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Carrier Global (CARR) Financials

Carrier Global logo
$59.69 +0.61 (+1.03%)
As of 09/4/2026 03:58 PM Eastern
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Annual Income Statements for Carrier Global

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 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 2,734 2,116 1,982 1,664 3,534 1,349 5,604 1,484
Consolidated Net Income / (Loss)		 2,769 2,155 2,006 1,701 3,584 1,440 5,708 1,587
Net Income / (Loss) Continuing Operations		 2,769 2,155 2,006 1,701 3,207 1,478 1,212 1,558
Total Pre-Tax Income 		3,842 2,672 2,855 2,400 3,823 1,999 2,274 1,798
Total Operating Income		 3,637 2,491 2,876 2,645 3,984 2,160 2,646 2,172
Total Gross Profit		 5,569 5,419 5,109 5,980 4,297 5,162 5,981 5,624
Total Revenue		 18,914 18,608 17,456 20,613 17,288 18,951 22,486 21,747
Operating Revenue		 18,914 18,608 17,456 20,613 17,288 18,951 22,486 21,747
Total Cost of Revenue		 13,345 13,189 12,347 14,633 12,991 13,789 16,505 16,123
Operating Cost of Revenue		 13,345 13,189 12,347 14,633 12,991 13,789 16,505 16,123
Total Operating Expenses		 1,932 2,928 2,233 3,335 575 3,002 3,335 3,452
Selling, General & Admin Expense		 2,689 2,761 2,820 3,120 1,977 2,607 3,197 3,092
Research & Development Expense		 400 401 419 503 416 493 686 625
Other Operating Expenses / (Income)		 -937 2.00 -1,006 -39 -1,818 113 -317 -36
Other Special Charges / (Income)		 -220 -236 - -249 - -211 -231 -229
Total Other Income / (Expense), net		 205 181 -21 -245 101 -161 -372 -374
Interest & Investment Income		 37 27 -81 -306 105 -160 -371 -364
Other Income / (Expense), net		 168 154 60 61 -4.00 -1.00 -1.00 -10
Income Tax Expense		 1,073 517 849 699 616 521 1,062 240
Net Income / (Loss) Discontinued Operations		 - - - - 377 -38 4,496 29
Net Income / (Loss) Attributable to Noncontrolling Interest		 35 39 24 37 50 91 104 103
Basic Earnings per Share		 $3.16 $2.44 $2.29 $1.92 $4.19 $1.61 $6.24 $1.74
Weighted Average Basic Shares Outstanding		 866.20M 866.20M 866.50M 867.70M 843.40M 837.30M 898.20M 852.40M
Diluted Earnings per Share		 $3.16 $2.44 $2.25 $1.87 $4.10 $1.58 $6.15 $1.72
Weighted Average Diluted Shares Outstanding		 866.20M 866.20M 880.20M 890.30M 861.20M 853M 911.70M 862.40M
Weighted Average Basic & Diluted Shares Outstanding		 - - 869.21M 855.51M 834.19M 898.36M 868.34M 835.84M
Cash Dividends to Common per Share		 - - $0.28 $0.51 $0.64 $0.75 $0.80 $0.68

Quarterly Income Statements for Carrier Global

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 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 420 269 2,337 447 2,551 412 591 428 53 238 501
Consolidated Net Income / (Loss)		 439 289 2,369 481 2,569 437 633 455 62 265 541
Net Income / (Loss) Continuing Operations		 564 197 447 598 -2,044 437 650 434 37 266 541
Total Pre-Tax Income 		597 244 567 770 -2,355 548 812 433 5.00 170 721
Total Operating Income		 681 385 724 763 -2,308 629 903 539 101 259 825
Total Gross Profit		 543 1,385 1,575 1,677 721 1,445 1,769 1,449 961 1,244 1,728
Total Revenue		 2,751 5,420 5,934 5,984 3,631 5,218 6,113 5,579 4,837 5,341 6,351
Operating Revenue		 2,751 5,420 5,934 5,984 3,631 5,218 6,113 5,579 4,837 5,341 6,351
Total Cost of Revenue		 2,208 4,035 4,359 4,307 2,910 3,773 4,344 4,130 3,876 4,097 4,623
Operating Cost of Revenue		 2,208 4,035 4,359 4,307 2,910 3,773 4,344 4,130 3,876 4,097 4,623
Total Operating Expenses		 73 1,000 851 914 3,194 816 866 910 860 985 903
Selling, General & Admin Expense		 438 807 789 799 438 729 813 803 747 861 810
Research & Development Expense		 77 192 160 172 103 153 161 151 160 143 148
Other Operating Expenses / (Income)		 -538 32 -8.00 9.00 2,532 -22 -30 16 - 12 3.00
Other Special Charges / (Income)		 - -31 -90 -66 - -44 -78 -60 -47 -31 -58
Total Other Income / (Expense), net		 127 -141 -157 7.00 117 -81 -91 -106 -96 -89 -104
Interest & Investment Income		 128 -141 -157 8.00 117 -82 -91 -97 -94 -90 -105
Other Income / (Expense), net		 - 0.00 0.00 -1.00 - 1.00 0.00 -9.00 -2.00 1.00 1.00
Income Tax Expense		 33 47 120 172 -311 111 162 -1.00 -32 -96 180
Net Income / (Loss) Discontinued Operations		 - 92 1,922 -117 - 0.00 -17 21 25 -1.00 0.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 19 20 32 34 18 25 42 27 9.00 27 40
Basic Earnings per Share		 $0.49 $0.30 $2.59 $0.50 $2.85 $0.47 $0.69 $0.50 $0.08 $0.29 $0.61
Weighted Average Basic Shares Outstanding		 837.30M 899.20M 902.40M 901.20M 898.20M 866.90M 854.90M 848.80M 852.40M 835M 828.10M
Diluted Earnings per Share		 $0.49 $0.29 $2.55 $0.49 $2.82 $0.47 $0.68 $0.50 $0.07 $0.28 $0.60
Weighted Average Diluted Shares Outstanding		 853M 913M 915.30M 915M 911.70M 878.30M 866.30M 858.60M 862.40M 842.80M 836.50M
Weighted Average Basic & Diluted Shares Outstanding		 898.36M 901.01M 902.75M 897.23M 868.34M 857.31M 851.02M 842.21M 835.84M 830.58M 824.33M

