITDA and per share amounts are attributed to Trane Technologies' ordinary shareholders.

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Trane Technologies (NYSE:TT) is a global climate innovator. Through our strategic brands Trane® and Thermo King®, and our portfolio of environmentally responsible products and services, we bring efficient and sustainable climate solutions to buildings, homes and transportation. For more information, visit tranetechnologies.com.

# # #

7/30/2025

(See Accompanying Tables)

•Table 1: Condensed Consolidated Income Statement

•Tables 2 - 5: Reconciliation of GAAP to Non-GAAP

•Table 6: Condensed Consolidated Balance Sheets

•Table 7: Condensed Consolidated Statement of Cash Flows

•Table 8: Balance Sheet Metrics and Free Cash Flow

Contacts:
Media:	Investors:
Travis Bullard	Zac Nagle
919-802-2593	704-990-3913
Media@tranetechnologies.com	InvestorRelations@tranetechnologies.com

*Q2 and Year-to-Date Non-GAAP measures definitions

Adjusted operating income in 2025 is defined as GAAP operating income adjusted for restructuring costs, merger and acquisition transaction costs, and a non-cash adjustment for contingent consideration. Adjusted operating income in 2024 is defined as GAAP operating income adjusted for restructuring costs, merger and acquisition transaction costs, legacy legal liability, and a non-cash adjustment for contingent consideration. Please refer to the reconciliation of GAAP to non-GAAP measures on tables 2, 3 and 4 of the news release.

Adjusted operating margin is defined as the ratio of adjusted operating income divided by net revenues.

Adjusted earnings from continuing operations attributable to Trane Technologies plc (Adjusted net earnings) in 2025 is defined as GAAP earnings from continuing operations attributable to Trane Technologies plc adjusted for net of tax impacts of restructuring costs, merger and acquisition transaction costs, and a non-cash adjustment for contingent consideration. Adjusted net earnings in 2024 is defined as GAAP earnings from continuing operations attributable to Trane Technologies plc adjusted for net of tax impacts of restructuring costs, merger and acquisition transaction costs, legacy legal liability, and a non-cash adjustment for contingent consideration. Please refer to the reconciliation of GAAP to non-GAAP measures on tables 2 and 3 of the news release.

Adjusted continuing EPS in 2025 is defined as GAAP continuing operations attributable to Trane Technologies plc adjusted for net of tax impacts of restructuring costs, merger and acquisition transaction costs, and a non-cash adjustment for contingent consideration. Adjusted continuing EPS in 2024 is defined as GAAP continuing operations attributable to Trane Technologies plc adjusted for net of tax impacts of restructuring costs, merger and acquisition transaction costs, legacy legal liability, and a non-cash adjustment for contingent consideration. Please refer to the reconciliation of GAAP to non-GAAP measures on tables 2 and 3 of the news release.

Adjusted EBITDA in 2025 is defined as adjusted operating income adjusted to exclude depreciation and amortization expense and include other income / (expense), net. Adjusted EBITDA in 2024 is defined as adjusted operating income adjusted to exclude depreciation and amortization expense and include other income / (expense), net. Other income / (expense), net mainly comprises interest income, foreign currency exchange gains and losses and certain components pension and postretirement benefit costs. Please refer to the reconciliation of GAAP to non-GAAP measures on tables 4 and 5 of the news release.

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Adjusted EBITDA margin is defined as the ratio of adjusted EBITDA divided by net revenues.

Adjusted effective tax rate for 2025 is defined as the ratio of income tax expense adjusted for the net tax effect of adjustments for restructuring costs and merger and acquisition transaction costs divided by adjusted net earnings. Adjusted effective tax rate for 2024 is defined as the ratio of income tax expense adjusted for the net tax effect of adjustments for restructuring costs, merger and acquisition transaction costs, and legacy legal liability divided by adjusted net earnings. This measure allows for a direct comparison of the effective tax rate between periods.

