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CARRIER GLOBAL (CARR)

Carrier Global Corporation is a global leader in intelligent climate and energy solutions, focusing on providing differentiated, digitally-enabled lifecycle solutions . The company's operations are divided into three main segments: HVAC, Refrigeration, and Fire & Security . Carrier's product portfolio includes industry-leading brands such as Carrier, Toshiba, Automated Logic, Carrier Transicold, Kidde, Edwards, and LenelS2, offering innovative heating, ventilating, and air conditioning (HVAC), refrigeration, fire, security, and building automation technologies .

  1. HVAC - Provides products and services to meet heating, cooling, and ventilation needs, leveraging industry-leading brands to deliver innovative solutions.
  2. Refrigeration - Focuses on cold chain solutions for food, medicine, and other perishable cargo, ensuring safe and efficient transportation and storage.
  3. Fire & Security - Includes fire safety and security solutions, although Carrier plans to exit this segment .

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NamePositionExternal RolesShort Bio

David Gitlin

ExecutiveBoard

Chairman and Chief Executive Officer

Board Member at The Boeing Company

David Gitlin has been CEO since 2019 and Chairman since 2021. He led Carrier's spin-off from UTC and its transformation into a global leader in intelligent climate and energy solutions.

View Report →

Ajay Agrawal

Executive

Senior Vice President, Global Services and Healthy Buildings

None

Ajay Agrawal joined Carrier in 2019. He has driven growth in aftermarket services and led sustainability initiatives, including investments in liquid cooling solutions for data centers.

Francesca Campbell

Executive

Senior Vice President and Chief Legal Officer

None

Francesca Campbell joined Carrier in 2021 and became CLO in 2024. She previously worked at Davis Polk & Wardwell in M&A.

Gaurang Pandya

Executive

President, HVAC Americas and Commercial HVAC EMEA

None

Gaurang Pandya has been with Carrier for 25 years and became President of HVAC Americas and EMEA in 2024. He has extensive leadership experience in HVAC operations.

Kyle Crockett

Executive

Vice President, Controller, and Chief Accounting Officer

None

Kyle Crockett has been CAO since 2020. He previously held leadership roles at General Motors, including Director of Global Business Solutions.

Nadia Villeneuve

Executive

Senior Vice President and Chief Human Resources Officer

None

Nadia Villeneuve has been CHRO since 2015, shaping Carrier's HR strategy and policies.

Patrick Goris

Executive

Senior Vice President and Chief Financial Officer

None

Patrick Goris joined Carrier in 2020 as CFO. Previously, he was CFO at Rockwell Automation. He oversees Carrier's financial strategy and compliance.

Timothy N. White

Executive

Senior Vice President and Chief Product Officer

None

Timothy N. White joined Carrier in 2021 as President, Refrigeration, and became Chief Product Officer in 2024. He previously held leadership roles at General Electric and Raytheon.

Amy Miles

Board

Director

Director at The Gap, Inc. and Amgen Inc.

Amy Miles joined Carrier's board in 2025. She is the former CEO of Regal Entertainment Group and has expertise in finance and governance.

Charles M. Holley, Jr.

Board

Director

Director at Amgen, Inc. and Phillips 66; Member of University of Texas at Austin boards

Charles M. Holley, Jr. has been a director since 2020. He is the former CFO of Walmart and brings expertise in finance and governance.

Jean-Pierre Garnier

Board

Director

Non-Executive Chairman at Cellectis S.A.; Advisory Board Member at Newman’s Own Foundation

Jean-Pierre Garnier has been a director since 2020. He is a former CEO of GlaxoSmithKline and brings expertise in governance and pharmaceuticals.

John J. Greisch

Board

Director

Director at Catalent, Inc.; Non-Executive Chairman at Viant Medical; Board Member at Ann & Robert H. Lurie Children’s Hospital of Chicago

John J. Greisch has been a director since 2020. He is the former CEO of Hill-Rom Holdings and has extensive experience in healthcare and governance.

Max Viessmann

Board

Director

CEO of Viessmann Group; Chairman of the Advisory Council of the German Cancer Research Center

Max Viessmann joined Carrier's board in 2024. He is the CEO of Viessmann Group and an angel investor with expertise in sustainability and innovation.

Michael A. Todman

Board

Director

Director at Brown-Forman Corporation, Prudential Financial, Inc., and Mondelez International, Inc.

Michael A. Todman has been a director since 2020. He is the former Vice Chairman of Whirlpool Corporation and has extensive experience in governance and compensation.

Michael M. McNamara

Board

Director

Director at Workday, Inc.

Michael M. McNamara has been a director since 2020. He is the former CEO of Flex Ltd. and co-founder of Samara, a backyard home manufacturer.

