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

Employees: 47,000
Headquarters: Palm Beach Gardens, FL
Next results: around Feb 4, 2027

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CARR and 9 peers, year by year

The 9 Industrials companies closest to CARR in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
CARR Carrier Global	FY2025	$21.7B	−3.3%	-	10.0%	6.8%	9.8%	10.5%	0.84
LHX L3Harris	FY2025	-	-	-	-	-	-	8.2%	0.57
PH Parker Hannifin	FY2026	$21.5B	+8.3%	-	23.6%	17.0%	18.2%	23.7%	0.55
TT Trane Technologies	FY2025	$21.3B	+7.5%	-	18.6%	13.7%	13.2%	34.0%	0.62
ADP Automatic Data Processing	FY2026	$21.9B	+6.7%	-	-	20.1%	-	73.2%	0.82
JCI Johnson Controls	FY2025	$23.6B	+2.8%	36.4%	-	13.9%	9.0%	25.5%	0.77
MMM 3M	FY2025	$24.9B	+1.5%	-	18.6%	13.0%	5.6%	69.1%	2.68
EME Emcor	FY2025	$17.0B	+16.6%	19.3%	10.1%	7.5%	7.0%	34.6%	-
RSG Republic Services	FY2025	$19.0B	+3.5%	-	17.4%	11.2%	12.7%	17.9%	1.15
WM Waste Management	FY2025	$25.2B	+14.2%	-	17.1%	10.7%	11.2%	27.1%	2.29

Revenuepeer median $21.7B

Sales growthpeer median +7.1%

Gross margin

JCI 36.4%
EME 19.3%
CARR -
LHX -
PH -
TT -
ADP -
MMM -
RSG -
WM -

Operating marginpeer median 18.0%

PH 23.6%
TT 18.6%
MMM 18.6%
RSG 17.4%
WM 17.1%
EME 10.1%
CARR 10.0%
LHX -
ADP -
JCI -

Net marginpeer median 13.4%

FCF marginpeer median 11.2%

PH 18.2%
TT 13.2%
RSG 12.7%
WM 11.2%
CARR 9.8%
JCI 9.0%
EME 7.0%
MMM 5.6%
LHX -
ADP -

Return on equitypeer median 27.1%

Debt / equitypeer median 0.80

MMM 2.68
WM 2.29
RSG 1.15
CARR 0.84
ADP 0.82
JCI 0.77
TT 0.62
LHX 0.57
PH 0.55
EME -

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2018 to FY2025

Revenue as reported in the 10-K.

Company	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CARR Dec	$18.9B	$18.6B	$17.5B	$20.6B	$17.3B	$19.0B	$22.5B	$21.7B
LHX Jan	$6.2B	$6.8B	$18.2B	$17.8B	$17.1B	$19.4B	$21.3B	-
PH Jun	$14.3B	$14.3B	$13.7B	$14.3B	$15.9B	$19.1B	$19.9B	$19.9B
TT Dec	$12.3B	$13.1B	$12.5B	$14.1B	$16.0B	$17.7B	$19.8B	$21.3B
ADP Jun	$13.3B	$14.1B	$14.6B	$15.0B	$16.5B	$18.0B	$19.2B	$20.6B
JCI Sep	$31.4B	$24.0B	$22.3B	$23.7B	$20.6B	$22.3B	$23.0B	$23.6B
MMM Dec	$32.8B	$32.1B	$32.2B	$35.4B	$26.2B	$24.6B	$24.6B	$24.9B
EME Dec	$8.1B	$9.2B	$8.8B	$9.9B	$11.1B	$12.6B	$14.6B	$17.0B
RSG Dec	$11.9B	$12.2B	$12.0B	$13.3B	$15.6B	$17.3B	$18.4B	$19.0B
WM Dec	$14.9B	$15.5B	$15.2B	$17.9B	$19.7B	$20.4B	$22.1B	$25.2B
Peer median	$13.3B	$14.1B	$14.6B	$15.0B	$16.5B	$19.1B	$19.9B	$20.9B

Sales growth, FY2018 to FY2025

Revenue against the fiscal year before.

