Carrier Global (CARR) Financials

$74.87 -0.96 (-1.27%)

As of 05/20/2025 03:58 PM 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	2024	2023	2022	2021	2020	2019	2018
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018
Net Income / (Loss) Attributable to Common Shareholders	5,604	1,349	3,534	1,664	1,982	2,116	2,734
Consolidated Net Income / (Loss)	5,708	1,440	3,584	1,701	2,006	2,155	2,769
Net Income / (Loss) Continuing Operations	1,212	1,478	3,207	1,701	2,006	2,155	2,769
Total Pre-Tax Income	2,274	1,999	3,823	2,400	2,855	2,672	3,842
Total Operating Income	2,646	2,160	3,984	2,645	2,876	2,491	3,637
Total Gross Profit	5,981	5,162	4,297	5,980	5,109	5,419	5,569
Total Revenue	22,486	18,951	17,288	20,613	17,456	18,608	18,914
Operating Revenue	22,486	18,951	17,288	20,613	17,456	18,608	18,914
Total Cost of Revenue	16,505	13,789	12,991	14,633	12,347	13,189	13,345
Operating Cost of Revenue	16,505	13,789	12,991	14,633	12,347	13,189	13,345
Total Operating Expenses	3,566	3,213	575	3,335	2,233	2,928	1,932
Selling, General & Admin Expense	3,197	2,607	1,977	3,120	2,820	2,761	2,689
Research & Development Expense	686	493	416	503	419	401	400
Other Operating Expenses / (Income)	-317	113	-1,818	-39	-1,006	2.00	-937
Total Other Income / (Expense), net	-141	50	101	-245	-21	181	205
Interest & Investment Income	-140	51	105	-306	-81	27	37
Other Income / (Expense), net	-1.00	-1.00	-4.00	61	60	154	168
Income Tax Expense	1,062	521	616	699	849	517	1,073
Net Income / (Loss) Discontinued Operations	4,496	-38	377	-	-	-	-
Net Income / (Loss) Attributable to Noncontrolling Interest	104	91	50	37	24	39	35
Basic Earnings per Share	$6.24	$1.61	$4.19	$1.92	$2.29	$2.44	$3.16
Weighted Average Basic Shares Outstanding	898.20M	837.30M	843.40M	867.70M	866.50M	866.20M	866.20M
Diluted Earnings per Share	$6.15	$1.58	$4.10	$1.87	$2.25	$2.44	$3.16
Weighted Average Diluted Shares Outstanding	911.70M	853M	861.20M	890.30M	880.20M	866.20M	866.20M
Weighted Average Basic & Diluted Shares Outstanding	868.34M	898.36M	834.19M	855.51M	869.21M	-	-
Cash Dividends to Common per Share	$0.80	$0.75	$0.64	$0.51	$0.28	-	-

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	412	2,551	447	2,337	269	420	357	199	373	270	1,312
Consolidated Net Income / (Loss)	437	2,569	481	2,369	289	439	381	233	387	278	1,332
Net Income / (Loss) Continuing Operations	437	-2,044	598	2,369	289	564	294	233	387	-99	1,332
Total Pre-Tax Income	548	-2,355	770	3,524	335	597	471	422	509	-92	1,470
Total Operating Income	629	-2,308	763	3,691	500	681	435	489	555	-40	1,526
Total Gross Profit	1,445	721	1,677	1,878	1,705	543	1,486	1,755	1,378	80	1,477
Total Revenue	5,218	3,631	5,984	6,689	6,182	2,751	4,935	5,992	5,273	1,972	5,451
Operating Revenue	5,218	3,631	5,984	6,689	6,182	2,751	4,935	5,992	5,273	1,972	5,451
Total Cost of Revenue	3,773	2,910	4,307	4,811	4,477	2,208	3,449	4,237	3,895	1,892	3,974
Operating Cost of Revenue	3,773	2,910	4,307	4,811	4,477	2,208	3,449	4,237	3,895	1,892	3,974
Total Operating Expenses	816	3,194	980	-1,813	1,205	73	1,051	1,266	823	382	-49
Selling, General & Admin Expense	729	438	799	975	985	438	664	784	721	138	624
Research & Development Expense	153	103	172	187	224	77	126	151	139	26	143
Other Operating Expenses / (Income)	-22	2,532	9.00	-2,885	27	-538	261	383	7.00	54	-753
Other Special Charges / (Income)	-44	-	-	-90	-31	-	-	-52	-44	-	-63
Total Other Income / (Expense), net	-81	117	73	-166	-165	127	36	-67	-46	210	-56
Interest & Investment Income	-82	117	74	-166	-165	128	36	-67	-46	212	-56
Other Income / (Expense), net	1.00	-	-1.00	0.00	-	-	0.00	0.00	-	-2.00	0.00
Income Tax Expense	111	-311	172	1,155	46	33	177	189	122	7.00	138
Net Income / (Loss) Discontinued Operations	0.00	-	-117	-	-	-	87	-	-	-	-
Net Income / (Loss) Attributable to Noncontrolling Interest	25	18	34	32	20	19	24	34	14	8.00	20
Basic Earnings per Share	$0.47	$2.85	$0.50	$2.59	$0.30	$0.49	$0.43	$0.24	$0.45	$0.33	$1.56
Weighted Average Basic Shares Outstanding	866.90M	898.20M	901.20M	902.40M	899.20M	837.30M	838.70M	836M	835M	843.40M	839.60M
Diluted Earnings per Share	$0.47	$2.82	$0.49	$2.55	$0.29	$0.49	$0.42	$0.23	$0.44	$0.32	$1.53
Weighted Average Diluted Shares Outstanding	878.30M	911.70M	915M	915.30M	913M	853M	854.70M	850.90M	852.20M	861.20M	856.50M
Weighted Average Basic & Diluted Shares Outstanding	857.31M	868.34M	897.23M	902.75M	901.01M	898.36M	839.05M	837.63M	834.84M	834.19M	836.26M