Susan N. Story

Board

Director

Director at Dominion Energy, Inc. and Newmont Corporation

Susan N. Story joined Carrier's board in 2023. She is the former CEO of American Water Works and has expertise in sustainability and governance.

Virginia M. Wilson

Board

Director

Director at Charles River Laboratories International, Inc.; Trustee at Catholic Charities of the Archdiocese of New York

Virginia M. Wilson has been a director since 2020. She is the former CFO of TIAA and Wyndham Worldwide and has expertise in finance and governance.

  1. Given the anticipated decline of 15% in light commercial HVAC in Q4 due to inventory adjustments, how do you plan to manage channel inventory levels to avoid impacting sales next year?
  2. With your strategy to price R-454B units 10% higher than R-410A units amid the SEER transition, how confident are you that this price increase won't negatively affect demand or market share, especially considering potential competitor pricing actions?
  3. You mentioned targeting over $200 million in cost synergies from the Viessmann acquisition by 2026; can you provide more details on the specific initiatives to achieve these synergies and the risks that could prevent you from realizing them?
  4. Given that organic orders are up over 20% despite headwinds in residential and light commercial HVAC in Europe and China, how sustainable is this growth, and what strategies do you have in place to mitigate these regional market challenges?
  5. Regarding the anticipated AFFF settlement and the potential to collect beyond the initial $615 million, what are the remaining liabilities, and how might they impact your future financial performance and ability to invest in key strategic areas?

Research analysts who have asked questions during CARRIER GLOBAL earnings calls.

Andrew Kaplowitz

Citigroup

4 questions for CARR

Also covers: ACM, AOS, APG +29 more

Deane Dray

RBC Capital Markets

4 questions for CARR

Also covers: AME, ATKR, DOV +20 more

Jeffrey Sprague

Vertical Research Partners

4 questions for CARR

Also covers: ALLE, AME, AYI +23 more

Julian Mitchell

Barclays Investment Bank

4 questions for CARR

Also covers: AIRJ, ALLE, APG +25 more

Nigel Coe

Wolfe Research, LLC

4 questions for CARR

Also covers: AME, CNM, DOV +26 more

Andrew Obin

Bank of America

3 questions for CARR

Also covers: ALLE, AME, DOV +16 more

Christopher Snyder

Morgan Stanley

3 questions for CARR

Also covers: ALLE, AYI, ETN +16 more

C. Stephen Tusa

JPMorgan Chase & Co.

3 questions for CARR

Also covers: ADSK, ANSS, APG +17 more

Joseph O'Dea

Wells Fargo & Company

3 questions for CARR

Also covers: ALLE, ATMU, AYI +15 more

Joseph Ritchie

Goldman Sachs

3 questions for CARR

Also covers: ALLE, CGNX, CNM +22 more

Amit Mehrotra

UBS

2 questions for CARR

Also covers: ETN, GEV, HON +7 more

Noah Kaye

Oppenheimer & Co. Inc.

2 questions for CARR

Also covers: AMRC, BWA, CLH +15 more

Stephen Volkmann

Jefferies

2 questions for CARR

Also covers: AGCO, CAT, CMI +20 more

Thomas Moll

Stephens Inc.

2 questions for CARR

Also covers: CGNX, DGII, DSGR +13 more

Chris Snyder

Morgan Stanley

1 question for CARR

Also covers: ALLE, AME, AYI +16 more

Joe Ritchie

Goldman Sachs

1 question for CARR

Also covers: ATS, ETN, GEV +11 more

Scott Davis

Melius Research

1 question for CARR

Also covers: DD, DHR, DOV +16 more

Steve Tusa

JPMorgan Chase & Co.

1 question for CARR

Also covers: AIN, ALTR, DD +15 more
Program DetailsProgram 1Program 2
Approval DateFebruary 2021 October 2024
End Date/DurationN/AN/A
Total Additional Amount$4.1 billion $3 billion
Remaining Authorization$400 million $1.7 billion
DetailsInitial authorization Additional authorization
YearAmount Due (Millions)Debt TypeInterest Rate (%)% of Total Debt
20251,200 2.242% Notes2.242 9.7% = (1,200 / 12,432) * 100
2025836 4.375% Notes4.375 6.7% = (836 / 12,432) * 100
2027900 2.493% Notes2.493 7.2% = (900 / 12,432) * 100
2028836 4.125% Notes4.125 6.7% = (836 / 12,432) * 100
20302,000 2.722% Notes2.722 16.1% = (2,000 / 12,432) * 100
2031750 2.700% Notes2.700 6.0% = (750 / 12,432) * 100
2032948 4.500% Notes4.500 7.6% = (948 / 12,432) * 100
2034875 5.900% Notes5.900 7.0% = (875 / 12,432) * 100
20401,500 3.377% Notes3.377 12.1% = (1,500 / 12,432) * 100
20501,400 3.577% Notes3.577 11.3% = (1,400 / 12,432) * 100
2054650 6.200% Notes6.200 5.2% = (650 / 12,432) * 100
NameStart DateEnd DateReason for Change
PricewaterhouseCoopers LLP2019 PresentCurrent auditor

