Selected Financial Data
since 2005
Income Statement
Trane Technologies plc, selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Net revenues | Operating income (loss) | Net earnings (loss) attributable to Trane Technologies plc |
|---|---|---|---|
| Dec 31, 2022 | 15,991,700) | 2,418,900) | 1,756,500) |
| Dec 31, 2021 | 14,136,400) | 2,023,300) | 1,423,400) |
| Dec 31, 2020 | 12,454,700) | 1,532,800) | 854,900) |
| Dec 31, 2019 | 16,598,900) | 2,017,600) | 1,410,900) |
| Dec 31, 2018 | 15,668,200) | 1,917,400) | 1,337,600) |
| Dec 31, 2017 | 14,197,600) | 1,665,300) | 1,302,600) |
| Dec 31, 2016 | 13,508,900) | 1,573,100) | 1,476,200) |
| Dec 31, 2015 | 13,300,700) | 1,458,000) | 664,600) |
| Dec 31, 2014 | 12,891,400) | 1,404,700) | 931,700) |
| Dec 31, 2013 | 12,350,500) | 1,105,000) | 618,800) |
| Dec 31, 2012 | 14,034,900) | 1,505,200) | 1,018,600) |
| Dec 31, 2011 | 14,782,000) | 860,300) | 343,200) |
| Dec 31, 2010 | 14,079,100) | 1,247,500) | 642,200) |
| Dec 31, 2009 | 13,195,300) | 841,600) | 451,300) |
| Dec 31, 2008 | 13,227,400) | (2,573,800) | (2,624,800) |
| Dec 31, 2007 | 8,763,100) | 1,057,800) | 3,966,700) |
| Dec 31, 2006 | 11,409,300) | 1,440,800) | 1,032,500) |
| Dec 31, 2005 | 10,546,900) | 1,361,800) | 1,054,200) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial performance from 2005 to 2022 is characterized by long-term growth interrupted by periods of significant volatility. While net revenues and profitability generally trended upward over the seventeen-year period, the results were marked by a severe downturn in 2008 and a sharp contraction in 2020, both of which were followed by successful recoveries.
- Revenue Trends
- Net revenues grew from 10.55 billion in 2005 to 15.99 billion in 2022. A notable instability occurred between 2007 and 2008, where revenues dropped to 8.76 billion before surging to 13.23 billion. A more recent period of volatility is observed in 2020, when revenues fell to 12.45 billion from a previous peak of 16.60 billion in 2019. However, a strong recovery followed, with revenues returning to 15.99 billion by the end of 2022.
- Operating Performance
- Operating income exhibited extreme variance during the initial years, specifically in 2008 when the company recorded an operating loss of 2.57 billion. Following this trough, operating income entered a period of consistent expansion. From 2009 to 2019, operating income rose from 841.6 million to 2.02 billion. Despite a dip to 1.53 billion in 2020, the trajectory resumed an upward climb, reaching a period high of 2.42 billion in 2022, indicating improved operational efficiency and margin expansion over time.
- Net Earnings Analysis
- Net earnings attributable to the company show a pattern of inconsistency in the first decade. A significant anomaly is noted in 2007, where net earnings reached 3.97 billion despite operating income being only 1.06 billion, suggesting the presence of substantial non-operating gains. This was immediately followed by a net loss of 2.62 billion in 2008. In the subsequent decade, net earnings stabilized and grew, reaching 1.41 billion in 2019. After a decline to 854.9 million in 2020, net earnings grew steadily to reach 1.76 billion in 2022.
- Profitability and Recovery Correlation
- A strong correlation is observed between the recovery of net revenues and the expansion of both operating income and net earnings. The recovery from 2020 to 2022 is particularly efficient, as the increase in net earnings to 1.76 billion outpaced the proportional recovery in revenues, suggesting a more lean cost structure or improved pricing power in the most recent fiscal years.
