Trane Technologies (TT) Operating Margin (2009 - 2026)
Trane Technologies' Operating Margin was 19.27% in Q2 2026, down 0.99 percentage points from 20.26% a year earlier but up 3.65 percentage points from the prior quarter.
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Analysis
Trane Technologies (TT) Operating Margin (2009 - 2026) Analysis & Trends
On a trailing twelve-month basis, Trane Technologies' Operating Margin was 17.94% through Jun 30, 2026, down 0.45 percentage points year-over-year; for FY2025, it was 18.61%, up 0.96 percentage points from FY2024.
- Operating Margin has now increased for five consecutive years, with a five-year change of +6.30 percentage points (FY2020 to FY2025).
- In earlier years, Operating Margin was 17.64% in FY2024 (+1.27 pp), 16.37% in FY2023 (+1.25 pp), 15.13% in FY2022 (+0.81 pp) and 14.31% in FY2021 (+2.01 pp).
- Quarterly Operating Margin has moved between 11.57% (Q1 2022) and 20.29% (Q3 2025) over five years.
- Compared with a year earlier, Operating Margin has declined for three straight quarters, with an average year-over-year change of +0.42 percentage points over the last eight quarters.
- The best year-over-year quarter for Operating Margin over five years was Q1 2024 (a gain of 2.57 percentage points); the worst was Q1 2026 (a drop of 1.85 percentage points).
- Per Business Quant data, TT's Operating Margin in the three quarters before Q2 2026 was 15.62% (Q1 2026), 15.92% (Q4 2025) and 20.29% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Trane Technologies | 99.46 Bn | 94.20 Bn | 2.26 Bn | 19.27% |
| 2 | Johnson Controls International | 90.21 Bn | 87.98 Bn | 2.47 Bn | 14.92% |
| 3 | Comfort Systems Usa | 58.39 Bn | 53.64 Bn | 844.23 Mn | 17.09% |
| 4 | Carrier Global | 46.05 Bn | 40.68 Bn | 1.94 Bn | 12.99% |
| 5 | Otis Worldwide | 25.26 Bn | 21.87 Bn | 1.14 Bn | 14.90% |
| 6 | James Hardie Industries | 14.74 Bn | 13.47 Bn | 548.70 Mn | 14.76% |
| 7 | Masco | 13.48 Bn | 11.59 Bn | 868.00 Mn | 23.59% |
| 8 | Allegion | 13.22 Bn | 11.93 Bn | 517.50 Mn | 22.12% |
| 9 | Carlisle Companies | 12.99 Bn | 9.34 Bn | 568.40 Mn | 22.45% |
| 10 | Lennox International | 12.73 Bn | 12.54 Bn | 539.50 Mn | 22.97% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 19.27% |
| Mar 31, 2026 | 15.62% |
| Dec 31, 2025 | 15.92% |
| Sep 30, 2025 | 20.29% |
| Jun 30, 2025 | 20.26% |
| Mar 31, 2025 | 17.47% |
| Dec 31, 2024 | 16.57% |
| Sep 30, 2024 | 18.83% |
| Jun 30, 2024 | 19.49% |
| Mar 31, 2024 | 15.03% |
| Dec 31, 2023 | 15.54% |
| Sep 30, 2023 | 17.70% |
| Jun 30, 2023 | 18.82% |
| Mar 31, 2023 | 12.46% |
| Dec 31, 2022 | 14.25% |
| Sep 30, 2022 | 16.91% |
| Jun 30, 2022 | 16.96% |
| Mar 31, 2022 | 11.57% |
| Dec 31, 2021 | 12.21% |
| Sep 30, 2021 | 15.68% |
API Access
Trane Technologies Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=TT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "TT", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=TT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();