26 new in the latest 10-Q
Paragraphs with nothing like them in last year's 10-K
No new paragraphs in Risk Factors, or fewer than two 10-Ks to compare.
Paragraphs in the 10-Q filed Oct 29, 2026 that were not in the one before
26 paragraphs in the 10-Q filed Oct 29, 2026 with nothing like them in the 10-Q filed Jul 28, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
As of October 15, 2026, there were 818,160,206 shares of Common Stock outstanding.
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Financial statements and notes
(In millions) Accumulated Other Comprehensive Income (Loss) Common Stock Treasury Stock Additional Paid-In Capital Retained Earnings Non-Controlling Interest Total Equity
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CARRIER GLOBAL CORPORATION CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) (In millions) Accumulated Other Comprehensive Income (Loss) Common Stock Treasury Stock Additional Paid-In Capital Retained Earnings Non-Controlling Interest Total Equity Balance as of December 31, 2024 $ (2,106) $ 9 $ (3,915) $ 8,610 $ 11,483 $ 314 $ 14,395 Net earnings (loss) — — — — 412 25 437 Other comprehensive income (loss), net of tax 633 — — — — — 633 Shares issued under incentive plans, net — — — (17) — — (17) Stock-based compensation — — — 23 — — 23 Treasury stock repurchase — — (1,273) — — — (1,273) Balance as of March 31, 2025 $ (1,473) $ 9 $ (5,188) $ 8,616 $ 11,895 $ 339 $ 14,198 Net earnings (loss) — — — — 591 42 633 Other comprehensive income (loss), net of tax 1,060 — — — — 3 1,063 Dividends declared on common stock (2) — — — — (192) — (192) Shares issued under incentive plans, net — — — 1 — — 1 Stock-based compensation — — — 21 — — 21 Dividends attributable to non-controlling interest — — — — — (76) (76) Treasury stock repurchase — — (334) — — — (334) Share repurchase with Viessmann — — — (300) — — (300) Balance as of June 30, 2025 $ (413) $ 9 $ (5,522) $ 8,338 $ 12,294 $ 308 $ 15,014 Net earnings (loss) — — — — 428 27 455 Other comprehensive income (loss), net of tax 48 — — — — 1 49 Dividends declared on common stock — — — — (192) — (192) Shares issued under incentive plans, net — — — (3) — — (3) Stock-based compensation — — — 11 — — 11 Dividends attributable to non-controlling interest — — — — — (6) (6) Treasury stock repurchase — — (489) — — — (489) Share repurchase with Viessmann — — (300) 300 — — — Balance as of September 30, 2025 $ (365) $ 9 $ (6,311) $ 8,646 $ 12,530 $ 330 $ 14,839 (2) Cash dividends declared were $0.45 per share for the three months ended June 30, 2025
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During 2024, the Company exited its Fire & Security segment in multiple transactions that represented a single disposal plan to separately divest multiple businesses over different reporting periods. As a result, the components of the Fire & Security segment in aggregate met the criteria to be presented as discontinued operations in the accompanying Unaudited Condensed Consolidated Statement of Operations and Unaudited Condensed Consolidated Statement of Cash Flows. Amounts reported as discontinued operations relate to retained obligations from these business divestitures.
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The Company tested its goodwill for impairment on July 1 as part of its annual assessment. For each test except the Climate Solutions Europe reporting unit, the Company qualitatively assessed all relevant events or circumstances that could impact the estimate of fair value and determined it was more likely than not that the fair value of each reporting unit substantially exceeded its carrying amount. For the remaining test, the Company's Climate Solutions Europe reporting unit, the Company performed a quantitative goodwill impairment test to determine if any impairment existed. Based on the results of the quantitative test, the carrying amount of the Climate Solutions Europe reporting unit exceeded its estimated fair value. As a result, a goodwill impairment charge of $ 3.1 billion was recorded in the third quarter of 2026 and is included in Goodwill impairment on the accompanying Unaudited Condensed Consolidated Statement of Operations.