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

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-2,270	1,450	-590	1,669	-8,730	6,266	692	-138	-173	535	-34
Net Cash From Operating Activities	483	132	-269	660	40	1,062	1,041	384	120	1,123	790
Net Cash From Continuing Operating Activities	488	363	508	660	40	907	841	384	120	885	790
Net Income / (Loss) Continuing Operations	437	-30	-1,416	2,369	289	436	422	233	387	-99	1,332
Consolidated Net Income / (Loss)	437	2,569	481	2,369	289	439	381	233	387	278	1,332
Net Income / (Loss) Discontinued Operations	0.00	2,599	-	-	-	3.00	-	-	-	-	-
Depreciation Expense	303	318	289	311	314	123	95	137	136	71	102
Non-Cash Adjustments To Reconcile Net Income	-1.00	-525	2,669	-3,112	108	209	-320	203	-69	429	-670
Changes in Operating Assets and Liabilities, net	-251	600	-1,034	1,092	-671	139	644	-189	-334	484	26
Net Cash From Discontinued Operating Activities	-5.00	-231	-	-	-	155	-	-	-	-	-
Net Cash From Investing Activities	-23	3,089	1,159	4,808	-11,081	-229	-135	-196	-100	-300	-600
Net Cash From Continuing Investing Activities	-30	306	-5,058	4,808	-11,081	-220	12	-196	-100	-244	-600
Purchase of Property, Plant & Equipment	-63	-217	-87	-111	-104	-222	-73	-74	-70	-104	-91
Acquisitions	-12	-17	-94	-7.00	-10,772	-15	121	-138	-52	-34	-434
Purchase of Investments	36	-77	-	-	-209	16	-	-	-18	8.00	-79
Divestitures	8.00	634	-4,877	4,877	0.00	-	18	1.00	35	-42	-
Other Investing Activities, net	1.00	-17	2.00	25	4.00	1.00	-2.00	11	5.00	32	4.00
Net Cash From Discontinued Investing Activities	7.00	2,783	-	-	-	-9.00	-	-	-	-	-
Net Cash From Financing Activities	-2,747	-1,686	-1,544	-3,785	2,379	5,300	-182	-293	-213	-347	-150
Net Cash From Continuing Financing Activities	-2,747	-1,672	-1,533	-3,785	2,379	5,305	-167	-293	-213	-344	-150
Repayment of Debt	-1,221	-867	-944	-3,537	-27	-145	13	-88	-12	-63	-73
Repurchase of Common Equity	-1,288	-1,513	-431	-	0.00	-	-	-	-62	-119	-247
Payment of Dividends	-198	-168	-189	-236	-161	-167	-161	-196	-154	-149	-127
Issuance of Debt	-40	876	31	-12	2,567	5,617	-19	-9.00	15	-13	297
Net Cash From Discontinued Financing Activities	0.00	-14	-	-	-	-5.00	-	-	-	-	-
Other Net Changes in Cash	17	-	-	20	-68	-	-	-33	20	-	-

