Carrier Global (CARR) Financials

$58.58 -1.22 (-2.04%)

As of 10:33 AM Eastern

Annual Income Statements for Carrier Global

This table shows Carrier Global's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	2,734	2,116	1,982	1,664	3,534	1,349	5,604
Consolidated Net Income / (Loss)	2,769	2,155	2,006	1,701	3,584	1,440	5,708
Net Income / (Loss) Continuing Operations	2,769	2,155	2,006	1,701	3,207	1,478	1,212
Total Pre-Tax Income	3,842	2,672	2,855	2,400	3,823	1,999	2,274
Total Operating Income	3,637	2,491	2,876	2,645	3,984	2,160	2,646
Total Gross Profit	5,569	5,419	5,109	5,980	4,297	5,162	5,981
Total Revenue	18,914	18,608	17,456	20,613	17,288	18,951	22,486
Operating Revenue	18,914	18,608	17,456	20,613	17,288	18,951	22,486
Total Cost of Revenue	13,345	13,189	12,347	14,633	12,991	13,789	16,505
Operating Cost of Revenue	13,345	13,189	12,347	14,633	12,991	13,789	16,505
Total Operating Expenses	1,932	2,928	2,233	3,335	575	3,213	3,566
Selling, General & Admin Expense	2,689	2,761	2,820	3,120	1,977	2,607	3,197
Research & Development Expense	400	401	419	503	416	493	686
Other Operating Expenses / (Income)	-937	2.00	-1,006	-39	-1,818	113	-317
Total Other Income / (Expense), net	205	181	-21	-245	101	50	-141
Interest & Investment Income	37	27	-81	-306	105	51	-140
Other Income / (Expense), net	168	154	60	61	-4.00	-1.00	-1.00
Income Tax Expense	1,073	517	849	699	616	521	1,062
Net Income / (Loss) Discontinued Operations	-	-	-	-	377	-38	4,496
Net Income / (Loss) Attributable to Noncontrolling Interest	35	39	24	37	50	91	104
Basic Earnings per Share	$3.16	$2.44	$2.29	$1.92	$4.19	$1.61	$6.24
Weighted Average Basic Shares Outstanding	866.20M	866.20M	866.50M	867.70M	843.40M	837.30M	898.20M
Diluted Earnings per Share	$3.16	$2.44	$2.25	$1.87	$4.10	$1.58	$6.15
Weighted Average Diluted Shares Outstanding	866.20M	866.20M	880.20M	890.30M	861.20M	853M	911.70M
Weighted Average Basic & Diluted Shares Outstanding	-	-	869.21M	855.51M	834.19M	898.36M	868.34M
Cash Dividends to Common per Share	-	-	$0.28	$0.51	$0.64	$0.75	$0.80

This table shows Carrier Global's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	270	373	199	357	420	269	2,337	447	2,551	412	591
Consolidated Net Income / (Loss)	278	387	233	381	439	289	2,369	481	2,569	437	633
Net Income / (Loss) Continuing Operations	-99	387	233	294	564	197	447	598	-2,044	437	650
Total Pre-Tax Income	-92	509	422	471	597	244	567	770	-2,355	548	812
Total Operating Income	-40	555	489	435	681	385	724	763	-2,308	629	903
Total Gross Profit	80	1,378	1,755	1,486	543	1,385	1,575	1,677	721	1,445	1,769
Total Revenue	1,972	5,273	5,992	4,935	2,751	5,420	5,934	5,984	3,631	5,218	6,113
Operating Revenue	1,972	5,273	5,992	4,935	2,751	5,420	5,934	5,984	3,631	5,218	6,113
Total Cost of Revenue	1,892	3,895	4,237	3,449	2,208	4,035	4,359	4,307	2,910	3,773	4,344
Operating Cost of Revenue	1,892	3,895	4,237	3,449	2,208	4,035	4,359	4,307	2,910	3,773	4,344
Total Operating Expenses	382	823	1,266	1,051	73	1,000	851	980	3,194	816	866
Selling, General & Admin Expense	138	721	784	664	438	807	789	799	438	729	813
Research & Development Expense	26	139	151	126	77	192	160	172	103	153	161
Other Operating Expenses / (Income)	54	7.00	383	261	-538	32	-8.00	9.00	2,532	-22	-30
Other Special Charges / (Income)	-	-44	-52	-	-	-31	-90	-	-	-44	-78
Total Other Income / (Expense), net	210	-46	-67	36	127	-141	-157	73	117	-81	-91
Interest & Investment Income	212	-46	-67	36	128	-141	-157	74	117	-82	-91
Other Income / (Expense), net	-2.00	-	0.00	0.00	-	0.00	0.00	-1.00	-	1.00	0.00
Income Tax Expense	7.00	122	189	177	33	47	120	172	-311	111	162
Net Income / (Loss) Discontinued Operations	-	-	-	87	-	92	1,922	-117	-	0.00	-17
Net Income / (Loss) Attributable to Noncontrolling Interest	8.00	14	34	24	19	20	32	34	18	25	42
Basic Earnings per Share	$0.33	$0.45	$0.24	$0.43	$0.49	$0.30	$2.59	$0.50	$2.85	$0.47	$0.69
Weighted Average Basic Shares Outstanding	843.40M	835M	836M	838.70M	837.30M	899.20M	902.40M	901.20M	898.20M	866.90M	854.90M
Diluted Earnings per Share	$0.32	$0.44	$0.23	$0.42	$0.49	$0.29	$2.55	$0.49	$2.82	$0.47	$0.68
Weighted Average Diluted Shares Outstanding	861.20M	852.20M	850.90M	854.70M	853M	913M	915.30M	915M	911.70M	878.30M	866.30M
Weighted Average Basic & Diluted Shares Outstanding	834.19M	834.84M	837.63M	839.05M	898.36M	901.01M	902.75M	897.23M	868.34M	857.31M	851.02M
Cash Dividends to Common per Share	-	-	$0.38	-	-	-	$0.38	-	-	-	$0.45

