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Carrier Global Corporation

CARR Industrials Building Products & Equipment

Carrier Global Corporation’s revenue for fiscal 2025 (year ended December 2025) was $21.7 billion, down 3.29% from fiscal 2024.

Revenue
+12.3%
EPS
−732.0%
Free cash flow
+200.9%
Total debt
−3.71%

Quarter to September 2026, against a year earlier

52.99 0.22 −0.41%
Market cap
$43.5B
P/E
0.0×
Fwd P/E
47.7×
Dividend yield
1.80%
F-score
5/9
Altman Z
2.45
Beneish M
−2.56
Dividend safety
67/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • CSA
  • CSE
  • CSAME
  • Climate Solutions Asia Pacific, Middle East & Africa

Every year since 2018 →

Insider Decisions last twelve months

Sold, $m 750.00
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — 1 — — — — — —
Insider Ownership 5.20%

Capital & Financial Ratios $m

Size
Market Cap 43,530.00
Revenue ttm 22,792.00
Net income ttm (1,672.00)
Free cash flow ttm 2,378.00
Net debt Q 10,120.00
Valuation
P/E 0.00
Forward P/E 47.70 (above 35: high)
Price / sales 1.92
Forward P/S Powerpack
Price / FCF 18.42
Price / book 4.20
Financial health
Current ratio Q 1.00 (below 1: weak)
Debt / equity Q 1.10
Interest coverage Q (24.44)
Growth
Revenue growth Q +12.26% (above 0%: growing)
Operating income growth Q −521.71% (below 0%: shrinking)
EPS, this year +10.79%
EPS, next year A +11.01%
Revenue, next year A +21.78% (at or above 10%: strong)
EPS, past 5 yrs −5.23% (below 0%: weak)
EPS, next 5 yrs A +11.83%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.4×, against a ten-year median of 2.6×; over the ten years it ranged from 1.4× in 2020 to 4.1× in 2024.
P/S against its own 10 years 26.14%
10-year low 10-year high
P/B against its own 10 years 25.90%
10-year low 10-year high
EV/Sales against its own 10 years 29.98%
10-year low 10-year high
EV/FCF against its own 10 years 15.77%
10-year low 10-year high

Dividends

Yield
1.80%
Annual rate
0.96
Payout ratio
66.7%
Growth, 2020–26
+22.8%/yr
  1. 0.28 ’20
  2. 0.51 ’21 +82
  3. 0.64 ’22 +25
  4. 0.75 ’23 +17
  5. 0.80 ’24 +7
  6. 0.68 ’25 −15
  7. 0.96 ’26 +42
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 9,852 3,969 1,555 1,354
Receivables 2,080 2,651 2,639 3,499
Inventory 1,823 2,299 2,483 2,842
Other 728 972 1,264 1,187
19,576 9,891 8,533 8,882
2023 2024 2025 Q'26
Payables 2,483 2,458 2,702 3,269
ST’ Debt 51 1,252 468 1,482
Other 425 1,336 468 —
6,981 7,892 7,114 8,906

Compound Annual Growth %

10y 5y 3y
Sales — 4.49% 7.95%
Cash Flow — 8.23% 12.97%
Earnings — (5.62%) (25.12%)
Book Value — 16.52% 20.49%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.81 Actual 0.87

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.36 0.34 Miss by 0.02
Q1 FY26 0.50 0.57 Beat by 0.07
Q2 FY26 0.83 0.86 Beat by 0.03
Q3 FY26 0.81 0.87 Beat by 0.06
Q4 FY26 0.62 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.28 0.60 (3.16) — —
’25 0.47 0.68 0.50 0.06 1.72
’24 0.29 2.55 0.49 2.82 6.15
’23 0.44 0.23 0.42 0.49 1.58
’22 1.58 0.67 1.53 0.32 4.10
’21 0.43 0.55 0.53 0.36 1.87
’20 0.11 0.30 0.84 1.00 2.25
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 5,341 6,351 6,263 — —
’25 5,218 6,113 5,579 4,837 21,747
’24 5,420 5,934 5,984 5,148 22,486
’23 5,273 5,992 4,935 2,751 18,951
’22 4,654 5,211 5,451 1,972 17,288
’21 4,699 5,440 5,341 5,133 20,613
’20 3,888 3,972 5,002 4,594 17,456
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 79 927 813 — —
’25 483 649 341 1,040 2,513
’24 40 660 (269) 132 563
’23 120 384 1,041 1,062 2,607
’22 (202) 32 790 1,123 1,743
’21 184 561 579 913 2,237
’20 47 509 937 199 1,692
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (15) 810 674 — —
’25 420 568 224 909 2,121
’24 (62) 552 (361) (85) 44
’23 50 310 968 840 2,168
’22 (258) (34) 699 1,019 1,426
’21 131 482 505 775 1,893
’20 (1) 463 880 38 1,380
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 7.9% a year for ten years.