Annual Cash Flow Statements for Carrier Global

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 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -196 -177 2,162 -33 501 6,647 -6,201 -2,390
Net Cash From Operating Activities		 2,055 2,063 1,692 2,237 1,743 2,607 563 2,513
Net Cash From Continuing Operating Activities		 2,055 2,063 1,692 2,237 1,505 2,252 1,571 2,089
Net Income / (Loss) Continuing Operations		 2,769 2,155 2,006 1,701 3,207 1,478 1,212 1,558
Consolidated Net Income / (Loss)		 2,769 2,155 2,006 1,701 3,584 1,440 5,708 1,587
Net Income / (Loss) Discontinued Operations		 - - - - 377 -38 4,496 29
Depreciation Expense		 357 335 336 338 328 491 1,232 1,274
Non-Cash Adjustments To Reconcile Net Income		 -902 114 -801 -45 -1,683 42 -538 56
Changes in Operating Assets and Liabilities, net		 -169 -541 151 243 -347 260 -13 -799
Net Cash From Discontinued Operating Activities		 - - - - 238 355 -1,008 424
Net Cash From Investing Activities		 415 -259 1,106 -692 1,745 -660 -2,025 -307
Net Cash From Continuing Investing Activities		 415 -259 1,106 -692 1,801 -504 -11,025 -343
Purchase of Property, Plant & Equipment		 -263 -243 -312 -344 -317 -439 -519 -392
Acquisitions		 -310 0.00 0.00 -366 -506 -84 -10,890 -107
Purchase of Investments		 - - 40 4.00 -194 -50 - 105
Divestitures		 1,032 6.00 1,377 7.00 2,902 54 634 27
Other Investing Activities, net		 -44 -22 1.00 7.00 20 15 14 24
Net Cash From Discontinued Investing Activities		 - - - - -56 -156 9,000 36
Net Cash From Financing Activities		 -2,627 -1,982 -681 -1,562 -2,931 4,612 -4,636 -4,672
Net Cash From Continuing Financing Activities		 -2,627 -1,982 -681 -1,562 -2,928 4,632 -4,611 -4,672
Repayment of Debt		 -16 -107 -1,897 -729 -1,276 -232 -5,325 -955
Repurchase of Common Equity		 - 0.00 0.00 -527 -1,380 -62 -1,944 -2,892
Payment of Dividends		 -46 -28 -186 -459 -555 -678 -754 -873
Issuance of Debt		 120 107 11,761 153 283 5,604 3,412 48
Net Cash From Discontinued Financing Activities		 - - - - -3.00 -20 -25 0.00

Quarterly Cash Flow Statements for Carrier Global

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 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Cash From Operating Activities		 1,062 40 660 -269 132 483 649 341 1,040 79 927
Net Cash From Continuing Operating Activities		 907 45 660 508 363 488 264 324 1,013 66 887
Net Income / (Loss) Continuing Operations		 436 197 2,369 -1,416 -30 437 650 434 37 266 540
Consolidated Net Income / (Loss)		 439 289 2,369 481 2,569 437 633 455 62 265 541
Net Income / (Loss) Discontinued Operations		 3.00 92 - - 2,599 0.00 -17 21 25 -1.00 1.00
Depreciation Expense		 123 308 311 289 318 303 317 325 329 315 314
Non-Cash Adjustments To Reconcile Net Income		 209 54 -3,112 2,669 -525 -1.00 -60 -165 282 -40 155
Changes in Operating Assets and Liabilities, net		 139 -514 1,092 -1,034 600 -251 -643 -270 365 -475 -122
Net Cash From Discontinued Operating Activities		 155 -5.00 - - -231 -5.00 385 17 27 13 40
Net Cash From Investing Activities		 -229 -11,081 4,808 1,159 3,089 -23 -55 -119 -110 -65 -170
Net Cash From Continuing Investing Activities		 -220 -11,080 4,808 -5,058 306 -30 -83 -119 -111 -65 -170
Purchase of Property, Plant & Equipment		 -222 -102 -111 -87 -217 -63 -81 -117 -131 -94 -117
Acquisitions		 -15 -10,772 -7.00 -94 -17 -12 -49 -31 -15 -23 -31
Purchase of Investments		 16 -209 - - -77 36 - - - 35 -29
Divestitures		 - 0.00 4,877 -4,877 634 8.00 - - 19 8.00 7.00
Net Cash From Financing Activities		 5,300 2,379 -3,785 -1,544 -1,686 -2,747 -547 -591 -787 -141 -760
Net Cash From Continuing Financing Activities		 5,305 2,383 -3,785 -1,533 -1,672 -2,747 -547 -591 -787 -141 -760
Repayment of Debt		 -145 -24 -3,537 -944 -867 -1,221 -61 442 -115 -26 -65
Repurchase of Common Equity		 - 0.00 - -431 -1,513 -1,288 -340 -785 -479 -306 -439
Payment of Dividends		 -167 -161 -236 -189 -168 -198 -201 -265 -209 -202 -263
Issuance of Debt		 5,617 2,568 -12 31 876 -40 55 17 16 393 7.00
Other Net Changes in Cash		 - -68 20 - - 17 51 -5.00 - -13 3.00

Annual Balance Sheets for Carrier Global

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 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 22,406 25,093 26,172 26,086 32,822 37,403 37,190
Total Current Assets		 5,959 8,524 11,407 9,879 19,576 9,891 8,533
Cash & Equivalents		 952 3,115 2,987 3,520 9,852 3,969 1,555
Accounts Receivable		 2,726 2,781 2,403 2,833 2,080 2,651 2,639
Inventories, net		 1,332 1,629 1,970 2,640 1,823 2,299 2,483
Other Current Assets		 949 999 879 886 728 972 1,264
Other Current Nonoperating Assets		 - - 3,168 0.00 5,093 0.00 592
Plant, Property, & Equipment, net		 1,663 1,810 1,826 2,241 2,160 2,999 3,165
Total Noncurrent Assets		 14,784 14,759 12,939 13,966 11,086 24,513 25,492
Long-Term Investments		 1,739 1,513 1,593 1,148 1,140 1,194 1,321
Goodwill		 9,884 10,139 9,349 9,977 7,520 14,601 15,501
Intangible Assets		 1,083 1,037 509 1,342 945 6,432 6,326
Noncurrent Deferred & Refundable Income Taxes		 500 449 563 612 718 1,131 1,074
Employee Benefit Assets		 490 554 43 26 32 43 56
Other Noncurrent Operating Assets		 1,088 1,067 882 861 731 1,112 1,214
Total Liabilities & Shareholders' Equity		 22,406 25,093 26,172 26,086 32,822 37,403 37,190
Total Liabilities		 7,971 18,515 19,078 18,010 23,817 23,008 23,062
Total Current Liabilities		 4,469 5,110 6,627 6,032 6,981 7,892 7,114
Short-Term Debt		 237 191 183 140 51 1,336 468
Accounts Payable		 1,701 1,936 2,334 2,833 2,483 2,458 2,702
Accrued Expenses		 2,088 2,471 2,561 2,610 2,997 4,098 3,774
Other Current Nonoperating Liabilities		 - 0.00 1,134 0.00 1,450 0.00 170
Total Noncurrent Liabilities		 3,502 13,405 12,451 11,978 16,836 15,116 15,948
Long-Term Debt		 82 10,036 9,513 8,702 14,242 11,026 11,365
Noncurrent Deferred & Payable Income Tax Liabilities		 1,099 479 354 568 523 2,015 1,833
Noncurrent Employee Benefit Liabilities		 456 524 380 349 149 214 192
Other Noncurrent Operating Liabilities		 1,865 2,366 2,204 2,359 1,922 1,861 2,558
Commitments & Contingencies		 0.00 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 14,128
Total Preferred & Common Equity		 -1,253 6,252 6,767 7,758 8,677 14,081 13,804
Total Common Equity		 -1,253 6,252 6,767 7,758 8,677 14,081 13,804
Common Stock		 0.00 5,354 5,420 5,490 5,544 8,619 8,675
Retained Earnings		 0.00 1,643 2,865 5,866 6,591 11,483 12,193
Treasury Stock		 - 0.00 -529 -1,910 -1,972 -3,915 -6,795
Accumulated Other Comprehensive Income / (Loss)		 -1,253 -745 -989 -1,688 -1,486 -2,106 -269
Noncontrolling Interest		 15,688 326 327 318 328 314 324