This table details how cash moves in and out of Carrier Global's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-196	-177	2,162	-33	501	6,647	-6,201
Net Cash From Operating Activities	2,055	2,063	1,692	2,237	1,743	2,607	563
Net Cash From Continuing Operating Activities	2,055	2,063	1,692	2,237	1,505	2,252	1,571
Net Income / (Loss) Continuing Operations	2,769	2,155	2,006	1,701	3,207	1,478	1,212
Consolidated Net Income / (Loss)	2,769	2,155	2,006	1,701	3,584	1,440	5,708
Net Income / (Loss) Discontinued Operations	-	-	-	-	377	-38	4,496
Depreciation Expense	357	335	336	338	328	491	1,232
Non-Cash Adjustments To Reconcile Net Income	-902	114	-801	-45	-1,683	23	-860
Changes in Operating Assets and Liabilities, net	-169	-541	151	243	-347	260	-13
Net Cash From Discontinued Operating Activities	-	-	-	-	238	355	-1,008
Net Cash From Investing Activities	415	-259	1,106	-692	1,745	-660	-2,025
Net Cash From Continuing Investing Activities	415	-259	1,106	-692	1,801	-504	-11,025
Purchase of Property, Plant & Equipment	-263	-243	-312	-344	-317	-439	-519
Acquisitions	-310	0.00	0.00	-366	-506	-84	-10,890
Purchase of Investments	-	-	40	4.00	-194	-50	-264
Divestitures	1,032	6.00	1,377	7.00	2,902	54	634
Other Investing Activities, net	-44	-22	1.00	7.00	20	15	14
Net Cash From Discontinued Investing Activities	-	-	-	-	-56	-156	9,000
Net Cash From Financing Activities	-2,627	-1,982	-681	-1,562	-2,931	4,612	-4,636
Net Cash From Continuing Financing Activities	-2,627	-1,982	-681	-1,562	-2,928	4,632	-4,611
Repayment of Debt	-16	-107	-1,897	-729	-1,276	-232	-5,375
Repurchase of Common Equity	-	0.00	0.00	-527	-1,380	-62	-1,944
Payment of Dividends	-46	-28	-186	-459	-555	-678	-754
Issuance of Debt	120	107	11,761	153	283	5,604	3,462
Other Financing Activities, net	-2,685	-1,954	-10,359	0.00	-104	0.00	0.00
Net Cash From Discontinued Financing Activities	-	-	-	-	-3.00	-20	-25
Other Net Changes in Cash	-	0.00	-	-16	-56	88	-103

This table details how cash moves in and out of Carrier Global's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	535	-173	-138	692	6,266	-8,730	1,669	-590	1,450	-2,270	98
Net Cash From Operating Activities	1,123	120	384	1,041	1,062	40	660	-269	132	483	649
Net Cash From Continuing Operating Activities	885	120	384	841	907	45	660	508	363	488	264
Net Income / (Loss) Continuing Operations	-99	387	233	422	436	197	2,369	-1,416	-30	437	650
Consolidated Net Income / (Loss)	278	387	233	381	439	289	2,369	481	2,569	437	633
Net Income / (Loss) Discontinued Operations	-	-	-	-	3.00	92	-	-	2,599	0.00	-17
Depreciation Expense	71	136	137	95	123	308	311	289	318	303	317
Non-Cash Adjustments To Reconcile Net Income	429	-69	203	-320	209	54	-3,112	2,669	-525	-1.00	-60
Changes in Operating Assets and Liabilities, net	484	-334	-189	644	139	-514	1,092	-1,034	600	-251	-643
Net Cash From Discontinued Operating Activities	-	-	-	-	155	-5.00	-	-	-231	-5.00	385
Net Cash From Investing Activities	-300	-100	-196	-135	-229	-11,081	4,808	1,159	3,089	-23	-55
Net Cash From Continuing Investing Activities	-244	-100	-196	12	-220	-11,080	4,808	-5,058	306	-30	-83
Purchase of Property, Plant & Equipment	-104	-70	-74	-73	-222	-102	-111	-87	-217	-63	-81
Acquisitions	-34	-52	-138	121	-15	-10,772	-7.00	-94	-17	-12	-49
Other Investing Activities, net	32	5.00	11	-2.00	1.00	3.00	25	2.00	-17	1.00	-4.00
Net Cash From Discontinued Investing Activities	-	-	-	-	-9.00	-1.00	-	-	2,783	7.00	28
Net Cash From Financing Activities	-347	-213	-293	-182	5,300	2,379	-3,785	-1,544	-1,686	-2,747	-547
Net Cash From Continuing Financing Activities	-344	-213	-293	-167	5,305	2,383	-3,785	-1,533	-1,672	-2,747	-547
Repayment of Debt	-63	-12	-88	13	-145	-24	-3,537	-944	-867	-1,221	-61
Repurchase of Common Equity	-119	-62	-	-	-	0.00	-	-431	-1,513	-1,288	-340
Payment of Dividends	-149	-154	-196	-161	-167	-161	-236	-189	-168	-198	-201
Issuance of Debt	-13	15	-9.00	-19	5,617	2,568	-12	31	876	-40	55
Other Net Changes in Cash	-	20	-33	-	-	-68	20	-	-	17	51

This table presents Carrier Global's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	22,406	25,093	26,172	26,086	32,822	37,403
Total Current Assets	5,959	8,524	11,407	9,879	19,576	9,891
Cash & Equivalents	952	3,115	2,987	3,520	9,852	3,969
Accounts Receivable	2,726	2,781	2,403	2,833	2,080	2,651
Inventories, net	1,332	1,629	1,970	2,640	1,823	2,299
Other Current Assets	949	999	879	886	728	972
Plant, Property, & Equipment, net	1,663	1,810	1,826	2,241	2,160	2,999
Total Noncurrent Assets	14,784	14,759	12,939	13,966	11,086	24,513
Long-Term Investments	1,739	1,513	1,593	1,148	1,140	1,194
Goodwill	9,884	10,139	9,349	9,977	7,520	14,601
Intangible Assets	1,083	1,037	509	1,342	945	6,432
Noncurrent Deferred & Refundable Income Taxes	500	449	563	612	718	1,131
Employee Benefit Assets	490	554	43	26	32	43
Other Noncurrent Operating Assets	1,088	1,067	882	861	731	1,112
Total Liabilities & Shareholders' Equity	22,406	25,093	26,172	26,086	32,822	37,403
Total Liabilities	7,971	18,515	19,078	18,010	23,817	23,008
Total Current Liabilities	4,469	5,110	6,627	6,032	6,981	7,892
Short-Term Debt	237	191	183	140	51	1,252
Accounts Payable	1,701	1,936	2,334	2,833	2,483	2,458
Accrued Expenses	2,088	2,471	2,561	2,610	2,997	4,182
Total Noncurrent Liabilities	3,502	13,405	12,451	11,978	16,836	15,116
Long-Term Debt	82	10,036	9,513	8,702	14,242	11,026
Noncurrent Deferred & Payable Income Tax Liabilities	1,099	479	354	568	523	2,015
Noncurrent Employee Benefit Liabilities	456	524	380	349	149	214
Other Noncurrent Operating Liabilities	1,865	2,366	2,204	2,359	1,922	1,861
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	14,435	6,578	7,094	8,076	9,005	14,395
Total Preferred & Common Equity	-1,253	6,252	6,767	7,758	8,677	14,081
Total Common Equity	-1,253	6,252	6,767	7,758	8,677	14,081
Common Stock	0.00	5,354	5,420	5,490	5,544	8,619
Retained Earnings	0.00	1,643	2,865	5,866	6,591	11,483
Treasury Stock	-	0.00	-529	-1,910	-1,972	-3,915
Accumulated Other Comprehensive Income / (Loss)	-1,253	-745	-989	-1,688	-1,486	-2,106
Noncontrolling Interest	15,688	326	327	318	328	314

