Carrier Global Corp. (CARR) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.82	$0.86	+4.9%	—	$6.4B	—
Q1 26	$0.51	$0.57	+11.8%	—	$5.3B	—
Q4 25	$0.36	$0.34	-5.6%	—	$4.8B	—
Q2 25	$0.9	$0.92	+2.2%	—	$6.1B	—
Q1 25	$0.58	$0.65	+12.1%	—	$5.2B	—
Q4 24	$0.48	$0.54	+12.5%	—	$5.1B	—
Q3 24	$0.79	$0.77	-2.5%	—	$6B	—
Q2 24	$0.85	$0.87	+2.4%	—	$6.7B	—
Q1 24	$0.5	$0.62	+24.0%	—	$6.2B	—
Q4 23	$0.51	$0.53	+3.9%	—	$5.1B	—
Q3 23	$0.79	$0.89	+12.7%	—	$4.9B	—
Q2 23	$0.77	$0.79	+2.6%	—	$6B	—
Q1 23	$0.48	$0.52	+8.3%	—	$5.3B	—
Q4 22	$0.4	$0.4	0.0%	—	$5.1B	—
Q3 22	$0.65	$0.7	+7.7%	—	$5.5B	—
Q2 22	$0.62	$0.69	+11.3%	—	$5.2B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.74	—	—	$21.7B	—
FY24	—	$6.24	—	—	$22.5B	—
FY23	—	$1.61	—	—	$22.1B	—
FY22	—	$4.19	—	—	$20.4B	—

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$17.8B	$18.9B	$18.6B	$17.5B	$20.6B	$20.4B	$22.1B	$22.5B	$21.7B
YoY change	—	+6.17%	-1.62%	-6.19%	+18.1%	-0.93%	+8.21%	+1.76%	-3.29%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	17.8B	18.9B	18.6B	17.5B	20.6B	20.4B	22.1B	22.5B	21.7B
Cost of revenue	12.6B	13.3B	13.2B	12.3B	14.6B	15B	15.7B	16.5B	16.1B
Gross profit	5.2B	5.6B	5.4B	5.1B	6B	5.5B	6.4B	6B	5.6B
Gross margin	29.1%	29.4%	29.1%	29.3%	29%	26.8%	28.9%	26.6%	25.9%
Research & development	364M	400M	401M	419M	503M	539M	617M	686M	625M
Selling, general & administrative	2.6B	2.7B	2.8B	2.8B	3.1B	2.5B	3.3B	3.2B	3.1B
Operating expenses	2.9B	3.1B	3.2B	3.2B	3.6B	3.1B	3.9B	3.9B	3.7B
Operating income	2.2B	2.5B	2.3B	1.9B	2.4B	2.4B	2.5B	2.1B	1.9B
Operating margin	12.6%	13.1%	12.1%	10.7%	11.4%	11.8%	11.2%	9.33%	8.77%
Non-operating income, net	932M	1.3B	388M	1.3B	349M	2.1B	-174M	547M	255M
Pretax income	3.1B	3.8B	2.7B	2.9B	2.4B	4.3B	2.1B	2.3B	1.8B
Income tax	1.8B	1.1B	517M	849M	699M	708M	644M	1.1B	240M
Net income	1.3B	2.8B	2.2B	2B	1.7B	3.6B	1.4B	5.7B	1.6B
Net margin	7.11%	14.6%	11.6%	11.5%	8.25%	17.6%	6.52%	25.4%	7.3%
EBITDA	3.3B	3.5B	2.7B	2.4B	2.7B	3.2B	3.4B	3.8B	3.5B
EPS	1.42	3.16	2.44	2.29	1.92	4.19	1.61	6.24	1.74
Diluted EPS	1.41	3.13	2.44	2.25	1.87	4.1	1.58	6.15	1.72

