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 .
- HVAC - Provides products and services to meet heating, cooling, and ventilation needs, leveraging industry-leading brands to deliver innovative solutions.
- Refrigeration - Focuses on cold chain solutions for food, medicine, and other perishable cargo, ensuring safe and efficient transportation and storage.
- Fire & Security - Includes fire safety and security solutions, although Carrier plans to exit this segment .
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| Name | Position | External Roles | Short 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. |
- 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?
- 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?
- 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?
- 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?
- 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
6 questions for CARR
Deane Dray
RBC Capital Markets
6 questions for CARR
Jeffrey Sprague
Vertical Research Partners
6 questions for CARR
Julian Mitchell
Barclays Investment Bank
6 questions for CARR
Nigel Coe
Wolfe Research, LLC
6 questions for CARR
Andrew Obin
Bank of America
5 questions for CARR
Amit Mehrotra
UBS
4 questions for CARR
Chris Snyder
Morgan Stanley
3 questions for CARR
Christopher Snyder
Morgan Stanley
3 questions for CARR
C. Stephen Tusa
JPMorgan Chase & Co.
3 questions for CARR
Joe Ritchie
Goldman Sachs
3 questions for CARR
Joseph O'Dea
Wells Fargo & Company
3 questions for CARR
Joseph Ritchie
Goldman Sachs
3 questions for CARR
Scott Davis
Melius Research
3 questions for CARR
Steve Tusa
JPMorgan Chase & Co.
3 questions for CARR
Nicole DeBlase
Deutsche Bank
2 questions for CARR
Noah Kaye
Oppenheimer & Co. Inc.
2 questions for CARR
Stephen Volkmann
Jefferies
2 questions for CARR
Thomas Moll
Stephens Inc.
2 questions for CARR
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
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.
- In Q3 2025, net sales were $5.579 billion, down 7% year-over-year (organic sales down 4%).
- Adjusted operating profit fell 21% to $823 million, with margins contracting to 14.8% (down 260 bps).
- Adjusted EPS was $0.67, down 13%, and free cash flow was $224 million.
- Climate Solutions Americas commercial sales grew 30% (data centers up ~250%), while residential sales declined ~30%.
- Carrier repurchased $2.4 billion of shares year-to-date and received board approval for a new $5 billion buyback authorization.
- Carrier reported Q3 2025 sales of $5.6 B, adjusted operating profit of $823 M, and adjusted EPS of $0.67.
- North American residential weakness created a $500 M sales headwind and a 20–25% EPS impact, partly offset by 30% growth in commercial HVAC and 12% aftermarket growth.
- Field inventories are on track to decline 30% year-over-year by year-end, reaching the lowest levels since 2018.
- 2025 guidance narrowed to $22 B in sales and $2.65 adjusted EPS, with ~$2 B free cash flow and $3 B of share repurchases.
- For 2026, the company targets low single-digit organic growth and a $0.20 per share EPS tailwind from carryover restructuring, a lower tax rate, and share buybacks.
- Q3 reported sales of $5.6 billion, adjusted operating profit of $823 million, adjusted EPS of $0.67, and free cash flow of $225 million; total company organic growth down 4% and adjusted EPS down 13% year-over-year.
- North American residential softness created about a $500 million sales challenge and a 20–25% EPS headwind, partially offset by Americas commercial HVAC sales up 30% and aftermarket growth of 12% in the quarter.
- Implemented aggressive cost actions, including elimination of ~3,000 indirect positions, and board approved a new $5 billion share repurchase authorization.
- 2025 guidance updated to ~$22 billion in sales, $2.65 adjusted EPS, $2 billion free cash flow, and $3 billion in share repurchases; Q4 residential sales expected down ~30% with volumes down ~40%.
- North American residential softness created about a $500 million sales headwind and a 20–25% adjusted EPS impact, while Americas commercial HVAC grew 30%, aftermarket was up 12%, and European residential heat pump sales rose 15%.
- Field inventories at end of Q3 were down 12% year-over-year and are expected to be 30% lower by year-end, the lowest level since 2018.
- The company is eliminating approximately 3,000 indirect positions as part of structural cost actions and the board approved a new $5 billion share repurchase authorization.
- Full-year guidance was lowered to about $22 billion in sales, $2.65 adjusted EPS, and $2 billion in free cash flow, with ~$3 billion of share buybacks; Q4 CS Americas residential sales are expected down 30%, volumes down 40%.
- For 2026, planning assumes low single-digit organic growth and a $0.20 EPS tailwind from carryover restructuring savings, a lower tax rate, and share repurchases.
- Net sales of $5.58 billion, down 7% year-over-year, with organic sales down 4% in Q3 2025.
- GAAP EPS of $0.47 and adjusted EPS of $0.67 for the quarter.
- Net cash from operating activities of $341 million and free cash flow of $224 million in Q3 2025.
- Returned $3 billion to shareholders year-to-date, including $2.4 billion in share repurchases; Board authorizes an additional $5 billion buyback.
- Maintains full-year 2025 guidance of approximately $22 billion in sales and $2.65 adjusted EPS.
- Net sales declined 7% to $5.6 billion, with organic sales down 4% year-over-year.
- GAAP EPS of $0.47 and adjusted EPS of $0.67, down 24% and 13% respectively.
- Operating cash flow of $341 million and free cash flow of $224 million; $3 billion returned to shareholders YTD, including $2.4 billion in share repurchases.
- Issued FY2025 guidance of ~$22 billion in sales and ~$2.65 adjusted EPS; $5 billion share repurchase authorization approved.
- The Board authorized up to $5 billion for share repurchases, increasing the total repurchase capacity to $5.8 billion as of September 30, 2025.
- Repurchases may occur over time in the open market or through other transactions, subject to market conditions, share price, and regulatory requirements.
- Chairman & CEO David Gitlin said the authorization reflects confidence in the company’s strategy and commitment to delivering shareholder value.
- Carrier Ventures, the strategic investment arm of Carrier Global, has invested in Net Feasa, a pioneer in wireless IoT connectivity and vessel network technology for container monitoring at sea.
- The partnership integrates Net Feasa’s Vessel Control Tower™ technology into Carrier Transicold’s BluEdge Reseller Channel, expanding mixed-fleet monitoring, advanced wireless networks, and AI-driven analytics.
- This move extends Carrier’s intelligent cold chain solutions by adding real-time container visibility during high-seas transit, enabling faster, data-driven decisions to protect cargo and reduce waste.
- Net Feasa’s dual-mode vessel networks comply with maritime cybersecurity and radio standards, ensuring secure data transmission across territorial waters and international shipping lanes.
- AirJoule Technologies congratulates Susumu Kitagawa, Richard Robson, and Omar Yaghi on the 2025 Nobel Prize in Chemistry for their foundational work on metal-organic frameworks.
- MOFs are crystalline materials with nanoscale pores offering applications in water harvesting, carbon capture, gas storage, and chemical separations, though cost and scale-up have historically limited commercialization.
- Through a joint venture with GE Vernova and in partnership with Carrier Global, AirJoule has cut MOF production costs and deployed AirJoule™ systems in Texas and the UAE, with additional installations slated for Q4 2025 and early 2026.
- 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.