Carrier Global (CARR) Financials

$68.05 +3.87 (+6.03%)

Closing price 05/6/2026 03:59 PM Eastern

Extended Trading

$68.29 +0.24 (+0.35%)

As of 04:29 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	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

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 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	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	357	420	269	2,337	447	2,551	412	591	428	53	238
Consolidated Net Income / (Loss)	381	439	289	2,369	481	2,569	437	633	455	62	265
Net Income / (Loss) Continuing Operations	294	564	197	447	598	-2,044	437	650	434	37	266
Total Pre-Tax Income	471	597	244	567	770	-2,355	548	812	433	5.00	170
Total Operating Income	435	681	385	724	763	-2,308	629	903	539	101	259
Total Gross Profit	1,486	543	1,385	1,575	1,677	721	1,445	1,769	1,449	961	1,244
Total Revenue	4,935	2,751	5,420	5,934	5,984	3,631	5,218	6,113	5,579	4,837	5,341
Operating Revenue	4,935	2,751	5,420	5,934	5,984	3,631	5,218	6,113	5,579	4,837	5,341
Total Cost of Revenue	3,449	2,208	4,035	4,359	4,307	2,910	3,773	4,344	4,130	3,876	4,097
Operating Cost of Revenue	3,449	2,208	4,035	4,359	4,307	2,910	3,773	4,344	4,130	3,876	4,097
Total Operating Expenses	1,051	73	1,000	851	914	3,194	816	866	910	860	985
Selling, General & Admin Expense	664	438	807	789	799	438	729	813	803	747	861
Research & Development Expense	126	77	192	160	172	103	153	161	151	160	143
Other Operating Expenses / (Income)	261	-538	32	-8.00	9.00	2,532	-22	-30	16	-	12
Other Special Charges / (Income)	-	-	-31	-90	-66	-	-44	-78	-60	-47	-31
Total Other Income / (Expense), net	36	127	-141	-157	7.00	117	-81	-91	-106	-96	-89
Interest & Investment Income	36	128	-141	-157	8.00	117	-82	-91	-97	-94	-90
Other Income / (Expense), net	0.00	-	0.00	0.00	-1.00	-	1.00	0.00	-9.00	-2.00	1.00
Income Tax Expense	177	33	47	120	172	-311	111	162	-1.00	-32	-96
Net Income / (Loss) Discontinued Operations	87	-	92	1,922	-117	-	0.00	-17	21	25	-1.00
Net Income / (Loss) Attributable to Noncontrolling Interest	24	19	20	32	34	18	25	42	27	9.00	27
Basic Earnings per Share	$0.43	$0.49	$0.30	$2.59	$0.50	$2.85	$0.47	$0.69	$0.50	$0.08	$0.29
Weighted Average Basic Shares Outstanding	838.70M	837.30M	899.20M	902.40M	901.20M	898.20M	866.90M	854.90M	848.80M	852.40M	835M
Diluted Earnings per Share	$0.42	$0.49	$0.29	$2.55	$0.49	$2.82	$0.47	$0.68	$0.50	$0.07	$0.28
Weighted Average Diluted Shares Outstanding	854.70M	853M	913M	915.30M	915M	911.70M	878.30M	866.30M	858.60M	862.40M	842.80M
Weighted Average Basic & Diluted Shares Outstanding	839.05M	898.36M	901.01M	902.75M	897.23M	868.34M	857.31M	851.02M	842.21M	835.84M	830.58M

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

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 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	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	692	6,266	-8,730	1,669	-590	1,450	-2,270	98	-374	156	-140
Net Cash From Operating Activities	1,041	1,062	40	660	-269	132	483	649	341	1,040	79
Net Cash From Continuing Operating Activities	841	907	45	660	508	363	488	264	324	1,013	66
Net Income / (Loss) Continuing Operations	422	436	197	2,369	-1,416	-30	437	650	434	37	266
Consolidated Net Income / (Loss)	381	439	289	2,369	481	2,569	437	633	455	62	265
Net Income / (Loss) Discontinued Operations	-	3.00	92	-	-	2,599	0.00	-17	21	25	-1.00
Depreciation Expense	95	123	308	311	289	318	303	317	325	329	315
Non-Cash Adjustments To Reconcile Net Income	-320	209	54	-3,112	2,669	-525	-1.00	-60	-165	282	-40
Changes in Operating Assets and Liabilities, net	644	139	-514	1,092	-1,034	600	-251	-643	-270	365	-475
Net Cash From Discontinued Operating Activities	-	155	-5.00	-	-	-231	-5.00	385	17	27	13
Net Cash From Investing Activities	-135	-229	-11,081	4,808	1,159	3,089	-23	-55	-119	-110	-65
Net Cash From Continuing Investing Activities	12	-220	-11,080	4,808	-5,058	306	-30	-83	-119	-111	-65
Purchase of Property, Plant & Equipment	-73	-222	-102	-111	-87	-217	-63	-81	-117	-131	-94
Acquisitions	121	-15	-10,772	-7.00	-94	-17	-12	-49	-31	-15	-23
Purchase of Investments	-	16	-209	-	-	-77	36	-	-	-	35
Divestitures	18	-	0.00	4,877	-4,877	634	8.00	-	-	19	8.00
Other Investing Activities, net	-2.00	1.00	3.00	25	2.00	-17	1.00	-4.00	-4.00	31	9.00
Net Cash From Discontinued Investing Activities	-	-9.00	-1.00	-	-	2,783	7.00	28	-	1.00	0.00
Net Cash From Financing Activities	-182	5,300	2,379	-3,785	-1,544	-1,686	-2,747	-547	-591	-787	-141
Net Cash From Continuing Financing Activities	-167	5,305	2,383	-3,785	-1,533	-1,672	-2,747	-547	-591	-787	-141
Repayment of Debt	13	-145	-24	-3,537	-944	-867	-1,221	-61	442	-115	-26
Repurchase of Common Equity	-	-	0.00	-	-431	-1,513	-1,288	-340	-785	-479	-306
Payment of Dividends	-161	-167	-161	-236	-189	-168	-198	-201	-265	-209	-202
Issuance of Debt	-19	5,617	2,568	-12	31	876	-40	55	17	16	393
Net Cash From Discontinued Financing Activities	-	-5.00	-4.00	-	-	-14	0.00	-	-	-	0.00
Other Net Changes in Cash	-	-	-68	20	-	-	17	51	-5.00	-	-13

