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The Company recorded net pre-tax restructuring costs for new and ongoing restructuring actions as follows:
Read in the filing ↗ Also in 10-K of Feb 5, 2026
The Company recorded net pre-tax restructuring costs for new and ongoing restructuring initiatives as follows:
Read in the filing ↗ Also in 10-Q of Oct 28, 2025, 10-Q of Apr 30, 2026, 10-Q of Jul 28, 2026, 10-Q of Oct 29, 2026
• cost reduction efforts and restructuring costs and savings and other consequences thereof;
Read in the filing ↗ Also in 10-Q of Jul 29, 2025, 10-Q of Oct 28, 2025, 10-K of Feb 5, 2026, 10-Q of Apr 30, 2026, 10-Q of Jul 28, 2026, 10-Q of Oct 29, 2026
March 31, (In millions) 2026 2025 ─────────────────────────────────────────────────────────────────────────────────────────────────────────── Climate Solutions Americas $ 3 $ 3 Climate Solutions Europe 86 — Climate Solutions Asia Pacific, Middle East & Africa 3 1 Climate Solutions Transportation 2 1 Total Segment 94 5 Corporate and other 14 3 Total restructuring costs (1) $ 108 $ 8 Cost of sales $ 44 $ 2 Selling, general and administrative 64 6 Total restructuring costs (1) $ 108 $ 8
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The following table summarizes changes in the restructuring reserve, included in Accrued liabilities on the accompanying Consolidated Balance Sheet:
Read in the filing ↗ Also in 10-K of Feb 5, 2026, 10-Q of Jul 29, 2025, 10-Q of Oct 28, 2025, 10-Q of Apr 30, 2026, 10-Q of Jul 28, 2026, 10-Q of Oct 29, 2026
Operating profit Organic / Operational 23% Acquisitions and divestitures, net 3% Amortization of acquired intangibles (24)% Restructuring (2)% Other 1% Total % change 1%
Read in the filing ↗
Organic sales represents consolidated net sales (a GAAP measure), excluding the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and other significant items of a nonoperational nature (hereinafter referred to as “other significant items”). Adjusted operating profit represents consolidated operating profit (a GAAP measure), excluding restructuring costs, amortization of acquired intangibles and other significant items. Adjusted operating margin represents adjusted operating profit as a percentage of consolidated net sales (a GAAP measure). Adjusted net income represents net income attributable to common shareowners (a GAAP measure), excluding restructuring costs, amortization of acquired intangibles and other significant items. Adjusted EPS represents diluted earnings per share (a GAAP measure), excluding restructuring costs, amortization of acquired intangibles and other significant items. The adjusted effective tax rate represents the effective tax rate (a GAAP measure), excluding restructuring costs, amortization of acquired intangibles and other significant items. Net debt represents long-term debt (a GAAP measure) less cash and cash equivalents (a GAAP measure).
Read in the filing ↗ Also in 8-K of Jul 29, 2025, 8-K of Oct 28, 2025, 8-K of Apr 25, 2024, 8-K of Jul 25, 2024, 8-K of Oct 24, 2024, 8-K of Feb 6, 2024, 8-K of Feb 5, 2026, 8-K of Apr 30, 2026, 8-K of Jul 28, 2026, 8-K of Oct 29, 2026
• We may not realize expected benefits from our cost reduction and restructuring efforts, and our profitability or our business otherwise might be adversely affected.
