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CARRCarrier Global

Industrials · HVAC Equipment · NYSE

Carrier Global Corporation ("we" or "our" or the "Company") is a global leader in intelligent climate and energy solutions, focused on providing differentiated, digitally enabled lifecycle solutions to our customers. 10-K, Item 1

CARR quote by TradingView
Employees
47,000
Headquarters
Palm Beach Gardens, FL
Next results
around Feb 4, 2027
Compare with peers → Embed
FY2025 at a glance

Sales down 3.3%, free cash flow up to $2.1B

XBRL, from each 10-K
RevenueStatements ↓
$21.7B
from $22.5B in FY2024
FY2018FY2025
Net incomeStatements ↓
$1.5B
from $5.6B in FY2024
FY2018FY2025
Free cash flowStatements ↓
$2.1B
from $44.0M in FY2024
FY2018FY2025
EPS (diluted)Statements ↓
$1.72
from $6.15 in FY2024
FY2018FY2025
Operating marginStatements ↓
10.0%
from 11.8% in FY2024
FY2018FY2025
Total debtStatements ↓
$11.8B
from $12.3B in FY2024
FY2018FY2025
Price and key numbers

The latest figures

All key numbers (41, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)-2.17Sales (ttm)22.8BNet income (ttm)-1.8BSales growth-3.3%EPS growth-72.0%Sales Q/Q+12.3%
Free cash flow2.4BGross margin-Oper. margin-4.8%Net margin-7.9%FCF margin10.4%ROE-17.3%
ROA-5.4%R&D / sales2.9%Dividend0.68Debt/Eq1.10Curr. ratio1.00Cash1.4B
Op. cash flow (ttm)2.9BEBITDA3.4BEBITDA margin15.8%Net debt10.1BQuick ratio0.72Interest cover4.74
ROIC8.6%Payout ratio39.2%Tax rate13.3%Stock pay / sales0.3%Shares out.818.2MShares Y/Y-5.4%
Book / share12.74Cash / share1.65Sales / share27.86Asset turnover0.68Days sales out.44Sales 3Y CAGR+7.9%
Sales 5Y CAGR+4.5%EPS 3Y CAGR-25.1%EPS 5Y CAGR-5.2%Employees47,000Sales / employee485K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Free cash flow rose from $44.0M to $2.1B$44.0M → $2.1B · Cash from operations − capital expenditure · 10-K ↗
  • Revenue growth slowed to -3.3%+18.7% → -3.3% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

CARR against Industrials peers

Ten years, side by side → · All 83 →
GrowthProfitBalanceCleanInsiders
CARRPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth
-3.3%77th of 82 · median +4.8%
Net margin
-7.9%82nd of 82 · median 13.0%
Return on equity
-17.3%77th of 77 · median 24.9%
Free cash flow margin
10.4%54th of 79 · median 13.0%
Debt / equity (less is better)
1.1052nd of 72 · median 0.72
CARR and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
CARR Carrier Global$22.8B -3.3%--7.9%-17.3%10.4%1.10
JCI Johnson Controls$24.4B +2.8%36.6%14.5%26.1%10.9%0.70
TT Trane Technologies$23.2B +7.5%-13.6%34.6%16.4%0.46
LHX L3Harris$22.8B +9.8%25.7%9.0%10.1%16.0%0.54
PH Parker Hannifin$22.4B +8.3%37.7%16.6%23.3%17.2%1.09
ADP Automatic Data Processing$22.3B +6.7%46.6%20.3%88.9%-0.98
Where each dollar goes

From $17.3B of sales to $3.5B of profit

FY2022, from the 10-K income statement and revenue by product
Product to Revenue: $15.3BService to Revenue: $2.0BRevenue to Gross profit: $4.3BRevenue to Cost of revenue: $13.0BGross profit to Operating profit: $4.0BGross profit to Operating expenses: $313.0MOperating profit to Net profit: $3.5BOperating profit to Tax & other: $450.0M Product: $15.3B · 89% Product$15.3B89% Service: $2.0B · 11% Service$2.0B11% Revenue: $17.3B Revenue$17.3B −16% Y/Y Gross profit: $4.3B · 25% margin Gross profit$4.3B25% margin Cost of revenue: $13.0B · 75% of revenue Cost of revenue$13.0B75% of revenue Operating profit: $4.0B · 23% margin Operating profit$4.0B23% margin +51% Y/Y Operating expenses: $313.0M · 2% of revenue Operating expenses$313.0M2% of revenue Net profit: $3.5B · 20% margin Net profit$3.5B20% margin +112% Y/Y Tax & other: $450.0M · 3% of revenue Tax & other$450.0M3% of revenue