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	4.9B	5.1B	6.2B	6.7B	6B	5.1B	5.2B	6.1B	5.6B	4.8B	5.3B	6.4B
Cost of revenue	3.4B	3.7B	4.5B	4.8B	4.3B	3.8B	3.8B	4.3B	4.1B	3.9B	4.1B	4.6B
Gross profit	1.5B	1.4B	1.7B	1.9B	1.7B	1.3B	1.4B	1.8B	1.4B	961M	1.2B	1.7B
Gross margin	30.1%	28.1%	27.6%	28.1%	28%	26.1%	27.7%	28.9%	26%	19.9%	23.3%	27.2%
Research & development	126M	170M	224M	187M	172M	162M	153M	161M	151M	160M	143M	148M
Selling, general & administrative	664M	961M	985M	975M	799M	803M	729M	813M	803M	747M	861M	810M
Operating expenses	790M	1.1B	1.2B	1.2B	971M	965M	882M	974M	954M	907M	1B	958M
Operating income	696M	303M	496M	716M	706M	379M	563M	795M	495M	54M	240M	770M
Operating margin	14.1%	5.94%	8.02%	10.7%	11.8%	7.36%	10.8%	13%	8.87%	1.12%	4.49%	12.1%
Non-operating income, net	-186M	303M	4M	3B	56M	395M	67M	108M	35M	45M	20M	56M
Pretax income	471M	559M	335M	3.5B	770M	693M	548M	812M	433M	5M	170M	721M
Income tax	177M	120M	46M	1.2B	172M	723M	111M	162M	-1M	-32M	-96M	180M
Net income	381M	439M	289M	2.4B	481M	2.6B	437M	633M	455M	62M	265M	541M
Net margin	7.72%	8.6%	4.67%	35.4%	8.04%	49.9%	8.37%	10.4%	8.16%	1.28%	4.96%	8.52%
EBITDA	639M	805M	829M	4B	1.2B	1.1B	963M	1.2B	874M	449M	596M	1.2B
EPS	0.43	0.5	0.3	2.59	0.5	2.87	0.47	0.69	0.5	0.06	0.29	0.61
Diluted EPS	0.42	0.49	0.29	2.55	0.49	2.82	0.47	0.68	0.5	0.06	0.28	0.6

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	32.7B	47.1B	34.8B	48.1B	61.3B	45B	46.4B
Enterprise value	—	—	—	40.4B	54.3B	40.6B	52.8B	70.1B	55.7B	57.8B
Shares outstanding	866.2M	866.2M	866.2M	866.5M	867.7M	843.4M	837.3M	898.2M	852.4M	852.4M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	16.3	27.7	9.71	33.4	10.7	28.4	39.8
P/S	—	—	—	1.87	2.28	1.7	2.18	2.73	2.07	2.09
P/B	—	—	—	4.97	6.63	4.31	5.34	4.26	3.19	3.5
EV/EBITDA	—	—	—	16.6	20.1	12.8	15.6	18.4	15.8	18.7
EV/Sales	—	—	—	2.32	2.63	1.99	2.39	3.12	2.56	2.62
Earnings yield	—	—	—	6.14%	3.61%	10.3%	2.99%	9.31%	3.52%	2.51%
FCF yield	—	—	—	4.22%	4.02%	4%	4.44%	0.07%	4.71%	1.86%
PEG	—	—	—	—	—	—	—	—	—	-3.43

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	29.1%	29.4%	29.1%	29.3%	29%	26.8%	28.9%	26.6%	25.9%	27.2%
Operating margin	12.6%	13.1%	12.1%	10.7%	11.4%	11.8%	11.2%	9.33%	8.77%	13.1%
Net margin	7.11%	14.6%	11.6%	11.5%	8.25%	17.6%	6.52%	25.4%	7.3%	5.52%
ROE	—	19.4%	14.9%	30.5%	24%	44.4%	16%	39.7%	11.2%	8.97%
ROA	—	12.7%	9.62%	7.99%	6.5%	13.7%	4.39%	15.3%	4.27%	2.98%
ROIC	—	13.6%	12.4%	9.17%	11.7%	14.5%	12.5%	4.83%	6.66%	6.11%
Return on tangible assets	—	-711.8%	456.6%	73.2%	26.3%	103.9%	9.74%	-122.4%	-24.6%	-28.3%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	1.37	1.33	1.67	1.72	1.64	2.73	1.25	1.2	1.02
Quick ratio	—	1.06	1.04	1.35	1.42	1.2	2.4	0.96	0.85	0.72
Debt / equity	—	0	0.08	1.65	1.44	1.16	1.63	0.88	0.87	0.92
Debt / assets	—	0	0.05	0.43	0.39	0.36	0.45	0.34	0.33	0.33
Net debt / EBITDA	—	-0.32	0.08	3.18	2.68	1.85	1.38	2.3	3.04	3.59
Interest coverage	14.9	46.7	30.1	10.6	7.39	15.2	6.76	4.92	4.93	3.84
Effective tax rate	58.5%	27.9%	19.3%	29.7%	29.1%	16.5%	30.9%	46.7%	13.3%	3.84%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	20.6	21.8	21.5	20.1	23.8	24.2	26.4	25	25.5	26.4
EPS (basic)	1.42	3.16	2.44	2.29	1.92	4.19	1.61	6.24	1.74	1.74
EPS (diluted)	1.41	3.13	2.44	2.25	1.87	4.1	1.58	6.15	1.72	1.4
Book value per share	—	16.5	16.7	7.59	8.18	9.58	10.8	16	16.6	15.9
FCF per share	2.05	2.07	2.1	1.59	2.18	1.65	2.55	0.05	2.49	2.3
Cash per share	—	1.3	1.1	3.59	3.44	4.17	12	4.42	1.82	1.63
Capex per share	—	—	—	—	—	—	—	—	0.46	0.55