This table presents Carrier Global's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	26,086	26,411	26,284	26,544	32,822	40,810	40,424	40,201	37,403	36,447	38,493
Total Current Assets	9,879	10,158	10,141	10,511	19,576	11,715	11,573	11,194	9,891	8,444	9,131
Cash & Equivalents	3,520	3,347	3,209	3,902	9,852	1,313	2,919	2,225	3,969	1,698	1,797
Accounts Receivable	2,833	3,032	3,212	3,030	2,080	3,156	3,187	2,726	2,651	2,979	3,373
Inventories, net	2,640	2,803	2,699	2,562	1,823	3,189	3,045	2,646	2,299	2,648	2,888
Other Current Assets	886	976	1,021	1,017	728	888	821	917	972	1,119	1,073
Plant, Property, & Equipment, net	2,241	2,277	2,262	2,210	2,160	3,179	3,117	3,015	2,999	3,040	3,182
Total Noncurrent Assets	13,966	13,976	13,881	13,823	11,086	25,916	25,734	25,992	24,513	24,963	26,180
Long-Term Investments	1,148	1,103	1,139	1,166	1,140	1,155	1,221	1,287	1,194	1,253	1,353
Goodwill	9,977	9,987	9,927	9,825	7,520	15,366	15,245	15,294	14,601	14,959	15,672
Intangible Assets	1,342	1,287	1,181	1,100	945	7,351	7,048	7,118	6,432	6,480	6,770
Noncurrent Deferred & Refundable Income Taxes	612	639	690	712	718	823	939	1,142	1,131	1,149	1,220
Employee Benefit Assets	26	29	32	29	32	78	81	54	43	48	50
Other Noncurrent Operating Assets	861	931	912	991	731	1,143	1,200	1,097	1,112	1,074	1,115
Total Liabilities & Shareholders' Equity	26,086	26,411	26,284	26,544	32,822	40,810	40,424	40,201	37,403	36,447	38,493
Total Liabilities	18,010	17,943	17,996	18,042	23,817	28,904	26,345	25,159	23,008	22,249	23,479
Total Current Liabilities	6,032	5,958	6,234	6,349	6,981	8,637	10,675	10,378	7,892	7,011	7,829
Short-Term Debt	140	142	134	134	51	1,248	2,052	2,095	1,252	104	107
Accounts Payable	2,833	2,926	2,956	2,887	2,483	3,074	3,181	2,829	2,458	3,015	3,214
Accrued Expenses	2,610	2,374	2,661	2,832	2,997	2,994	4,262	4,233	4,182	3,892	4,508
Total Noncurrent Liabilities	11,978	11,985	11,762	11,693	16,836	20,267	15,670	14,781	15,116	15,238	15,650
Long-Term Debt	8,702	8,708	8,655	8,651	14,242	15,647	11,270	10,337	11,026	11,080	11,336
Noncurrent Deferred & Payable Income Tax Liabilities	568	581	560	553	523	2,272	2,184	2,241	2,015	2,028	2,087
Noncurrent Employee Benefit Liabilities	349	354	350	337	149	259	247	209	214	218	221
Other Noncurrent Operating Liabilities	2,359	2,342	2,197	2,152	1,922	2,089	1,969	1,994	1,861	1,912	2,006
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	8,076	8,468	8,288	8,502	9,005	11,906	14,079	15,042	14,395	14,198	15,014
Total Preferred & Common Equity	7,758	8,134	7,969	8,184	8,677	11,561	13,768	14,693	14,081	13,859	14,706
Total Common Equity	7,758	8,134	7,969	8,184	8,677	11,561	13,768	14,693	14,081	13,859	14,706
Common Stock	5,490	5,503	5,503	5,526	5,544	8,545	8,572	8,597	8,619	8,625	8,347
Retained Earnings	5,866	6,239	6,129	6,486	6,591	6,860	8,854	9,301	11,483	11,895	12,294
Treasury Stock	-1,910	-1,972	-1,972	-1,972	-1,972	-1,972	-1,972	-2,403	-3,915	-5,188	-5,522
Accumulated Other Comprehensive Income / (Loss)	-1,688	-1,636	-1,691	-1,856	-1,486	-1,872	-1,686	-802	-2,106	-1,473	-413
Noncontrolling Interest	318	334	319	318	328	345	311	349	314	339	308

This table displays calculated financial ratios and metrics derived from Carrier Global's official financial filings.

