Earnings summaries and quarterly performance for CARRIER GLOBAL.
Executive leadership at CARRIER GLOBAL.
David Gitlin
Detailed
Chief Executive Officer
CEO
AA
Ajay Agrawal
Detailed
Senior Vice President, Global Services, Business Development & Chief Strategy Officer
BY
Beril Yildiz
Detailed
Vice President, Controller and Chief Accounting Officer
GP
Gaurang Pandya
Detailed
President, HVAC Americas and CHVAC EMEA
PG
Patrick Goris
Detailed
Senior Vice President and Chief Financial Officer
Board of directors at CARRIER GLOBAL.
AM
Amy Miles
Detailed
Director
CH
Charles Holley
Detailed
Director
JG
Jean-Pierre Garnier
Detailed
Director
JG
John Greisch
Detailed
Lead Independent Director
MV
Max Viessmann
Detailed
Director
MM
Michael McNamara
Detailed
Director
MT
Michael Todman
Detailed
Director
SS
Susan Story
Detailed
Director
VW
Virginia Wilson
Detailed
Director
Research analysts who have asked questions during CARRIER GLOBAL earnings calls.
Andrew Kaplowitz
Citigroup
8 questions for CARR
Also covers: ACM, AOS, APG +29 more
Christopher Snyder
Morgan Stanley
8 questions for CARR
Also covers: ALH, ALLE, AME +21 more
Deane Dray
RBC Capital Markets
8 questions for CARR
Also covers: AME, ATKR, DOV +21 more
JM
Julian Mitchell
Barclays Investment Bank
8 questions for CARR
Also covers: AIRJ, ALLE, AME +26 more
NC
Nigel Coe
Wolfe Research, LLC
8 questions for CARR
Also covers: AME, CNM, DOV +28 more
Amit Mehrotra
UBS
6 questions for CARR
Also covers: CR, DOV, EMR +13 more
JS
Jeffrey Sprague
Vertical Research Partners
6 questions for CARR
Also covers: ALLE, AME, AYI +23 more
AO
Andrew Obin
Bank of America
5 questions for CARR
Also covers: ALH, ALLE, AME +17 more
Joe Ritchie
Goldman Sachs
5 questions for CARR
Also covers: ALLE, ATS, CNM +19 more
SD
Scott Davis
Melius Research
5 questions for CARR
Also covers: DD, DHR, DOV +16 more
ST
Steve Tusa
JPMorgan Chase & Co.
5 questions for CARR
Also covers: AIN, ALTR, DD +15 more
CS
C. Stephen Tusa
JPMorgan Chase & Co.
3 questions for CARR
Also covers: ADSK, ANSS, APG +17 more
JO
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
ND
Nicole DeBlase
Deutsche Bank
2 questions for CARR
Also covers: AME, ETN, GEV +5 more
Noah Kaye
Oppenheimer & Co. Inc.
2 questions for CARR
Also covers: AAON, AMRC, BWA +16 more
SV
Stephen Volkmann
Jefferies
2 questions for CARR
Also covers: AGCO, CAT, CMI +21 more
Thomas Moll
Stephens Inc.
2 questions for CARR
Also covers: CGNX, DGII, DSGR +13 more
Tommy Moll
Stephens Inc.
2 questions for CARR
Also covers: CGNX, DGII, DSGR +12 more
JO
Joe O'Dea
Wells Fargo
1 question for CARR
Also covers: ALLE, AYI, DOV +6 more
JO
Joseph O'Dea
Wells Fargo
1 question for CARR
Also covers: DOV, FTV, HUBB +2 more
Recent press releases and 8-K filings for CARR.
Carrier announces Q4 2025 results
CARR
Earnings
Guidance Update
- Full-year 2025 sales were $21.7 billion (organic –1% Y/Y), with adjusted operating profit of $3.3 billion (–7% Y/Y), adjusted EPS of $2.59 (+1% Y/Y) and free cash flow of $2.1 billion.
- Q4 2025 sales of $4.84 billion (–6% Y/Y; organic –9%), adjusted EPS of $0.34 (–37% Y/Y) and free cash flow of $909 million.
- Data center momentum: full-year orders up
60%, Q4 orders up 4x, and data center sales doubled to **$1 billion** in 2025; 2026 data center sales expected to grow ~50%. - 2026 guidance calls for ~$22 billion in sales, ~$3.4 billion adjusted operating profit, ~$2.80 adjusted EPS and ~$2 billion free cash flow.