Read in the filing ↗ Also in 10-K of Feb 11, 2025, 10-K of Feb 5, 2026, 10-K of Feb 5, 2026
Operating profit Organic / Operational 2% Foreign currency translation (1)% Acquisitions and divestitures, net (4)% Restructuring 3% CCR gain on sale 74% Other (7)% Total % change 67%
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• Free cash flow* of ~$0.7B (includes $1.7B of expected tax payments on the gains from the announced business exits, restructuring, and transaction-related costs): up ~10% excluding these expected items
Read in the filing ↗
Current Guidance Prior Guidance ~$25.5B ~$26B Organic* up MSD Organic* up MSD Sales FX (1%) FX (0%) Acquisitions +16% Acquisitions +18% Divestitures (5%) Divestitures (6%) Adjusted Operating ~15.5% ~15.5% Margin* Adjusted EPS* $2.80 - $2.90 $2.80 - $2.90 ~$0.4B ~$0.4B Includes ~$2B of Includes ~$2B of expected tax payments expected tax payments Free Cash Flow* on the gains from the on the gains from the announced business announced business exits, restructuring, exits, restructuring, and transaction-related and transaction-related costs costs
Read in the filing ↗ Also in 8-K of Apr 25, 2024
… Adjusted EBITDA represents EBITDA, as calculated above, excluding non-service pension benefit, non-controlling interest in subsidiaries’ earnings from operations, restructuring costs and other significant items. Adjusted net earnings (loss) represents net earnings (loss) attributable to common shareowners (a GAAP measure), excluding restructuring costs, amortization of acquired intangibles and other significant items. Adjusted EPS represents diluted earnings per share (a …
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September 30, (In millions) 2025 2024 ───────────────────────────────────────────────────────────────────────────────────────────────────── Reconciliation to Adjusted operating profit Operating profit $ 539 $ 763 Restructuring costs 50 60 Amortization of acquired intangibles 221 175 Acquisition step-up amortization — 31 Acquisition/divestiture-related costs 13 15 Adjusted operating profit $ 823 $ 1,044
Read in the filing ↗ Also in 10-Q of Oct 28, 2025
June 30, (In millions) 2025 2024 ─────────────────────────────────────────────────────────────────────────────────────────────────────── Reconciliation to Adjusted operating profit Operating profit $ 903 $ 724 Restructuring costs 47 29 Amortization of acquired intangibles 214 170 Acquisition step-up amortization — 109 Acquisition/divestiture-related costs 9 24 CCR gain (7) — Adjusted operating profit $ 1,166 $ 1,056
Read in the filing ↗ Also in 10-Q of Jul 29, 2025
The funded status improved primarily due to favorable returns on plan assets. In addition, higher employer contributions related to restructuring activities and increases in discount rates that reduced benefit obligations contributed to the improvement. These factors were partially offset by curtailment losses and unfavorable foreign currency movements.
Read in the filing ↗
Segment operating profit is the measure of profit and loss that the Chief Operating Decision Maker uses to evaluate segment profitability. Segment operating profit represents operating profit (a GAAP measure) adjusted to exclude restructuring costs, amortization of acquired intangible assets and other significant items of a nonoperational nature.
Read in the filing ↗ Also in 8-K of Jul 28, 2026, 8-K of Oct 29, 2026
In addition, the Company has changed the measure used to evaluate segment profitability from Operating profit to Segment operating profit. Segment operating profit represents operating profit (a U.S. GAAP measure) adjusted to exclude restructuring costs, amortization of acquired intangible assets and other significant items of a nonoperational nature.
Read in the filing ↗
As of December 31, 2025, the Company had $ 102 million accrued for costs associated with its announced restructuring initiatives. The balance relates to cost reduction efforts, primarily severance, across each of the Company's segments. The Company expects a majority of the balance to be utilized within 12 months.
Read in the filing ↗ Also in 10-K of Feb 11, 2025
As of June 30, 2025, the Company had $ 76 million accrued for costs associated with its announced restructuring initiatives. The balance relates to cost reduction efforts, primarily severance related across each of the Company's segments. The Company expects a majority of the balance to be utilized within one year.
Read in the filing ↗ Also in 10-Q of Jul 28, 2026
As of September 30, 2025, the Company had $ 82 million accrued for costs associated with its announced restructuring initiatives. The balance relates to cost reduction efforts, primarily severance related across each of the Company's segments. The Company expects a majority of the balance to be utilized within one year.
Read in the filing ↗ Also in 10-Q of Oct 29, 2026
As of March 31, 2026, the Company had $ 159 million accrued for costs associated with its announced restructuring initiatives. The balance relates to cost reduction efforts, primarily severance related across each of the Company's segments. The Company expects a majority of the balance to be utilized within 12 months.
Read in the filing ↗
2024 Guidance** ~$26.5B Organic* up MSD Sales FX 0% Acquisitions +20% Divestitures (5%) Adjusted Operating Margin* 15.0% - 15.5% Adjusted EPS* $2.80 - $2.90 ~$0.7B Free Cash Flow* Includes $1.7B of expected tax payments on the gains from the announced business exits, restructuring, and transaction-related costs
Read in the filing ↗
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
Read in the filing ↗
Year to date, preliminary net cash flows generated from operating activities were $431 million and capital expenditures were $312 million, resulting in preliminary free cash flow of $119 million. This includes cash tax payments of approximately $1 billion on the 2 gains of the business exits and approximately $300 million of transaction and restructuring costs.