Metric	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	-1.62%	-6.19%	18.09%	-16.13%	9.62%	18.65%
EBITDA Growth	0.00%	-28.40%	9.80%	-6.97%	41.52%	-38.49%	46.30%
EBIT Growth	0.00%	-30.49%	11.00%	-7.83%	47.08%	-45.75%	22.51%
NOPAT Growth	0.00%	-23.36%	0.58%	-7.23%	78.28%	-52.21%	-11.69%
Net Income Growth	0.00%	-22.17%	-6.91%	-15.20%	110.70%	-59.82%	296.39%
EPS Growth	0.00%	-22.78%	-7.79%	-16.89%	119.25%	-61.46%	289.24%
Operating Cash Flow Growth	0.00%	0.39%	-17.98%	32.21%	-22.08%	49.57%	-78.40%
Free Cash Flow Firm Growth	0.00%	0.00%	118.97%	103.26%	-67.28%	308.82%	-320.61%
Invested Capital Growth	0.00%	0.00%	0.95%	-16.43%	20.38%	-29.28%	148.30%
Revenue Q/Q Growth	0.00%	0.00%	0.54%	2.69%	-15.46%	-11.05%	-9.16%
EBITDA Q/Q Growth	0.00%	0.00%	20.69%	-18.08%	-10.97%	7.68%	-43.48%
EBIT Q/Q Growth	0.00%	0.00%	23.05%	-19.70%	-11.46%	9.59%	-54.17%
NOPAT Q/Q Growth	0.00%	0.00%	26.30%	-20.30%	-11.55%	20.99%	-65.68%
Net Income Q/Q Growth	0.00%	0.00%	27.53%	-24.60%	-1.48%	12.59%	59.53%
EPS Q/Q Growth	0.00%	0.00%	28.57%	-25.50%	-0.97%	12.06%	60.99%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-34.09%	46.88%	13.70%	-2.29%	-62.29%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	6.33%	-40.65%	293.63%	-85.23%
Invested Capital Q/Q Growth	0.00%	0.00%	2.61%	-3.76%	0.28%	-29.10%	-4.41%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	29.44%	29.12%	29.27%	29.01%	24.86%	27.24%	26.60%
EBITDA Margin	22.00%	16.01%	18.74%	14.77%	24.92%	13.98%	17.24%
Operating Margin	19.23%	13.39%	16.48%	12.83%	23.04%	11.40%	11.77%
EBIT Margin	20.12%	14.21%	16.82%	13.13%	23.02%	11.39%	11.76%
Profit (Net Income) Margin	14.64%	11.58%	11.49%	8.25%	20.73%	7.60%	25.38%
Tax Burden Percent	72.07%	80.65%	70.26%	70.88%	93.75%	72.04%	251.01%
Interest Burden Percent	100.97%	101.02%	97.24%	88.69%	96.06%	92.59%	85.97%
Effective Tax Rate	27.93%	19.35%	29.74%	29.13%	16.11%	26.06%	46.70%
Return on Invested Capital (ROIC)	0.00%	33.31%	16.67%	16.77%	29.81%	15.27%	9.35%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	21.00%	15.76%	12.77%	36.47%	7.08%	136.26%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-3.45%	2.42%	8.11%	17.45%	1.59%	39.44%
Return on Equity (ROE)	0.00%	29.86%	19.09%	24.88%	47.25%	16.86%	48.79%
Cash Return on Invested Capital (CROIC)	0.00%	-166.69%	15.73%	34.68%	11.31%	49.58%	-75.81%
Operating Return on Assets (OROA)	0.00%	11.80%	12.36%	10.56%	15.23%	7.33%	7.53%
Return on Assets (ROA)	0.00%	9.62%	8.45%	6.64%	13.72%	4.89%	16.26%
Return on Common Equity (ROCE)	0.00%	-2.59%	4.54%	23.69%	45.24%	16.22%	47.45%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-171.99%	32.09%	25.14%	46.20%	16.60%	40.54%
Net Operating Profit after Tax (NOPAT)	2,621	2,009	2,021	1,875	3,342	1,597	1,410
NOPAT Margin	13.86%	10.80%	11.58%	9.09%	19.33%	8.43%	6.27%
Net Nonoperating Expense Percent (NNEP)	0.00%	12.31%	0.91%	4.00%	-6.67%	8.20%	-126.91%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	19.75%	6.85%	5.29%
Cost of Revenue to Revenue	70.56%	70.88%	70.73%	70.99%	75.14%	72.76%	73.40%
SG&A Expenses to Revenue	14.22%	14.84%	16.15%	15.14%	11.44%	13.76%	14.22%
R&D to Revenue	2.11%	2.16%	2.40%	2.44%	2.41%	2.60%	3.05%
Operating Expenses to Revenue	10.21%	15.74%	12.79%	16.18%	3.33%	16.95%	15.86%
Earnings before Interest and Taxes (EBIT)	3,805	2,645	2,936	2,706	3,980	2,159	2,645
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4,162	2,980	3,272	3,044	4,308	2,650	3,877
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	4.98	6.69	4.33	5.49	4.35
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	224.65	0.00
Price to Revenue (P/Rev)	0.00	0.00	1.78	2.19	1.94	2.51	2.72
Price to Earnings (P/E)	0.00	0.00	15.71	27.19	9.49	35.30	10.93
Dividend Yield	0.00%	0.00%	0.78%	0.98%	1.58%	1.31%	1.16%
Earnings Yield	0.00%	0.00%	6.37%	3.68%	10.53%	2.83%	9.15%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	3.04	4.98	3.11	5.92	3.19
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	2.12	2.46	2.20	2.70	3.05
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	11.33	16.65	8.83	19.34	17.71
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	12.62	18.73	9.56	23.74	25.96
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	18.34	27.04	11.38	32.09	48.70
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	21.90	22.66	21.83	19.66	121.98
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	19.44	13.08	30.00	9.89	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	0.02	1.55	1.37	1.09	1.59	0.85
Long-Term Debt to Equity	0.00	0.01	1.53	1.34	1.08	1.58	0.77
Financial Leverage	0.00	-0.16	0.15	0.63	0.48	0.22	0.29
Leverage Ratio	0.00	1.55	2.26	3.75	3.44	3.45	3.00
Compound Leverage Factor	0.00	1.57	2.20	3.33	3.31	3.19	2.58
Debt to Total Capital	0.00%	2.16%	60.86%	57.75%	52.26%	61.35%	46.03%
Short-Term Debt to Total Capital	0.00%	1.61%	1.14%	1.09%	0.83%	0.22%	4.69%
Long-Term Debt to Total Capital	0.00%	0.56%	59.72%	56.66%	51.44%	61.13%	41.34%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	106.33%	1.94%	1.95%	1.88%	1.41%	1.18%
Common Equity to Total Capital	0.00%	-8.49%	37.20%	40.30%	45.86%	37.24%	52.79%
Debt to EBITDA	0.00	0.11	3.13	3.19	2.05	5.39	3.17
Net Debt to EBITDA	0.00	-0.80	1.71	1.68	0.97	1.25	1.84
Long-Term Debt to EBITDA	0.00	0.03	3.07	3.13	2.02	5.37	2.84
Debt to NOPAT	0.00	0.16	5.06	5.17	2.65	8.95	8.71
Net Debt to NOPAT	0.00	-1.18	2.77	2.73	1.25	2.07	5.05
Long-Term Debt to NOPAT	0.00	0.04	4.97	5.07	2.60	8.92	7.82
Altman Z-Score	0.00	0.00	2.35	2.92	2.78	2.74	2.93
Noncontrolling Interest Sharing Ratio	0.00%	108.68%	76.21%	4.78%	4.25%	3.78%	2.74%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	1.33	1.67	1.72	1.64	2.80	1.25
Quick Ratio	0.00	0.82	1.15	0.81	1.05	1.71	0.84
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-10,054	1,907	3,876	1,268	5,184	-11,437
Operating Cash Flow to CapEx	781.37%	848.97%	542.31%	650.29%	549.84%	593.85%	108.48%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.83	0.74	0.80	0.66	0.64	0.64
Accounts Receivable Turnover	0.00	6.83	6.34	7.95	6.60	7.71	9.51
Inventory Turnover	0.00	9.90	8.34	8.13	5.64	6.18	8.01
Fixed Asset Turnover	0.00	11.19	10.05	11.34	8.50	8.61	8.72
Accounts Payable Turnover	0.00	7.75	6.79	6.85	5.03	5.19	6.68
Days Sales Outstanding (DSO)	0.00	53.47	57.57	45.90	55.27	47.31	38.40
Days Inventory Outstanding (DIO)	0.00	36.86	43.77	44.89	64.76	59.07	45.58
Days Payable Outstanding (DPO)	0.00	47.07	53.76	53.25	72.59	70.36	54.63
Cash Conversion Cycle (CCC)	0.00	43.26	47.58	37.53	47.45	36.02	29.34
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	12,063	12,177	10,176	12,250	8,663	21,510
Invested Capital Turnover	0.00	3.09	1.44	1.84	1.54	1.81	1.49
Increase / (Decrease) in Invested Capital	0.00	12,063	114	-2,001	2,074	-3,587	12,847
Enterprise Value (EV)	0.00	0.00	37,061	50,682	38,045	51,254	68,674
Market Capitalization	0.00	0.00	31,136	45,239	33,553	47,625	61,245
Book Value per Share	$0.00	($1.45)	$7.21	$7.81	$9.28	$10.34	$15.69
Tangible Book Value per Share	$0.00	($14.11)	($5.68)	($3.57)	($4.26)	$0.25	($7.75)
Total Capital	0.00	14,754	16,805	16,790	16,918	23,298	26,673
Total Debt	0.00	319	10,227	9,696	8,842	14,293	12,278
Total Long-Term Debt	0.00	82	10,036	9,513	8,702	14,242	11,026
Net Debt	0.00	-2,372	5,599	5,116	4,174	3,301	7,115
Capital Expenditures (CapEx)	263	243	312	344	317	439	519
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	775	490	1,976	467	2,794	-718
Debt-free Net Working Capital (DFNWC)	0.00	1,727	3,605	4,963	3,987	12,646	3,251
Net Working Capital (NWC)	0.00	1,490	3,414	4,780	3,847	12,595	1,999
Net Nonoperating Expense (NNE)	-148	-146	15	174	-242	157	-4,298
Net Nonoperating Obligations (NNO)	0.00	-2,372	5,599	3,082	4,174	-342	7,115
Total Depreciation and Amortization (D&A)	357	335	336	338	328	491	1,232
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	4.16%	2.81%	9.59%	2.70%	14.74%	-3.19%
Debt-free Net Working Capital to Revenue	0.00%	9.28%	20.65%	24.08%	23.06%	66.73%	14.46%
Net Working Capital to Revenue	0.00%	8.01%	19.56%	23.19%	22.25%	66.46%	8.89%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$2.29	$1.92	$4.19	$1.61	$6.24
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	866.50M	867.70M	843.40M	837.30M	898.20M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$2.25	$1.87	$4.10	$1.58	$6.15
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	880.20M	890.30M	861.20M	853M	911.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	869.21M	855.51M	834.19M	898.36M	868.34M
Normalized Net Operating Profit after Tax (NOPAT)	2,463	1,819	2,021	1,698	3,342	1,597	1,410
Normalized NOPAT Margin	13.02%	9.77%	11.58%	8.24%	19.33%	8.43%	6.27%
Pre Tax Income Margin	20.31%	14.36%	16.36%	11.64%	22.11%	10.55%	10.11%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	1.66%	1.30%	9.27%	26.98%	15.49%	47.08%	13.21%
Augmented Payout Ratio	1.66%	1.30%	9.27%	57.97%	53.99%	51.39%	47.27%

