MARKETS / NYSE / CARR

NYSE · AIR-COND & WARM AIR HEATG EQUIP & COMM & INDL REFRIG EQUIP · LARGE CAP

Carrier Global Corp. CARR

8 fiscal years on record · USD · FY2025 reported · SEC filings only

Revenue

$21.7B

▼ 3.3% YoY

Net income

$1.5B

▼ 73.5% YoY

Free cash flow

$2.1B

▲ 4720.5% YoY

In brief

What this company does

Carrier Global Corporation offers heating, cooling and cold chain solutions, together with a broad array of related building services, including audit, design, installation, system integration, repair, maintenance and monitoring. For the year ended December 31, 2025, the Company's net sales were $21.7 billion and its operating profit was $2.2 billion. International operations, including U.S. export sales, represented approximately 52% of the Company's net sales for 2025. The Company globally manages its business operations through four segments: Climate Solutions Americas, Climate Solutions Europe, Climate Solutions Asia Pacific, Middle East & Africa, and Climate Solutions Transportation. The Climate Solutions Americas, Climate Solutions Europe and Climate Solutions Asia Pacific, Middle East & Africa segments provide products and controls, services, and system solutions to meet heating, cooling and ventilation needs, including air conditioners, heat pumps, heating systems, and home and building energy management systems. The Climate Solutions Transportation segment provides climate and energy solutions for transportation customers globally, including trucks, trailers, shipping containers and intermodal applications used for ground transport and ocean freight. On April 3, 2020, Carrier was spun off from United Technologies Corporation into an independent publicly traded company through a pro rata distribution of all outstanding shares of Carrier common stock to UTC shareowners.

Written from the business description in CARRIER GLOBAL CORPORATION's annual report to the U.S. Securities and Exchange Commission, filed 5 February 2026. Every sentence was checked against that document before publication.

Growth

USD 21.7B

Revenue, FY2025 · full 8-year series below

Revenue $B Net income $B

FY2025 · Revenue 21.7 · Net income 1.5

Compound annual growth

Revenue

+7.9%

+4.5%

Net income

−25.1%

EPS, diluted

−25.1%

−5.2%

Dividend / share

+2.1%

+19.2%

Returned to shareholders

+24.7%

+92.7%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +4.5% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

7 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 10.0% · Net 7.3%

ROE

Not available in our data for this period.

Gross margin—

Operating margin10.0%

Net margin7.3%

Return on assets4.3%

EBITDAUSD 3.4B

Cash & shareholders

USD 3.7B

returned in FY2025 · dividends + net buybacks

Free cash flow $B

FY2025 · FCF 2.1

Net buybacks $B Dividends $B

FY2025 · Dividends 0.8 · Net buybacks 2.9

Dividends paidUSD 772.0M

Net buybacksUSD 2.9B

Share of profit246.9%

Consecutive raises—

USD 772.0M in dividends and USD 2.9B in buybacks — 247% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 37.2B

CashUSD 1.6B

Gross debtUSD 11.5B

Net debtUSD 9.9B

Current ratio1.20×

Not available: we don't have the shareholders' equity figure for this period.

The 8-year record

8 fiscal years

Every figure from documents filed with the SEC · USD

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018
Revenue $B	21.7	22.5	19.0	17.3	20.6	17.5	18.6	18.9
Operating income $B	2.2	2.6	2.2	4.0	2.6	3.1	2.5	3.6
EBITDA $B	3.4	3.9	2.7	4.3	3.0	3.4	2.8	4.0
Income tax $B	0.2	1.1	0.5	0.6	0.7	0.8	0.5	1.1
Net income $B	1.5	5.6	1.3	3.5	1.7	2.0	2.2	2.8
Free cash flow $B	2.1	0.0	2.2	1.4	1.9	1.4	1.8	1.8
EPS, diluted $	1.72	6.15	1.58	4.10	1.87	2.25	2.44	3.16
Dividend / sh $	0.68	0.80	0.74	0.64	0.51	0.28	·	·
Payout %	52	12	46	14	25	7	0	0
ROE %	·	·	·	·	·	·	·	·
Shares out B	0.84	0.88	0.84	0.83	0.86	0.87	·	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 30 reconciliationsAUDITED

Reconciled in 8 of 19 fiscal years. 62 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityAir-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip

Listed onNYSE

Incorporated inDelaware

Fiscal year endsDecember 31

Data on record since2018