Read in the filing ↗
The Company incurs costs associated with restructuring initiatives intended to improve operating performance, profitability and working capital levels. Actions associated with these initiatives may include improving productivity, workforce reductions and the consolidation of facilities. Due to the size, nature and frequency of these discrete plans, they are fundamentally different from the Company’s ongoing productivity initiatives.
Read in the filing ↗ Also in 10-Q of Jul 29, 2025, 10-Q of Oct 28, 2025, 10-K of Feb 5, 2026, 10-Q of Apr 30, 2026, 10-Q of Jul 28, 2026, 10-Q of Oct 29, 2026
Current Guidance** ~$22.5B Organic* up ~3% Sales FX (0%) Acquisitions +18% Divestitures (2%) Adjusted Operating Margin* ~15.5% Adjusted EPS* ~$2.50 ~($0.2B) Includes the expected results of continuing Free Cash Flow* operations and discontinued operations. Includes ~$2.6B of expected tax payments on the gains from the announced business exits, restructuring, and transaction-related costs
Read in the filing ↗
Segment operating profit is the measure of profit and loss that our CODM uses to evaluate the financial performance of the business and as the basis for resource allocation, performance reviews and compensation. It represents operating profit (a GAAP measure) adjusted to exclude restructuring costs, amortization of acquired intangible assets and other significant items of a nonoperational nature.
Read in the filing ↗ Also in 10-Q of Oct 28, 2025, 10-K of Feb 5, 2026, 10-Q of Apr 30, 2026, 10-Q of Jul 28, 2026, 10-Q of Oct 29, 2026
March 31, (In millions) 2026 2025 ─────────────────────────────────────────────────────────────────────────────────────────────────────── Reconciliation to Earnings before income taxes Segment operating profit $ 644 $ 893 Corporate and other (50) (45) Restructuring costs (108) (8) Amortization of acquired intangible assets (213) (201) Acquisition/divestiture-related costs (14) (10) Non-service pension (expense) benefit 1 1 Interest (expense) income, net (90) (82) Earnings before income taxes $ 170 $ 548
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(Unaudited) (In millions) Three Months Ended Reconciliation to Earnings before March 31, income taxes 2026 2025 ────────────────────────────────────────────────────────────────────────────── Segment operating profit $ 644 $ 893 Corporate and other -50 -45 Restructuring costs -108 -8 Amortization of acquired intangible -213 -201 assets Acquisition/divestiture-related -14 -10 costs Non-service pension (expense) 1 1 benefit Interest (expense) income, net -90 -82 Earnings before income taxes $ 170 $ 548
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(Unaudited) Year Ended December 31, (In millions, except per share amounts) 2024 ────────────────────────────────────────────────────────────────────── Discontinued operations, net of tax $ 4,496 Summary of adjustments, net of tax: Divestiture-related costs $ 154 Restructuring 15 Gain on sale of discontinued businesses -5,176 AFFF legal reserve 565 Tax specific adjustments 250 Total adjustments $ -4,192 Adjusted Discontinued operations, net of tax $ 304 Adjusted diluted earnings per share $ 0.34
Read in the filing ↗
In order to operate more efficiently and cost effectively, we have, and we may from time to time, adjust employment levels, optimize our footprint and/or implement other restructuring activities. These activities are complex and may involve or require significant changes to our operations. If we do not successfully manage these activities, expected efficiencies and benefits might be delayed or not realized. Risks associated with these actions and other workforce management issues include: unfavorable political responses and reputational harm; unforeseen delays in the implementation of the restructuring activities; additional costs; adverse effects on employee morale; the failure to meet operational targets due to the loss of employees or work stoppages; and difficulty managing our operations during or after facility consolidations, any of which may impair our ability to achieve anticipated cost reductions, harm our business or reputation, or have a material adverse effect on our competitive position, results of operations, cash flows or financial condition.
Read in the filing ↗ Also in 10-K of Feb 5, 2026
For the six months ended June 30, 2026, Selling, general and administrative expenses were $1.7 billion, an 8% increase compared with the same period of 2025. The increase primarily relates to an increase in costs associated with announced restructuring initiatives. In addition, higher compensation, commission and employee-related costs further impacted our results. These costs were partially offset by lower consulting and other managed expenses.