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	2024	2023	2022	2021	2020	2019
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Total Assets	37,403	32,822	26,086	26,172	25,093	22,406
Total Current Assets	9,891	19,576	9,879	11,407	8,524	5,959
Cash & Equivalents	3,969	9,852	3,520	2,987	3,115	952
Accounts Receivable	2,651	2,080	2,833	2,403	2,781	2,726
Inventories, net	2,299	1,823	2,640	1,970	1,629	1,332
Other Current Assets	972	728	886	879	999	949
Other Current Nonoperating Assets	0.00	5,093	0.00	3,168	-	-
Plant, Property, & Equipment, net	2,999	2,160	2,241	1,826	1,810	1,663
Total Noncurrent Assets	24,513	11,086	13,966	12,939	14,759	14,784
Long-Term Investments	1,194	1,140	1,148	1,593	1,513	1,739
Goodwill	14,601	7,520	9,977	9,349	10,139	9,884
Intangible Assets	6,432	945	1,342	509	1,037	1,083
Noncurrent Deferred & Refundable Income Taxes	1,131	718	612	563	449	500
Employee Benefit Assets	43	32	26	43	554	490
Other Noncurrent Operating Assets	1,112	731	861	882	1,067	1,088
Total Liabilities & Shareholders' Equity	37,403	32,822	26,086	26,172	25,093	22,406
Total Liabilities	23,008	23,817	18,010	19,078	18,515	7,971
Total Current Liabilities	7,892	6,981	6,032	6,627	5,110	4,469
Short-Term Debt	1,252	51	140	183	191	237
Accounts Payable	2,458	2,483	2,833	2,334	1,936	1,701
Accrued Expenses	4,182	2,997	2,610	2,561	2,471	2,088
Other Current Nonoperating Liabilities	0.00	1,450	0.00	1,134	0.00	-
Total Noncurrent Liabilities	15,116	16,836	11,978	12,451	13,405	3,502
Long-Term Debt	11,026	14,242	8,702	9,513	10,036	82
Noncurrent Deferred & Payable Income Tax Liabilities	2,015	523	568	354	479	1,099
Noncurrent Employee Benefit Liabilities	214	149	349	380	524	456
Other Noncurrent Operating Liabilities	1,861	1,922	2,359	2,204	2,366	1,865
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	14,395	9,005	8,076	7,094	6,578	14,435
Total Preferred & Common Equity	14,081	8,677	7,758	6,767	6,252	-1,253
Total Common Equity	14,081	8,677	7,758	6,767	6,252	-1,253
Common Stock	8,619	5,544	5,490	5,420	5,354	0.00
Retained Earnings	11,483	6,591	5,866	2,865	1,643	0.00
Treasury Stock	-3,915	-1,972	-1,910	-529	0.00	-
Accumulated Other Comprehensive Income / (Loss)	-2,106	-1,486	-1,688	-989	-745	-1,253
Noncontrolling Interest	314	328	318	327	326	15,688