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

Viessmann Climate Solutions (VCS Business)

2024

Acquisition completed on January 2, 2024, with a $14.2 billion deal structure comprising $11.2 billion in cash and 58,608,959 shares valued at $3.0 billion; the move is aimed at leveraging growth trends in electrification and energy transition while integrating the VCS Business into Carrier’s HVAC segment for operational synergies.

Toshiba Carrier Corporation (TCC)

2022

Acquisition completed on August 1, 2022 for a majority stake valued at approximately $900 million (with Toshiba retaining a 5% interest), funded through a Japanese Term Loan Facility and cash on hand; this acquisition strengthens Carrier’s position in fast-growing markets such as VRF and light commercial HVAC, contributing roughly $800 million in incremental sales.

Recent press releases and 8-K filings for CARR.

Carrier Global-backed AirJoule and U.S. Army to Collaborate on Atmospheric Water Generation
·$CARR
New Projects/Investments
  • AirJoule Technologies has signed a three-year Cooperative Research and Development Agreement (CRADA) with the U.S. Army Engineer Research and Development Center to advance waste heat–driven atmospheric water generation for military applications.
  • The collaboration will integrate ERDC’s tactical generator waste heat recovery systems with the AirJoule™ sorption platform to deliver a resilient potable water supply across diverse environments and geographies.
  • AirJoule™ is designed to operate when surface and groundwater sources are unavailable or contaminated, targeting enhanced field deployment for military personnel.
  • AirJoule Technologies, a joint venture with GE Vernova and partner of Carrier Global Corporation, aims to leverage its sorption technology to expand water-from-air solutions through this initiative.
1 day ago
Carrier begins field trials of battery-enabled HVAC systems
·$CARR
New Projects/Investments
Product Launch
  • Carrier Global has begun first field trials of battery-enabled HVAC systems to test energy storage and shifting for grid support.
  • Trials pair variable-speed heat pumps with battery storage to reduce peak demand by shifting use from on-peak to off-peak periods.
  • Carrier Energy, the company's new energy management business, is collaborating with utilities and EPRI to assess homes as flexible distributed energy resources.
  • With 30 million Carrier HVAC units installed in North America (representing over 100 GW of potential demand), the systems could offer significant grid flexibility at scale.
Sep 17, 2025, 1:15 PM
Carrier Global completes DOE validation of 10–14-ton rooftop unit
·$CARR
Product Launch
  • Carrier is the first HVAC OEM to complete the U.S. Department of Energy’s Commercial Building HVAC Technology Challenge laboratory validation for 10–14-ton rooftop heat pumps.
  • The system achieved 100% heating capacity at 5°F and over 70% heating capacity at –10°F, meeting or exceeding DOE efficiency thresholds.
  • Independent testing by DOE, Oak Ridge National Laboratory and the National Renewable Energy Laboratory confirmed the unit’s performance and energy efficiency.
  • The validated rooftop unit is designed to lower operating costs, reduce energy intensity and support grid reliability in commercial buildings.
Sep 11, 2025, 5:15 PM
Cognizant outlines AI-driven productivity and agentic AI strategy
·$CARR
Revenue Acceleration/Inflection
M&A
New Projects/Investments
  • Cognizant has achieved 6–7% year-on-year revenue growth over recent quarters, driven by AI-enhanced software development productivity.
  • The share of code written by machines rose from 18% to 30%, generating cost savings that are partly shared with clients and partly reinvested in innovation.
  • CEO Ravi Kumar described a two-vector approach: (1) consolidating and optimizing software development with AI, and (2) deploying agentic AI across enterprise operations to unlock a larger total addressable market.
  • The company signed two billion-dollar deals last quarter and has secured over 55 contracts above $100 million since 2023, underpinning strong large-deal momentum.
  • Future M&A will target geographic diversification outside the U.S., broader industry exposure, and bolt-on acquisitions of AI-led IP to enable outcome-based and transaction-based pricing models.
Sep 10, 2025, 8:45 PM
Carrier Global outlines AI-driven growth and M&A strategy
·$CARR
Revenue Acceleration/Inflection
Guidance Update
M&A
  • Clients are shifting from cost-optimization to innovation, with Cognizant delivering 6–7% year-on-year growth and increasing machine-written code to 30%, using productivity savings to underwrite AI investments.
