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Side-by-side financial comparison of Medtronic (MDT) and Trane Technologies (TT). Click either name above to swap in a different company.
Medtronic is the larger business by last-quarter revenue ($9.0B vs $5.1B, roughly 1.7× Trane Technologies). Medtronic runs the higher net margin — 15.3% vs 11.5%, a 3.8% gap on every dollar of revenue. On growth, Medtronic posted the faster year-over-year revenue change (6.6% vs 5.5%). Over the past eight quarters, Trane Technologies's revenue compounded faster (10.5% CAGR vs 5.3%).
Medtronic plc is an Irish medical device company. The company's legal and executive headquarters are in Ireland, while its operational headquarters are in Minneapolis, Minnesota. Medtronic rebased to Ireland following its acquisition of Irish-based Covidien in 2015. While it primarily operates in the United States, it operates in more than 150 countries and employs over 90,000 people. It develops and manufactures healthcare technologies and therapies.
Trane Technologies plc is an Irish domiciled company focused on heating, ventilation, and air conditioning (HVAC) and refrigeration systems. The company traces its corporate history back more than 150 years and was created after a series of mergers and spin-offs. In 2008, HVAC manufacturer Trane was acquired by Ingersoll Rand, a US industrial tools manufacturer. In 2020, the tools business was spun off as Ingersoll Rand and the remaining company was renamed Trane Technologies.
MDT vs TT — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $9.0B | $5.1B |
| Net Profit | $1.4B | $591.3M |
| Gross Margin | 65.8% | — |
| Operating Margin | 18.8% | 15.9% |
| Net Margin | 15.3% | 11.5% |
| Revenue YoY | 6.6% | 5.5% |
| Net Profit YoY | 8.2% | -2.2% |
| EPS (diluted) | $1.07 | $2.64 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $9.0B | $5.1B | ||
| Q3 25 | $8.6B | $5.7B | ||
| Q2 25 | $8.9B | $5.7B | ||
| Q1 25 | $8.3B | $4.7B | ||
| Q4 24 | $8.4B | $4.9B | ||
| Q3 24 | $7.9B | $5.4B | ||
| Q2 24 | $8.6B | $5.3B | ||
| Q1 24 | $8.1B | $4.2B |
| Q4 25 | $1.4B | $591.3M | ||
| Q3 25 | $1.0B | $847.6M | ||
| Q2 25 | $1.1B | $874.8M | ||
| Q1 25 | $1.3B | $604.9M | ||
| Q4 24 | $1.3B | $604.3M | ||
| Q3 24 | $1.0B | $772.0M | ||
| Q2 24 | $654.0M | $755.3M | ||
| Q1 24 | $1.3B | $436.3M |
| Q4 25 | 65.8% | — | ||
| Q3 25 | 65.0% | 36.9% | ||
| Q2 25 | 64.8% | 37.6% | ||
| Q1 25 | 66.5% | 35.8% | ||
| Q4 24 | 64.9% | — | ||
| Q3 24 | 65.1% | 36.3% | ||
| Q2 24 | 64.5% | 36.5% | ||
| Q1 24 | 65.6% | 34.6% |
| Q4 25 | 18.8% | 15.9% | ||
| Q3 25 | 16.8% | 20.3% | ||
| Q2 25 | 16.1% | 20.3% | ||
| Q1 25 | 19.9% | 17.5% | ||
| Q4 24 | 19.0% | 16.6% | ||
| Q3 24 | 16.1% | 18.8% | ||
| Q2 24 | 12.3% | 19.5% | ||
| Q1 24 | 18.3% | 15.0% |
| Q4 25 | 15.3% | 11.5% | ||
| Q3 25 | 12.1% | 14.8% | ||
| Q2 25 | 11.8% | 15.2% | ||
| Q1 25 | 15.6% | 12.9% | ||
| Q4 24 | 15.1% | 12.4% | ||
| Q3 24 | 13.2% | 14.2% | ||
| Q2 24 | 7.6% | 14.2% | ||
| Q1 24 | 16.3% | 10.3% |
| Q4 25 | $1.07 | $2.64 | ||
| Q3 25 | $0.81 | $3.78 | ||
| Q2 25 | $0.81 | $3.89 | ||
| Q1 25 | $1.01 | $2.67 | ||
| Q4 24 | $0.99 | $2.65 | ||
| Q3 24 | $0.80 | $3.39 | ||
| Q2 24 | $0.50 | $3.30 | ||
| Q1 24 | $0.99 | $1.90 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $8.3B | $1.8B |
| Total DebtLower is stronger | $27.7B | $4.6B |
