Friday 6 November 2026 Export CARR’s income statement to Excel — free account

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

53.30 2.36 −4.24%

Follow CARR

Alert me

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 Segments Valuation Filings

Carrier Global Corporation (CARR) revenue by segment, product and region

Where the money comes from and where it goes

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 product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Product	19,173 88.16%	19,990 88.90%	16,665 87.94%	15,315 88.59%	17,214 83.51%	14,347 82.19%	15,360 82.55%	15,674 82.87%
Service	2,574 11.84%	2,496 11.10%	2,286 12.06%	1,973 11.41%	3,399 16.49%	3,109 17.81%	3,248 17.45%	3,240 17.13%
Revenue	21,747	22,486	18,951	17,288	20,613	17,456	18,608	18,914

Gross profit by product or service $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Product	‡	‡	‡	‡	‡	‡	‡	‡
Service	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
CSA	10,470 48.14%	10,527 46.82%	9,615 50.74%	—	—	—	—	—
CSE	5,044 23.19%	4,984 22.16%	1,937 10.22%	—	—	—	—	—
CSAME	3,339 15.35%	3,500 15.57%	3,581 18.90%	—	—	—	—	—
Climate Solutions Asia Pacific, Middle East & Africa	2,894 13.31%	3,475 15.45%	3,818 20.15%	3,883 22.46%	4,127 20.02%	3,333 19.09%	3,792 20.38%	4,095 21.65%
HVAC	—	—	—	13,408 77.56%	11,390 55.26%	9,478 54.30%	9,712 52.19%	9,713 51.35%
Fire & Security	—	—	—	—	5,515 26.75%	4,985 28.56%	5,500 29.56%	5,531 29.24%
Eliminations	—	—	—	—	(419) (2.03%)	(340) (1.95%)	(396) (2.13%)	(425) (2.25%)
Revenue	21,747	22,486	18,951	17,288	20,613	17,456	18,608	18,914

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
CSA	‡	‡	‡	‡	‡	‡	‡	‡
Climate Solutions Asia Pacific, Middle East & Africa	‡	‡	‡	‡	‡	‡	‡	‡
CSAME	‡	‡	‡	‡	‡	‡	‡	‡
CSE	‡	‡	‡	‡	‡	‡	‡	‡
HVAC	‡	‡	‡	‡	‡	‡	‡	‡
Fire & Security	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
United States	11,136 51.21%	11,294 50.23%	10,457 55.18%	9,997 57.83%	10,492 50.90%	9,105 52.16%	9,594 51.56%	9,415 49.78%
Europe	6,092 28.01%	6,687 29.74%	3,910 20.63%	3,591 20.77%	5,776 28.02%	4,935 28.27%	5,327 28.63%	5,711 30.19%
Asia Pacific	3,841 17.66%	3,817 16.98%	3,949 20.84%	3,090 17.87%	3,464 16.80%	2,655 15.21%	2,813 15.12%	2,853 15.08%
Other	678 3.12%	688 3.06%	635 3.35%	610 3.53%	881 4.27%	761 4.36%	874 4.70%	935 4.94%
Revenue	21,747	22,486	18,951	17,288	20,613	17,456	18,608	18,914

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Commercial HVAC orders	Q3 FY2026	60.0%	—	—
Data center orders	Q3 FY2026	300.0%	—	—
Orders growth	Q3 FY2026	35.0%	—	—

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2024	Q2 FY2024
Commercial HVAC orders	‡	‡	‡	‡	‡	‡
Data center orders	‡	‡	‡	‡	‡	‡
Orders growth	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.