Trane Technologies Q1 revenue rises 11% to $4.7 billion; adjusted EPS up 26%
Trane Technologies reported first-quarter 2025 revenue of $4.7 billion, up 11% from a year earlier, with GAAP continuing EPS of $2.71 and adjusted continuing EPS of $2.45, up 26%. The company reaffirmed its full-year 2025 guidance and said it expects to perform toward the high end of its revenue and EPS ranges, which matters to shareholders because it signals confidence in the year despite a dynamic macro environment. GAAP results include a $61.2 million non-cash contingent consideration adjustment that is excluded from adjusted figures.
Key points
- Enterprise bookings of $5.3 billion, a book-to-bill of 113%, and enterprise backlog of $7.3 billion, up about $500 million from year-end 2024
- GAAP operating margin rose to 17.5% from 15.0%; adjusted operating margin rose to 16.2% from 15.2%
- EMEA GAAP operating margin fell 260 basis points to 14.5%, while Americas revenue rose 14%
- Full-year 2025 adjusted continuing EPS guidance of $12.70 to $12.90 was reaffirmed; GAAP guidance is $12.95 to $13.15
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:21 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 30, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.