Swipe sideways for the whole flow →

From $19.0B of sales to $1.3B of profit

FY2023, from the 10-K income statement and revenue by product
Product to Revenue: $16.7BService to Revenue: $2.3BRevenue to Gross profit: $5.2BRevenue to Cost of revenue: $13.8BGross profit to Operating profit: $2.2BGross profit to Operating expenses: $3.0BOperating profit to Net profit: $1.3BOperating profit to Tax & other: $811.0MOperating expenses to R&D: $493.0MOperating expenses to Sales, admin & other: $2.5B Product: $16.7B · 88% Product$16.7B88% Service: $2.3B · 12% Service$2.3B12% Revenue: $19.0B Revenue$19.0B +10% Y/Y Gross profit: $5.2B · 27% margin Gross profit$5.2B27% margin Cost of revenue: $13.8B · 73% of revenue Cost of revenue$13.8B73% of revenue Operating profit: $2.2B · 11% margin Operating profit$2.2B11% margin −46% Y/Y Operating expenses: $3.0B · 16% of revenue Operating expenses$3.0B16% of revenue Net profit: $1.3B · 7% margin Net profit$1.3B7% margin −62% Y/Y Tax & other: $811.0M · 4% of revenue Tax & other$811.0M4% of revenue R&D: $493.0M · 3% of revenue R&D$493.0M3% of revenue Sales, admin & other: $2.5B · 13% of revenue Sales, admin & other$2.5B13% of revenue

Swipe sideways for the whole flow →

From $22.5B of sales to $5.6B of profit

FY2024, from the 10-K income statement and revenue by product
Product to Revenue: $20.0BService to Revenue: $2.5BRevenue to Gross profit: $6.0BRevenue to Cost of revenue: $16.5BGross profit to Operating profit: $2.6BGross profit to Operating expenses: $3.3BOperating profit to Net profit: $1.6BOperating profit to Tax: $1.1BOther income to Net profit: $4.0BOperating expenses to R&D: $686.0MOperating expenses to Sales, admin & other: $2.6B Product: $20.0B · 89% Product$20.0B89% Service: $2.5B · 11% Service$2.5B11% Revenue: $22.5B Revenue$22.5B +19% Y/Y Gross profit: $6.0B · 27% margin Gross profit$6.0B27% margin Cost of revenue: $16.5B · 73% of revenue Cost of revenue$16.5B73% of revenue Operating profit: $2.6B · 12% margin Operating profit$2.6B12% margin +23% Y/Y Other income: $4.0B · 18% of revenue Other income$4.0B18% of revenue Operating expenses: $3.3B · 15% of revenue Operating expenses$3.3B15% of revenue Net profit: $5.6B · 25% margin Net profit$5.6B25% margin +315% Y/Y Tax: $1.1B · 5% of revenue Tax$1.1B5% of revenue R&D: $686.0M · 3% of revenue R&D$686.0M3% of revenue Sales, admin & other: $2.6B · 12% of revenue Sales, admin & other$2.6B12% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2022
FY2023
FY2024
  • Cost of revenue
  • Costs, tax, other
  • Tax & other
  • Net profit
  • R&D

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

1 of 3
  • !
    Net margin below the peer median-7.9% vs 13.0%
  • !
    Return on equity below 15%-17.3%
  • ✓
    A profit in every one of 8 years
Net margin, FY2018 to FY2025: 14.5% → 6.8%

Balance sheet

0 of 4
  • !
    Interest covered less than 5 timesOperating income is 4.7× interest expense
  • !
    Debt larger than equityDebt / equity 1.10 on the latest balance sheet (peer median 0.72)
  • !
    Current ratio below 1Current ratio 1.00
  • !
    Net debt over 3 years of free cash flow$10.1B net debt, 4.2 years
Debt / equity at each year end, FY2018 to FY2025: 0.02 → 0.84
What the debt is made of ↓