Quarterly Balance Sheets for Carrier Global

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 26,544 32,822 40,810 40,424 40,201 37,403 36,447 38,493 38,077 37,186 37,372
Total Current Assets		 10,511 19,576 11,715 11,573 11,194 9,891 8,444 9,131 8,839 9,018 9,414
Cash & Equivalents		 3,902 9,852 1,313 2,919 2,225 3,969 1,698 1,797 1,423 1,371 1,344
Accounts Receivable		 3,030 2,080 3,156 3,187 2,726 2,651 2,979 3,373 3,129 3,130 3,246
Inventories, net		 2,562 1,823 3,189 3,045 2,646 2,299 2,648 2,888 3,004 2,581 2,759
Other Current Assets		 1,017 728 888 821 917 972 1,119 1,073 1,283 1,315 1,250
Other Current Nonoperating Assets		 - 5,093 3,169 1,601 2,680 0.00 - - - 621 815
Plant, Property, & Equipment, net		 2,210 2,160 3,179 3,117 3,015 2,999 3,040 3,182 3,214 3,122 3,162
Total Noncurrent Assets		 13,823 11,086 25,916 25,734 25,992 24,513 24,963 26,180 26,024 25,046 24,796
Long-Term Investments		 1,166 1,140 1,155 1,221 1,287 1,194 1,253 1,353 1,381 1,331 1,341
Goodwill		 9,825 7,520 15,366 15,245 15,294 14,601 14,959 15,672 15,680 15,313 15,267
Intangible Assets		 1,100 945 7,351 7,048 7,118 6,432 6,480 6,770 6,560 5,987 5,756
Noncurrent Deferred & Refundable Income Taxes		 712 718 823 939 1,142 1,131 1,149 1,220 1,199 1,137 1,126
Employee Benefit Assets		 29 32 78 81 54 43 48 50 50 58 61
Other Noncurrent Operating Assets		 991 731 1,143 1,200 1,097 1,112 1,074 1,115 1,154 1,220 1,245
Total Liabilities & Shareholders' Equity		 26,544 32,822 40,810 40,424 40,201 37,403 36,447 38,493 38,077 37,186 37,372
Total Liabilities		 18,042 23,817 28,904 26,345 25,159 23,008 22,249 23,479 23,238 23,385 23,900
Total Current Liabilities		 6,349 6,981 8,637 10,675 10,378 7,892 7,011 7,829 7,747 8,585 9,231
Short-Term Debt		 134 51 1,248 2,052 2,095 1,252 104 107 580 1,736 1,638
Accounts Payable		 2,887 2,483 3,074 3,181 2,829 2,458 3,015 3,214 2,959 2,979 3,216
Accrued Expenses		 2,832 2,997 2,994 4,262 4,233 4,182 3,892 4,508 4,208 3,700 3,963
Other Current Nonoperating Liabilities		 - 1,450 820 687 1,221 0.00 - - - 170 414
Total Noncurrent Liabilities		 11,693 16,836 20,267 15,670 14,781 15,116 15,238 15,650 15,491 14,800 14,669
Long-Term Debt		 8,651 14,242 15,647 11,270 10,337 11,026 11,080 11,336 11,336 10,422 10,314
Noncurrent Deferred & Payable Income Tax Liabilities		 553 523 2,272 2,184 2,241 2,015 2,028 2,087 1,943 1,688 1,622
Noncurrent Employee Benefit Liabilities		 337 149 259 247 209 214 218 221 220 188 185
Other Noncurrent Operating Liabilities		 2,152 1,922 2,089 1,969 1,994 1,861 1,912 2,006 1,992 2,502 2,548
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		 8,502 9,005 11,906 14,079 15,042 14,395 14,198 15,014 14,839 13,801 13,472
Total Preferred & Common Equity		 8,184 8,677 11,561 13,768 14,693 14,081 13,859 14,706 14,509 13,452 13,147
Total Common Equity		 8,184 8,677 11,561 13,768 14,693 14,081 13,859 14,706 14,509 13,452 13,147
Common Stock		 5,526 5,544 8,545 8,572 8,597 8,619 8,625 8,347 8,655 8,685 8,698
Retained Earnings		 6,486 6,591 6,860 8,854 9,301 11,483 11,895 12,294 12,530 12,431 12,536
Treasury Stock		 -1,972 -1,972 -1,972 -1,972 -2,403 -3,915 -5,188 -5,522 -6,311 -7,104 -7,550
Accumulated Other Comprehensive Income / (Loss)		 -1,856 -1,486 -1,872 -1,686 -802 -2,106 -1,473 -413 -365 -560 -537
Noncontrolling Interest		 318 328 345 311 349 314 339 308 330 349 325