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Balance Sheet: Assets
Trane Technologies plc, selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2022 | 6,379,200) | 18,081,600) |
| Dec 31, 2021 | 6,470,900) | 18,059,800) |
| Dec 31, 2020 | 6,905,600) | 18,156,700) |
| Dec 31, 2019 | 6,217,200) | 20,492,300) |
| Dec 31, 2018 | 5,732,000) | 17,914,900) |
| Dec 31, 2017 | 6,119,100) | 18,173,300) |
| Dec 31, 2016 | 5,579,300) | 17,397,400) |
| Dec 31, 2015 | 4,609,400) | 16,738,800) |
| Dec 31, 2014 | 5,707,900) | 17,298,500) |
| Dec 31, 2013 | 5,716,700) | 17,658,100) |
| Dec 31, 2012 | 4,942,700) | 18,492,900) |
| Dec 31, 2011 | 5,182,600) | 18,754,200) |
| Dec 31, 2010 | 5,370,700) | 19,990,900) |
| Dec 31, 2009 | 4,827,300) | 19,991,000) |
| Dec 31, 2008 | 5,399,700) | 20,924,500) |
| Dec 31, 2007 | 7,700,700) | 14,376,200) |
| Dec 31, 2006 | 4,095,900) | 12,145,900) |
| Dec 31, 2005 | 4,248,200) | 11,756,400) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The asset base exhibits a cyclical trajectory over the seventeen-year period from 2005 to 2022. While total assets ended the period higher than the initial 2005 levels, the progression was marked by significant fluctuations, particularly characterized by a substantial expansion in the late 2000s followed by a period of contraction and subsequent stabilization.
- Total Asset Volatility and Trends
- Total assets grew from 11.76 billion in 2005 to a peak of 20.92 billion in 2008. Following this peak, a gradual downward trend was observed, with assets declining to 16.74 billion by 2015. A recovery phase occurred between 2016 and 2019, during which total assets rose to a secondary peak of 20.49 billion. From 2020 to 2022, the total asset value stabilized, ending at 18.08 billion.
- Current Asset Performance
- Current assets displayed significant variance, notably spiking to 7.70 billion in 2007 before correcting to 4.83 billion in 2009. After reaching a period low of 4.61 billion in 2015, current assets entered a steady growth phase, reaching a peak of 6.91 billion in 2020. A slight contraction followed, with the value settling at 6.38 billion by the end of 2022.
- Asset Composition and Liquidity Shifts
- An analysis of the relationship between current and total assets reveals a shift in balance sheet composition. In 2008, current assets represented approximately 26% of total assets, indicating a heavy concentration in non-current assets during that period. By 2020, this proportion increased to approximately 38%, suggesting an increase in the relative liquidity of the asset base in the latter part of the observed period.
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Balance Sheet: Liabilities and Stockholders’ Equity
Trane Technologies plc, selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Short-term borrowings and long-term debt | Total Trane Technologies plc shareholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2022 | 5,686,800) | 11,976,400) | 4,836,300) | 6,088,600) |
| Dec 31, 2021 | 4,752,400) | 11,786,700) | 4,842,100) | 6,255,900) |
| Dec 31, 2020 | 4,338,900) | 11,729,600) | 5,272,100) | 6,407,700) |
| Dec 31, 2019 | 4,861,900) | 13,179,900) | 5,573,400) | 7,267,600) |
| Dec 31, 2018 | 4,315,700) | 10,850,100) | 4,091,300) | 7,022,700) |
| Dec 31, 2017 | 4,828,000) | 10,966,400) | 4,064,000) | 7,140,300) |
| Dec 31, 2016 | 3,590,300) | 10,679,100) | 4,070,200) | 6,643,800) |
| Dec 31, 2015 | 3,648,400) | 10,859,600) | 4,239,000) | 5,816,700) |
| Dec 31, 2014 | 3,666,100) | 11,253,100) | 4,224,400) | 5,987,400) |
| Dec 31, 2013 | 3,408,600) | 10,526,800) | 3,521,200) | 7,068,900) |
| Dec 31, 2012 | 4,161,300) | 11,263,600) | 3,233,000) | 7,147,800) |
| Dec 31, 2011 | 4,124,500) | 11,738,500) | 3,642,600) | 6,924,300) |
| Dec 31, 2010 | 4,224,900) | 11,915,100) | 3,683,900) | 7,964,300) |
| Dec 31, 2009 | 3,978,200) | 12,785,300) | 4,096,600) | 7,101,800) |
| Dec 31, 2008 | 5,511,400) | —) | 5,124,100) | 6,661,400) |
| Dec 31, 2007 | 3,235,700) | —) | 1,453,700) | 7,907,900) |
| Dec 31, 2006 | 3,613,600) | —) | 1,984,600) | 5,404,800) |
| Dec 31, 2005 | 3,199,700) | —) | 2,117,000) | 5,762,000) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial position of the company between 2005 and 2022 is characterized by fluctuations in liability levels and a relatively stable, though cyclical, base of shareholders' equity. The data reveals periods of significant leverage expansion, particularly during the 2008 financial crisis and again in 2019, followed by subsequent periods of deleveraging.