Free cash flow in 2025 is defined as net cash provided by (used in) continuing operating activities adjusted for capital expenditures, cash payments for restructuring costs, legacy legal liability, and merger and acquisition transaction costs. Free cash flow in 2024 is defined as net cash provided by (used in) continuing operating activities adjusted for capital expenditures, cash payments for restructuring costs, legacy legal liability, and merger and acquisition transaction costs. Please refer to the free cash flow reconciliation on table 8 of the news release. 

Operating leverage is defined as the ratio of the change in adjusted operating income for the current period (e.g. Q2 2025) less the prior period (e.g. Q2 2024), divided by the change in net revenues for the current period less the prior period.

Organic revenue is defined as GAAP net revenues adjusted for the impact of currency and acquisitions. 

Organic bookings is defined as reported orders in the current period adjusted for the impact of currency and acquisitions.

Working capital measures a firm’s operating liquidity position and its overall effectiveness in managing the enterprise's current accounts.

•Working capital is calculated by adding net accounts and notes receivables and inventories and subtracting total current liabilities that exclude short-term debt, dividend payable and income tax payables. 

•Working capital as a percent of revenue is calculated by dividing the working capital balance (e.g. as of June 30) by the annualized revenue for the period (e.g. reported revenues for the three months ended June 30 multiplied by 4 to annualize for a full year).

The Company reports its financial results in accordance with generally accepted accounting principles in the United States (GAAP). The following schedules provide non-GAAP financial information and a quantitative reconciliation of the difference between the non-GAAP financial measures and the financial measures calculated and reported in accordance with GAAP.

The non-GAAP financial measures should be considered supplemental to, not a substitute for or superior to, financial measures calculated in accordance with GAAP. They have limitations in that they do not reflect all of the costs associated with the operations of our businesses as determined in accordance with GAAP. In addition, these measures may not be comparable to non-GAAP financial measures reported by other companies.

We believe the non-GAAP financial information provides important supplemental information to both management and investors regarding financial and business trends used in assessing our financial condition and results of operations.

Non-GAAP financial measures assist investors with analyzing our business results as well as with predicting future performance. In addition, these non-GAAP financial measures are also reviewed by management in order to evaluate the financial performance of each segment. Presentation of these non-GAAP financial measures helps investors and management to assess the operating performance of the Company.

As a result, one should not consider these measures in isolation or as a substitute for our results reported under GAAP. We compensate for these limitations by analyzing results on a GAAP basis as well as a non-GAAP basis, prominently disclosing GAAP results and providing reconciliations from GAAP results to non-GAAP results.

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Table 1

TRANE TECHNOLOGIES PLC

Condensed Consolidated Income Statement

(In millions, except per share amounts)

UNAUDITED

	For the quarter				For the six months
	ended June 30,				ended June 30,
	2025		2024		2025		2024
Net revenues	$	5,746.4	$	5,307.4	$	10,434.9	$	9,523.0
Cost of goods sold	(3,585.8)		(3,371.9)		(6,596.8)		(6,127.6)
Selling and administrative expenses	(996.4)		(901.3)		(1,855.0)		(1,727.4)
Operating income	1,164.2		1,034.2		1,983.1		1,668.0
Interest expense	(57.4)		(57.5)		(115.5)		(115.5)
Other income/(expense), net	(14.1)		(4.1)		(22.0)		(29.2)
Earnings before income taxes	1,092.7		972.6		1,845.6		1,523.3
Provision for income taxes	(216.7)		(205.8)		(351.6)		(311.3)
Earnings from continuing operations	876.0		766.8		1,494.0		1,212.0
Discontinued operations, net of tax	2.9		(6.9)		(6.0)		(12.3)
Net earnings	878.9		759.9		1,488.0		1,199.7
Less: Net earnings from continuing operations attributable to noncontrolling interests	(4.1)		(4.6)		(8.3)		(8.1)
Net earnings attributable to Trane Technologies plc	$	874.8	$	755.3	$	1,479.7	$	1,191.6
Amounts attributable to Trane Technologies plc ordinary shareholders:
Continuing operations	$	871.9	$	762.2	$	1,485.7	$	1,203.9
Discontinued operations	2.9		(6.9)		(6.0)		(12.3)
Net earnings	$	874.8	$	755.3	$	1,479.7	$	1,191.6
Diluted earnings (loss) per share attributable to Trane Technologies plc ordinary shareholders:
Continuing operations	$	3.87	$	3.33	$	6.58	$	5.25
Discontinued operations	0.02		(0.03)		(0.03)		(0.05)
Net earnings	$	3.89	$	3.30	$	6.55	$	5.20
Weighted-average number of common shares outstanding:
Diluted	225.1		228.7		225.8		229.1