Annual Metrics And Ratios for Carrier Global

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

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - -
Revenue Growth		 0.00% -1.62% -6.19% 18.09% -16.13% 9.62% 18.65% -3.29%
EBITDA Growth		 0.00% -28.40% 9.80% -6.97% 41.52% -38.49% 46.30% -11.37%
EBIT Growth		 0.00% -30.49% 11.00% -7.83% 47.08% -45.75% 22.51% -18.26%
NOPAT Growth		 0.00% -23.36% 0.58% -7.23% 78.28% -52.21% -11.69% 33.46%
Net Income Growth		 0.00% -22.17% -6.91% -15.20% 110.70% -59.82% 296.39% -72.20%
EPS Growth		 0.00% -22.78% -7.79% -16.89% 119.25% -61.46% 289.24% -72.03%
Operating Cash Flow Growth		 0.00% 0.39% -17.98% 32.21% -22.08% 49.57% -78.40% 346.36%
Free Cash Flow Firm Growth		 0.00% 0.00% 118.97% 103.26% -67.28% 308.82% -320.61% 107.06%
Invested Capital Growth		 0.00% 0.00% 0.95% -16.43% 20.38% -29.28% 148.30% 4.95%
Revenue Q/Q Growth		 0.00% 0.00% 0.54% 2.69% -15.46% -11.05% -9.16% -1.41%
EBITDA Q/Q Growth		 0.00% 0.00% 20.69% -18.08% -10.97% 7.68% -43.48% -16.20%
EBIT Q/Q Growth		 0.00% 0.00% 23.05% -19.70% -11.46% 9.59% -54.17% -23.79%
NOPAT Q/Q Growth		 0.00% 0.00% 26.30% -20.30% -11.55% 20.99% -65.68% 10.30%
Net Income Q/Q Growth		 0.00% 0.00% 27.53% -24.60% -1.48% 12.59% 59.53% -61.24%
EPS Q/Q Growth		 0.00% 0.00% 28.57% -25.50% -0.97% 12.06% 60.99% -61.52%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% -34.09% 46.88% 13.70% -2.29% -62.29% 56.57%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 6.33% -40.65% 293.63% -85.23% 214.76%
Invested Capital Q/Q Growth		 0.00% 0.00% 2.61% -3.76% 0.28% -29.10% -4.41% -5.38%
Profitability Metrics		 - - - - - - - -
Gross Margin		 29.44% 29.12% 29.27% 29.01% 24.86% 27.24% 26.60% 25.86%
EBITDA Margin		 22.00% 16.01% 18.74% 14.77% 24.92% 13.98% 17.24% 15.80%
Operating Margin		 19.23% 13.39% 16.48% 12.83% 23.04% 11.40% 11.77% 9.99%
EBIT Margin		 20.12% 14.21% 16.82% 13.13% 23.02% 11.39% 11.76% 9.94%
Profit (Net Income) Margin		 14.64% 11.58% 11.49% 8.25% 20.73% 7.60% 25.38% 7.30%
Tax Burden Percent		 72.07% 80.65% 70.26% 70.88% 93.75% 72.04% 251.01% 88.26%
Interest Burden Percent		 100.97% 101.02% 97.24% 88.69% 96.06% 92.59% 85.97% 83.16%
Effective Tax Rate		 27.93% 19.35% 29.74% 29.13% 16.11% 26.06% 46.70% 13.35%
Return on Invested Capital (ROIC)		 0.00% 33.31% 16.67% 16.77% 29.81% 15.27% 9.35% 8.51%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 21.00% 15.76% 12.77% 36.47% 7.08% 136.26% 4.75%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -3.45% 2.42% 8.11% 17.45% 1.59% 39.44% 2.62%
Return on Equity (ROE)		 0.00% 29.86% 19.09% 24.88% 47.25% 16.86% 48.79% 11.13%
Cash Return on Invested Capital (CROIC)		 0.00% -166.69% 15.73% 34.68% 11.31% 49.58% -75.81% 3.67%
Operating Return on Assets (OROA)		 0.00% 11.80% 12.36% 10.56% 15.23% 7.33% 7.53% 5.80%
Return on Assets (ROA)		 0.00% 9.62% 8.45% 6.64% 13.72% 4.89% 16.26% 4.26%
Return on Common Equity (ROCE)		 0.00% -2.59% 4.54% 23.69% 45.24% 16.22% 47.45% 10.88%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -171.99% 32.09% 25.14% 46.20% 16.60% 40.54% 0.00%
Net Operating Profit after Tax (NOPAT)		 2,621 2,009 2,021 1,875 3,342 1,597 1,410 1,882
NOPAT Margin		 13.86% 10.80% 11.58% 9.09% 19.33% 8.43% 6.27% 8.65%
Net Nonoperating Expense Percent (NNEP)		 0.00% 12.31% 0.91% 4.00% -6.67% 8.20% -126.91% 3.75%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - 19.75% 6.85% 5.29% 7.25%
Cost of Revenue to Revenue		 70.56% 70.88% 70.73% 70.99% 75.14% 72.76% 73.40% 74.14%
SG&A Expenses to Revenue		 14.22% 14.84% 16.15% 15.14% 11.44% 13.76% 14.22% 14.22%
R&D to Revenue		 2.11% 2.16% 2.40% 2.44% 2.41% 2.60% 3.05% 2.87%
Operating Expenses to Revenue		 10.21% 15.74% 12.79% 16.18% 3.33% 16.95% 15.86% 15.87%
Earnings before Interest and Taxes (EBIT)		 3,805 2,645 2,936 2,706 3,980 2,159 2,645 2,162
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 4,162 2,980 3,272 3,044 4,308 2,650 3,877 3,436
Valuation Ratios		 - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 4.98 6.69 4.33 5.49 4.35 3.21
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 224.65 0.00 0.00
Price to Revenue (P/Rev)		 0.00 0.00 1.78 2.19 1.94 2.51 2.72 2.04
Price to Earnings (P/E)		 0.00 0.00 15.71 27.19 9.49 35.30 10.93 29.86
Dividend Yield		 0.00% 0.00% 0.78% 0.98% 1.58% 1.31% 1.16% 1.71%
Earnings Yield		 0.00% 0.00% 6.37% 3.68% 10.53% 2.83% 9.15% 3.35%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 3.04 4.98 3.11 5.92 3.19 2.36
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 2.12 2.46 2.20 2.70 3.05 2.46
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 11.33 16.65 8.83 19.34 17.71 15.60
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 12.62 18.73 9.56 23.74 25.96 24.79
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 18.34 27.04 11.38 32.09 48.70 28.48
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 21.90 22.66 21.83 19.66 121.98 21.33
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 19.44 13.08 30.00 9.89 0.00 65.91
Leverage & Solvency		 - - - - - - - -
Debt to Equity		 0.00 0.02 1.55 1.37 1.09 1.59 0.85 0.84
Long-Term Debt to Equity		 0.00 0.01 1.53 1.34 1.08 1.58 0.77 0.80