Implied
7.9%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — 17,814 18,914 18,608 17,456 20,613 17,288 18,951 22,486 21,747 22,792 +2.5% 26,484 27,724 29,453 +10.6%
Gross margin, % — 29.11 29.44 29.12 29.27 29.01 24.86 27.24 26.60 25.86 24.64 (3.3) pt
EBT — 3,054 3,842 2,672 2,855 2,400 3,823 1,999 2,274 1,798 (1,467) (6.4%)
EBT margin, % — 17.14 20.31 14.36 16.36 11.64 22.11 10.55 10.11 8.27 (6.44) (8.9) pt
Net income — 1,267 2,769 2,155 2,006 1,701 3,584 1,440 5,708 1,587 (1,672) +2.9%
Per share, $
Per share, $ Revenue — 20.57 21.84 21.48 20.15 23.76 20.50 22.63 25.03 25.51 27.73 +2.7%
Earnings — 1.42 3.20 2.49 2.29 1.92 4.19 1.61 6.24 1.74 (2.21) +2.6%
Cash flow — 2.42 2.37 2.38 1.95 2.58 2.07 3.11 0.63 2.95 3.48 +2.5%
Capex — (0.38) (0.30) (0.28) (0.36) (0.40) (0.38) (0.52) (0.58) (0.46) (0.59) +2.5%
Free cash flow — 2.05 2.07 2.10 1.59 2.18 1.69 2.59 0.05 2.49 2.89 +2.5%
Book value — 0.00 16.47 16.66 7.59 8.18 9.58 10.75 16.03 16.57 12.68 n/m
Shares, m — 866 866 866 867 868 843 837 898 852 834 (0.2%)
Valuation, ×
Valuation, × P/E — 2.66 4.82 4.82 16.47 28.25 9.95 34.85 10.90 30.72 0.00 15.9
P/S — 0.00 0.56 0.56 1.87 2.28 2.03 2.49 2.73 2.07 1.92 1.6
P/B — 0.72 0.72 0.72 4.97 6.63 4.35 5.25 4.26 3.19 4.20 3.4
EV/Sales — 0.00 0.52 0.52 2.28 2.61 2.34 2.73 3.10 2.54 2.37 1.8
EV/FCF — 0.00 5.55 5.55 28.84 28.41 28.34 23.85 1,584.18 26.08 22.68 192.3
Cash, $m
Cash, $m Operating cash flow — 2,098 2,055 2,063 1,692 2,237 1,743 2,607 563 2,513 2,859 +2.3%
Capex — (326) (263) (243) (312) (344) (317) (439) (519) (392) (481) +2.3%
Free cash flow — 1,772 1,792 1,820 1,380 1,893 1,426 2,168 44 2,121 2,378 +2.3%
Balance, $m
Balance, $m Working capital — — 1,643 1,490 3,414 4,780 3,847 12,595 1,999 1,419 (24) (2.1%)
Net debt — — (842) (633) 7,112 6,709 5,322 4,441 8,309 10,278 10,120 n/m
Shareholders’ equity — — 14,269 14,435 6,578 7,094 8,076 9,005 14,395 14,128 10,421 (0.1%)
Returns, %
Returns, % ROA — 11.29 25.16 9.59 8.35 6.49 13.53 4.58 15.96 3.98 (5.03) (7.3) pt
ROIC — 0.00 16.93 11.28 14.08 11.98 18.58 10.04 7.28 5.56 (3.31) +5.6 pt
ROE — 0.00 19.52 14.74 18.86 24.34 46.59 15.80 47.90 10.41 (14.26) +10.4 pt
People
People Employees — — — 52,635 19,000 58,000 52,000 53,000 48,000 47,000 — (1.9%)
Revenue/emp, $m — 0.00 0.00 0.35 0.92 0.36 0.33 0.36 0.47 0.46 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Carrier Global Corporation sells heating, cooling and energy-management equipment and services for homes, buildings and the transportation of temperature-sensitive goods. Its products include air conditioners, heat pumps, heating systems, building controls and refrigeration equipment. It also designs, installs, repairs, maintains and monitors systems after they are sold.

