FirmAtlas
Company handbook · CARR · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
CARR · CIK 1783180 · LATEST FILING: 10-Q JUN '26 · FILED JUL 28, 2026
CARRIER GLOBAL CORPORATION
$55.00
+0.04 (+0.07%)
Close, Oct 16, 2026 · 52-week $50–77
Last fiscal year
CARRIER GLOBAL CORPORATION reported revenue of $21.7B for the year ended Dec 31, 2025 (FY25), down 3.3% from FY24. Net income was $1.5B, operating cash flow $2.5B and free cash flow $2.1B. Source: 10-K filed Feb 5, 2026.
Market cap
$46.0B
P/E
35.1
EV/EBITDA
16.2x
P/B
3.3
Div yield
1.72%
ROIC
8.1%
Revenue 1Y
−3.3%/yr
EPS 1Y
−72.0%/yr
Shares 1Y
−5%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEODavid Gitlin
HQPalm Beach Gardens, FL
AuditorPricewaterhouseCoopers LLP
Employees47,000
Year endsDecember
Revenue by segment · FY25
Climate Solutions Americas48%
Climate Solutions Europe23%
Climate Solutions Asia Pacific Middle East And Africa15%
Refrigeration13%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
—
0.6%
1.1%
−3.1%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$18.2B deployed
Capex
$911M
5.0%
Acquisitions
$11.0B
60.5%
Dividends
$1.4B
7.9%
Buybacks
$4.8B
26.6%
Operating cash flow over the period: $3.1B. Total debt changed by −$805M. R&D of $1.3B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Mar '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
22,486
21,747−3.3%
21,870
YoY
−3.3%
Gross profit
5,981
—
—
Gross margin
26.6%
—
—
Operating income
2,646
2,172−17.9%
1,802
Operating margin
11.8%
10.0%−1.8 pp
—
EBITDA
3,878
3,446−11.1%
—
EBITDA margin
17.2%
15.8%−1.4 pp
—
Interest expense
580
458−21.0%
—
Interest coverage
6.69x
7.52x+0.84x
—
Net income
5,604
1,484−73.5%
1,310
YoY
−73.5%
Net margin
24.9%
6.8%−18.1 pp
—
EPS (diluted, $)
6.15
1.72−72.0%
1.52
YoY
−72.0%
Balance sheet
Total assets
37,403
37,190−0.6%
37,186
Cash & short-term investments
3,972
1,557−60.8%
—
Accounts receivable
2,651
2,639−0.5%
—
Inventory
2,299
2,483+8.0%
—
Net PP&E
2,999
3,165+5.5%
—
Other assets
25,482
27,346+7.3%
—
Total liabilities
23,008
23,062+0.2%
23,385
Accounts payable
2,458
2,702+9.9%
—
Total debt
12,278
11,473−6.6%
11,427
Other liabilities
8,272
8,887+7.4%
—
Shareholders’ equity
14,395
14,128−1.9%
13,801
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
563
2,513+346.4%
2,109
Net income
5,708
1,587−72.2%
—
Depreciation & amortization
1,232
1,274+3.4%
—
Stock-based compensation
98
74−24.5%
—
Working capital & other
(6,475)
(422)n/m
—
Cash from investing
(2,025)
(307)n/m
—
Capex
(519)
(392)n/m
—
Acquisitions
(10,890)
(107)n/m
—
Other investing
9,384
192−98.0%
—
Cash from financing
(4,636)
(4,672)n/m
—
Debt raised
3,412
48−98.6%
—
Debt repaid
(5,345)
(1,212)n/m
—
Dividends
(670)
(772)n/m
—
Buybacks
(1,944)
(2,892)n/m
—
Other financing
(89)
156n/m
—
Net change in cash
(6,201)
(2,390)n/m
—
Free cash flow (OCF − capex)
44
2,121+4720.5%
1,686
Where the cash went
Operating cash flow
563
2,513+346.4%
2,109
Reinvested in the business
11,409
499−95.6%
—
% of operating cash flow
2026.5%
19.9%
Capex
519
392−24.5%
423
Acquisitions
10,890
107−99.0%
—
R&D (memo, already in costs)
686
625−8.9%
—
Free cash flow
44
2,121+4720.5%
1,686
YoY
+4720.5%
Returned to shareholders
2,614
3,664+40.2%
—
% of free cash flow
5940.9%
172.7%
Dividends
670
772+15.2%
—
Buybacks
1,944
2,892+48.8%
—
Change in total debt
—
(805)
—
Cash left over
—
(2,455)
—
FCF conversion (FCF ÷ net income)
0.8%
142.9%+142.1 pp
—
Owner earnings
—
2,438
—
Owner earnings margin
—
11.2%
—
Buyback yield
3.2%
6.5%+3.3 pp
—
Returns & ratios
ROIC (all capital)
6.2%
8.1%+1.8 pp
—
ROIC (operating)
25.7%
34.0%+8.3 pp
—
Net debt / EBITDA
2.14x
2.88x+0.74x
—
Debt / equity
0.85x
0.81x−0.04x
—
Cash conversion cycle (days)
40
41+1 d
—
ROE
38.9%
10.5%−28.4 pp
—
ROA
15.0%
4.0%−11.0 pp
—
ROCE
9.0%
7.2%−1.7 pp
—
NOPAT
1,410
1,882+33.5%
—
Invested capital (operating)
5,491
5,585+1.7%
—
Invested capital (all)
22,701
24,044+5.9%
—
Reinvestment rate
—
5.0%
—
Debtor days
43
44+1 d
—
Inventory days
51
42−9 d
—
Days payable
54
45−9 d
—
Income
Jun '25
Sep '25
Dec '25
Mar '26
Revenue
6,113
5,579
4,837
5,341
vs year-ago quarter
Operating income
903
539
101
259
Net income
591
428
53
238
vs year-ago quarter
Net margin
9.7%
7.7%
1.1%
4.5%
EPS (diluted, $)
0.68
0.50
0.06
0.28
vs year-ago quarter
Balance sheet
Jun '25
Sep '25
Dec '25
Mar '26
Total assets
38,493
38,077
37,190
37,186
Cash & equivalents
1,800
1,426
1,557
1,374
Total debt
11,443
11,443
11,473
11,427
Shareholders’ equity
15,014
14,839
14,128
13,801
Cash flow
Jun '25
Sep '25
Dec '25
Mar '26
Operating cash flow
649
341
1,040
79
Capex
81
117
131
94
Free cash flow
568
224
909
(15)
vs year-ago quarter