| Stockholders' EquityBook value | $48.7B | $8.6B |
| Total Assets | $91.3B | $21.4B |
| Debt / EquityLower = less leverage | 0.57× | 0.54× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.3B | $1.8B | ||
| Q3 25 | $8.1B | — | ||
| Q2 25 | $9.0B | — | ||
| Q1 25 | $7.9B | — | ||
| Q4 24 | $8.0B | $1.6B | ||
| Q3 24 | $7.8B | — | ||
| Q2 24 | $8.0B | — | ||
| Q1 24 | $8.3B | — |
| Q4 25 | $27.7B | $4.6B | ||
| Q3 25 | $26.2B | — | ||
| Q2 25 | $25.6B | — | ||
| Q1 25 | $24.0B | — | ||
| Q4 24 | $24.6B | $4.8B | ||
| Q3 24 | $26.3B | — | ||
| Q2 24 | $23.9B | — | ||
| Q1 24 | $24.2B | — |
| Q4 25 | $48.7B | $8.6B | ||
| Q3 25 | $47.9B | $8.3B | ||
| Q2 25 | $48.0B | $7.8B | ||
| Q1 25 | $49.4B | $7.5B | ||
| Q4 24 | $48.5B | $7.5B | ||
| Q3 24 | $47.9B | $7.6B | ||
| Q2 24 | $50.2B | $6.9B | ||
| Q1 24 | $51.8B | $6.9B |
| Q4 25 | $91.3B | $21.4B | ||
| Q3 25 | $91.0B | $21.4B | ||
| Q2 25 | $91.7B | $21.0B | ||
| Q1 25 | $90.0B | $20.1B | ||
| Q4 24 | $90.0B | $20.1B | ||
| Q3 24 | $89.7B | $20.9B | ||
| Q2 24 | $90.0B | $20.2B | ||
| Q1 24 | $90.8B | $19.3B |
| Q4 25 | 0.57× | 0.54× | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.53× | — | ||
| Q1 25 | 0.49× | — | ||
| Q4 24 | 0.51× | 0.64× | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.48× | — | ||
| Q1 24 | 0.47× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $925.0M | $1.2B |
| Free Cash FlowOCF − Capex | $457.0M | — |
| FCF MarginFCF / Revenue | 5.1% | — |
| Capex IntensityCapex / Revenue | 5.2% | — |
| Cash ConversionOCF / Net Profit | 0.67× | 1.96× |
| TTM Free Cash FlowTrailing 4 quarters | $5.2B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $925.0M | $1.2B | ||
| Q3 25 | $1.1B | $1.0B | ||
| Q2 25 | $2.5B | $692.1M | ||
| Q1 25 | $2.6B | $339.5M | ||
| Q4 24 | $958.0M | $899.9M | ||
| Q3 24 | $986.0M | $1.3B | ||
| Q2 24 | $2.8B | $695.9M | ||
| Q1 24 | $2.5B | $247.2M |
| Q4 25 | $457.0M | — | ||
| Q3 25 | $584.0M | $935.6M | ||
| Q2 25 | $2.1B | $602.2M | ||
| Q1 25 | $2.1B | $220.6M | ||
| Q4 24 | $554.0M | $774.3M | ||
| Q3 24 | $466.0M | $1.2B | ||
| Q2 24 | $2.4B | $623.0M | ||
| Q1 24 | $2.1B | $163.4M |
| Q4 25 | 5.1% | — | ||
| Q3 25 | 6.8% | 16.3% | ||
| Q2 25 | 23.2% | 10.5% | ||
| Q1 25 | 25.3% | 4.7% | ||
| Q4 24 | 6.6% | 15.9% | ||
| Q3 24 | 5.9% | 22.3% | ||
| Q2 24 | 27.4% | 11.7% | ||
| Q1 24 | 26.3% | 3.9% |
| Q4 25 | 5.2% | — | ||
| Q3 25 | 5.9% | 1.2% | ||
| Q2 25 | 5.1% | 1.6% | ||
| Q1 25 | 5.7% | 2.5% | ||
| Q4 24 | 4.8% | 2.6% | ||
| Q3 24 | 6.6% | 1.6% | ||
| Q2 24 | 5.0% | 1.4% | ||
| Q1 24 | 4.3% | 2.0% |
| Q4 25 | 0.67× | 1.96× | ||
| Q3 25 | 1.05× | 1.18× | ||
| Q2 25 | 2.39× | 0.79× | ||
| Q1 25 | 1.99× | 0.56× | ||
| Q4 24 | 0.75× | 1.49× | ||
| Q3 24 | 0.95× | 1.69× | ||
| Q2 24 | 4.25× | 0.92× | ||
| Q1 24 | 1.87× | 0.57× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MDT
| Cardiac Rhythm And Heart Failure Division | $1.8B | 20% |
| Surgical Endoscopy | $1.7B | 19% |
| Other | $1.3B | 14% |
| Structural Heart And Aortic Division | $956.0M | 11% |
| Diabetes Group | $757.0M | 8% |
| Specialty Therapies Division | $744.0M | 8% |
| Coronary And Peripheral Vascular Division | $655.0M | 7% |
| Neuromodulation Division | $520.0M | 6% |
| Acute Care Monitoring | $493.0M | 6% |
| IE | $35.0M | 0% |
TT
| Services | $2.8B | 55% |
| Other | $2.3B | 45% |