For a homeowner, Carrier might provide a heat pump and controls that manage indoor temperature and energy use. For a commercial building, it can supply cooling equipment, controls and services to keep the system operating. For transport customers, it supplies equipment and monitoring services to help preserve food, medicine and other perishable cargo in trucks, trailers and shipping containers.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
CSA 10,470 48.14%
CSE 5,044 23.19%
CSAME 3,339 15.35%
Climate Solutions Asia Pacific, Middle East & Africa 2,894 13.31%
Gross margin 25.86%
Operating margin 9.99%
Pre-tax margin 8.27%

Revenue by segment since 2018

Carrier Global Corporation vs peers in Building Products & Equipment (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TT Trane Technologies plc $85.9B 27.8× 27.1× +17.71% (above 0%: growing) +25.40% (above 0%: growing) +28.82% (above 0%: growing) 35.28% 19.87% Compare
JCI Johnson Controls International plc $79.6B 28.2× 30.2× +10.42% (above 0%: growing) −40.07% (below 0%: shrinking) +23.20% (above 0%: growing) 38.03% 15.98% Compare
CARR Carrier Global Corporation $43.5B — (loss-making) 47.7× +12.26% (above 0%: growing) n/m +200.89% (above 0%: growing) 26.87% (36.29%)
MAS Masco Corporation $16.2B 18.1× 17.1× +2.56% (above 0%: growing) +30.00% (above 0%: growing) −20.00% (below 0%: shrinking) 36.62% 17.24% Compare
CSL Carlisle Companies Incorporated $14.7B 21.4× 20.3× +8.65% (above 0%: growing) +5.21% (above 0%: growing) −29.51% (below 0%: shrinking) 33.82% 20.04% Compare
LII Lennox International, Inc. $11.9B 16.2× 16.3× +10.21% (above 0%: growing) −8.27% (below 0%: shrinking) +36.71% (above 0%: growing) 31.62% 19.85% Compare
MAIR Madison Air Solutions Corporation $10.8B 48.8× 34.9× — — +79.04% (above 0%: growing) 38.98% 19.70% Compare
OC Owens Corning Inc $9.8B — (loss-making) 15.2× −7.27% (below 0%: shrinking) n/m −16.47% (below 0%: shrinking) 24.71% (6.11%) Compare
WMS Advanced Drainage Systems, Inc. $9.3B 23.3× 21.8× +4.59% (above 0%: growing) −26.87% (below 0%: shrinking) −8.28% (below 0%: shrinking) 38.89% 21.91% Compare
Median of peers $13.3B 23.3× 21.1× +8.65% −1.53% +7.46% 35.95% 19.78%

All 34 Building Products & Equipment stocks →

From the latest earnings call

Updated

  • CEO David Gitlin said data center orders rose 300% in the third quarter and that Carrier signed a hyperscaler agreement worth more than $3 billion.
  • CFO Patrick Goris said lower-than-expected pricing, higher input costs and supply-chain challenges pressured Americas margins, prompting a reduction in the segment’s full-year margin outlook.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 87.28%
Held by the ten largest 52.53%
Holder Shares Stake Change
Capital Group 126.62m 15.24% −21.21m
Vanguard 95.96m 11.55% +104.73k
BlackRock 67.18m 8.09% +9.30m
JPMorgan Chase 34.49m 4.15% −469.17k
State Street 34.39m 4.14% +876.62k
Dodge & Cox 27.48m 3.31% +853.33k
Geode Capital Management 17.70m 2.13% +55.50k
Fisher Investments 13.05m 1.57% +17.50k
Morgan Stanley 10.96m 1.32% −1.30m
UBS 8.46m 1.02% −2.53m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 3 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 14.96m (27.79m) 149.00
2024 65.73m 112.17m 191.00
2023 17.70m 42.70m 159.00
2022 13.22m (20.06m) 112.00
2021 14.89m 61.13m 145.00

Ownership

Directors and executive officers, together 6.47%
Max Viessmann5 5.99%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Carrier Global Corporation (CARR) Latest News

2 Nov

Impact 3 · · facilitiesdive.com

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Impact 3 · · Zacks
Impact 3 · · Associated Press earnings

28 Oct

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21 Oct

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30 Sep

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22 Sep

Impact 3 ·

7 Sep

Impact 4 ·

29 Aug

Impact 3 ·

CARR metrics, ten years each

stockrow.com/CARR · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com