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	1.8%	2.08%
Capex / operating cash flow	—	—	—	—	—	—	—	—	15.6%	19.2%
Payout ratio	—	0%	0%	6.88%	24.5%	14.2%	43.1%	11.7%	48.6%	66.4%
Dividend yield	—	—	—	0.42%	0.89%	1.46%	1.29%	1.09%	1.71%	1.72%

Yield

1.72%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.24

ex-dividend Jul 21, 2026

Payout ratio

66%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 21, 2026	$0.24
May 4, 2026	$0.24
Jan 20, 2026	$0.24
Oct 29, 2025	$0.225
Jul 21, 2025	$0.225
May 2, 2025	$0.225
Dec 20, 2024	$0.225
Oct 25, 2024	$0.19

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$4.9B	$5.1B	$6.2B	$6.7B	$6B	$5.1B	$5.2B	$6.1B	$5.6B	$4.8B	$5.3B	$6.4B
YoY change	-9.47%	-0.06%	+17.2%	+11.6%	+21.3%	+0.9%	-15.6%	-8.61%	-6.77%	-6.04%	+2.36%	+3.89%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.1B	952M	3.1B	3B	3.5B	10B	4B	1.6B
Receivables	2.5B	2.4B	2.8B	2.4B	2.8B	2.5B	2.7B	2.6B
Inventory	1.4B	1.3B	1.6B	2B	2.6B	2.2B	2.3B	2.5B
Total current assets	6.1B	6B	8.5B	11.4B	9.9B	18.8B	9.9B	8.5B
Property, plant & equipment	691M	1.5B	1.4B	1.4B	1.6B	1.7B	2.2B	2.2B
Goodwill & intangibles	22.1B	21.9B	22.4B	19.7B	22.6B	18B	42.1B	43.7B
Total assets	21.7B	22.4B	25.1B	26.2B	26.1B	32.8B	37.4B	37.2B
Accounts payable	1.9B	1.7B	1.9B	2.3B	2.8B	2.7B	2.5B	2.7B
Short-term debt	—	400M	191M	183M	140M	51M	1.3B	468M
Total current liabilities	4.5B	4.5B	5.1B	6.6B	6B	6.9B	7.9B	7.1B
Long-term debt	0	764M	10.7B	10B	9.2B	14.6B	11.5B	11.8B
Total liabilities	7.5B	8B	18.5B	19.1B	18B	23.8B	23B	23.1B
Shareholders' equity	14.3B	14.4B	6.6B	7.1B	8.1B	9B	14.4B	14.1B
Total debt	0	1.2B	10.9B	10.2B	9.4B	14.7B	12.7B	12.3B
Net debt	-1.1B	212M	7.8B	7.2B	5.9B	4.7B	8.7B	10.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	1.4B	1.6B	1.4B	1.3B
Receivables	—	—	—	—	—	—	—	—	3.1B	2.6B	3.1B	3.2B
Inventory	—	—	—	—	—	—	—	—	3B	2.5B	2.6B	2.8B
Total current assets	—	—	—	—	—	—	—	—	8.8B	8.5B	9B	9.4B
Property, plant & equipment	—	—	—	—	—	—	—	—	3.8B	2.2B	3.7B	3.7B
Goodwill & intangibles	—	—	—	—	—	—	—	—	44.5B	43.7B	42.6B	42B
Total assets	—	—	—	—	—	—	—	—	38.1B	37.2B	37.2B	37.4B
Accounts payable	2.9B	2.5B	3.1B	3.2B	2.8B	2.5B	3B	3.2B	3B	2.7B	3B	3.2B
Short-term debt	—	—	—	—	—	—	—	—	580M	468M	1.7B	1.6B