Cash and shareholders

4 of 4
  • ✓
    Free cash flow positive in every one of 8 years$2.1B last year
  • ✓
    Share count down over 5 years−2.0%
  • ✓
    Dividend per share up over 5 years$0.28 → $0.68
  • ✓
    Cash from operations above net income$2.5B vs $1.5B
Free cash flow, FY2018 to FY2025: 1.8B → 2.1B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$11.6B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2018 to FY2025

Revenue 21.7B Net income 1.5B
FY2018 revenue 18.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001783180-21-000011 FY2018 net income 2.7B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001783180-21-000011 18.9B FY2018 FY2019 revenue 18.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001783180-22-000010 FY2019 net income 2.1B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001783180-22-000010 18.6B FY2019 FY2020 revenue 17.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001783180-23-000012 FY2020 net income 2.0B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001783180-23-000012 17.5B FY2020 FY2021 revenue 20.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001783180-24-000009 FY2021 net income 1.7B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001783180-24-000009 20.6B FY2021 FY2022 revenue 17.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001783180-25-000008 FY2022 net income 3.5B · NetIncomeLoss, 0001783180-25-000008 17.3B FY2022 FY2023 revenue 19.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001783180-26-000008 FY2023 net income 1.3B · NetIncomeLoss, 0001783180-26-000008 19.0B FY2023 FY2024 revenue 22.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001783180-26-000008 FY2024 net income 5.6B · NetIncomeLoss, 0001783180-26-000008 22.5B FY2024 FY2025 revenue 21.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001783180-26-000008 FY2025 net income 1.5B · NetIncomeLoss, 0001783180-26-000008 21.7B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

CARR's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue21.7B
FY2018: 18.9BFY2019: 18.6BFY2020: 17.5BFY2021: 20.6BFY2022: 17.3BFY2023: 19.0BFY2024: 22.5BFY2025: 21.7B FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net income1.5B
FY2018: 2.7BFY2019: 2.1BFY2020: 2.0BFY2021: 1.7BFY2022: 3.5BFY2023: 1.3BFY2024: 5.6BFY2025: 1.5B FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Free cash flow2.1B
FY2018: 1.8BFY2019: 1.8BFY2020: 1.4BFY2021: 1.9BFY2022: 1.4BFY2023: 2.2BFY2024: 44.0MFY2025: 2.1B FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
EPS (diluted)1.72
FY2018: 3.16FY2019: 2.44FY2020: 2.25FY2021: 1.87FY2022: 4.10FY2023: 1.58FY2024: 6.15FY2025: 1.72 FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Dividend per share0.68
FY2018: -FY2019: -FY2020: 0.28FY2021: 0.51FY2022: 0.64FY2023: 0.74FY2024: 0.80FY2025: 0.68 FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Diluted shares862.4M
FY2018: 866.2MFY2019: 866.2MFY2020: 880.2MFY2021: 890.3MFY2022: 861.2MFY2023: 853.0MFY2024: 911.7MFY2025: 862.4M FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025

The segments changed

10-K filed 2026-02-05

Compared with the 10-K of Feb 11, 2025: new segments Climate Solutions Americas, Climate Solutions Asia Pacific Middle East And Africa, Climate Solutions Europe, Climate Solutions Transportation; no longer reported: HVAC, Refrigeration.

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Climate Solutions Americas 10.5B48.1% -0.5%
Climate Solutions Europe 5.0B23.2% +1.2%
Climate Solutions Asia Pacific Middle East And Africa 3.3B15.4% -4.6%
Climate Solutions Transportation 2.9B13.3% -16.7%

10-K 0001783180-26-000008, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Product 19.2B88.2% -4.1%
Service 2.6B11.8% +3.1%

10-K 0001783180-26-000008, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
United States 11.1B51.2% -1.4%
Europe 6.1B28.0% -8.9%
Asia Pacific 3.8B17.7% +0.6%
Other 678.0M3.1% -1.5%

