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CARR

Carrier Global Corporation

CARR

Carrier Global Corporation • NYSE
$54.83 ▲ 0.86% (+0.47)
Market Cap $46.17 B
52w High $81.09
52w Low $50.30
Dividend Yield 0.90%
P/E 34.27
Volume 2.86M
Outstanding Shares 842.21M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $5.579B ▼ $910M ▲ $428M ▼ 7.672% ▼ $0.5 ▼ $855M ▼
Q2-2025 $6.113B ▲ $896M ▲ $591M ▲ 9.668% ▲ $0.71 ▲ $1.244B ▲
Q1-2025 $5.218B ▲ $818M ▲ $412M ▼ 7.896% ▼ $0.48 ▼ $585M ▼
Q4-2024 $5.148B ▼ $576M ▼ $2.551B ▲ 49.553% ▲ $2.87 ▲ $741M ▼
Q3-2024 $5.984B $929M $447M 7.47% $0.5 $1.048B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.423B ▼ $38.077B ▼ $23.238B ▼ $14.509B ▼
Q2-2025 $1.797B ▲ $38.493B ▲ $23.479B ▲ $14.706B ▲
Q1-2025 $1.698B ▼ $36.447B ▼ $22.249B ▼ $13.859B ▼
Q4-2024 $3.969B ▲ $37.403B ▼ $23.008B ▼ $14.081B ▼
Q3-2024 $2.225B $40.201B $25.159B $14.693B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $434M ▼ $341M ▼ $-119M ▼ $-591M ▼ $-374M ▼ $224M ▼
Q2-2025 $650M ▲ $649M ▲ $-55M ▼ $-547M ▲ $98M ▲ $568M ▲
Q1-2025 $437M ▲ $483M ▲ $-23M ▼ $-2.747B ▼ $-2.27B ▼ $420M ▲
Q4-2024 $-30M ▼ $132M ▲ $3.089B ▲ $-1.686B ▼ $1.733B ▲ $-85M ▲
Q3-2024 $598M $-269M $1.159B $-1.544B $-683M $-361M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $8.68Bn ▲$4.65Bn ▼$5.48Bn ▲$4.91Bn ▼
Service
Service
 $1.13Bn ▲$570.00M ▼$640.00M ▲$670.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Carrier’s revenue has grown meaningfully over the past few years, with a clear step‑up recently as the company leans into larger scale and higher‑growth segments like heat pumps and intelligent solutions. Gross profit has improved in line with that, suggesting better mix and some pricing power. Operating income is solid but has not climbed as smoothly as sales, reflecting integration costs, portfolio changes, and the usual industrial cycle. Net income in the most recent year is unusually high relative to prior years, which likely reflects one‑time items rather than a permanent jump in underlying profitability. Overall, the business looks larger and more profitable than at the IPO, but earnings quality is a bit noisy and still in a transition phase.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly, mainly driven by acquisitions and growth investments, with total assets and equity both rising over time. Debt is sizeable and has increased compared with the early years after the spin/IPO, although it has started to come down from a prior peak. Cash was very strong recently and then stepped down, consistent with funding major deals and portfolio reshaping. In simple terms, Carrier has traded some balance‑sheet flexibility for scale and strategic repositioning. The company now carries more leverage but also owns a larger, more focused climate platform, so the key question is how quickly it can grow into and then reduce that debt load.

Cash Flow

Cash Flow Historically, Carrier generated healthy cash from operations with free cash flow comfortably positive after investment spending. The latest year is a clear outlier: operating cash flow dropped sharply while reported earnings jumped, and free cash flow moved close to breakeven. That gap between profits and cash points to heavy working‑capital swings, deal‑related costs, or restructuring flows tied to the company’s transformation. Capital spending itself remains relatively modest and stable, so the main story is cash conversion, not overspending on equipment. A return to stronger, more consistent cash generation will be important to support debt reduction, integration efforts, and shareholder returns over time.

Competitive Edge

Competitive Edge Carrier holds a strong position in heating, cooling, refrigeration, and building solutions, supported by a century‑old brand, deep technical know‑how, and a huge installed base of equipment that needs ongoing service and parts. This installed base and service network give the company sticky, recurring revenue that many competitors cannot easily replicate. Its global footprint and scale also help with sourcing, manufacturing, and distribution. At the same time, competition is intense, with well‑resourced peers like Trane, Johnson Controls, and Daikin pushing hard in similar areas such as energy‑efficient HVAC and building automation. Carrier’s recent portfolio moves and focus on heat pumps, intelligent buildings, and cold chain visibility are designed to tilt it toward structurally faster‑growing, higher‑margin niches within this crowded field.

Innovation and R&D

Innovation and R&D Innovation is a central part of Carrier’s strategy. The company is pushing hard on digital platforms—like Abound for smart buildings and Lynx for cold chain monitoring—to layer software, data, and analytics on top of its hardware base. These platforms aim to improve energy efficiency, uptime, and visibility for customers, potentially deepening Carrier’s relationship with building owners and logistics operators. On the hardware side, Carrier is investing heavily in advanced heat pumps, refrigerant‑free concepts, and next‑generation data center cooling, often via partnerships with technology leaders and startups. A large multi‑year investment in U.S. manufacturing and R&D underscores this focus. The upside is a stronger position in decarbonization and AI‑driven data center growth; the risk is execution—turning ambitious R&D and partnerships into widely adopted, profitable products at scale.

Summary

Carrier is in the middle of a significant transformation from a more traditional HVAC and fire/security portfolio to a focused climate and energy solutions company. Revenue and operating performance have trended upward, but profits and cash flows are temporarily uneven as the company absorbs acquisitions, reshapes its portfolio, and invests heavily in new technologies. The balance sheet is larger and more leveraged, reflecting these strategic bets, but also backed by a stronger equity base and a broader platform. Competitively, Carrier benefits from a powerful brand, global scale, and a large service‑heavy installed base, while innovation efforts in heat pumps, digital platforms, and data center cooling align it with long‑term themes like decarbonization, electrification, and AI infrastructure. The main things to monitor are the integration of recent deals, the normalization of cash generation versus reported earnings, and how effectively the company turns its innovation pipeline into durable, high‑margin growth.

NEWS

November 20, 2025 · 4:15 PM UTC

Carrier to Present at Goldman Sachs 2025 Industrials and Materials Conference

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November 4, 2025 · 9:05 AM UTC

Carrier Recognized by U.S. Department of Energy as Energy Skilled Training Provider for Heat Pump Installation

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October 30, 2025 · 4:15 PM UTC

Carrier to Present at Baird's 2025 Global Industrial Conference

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October 28, 2025 · 6:05 AM UTC

Carrier Reports Third Quarter 2025 Results

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October 28, 2025 · 6:00 AM UTC

Carrier's Board Approves $5 Billion Share Repurchase Authorization

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