This table displays calculated financial ratios and metrics derived from Carrier Global's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-61.58%	13.30%	14.99%	-9.47%	39.50%	17.24%	11.63%	21.26%	31.99%	-3.73%	3.02%
EBITDA Growth	-94.82%	-60.67%	-29.98%	-67.44%	2,672.41%	17.80%	539.30%	98.30%	-347.51%	34.63%	19.84%
EBIT Growth	-108.88%	-66.92%	-40.22%	-71.49%	1,721.43%	-9.91%	654.81%	75.17%	-438.91%	63.64%	24.72%
NOPAT Growth	-107.38%	-69.41%	-57.49%	-80.36%	2,397.70%	2.22%	819.01%	118.23%	-351.12%	61.37%	26.64%
Net Income Growth	-16.27%	-72.10%	-60.31%	-71.40%	57.91%	-25.32%	916.74%	26.25%	485.19%	51.21%	-73.28%
EPS Growth	-11.11%	-72.15%	-65.67%	-72.55%	53.13%	-34.09%	1,008.70%	16.67%	475.51%	62.07%	-73.33%
Operating Cash Flow Growth	23.00%	159.41%	1,100.00%	31.77%	-5.43%	-66.67%	71.88%	-125.84%	-87.57%	1,107.50%	-1.67%
Free Cash Flow Firm Growth	-188.30%	-155.65%	-165.97%	203.58%	301.25%	-529.61%	-349.41%	-3,709.09%	-441.88%	119.01%	97.38%
Invested Capital Growth	20.38%	19.71%	17.09%	0.02%	-29.28%	86.38%	75.56%	84.16%	148.30%	-6.48%	4.30%
Revenue Q/Q Growth	-63.82%	3.29%	13.64%	-17.64%	-44.26%	21.17%	8.20%	-10.54%	-39.32%	43.71%	17.15%
EBITDA Q/Q Growth	-98.22%	12.91%	-9.41%	-15.34%	51.70%	9.70%	391.65%	-73.74%	-289.34%	146.88%	30.76%
EBIT Q/Q Growth	-102.75%	13.50%	-11.89%	-11.04%	56.55%	-17.63%	638.20%	-79.36%	-402.89%	127.30%	43.33%
NOPAT Q/Q Growth	-102.03%	16.55%	-36.02%	0.57%	136.94%	-9.51%	475.24%	-76.12%	-372.65%	131.05%	44.11%
Net Income Q/Q Growth	-79.13%	39.21%	-39.79%	63.52%	15.22%	-34.17%	719.72%	-79.70%	434.10%	-82.99%	44.85%
EPS Q/Q Growth	-79.09%	37.50%	-47.73%	82.61%	16.67%	-40.82%	779.31%	-80.78%	475.51%	-83.33%	44.68%
Operating Cash Flow Q/Q Growth	42.15%	-89.31%	220.00%	171.09%	2.02%	-96.23%	1,550.00%	-140.76%	149.07%	265.91%	34.37%
Free Cash Flow Firm Q/Q Growth	-710.78%	0.87%	6.42%	116.91%	1,475.38%	-451.97%	33.21%	-35.80%	-49.23%	114.21%	-111.54%
Invested Capital Q/Q Growth	0.28%	5.04%	-1.08%	-4.01%	-29.10%	147.49%	-6.83%	0.70%	-4.41%	4.28%	3.91%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	4.06%	26.13%	29.29%	30.11%	19.74%	27.58%	28.08%	28.02%	19.86%	27.69%	28.94%
EBITDA Margin	1.47%	13.10%	10.45%	10.74%	29.23%	13.17%	59.83%	17.56%	-54.81%	17.88%	19.96%
Operating Margin	-2.03%	10.53%	8.16%	8.81%	24.75%	8.09%	55.18%	12.75%	-63.56%	12.05%	14.77%
EBIT Margin	-2.13%	10.53%	8.16%	8.81%	24.75%	8.09%	55.18%	12.73%	-63.56%	12.07%	14.77%
Profit (Net Income) Margin	14.10%	7.34%	3.89%	7.72%	15.96%	4.67%	35.42%	8.04%	70.75%	8.37%	10.36%
Tax Burden Percent	-302.17%	76.03%	55.21%	80.89%	73.53%	86.27%	67.22%	62.47%	-109.09%	79.74%	77.96%
Interest Burden Percent	219.05%	91.71%	86.30%	108.28%	87.67%	67.00%	95.48%	101.05%	102.04%	86.98%	89.92%
Effective Tax Rate	0.00%	23.97%	44.79%	37.58%	5.53%	13.73%	32.78%	22.34%	0.00%	20.26%	19.95%
Return on Invested Capital (ROIC)	-2.19%	14.26%	8.33%	9.59%	42.38%	8.71%	50.14%	14.12%	-66.32%	9.23%	11.64%
ROIC Less NNEP Spread (ROIC-NNEP)	6.25%	13.35%	7.44%	12.18%	31.72%	6.98%	48.37%	12.12%	57.25%	8.59%	10.55%
Return on Net Nonoperating Assets (RNNOA)	2.99%	6.48%	4.05%	6.46%	7.12%	5.65%	27.48%	5.76%	16.57%	6.69%	6.01%
Return on Equity (ROE)	0.80%	20.74%	12.39%	16.06%	49.50%	14.36%	77.62%	19.87%	-49.75%	15.92%	17.64%
Cash Return on Invested Capital (CROIC)	11.31%	5.89%	5.08%	10.78%	49.58%	-51.78%	-33.30%	-35.56%	-75.81%	13.71%	3.68%
Operating Return on Assets (OROA)	-1.41%	8.75%	7.13%	7.24%	15.93%	5.54%	39.22%	9.45%	-40.71%	6.97%	8.41%
Return on Assets (ROA)	9.33%	6.10%	3.40%	6.34%	10.27%	3.20%	25.17%	5.96%	45.31%	4.83%	5.89%
Return on Common Equity (ROCE)	0.76%	19.88%	11.89%	15.42%	47.63%	13.88%	75.43%	19.31%	-48.38%	15.50%	17.27%
Return on Equity Simple (ROE_SIMPLE)	0.00%	31.77%	27.98%	15.63%	0.00%	11.61%	25.26%	24.35%	0.00%	42.25%	0.00%
Net Operating Profit after Tax (NOPAT)	-28	422	270	272	643	431	2,481	593	-1,616	502	723
NOPAT Margin	-1.42%	8.00%	4.51%	5.50%	23.39%	6.98%	37.09%	9.90%	-44.49%	9.61%	11.82%