  • Growth is driven by two vectors: productivity-led software consolidation and expansive agentic AI cycles that unlock new labor pools, making BPO the fastest-growing service line for Carrier Global.
  • The company secured two $1 billion deals last quarter and has closed 55–60 deals above $100 million since 2023, expanding wallet share without any decline in revenue.
  • M&A priorities include diversifying geographically beyond the U.S. and BFSI sectors, and acquiring AI-led boutique assets to build enterprise-grade IP for outcome- and transaction-based pricing models.
  • Carrier Global projects 7–10% EPS growth for the year, sustaining margin expansion while investing in AI productivity tooling and agentic development to achieve breakaway growth.
Sep 10, 2025, 8:45 PM
Carrier completes acquisition of Blaich Automation GmbH
·$CARR
M&A
  • On August 4, 2025, Carrier Global Corp (NYSE: CARR) acquired Blaich Automation GmbH, a German provider of integrated building automation solutions, establishing Automated Logic’s first owned field office in Germany.
  • The deal expands Automated Logic’s intelligent building automation capabilities in Europe’s largest economy and strengthens its presence in Central Europe.
  • Blaich Automation, founded in 2004 and headquartered near Stuttgart, will continue under its existing leadership in Leinfelden-Echterdingen, serving sectors such as data centers, pharmaceuticals, and industrial facilities.
Aug 4, 2025, 1:00 PM
Carrier Global posts strong quarter but maintains full-year guidance
·$CARR
Earnings
Guidance Update
  • Carrier Global delivered 6% sales growth, 26% earnings growth, and 13% aftermarket growth, with free cash flow remaining strong.
  • Its data center business is on track to double to $1 billion in revenue this year.
  • The company raised its first-quarter guidance but kept full-year guidance unchanged, which has tempered investor enthusiasm.
Jul 29, 2025, 2:30 PM
Carrier Global Corp Repurchases Shares from Viessmann HoldCo
·$CARR
Share Buyback
  • Carrier Global Corp repurchased 4,267,425 shares at $70.30 per share for an aggregate of $300 million from Viessmann Traeger HoldCo, executed at a 1.5406% discount to the closing price on June 5, 2025.
  • The transaction coincided with Viessmann HoldCo simultaneously selling an equivalent number of shares to a third-party broker, and the entity confirmed it will not sell any additional stock within the calendar year.
Jun 5, 2025, 12:00 AM
Carrier Global Highlights Strategic Growth Initiatives
·$CARR
Revenue Acceleration/Inflection
New Projects/Investments
  • Carrier’s leadership emphasized that the company delivered on its long‐standing strategic commitments, achieving 50 basis points of margin expansion and 15% EPS growth versus prior plans, with operating cash flow matching net income.
  • The call detailed a 3-pronged growth strategy focused on products, aftermarket services with double-digit growth, and systems incorporating energy management solutions and data center offerings, notwithstanding slightly lower-than-expected organic growth in some regions.
  • Executives discussed robust operational improvements, including productivity enhancements, supplier consolidation, and streamlined warehousing/logistics, as well as platforming initiatives to reduce complexity and accelerate time to market.
  • In Europe, management noted a weaker first quarter due to backlog adjustments, with a cautious outlook for market stabilization and recovery driven by increased heat pump orders in the second half of the year.
May 20, 2025, 2:26 PM
Carrier Global Transformation, Investor Day 2025 & Financial Highlights
·$CARR
Revenue Acceleration/Inflection
New Projects/Investments
M&A
Share Buyback
Guidance Update
  • Investor Day Announcement: Carrier Global Corp is hosting its 2025 Investor Day at the NYSE to outline a transformed, simplified portfolio strategy .
  • Transformation Strategy: Carrier is reshaping its business with a performance-focused culture, streamlined leadership, and a "100-year-old startup" mindset to drive margin expansion and operational efficiency .
  • Capital Allocation: The company targets mid‐teens adjusted EPS growth and maintains a balanced capital structure with over $10B in excess capital for acquisitions, share buybacks ; it also plans to invest about $15B in shareholder value creation .
  • Growth Targets: Carrier aims for 6-8% organic sales growth and over 50 bps adjusted operating margin expansion, alongside mid‐teens adjusted EPS growth as part of its medium‐term financial framework .
  • Market & Strategic Focus: Leveraging its pure‐play climate solutions strategy with significant investments in aftermarket services, digital ecosystems, and operational productivity to capture global growth opportunities .
May 19, 2025, 12:31 PM