Financial Leverage		 0.00 -0.16 0.15 0.63 0.48 0.22 0.29 0.55
Leverage Ratio		 0.00 1.55 2.26 3.75 3.44 3.45 3.00 2.62
Compound Leverage Factor		 0.00 1.57 2.20 3.33 3.31 3.19 2.58 2.17
Debt to Total Capital		 0.00% 2.16% 60.86% 57.75% 52.26% 61.35% 46.03% 45.58%
Short-Term Debt to Total Capital		 0.00% 1.61% 1.14% 1.09% 0.83% 0.22% 4.69% 1.80%
Long-Term Debt to Total Capital		 0.00% 0.56% 59.72% 56.66% 51.44% 61.13% 41.34% 43.78%
Preferred Equity to Total Capital		 0.00% 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% 1.25%
Common Equity to Total Capital		 0.00% -8.49% 37.20% 40.30% 45.86% 37.24% 52.79% 53.17%
Debt to EBITDA		 0.00 0.11 3.13 3.19 2.05 5.39 3.17 3.44
Net Debt to EBITDA		 0.00 -0.80 1.71 1.68 0.97 1.25 1.84 2.61
Long-Term Debt to EBITDA		 0.00 0.03 3.07 3.13 2.02 5.37 2.84 3.31
Debt to NOPAT		 0.00 0.16 5.06 5.17 2.65 8.95 8.71 6.29
Net Debt to NOPAT		 0.00 -1.18 2.77 2.73 1.25 2.07 5.05 4.76
Long-Term Debt to NOPAT		 0.00 0.04 4.97 5.07 2.60 8.92 7.82 6.04
Altman Z-Score		 0.00 0.00 2.35 2.92 2.78 2.74 2.93 2.43
Noncontrolling Interest Sharing Ratio		 0.00% 108.68% 76.21% 4.78% 4.25% 3.78% 2.74% 2.24%
Liquidity Ratios		 - - - - - - - -
Current Ratio		 0.00 1.33 1.67 1.72 1.64 2.80 1.25 1.20
Quick Ratio		 0.00 0.82 1.15 0.81 1.05 1.71 0.84 0.59
Cash Flow Metrics		 - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -10,054 1,907 3,876 1,268 5,184 -11,437 813
Operating Cash Flow to CapEx		 781.37% 848.97% 542.31% 650.29% 549.84% 593.85% 108.48% 641.07%
Free Cash Flow to Firm to Interest Expense		 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
Operating Cash Flow Less CapEx to Interest Expense		 0.00 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 0.58
Accounts Receivable Turnover		 0.00 6.83 6.34 7.95 6.60 7.71 9.51 8.22
Inventory Turnover		 0.00 9.90 8.34 8.13 5.64 6.18 8.01 6.74
Fixed Asset Turnover		 0.00 11.19 10.05 11.34 8.50 8.61 8.72 7.06
Accounts Payable Turnover		 0.00 7.75 6.79 6.85 5.03 5.19 6.68 6.25
Days Sales Outstanding (DSO)		 0.00 53.47 57.57 45.90 55.27 47.31 38.40 44.39
Days Inventory Outstanding (DIO)		 0.00 36.86 43.77 44.89 64.76 59.07 45.58 54.13
Days Payable Outstanding (DPO)		 0.00 47.07 53.76 53.25 72.59 70.36 54.63 58.41
Cash Conversion Cycle (CCC)		 0.00 43.26 47.58 37.53 47.45 36.02 29.34 40.11
Capital & Investment Metrics		 - - - - - - - -
Invested Capital		 0.00 12,063 12,177 10,176 12,250 8,663 21,510 22,663
Invested Capital Turnover		 0.00 3.09 1.44 1.84 1.54 1.81 1.49 0.98
Increase / (Decrease) in Invested Capital		 0.00 12,063 114 -2,001 2,074 -3,587 12,847 1,069
Enterprise Value (EV)		 0.00 0.00 37,061 50,682 38,045 51,254 68,674 53,593
Market Capitalization		 0.00 0.00 31,136 45,239 33,553 47,625 61,245 44,312
Book Value per Share		 $0.00 ($1.45) $7.21 $7.81 $9.28 $10.34 $15.69 $16.39
Tangible Book Value per Share		 $0.00 ($14.11) ($5.68) ($3.57) ($4.26) $0.25 ($7.75) ($9.53)
Total Capital		 0.00 14,754 16,805 16,790 16,918 23,298 26,673 25,961
Total Debt		 0.00 319 10,227 9,696 8,842 14,293 12,278 11,833
Total Long-Term Debt		 0.00 82 10,036 9,513 8,702 14,242 11,026 11,365
Net Debt		 0.00 -2,372 5,599 5,116 4,174 3,301 7,115 8,957
Capital Expenditures (CapEx)		 263 243 312 344 317 439 519 392
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 775 490 1,976 467 2,794 -718 332
Debt-free Net Working Capital (DFNWC)		 0.00 1,727 3,605 4,963 3,987 12,646 3,251 1,887
Net Working Capital (NWC)		 0.00 1,490 3,414 4,780 3,847 12,595 1,999 1,419
Net Nonoperating Expense (NNE)		 -148 -146 15 174 -242 157 -4,298 295
Net Nonoperating Obligations (NNO)		 0.00 -2,372 5,599 3,082 4,174 -342 7,115 8,535
Total Depreciation and Amortization (D&A)		 357 335 336 338 328 491 1,232 1,274
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 4.16% 2.81% 9.59% 2.70% 14.74% -3.19% 1.53%
Debt-free Net Working Capital to Revenue		 0.00% 9.28% 20.65% 24.08% 23.06% 66.73% 14.46% 8.68%
Net Working Capital to Revenue		 0.00% 8.01% 19.56% 23.19% 22.25% 66.46% 8.89% 6.53%
Earnings Adjustments		 - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $2.29 $1.92 $4.19 $1.61 $6.24 $1.74
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 866.50M 867.70M 843.40M 837.30M 898.20M 852.40M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $2.25 $1.87 $4.10 $1.58 $6.15 $1.72
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 880.20M 890.30M 861.20M 853M 911.70M 862.40M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $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 835.84M
Normalized Net Operating Profit after Tax (NOPAT)		 2,463 1,819 2,021 1,698 3,342 1,597 1,410 1,684
Normalized NOPAT Margin		 13.02% 9.77% 11.58% 8.24% 19.33% 8.43% 6.27% 7.74%
Pre Tax Income Margin		 20.31% 14.36% 16.36% 11.64% 22.11% 10.55% 10.11% 8.27%
Debt Service Ratios		 - - - - - - - -
EBIT to Interest Expense		 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
EBIT Less CapEx to Interest Expense		 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
Payout Ratios		 - - - - - - - -
Dividend Payout Ratio		 1.66% 1.30% 9.27% 26.98% 15.49% 47.08% 13.21% 55.01%
Augmented Payout Ratio		 1.66% 1.30% 9.27% 57.97% 53.99% 51.39% 47.27% 237.24%

