Trane Technologies Reports Strong Q2 Performance with Record Backlog
Trane Technologies (TT) reported a strong second-quarter performance in its July 30, 2026 earnings call. The company saw enterprise organic bookings rise by 37%, leading to a record backlog of $12.1 billion—a 70% increase year-over-year. Organic revenue grew by 9%, driven primarily by the Americas Commercial HVAC and services segments as well as residential operations, with adjusted EPS up 11%. The company's commercial HVAC business delivered particularly strong results in the Americas, where bookings hit an all-time high of 50% growth compared to last year. Applied systems saw a significant increase in demand, with bookings rising by 130%, marking four consecutive quarters above 100% growth. Over two years, applied bookings have grown more than fourfold. The company's services segment continues as a durable revenue driver, maintaining low teens compound annual growth since 2020. Trane Technologies is raising its full-year guidance for both revenue and EPS due to strong execution and visibility into the second half of the year. With $6 billion in backlog expected beyond 2026, the company anticipates continued market outperformance.
Tickers: $TT