Company	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CARR Dec	-	−1.6%	−6.2%	+18.1%	−0.9%	+9.6%	+18.7%	−3.3%
LHX Jan	+4.6%	+10.3%	+41.5%	−2.1%	−4.2%	+13.8%	+9.8%	-
PH Jun	+18.9%	+0.1%	−4.4%	+4.8%	+10.6%	+20.2%	+4.5%	−0.4%
TT Dec	+10.4%	+5.9%	−4.8%	+13.5%	+13.1%	+10.5%	+12.2%	+7.5%
ADP Jun	+7.7%	+6.3%	+3.4%	+2.8%	+9.9%	+9.2%	+6.6%	+7.1%
JCI Sep	+2.5%	+2.4%	−6.9%	+6.1%	+6.9%	+8.2%	+2.8%	+2.8%
MMM Dec	+3.5%	−1.9%	+0.1%	+9.9%	−3.2%	−5.9%	−0.1%	+1.5%
EME Dec	+5.8%	+12.8%	−4.1%	+12.6%	+11.8%	+13.6%	+15.8%	+16.6%
RSG Dec	0.0%	+2.6%	−1.4%	+11.2%	+19.6%	+10.8%	+7.1%	+3.5%
WM Dec	+3.0%	+3.6%	−1.5%	+17.8%	+9.9%	+3.7%	+8.0%	+14.2%
Peer median	+4.6%	+3.6%	−1.5%	+9.9%	+9.9%	+10.5%	+7.1%	+5.3%

Gross margin, FY2018 to FY2025

Gross profit / revenue.

Company	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CARR Dec	-	-	-	-	-	-	-	-
LHX Jan	-	-	-	-	-	-	-	-
PH Jun	-	-	-	-	-	-	-	-
TT Dec	-	-	-	-	-	-	-	-
ADP Jun	-	-	-	-	-	-	-	-
JCI Sep	24.4%	32.1%	33.2%	34.1%	34.4%	34.9%	35.2%	36.4%
MMM Dec	-	-	-	-	-	-	-	-
EME Dec	14.8%	14.8%	15.9%	15.2%	14.5%	16.6%	19.0%	19.3%
RSG Dec	-	-	-	-	-	-	-	-
WM Dec	-	-	-	-	-	-	-	-
Peer median	-	-	-	-	-	-	-	-

Operating margin, FY2018 to FY2025

Operating income / revenue.

Company	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CARR Dec	19.2%	13.4%	17.7%	12.8%	23.0%	11.4%	11.8%	10.0%
LHX Jan	18.1%	21.3%	11.9%	11.8%	6.6%	7.3%	9.0%	-
PH Jun	14.3%	15.6%	14.4%	17.1%	18.8%	17.9%	20.4%	21.9%
TT Dec	12.2%	12.8%	12.3%	14.3%	15.1%	16.4%	17.6%	18.6%
ADP Jun	-	-	-	-	-	-	-	-
JCI Sep	-	-	-	-	-	-	-	-
MMM Dec	22.0%	19.2%	22.3%	20.8%	16.7%	−43.4%	19.6%	18.6%
EME Dec	5.0%	5.0%	2.9%	5.4%	5.1%	7.0%	9.2%	10.1%
RSG Dec	14.6%	14.7%	14.2%	15.6%	15.3%	16.1%	17.4%	17.4%
WM Dec	18.7%	17.5%	16.0%	16.5%	17.1%	17.5%	18.4%	17.1%
Peer median	14.6%	15.6%	14.2%	15.6%	15.3%	16.1%	17.6%	18.0%

Net margin, FY2018 to FY2025

Net income / revenue.