SEE ATTACHED RELEASE FOR ADDITIONAL INFORMATION

Table 2

TRANE TECHNOLOGIES PLC

Reconciliation of GAAP to non-GAAP

(In millions, except per share amounts)

UNAUDITED

		For the quarter ended June 30, 2025									For the six months ended June 30, 2025
		As						As			As						As
		Reported			Adjustments			Adjusted			Reported			Adjustments			Adjusted
	Net revenues	$	5,746.4		$	—		$	5,746.4		$	10,434.9		$	—		$	10,434.9
	Operating income	1,164.2			2.0		(a,b)	1,166.2			1,983.1			(57.2)		(a,b,c)	1,925.9
	Operating margin	20.3		%				20.3		%	19.0		%				18.5		%
	Earnings from continuing operations before income taxes	1,092.7			2.0		(a,b)	1,094.7			1,845.6			(57.2)		(a,b,c)	1,788.4
	Provision for income taxes	(216.7)			(0.5)		(d)	(217.2)			(351.6)			(1.0)		(d)	(352.6)
	Tax rate	19.8		%				19.8		%	19.1		%				19.7		%
	Earnings from continuing operations attributable to Trane Technologies plc	$	871.9		$	1.5	(e)	$	873.4		$	1,485.7		$	(58.2)	(e)	$	1,427.5
	Diluted earnings per common share
	Continuing operations	$	3.87		$	0.01		$	3.88		$	6.58		$	(0.26)		$	6.32
	Weighted-average number of common shares outstanding:
	Diluted	225.1			—			225.1			225.8			—			225.8
	Detail of Adjustments:
(a)	Restructuring costs (COGS & SG&A)				$	1.3								$	1.3
(b)	M&A transaction costs (SG&A)				0.7									2.7
(c)	Non-cash adjustment for contingent consideration (SG&A)				—									(61.2)
(d)	Tax impact of adjustments (a,b)				(0.5)									(1.0)
(e)	Impact of adjustments on earnings from continuing operations attributable to Trane Technologies plc				$	1.5								$	(58.2)
	Pre-tax impact of adjustments on cost of goods sold				$	0.2								$	0.2
	Pre-tax impact of adjustments on selling & administrative expenses				1.8									(57.4)
	Pre-tax impact of adjustments on operating income				$	2.0								$	(57.2)

SEE ATTACHED RELEASE FOR ADDITIONAL INFORMATION

Table 3

TRANE TECHNOLOGIES PLC

Reconciliation of GAAP to non-GAAP

(In millions, except per share amounts)