Quarterly Metrics And Ratios for Carrier Global

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 835,843,882.00 830,580,423.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 835,843,882.00 830,580,423.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.28 0.60
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 39.50% 17.24% 11.63% 21.26% 31.99% -3.73% 3.02% -6.77% -6.04% 2.36% 3.89%
EBITDA Growth		 2,672.41% 17.80% 539.30% 98.30% -347.51% 34.63% 19.84% -20.39% -60.81% -38.37% -6.56%
EBIT Growth		 1,721.43% -9.91% 654.81% 75.17% -438.91% 63.64% 24.72% -30.45% -87.21% -58.73% -8.53%
NOPAT Growth		 2,397.70% 2.22% 819.01% 118.23% -351.12% 61.37% 26.64% -8.83% 2,330.61% -19.21% -14.36%
Net Income Growth		 57.91% -25.32% 916.74% 26.25% 485.19% 51.21% -73.28% -5.41% -97.59% -39.36% -14.53%
EPS Growth		 53.13% -34.09% 1,008.70% 16.67% 475.51% 62.07% -73.33% 2.04% -97.52% -40.43% -11.76%
Operating Cash Flow Growth		 -5.43% -66.67% 71.88% -125.84% -87.57% 1,107.50% -1.67% 226.77% 687.88% -83.64% 42.84%
Free Cash Flow Firm Growth		 301.25% -529.61% -349.41% -3,709.09% -441.88% 119.01% 97.38% 90.63% 97.52% -98.53% 769.62%
Invested Capital Growth		 -29.28% 86.38% 75.56% 84.16% 148.30% -6.48% 4.30% 6.43% 4.95% 1.67% -4.16%
Revenue Q/Q Growth		 -44.26% 21.17% 8.20% -10.54% -39.32% 43.71% 17.15% -8.74% -13.30% 10.42% 18.91%
EBITDA Q/Q Growth		 51.70% 9.70% 391.65% -73.74% -289.34% 146.88% 30.76% -29.92% -49.94% 34.35% 98.26%
EBIT Q/Q Growth		 56.55% -17.63% 638.20% -79.36% -402.89% 127.30% 43.33% -41.31% -81.32% 162.63% 217.69%
NOPAT Q/Q Growth		 136.94% -9.51% 475.24% -76.12% -372.65% 131.05% 44.11% -25.26% 38.34% -45.78% 52.75%
Net Income Q/Q Growth		 15.22% -34.17% 719.72% -79.70% 434.10% -82.99% 44.85% -28.12% -86.37% 327.42% 104.15%
EPS Q/Q Growth		 16.67% -40.82% 779.31% -80.78% 475.51% -83.33% 44.68% -26.47% -86.00% 300.00% 114.29%
Operating Cash Flow Q/Q Growth		 2.02% -96.23% 1,550.00% -140.76% 149.07% 265.91% 34.37% -47.46% 204.99% -92.40% 1,073.42%
Free Cash Flow Firm Q/Q Growth		 1,475.38% -451.97% 33.21% -35.80% -49.23% 114.21% -111.54% -282.77% 64.57% 109.41% 5,148.18%
Invested Capital Q/Q Growth		 -29.10% 147.49% -6.83% 0.70% -4.41% 4.28% 3.91% 2.76% -5.38% 0.63% -2.05%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 19.74% 27.58% 28.08% 28.02% 19.86% 27.69% 28.94% 25.97% 19.87% 23.29% 27.21%
EBITDA Margin		 29.23% 13.17% 59.83% 17.56% -54.81% 17.88% 19.96% 15.33% 8.85% 10.77% 17.95%
Operating Margin		 24.75% 8.09% 55.18% 12.75% -63.56% 12.05% 14.77% 9.66% 2.09% 4.85% 12.99%
EBIT Margin		 24.75% 8.09% 55.18% 12.73% -63.56% 12.07% 14.77% 9.50% 2.05% 4.87% 13.01%
Profit (Net Income) Margin		 15.96% 4.67% 35.42% 8.04% 70.75% 8.37% 10.36% 8.16% 1.28% 4.96% 8.52%
Tax Burden Percent		 73.53% 86.27% 67.22% 62.47% -109.09% 79.74% 77.96% 105.08% 1,240.00% 155.88% 75.03%
Interest Burden Percent		 87.67% 67.00% 95.48% 101.05% 102.04% 86.98% 89.92% 81.70% 5.05% 65.38% 87.29%
Effective Tax Rate		 5.53% 13.73% 32.78% 22.34% 0.00% 20.26% 19.95% -0.23% -640.00% -56.47% 24.97%
Return on Invested Capital (ROIC)		 42.38% 8.71% 50.14% 14.12% -66.32% 9.23% 11.64% 9.20% 15.19% 7.34% 9.44%
ROIC Less NNEP Spread (ROIC-NNEP)		 31.72% 6.98% 48.37% 12.12% 57.25% 8.59% 10.55% 8.17% 6.47% 5.71% 8.53%
Return on Net Nonoperating Assets (RNNOA)		 7.12% 5.65% 27.48% 5.76% 16.57% 6.69% 6.01% 4.53% 3.57% 3.52% 5.14%
Return on Equity (ROE)		 49.50% 14.36% 77.62% 19.87% -49.75% 15.92% 17.64% 13.73% 18.76% 10.85% 14.58%
Cash Return on Invested Capital (CROIC)		 49.58% -51.78% -33.30% -35.56% -75.81% 13.71% 3.68% 1.11% 3.67% 6.12% 11.51%
Operating Return on Assets (OROA)		 15.93% 5.54% 39.22% 9.45% -40.71% 6.97% 8.41% 5.35% 1.19% 2.89% 7.58%
Return on Assets (ROA)		 10.27% 3.20% 25.17% 5.96% 45.31% 4.83% 5.89% 4.60% 0.75% 2.95% 4.96%
Return on Common Equity (ROCE)		 47.63% 13.88% 75.43% 19.31% -48.38% 15.50% 17.27% 13.41% 18.34% 10.59% 14.26%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 11.61% 25.26% 24.35% 0.00% 42.25% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 643 431 2,481 593 -1,616 502 723 540 747 405 619
NOPAT Margin		 23.39% 6.98% 37.09% 9.90% -44.49% 9.61% 11.82% 9.68% 15.45% 7.59% 9.75%
Net Nonoperating Expense Percent (NNEP)		 10.67% 1.73% 1.77% 2.00% -123.57% 0.64% 1.09% 1.03% 8.71% 1.63% 0.91%
Return On Investment Capital (ROIC_SIMPLE)		 2.76% - - - -6.06% 1.98% 2.73% 2.02% 2.88% 1.56% 2.43%
Cost of Revenue to Revenue		 80.26% 72.42% 71.92% 71.98% 80.14% 72.31% 71.06% 74.03% 80.13% 76.71% 72.79%
SG&A Expenses to Revenue		 15.92% 15.93% 14.58% 13.35% 12.06% 13.97% 13.30% 14.39% 15.44% 16.12% 12.75%
R&D to Revenue		 2.80% 3.62% 2.80% 2.87% 2.84% 2.93% 2.63% 2.71% 3.31% 2.68% 2.33%
Operating Expenses to Revenue		 2.65% 19.49% -27.10% 16.38% 87.96% 15.64% 14.17% 16.31% 17.78% 18.44% 14.22%
Earnings before Interest and Taxes (EBIT)		 681 500 3,691 762 -2,308 630 903 530 99 260 826
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 804 814 4,002 1,051 -1,990 933 1,220 855 428 575 1,140
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 5.49 4.19 4.13 4.93 4.35 3.97 4.25 3.50 3.21 3.50 4.62
Price to Tangible Book Value (P/TBV)		 224.65 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 2.51 2.11 2.40 2.93 2.72 2.47 2.79 2.30 2.04 2.15 2.75
Price to Earnings (P/E)		 35.30 38.94 16.80 20.87 10.93 9.58 15.64 12.76 29.86 35.93 49.76
Dividend Yield		 1.31% 1.29% 1.20% 0.94% 1.16% 1.25% 1.14% 1.45% 1.71% 1.62% 1.27%
Earnings Yield		 2.83% 2.57% 5.95% 4.79% 9.15% 10.44% 6.40% 7.84% 3.35% 2.78% 2.01%
Enterprise Value to Invested Capital (EV/IC)		 5.92 2.64 2.97 3.63 3.19 2.84 3.05 2.52 2.36 2.49 3.15
Enterprise Value to Revenue (EV/Rev)		 2.70 2.75 2.80 3.30 3.05 2.86 3.17 2.73 2.46 2.60 3.18
Enterprise Value to EBITDA (EV/EBITDA)		 19.34 21.36 10.47 11.92 17.71 15.45 16.48 14.69 15.60 18.48 23.45
Enterprise Value to EBIT (EV/EBIT)		 23.74 28.22 12.19 14.16 25.96 22.02 23.19 21.24 24.79 31.74 40.99
Enterprise Value to NOPAT (EV/NOPAT)		 32.09 40.17 17.56 19.89 48.70 39.09 39.55 35.31 28.48 32.31 42.40
Enterprise Value to Operating Cash Flow (EV/OCF)		 19.66 25.03 23.66 54.75 121.98 63.25 71.52 37.54 21.33 26.97 29.45