1 day ago
Carrier reports Q4 2025 results and issues 2026 guidance
CARR
Earnings
Guidance Update
Demand Weakening
- Carrier Global reported Q4 2025 sales of $4.8 billion, adjusted operating profit of $455 million, and adjusted EPS of $0.34; Q4 free cash flow was $900 million, full-year FCF $2.1 billion, and $3.7 billion returned to shareholders via buybacks/dividends.
- Q4 organic sales fell 9%, driven by a 17% decline in the CSA segment (residential volume down ~40%, light commercial down 20%) with field inventories reduced ~30%; full-year organic sales were down 1%.
- Commercial HVAC and aftermarket remained robust: CSA commercial sales up 12% in Q4 and global commercial HVAC up 14% for 2025; aftermarket grew double digits for the fifth consecutive year; data center business reached $1 billion with Q4 CSA data center orders up over 5×.
- For 2026, Carrier expects flat to low-mid single-digit organic growth with ~$22 billion in sales, $3.4 billion adjusted operating profit, $2 billion free cash flow, $2.80 adjusted EPS, and $1.5 billion in share repurchases.
1 day ago
Carrier Global reports Q4 2025 results
CARR
Earnings
Guidance Update
Share Buyback
- Q4 sales of $4.8 billion, adjusted operating profit $455 million, adjusted EPS $0.34, and organic sales down 9%; free cash flow $900 million in Q4 and $2.1 billion for FY 2025.
- CSA segment organic sales down 17% (commercial +12%, residential –40%, light commercial –20%); field inventories down 30% year-over-year.
- Total company orders up 16% led by commercial HVAC orders +45% globally and CSA commercial orders +80%.
- 2026 outlook: flat to low-mid single-digit organic growth, $22 billion in sales, $3.4 billion adjusted operating profit, $2.80 EPS, $2 billion free cash flow, and $1.5 billion in share repurchases.
- Strategic milestones include growing data center business to $1 billion, five consecutive years of double-digit HVAC and aftermarket growth, and $3.7 billion returned to shareholders.
1 day ago
Carrier reports Q4 2025 results
CARR
Earnings
Guidance Update
Share Buyback
- Q4 reported sales were $4.8 billion, adjusted operating profit $455 million, and adjusted EPS $0.34; full-year free cash flow was about $2.1 billion, with organic sales down 1% for 2025.
- Commercial HVAC and aftermarket drove growth: FY commercial HVAC sales up 14%, aftermarket up double digits for the fifth consecutive year, and CSA data center business reached about $1 billion in sales; CSA Commercial orders rose 12% in Q4, with data center orders up over 5×.
- CSA segment faced steep declines: Q4 organic sales down 17% (residential –40%, light commercial –20%), segment operating margin near 9% (10 points lower YoY), and residential field inventories lowered by roughly 30%, marking destocking as substantially complete.
- 2026 guidance calls for flat to low-mid single-digit organic growth, reported sales of approximately $22 billion, adjusted EPS of about $2.80 (up high single digits), free cash flow near $2 billion, and $1.5 billion in planned share repurchases.
1 day ago
Carrier Global reports Q4 2025 results and 2026 outlook
CARR
Earnings
Guidance Update
Share Buyback
- Carrier Global reported Q4 2025 net sales of $4.84 billion, down 6% (organic ‑9%); GAAP EPS from continuing operations of $0.03 and adjusted EPS of $0.34; free cash flow of $909 million.
- For FY 2025, sales were $21.75 billion, down 3% (organic ‑1%); GAAP EPS from continuing operations of $1.69, adjusted EPS of $2.59; operating margin of 10.0% (adjusted 15.1%); returned $3.7 billion to shareholders via dividends and repurchases.
- Outlook for 2026 includes sales of ~$22 billion, adjusted operating profit of ~$3.4 billion, adjusted EPS of ~$2.80, free cash flow of ~$2 billion, and ~$1.5 billion in share repurchases.