UNAUDITED

		For the quarter ended June 30, 2024									For the six months ended June 30, 2024
		As						As			As						As
		Reported			Adjustments			Adjusted			Reported			Adjustments			Adjusted
	Net revenues	$	5,307.4		$	—		$	5,307.4		$	9,523.0		$	—		$	9,523.0
	Operating income	1,034.2			(7.1)		(a,b,c,d)	1,027.1			1,668.0			(1.3)		(a,b,c,d)	1,666.7
	Operating margin	19.5		%				19.4		%	17.5		%				17.5		%
	Earnings from continuing operations before income taxes	972.6			(7.1)		(a,b,c,d)	965.5			1,523.3			(1.3)		(a,b,c,d)	1,522.0
	Provision for income taxes	(205.8)			(0.3)		(e)	(206.1)			(311.3)			(1.7)		(e)	(313.0)
	Tax rate	21.2		%				21.3		%	20.4		%				20.6		%
	Earnings from continuing operations attributable to Trane Technologies plc	$	762.2		$	(7.4)	(f)	$	754.8		$	1,203.9		$	(3.0)	(f)	$	1,200.9
	Diluted earnings per common share
	Continuing operations	$	3.33		$	(0.03)		$	3.30		$	5.25		$	(0.01)		$	5.24
	Weighted-average number of common shares outstanding:
	Diluted	228.7			—			228.7			229.1			—			229.1
	Detail of Adjustments:
(a)	Restructuring costs (COGS and SG&A)				$	0.8								$	5.5
(b)	Legacy legal liability (SG&A)				0.6									1.7
(c)	M&A transaction costs (SG&A)				0.4									0.4
(d)	Non-cash adjustment for contingent consideration (SG&A)				(8.9)									(8.9)
(e)	Tax impact of adjustments (a,b,c)				(0.3)									(1.7)
(f)	Impact of adjustments on earnings from continuing operations attributable to Trane Technologies plc				$	(7.4)								$	(3.0)
	Pre-tax impact of adjustments on cost of goods sold				$	0.6								$	0.6
	Pre-tax impact of adjustments on selling & administrative expenses				(7.7)									(1.9)
	Pre-tax impact of adjustments on operating income				$	(7.1)								$	(1.3)

SEE ATTACHED RELEASE FOR ADDITIONAL INFORMATION

Table 4

TRANE TECHNOLOGIES PLC

Reconciliation of GAAP to non-GAAP

(In millions)

UNAUDITED

		For the quarter ended June 30, 2025				For the quarter ended June 30, 2024
		As Reported		Margin		As Reported		Margin
Americas	Net revenues	$	4,692.3			$	4,290.9
	Segment operating income	$	1,052.5	22.4	%	$	912.1	21.3	%
	Restructuring/Other (a)	0.3		—	%	(8.2)		(0.2)	%
	Adjusted operating income *	1,052.8		22.4	%	903.9		21.1	%
	Depreciation and amortization	76.3		1.7	%	76.5		1.8	%
	Other income/(expense), net	(3.8)		(0.1)	%	(2.2)		(0.1)	%
	Adjusted EBITDA *	$	1,125.3	24.0	%	$	978.2	22.8	%
Europe, Middle East & Africa	Net revenues	$	707.9			$	645.3
	Segment operating income	$	122.7	17.3	%	$	120.7	18.7	%
	Restructuring/Other (a)	—		—	%	0.3		0.1	%
	Adjusted operating income *	122.7		17.3	%	121.0		18.8	%
	Depreciation and amortization	12.0		1.7	%	10.7		1.7	%
	Other income/(expense), net	(5.2)		(0.7)	%	(0.7)		(0.2)	%
	Adjusted EBITDA *	$	129.5	18.3	%	$	131.0	20.3	%
Asia Pacific	Net revenues	$	346.2			$	371.2
	Segment operating income	$	73.7	21.3	%	$	89.3	24.1	%
	Restructuring/Other (a)	1.0		0.3	%	—		—	%
	Adjusted operating income *	74.7		21.6	%	89.3		24.1	%
	Depreciation and amortization	4.6		1.3	%	4.4		1.1	%
	Other income/(expense), net	1.5		0.4	%	1.1		0.3	%
	Adjusted EBITDA *	$	80.8	23.3	%	$	94.8	25.5	%
Corporate	Unallocated corporate expense	$	(84.7)			$	(87.9)
	Restructuring/Other (b)	0.7				0.8
	Adjusted corporate expense *	(84.0)				(87.1)
	Depreciation and amortization	5.2				4.6
	Other income/(expense), net	(6.6)				(2.3)
	Adjusted EBITDA *	$	(85.4)			$	(84.8)
Total Company	Net revenues	$	5,746.4			$	5,307.4
	Operating income	$	1,164.2	20.3	%	$	1,034.2	19.5	%
	Restructuring/Other (a,b)	2.0		—	%	(7.1)		(0.1)	%
	Adjusted operating income *	1,166.2		20.3	%	1,027.1		19.4	%
	Depreciation and amortization	98.1		1.7	%	96.2		1.8	%
	Other income/(expense), net	(14.1)		(0.2)	%	(4.1)		(0.1)	%
	Adjusted EBITDA *	$	1,250.2	21.8	%	$	1,119.2	21.1	%

