SPECIAL ISSUE: Earnings season (Q3)
Smart Building Insight - SPECIAL ISSUE - November 2025 from Aamidor Consulting
On Wall St, it’s called earnings season, but for us, it could be thought of as “technology product update” season, as many of the public firms in our market provide details on their offerings and progress. While this quarter had less of a digital strategy than in quarters past, there still are plenty of interesting details for smart building innovators and stakeholders - and we wrap it all up below. Specifically, we cover Trane, Carrier, Johnson Controls, Schneider Electric, Honeywell, Acuity, Lennox, Airthings and Nemetschek (who are we missing?)
We typically include these updates in our first-of-the-month issues, but earnings season hadn’t yet wrapped up, and a few bigger firms hadn’t reported. So. here’s a special issue - wrapping up the news that is relevant for our industry.
We also have our new stock tracker, just below.
Before we get to it, here are a few other general updates on what is to come in subsequent newsletter issues:
We’re working on a deeper dive on some of the key facility management/brokerage public firms, such as CBRE, JLL, Cushman and Wakefield, etc. Stay tuned for that analysis in the coming weeks.
A few firms are also delivering presentations at various analyst conferences in the coming weeks - we’ll update this report with other relevant news, as it is released.
See the poll at the bottom of the issue (since ‘feedback is the breakfast of champions’) - in addition to the second poll on the stock tracker just below.
Joe will be attending Schneider Electric’s Innovation Summit next week in Las Vegas, and will include some observations and thoughts on the event in a future issue. Also, reach out if you also will be attending.
We have a number of other deep dives coming to the newsletter in the future. . For example, our full piece on small commercial controls, so stay tuned and please consider subscribing!
We also are launching our public stock tracker, below. This will be updated with more firms, and also with more features. We’d love your feedback on this new feature.
As noted above, data centers were the main focus for many firms, and there was less discussion about digital strategy than in quarters past. And, as we noted in last week’s newsletter, the residential HVAC business is having a bad year, which is having some ripple effects across the larger organizations. But as you see below, most of the reporting is that strength in commercial is offsetting the weakness in
Trane:
Trane TT 0.00%↑ had a strong quarter, but most of this was due to the commercial business. While outside our scope, there has been a big pullback in residential HVAC. From the deck, the commentary tells the story:
“Record CHVAC bookings / revenues, up ~30% / up low-teens, respectively. Q3 revs up low-teens in equip and up low double digits in services. 3yr stack revs up >50% (applied up >125%)”
“Resi bookings / revs, down ~30% / down ~20%, respectively, consistent w/ Sept ’25 update.”
In general, Trane notes that the residential headwinds are being offset by commercial HVAC. Trane’s deck for Q3 had plenty of interesting data points:
Trane also continues to lean heavily on M+A, earmarking significant capital (and potentially more in the year.
And while the deck didn’t include much about the firm’s digital strategy, there were a few points made on the conference call:
Trane was asked about the Brainbox AI acquisition - we’re pasting in a few Q and A exchanges: (available in the transcript; emphasis added)