Net Nonoperating Expense Percent (NNEP)	-8.43%	0.91%	0.89%	-2.58%	10.67%	1.73%	1.77%	2.00%	-123.57%	0.64%	1.09%
Return On Investment Capital (ROIC_SIMPLE)	-0.17%	-	-	-	2.76%	-	-	-	-6.06%	1.98%	2.73%
Cost of Revenue to Revenue	95.94%	73.87%	70.71%	69.89%	80.26%	72.42%	71.92%	71.98%	80.14%	72.31%	71.06%
SG&A Expenses to Revenue	7.00%	13.67%	13.08%	13.45%	15.92%	15.93%	14.58%	13.35%	12.06%	13.97%	13.30%
R&D to Revenue	1.32%	2.64%	2.52%	2.55%	2.80%	3.62%	2.80%	2.87%	2.84%	2.93%	2.63%
Operating Expenses to Revenue	19.37%	15.61%	21.13%	21.30%	2.65%	19.49%	-27.10%	16.38%	87.96%	15.64%	14.17%
Earnings before Interest and Taxes (EBIT)	-42	555	489	435	681	500	3,691	762	-2,308	630	903
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	29	691	626	530	804	814	4,002	1,051	-1,990	933	1,220
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.33	4.59	5.14	5.56	5.49	4.19	4.13	4.93	4.35	3.97	4.25
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	224.65	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.94	1.77	1.88	2.14	2.51	2.11	2.40	2.93	2.72	2.47	2.79
Price to Earnings (P/E)	9.49	14.77	19.01	37.95	35.30	38.94	16.80	20.87	10.93	9.58	15.64
Dividend Yield	1.58%	1.42%	1.44%	1.30%	1.31%	1.29%	1.20%	0.94%	1.16%	1.25%	1.14%
Earnings Yield	10.53%	6.77%	5.26%	2.63%	2.83%	2.57%	5.95%	4.79%	9.15%	10.44%	6.40%
Enterprise Value to Invested Capital (EV/IC)	3.11	3.27	3.59	4.05	5.92	2.64	2.97	3.63	3.19	2.84	3.05
Enterprise Value to Revenue (EV/Rev)	2.20	2.00	2.09	2.33	2.70	2.75	2.80	3.30	3.05	2.86	3.17
Enterprise Value to EBITDA (EV/EBITDA)	8.83	10.99	12.84	20.13	19.34	21.36	10.47	11.92	17.71	15.45	16.48
Enterprise Value to EBIT (EV/EBIT)	9.56	12.41	14.93	25.15	23.74	28.22	12.19	14.16	25.96	22.02	23.19
Enterprise Value to NOPAT (EV/NOPAT)	11.38	14.95	18.60	37.53	32.09	40.17	17.56	19.89	48.70	39.09	39.55
Enterprise Value to Operating Cash Flow (EV/OCF)	21.83	20.38	18.91	18.57	19.66	25.03	23.66	54.75	121.98	63.25	71.52
Enterprise Value to Free Cash Flow (EV/FCFF)	30.00	60.48	76.29	37.62	9.89	0.00	0.00	0.00	0.00	20.00	84.80
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.09	1.05	1.06	1.03	1.59	1.42	0.95	0.83	0.85	0.79	0.76
Long-Term Debt to Equity	1.08	1.03	1.04	1.02	1.58	1.31	0.80	0.69	0.77	0.78	0.76
Financial Leverage	0.48	0.49	0.54	0.53	0.22	0.81	0.57	0.47	0.29	0.78	0.57
Leverage Ratio	3.44	3.18	3.27	3.25	3.45	3.30	2.98	2.83	3.00	2.96	2.71
Compound Leverage Factor	7.55	2.92	2.82	3.52	3.02	2.21	2.85	2.86	3.06	2.57	2.44
Debt to Total Capital	52.26%	51.10%	51.47%	50.82%	61.35%	58.66%	48.62%	45.25%	46.03%	44.06%	43.25%
Short-Term Debt to Total Capital	0.83%	0.82%	0.78%	0.78%	0.22%	4.33%	7.49%	7.63%	4.69%	0.41%	0.40%
Long-Term Debt to Total Capital	51.44%	50.28%	50.68%	50.04%	61.13%	54.33%	41.13%	37.62%	41.34%	43.65%	42.85%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.88%	1.93%	1.87%	1.84%	1.41%	1.20%	1.14%	1.27%	1.18%	1.34%	1.16%
Common Equity to Total Capital	45.86%	46.97%	46.67%	47.34%	37.24%	40.14%	50.25%	53.48%	52.79%	54.60%	55.58%
Debt to EBITDA	2.05	2.31	2.47	3.57	5.39	5.71	2.10	1.81	3.17	2.72	2.65
Net Debt to EBITDA	0.97	1.15	1.25	1.51	1.25	4.87	1.45	1.30	1.84	2.00	1.92
Long-Term Debt to EBITDA	2.02	2.27	2.43	3.52	5.37	5.28	1.78	1.51	2.84	2.69	2.62
Debt to NOPAT	2.65	3.14	3.58	6.66	8.95	10.73	3.53	3.03	8.71	6.87	6.36
Net Debt to NOPAT	1.25	1.56	1.81	2.82	2.07	9.16	2.43	2.17	5.05	5.06	4.61
Long-Term Debt to NOPAT	2.60	3.09	3.52	6.55	8.92	9.94	2.98	2.52	7.82	6.81	6.30
Altman Z-Score	2.27	2.64	2.76	2.90	2.59	1.94	2.52	2.75	2.49	2.66	2.75
Noncontrolling Interest Sharing Ratio	4.25%	4.17%	4.02%	3.94%	3.78%	3.33%	2.82%	2.83%	2.74%	2.62%	2.13%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.64	1.70	1.63	1.66	2.80	1.36	1.08	1.08	1.25	1.20	1.17
Quick Ratio	1.05	1.07	1.03	1.09	1.71	0.52	0.57	0.48	0.84	0.67	0.66
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,102	-1,697	-1,588	269	4,230	-10,685	-7,137	-9,691	-14,463	2,055	-237
Operating Cash Flow to CapEx	1,079.81%	171.43%	518.92%	1,426.03%	478.38%	38.46%	594.59%	-309.20%	60.83%	766.67%	801.23%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.66	0.83	0.87	0.82	0.64	0.68	0.71	0.74	0.64	0.58	0.57