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	36,447	37,403	40,201	40,424	40,810	32,822	26,544	26,284	26,411	26,086	25,350
Total Current Assets	8,444	9,891	11,194	11,573	11,715	19,576	10,511	10,141	10,158	9,879	9,740
Cash & Equivalents	1,698	3,969	2,225	2,919	1,313	9,852	3,902	3,209	3,347	3,520	2,985
Accounts Receivable	2,979	2,651	2,726	3,187	3,156	2,080	3,030	3,212	3,032	2,833	3,003
Inventories, net	2,648	2,299	2,646	3,045	3,189	1,823	2,562	2,699	2,803	2,640	2,664
Other Current Assets	1,119	972	917	821	888	728	1,017	1,021	976	886	1,088
Plant, Property, & Equipment, net	3,040	2,999	3,015	3,117	3,179	2,160	2,210	2,262	2,277	2,241	2,055
Total Noncurrent Assets	24,963	24,513	25,992	25,734	25,916	11,086	13,823	13,881	13,976	13,966	13,555
Long-Term Investments	1,253	1,194	1,287	1,221	1,155	1,140	1,166	1,139	1,103	1,148	1,151
Goodwill	14,959	14,601	15,294	15,245	15,366	7,520	9,825	9,927	9,987	9,977	9,621
Intangible Assets	6,480	6,432	7,118	7,048	7,351	945	1,100	1,181	1,287	1,342	1,309
Noncurrent Deferred & Refundable Income Taxes	1,149	1,131	1,142	939	823	718	712	690	639	612	619
Employee Benefit Assets	48	43	54	81	78	32	29	32	29	26	23
Other Noncurrent Operating Assets	1,074	1,112	1,097	1,200	1,143	731	991	912	931	861	832
Total Liabilities & Shareholders' Equity	36,447	37,403	40,201	40,424	40,810	32,822	26,544	26,284	26,411	26,086	25,350
Total Liabilities	22,249	23,008	25,159	26,345	28,904	23,817	18,042	17,996	17,943	18,010	17,887
Total Current Liabilities	7,011	7,892	10,378	10,675	8,637	6,981	6,349	6,234	5,958	6,032	6,013
Short-Term Debt	104	1,252	2,095	2,052	1,248	51	134	134	142	140	219
Accounts Payable	3,015	2,458	2,829	3,181	3,074	2,483	2,887	2,956	2,926	2,833	2,817
Accrued Expenses	3,892	4,182	4,233	4,262	2,994	2,997	2,832	2,661	2,374	2,610	2,537
Total Noncurrent Liabilities	15,238	15,116	14,781	15,670	20,267	16,836	11,693	11,762	11,985	11,978	11,874
Long-Term Debt	11,080	11,026	10,337	11,270	15,647	14,242	8,651	8,655	8,708	8,702	8,670
Noncurrent Deferred & Payable Income Tax Liabilities	2,028	2,015	2,241	2,184	2,272	523	553	560	581	568	522
Noncurrent Employee Benefit Liabilities	218	214	209	247	259	149	337	350	354	349	431
Other Noncurrent Operating Liabilities	1,912	1,861	1,994	1,969	2,089	1,922	2,152	2,197	2,342	2,359	2,251
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	14,198	14,395	15,042	14,079	11,906	9,005	8,502	8,288	8,468	8,076	7,463
Total Preferred & Common Equity	13,859	14,081	14,693	13,768	11,561	8,677	8,184	7,969	8,134	7,758	7,152
Total Common Equity	13,859	14,081	14,693	13,768	11,561	8,677	8,184	7,969	8,134	7,758	7,152
Common Stock	8,625	8,619	8,597	8,572	8,545	5,544	5,526	5,503	5,503	5,490	5,472
Retained Earnings	11,895	11,483	9,301	8,854	6,860	6,591	6,486	6,129	6,239	5,866	5,876
Treasury Stock	-5,188	-3,915	-2,403	-1,972	-1,972	-1,972	-1,972	-1,972	-1,972	-1,910	-1,791
Accumulated Other Comprehensive Income / (Loss)	-1,473	-2,106	-802	-1,686	-1,872	-1,486	-1,856	-1,691	-1,636	-1,688	-2,405
Noncontrolling Interest	339	314	349	311	345	328	318	319	334	318	311

