A gas turbine engine has a compressor section, a combustor, and a turbine section. An associated fluid is to be cooled and an associated fluid is to be heated. A transcritical vapor cycle heats the fluid to be heated, and cools the fluid to be cooled. The transcritical vapor cycle includes a gas cooler in which the fluid to be heated is heated by a refrigerant in the transcritical vapor cycle. An evaporator heat exchanger at which the fluid to be cooled is cooled by the refrigerant in the transcritical vapor cycle. A compressor upstream of the gas cooler compresses the refrigerant to a pressure above a critical point for the refrigerant. An expansion device expands the refrigerant downstream of the gas cooler, with the evaporator heat exchanger being downstream of the expansion device, and such that the refrigerant passing through the gas cooler to heat the fluid to be heated is generally above the critical point.