Accounts Receivable Turnover	6.60	7.47	7.23	7.06	7.71	7.44	7.41	8.60	9.51	7.26	6.85
Inventory Turnover	5.64	6.00	6.32	5.91	6.18	5.44	5.87	6.81	8.01	5.57	5.47
Fixed Asset Turnover	8.50	10.26	10.73	9.99	8.61	8.43	8.81	9.47	8.72	7.17	7.13
Accounts Payable Turnover	5.03	5.69	5.96	5.41	5.19	5.43	5.50	6.20	6.68	5.34	5.08
Days Sales Outstanding (DSO)	55.27	48.84	50.47	51.68	47.31	49.09	49.27	42.44	38.40	50.24	53.30
Days Inventory Outstanding (DIO)	64.76	60.80	57.72	61.78	59.07	67.10	62.14	53.61	45.58	65.58	66.72
Days Payable Outstanding (DPO)	72.59	64.15	61.26	67.43	70.36	67.19	66.39	58.84	54.63	68.41	71.92
Cash Conversion Cycle (CCC)	47.45	45.50	46.93	46.03	36.02	49.00	45.02	37.21	29.34	47.41	48.10
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	12,250	12,868	12,729	12,219	8,663	23,984	22,347	22,503	21,510	22,431	23,307
Invested Capital Turnover	1.54	1.78	1.85	1.74	1.81	1.25	1.35	1.43	1.49	0.96	0.98
Increase / (Decrease) in Invested Capital	2,074	2,119	1,858	3.00	-3,587	11,116	9,618	10,284	12,847	-1,553	960
Enterprise Value (EV)	38,045	42,078	45,709	49,540	51,254	63,250	66,329	81,742	68,674	63,625	71,163
Market Capitalization	33,553	37,344	40,949	45,505	47,625	48,478	56,836	72,473	61,245	55,053	62,562
Book Value per Share	$9.28	$9.75	$9.55	$9.77	$10.34	$12.86	$15.28	$16.28	$15.69	$15.96	$17.15
Tangible Book Value per Share	($4.26)	($3.76)	($3.76)	($3.27)	$0.25	($12.41)	($9.46)	($8.55)	($7.75)	($8.73)	($9.02)
Total Capital	16,918	17,318	17,077	17,287	23,298	28,801	27,401	27,474	26,673	25,382	26,457
Total Debt	8,842	8,850	8,789	8,785	14,293	16,895	13,322	12,432	12,278	11,184	11,443
Total Long-Term Debt	8,702	8,708	8,655	8,651	14,242	15,647	11,270	10,337	11,026	11,080	11,336
Net Debt	4,174	4,400	4,441	3,717	3,301	14,427	9,182	8,920	7,115	8,233	8,293
Capital Expenditures (CapEx)	104	70	74	73	222	104	111	87	217	63	81
Debt-free, Cash-free Net Working Capital (DFCFNWC)	467	995	832	394	2,794	3,013	31	686	-718	-161	-388
Debt-free Net Working Capital (DFNWC)	3,987	4,342	4,041	4,296	12,646	4,326	2,950	2,911	3,251	1,537	1,409
Net Working Capital (NWC)	3,847	4,200	3,907	4,162	12,595	3,078	898	816	1,999	1,433	1,302
Net Nonoperating Expense (NNE)	-306	35	37	-109	204	142	112	112	-4,185	65	90
Net Nonoperating Obligations (NNO)	4,174	4,400	4,441	3,717	-342	12,078	8,268	7,461	7,115	8,233	8,293
Total Depreciation and Amortization (D&A)	71	136	137	95	123	314	311	289	318	303	317
Debt-free, Cash-free Net Working Capital to Revenue	2.70%	4.73%	3.81%	1.85%	14.74%	13.10%	0.13%	2.77%	-3.19%	-0.72%	-1.73%
Debt-free Net Working Capital to Revenue	23.06%	20.64%	18.52%	20.16%	66.73%	18.80%	12.45%	11.76%	14.46%	6.90%	6.27%
Net Working Capital to Revenue	22.25%	19.96%	17.90%	19.54%	66.46%	13.38%	3.79%	3.30%	8.89%	6.43%	5.80%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.33	$0.45	$0.24	$0.43	$0.49	$0.30	$2.59	$0.50	$2.85	$0.47	$0.69
Adjusted Weighted Average Basic Shares Outstanding	843.40M	835M	836M	838.70M	837.30M	899.20M	902.40M	901.20M	898.20M	866.90M	854.90M
Adjusted Diluted Earnings per Share	$0.32	$0.44	$0.23	$0.42	$0.49	$0.29	$2.55	$0.49	$2.82	$0.47	$0.68
Adjusted Weighted Average Diluted Shares Outstanding	861.20M	852.20M	850.90M	854.70M	853M	913M	915.30M	915M	911.70M	878.30M	866.30M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	834.19M	834.84M	837.63M	839.05M	898.36M	901.01M	902.75M	897.23M	868.34M	857.31M	851.02M
Normalized Net Operating Profit after Tax (NOPAT)	-28	389	241	272	643	405	2,421	593	-1,616	467	660
Normalized NOPAT Margin	-1.42%	7.37%	4.03%	5.50%	23.39%	6.54%	36.19%	9.90%	-44.49%	8.94%	10.80%
Pre Tax Income Margin	-4.67%	9.65%	7.04%	9.54%	21.70%	5.42%	52.68%	12.87%	-64.86%	10.50%	13.28%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	15.49%	22.45%	28.07%	51.60%	47.08%	51.04%	20.85%	21.05%	13.21%	13.51%	18.35%
Augmented Payout Ratio	53.99%	49.85%	47.26%	65.75%	51.39%	51.04%	20.85%	33.09%	47.27%	68.70%	105.05%