Total current liabilities	—	—	—	—	—	—	—	—	7.7B	7.1B	8.6B	9.2B
Long-term debt	—	—	—	—	—	—	—	—	11.8B	11.8B	10.8B	10.8B
Total liabilities	—	—	28.9B	26.3B	25.2B	23B	22.2B	23.5B	23.2B	23.1B	23.4B	23.9B
Shareholders' equity	—	—	—	—	—	—	—	—	14.8B	14.1B	13.8B	13.5B
Total debt	—	—	—	—	—	—	—	—	12.3B	12.3B	12.6B	12.4B
Net debt	—	—	—	—	—	—	—	—	10.9B	10.7B	11.2B	11.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.3B	2.8B	2.2B	2B	1.7B	3.6B	1.4B	1.2B	1.6B
Depreciation & amortization	372M	357M	335M	336M	338M	380M	542M	1.2B	1.3B
Stock-based compensation	34M	44M	52M	77M	92M	77M	81M	86M	74M
Change in working capital	36M	-412M	-64M	-151M	-512M	-397M	139M	252M	-179M
Operating cash flow	2.4B	2.8B	2.3B	2.5B	1.5B	3.6B	1.9B	2.1B	2.5B
Capital expenditure	—	—	—	—	—	—	—	—	-392M
Investing cash flow	597M	678M	-16M	1.4B	-348M	2.1B	-191M	-10.5B	-343M
Dividends paid	—	0	0	-138M	-417M	-509M	-620M	-670M	-772M
Share repurchases	—	—	0	0	-527M	-1.4B	-62M	-1.9B	-2.9B
Financing cash flow	-2.2B	-2.6B	-2B	-681M	-1.6B	-2.9B	4.6B	-4.6B	-4.7B
Net change in cash	804M	894M	331M	3.3B	-416M	2.8B	6.4B	-13B	-2.5B
Free cash flow	1.8B	1.8B	1.8B	1.4B	1.9B	1.4B	2.1B	44M	2.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	422M	439M	289M	2.5B	598M	-30M	437M	650M	434M	37M	266M	540M
Depreciation & amortization	95M	135M	314M	317M	312M	318M	303M	317M	325M	329M	315M	314M
Stock-based compensation	15M	18M	22M	29M	25M	21M	23M	21M	11M	19M	21M	12M
Change in working capital	202M	523M	-380M	-87M	166M	311M	-663M	-451M	96M	839M	-647M	-339M
Operating cash flow	654M	1B	259M	2.5B	991M	366M	-21M	453M	341M	1B	79M	927M
Capital expenditure	—	—	—	—	—	—	—	—	-117M	-131M	-94M	-117M
Investing cash flow	85M	4M	-11B	4.9B	-92M	523M	-3M	-53M	-119M	-111M	-100M	-141M
Dividends paid	-156M	-155M	-159M	-171M	-184M	-156M	-198M	-192M	-193M	-189M	-201M	-199M
Share repurchases	0	0	0	0	-431M	-1.5B	-1.3B	-340M	-785M	-479M	-306M	-439M
Financing cash flow	-167M	5.3B	2.4B	-3.8B	-1.5B	-1.7B	-2.7B	-547M	-591M	-787M	-141M	-760M
Net change in cash	572M	6.3B	-8.3B	3.6B	-649M	-783M	-2.8B	-147M	-369M	142M	-162M	26M
Free cash flow	968M	829M	-64M	547M	-361M	-85M	420M	568M	224M	909M	-15M	810M

Carrier Global Corp. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement