Carrier Global Corporation (CARR) financials

NYSE · Industrials · Industrial - Machinery · 47,000 employees · CEO David L. Gitlin

Price: $53.63 -3.44%
Market cap: $43.9B
Enterprise value: $54.4B
Last report: Q3 '26 filed 2026-10-29
Next report: 2027-02-04 EPS est. $0.62

Revenue (TTM)$22.8B+3.3% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)-5.3%-15.4 pp vs a year agoOperating income -$1.21B

Net income (TTM)-$1.8B-145.2% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$2.35B+108.6% vs a year agoCapex $481M

Diluted EPS (TTM)-$2.22-149.4% vs a year agoSum of the last 4 quarters

Net cash-$10.5B+3.6% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $43.9B
Revenue: $22.8B
Revenue growth: +9%
Profit margin: -7.9%
P/E: -24.3×
P/S: 1.9×
EV / EBITDA: 227.6×
Free cash flow: $2.35B
Net income: -$1.8B
Revenue estimate: $23.7B
Earnings: 2027-02-04
Dividend: $0.96

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-29): revenue beat by 2.8%, EPS beat by 14.8%Revenue $6.26B vs $6.09B expected (+2.8%); EPS $0.87 vs $0.76 (+14.8%).
Revenue growth accelerating: 12.3% year on yearQ3 '26 revenue $6.26B, against an average of -1.6% over the four quarters before.
Operating margin -5.3% (TTM), -15.4 pp on a year agoOperating income grew -154.2% while revenue grew 3.3%.
Capex 2.1% of revenue (a year ago 2.2%)$481M invested in the last 4 quarters (+0.6% on a year earlier). Free cash flow $2.35B.
Returned $2.41B to shareholders = 102.5% of free cash flowBuybacks $1.62B (a year earlier $3.93B), dividends $787M, stock-based pay $47M (TTM). More than the free cash flow: paid from cash or debt.
Diluted share count down 4.3% in a year822M diluted shares in Q3 '26, 859M a year earlier.
Net debt $10.5BCash + short-term investments $1.35B, debt incl. leases $11.9B; a year ago net debt $10.9B.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$6.26B	$5.58B	+12.3%
Gross margin	26.9%	26.0%	+0.9 pp
Operating income	-$2.27B	$495M	-559.2%
Operating margin	-36.3%	8.9%	-45.2 pp
Net income	-$2.59B	$428M	-705.8%
Diluted EPS	-$3.16	$0.50	-732.0%
Operating cash flow	$813M	$341M	+138.4%
Capex	$139M	$117M	+18.8%
Free cash flow	$674M	$224M	+200.9%
R&D	$154M	$151M	+2.0%
Stock-based compensation	$7M	$11M	-36.4%

Reported vs consensus

2026-10-29

	Actual	Consensus	vs consensus
Revenue	$6.26B	$6.09B	+2.8%
EPS (as estimated)	$0.87	$0.76	+14.8%

From the report of 2026-10-29 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y	12 quarters
Product	$5.59B	+13.8%	89.2%	$20B	-15.6%
Service	$678M	+0.7%	10.8%	$2.77B	-8.0%

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
United States	$3.53B	+23.3%	56.3%	$11.8B	+10.3%
Europe	$1.59B	+2.1%	25.4%	$6.33B	+13.4%
Asia Pacific	$971M	+1.0%	15.5%	$3.94B	+8.6%
Other Geographical Region	$173M	-12.6%	2.8%	$686M	+14.3%

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
HVAC Segment	–	–	–	–	–	–	–
Refrigeration Segment	–	–	–	–	–	–	–
Corporate (unallocated)	–	–	–	–	–	–	–
Climate Solutions Americas Segment	–	–	$745M	+39.8%	–	–	–
Climate Solutions Europe Segment	–	–	$168M	+40.0%	–	–	–
Climate Solutions CSAME Segment	–	–	$103M	+6.2%	–	–	–
Climate Solutions Transportation	–	–	–	–	–	–	–
Climate Solutions Transportation Segment	–	–	$117M	+1.7%	–	–	–

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $2.83B
Capex: -$481M
Buybacks: -$1.62B
Dividends: -$787M
Acquisitions: -$64M
Net debt issued: -$245M
Stock-based compensation: $47M
Free cash flow: $2.35B
Returned to shareholders / FCF: 102.5%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	-24.3×	23.0×	9.8× – 35.7×
EV / EBITDA	227.6×	16.2×	9.1× – 20.1×
EV / Sales	2.4×	2.7×	2.4× – 3.1×
Price / FCF	18.7×	298.2×	22.2× – 1,393.4×
Price / Book	4.4×	4.9×	3.2× – 7.0×
FCF yield	5.4%	3.3%	0.1% – 4.5%
Return on invested capital	-4.6%	6.5%	3.6% – 9.5%
Return on equity	-14.3%	27.2%	10.8% – 45.6%

Analysts

Consensus target $68.40 (+27.5%)
range $61.00 – $80.00 · rating Buy

Strong buy0

Buy14

Hold13

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$23.7B	+9.0%	$2.87	+68.9%	18.7×	13
FY2027	$25.1B	+5.9%	$3.19	+11.1%	16.8×	13
FY2028	$26.7B	+6.1%	$3.63	+13.7%	14.8×	7
FY2029	$28B	+5.0%	$4.14	+14.1%	13.0×	2
FY2030	$28.6B	+2.1%	$4.28	+3.3%	12.5×	4

