Trane Technologies (TT) Operating Margin (2009 - 2026)
Trane Technologies posted quarterly Operating Margin of 15.62% for Q1 2026, down 185.0% year-on-year from 18.37% in Q1 2025, and down 1.9% on a QoQ basis from 15.92% in Q4 2025.
Trane Technologies (TT) has 18 years of Operating Margin data on file, last reported at 15.62% in Q1 2026.
- For the quarter ending Q1 2026, Operating Margin fell 185.0% year-over-year to 15.62%; the trailing twelve-month figure through Mar 2026 stood at 18.17% (up 2.0% YoY), and the FY2025 full-year result was 18.61%, up 96.0% from the prior year.
- Operating Margin for Q1 2026 stood at 15.62%, down from 15.92% in the prior quarter.
- Across five years, Operating Margin topped out at 20.29% in Q3 2025 and bottomed at 11.57% in Q1 2022.
- The 5-year median for Operating Margin is 16.91% (2022), against an average of 16.69%.
- The widest annual swing landed in 2024, when Operating Margin surged 257 bps; it then slumped 185 bps in 2026.
- A 5-year view of Operating Margin shows it stood at 14.25% in 2022, then grew by 9 bps to 15.54% in 2023, then increased by 7 bps to 16.57% in 2024, then fell by 4 bps to 15.92% in 2025, then retreated by 2 bps to 15.62% in 2026.
- The last three Operating Margin figures came in at 15.62% (Q1 2026), 15.92% (Q4 2025), and 20.29% (Q3 2025), per Business Quant data.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Trane Technologies | 99.95 Bn | 98.89 Bn | 1.73 Bn | 15.62% |
| 2 | Johnson Controls International | 84.54 Bn | 84.01 Bn | 2.07 Bn | 14.71% |
| 3 | Carrier Global | 52.72 Bn | 51.70 Bn | 4.82 Bn | 4.85% |
| 4 | Lennox International | 16.87 Bn | 16.82 Bn | 351.30 Mn | 14.40% |
| 5 | Masco | 13.72 Bn | 13.60 Bn | 686.00 Mn | 16.48% |
| 6 | Carlisle Companies | 13.62 Bn | 12.85 Bn | 363.20 Mn | 17.14% |
| 7 | Aaon | 10.97 Bn | 10.97 Bn | 109.77 Mn | 10.36% |
| 8 | SPX Technologies | 10.37 Bn | 10.22 Bn | 230.60 Mn | 15.47% |
| 9 | Advanced Drainage Systems | 10.34 Bn | 10.19 Bn | 237.66 Mn | 7.88% |
| 10 | Owens Corning | 9.48 Bn | 9.24 Bn | 510.00 Mn | 5.30% |
Historic Data
Download Data| Date | Value |
|---|---|
| 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% |
| Jun 30, 2021 | 17.00% |
| Mar 31, 2021 | 11.70% |
| Dec 31, 2020 | 12.20% |
| Sep 30, 2020 | 16.22% |
| Jun 30, 2020 | 13.49% |
| Mar 31, 2020 | 5.85% |
| Dec 31, 2019 | 10.37% |
| Sep 30, 2019 | 15.46% |
| Jun 30, 2019 | 15.67% |
| Mar 31, 2019 | 8.44% |
| Dec 31, 2018 | 7.25% |
| Sep 30, 2018 | 14.56% |
| Jun 30, 2018 | 14.69% |
| Mar 31, 2018 | 7.19% |
| Dec 31, 2017 | 10.69% |
| Sep 30, 2017 | 13.79% |
| Jun 30, 2017 | 14.27% |
| Mar 31, 2017 | 7.17% |
| Dec 31, 2016 | 10.50% |
| Sep 30, 2016 | 14.34% |
| Jun 30, 2016 | 13.92% |
| Mar 31, 2016 | 7.79% |
| Dec 31, 2015 | 11.82% |
| Sep 30, 2015 | 13.63% |
| Jun 30, 2015 | 12.56% |
| Mar 31, 2015 | 5.92% |
| Dec 31, 2014 | 10.69% |
| Sep 30, 2014 | 13.00% |
| Jun 30, 2014 | 13.08% |
| Mar 31, 2014 | 5.69% |
| Dec 31, 2013 | 7.03% |
| Sep 30, 2013 | 11.81% |
| Jun 30, 2013 | 11.40% |
| Mar 31, 2013 | 4.55% |
| Dec 31, 2012 | -4.62% |
| Sep 30, 2012 | 12.46% |
| Jun 30, 2012 | 12.51% |
| Mar 31, 2012 | 6.73% |
| Dec 31, 2011 | -5.54% |
| Sep 30, 2011 | 4.62% |
| Jun 30, 2011 | 7.30% |
| Mar 31, 2011 | 1.28% |
| Dec 31, 2010 | 8.77% |
| Sep 30, 2010 | 11.01% |
| Jun 30, 2010 | 10.44% |
| Mar 31, 2010 | 5.04% |
| Dec 31, 2009 | 7.53% |
| Sep 30, 2009 | 9.38% |
| Jun 30, 2009 | 7.51% |
| Mar 31, 2009 | 1.70% |