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

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

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.73%	31.99%	21.26%	11.63%	17.24%	39.50%	-9.47%	14.99%	13.30%	-61.58%	2.06%
EBITDA Growth	34.63%	-347.51%	98.30%	539.30%	17.80%	2,672.41%	-67.44%	-29.98%	-60.67%	-94.82%	76.00%
EBIT Growth	63.64%	-438.91%	75.17%	654.81%	-9.91%	1,721.43%	-71.49%	-40.22%	-66.92%	-108.88%	81.24%
NOPAT Growth	61.37%	-351.12%	118.23%	819.01%	2.22%	2,397.70%	-80.36%	-57.49%	-69.41%	-107.38%	167.20%
Net Income Growth	51.21%	485.19%	26.25%	916.74%	-25.32%	57.91%	-71.40%	-60.31%	-72.10%	-16.27%	177.50%
EPS Growth	62.07%	475.51%	16.67%	1,008.70%	-34.09%	53.13%	-72.55%	-65.67%	-72.15%	-11.11%	188.68%
Operating Cash Flow Growth	1,107.50%	-87.57%	-125.84%	71.88%	-66.67%	-5.43%	31.77%	1,100.00%	159.41%	23.00%	36.44%
Free Cash Flow Firm Growth	119.01%	-441.88%	-3,709.09%	-349.41%	-529.61%	301.25%	203.58%	-165.97%	-155.65%	-188.30%	-114.32%
Invested Capital Growth	-6.48%	148.30%	84.16%	75.56%	86.38%	-29.28%	0.02%	17.09%	19.71%	20.38%	15.53%
Revenue Q/Q Growth	43.71%	-39.32%	-10.54%	8.20%	21.17%	-44.26%	-17.64%	13.64%	3.29%	-63.82%	4.61%
EBITDA Q/Q Growth	146.88%	-289.34%	-73.74%	391.65%	9.70%	51.70%	-15.34%	-9.41%	12.91%	-98.22%	82.10%
EBIT Q/Q Growth	127.30%	-402.89%	-79.36%	638.20%	-17.63%	56.55%	-11.04%	-11.89%	13.50%	-102.75%	86.55%
NOPAT Q/Q Growth	131.05%	-372.65%	-76.12%	475.24%	-9.51%	136.94%	0.57%	-36.02%	16.55%	-102.03%	117.73%
Net Income Q/Q Growth	-82.99%	434.10%	-79.70%	719.72%	-34.17%	15.22%	63.52%	-39.79%	39.21%	-79.13%	126.92%
EPS Q/Q Growth	-83.33%	475.51%	-80.78%	779.31%	-40.82%	16.67%	82.61%	-47.73%	37.50%	-79.09%	128.36%
Operating Cash Flow Q/Q Growth	265.91%	149.07%	-140.76%	1,550.00%	-96.23%	2.02%	171.09%	220.00%	-89.31%	42.15%	2,368.75%
Free Cash Flow Firm Q/Q Growth	114.21%	-49.23%	-35.80%	33.21%	-451.97%	1,475.38%	116.91%	6.42%	0.87%	-710.78%	-110.77%
Invested Capital Q/Q Growth	4.28%	-4.41%	0.70%	-6.83%	147.49%	-29.10%	-4.01%	-1.08%	5.04%	0.28%	12.37%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	27.69%	19.86%	28.02%	28.08%	27.58%	19.74%	30.11%	29.29%	26.13%	4.06%	27.10%
EBITDA Margin	17.88%	-54.81%	17.56%	59.83%	13.17%	29.23%	10.74%	10.45%	13.10%	1.47%	29.87%
Operating Margin	12.05%	-63.56%	12.75%	55.18%	8.09%	24.75%	8.81%	8.16%	10.53%	-2.03%	27.99%
EBIT Margin	12.07%	-63.56%	12.73%	55.18%	8.09%	24.75%	8.81%	8.16%	10.53%	-2.13%	27.99%
Profit (Net Income) Margin	8.37%	70.75%	8.04%	35.42%	4.67%	15.96%	7.72%	3.89%	7.34%	14.10%	24.44%
Tax Burden Percent	79.74%	-109.09%	62.47%	67.22%	86.27%	73.53%	80.89%	55.21%	76.03%	-302.17%	90.61%
Interest Burden Percent	86.98%	102.04%	101.05%	95.48%	67.00%	87.67%	108.28%	86.30%	91.71%	219.05%	96.33%
Effective Tax Rate	20.26%	0.00%	22.34%	32.78%	13.73%	5.53%	37.58%	44.79%	23.97%	0.00%	9.39%
Return on Invested Capital (ROIC)	9.23%	-66.32%	14.12%	50.14%	8.71%	42.38%	9.59%	8.33%	14.26%	-2.19%	45.52%
ROIC Less NNEP Spread (ROIC-NNEP)	8.59%	57.25%	12.12%	48.37%	6.98%	31.72%	12.18%	7.44%	13.35%	6.25%	44.27%
Return on Net Nonoperating Assets (RNNOA)	6.69%	16.57%	5.76%	27.48%	5.65%	7.12%	6.46%	4.05%	6.48%	2.99%	24.43%