Enterprise Value to Free Cash Flow (EV/FCFF)		 9.89 0.00 0.00 0.00 0.00 20.00 84.80 233.24 65.91 41.06 26.76
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.59 1.42 0.95 0.83 0.85 0.79 0.76 0.80 0.84 0.88 0.89
Long-Term Debt to Equity		 1.58 1.31 0.80 0.69 0.77 0.78 0.76 0.76 0.80 0.76 0.77
Financial Leverage		 0.22 0.81 0.57 0.47 0.29 0.78 0.57 0.55 0.55 0.62 0.60
Leverage Ratio		 3.45 3.30 2.98 2.83 3.00 2.96 2.71 2.62 2.62 2.63 2.66
Compound Leverage Factor		 3.02 2.21 2.85 2.86 3.06 2.57 2.44 2.14 0.13 1.72 2.32
Debt to Total Capital		 61.35% 58.66% 48.62% 45.25% 46.03% 44.06% 43.25% 44.54% 45.58% 46.84% 47.01%
Short-Term Debt to Total Capital		 0.22% 4.33% 7.49% 7.63% 4.69% 0.41% 0.40% 2.17% 1.80% 6.69% 6.44%
Long-Term Debt to Total Capital		 61.13% 54.33% 41.13% 37.62% 41.34% 43.65% 42.85% 42.37% 43.78% 40.15% 40.57%
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		 1.41% 1.20% 1.14% 1.27% 1.18% 1.34% 1.16% 1.23% 1.25% 1.34% 1.28%
Common Equity to Total Capital		 37.24% 40.14% 50.25% 53.48% 52.79% 54.60% 55.58% 54.23% 53.17% 51.82% 51.71%
Debt to EBITDA		 5.39 5.71 2.10 1.81 3.17 2.72 2.65 2.91 3.44 3.95 3.99
Net Debt to EBITDA		 1.25 4.87 1.45 1.30 1.84 2.00 1.92 2.22 2.61 3.07 3.09
Long-Term Debt to EBITDA		 5.37 5.28 1.78 1.51 2.84 2.69 2.62 2.76 3.31 3.39 3.44
Debt to NOPAT		 8.95 10.73 3.53 3.03 8.71 6.87 6.36 6.98 6.29 6.91 7.21
Net Debt to NOPAT		 2.07 9.16 2.43 2.17 5.05 5.06 4.61 5.34 4.76 5.37 5.59
Long-Term Debt to NOPAT		 8.92 9.94 2.98 2.52 7.82 6.81 6.30 6.64 6.04 5.92 6.22
Altman Z-Score		 2.59 1.94 2.52 2.75 2.49 2.66 2.75 2.43 2.25 2.30 2.66
Noncontrolling Interest Sharing Ratio		 3.78% 3.33% 2.82% 2.83% 2.74% 2.62% 2.13% 2.27% 2.24% 2.46% 2.22%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.80 1.36 1.08 1.08 1.25 1.20 1.17 1.14 1.20 1.05 1.02
Quick Ratio		 1.71 0.52 0.57 0.48 0.84 0.67 0.66 0.59 0.59 0.52 0.50
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 4,230 -10,685 -7,137 -9,691 -14,463 2,055 -237 -908 -322 30 1,588
Operating Cash Flow to CapEx		 478.38% 38.46% 594.59% -309.20% 60.83% 766.67% 801.23% 291.45% 793.89% 84.04% 792.31%
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		 0.64 0.68 0.71 0.74 0.64 0.58 0.57 0.56 0.58 0.59 0.58
Accounts Receivable Turnover		 7.71 7.44 7.41 8.60 9.51 7.26 6.85 7.53 8.22 7.16 6.68
Inventory Turnover		 6.18 5.44 5.87 6.81 8.01 5.57 5.47 5.68 6.74 6.29 5.92
Fixed Asset Turnover		 8.61 8.43 8.81 9.47 8.72 7.17 7.13 7.08 7.06 7.10 6.97
Accounts Payable Turnover		 5.19 5.43 5.50 6.20 6.68 5.34 5.08 5.55 6.25 5.49 5.20
Days Sales Outstanding (DSO)		 47.31 49.09 49.27 42.44 38.40 50.24 53.30 48.44 44.39 50.98 54.64
Days Inventory Outstanding (DIO)		 59.07 67.10 62.14 53.61 45.58 65.58 66.72 64.24 54.13 58.02 61.62
Days Payable Outstanding (DPO)		 70.36 67.19 66.39 58.84 54.63 68.41 71.92 65.81 58.41 66.51 70.16
Cash Conversion Cycle (CCC)		 36.02 49.00 45.02 37.21 29.34 47.41 48.10 46.87 40.11 42.49 46.10
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 8,663 23,984 22,347 22,503 21,510 22,431 23,307 23,951 22,663 22,806 22,338
Invested Capital Turnover		 1.81 1.25 1.35 1.43 1.49 0.96 0.98 0.95 0.98 0.97 0.97
Increase / (Decrease) in Invested Capital		 -3,587 11,116 9,618 10,284 12,847 -1,553 960 1,448 1,069 375 -969
Enterprise Value (EV)		 51,254 63,250 66,329 81,742 68,674 63,625 71,163 60,248 53,593 56,871 70,297
Market Capitalization		 47,625 48,478 56,836 72,473 61,245 55,053 62,562 50,806 44,312 47,066 60,705
Book Value per Share		 $10.34 $12.86 $15.28 $16.28 $15.69 $15.96 $17.15 $17.05 $16.39 $16.09 $15.83
Tangible Book Value per Share		 $0.25 ($12.41) ($9.46) ($8.55) ($7.75) ($8.73) ($9.02) ($9.08) ($9.53) ($9.39) ($9.48)
Total Capital		 23,298 28,801 27,401 27,474 26,673 25,382 26,457 26,755 25,961 25,959 25,424
Total Debt		 14,293 16,895 13,322 12,432 12,278 11,184 11,443 11,916 11,833 12,158 11,952
Total Long-Term Debt		 14,242 15,647 11,270 10,337 11,026 11,080 11,336 11,336 11,365 10,422 10,314
Net Debt		 3,301 14,427 9,182 8,920 7,115 8,233 8,293 9,112 8,957 9,456 9,267
Capital Expenditures (CapEx)		 222 104 111 87 217 63 81 117 131 94 117
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 2,794 3,013 31 686 -718 -161 -388 249 332 798 477
Debt-free Net Working Capital (DFNWC)		 12,646 4,326 2,950 2,911 3,251 1,537 1,409 1,672 1,887 2,169 1,821
Net Working Capital (NWC)		 12,595 3,078 898 816 1,999 1,433 1,302 1,092 1,419 433 183
Net Nonoperating Expense (NNE)		 204 142 112 112 -4,185 65 90 85 685 140 78
Net Nonoperating Obligations (NNO)		 -342 12,078 8,268 7,461 7,115 8,233 8,293 9,112 8,535 9,005 8,866
Total Depreciation and Amortization (D&A)		 123 314 311 289 318 303 317 325 329 315 314
Debt-free, Cash-free Net Working Capital to Revenue		 14.74% 13.10% 0.13% 2.77% -3.19% -0.72% -1.73% 1.13% 1.53% 3.65% 2.16%
Debt-free Net Working Capital to Revenue		 66.73% 18.80% 12.45% 11.76% 14.46% 6.90% 6.27% 7.58% 8.68% 9.92% 8.24%
Net Working Capital to Revenue		 66.46% 13.38% 3.79% 3.30% 8.89% 6.43% 5.80% 4.95% 6.53% 1.98% 0.83%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.49 $0.30 $2.59 $0.50 $2.85 $0.47 $0.69 $0.50 $0.08 $0.29 $0.61
Adjusted Weighted Average Basic Shares Outstanding		 837.30M 899.20M 902.40M 901.20M 898.20M 866.90M 854.90M 848.80M 852.40M 835M 828.10M
Adjusted Diluted Earnings per Share		 $0.49 $0.29 $2.55 $0.49 $2.82 $0.47 $0.68 $0.50 $0.07 $0.28 $0.60
Adjusted Weighted Average Diluted Shares Outstanding		 853M 913M 915.30M 915M 911.70M 878.30M 866.30M 858.60M 862.40M 842.80M 836.50M
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		 898.36M 901.01M 902.75M 897.23M 868.34M 857.31M 851.02M 842.21M 835.84M 830.58M 824.33M
Normalized Net Operating Profit after Tax (NOPAT)		 643 405 2,421 593 -1,616 467 660 335 38 160 576
Normalized NOPAT Margin		 23.39% 6.54% 36.19% 9.90% -44.49% 8.94% 10.80% 6.01% 0.78% 2.99% 9.06%
Pre Tax Income Margin		 21.70% 5.42% 52.68% 12.87% -64.86% 10.50% 13.28% 7.76% 0.10% 3.18% 11.35%
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		 47.08% 51.04% 20.85% 21.05% 13.21% 13.51% 18.35% 20.32% 55.01% 61.98% 70.98%
Augmented Payout Ratio		 51.39% 51.04% 20.85% 33.09% 47.27% 68.70% 105.05% 116.22% 237.24% 196.96% 222.83%

