CARRIER GLOBAL (CARR) Company Report

Carrier expects the North American residential HVAC market at 7.5 million units in 2025 versus a historical norm of 9 million units, with a gradual recovery over several years and assumes a flat volume market for 2026.
Data center revenues will double to $1 billion in 2025 with backlog extending into 2028, driving an expected 20–25% growth in this segment next year.
Aiming to mitigate destocking headwinds by reducing field inventory by 30% by year-end (down over 25% as of October) and planning mid-single-digit price increases in Americas residential to offset input cost inflation.
Committed to capital return, deploying $3 billion of share repurchases in 2025 and prioritizing similar buybacks in 2026, while maintaining a medium-term 6–8% organic growth target.

Nov 12, 2025, 6:00 PM

Transcript

Carrier reports Q3 2025 results

CARR

Earnings

Share Buyback

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.

Oct 28, 2025, 11:30 AM

Presentation

Carrier announces Q3 2025 results

CARR

Earnings

Guidance Update

Share Buyback

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.

Oct 28, 2025, 11:30 AM

Transcript

Carrier Global reports Q3 2025 results

CARR

Earnings

Guidance Update

Share Buyback

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%.

Oct 28, 2025, 11:30 AM

Transcript

Carrier Global reports Q3 2025 results

CARR

Earnings

Guidance Update

Share Buyback

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.

Oct 28, 2025, 11:30 AM

Transcript

Carrier Global reports Q3 2025 results

CARR

Earnings

Guidance Update

Share Buyback

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.

Oct 28, 2025, 10:56 AM

8-K

Carrier Global reports Q3 2025 results

CARR

Earnings

Guidance Update

Share Buyback

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.

Oct 28, 2025, 10:05 AM

Press Release

Carrier Global approves $5 billion share repurchase authorization

CARR

Share Buyback

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.

Oct 28, 2025, 10:00 AM

Press Release

Carrier Global invests in Net Feasa for real-time cold chain visibility at sea

CARR

New Projects/Investments

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.

Oct 20, 2025, 1:05 PM

Press Release

Carrier Global partner AirJoule applauds Nobel Prize for MOF research

CARR

New Projects/Investments

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.

Oct 9, 2025, 8:05 PM

Press Release

Filings & Transcripts

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