Return on Equity (ROE)	15.92%	-49.75%	19.87%	77.62%	14.36%	49.50%	16.06%	12.39%	20.74%	0.80%	69.96%
Cash Return on Invested Capital (CROIC)	13.71%	-75.81%	-35.56%	-33.30%	-51.78%	49.58%	10.78%	5.08%	5.89%	11.31%	18.75%
Operating Return on Assets (OROA)	6.97%	-40.71%	9.45%	39.22%	5.54%	15.93%	7.24%	7.13%	8.75%	-1.41%	22.39%
Return on Assets (ROA)	4.83%	45.31%	5.96%	25.17%	3.20%	10.27%	6.34%	3.40%	6.10%	9.33%	19.54%
Return on Common Equity (ROCE)	15.50%	-48.38%	19.31%	75.43%	13.88%	47.63%	15.42%	11.89%	19.88%	0.76%	66.94%
Return on Equity Simple (ROE_SIMPLE)	42.25%	0.00%	24.35%	25.26%	11.61%	0.00%	15.63%	27.98%	31.77%	0.00%	50.87%
Net Operating Profit after Tax (NOPAT)	502	-1,616	593	2,481	431	643	272	270	422	-28	1,383
NOPAT Margin	9.61%	-44.49%	9.90%	37.09%	6.98%	23.39%	5.50%	4.51%	8.00%	-1.42%	25.37%
Net Nonoperating Expense Percent (NNEP)	0.64%	-123.57%	2.00%	1.77%	1.73%	10.67%	-2.58%	0.89%	0.91%	-8.43%	1.25%
Return On Investment Capital (ROIC_SIMPLE)	1.98%	-6.06%	-	-	-	2.76%	-	-	-	-0.17%	-
Cost of Revenue to Revenue	72.31%	80.14%	71.98%	71.92%	72.42%	80.26%	69.89%	70.71%	73.87%	95.94%	72.90%
SG&A Expenses to Revenue	13.97%	12.06%	13.35%	14.58%	15.93%	15.92%	13.45%	13.08%	13.67%	7.00%	11.45%
R&D to Revenue	2.93%	2.84%	2.87%	2.80%	3.62%	2.80%	2.55%	2.52%	2.64%	1.32%	2.62%
Operating Expenses to Revenue	15.64%	87.96%	16.38%	-27.10%	19.49%	2.65%	21.30%	21.13%	15.61%	19.37%	-0.90%
Earnings before Interest and Taxes (EBIT)	630	-2,308	762	3,691	500	681	435	489	555	-42	1,526
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	933	-1,990	1,051	4,002	814	804	530	626	691	29	1,628
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.97	4.35	4.93	4.13	4.19	5.49	5.56	5.14	4.59	4.33	4.06
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	224.65	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.47	2.72	2.93	2.40	2.11	2.51	2.14	1.88	1.77	1.94	1.42
Price to Earnings (P/E)	9.58	10.93	20.87	16.80	38.94	35.30	37.95	19.01	14.77	9.49	8.09
Dividend Yield	1.25%	1.16%	0.94%	1.20%	1.29%	1.31%	1.30%	1.44%	1.42%	1.58%	1.65%
Earnings Yield	10.44%	9.15%	4.79%	5.95%	2.57%	2.83%	2.63%	5.26%	6.77%	10.53%	12.36%
Enterprise Value to Invested Capital (EV/IC)	2.84	3.19	3.63	2.97	2.64	5.92	4.05	3.59	3.27	3.11	2.79
Enterprise Value to Revenue (EV/Rev)	2.86	3.05	3.30	2.80	2.75	2.70	2.33	2.09	2.00	2.20	1.67
Enterprise Value to EBITDA (EV/EBITDA)	15.45	17.71	11.92	10.47	21.36	19.34	20.13	12.84	10.99	8.83	7.05
Enterprise Value to EBIT (EV/EBIT)	22.02	25.96	14.16	12.19	28.22	23.74	25.15	14.93	12.41	9.56	7.59
Enterprise Value to NOPAT (EV/NOPAT)	39.09	48.70	19.89	17.56	40.17	32.09	37.53	18.60	14.95	11.38	9.02
Enterprise Value to Operating Cash Flow (EV/OCF)	63.25	121.98	54.75	23.66	25.03	19.66	18.57	18.91	20.38	21.83	22.24
Enterprise Value to Free Cash Flow (EV/FCFF)	20.00	0.00	0.00	0.00	0.00	9.89	37.62	76.29	60.48	30.00	15.96
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.79	0.85	0.83	0.95	1.42	1.59	1.03	1.06	1.05	1.09	1.19
Long-Term Debt to Equity	0.78	0.77	0.69	0.80	1.31	1.58	1.02	1.04	1.03	1.08	1.16
Financial Leverage	0.78	0.29	0.47	0.57	0.81	0.22	0.53	0.54	0.49	0.48	0.55
Leverage Ratio	2.96	3.00	2.83	2.98	3.30	3.45	3.25	3.27	3.18	3.44	3.48
