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Trane Technologies cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.2B in Q3 2026 · $4.2B over twelve months

Operating cash flow$1.3B
Capital spending−$108M
Free cash flow+$1.2B
Cash / net income1.2×
Cash conversion cycle48 days

Analysis

In Q3 2026, Trane Technologies generated $1.3B of operating cash flow and spent $108M on capital projects, leaving free cash flow of $1.2B. That is $270M more than in Q3 2025 ($936M).

Over the twelve months to Sep 30, 2026, operating cash flow was $4.2B; the largest uses were buybacks ($1.6B), dividends ($902M), acquisitions ($822M); besides operations, cash came from other financing ($3.7M); the cash balance rose by $102M.

Operating cash flow was $1.3B against net income of $1.1B — 1.2× profit, cash ran ahead of reported earnings. The largest differences: other operating capital +$148M, depreciation & amortization +$105M, stock-based pay +$26.7M.

Its cash conversion cycle was 48 days (receivables 57 + inventory 55 − payables 64).

Free cash flow

Trane Technologies: free cash flow by quarterTrane Technologies: free cash flow by quarter$774MQ4 2024$221MQ1 2025$602MQ2 2025$936MQ3 2025$1.2BQ4 2025$546MQ1 2026$1.0BQ2 2026$1.2BQ3 2026
Operating cash flow less capital spending.
Trane Technologies: operating cash flow against capital spendingTrane Technologies: operating cash flow against capital spendingOperating cash flowCapital spending$900M$126MQ4 2024$340M$119MQ1 2025$692M$89.9MQ2 2025$1.0B$68.4MQ3 2025$1.2B$0Q4 2025$626M$79.7MQ1 2026$1.1B$76.4MQ2 2026$1.3B$108MQ3 2026
Latest (Q3 2026): Operating cash flow $1.3B, Capital spending $108M.

Capital allocation, year by year

Trane Technologies: where the cash came from (up) and went (down), by fiscal yearTrane Technologies: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.6BFY2021: Net borrowing −$432MFY2021: Shares issued $78.3MFY2021: Asset sales $15.1MFY2021: Capital spending −$223MFY2021: Acquisitions −$269MFY2021: Buybacks −$1.1BFY2021: Dividends −$561M$1.7BFY2021FY2022: Operating cash flow $1.5BFY2022: Net borrowing −$19.2MFY2022: Shares issued $2.6MFY2022: Asset sales $9.7MFY2022: Capital spending −$292MFY2022: Acquisitions −$235MFY2022: Buybacks −$1.2BFY2022: Dividends −$620M$1.5BFY2022FY2023: Operating cash flow $2.4BFY2023: Net borrowing −$57.3MFY2023: Shares issued $79.3MFY2023: Asset sales $9.2MFY2023: Capital spending −$301MFY2023: Acquisitions −$863MFY2023: Buybacks −$669MFY2023: Dividends −$684M$2.5BFY2023FY2024: Operating cash flow $3.1BFY2024: Net borrowing −$16.5MFY2024: Shares issued $46.9MFY2024: Asset sales $4.7MFY2024: Capital spending −$371MFY2024: Acquisitions −$180MFY2024: Buybacks −$1.3BFY2024: Dividends −$758M$3.2BFY2024FY2025: Operating cash flow $3.2BFY2025: Net borrowing −$159MFY2025: Shares issued $12.6MFY2025: Asset sales $20.6MFY2025: Capital spending −$383MFY2025: Acquisitions −$276MFY2025: Buybacks −$1.5BFY2025: Dividends −$837M$3.2BFY2025
Over these 5 years operating cash flow totalled $11.8B; the largest uses were buybacks ($5.7B) and dividends ($3.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.8B
Debt$4.6B
Net debt$2.9B
Due within a year$693M

Trane Technologies funds itself: free cash flow was $4.2B over the last twelve months, and $1.8B of cash and investments stands against $4.6B of debt ($693M due within a year, 2.5× covered by cash).

Trane Technologies: debt maturities by year (FY2025)Trane Technologies: debt maturities by year (FY2025)$693MYear 1$548MYear 3$748MYear 4$2.6BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.8B of cash and investments now.

Where the cash came from and went

Trane Technologies: sources (+) and uses (−) of cash, Q3 2026Trane Technologies: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.3BBuybacks−$582MNet borrowing (+) / repaid (−)−$400MDividends−$230MCapital spending−$108MCash drawn (+) / kept (−)$90.9MAcquisitions−$80.9MOther financing$4.7MPartners−$4.5MExchange rates−$3.4MOther investing$1.0M
Trane Technologies: sources (+) and uses (−) of cash, TTM to Q3 2026Trane Technologies: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$4.2BBuybacks−$1.6BDividends−$902MAcquisitions−$822MNet borrowing (+) / repaid (−)−$404MOther investing−$354MCash drawn (+) / kept (−)−$102MPartners−$22.9MExchange rates−$14.1MOther financing$3.7M

From profit to cash

Trane Technologies: net income to operating cash flow, Q3 2026Trane Technologies: net income to operating cash flow, Q3 2026Net income$1.1BDepreciation & amortization$105MStock-based pay$26.7MOther non-cash−$21.3MOther operating capital$148MOperating cash flow$1.3B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202657556448
Q2 202657566053
Q1 202663636362
Q3 202558606355
Q2 202554586151
Q1 202560636657

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$1.3B−$108M−$80.9M−$582M−$230M−$400M$90.9M$1.2B
Q2 2026$1.1B−$76.4M−$73.8M−$469M−$232M−$300K−$244M$1.0B
Q1 2026$626M−$79.7M−$668M−$287M−$232M−$1.3M$689M$546M
Q4 2025$1.2B—$1.4M−$231M−$208M−$1.8M−$638M$1.2B
Q3 2025$1.0B−$68.4M−$200K−$370M−$209M—−$352M$936M
Q2 2025$692M−$89.9M−$11.9M−$402M−$210M−$157M$86.3M$602M
Q1 2025$340M−$119M−$265M−$478M−$210M—$730M$221M
Q4 2024$900M−$126M−$700K−$355M−$189M−$500M−$120M$774M

Trane Technologies: income statement and cash flow

Trane Technologies, Q3 2026: revenue $6.8B (+18% year over year), operating margin 19.9%. The chart follows the revenue to costs, profit and cash.

Trane Technologies: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.