10-K 0001783180-26-000008, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue18.9B18.6B17.5B20.6B17.3B19.0B22.5B21.7B
Cost of revenue----13.0B13.8B16.5B-
R&D400.0M401.0M419.0M503.0M416.0M493.0M686.0M625.0M
SG&A2.7B2.8B2.8B3.1B2.0B2.6B3.2B3.1B
Operating income3.6B2.5B3.1B2.6B4.0B2.2B2.6B2.2B
Interest expense-28.0M298.0M319.0M238.0M306.0M580.0M458.0M
Pretax income3.8B2.7B2.9B2.4B3.8B2.0B2.3B1.8B
Income tax1.1B517.0M849.0M699.0M616.0M521.0M1.1B240.0M
Net income2.7B2.1B2.0B1.7B3.5B1.3B5.6B1.5B
EPS (diluted)3.162.442.251.874.101.586.151.72
Diluted shares866.2M866.2M880.2M890.3M861.2M853.0M911.7M862.4M
Depreciation & amortization357.0M335.0M336.0M338.0M328.0M491.0M1.2B1.3B
EBITDA4.0B2.8B3.4B3.0B4.3B2.7B3.9B3.4B
Operating margin19.2%13.4%17.7%12.8%23.0%11.4%11.8%10.0%
Net margin14.5%11.4%11.4%8.1%20.4%7.1%24.9%6.8%
Revenue growth--1.6%-6.2%+18.1%-16.1%+9.6%+18.7%-3.3%
EPS growth--22.8%-7.8%-16.9%+119%-61.5%+289%-72.0%

Balance sheet

From EDGAR
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash1.1B952.0M3.1B3.0B3.3B9.9B4.0B1.6B
Receivables-2.7B2.8B2.4B2.8B2.1B2.7B2.6B
Inventory-1.3B1.6B2.0B2.6B1.8B2.3B2.5B
Current assets-6.0B8.5B11.4B9.9B19.6B9.9B8.5B
Property & equipment-1.7B1.8B1.8B2.2B2.2B3.0B3.2B
Goodwill9.8B9.9B10.1B9.3B7.6B7.5B14.6B15.5B
Total assets-22.4B25.1B26.2B26.1B32.8B37.4B37.2B
Accounts payable-1.7B1.9B2.3B2.8B2.5B2.5B2.7B
Current liabilities-4.5B5.1B6.6B6.0B7.0B7.9B7.1B
Total debt-319.0M10.2B9.7B8.8B14.3B12.3B11.8B
Total liabilities-8.0B18.5B19.1B18.0B23.8B23.0B23.1B
Shareholders' equity14.3B14.1B6.6B7.1B8.1B9.0B14.4B14.1B
Retained earnings-01.6B2.9B5.9B6.6B11.5B12.2B

Cash flow

From EDGAR
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow2.1B2.1B1.7B2.2B1.7B2.6B563.0M2.5B
Capital spending263.0M243.0M312.0M344.0M317.0M439.0M519.0M392.0M
Free cash flow1.8B1.8B1.4B1.9B1.4B2.2B44.0M2.1B
Stock-based pay (added back)44.0M52.0M77.0M92.0M77.0M81.0M98.0M74.0M
Dividends paid00138.0M417.0M509.0M620.0M670.0M772.0M
Buybacks-00527.0M1.4B62.0M1.9B2.9B
Acquisitions310.0M00366.0M506.0M84.0M10.9B107.0M
Debt raised117.0M107.0M11.8B140.0M432.0M5.6B3.4B48.0M
Debt repaid0138.0M1.9B704.0M1.3B111.0M5.3B1.2B
Investing cash flow415.0M-259.0M1.1B-692.0M1.7B-660.0M-2.0B-307.0M
Financing cash flow-2.6B-2.0B-681.0M-1.6B-2.9B4.6B-4.6B-4.7B
Dividend per share--0.280.510.640.740.800.68

Stock-based pay and leases

From EDGAR
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)44.0M52.0M77.0M92.0M77.0M81.0M98.0M74.0M
Stock-based pay / revenue0.2%0.3%0.4%0.4%0.4%0.4%0.4%0.3%
Operating lease cash paid-201.0M213.0M197.0M119.0M135.0M173.0M179.0M
Right-of-use assets-832.0M788.0M640.0M642.0M421.0M554.0M546.0M
Operating lease liabilities-845.0M803.0M657.0M661.0M426.0M567.0M560.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on CARR in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/CARR/export.csv") into a cell.