Compound Leverage Factor	2.57	3.06	2.86	2.85	2.21	3.02	3.52	2.82	2.92	7.55	3.35
Debt to Total Capital	44.06%	46.03%	45.25%	48.62%	58.66%	61.35%	50.82%	51.47%	51.10%	52.26%	54.36%
Short-Term Debt to Total Capital	0.41%	4.69%	7.63%	7.49%	4.33%	0.22%	0.78%	0.78%	0.82%	0.83%	1.34%
Long-Term Debt to Total Capital	43.65%	41.34%	37.62%	41.13%	54.33%	61.13%	50.04%	50.68%	50.28%	51.44%	53.02%
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	1.34%	1.18%	1.27%	1.14%	1.20%	1.41%	1.84%	1.87%	1.93%	1.88%	1.90%
Common Equity to Total Capital	54.60%	52.79%	53.48%	50.25%	40.14%	37.24%	47.34%	46.67%	46.97%	45.86%	43.74%
Debt to EBITDA	2.72	3.17	1.81	2.10	5.71	5.39	3.57	2.47	2.31	2.05	1.84
Net Debt to EBITDA	2.00	1.84	1.30	1.45	4.87	1.25	1.51	1.25	1.15	0.97	0.98
Long-Term Debt to EBITDA	2.69	2.84	1.51	1.78	5.28	5.37	3.52	2.43	2.27	2.02	1.79
Debt to NOPAT	6.87	8.71	3.03	3.53	10.73	8.95	6.66	3.58	3.14	2.65	2.35
Net Debt to NOPAT	5.06	5.05	2.17	2.43	9.16	2.07	2.82	1.81	1.56	1.25	1.26
Long-Term Debt to NOPAT	6.81	7.82	2.52	2.98	9.94	8.92	6.55	3.52	3.09	2.60	2.29
Altman Z-Score	2.66	2.49	2.75	2.52	1.94	2.59	2.90	2.76	2.64	2.27	2.48
Noncontrolling Interest Sharing Ratio	2.62%	2.74%	2.83%	2.82%	3.33%	3.78%	3.94%	4.02%	4.17%	4.25%	4.31%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.20	1.25	1.08	1.08	1.36	2.80	1.66	1.63	1.70	1.64	1.62
Quick Ratio	0.67	0.84	0.48	0.57	0.52	1.71	1.09	1.03	1.07	1.05	1.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,055	-14,463	-9,691	-7,137	-10,685	4,230	269	-1,588	-1,697	-2,102	-259
Operating Cash Flow to CapEx	766.67%	60.83%	-309.20%	594.59%	38.46%	478.38%	1,426.03%	518.92%	171.43%	1,079.81%	868.13%
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	0.58	0.64	0.74	0.71	0.68	0.64	0.82	0.87	0.83	0.66	0.80
Accounts Receivable Turnover	7.26	9.51	8.60	7.41	7.44	7.71	7.06	7.23	7.47	6.60	7.21
Inventory Turnover	5.57	8.01	6.81	5.87	5.44	6.18	5.91	6.32	6.00	5.64	6.48
Fixed Asset Turnover	7.17	8.72	9.47	8.81	8.43	8.61	9.99	10.73	10.26	8.50	10.71
Accounts Payable Turnover	5.34	6.68	6.20	5.50	5.43	5.19	5.41	5.96	5.69	5.03	5.98
Days Sales Outstanding (DSO)	50.24	38.40	42.44	49.27	49.09	47.31	51.68	50.47	48.84	55.27	50.62
Days Inventory Outstanding (DIO)	65.58	45.58	53.61	62.14	67.10	59.07	61.78	57.72	60.80	64.76	56.35
Days Payable Outstanding (DPO)	68.41	54.63	58.84	66.39	67.19	70.36	67.43	61.26	64.15	72.59	61.07
Cash Conversion Cycle (CCC)	47.41	29.34	37.21	45.02	49.00	36.02	46.03	46.93	45.50	47.45	45.89
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	22,431	21,510	22,503	22,347	23,984	8,663	12,219	12,729	12,868	12,250	12,216
Invested Capital Turnover	0.96	1.49	1.43	1.35	1.25	1.81	1.74	1.85	1.78	1.54	1.79
Increase / (Decrease) in Invested Capital	-1,553	12,847	10,284	9,618	11,116	-3,587	3.00	1,858	2,119	2,074	1,642
Enterprise Value (EV)	63,625	68,674	81,742	66,329	63,250	51,254	49,540	45,709	42,078	38,045	34,099
Market Capitalization	55,053	61,245	72,473	56,836	48,478	47,625	45,505	40,949	37,344	33,553	29,035
Book Value per Share	$15.96	$15.69	$16.28	$15.28	$12.86	$10.34	$9.77	$9.55	$9.75	$9.28	$8.50
Tangible Book Value per Share	($8.73)	($7.75)	($8.55)	($9.46)	($12.41)	$0.25	($3.27)	($3.76)	($3.76)	($4.26)	($4.49)