1 day ago
Carrier Global reports 2025 results and 2026 outlook
CARR
Earnings
Guidance Update
Share Buyback
- Q4 2025 net sales of $4.8 billion, down 6% year-over-year; GAAP EPS of $0.03 and adjusted EPS of $0.34
- Full-year 2025 sales of $21.75 billion, down 3%; GAAP EPS of $1.69 and adjusted EPS of $2.59
- Free cash flow of $909 million in Q4 and $2.12 billion for the full year 2025
- Returned $3.7 billion to shareholders in 2025, including $0.8 billion in dividends and $2.9 billion in share repurchases
- 2026 guidance: flat to low-single-digit organic growth, adjusted EPS of ~$2.80, and free cash flow of ~$2 billion
1 day ago
Carrier outlines 2026 growth outlook at Goldman Sachs Industrials and Materials Conference
CARR
Guidance Update
Share Buyback
- Carrier expects double-digit growth in 40% of its portfolio (aftermarket and commercial HVAC), modest declines in containers and RESI China (10%), and flattish performance in short-cycle businesses (50%), implying ~3–4% organic revenue growth for 2026.
- The company aims to reduce CSA-RESI field inventories by 30% YoY, leading to softer 4Q25 shipments and a ~$0.05 EPS headwind, prioritizing inventory alignment over order volumes.
- CSA-RESI outlook remains uncertain: on flat volumes, EPS could benefit by mid-single digits due to absent destocking, but tough 1H26 comparables and cautious guidance are planned for the February call.
- Data-center cooling bookings grew from $500 M in 2024 to $1 B in 2025, with $900 M backlog for 2026 and a 25% growth target next year, driven by new Maglev chillers and CDUs plus expanded capacity.
- Carrier completed its $3 B share buyback in 2025 and will continue repurchases through 2026, while targeting low-single-digit price increases (<5%) in RESI Americas in 2026 to maintain pricing discipline .
Dec 4, 2025, 1:40 PM
Carrier provides 2026 growth framework at Goldman Sachs conference
CARR
Guidance Update
Share Buyback
Demand Weakening
- Carrier expects 40% of its portfolio (aftermarket and commercial HVAC) to grow double digits in 2026, driven by share gains in chillers, and will complete a $3 billion share buyback in 2025 with continued repurchases in 2026.
- CSA-RESI field inventories are being reduced 30% YoY to about a 7.5 million-unit run rate (versus a 9 million-unit historical mean), leading to a slight $0.05 EPS drag in Q4 25 and a conservative 1Q 26 start.
- The 2026 revenue mix—40% high-growth, 10% headwinds (container and China RESI), and 50% short-cycle flattish segments—points to ~3–4% organic growth assuming flat shorter-cycle volumes.
- Data center cooling doubled to ~$1 billion in 2025, enters 2026 with $900 million backlog, and targets 25% growth through new liquid-cooling and chiller wins with hyperscalers.
Dec 4, 2025, 1:40 PM
Carrier outlines 2026 growth framework at Goldman Sachs Industrials Conference
CARR
Guidance Update
Share Buyback
Demand Weakening
- Since its spin-off, Carrier has built a balanced climate and energy solutions portfolio with 50% of revenues in the Americas and a robust aftermarket business, both expected to sustain double-digit growth into 2026.
- CSA-RESI is facing significant destocking: North American residential channel movement was down roughly 33% in November, and Carrier aims to cut field inventories by 30% y/y in 4Q25 by selectively managing shipments.
- For 2026, Carrier anticipates double-digit growth in 40% of its portfolio (aftermarket and commercial HVAC), a modest decline in 10% (container and China RESI), and flat performance in the remaining high-margin, short-cycle businesses, yielding overall revenue growth of 3–4%.
- The data center segment is backed by a $900 million backlog for 2026, underpinning expected growth of about 25% in that vertical next year.
- Carrier will complete its $3 billion share buyback in 2025 and continue repurchases through 2026, driving an estimated $0.20 EPS tailwind from capital allocation and fixed-cost reductions.
Dec 4, 2025, 1:40 PM
Carrier Global declares quarterly dividend increase to $0.24 per share
CARR
Dividends
- Carrier Global’s Board declared a quarterly dividend of $0.24 per share, payable February 9, 2026, to shareholders of record on January 20, 2026.
- This dividend marks a 200% increase since the company’s spin-off in early 2020, underscoring its disciplined capital allocation approach.
- CEO David Gitlin emphasized the commitment to returning capital to shareholders while continuing to invest in the business.
Dec 3, 2025, 9:15 PM
Quarterly earnings call transcripts for CARRIER GLOBAL.
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