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For the Year Ended December 31, (In millions) 2025 2024 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Reconciliation to Adjusted operating profit Operating profit $ 2,172 $ 2,646 Restructuring costs 178 108 Amortization of acquired intangibles 856 689 Acquisition step-up amortization — 282 Acquisition/divestiture-related costs 55 95 Viessmann-related hedges — 86 CCR gain (7) (318) VCS pre-acquisition product replacement cost 38 — Gain on liability adjustment — (46) Adjusted operating profit $ 3,292 $ 3,542
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(In millions) (Unaudited) Reconciliation to Three Months Ended March Earnings before income 31, taxes 2025 2024 ────────────────────────────────────────────────────────────────────────────── Segment operating profit $ 893 $ 813 Corporate and other -50 -49 Restructuring costs -8 -8 Amortization of acquired -201 -172 intangibles Acquisition on step-up — -111 amortization Acquisition/divestiture-… -5 -48 costs Viessmann-related hedges — -86 Gain on liability — 46 adjustment Non-service pension 1 — (expense) benefit Interest (expense) -82 -141 income, net Earnings before income $ 548 $ 244 taxes
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Gross margin decreased by $242 million compared with the six months ended June 30, 2025, primarily due to higher input costs, including the impact of tariffs, and unfavorable business mix. In addition, an increase in costs associated with announced restructuring initiatives further impacted our results. These amounts were partially offset by higher volumes in certain end-markets and our continued focus on productivity initiatives. As a result, gross margin as a percentage of Net sales decreased by 300 basis points compared with the same period of 2025.
Read in the filing ↗
For the three months ended March 31, 2026, Selling, general and administrative expenses were $861 million, an 18% increase compared with the same period of 2025. The increase primarily relates to an increase in costs associated with announced restructuring initiatives. In addition, higher compensation, commission and employee-related costs further impacted our results. These costs were partially offset by lower consulting and other managed expenses. The current period also included $14 million of acquisition and divestiture-related costs compared with $6 million during the three months ended March 31, 2025.
Read in the filing ↗
Gross margin decreased by $201 million compared with the three months ended March 31, 2025, primarily due to lower volumes in certain end-markets within each of our segments. The associated under-absorption, in addition to an increase in costs associated with announced restructuring initiatives, further impacted our results. These amounts were partially offset by higher volumes in certain end-markets, pricing improvements and our continued focus on productivity initiatives. As a result, gross margin as a percentage of Net sales decreased by 440 basis points compared with the same period of 2025.
Read in the filing ↗
As a result of Carrier's portfolio transformation, Carrier revised its reportable segments during the first quarter of 2025 to better reflect its business strategy, align its management reporting and increase transparency for investors. In connection with the revised structure, the Chief Operating Decision Maker changed the measure used to evaluate segment profitability from Operating profit to Segment operating profit. It represents operating profit (a GAAP measure) adjusted to exclude restructuring costs, amortization of acquired intangible assets and other significant items of a nonoperational nature. All prior period comparative information has been recast to reflect the revised segment structure.
Read in the filing ↗ Also in 8-K of Jul 29, 2025, 8-K of Oct 28, 2025
We report our financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). In addition, we supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial information. Adjusted operating profit is a non-GAAP measure and defined as consolidated operating profit (a GAAP measure), excluding restructuring costs, amortization of acquired intangibles and other significant items of a nonoperational nature. This measure is useful to investors because it is how management assesses the operating performance of the business. A reconciliation of the amounts prepared in accordance with GAAP to the corresponding non-GAAP measure appears below and provides additional information as to the items and amounts that have been excluded from the adjusted measure.
Read in the filing ↗ Also in 10-Q of Jul 29, 2025, 10-Q of Oct 28, 2025, 10-Q of Oct 28, 2025, 10-K of Feb 5, 2026, 10-Q of Apr 30, 2026, 10-Q of Jul 28, 2026, 10-Q of Jul 28, 2026
Segment operating profit is the measure of profit and loss that the Company’s CODM, the Chief Executive Officer (“CEO”), uses to evaluate the financial performance of the business and as the basis for resource allocation, performance reviews and compensation. It represents operating profit (a GAAP measure) adjusted to exclude restructuring costs, amortization of acquired intangible assets and other significant items of a nonoperational nature. Targets are established on an annual basis and used by the CODM throughout the year to compare with actual results. Quarterly forecasts supplement annual targets and provide incremental information utilized to assess the performance of a segment. Variance analysis further provides insight into segment end-markets and operational cost optimization. These results also support the CODM to manage the Company’s business portfolio.
Read in the filing ↗ Also in 10-Q of Oct 28, 2025