Company	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CARR Dec	14.5%	11.4%	11.4%	8.1%	20.4%	7.1%	24.9%	6.8%
LHX Jan	11.3%	14.0%	6.2%	10.4%	6.2%	6.3%	7.0%	-
PH Jun	7.4%	10.6%	8.8%	12.2%	8.3%	10.9%	14.3%	17.8%
TT Dec	10.8%	10.8%	6.9%	10.1%	11.0%	11.4%	12.9%	13.7%
ADP Jun	14.2%	16.2%	16.9%	17.3%	17.9%	18.9%	19.5%	19.8%
JCI Sep	6.9%	23.7%	2.8%	6.9%	7.4%	8.3%	7.4%	13.9%
MMM Dec	16.3%	14.1%	16.9%	16.7%	22.1%	−28.4%	17.0%	13.0%
EME Dec	3.5%	3.5%	1.5%	3.9%	3.7%	5.0%	6.9%	7.5%
RSG Dec	8.7%	8.8%	8.0%	9.7%	9.5%	10.0%	11.1%	11.2%
WM Dec	12.9%	10.8%	9.8%	10.1%	11.4%	11.3%	12.4%	10.7%
Peer median	10.8%	10.8%	8.0%	10.1%	9.5%	10.0%	12.4%	13.4%

Free cash flow, FY2018 to FY2025

Cash from operations minus capital spending.

Company	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CARR Dec	$1.8B	$1.8B	$1.4B	$1.9B	$1.4B	$2.2B	$44.0M	$2.1B
LHX Jan	$615.0M	$1.0B	$2.4B	$2.3B	$1.9B	$1.6B	$2.2B	$2.7B
PH Jun	$1.3B	$1.5B	$1.8B	$2.4B	$2.2B	$2.6B	$3.0B	$3.3B
TT Dec	$1.1B	$1.7B	$1.3B	$1.4B	$1.2B	$2.1B	$2.8B	$2.8B
ADP Jun	-	-	-	-	-	-	-	-
JCI Sep	$875.0M	$1.2B	$2.0B	$2.0B	$750.0M	$1.4B	$1.1B	$2.1B
MMM Dec	$4.9B	$5.4B	$6.6B	$5.9B	$3.8B	$5.1B	$638.0M	$1.4B
EME Dec	$227.5M	$307.3M	$758.4M	$282.6M	$448.6M	$821.3M	$1.3B	$1.2B
RSG Dec	$1.2B	$1.1B	$1.3B	$1.5B	$1.7B	$2.0B	$2.1B	$2.4B
WM Dec	$1.9B	$2.1B	$1.8B	$2.3B	$1.7B	$1.8B	$2.2B	$2.8B
Peer median	$1.1B	$1.3B	$1.8B	$2.1B	$1.7B	$1.9B	$2.1B	$2.5B

FCF margin, FY2018 to FY2025

Free cash flow / revenue.

Company	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CARR Dec	9.5%	9.8%	7.9%	9.2%	8.2%	11.4%	0.2%	9.8%
LHX Jan	9.9%	15.1%	13.3%	13.2%	11.2%	8.5%	10.1%	-
PH Jun	9.4%	10.7%	13.4%	16.5%	13.9%	13.6%	15.0%	16.8%
TT Dec	9.1%	13.1%	10.3%	9.7%	7.6%	11.8%	14.0%	13.2%
ADP Jun	-	-	-	-	-	-	-	-
JCI Sep	2.8%	4.8%	9.1%	8.4%	3.6%	6.3%	4.7%	9.0%
MMM Dec	14.8%	16.7%	20.5%	16.5%	14.7%	20.6%	2.6%	5.6%
EME Dec	2.8%	3.3%	8.6%	2.9%	4.1%	6.5%	9.2%	7.0%
RSG Dec	9.8%	9.4%	10.6%	11.0%	11.1%	11.5%	11.3%	12.7%
WM Dec	12.7%	13.3%	11.9%	12.8%	8.8%	8.9%	9.8%	11.2%
Peer median	9.6%	11.9%	11.3%	11.9%	9.9%	10.2%	9.9%	11.2%