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 339 figures Carrier Global Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$3.27B	$2.96B	+10.5%	$2.7B	$2.46B	+9.9%
Accounts Receivable, Allowance for Credit Loss	$81M2025-12-31	$97M	-16.5%	$81M	$97M	-16.5%
Accrual for Environmental Loss Contingencies	$201M	$200M	+0.5%	$200M	$210M	-4.8%
Accrued Environmental Loss Contingencies, Current	$21M	$13M	+61.5%	$18M	$25M	-28.0%
Accrued Environmental Loss Contingencies, Noncurrent	$180M	$187M	-3.7%	$182M	$185M	-1.6%
Accrued Liabilities, Current	$4.16B	$4.21B	-1.3%	$3.77B	$4.1B	-7.9%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$2.84B2025-12-31	$2.51B	+13.2%	$2.84B	$2.51B	+13.2%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$639M	-$365M	-75.1%	-$269M	-$2.11B	+87.2%
Additional Paid in Capital	$8.69B	$8.65B	+0.6%	$8.67B	$8.61B	+0.6%
Amortization of Intangible Assets	$213M	$228M	-6.6%	$884M	$843M	+4.9%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	20.7M	2M	+935.0%	1.9M	100K	+1,800.0%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$7M	$11M	-36.4%	$74M	$100M	-26.0%
Asset Impairment Charges	$2M	$0	–	–	–	–
Assets	$33.6B	$38.1B	-11.8%	$37.2B	$37.4B	-0.6%
Assets for Plan Benefits, Defined Benefit Plan	$65M	$50M	+30.0%	$56M	$43M	+30.2%
Assets, Current	$8.88B	$8.84B	+0.5%	$8.53B	$9.89B	-13.7%
Business Combination, Acquisition Related Costs	$2M	$10M	-80.0%	$55M	$95M	-42.1%
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (Loss), Net	–	–	–	$0	$0	–
Capital Expenditures Incurred but Not yet Paid	–	–	–	$392M	$519M	-24.5%
Cash and Cash Equivalents, at Carrying Value	$1.35B	$1.42B	-4.8%	$1.56B	$3.97B	-60.8%
Cash Divested from Deconsolidation	–	–	–	$134M2023-12-31	$0	–
Cash Provided by (Used in) Financing Activities, Discontinued Operations	$0	$0	–	$0	-$25M	+100.0%
Cash Provided by (Used in) Investing Activities, Discontinued Operations	$0	$0	–	$36M	$9B	-99.6%
Cash Provided by (Used in) Operating Activities, Discontinued Operations	$61M	$17M	+258.8%	$424M	-$1.01B	+142.1%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$1.38B	$1.43B	-3.2%	$1.56B	$3.97B	-60.8%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$61M	-$374M	+83.7%	-$2.39B	-$6.2B	+61.5%
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectContinuingOperations	$34M	-$374M	+109.1%	-$2.42B	-$5.88B	+58.9%
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectDisposalGroupIncludingDiscontinuedOperations	-$95M	$0	–	$25M	-$320M	+107.8%
Commercial Paper	$185M	$415M	-55.4%	$325M	$0	–
Common Stock, Dividends, Per Share, Declared	$0.482026-06-30	$0.45	+6.7%	$0.68	$0.80	-15.1%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	4B	4B	0.0%	4B	4B	0.0%
Common Stock, Shares, Issued	951M2025-12-31	948M	+0.3%	951M	948M	+0.3%
Common Stock, Shares, Outstanding	836M2025-12-31	878M	-4.8%	836M	878M	-4.8%
Common Stock, Value, Issued	$10M	$9M	+11.1%	$10M	$9M	+11.1%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	$53M	$28M	+89.3%	$111M	$104M	+6.7%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	-$2.7B	$476M	-666.2%	$3.32B	$4.98B	-33.4%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	-$2.64B	$504M	-624.2%	$3.43B	$5.09B	-32.5%
Contract with Customer, Asset, after Allowance for Credit Loss	$504M	$575M	-12.3%	$582M	$431M	+35.0%
Contract with Customer, Asset, after Allowance for Credit Loss, Current	$488M	$520M	-6.2%	$499M	$366M	+36.3%
Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent	$16M	$55M	-70.9%	$83M	$65M	+27.7%
Contract with Customer, Liability	$1.12B	$732M	+52.7%	$894M	$717M	+24.7%
Contract with Customer, Liability, Current	$901M	$546M	+65.0%	$691M	$553M	+25.0%
Contract with Customer, Liability, Noncurrent	$217M	$186M	+16.7%	$203M	$164M	+23.8%
Contract with Customer, Liability, Revenue Recognized	$112M	$151M	-25.8%	$506M	$469M	+7.9%
Costs and Expenses	$5.49B	$5.08B	+8.0%	$19.8B	$20.4B	-2.7%
Current Federal Tax Expense (Benefit)	–	–	–	$218M	$920M	-76.3%
Current Foreign Tax Expense (Benefit)	–	–	–	$337M	$374M	-9.9%
Current Income Tax Expense (Benefit)	–	–	–	$641M	$1.41B	-54.7%
Current State and Local Tax Expense (Benefit)	–	–	–	$86M	$120M	-28.3%
Debt and Lease Obligation	$11.3B	$11.4B	-1.7%	$11.5B	$12.3B	-6.6%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$71M	$81M	-12.3%	$78M	$88M	-11.4%
Debt, Current	$1.48B	$580M	+155.5%	$468M	$1.34B	-65.0%
Debt, Weighted Average Interest Rate	3.7%2025-12-31	3.5%	+5.7%	3.7%	3.5%	+5.7%
Deconsolidation, Gain (Loss), Amount	$0	$0	–	$7M	$318M	-97.8%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$28M	-$90M	+68.9%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$363M	-$249M	-45.8%
Deferred Income Tax Assets, Net	$1.19B	$1.2B	-0.8%	$1.07B	$1.13B	-5.0%
Deferred Income Tax Expense (Benefit)	-$105M	-$158M	+33.5%	-$401M	-$352M	-13.9%
Deferred Income Tax Liabilities, Net	$1.58B	$1.94B	-18.5%	$1.83B	$2.02B	-9.0%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-02