Financials Breakdown Chart

Key Financial Trends

Carrier Global’s Q2 2026 results show a meaningful sequential recovery, although profitability remains below the comparable period last year. Revenue increased to $6.35 billion from $5.34 billion in Q1 2026 and $6.11 billion in Q2 2025. Gross profit rose sequentially to $1.73 billion, but the gross margin fell to approximately 27.2% from 28.9% a year earlier.

Operating income improved sharply from $259 million in Q1 2026 to $825 million in Q2, helped partly by lower special charges. However, operating income was still below the $903 million reported in Q2 2025. Net income attributable to common shareholders was $501 million, or $0.60 per diluted share, compared with $591 million, or $0.68 per share, in the year-ago quarter. Share repurchases reduced diluted weighted-average shares by roughly 3% year over year, helping cushion the earnings-per-share decline.

Cash generation was a notable strength. Net cash from operating activities increased to $927 million in Q2 2026 from $649 million in Q2 2025 and just $79 million in Q1 2026. After $117 million of capital expenditures, approximate operating free cash flow was $810 million. Carrier used this cash to fund $439 million of stock repurchases, $263 million of dividends and $65 million of debt repayment.

  • Revenue momentum improved: Q2 2026 revenue grew approximately 4% year over year and nearly 19% sequentially, reversing the softer performance seen in late 2025 and early 2026.
  • Operating profitability rebounded sequentially: Operating income rose from $259 million in Q1 2026 to $825 million in Q2, suggesting that some prior-period charges or operating pressures were temporary.
  • Operating cash flow strengthened: Q2 operating cash flow of $927 million was the company’s strongest reported quarter in the provided 2025-2026 data and substantially exceeded Q1 2026’s $79 million.
  • Cash conversion improved: Approximate operating free cash flow increased to $810 million in Q2, providing substantial funding for shareholder returns and debt reduction.
  • Share count continued to decline: Diluted weighted-average shares fell to 836.5 million from 866.3 million in Q2 2025, while the company repurchased $439 million of common stock during the quarter.
  • Liquidity remained adequate: Carrier had $1.34 billion of cash and $9.41 billion of current assets against $9.23 billion of current liabilities, implying a current ratio close to 1.0.
  • Shareholder distributions remain substantial: Dividends and buybacks totaled $702 million in Q2 2026, but these distributions consumed most of the quarter’s operating free cash flow.
  • Portfolio changes complicate comparisons: Large divestitures and discontinued operations materially affected 2023-2025 revenue, earnings and cash flow, making long-term trend comparisons less direct.
  • Year-over-year earnings declined: Common-shareholder net income fell approximately 15% from Q2 2025, while diluted EPS declined from $0.68 to $0.60.
  • Leverage and asset concentration remain concerns: Total debt was approximately $11.95 billion at June 30, 2026, while goodwill and intangible assets totaled $21.32 billion, or about 57% of total assets. This leaves the balance sheet sensitive to higher interest costs or future impairment charges.

Overall, the latest quarter presents a mixed but improving picture. Carrier’s revenue and cash flow trends strengthened considerably in Q2 2026, and ongoing buybacks are supporting per-share results. However, lower gross margins, year-over-year earnings declines, sizable debt and a balance sheet heavily weighted toward goodwill and intangible assets remain important risks for investors to monitor.

09/05/26 11:02 AM ETAI Generated. May Contain Errors.

Carrier Global Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Carrier Global's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Carrier Global's net income appears to be on an upward trend, with a most recent value of $1.59 billion in 2025, falling from $2.77 billion in 2018. The previous period was $5.71 billion in 2024. Check out Carrier Global's forecast to explore projected trends and price targets.

Carrier Global's total operating income in 2025 was $2.17 billion, based on the following breakdown:
  • Total Gross Profit: $5.62 billion
  • Total Operating Expenses: $3.45 billion

Over the last 7 years, Carrier Global's total revenue changed from $18.91 billion in 2018 to $21.75 billion in 2025, a change of 15.0%.

Carrier Global's total liabilities were at $23.06 billion at the end of 2025, a 0.2% increase from 2024, and a 189.3% increase since 2019.

In the past 6 years, Carrier Global's cash and equivalents has ranged from $952 million in 2019 to $9.85 billion in 2023, and is currently $1.56 billion as of their latest financial filing in 2025.

Over the last 7 years, Carrier Global's book value per share changed from 0.00 in 2018 to 16.39 in 2025, a change of 1,639.0%.


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Financial statements for NYSE:CARR last updated on 7/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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