Return on equity, FY2018 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CARR Dec	19.2%	15.0%	30.1%	23.5%	43.8%	15.0%	38.9%	10.5%
LHX Jan	21.3%	28.2%	5.4%	9.6%	5.7%	6.5%	7.7%	8.2%
PH Jun	18.1%	25.6%	19.3%	20.8%	14.9%	20.2%	23.6%	25.8%
TT Dec	19.0%	19.4%	13.3%	22.8%	28.8%	28.9%	34.4%	34.0%
ADP Jun	39.8%	42.5%	42.9%	45.8%	91.4%	97.2%	82.5%	65.9%
JCI Sep	10.2%	28.7%	3.6%	9.3%	9.4%	11.2%	10.6%	25.5%
MMM Dec	54.6%	44.9%	42.3%	39.4%	39.2%	−145.5%	108.6%	69.1%
EME Dec	16.3%	15.8%	6.5%	17.0%	20.6%	25.6%	34.3%	34.6%
RSG Dec	13.1%	13.2%	11.4%	14.4%	15.4%	16.4%	17.9%	17.9%
WM Dec	30.7%	23.6%	20.1%	25.5%	32.7%	33.4%	33.3%	27.1%
Peer median	19.0%	25.6%	13.3%	20.8%	20.6%	20.2%	33.3%	27.1%

Debt / equity, FY2018 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CARR Dec	-	0.02	1.55	1.37	1.09	1.59	0.85	0.84
LHX Jan	1.16	1.05	0.34	0.37	0.38	0.70	0.63	0.57
PH Jun	0.85	1.19	1.36	0.78	1.29	1.22	0.87	0.68
TT Dec	0.58	0.86	0.94	0.83	0.97	0.80	0.70	0.62
ADP Jun	0.42	0.37	0.17	0.53	0.93	0.85	0.66	1.41
JCI Sep	0.52	0.36	0.45	0.44	0.52	0.53	0.59	0.77
MMM Dec	1.57	2.20	1.46	1.15	1.08	3.34	3.40	2.68
EME Dec	0.17	0.14	0.13	0.12	0.13	0.00	-	-
RSG Dec	1.07	1.08	1.07	1.08	1.23	1.22	1.13	1.15
WM Dec	1.60	1.91	1.85	1.88	2.19	2.35	2.90	2.29
Peer median	0.85	1.05	0.94	0.78	0.97	0.85	0.79	0.96

EPS (diluted), FY2018 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CARR Dec	$3.16	$2.44	$2.25	$1.87	$4.10	$1.58	$6.15	$1.72
LHX Jan	$5.76	$7.86	$5.19	$9.09	$5.49	$6.44	$7.87	$8.53
PH Jun	$7.83	$11.57	$9.26	$13.35	$10.09	$16.04	$21.84	$27.12
TT Dec	$5.35	$5.77	$3.52	$5.87	$7.48	$8.77	$11.24	$12.98
ADP Jun	$4.25	$5.24	$5.70	$6.07	$7.00	$8.21	$9.10	$9.98
JCI Sep	$2.32	$6.49	$0.84	$2.27	$2.19	$2.69	$2.52	$5.03
MMM Dec	$8.89	$7.72	$9.36	$10.12	$10.18	−$12.63	$7.55	$6.00
EME Dec	$4.85	$5.75	$2.40	$7.06	$8.10	$13.31	$21.52	$28.19
RSG Dec	$3.16	$3.33	$3.02	$4.04	$4.69	$5.47	$6.49	$6.85
WM Dec	$4.45	$3.91	$3.52	$4.29	$5.39	$5.66	$6.81	$6.70
Peer median	$4.85	$5.77	$3.52	$6.07	$7.00	$6.44	$7.87	$8.53

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out CARR and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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