- Current Liabilities Trends
- Current liabilities exhibited significant volatility. A sharp increase occurred between 2007 and 2008, where obligations rose from 3.24 billion USD to 5.51 billion USD. Following this peak, current liabilities remained largely stable between 3.4 billion USD and 4.2 billion USD from 2009 to 2016. A secondary upward trend emerged after 2016, culminating in a period high of 5.69 billion USD by December 31, 2022.
- Long-term Debt and Borrowings
- Short-term borrowings and long-term debt showed a pattern of sudden expansion. Debt levels jumped from 2.12 billion USD in 2005 to 5.12 billion USD in 2008. After several years of gradual reduction and stabilization around the 3.2 to 4.2 billion USD range, debt spiked again to a peak of 5.57 billion USD in 2019. By the end of 2022, this figure had moderated to 4.84 billion USD.
- Total Liabilities Analysis
- Total liabilities, for which data is available from 2009 onward, fluctuated between a low of 10.53 billion USD in 2013 and a high of 13.18 billion USD in 2019. The general trend indicates that total liabilities have remained consistently higher than shareholders' equity throughout the observed period, suggesting a reliance on debt financing to support operations and growth.
- Shareholders' Equity Evolution
- Shareholders' equity demonstrated a cyclical pattern with a general tendency toward stabilization. Equity grew from 5.76 billion USD in 2005 to a peak of approximately 7.96 billion USD in 2010. A notable decline occurred between 2011 and 2015, with equity dropping to a low of 5.82 billion USD. Recovery occurred between 2016 and 2019, before trending slightly downward to end at 6.09 billion USD in 2022.
- Capital Structure Observations
- The relationship between total debt and equity suggests an increase in financial leverage over the long term. While equity has remained within a band of approximately 5.8 billion to 8.0 billion USD, the total liabilities have frequently exceeded 11 billion USD. The spikes in borrowing seen in 2008 and 2019 indicate strategic or reactionary adjustments to the company's capital structure in response to external economic conditions.
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Cash Flow Statement
Trane Technologies plc, selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2022 | 1,698,700) | (539,800) | (1,852,200) |
| Dec 31, 2021 | 1,594,400) | (545,700) | (2,127,600) |
| Dec 31, 2020 | 1,766,200) | (338,500) | 884,300) |
| Dec 31, 2019 | 1,956,300) | (1,780,000) | 270,500) |
| Dec 31, 2018 | 1,474,500) | (629,400) | (1,378,800) |
| Dec 31, 2017 | 1,561,600) | (374,700) | (1,432,500) |
| Dec 31, 2016 | 1,411,300) | 240,100) | (705,200) |
| Dec 31, 2015 | 886,200) | (1,192,900) | (490,300) |
| Dec 31, 2014 | 991,700) | (197,000) | (859,500) |
| Dec 31, 2013 | 877,700) | (213,200) | 354,100) |
| Dec 31, 2012 | 1,277,700) | (146,400) | (1,303,900) |
| Dec 31, 2011 | 1,230,200) | 163,100) | (1,246,400) |
| Dec 31, 2010 | 756,300) | (179,000) | (403,700) |
| Dec 31, 2009 | 1,751,500) | (182,700) | (1,208,100) |
| Dec 31, 2008 | 356,800) | (7,306,400) | 2,778,100) |
| Dec 31, 2007 | 829,900) | 6,052,400) | (2,563,100) |
| Dec 31, 2006 | 1,008,800) | (161,200) | (1,358,700) |
| Dec 31, 2005 | 843,200) | (741,700) | (875,700) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow profile from 2005 to 2022 demonstrates a general strengthening of core operational capacity alongside significant volatility in investment and financing activities. A long-term upward trajectory in operating cash generation is evident, with the company evolving from a baseline of approximately US$ 843 million in 2005 to a more stabilized range exceeding US$ 1.5 billion in the latter part of the period.