Financials Breakdown Chart

Key Financial Trends

Carrier Global Corp (NYSE: CARR) has demonstrated steady financial performance over the past four years up to Q2 2025, with key trends and metrics from its income statements, balance sheets, and cash flow statements.

Revenue and Profitability Trends:

Operating revenue increased from approximately $5.27 billion in Q1 2023 to $6.11 billion in Q2 2025, reflecting solid organic growth.
Gross profit steadily improved, with Q2 2025 gross profit at $1.77 billion compared to $1.39 billion in Q1 2023, indicating effective cost management despite rising revenue.
Carrier reported positive net income continuing operations of $650 million in Q2 2025, up from $197 million in Q1 2023, showing improved bottom-line performance.
Earnings per share (diluted) grew from $0.29 in Q1 2023 to $0.68 in Q2 2025, demonstrating enhanced shareholder value over time.
The company experienced some volatility in discontinued operations' net income, which showed losses or gains in various quarters, affecting consolidated net income.

Cash Flow Highlights:

Operating cash flow from continuing operations was $264 million in Q2 2025, supporting ongoing business investments and financial obligations.
Net cash from operating activities sustained strength at $649 million in Q2 2025, despite fluctuations in working capital.
Significant cash outflow for financing activities in Q2 2025 at $547 million, driven primarily by $340 million repurchase of common equity and dividends of $201 million, which may pressure liquidity.
Investments in property, plant, and equipment plus acquisitions totaled about $130 million in Q2 2025, which is a healthy sign of reinvestment, but also a cash outflow to monitor.

Balance Sheet and Financial Position:

Total assets increased from $26.4 billion in Q3 2023 to $38.5 billion in Q2 2025, reflecting growth investments and acquisitions.
Goodwill and intangible assets constitute a substantial portion of total assets ($15.7 billion and $6.8 billion respectively in Q2 2025), which investors should monitor for potential impairment risks.
Total liabilities rose from $18 billion in Q1 2023 to $23.5 billion in Q2 2025, with long-term debt increasing to $11.3 billion, indicating greater leverage which may increase financial risk.
Total common equity increased to $14.7 billion in Q2 2025, compared to $8.2 billion in Q1 2023, supporting financial stability and shareholder equity.
Cash and equivalents increased significantly to $1.8 billion in Q2 2025 from $1.3 billion in Q1 2023, enhancing liquidity.

Summary:

Carrier Global has shown consistent revenue growth and improving profitability over recent years, with rising earnings per share. The company maintains strong cash flows from operations to support investments and shareholder returns. However, increasing leverage and sizable goodwill/intangible assets warrant investor attention for potential risk considerations. The management's capital allocation reflects a balance between reinvestment in assets and returning capital to shareholders through dividends and stock repurchases.

Overall, Carrier Global appears financially solid with a positive growth trajectory, though investors should watch debt levels and asset quality closely as part of their ongoing evaluation.

10/09/25 09:21 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Carrier Global's Financials

When does Carrier Global's financial year end?

According to the most recent income statement we have on file, Carrier Global's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Carrier Global's net income changed over the last 6 years?

Carrier Global's net income appears to be on an upward trend, with a most recent value of $5.71 billion in 2024, rising from $2.77 billion in 2018. The previous period was $1.44 billion in 2023. Find out what analysts predict for Carrier Global in the coming months.

What is Carrier Global's operating income?

Carrier Global's total operating income in 2024 was $2.65 billion, based on the following breakdown:

Total Gross Profit: $5.98 billion
Total Operating Expenses: $3.57 billion

How has Carrier Global's revenue changed over the last 6 years?

Over the last 6 years, Carrier Global's total revenue changed from $18.91 billion in 2018 to $22.49 billion in 2024, a change of 18.9%.

How much debt does Carrier Global have?

Carrier Global's total liabilities were at $23.01 billion at the end of 2024, a 3.4% decrease from 2023, and a 188.6% increase since 2019.

How much cash does Carrier Global have?

In the past 5 years, Carrier Global's cash and equivalents has ranged from $952 million in 2019 to $9.85 billion in 2023, and is currently $3.97 billion as of their latest financial filing in 2024.

How has Carrier Global's book value per share changed over the last 6 years?

Over the last 6 years, Carrier Global's book value per share changed from 0.00 in 2018 to 15.69 in 2024, a change of 1,569.4%.

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This page (NYSE:CARR) was last updated on 10/9/2025 by MarketBeat.com Staff

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Carrier Global (CARR) Financials

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Carrier Global (CARR) Financials

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