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Show the other 21
The impairment was primarily driven by a reduction in projected operating results for the Climate Solutions Europe reporting unit, weaker market demand, driven in part by government policies and subsidies, a change in the pace of transition from boilers to heat pumps, an increase in interest rates and other challenging macroeconomic conditions. The resulting reductions in projected revenue and profitability, together with a longer expected recovery period and an increase in the discount rate, adversely affected the estimated fair value of the reporting unit. The Company estimated the fair value of the Climate Solutions Europe reporting unit using a discounted cash flow method under the income approach. Key assumptions used in estimating cash flows included the revenue growth rate, earnings before interest and income taxes margins, discount rate and long-term growth rates, among others, and explicitly addressed factors such as timing, growth and margins with due consideration given to forecasting, market and geographic risk. The determination of the fair value of the Climate Solutions Europe reporting unit requires significant judgment and estimates that are believed to be reasonable under the circumstances. These estimates are subject to uncertainty and changes in assumptions could result in a material change in the estimated fair value of the reporting unit.
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The events and circumstances giving rise to the goodwill impairment also prompted the Company to assess the recoverability of long-lived assets, including identifiable intangible assets, within the Climate Solutions Europe reporting unit. The assessment indicated that the carrying amounts of these assets were recoverable and no impairment charge was recognized.
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(1) During the three and nine months ended September 30, 2026, the Company reported a net loss attributable to common shareholders. As a result, potentially dilutive shares were excluded from the computation of diluted loss per share because their inclusion would have reduced the loss per share.
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On October 9, 2026, the Company moved to dismiss the lawsuits and expects briefing on the motions to extend into 2027.
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The Company has outstanding guarantees associated with certain obligations of Noresco arising from contractual commitments made in connection with the business prior to its divestiture. These guarantees primarily support obligations under energy savings performance contracts and related financing arrangements and generally remain in effect until the underlying obligations are satisfied or otherwise released.
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Further, Noresco and the purchaser have indemnified the Company for amounts payable under these guarantees such that the Company will only be required to make payments pursuant to the guarantees to the extent that each of Noresco and its buyer are each unable to perform. The Company believes the likelihood that it will ultimately be required to make payments is remote based on these indemnification arrangements, the historical performance of the related financing obligations and Noresco’s history of fulfilling its energy savings performance commitments. In addition, no parent guarantee has been called for payment, either before or since the divestiture. Accordingly, no liability has been recorded.
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As of September 30, 2026, the maximum potential amount of future payments under these guarantees was approximately $ 1.0 billion. The exposure under these guarantees reduces as repayment obligations are satisfied and the remaining terms of the underlying energy savings performance commitments expire.
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ASC 350 provides entities with an option to perform a qualitative assessment (commonly referred to as “step zero”) to determine whether a quantitative analysis for impairment is necessary. In performing step zero for our impairment test, we are required to make assumptions and judgments, including but not limited to the following: the evaluation of macroeconomic conditions as related to our business, industry and market trends, and the overall future financial performance of our reporting units and future opportunities in the markets in which they operate. If impairment indicators are present after performing step zero, we would perform a quantitative impairment analysis to estimate fair value.
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For our 2026 goodwill impairment tests, we elected to perform qualitative step zero assessments for all tests, except for our Climate Solutions Europe reporting unit, to determine if the fair values of our reporting units were below carrying value. This constitutes the entire Climate Solutions Europe segment. We considered macroeconomic factors including global economic growth, general macroeconomic trends for the markets in which our reporting units operate and the forecasted growth of the global industrial products industry. In addition to these macroeconomic factors, among other things, we considered the reporting units’ current results and forecasts, changes in the nature of each business, any significant legal, regulatory, contractual, political or other business climate factors, changes in the industry and competitive environment, changes in the composition or carrying value of net assets and any intention to sell or dispose of a reporting unit or a significant portion of a reporting unit. Based upon our qualitative analysis, we determined that our goodwill was not impaired for these reporting units.
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For the remaining goodwill test, we elected to perform a quantitative test to determine if the fair value of our Climate Solutions Europe reporting unit was below carrying value. We utilized a discounted cash flow method under the income approach to estimate the fair value of the reporting unit. Key assumptions used in estimating future cash flows included the revenue growth rate, earnings before interest and income taxes margin, discount rate and long-term growth rate, among others and explicitly addressed factors such as timing, growth and margins with due consideration given to forecasting, market and geographic risk. Based on the results of the quantitative test, the carrying amount of the Climate Solutions Europe reporting unit exceeded its estimated fair value by approximately 23%. As a result, we recognized a goodwill impairment charge of $3.1 billion in the third quarter of 2026.
