CARRIER GLOBAL CorpCARR
CARRIER GLOBAL Corp Financial Overview 2021–2025
Carrier Global Corporation executed a massive portfolio transformation, unlocking over $9.9 billion in cash proceeds from divestitures in FY2024 alone. This aggressive capital reallocation reveals a management team willing to tolerate near-term volume fluctuations to build a structurally higher-margin, pure-play climate and energy solutions powerhouse.
Through this multi-year overhaul, Carrier’s revenue grew from $20.6 billion in FY2021 to $21.7 billion in FY2025, a trajectory heavily shaped by sweeping asset swaps. The company shed legacy operations like its Fire & Security and Commercial Refrigeration units while absorbing the $14.2 billion Viessmann Climate Solutions acquisition. By stripping out non-core divisions, underlying profitability dynamics are beginning to surface. In Q2 2025, gross margins expanded to 28.9% as prior acquisition-related costs fully amortized and pricing actions took hold across the core HVAC segments.
Management has aggressively redirected its cash flow toward shareholder returns, executing $2.4 billion in stock repurchases during the first nine months of FY2025 and authorizing a massive $5 billion addition to its buyback program. At the close of FY2025, investors awarded this focused operational footprint a $44.2 billion market cap, pricing the stock at $52.84 and valuing the streamlined enterprise at a 30.7x earnings multiple.
Recent Developments (Q3 and Q4 2025)
Carrier faced severe end-market demand headwinds and distributor destocking through the back half of the year. In Q3 2025, net sales dropped 7% to $5.6 billion, driving a steep 29% decline in operating profit to $539 million. Gross margins concurrently compressed to 26.0%. This operational weakness constrained full-year FY2025 adjusted operating profit to $3.3 billion, down from $3.5 billion previously. Despite top-line pressures, Carrier continued optimizing its footprint by announcing the pending sale of its Riello business, and recently appointed Beril Yildiz as Chief Accounting Officer in September 2025.
Bulls applaud the continued offloading of non-core assets to fund strategic digital and energy management investments. Bears warn that persistent volume reductions across key global segments are deteriorating operational efficiency. Given the recent profit contraction, shares appear richly valued at 36.7x earnings as of February 4, 2026.
What to watch: the successful closing of the Riello divestiture in early 2026; end-market volume recovery across the Americas and Asia Pacific regions.
Rev
$21.75B
FY2025
NI
$1.48B
FY2025
EPS
$1.74
FY2025
OCF
$2.51B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
CARRIER GLOBAL Corp 8-K Report, Financial Results (Feb 5, 2026)
Carrier Global Corporation (CARR) has filed an 8-K report on February 5, 2026, to announce its fourth quarter 2025 financial results. The company has provided a press release detailing these results, which is furnished as an exhibit to this filing. Investors should note that this press release, while containing important financial information, is furnished and not deemed 'filed' for the purposes of certain sections of the Securities Exchange Act of 1934. This means it doesn't automatically trigger liabilities under Section 18 or get incorporated by reference into other SEC filings unless specifically stated by the company. Therefore, investors should review the press release directly for details on the company's performance in the fourth quarter of 2025.
CARRIER GLOBAL Corp 8-K Report, Financial Results (Oct 28, 2025)
Carrier Global Corporation (CARR) has announced its third quarter 2025 financial results via a press release. While the specific financial figures are not detailed within this 8-K filing itself, the release (furnished as Exhibit 99.1) is the primary source of this information for investors. Additionally, the Company's Board of Directors has approved a significant increase to its stock repurchase program, authorizing an additional $5 billion, bringing the total available for repurchases to approximately $5.8 billion. This substantial buyback authorization underscores management's confidence and its commitment to returning capital to shareholders.
CARRIER GLOBAL Corp 8-K Report, Executive Changes (Sep 4, 2025)
Carrier Global Corporation (CARR) announced a key leadership change within its financial reporting team through an 8-K filing on September 4, 2025. Ms. Beril Yildiz has been appointed as the new Vice President, Controller, and Chief Accounting Officer, effective September 22, 2025. This appointment brings extensive accounting and financial leadership experience from previous roles at major public companies including International Flavors & Fragrances Inc. and Revlon Inc. Ms. Yildiz's compensation package includes a base salary of $500,000, a target annual bonus of 60% of her base salary, and an annual long-term incentive target of $470,000. Additionally, she will receive significant sign-on awards totaling $1,550,000 in the form of restricted stock units, stock appreciation rights, and cash, reflecting the company's investment in attracting experienced financial leadership. This move signals a focus on strengthening the company's accounting and financial control functions.
CARRIER GLOBAL Corp 8-K Report, Financial Results (Jul 29, 2025)
Carrier Global Corporation (CARR) has filed an 8-K to report its second quarter 2025 financial results. The company issued a press release on July 29, 2025, detailing these results. While the 8-K itself primarily serves as a notification of this release and does not contain the detailed financial statements, it directs investors to the furnished press release (Exhibit 99) for the comprehensive operational and financial performance data for the quarter ended July 28, 2025. Investors should refer to the press release attached as Exhibit 99 for specific financial metrics, including revenue, profitability, segment performance, and any forward-looking guidance provided by the company. This filing indicates that the company has met its reporting obligations for its quarterly results, with the detailed information available in the accompanying press release.
CARRIER GLOBAL Corp 8-K Report, Corporate Update (Jul 29, 2025)
Carrier Global Corporation (CARR) has filed a Current Report on Form 8-K to recast certain previously reported financial information. This recasting pertains specifically to the presentation of its reportable segments, aligning them with revised segment reporting implemented in the first quarter of 2025. The changes are intended to better reflect the Company's strategic business shifts, enhance management reporting, and improve investor transparency regarding its portfolio transformation. Importantly, this filing is not a restatement or correction of previously issued financial statements. Instead, it is a necessary step to conform prior period financial data, specifically for the three years ending December 31, 2024, to the new segment structure. This is being done in anticipation of upcoming registration statements and to comply with SEC rules that require prior period financial statements to be recast when such significant accounting policy or segment reporting changes occur and are included in new filings. Investors should refer to the 2024 Form 10-K for the original audited financials and the 2025 Form 10-Qs for subsequent developments.
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