CARRIER GLOBAL CorpCARR

CARRIER GLOBAL Corp Financial Overview 2021–2025

Updated Jul 10, 2026

Carrier generated a staggering $9.9 billion in cash proceeds from divestitures in FY2024, triggering a 315% surge in net earnings to $5.6 billion. This targeted capital injection highlights a dramatic portfolio transformation. The company is actively stripping away its legacy fire, security, and commercial refrigeration units to rebuild itself entirely as a pure-play climate and energy solutions provider.

Total revenue expanded from $20.6 billion in FY2021 to $21.7 billion in FY2025, though this top-line trajectory obscures massive structural changes. Growth was heavily driven by the $14.2 billion acquisition of Viessmann Climate Solutions, which fueled a 19% revenue spike in FY2024 before volume reductions and distributor destocking caused a 3% sales contraction in FY2025. Management has aggressively directed its divestiture windfall toward shareholder returns and balance sheet optimization, executing a $5 billion increase to its share repurchase program in late FY2025 while simultaneously prioritizing debt repayment. At the close of FY2025, the market valued this streamlined operating model at a $44.2 billion market cap, with shares priced at $52.84 and trading at a 30.7x P/E ratio.

Recent Developments (Q4 2025 and Q1 2026)

Following an FY2025 where adjusted operating profit slipped to $3.3 billion, Carrier experienced severe profitability headwinds in Q1 2026. Net earnings plunged 39% year-over-year to $238 million despite a 2% uptick in net sales to $5.34 billion. Operating profit collapsed 59% to $259 million, severely impacted by lower volumes across key end-markets and a 21% surge in operating expenses. This margin deterioration triggered immediate management action, resulting in $108 million of restructuring charges during the quarter. Concurrently, the company advanced its portfolio overhaul by securing an agreement to sell its Riello business for $430 million, expected to close in the first half of 2026.

Bulls will highlight the 10% top-line expansion in the Climate Solutions Transportation segment and ongoing strategic streamlining efforts. Bears will point to the deteriorating gross margin, which contracted by 440 basis points to 23.3% in Q1 2026, questioning the stock's premium valuation at 39.1x earnings as of April 30, 2026.

What to watch: margin recovery resulting from recent restructuring initiatives; the successful closure of the Riello divestiture.

Rev

$21.75B

-3.3% YoY

FY2025

NI

$1.48B

-73.5% YoY

FY2025

EPS

$1.74

-72.1% YoY

FY2025

OCF

$2.51B

+346.4% YoY

FY2025

Revenue Trend
Beta

Year-over-year comparison from 10-K annual reports

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Data from SEC Company Facts

All CARR Financial Metrics(58)

Recent SEC Filings

CARRIER GLOBAL Corp 8-K Report, Financial Results (Jul 28, 2026)

Carrier Global Corporation (CARR) announced its second quarter 2026 results on July 28, 2026, via a press release furnished as an exhibit to this 8-K filing. While the filing itself is brief and primarily serves to disclose the press release, the contained financial results are the key information for investors. Investors should refer to the furnished press release (Exhibit 99) for detailed performance metrics, including revenue, profitability, and any forward-looking guidance provided by the company. This 8-K acts as the official notification of the earnings release date and the availability of the accompanying financial details.

CARRIER GLOBAL Corp 8-K Report, Executive Changes (Jul 24, 2026)

Carrier Global Corporation (CARR) announced a significant change to its Board of Directors with the appointment of Neil Barua as an independent director, effective July 24, 2026. Mr. Barua's appointment will extend through the 2027 Annual Meeting of Shareowners. His addition to the Board is strategic, as he has also been appointed to key committees: the Compensation Committee and the Technology & Innovation Committee. These committee assignments suggest a focus on executive compensation oversight and the company's forward-looking innovation strategies. Investors should note that Mr. Barua's appointment was not part of any pre-existing arrangement with third parties, and he has no reportable related-party transactions as defined by Regulation S-K. His compensation will align with the company's standard practices for non-employee directors. This move signals a potential strengthening of board oversight in critical areas of corporate governance and strategic development.

CARRIER GLOBAL Corp 8-K Report, Financial Results (Apr 30, 2026)

Carrier Global Corporation (CARR) filed an 8-K on April 30, 2026, to report its first quarter 2026 financial results. This filing primarily serves to furnish the press release announcing these results. Investors should note that the press release itself is furnished and not deemed filed, meaning it does not carry the same regulatory implications as a fully filed document. The core information regarding the company's performance for the first quarter of 2026 is contained within this press release. While the 8-K itself is brief and does not contain detailed financial tables, it directs investors to the accompanying press release (Exhibit 99) for the specifics of their financial condition and operational results. Therefore, a thorough understanding of Carrier's Q1 2026 performance requires reviewing the content of that furnished press release for key metrics such as revenue, profitability, segment performance, and any forward-looking guidance provided by management.

CARRIER GLOBAL Corp 8-K Report, Shareholder Vote Results (Apr 16, 2026)

Carrier Global Corporation (CARR) filed an 8-K on April 16, 2026, reporting the final voting results from its 2026 Annual Meeting of Shareowners held on April 15, 2026. The key takeaway for investors is the overwhelming approval of all proposals presented, indicating strong shareowner confidence in the company's board and executive compensation practices. The meeting saw a substantial quorum, with a high percentage of outstanding shares represented, reinforcing the significance of the voting outcomes. Specifically, all director nominees were elected with significant majority support, and shareowners approved, on an advisory basis, the compensation of the named executive officers. Furthermore, the appointment of PricewaterhouseCoopers LLP as the company's independent auditor for 2026 was also overwhelmingly ratified. These results suggest a stable governance structure and alignment between management and its shareowners.

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.

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