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The impairment was primarily driven by a reduction in projected operating results for the Climate Solutions Europe reporting unit, weaker market demand, driven in part by government policies and subsidies, a change in the pace of transition from boilers to heat pumps, an increase in interest rates and other challenging macroeconomic conditions. The resulting reductions in projected revenue and profitability, together with a longer expected recovery period and an increase in the discount rate, adversely affected the estimated fair value of the reporting unit. The estimated fair value of the Climate Solutions Europe reporting unit is particularly sensitive to changes in the discount rate and projected operating results. A reasonably possible change in these assumptions could result in a material change in the estimated fair value of the reporting unit and could result in additional goodwill impairment. For example, a 50 basis point increase in the discount rate would decrease the estimated fair value by approximately $630 million, while a 1% decrease in long-term growth rate used to project operating results would decrease the estimated fair value by approximately $750 million.
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Goodwill impairment reflects the charge related to our Climate Solutions Europe reporting unit and was primarily driven by lower projected operating results and an increase in the discount rate used to estimate the reporting unit's fair value.
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September 30, (In millions) 2026 2025 ─────────────────────────────────────────────────────────────────────────────────────────────────────── Reconciliation to Adjusted operating profit Operating profit (loss) $ (2,273) $ 539 Restructuring costs 45 50 Amortization of acquired intangible assets 210 221 Acquisition/divestiture-related costs 2 10 Riello impairment and loss 2 — Goodwill impairment 3,100 — Other 5 3 Adjusted operating profit $ 1,091 $ 823
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Goodwill impairment reflects the charge related to our Climate Solutions Europe reporting unit and was primarily driven by lower projected operating results and an increase in the discount rate used to estimate the reporting unit's fair value.
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On July 1 2026, we completed the sale of Riello for cash proceeds of $438 million, subject to adjustments provided in the stock purchase agreement. Consistent with our capital allocation strategy, the net proceeds will be used to fund investments in organic and inorganic growth initiatives and capital returns to shareowners as well as for general corporate purposes.
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We have committed to a new manufacturing facility in Fort Worth, Texas to support our long-term growth and manufacturing capacity requirements. In October 2026, we entered into a 15.5-year lease for the facility. We also expect to make significant capital investments in the facility over the next several years.
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We expect to fund these investments through cash flows from operations and other available sources of liquidity and capital. We believe our existing cash balances, cash flows from operations and available borrowing capacity will be sufficient to fund the planned investment and our other anticipated liquidity requirements.
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Other information
Disclosures Pursuant to Item 5.02 of Current Report on Form 8-K - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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On October 27, 2026, Neil Barua, a member of the Company’s Board of Directors and its Compensation and Technology and Innovation Committees, stepped down from the Board and the committees on which he served, effective immediately. Mr. Barua’s resignation is not a result of any disagreement on any matter relating to the Company’s operations, policies or practices, but rather is a result of PTC Inc.’s recently announced acquisition by Schneider Electric.
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Effective October 26, 2026, Gaurang Pandya and Edward Dryden have been appointed to lead the Commercial HVAC Americas and Residential & Light Commercial Americas businesses, respectively, within the Company’s existing Climate Solutions Americas reportable segment. David Gitlin, Carrier’s Chairman & Chief Executive Officer, will lead the Climate Solutions Americas segment. Mr. Pandya will also assume responsibility for global product management for commercial HVAC, building management systems and controls, focusing on aligning product strategies to advance global platforming across the organization. Mr. Dryden will also continue to lead the Company’s Climate Solutions Transportation segment until a successor is named.
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The Compensation Committee of the Board of Directors approved one-time equity retention awards with grant date values of $4 million and $3 million for Mr. Pandya and Mr. Dryden, respectively, in recognition of their expanded responsibilities and the importance of their continued leadership to the Company. The retention awards will be granted on November 2, 2026 in the form of restricted stock units (“RSUs”) under the Carrier Global Corporation 2020 Long-Term Incentive Plan. The RSUs will vest in full on the third anniversary of the grant date, subject to each executive’s continued employment through the vesting date.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 29, 2026 against Item 1A of the 10-K filed Feb 5, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
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There have been no material changes in the Company’s risk factors from those disclosed in "Risk Factors" in our 2025 Form 10-K.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.