*Represents a non-GAAP measure, refer to pages 5-6 in the Earnings Release for definitions.

(a) Restructuring/Other in 2025 and 2024 includes restructuring amounts unless specified otherwise. Restructuring/Other within Americas in 2024 includes ($8.9) million of a non-cash adjustment for contingent consideration.

(b) Restructuring/Other within Corporate in 2025 includes $0.7 million of M&A transaction costs. Restructuring/Other within Corporate in 2024 includes $0.6 million and $0.4 million of legacy legal liability and M&A transaction costs, respectively.

SEE ATTACHED RELEASE FOR ADDITIONAL INFORMATION

Table 5

TRANE TECHNOLOGIES PLC

Reconciliation of GAAP to non-GAAP

(In millions)

UNAUDITED

	For the quarter
	ended June 30,
	2025		2024
Total Company
Adjusted EBITDA *	$	1,250.2	$	1,119.2
Less: items to reconcile adjusted EBITDA to net earnings attributable to Trane Technologies plc
Depreciation and amortization	(98.1)		(96.2)
Interest expense	(57.4)		(57.5)
Provision for income taxes	(216.7)		(205.8)
Restructuring costs	(1.3)		(0.8)
M&A transaction costs	(0.7)		(0.4)
Legacy legal liability	—		(0.6)
Non-cash adjustment for contingent consideration	—		8.9
Discontinued operations, net of tax	2.9		(6.9)
Net earnings from continuing operations attributable to noncontrolling interests	(4.1)		(4.6)
Net earnings attributable to Trane Technologies plc	$	874.8	$	755.3

*Represents a non-GAAP measure, refer to pages 5-6 in the Earnings Release for definitions.

SEE ATTACHED RELEASE FOR ADDITIONAL INFORMATION

Table 6

TRANE TECHNOLOGIES PLC

Condensed Consolidated Balance Sheets

(In millions)

UNAUDITED

	June 30,		December 31,
	2025		2024
ASSETS
Cash and cash equivalents	$	774.2	$	1,590.1
Accounts and notes receivable, net	3,607.1		3,090.2
Inventories	2,361.0		1,971.5
Other current assets	763.9		686.0
Total current assets	7,506.2		7,337.8
Property, plant and equipment, net	2,177.5		2,024.5
Goodwill	6,446.1		6,127.9
Intangible assets, net	3,308.9		3,308.2
Other noncurrent assets	1,551.8		1,348.3
Total assets	$	20,990.5	$	20,146.7
LIABILITIES AND EQUITY
Accounts payable	$	2,528.6	$	2,148.0
Accrued expenses and other current liabilities	3,576.1		3,468.7
Short-term borrowings and current maturities of long-term debt	694.6		452.2
Total current liabilities	6,799.3		6,068.9
Long-term debt	3,920.4		4,318.1
Other noncurrent liabilities	2,415.6		2,272.8
Total equity	7,855.2		7,486.9
Total liabilities and equity	$	20,990.5	$	20,146.7

SEE ATTACHED RELEASE FOR ADDITIONAL INFORMATION

Table 7

TRANE TECHNOLOGIES PLC

Condensed Consolidated Statement of Cash Flows

(In millions)