- Operating Activities
- Net cash provided by operating activities exhibited notable resilience and growth. Despite a significant contraction in 2008, where cash flow dropped to US$ 356.8 million, a strong recovery followed in 2009, reaching US$ 1.75 billion. From 2016 through 2022, operating cash flows remained consistently high, peaking at US$ 1.95 billion in 2019. This suggests a robust ability to generate liquidity from primary business operations.
- Investing Activities
- Investing cash flows were characterized by extreme volatility between 2007 and 2009, marked by a massive inflow of US$ 6.05 billion in 2007 followed by a massive outflow of US$ 7.3 billion in 2008, indicating significant structural changes, asset divestitures, or acquisitions. In the subsequent decade, the trend shifted toward consistent net outflows, particularly in 2019 with a peak expenditure of US$ 1.78 billion, reflecting ongoing capital expenditures or strategic investments.
- Financing Activities
- Financing activities were predominantly negative for the majority of the period, signaling consistent returns of capital to shareholders or debt repayments. Notable exceptions occurred in 2008, 2019, and 2020, where net cash inflows were recorded, suggesting periods of external financing or debt issuance. However, the period concluded with substantial outflows in 2021 and 2022, reaching US$ 2.12 billion and US$ 1.85 billion respectively.
The overall financial trajectory indicates a transition toward a mature cash flow model. The reliance on financing inflows observed during periods of volatility in the late 2000s has been replaced by a model where strong operating cash flows support both strategic investing activities and significant financing outflows.
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Per Share Data
Trane Technologies plc, selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2022 | 7.55 | 7.48 | 2.68 |
| Dec 31, 2021 | 5.96 | 5.87 | 2.36 |
| Dec 31, 2020 | 3.56 | 3.52 | 2.12 |
| Dec 31, 2019 | 5.84 | 5.77 | 2.12 |
| Dec 31, 2018 | 5.41 | 5.35 | 1.96 |
| Dec 31, 2017 | 5.11 | 5.05 | 1.70 |
| Dec 31, 2016 | 5.70 | 5.65 | 1.36 |
| Dec 31, 2015 | 2.51 | 2.48 | 1.16 |
| Dec 31, 2014 | 3.44 | 3.40 | 1.00 |
| Dec 31, 2013 | 2.11 | 2.07 | 0.63 |
| Dec 31, 2012 | 3.35 | 3.28 | 0.69 |
| Dec 31, 2011 | 1.06 | 1.01 | 0.59 |
| Dec 31, 2010 | 1.98 | 1.89 | 0.28 |
| Dec 31, 2009 | 1.41 | 1.37 | 0.50 |
| Dec 31, 2008 | -8.73 | -8.73 | 0.72 |
| Dec 31, 2007 | 13.64 | 13.43 | 0.72 |
| Dec 31, 2006 | 3.23 | 3.20 | 0.68 |
| Dec 31, 2005 | 3.12 | 3.09 | 0.57 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The earnings per share (EPS) profile exhibits significant volatility during the initial period of analysis, followed by a phase of sustained growth and stabilization. A notable anomaly occurred between 2007 and 2008, where basic earnings per share spiked to 13.64 USD before plunging to a loss of 8.73 USD the following year. Following this period of instability, earnings recovered and entered a more consistent growth trajectory, reaching a peak of 7.55 USD by 2022.
- Earnings Performance Trends
- Basic and diluted earnings per share tracked closely throughout the period, indicating a minimal impact from dilutive securities. After the 2008 contraction, earnings remained volatile between 2009 and 2015, fluctuating between 1.06 USD and 3.44 USD. A significant step-up in profitability was observed starting in 2016, with earnings stabilizing above 5.00 USD for several consecutive years, despite a temporary dip to 3.56 USD in 2020.
- Dividend Distribution Policy
- Dividend payments showed a gradual increase from 2005 to 2007, followed by a period of reduction and stabilization between 2009 and 2010, where dividends reached a low of 0.28 USD. From 2011 onward, a consistent and disciplined upward trend in dividend per share is observed, growing from 0.59 USD to 2.68 USD by 2022. This suggests a strategic shift toward consistent shareholder returns that persists regardless of short-term fluctuations in annual earnings.
- Earnings and Dividend Correlation
- While earnings experienced sharp declines and spikes, particularly during the 2007-2009 window and again in 2020, the dividend policy became increasingly decoupled from short-term earnings volatility after 2011. The steady rise in dividends during periods of EPS fluctuation indicates a commitment to a progressive dividend policy supported by long-term cash flow stability rather than immediate annual net income.
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