Total Capital	25,382	26,673	27,474	27,401	28,801	23,298	17,287	17,077	17,318	16,918	16,352
Total Debt	11,184	12,278	12,432	13,322	16,895	14,293	8,785	8,789	8,850	8,842	8,889
Total Long-Term Debt	11,080	11,026	10,337	11,270	15,647	14,242	8,651	8,655	8,708	8,702	8,670
Net Debt	8,233	7,115	8,920	9,182	14,427	3,301	3,717	4,441	4,400	4,174	4,753
Capital Expenditures (CapEx)	63	217	87	111	104	222	73	74	70	104	91
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-161	-718	686	31	3,013	2,794	394	832	995	467	961
Debt-free Net Working Capital (DFNWC)	1,537	3,251	2,911	2,950	4,326	12,646	4,296	4,041	4,342	3,987	3,946
Net Working Capital (NWC)	1,433	1,999	816	898	3,078	12,595	4,162	3,907	4,200	3,847	3,727
Net Nonoperating Expense (NNE)	65	-4,185	112	112	142	204	-109	37	35	-306	51
Net Nonoperating Obligations (NNO)	8,233	7,115	7,461	8,268	12,078	-342	3,717	4,441	4,400	4,174	4,753
Total Depreciation and Amortization (D&A)	303	318	289	311	314	123	95	137	136	71	102
Debt-free, Cash-free Net Working Capital to Revenue	-0.72%	-3.19%	2.77%	0.13%	13.10%	14.74%	1.85%	3.81%	4.73%	2.70%	4.70%
Debt-free Net Working Capital to Revenue	6.90%	14.46%	11.76%	12.45%	18.80%	66.73%	20.16%	18.52%	20.64%	23.06%	19.30%
Net Working Capital to Revenue	6.43%	8.89%	3.30%	3.79%	13.38%	66.46%	19.54%	17.90%	19.96%	22.25%	18.23%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.47	$2.85	$0.50	$2.59	$0.30	$0.49	$0.43	$0.24	$0.45	$0.33	$1.56
Adjusted Weighted Average Basic Shares Outstanding	866.90M	898.20M	901.20M	902.40M	899.20M	837.30M	838.70M	836M	835M	843.40M	839.60M
Adjusted Diluted Earnings per Share	$0.47	$2.82	$0.49	$2.55	$0.29	$0.49	$0.42	$0.23	$0.44	$0.32	$1.53
Adjusted Weighted Average Diluted Shares Outstanding	878.30M	911.70M	915M	915.30M	913M	853M	854.70M	850.90M	852.20M	861.20M	856.50M
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	857.31M	868.34M	897.23M	902.75M	901.01M	898.36M	839.05M	837.63M	834.84M	834.19M	836.26M
Normalized Net Operating Profit after Tax (NOPAT)	467	-1,616	593	2,421	405	643	272	241	389	-28	1,326
Normalized NOPAT Margin	8.94%	-44.49%	9.90%	36.19%	6.54%	23.39%	5.50%	4.03%	7.37%	-1.42%	24.32%
Pre Tax Income Margin	10.50%	-64.86%	12.87%	52.68%	5.42%	21.70%	9.54%	7.04%	9.65%	-4.67%	26.97%
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	13.51%	13.21%	21.05%	20.85%	51.04%	47.08%	51.60%	28.07%	22.45%	15.49%	14.29%
Augmented Payout Ratio	68.70%	47.27%	33.09%	20.85%	51.04%	51.39%	65.75%	47.26%	49.85%	53.99%	55.88%

Frequently Asked Questions About Carrier Global's Financials

When does Carrier Global's fiscal year end?

According to the most recent income statement we have on file, Carrier Global's financial year ends in December. Their financial 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. View Carrier Global's forecast to see where analysts expect Carrier Global to go next.

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 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 5/21/2025 by MarketBeat.com Staff

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Carrier Global (CARR) Financials

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