UNAUDITED

	For the six months
	ended June 30,
	2025		2024
Operating Activities
Earnings from continuing operations	$	1,494.0	$	1,212.0
Depreciation and amortization	197.2		187.7
Changes in assets and liabilities and other non-cash items	(647.7)		(441.1)
Net cash provided by (used in) continuing operating activities	1,043.5		958.6
Net cash provided by (used in) discontinued operating activities	(11.9)		(15.5)
Net cash provided by (used in) operating activities	1,031.6		943.1
Investing Activities
Capital expenditures, net	(208.8)		(156.7)
Acquisition of businesses, net of cash acquired	(275.5)		(5.2)
Purchases of short-term investments, net	—		(450.0)
Other investing activities, net	(1.7)		(14.7)
Net cash provided by (used in) investing activities	(486.0)		(626.6)
Financing Activities
Net proceeds from (payments of) debt	(157.3)		491.0
Dividends paid to ordinary shareholders	(420.0)		(379.4)
Repurchase of ordinary shares	(879.6)		(624.4)
Other financing activities, net	(24.0)		8.5
Net cash provided by (used in) financing activities	(1,480.9)		(504.3)
Effect of exchange rate changes on cash and cash equivalents	119.4		(32.9)
Net increase (decrease) in cash and cash equivalents	(815.9)		(220.7)
Cash and cash equivalents - beginning of period	1,590.1		1,095.3
Cash and cash equivalents - end of period	$	774.2	$	874.6

SEE ATTACHED RELEASE FOR ADDITIONAL INFORMATION

Table 8

TRANE TECHNOLOGIES PLC

Balance Sheet Metrics and Free Cash Flow

($ in millions)

UNAUDITED

	June 30,		June 30,		December 31,
	2025		2024		2024
Net Receivables	$	3,607.1	$	3,433.3	$	3,090.2
Days Sales Outstanding	57.3		59.0		57.9
Net Inventory	$	2,361.0	$	2,203.5	$	1,971.5
Inventory Turns	6.1		6.1		6.4
Accounts Payable	$	2,528.6	$	2,180.1	$	2,148.0
Days Payable Outstanding	64.3		59.0		62.0
-------------------------------------------------------------------------------------------------------------------------------------------------------
	Six months ended		Six months ended
	June 30, 2025		June 30, 2024
Net cash flow provided by continuing operating activities	$	1,043.5	$	958.6
Capital expenditures	(208.8)		(156.7)
Cash payments for restructuring	2.0		5.9
Legacy legal liability	0.6		1.7
M&A transaction costs	4.1		0.6
Free cash flow *	$	841.4	$	810.1

*Represents a non-GAAP measure, refer to pages 5-6 in the Earnings Release for definitions.

SEE ATTACHED RELEASE FOR ADDITIONAL INFORMATION

XML

Cover	Jul. 30, 2025	Apr. 30, 2025
Document Information [Line Items]
Document Period End Date	Jul. 30, 2025
Entity Registrant Name	TRANE TECHNOLOGIES PLC
Entity Incorporation, State or Country Code		L2
Entity File Number		001-34400
Entity Tax Identification Number		98-0626632
Entity Address, Address Line One	170/175 Lakeview Drive
Entity Address, Address Line Two	Airside Business Park
Entity Address, City or Town	Swords Co. Dublin
Entity Address, Country	IE
City Area Code	(353)
Local Phone Number	18707400
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company		false
Entity Central Index Key	0001466258
Amendment Flag	false
No Trading Symbol Flag
Entity Address, Postal Zip Code	00000
Document Type	8-K
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Ordinary Shares, Par Value $1.00 per Share
Trading Symbol	TT
Security Exchange Name	NYSE
Senior Notes
Document Information [Line Items]
Security Exchange Name	NYSE
Five point two five percent senior notes due two thousand thirty three
Document Information [Line Items]
Title of 12(b) Security	5.250% Senior Notes due 2033
Trading Symbol	TT33
Five point one zero percent senior notes due two thousand thirty four
Document Information [Line Items]
Title of 12(b) Security	5.100% Senior Notes due 2034
Trading Symbol	TT34