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

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	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	9/30/2025	3/31/2026
Total Assets	26,284	26,544	32,822	40,810	40,424	40,201	37,403	36,447	38,493	38,077	37,186
Total Current Assets	10,141	10,511	19,576	11,715	11,573	11,194	9,891	8,444	9,131	8,839	9,018
Cash & Equivalents	3,209	3,902	9,852	1,313	2,919	2,225	3,969	1,698	1,797	1,423	1,371
Accounts Receivable	3,212	3,030	2,080	3,156	3,187	2,726	2,651	2,979	3,373	3,129	3,130
Inventories, net	2,699	2,562	1,823	3,189	3,045	2,646	2,299	2,648	2,888	3,004	2,581
Other Current Assets	1,021	1,017	728	888	821	917	972	1,119	1,073	1,283	1,315
Other Current Nonoperating Assets	-	-	5,093	3,169	1,601	2,680	0.00	-	-	-	621
Plant, Property, & Equipment, net	2,262	2,210	2,160	3,179	3,117	3,015	2,999	3,040	3,182	3,214	3,122
Total Noncurrent Assets	13,881	13,823	11,086	25,916	25,734	25,992	24,513	24,963	26,180	26,024	25,046
Long-Term Investments	1,139	1,166	1,140	1,155	1,221	1,287	1,194	1,253	1,353	1,381	1,331
Goodwill	9,927	9,825	7,520	15,366	15,245	15,294	14,601	14,959	15,672	15,680	15,313
Intangible Assets	1,181	1,100	945	7,351	7,048	7,118	6,432	6,480	6,770	6,560	5,987
Noncurrent Deferred & Refundable Income Taxes	690	712	718	823	939	1,142	1,131	1,149	1,220	1,199	1,137
Employee Benefit Assets	32	29	32	78	81	54	43	48	50	50	58
Other Noncurrent Operating Assets	912	991	731	1,143	1,200	1,097	1,112	1,074	1,115	1,154	1,220
Total Liabilities & Shareholders' Equity	26,284	26,544	32,822	40,810	40,424	40,201	37,403	36,447	38,493	38,077	37,186
Total Liabilities	17,996	18,042	23,817	28,904	26,345	25,159	23,008	22,249	23,479	23,238	23,385
Total Current Liabilities	6,234	6,349	6,981	8,637	10,675	10,378	7,892	7,011	7,829	7,747	8,585
Short-Term Debt	134	134	51	1,248	2,052	2,095	1,252	104	107	580	1,736
Accounts Payable	2,956	2,887	2,483	3,074	3,181	2,829	2,458	3,015	3,214	2,959	2,979
Accrued Expenses	2,661	2,832	2,997	2,994	4,262	4,233	4,182	3,892	4,508	4,208	3,700
Other Current Nonoperating Liabilities	-	-	1,450	820	687	1,221	0.00	-	-	-	170
Total Noncurrent Liabilities	11,762	11,693	16,836	20,267	15,670	14,781	15,116	15,238	15,650	15,491	14,800
Long-Term Debt	8,655	8,651	14,242	15,647	11,270	10,337	11,026	11,080	11,336	11,336	10,422
Noncurrent Deferred & Payable Income Tax Liabilities	560	553	523	2,272	2,184	2,241	2,015	2,028	2,087	1,943	1,688
Noncurrent Employee Benefit Liabilities	350	337	149	259	247	209	214	218	221	220	188
Other Noncurrent Operating Liabilities	2,197	2,152	1,922	2,089	1,969	1,994	1,861	1,912	2,006	1,992	2,502
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	8,288	8,502	9,005	11,906	14,079	15,042	14,395	14,198	15,014	14,839	13,801
Total Preferred & Common Equity	7,969	8,184	8,677	11,561	13,768	14,693	14,081	13,859	14,706	14,509	13,452
Total Common Equity	7,969	8,184	8,677	11,561	13,768	14,693	14,081	13,859	14,706	14,509	13,452
Common Stock	5,503	5,526	5,544	8,545	8,572	8,597	8,619	8,625	8,347	8,655	8,685
Retained Earnings	6,129	6,486	6,591	6,860	8,854	9,301	11,483	11,895	12,294	12,530	12,431
Treasury Stock	-1,972	-1,972	-1,972	-1,972	-1,972	-2,403	-3,915	-5,188	-5,522	-6,311	-7,104
Accumulated Other Comprehensive Income / (Loss)	-1,691	-1,856	-1,486	-1,872	-1,686	-802	-2,106	-1,473	-413	-365	-560
Noncontrolling Interest	319	318	328	345	311	349	314	339	308	330	349

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%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 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	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	835,843,882.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	835,843,882.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.28
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-9.47%	39.50%	17.24%	11.63%	21.26%	31.99%	-3.73%	3.02%	-6.77%	-6.04%	2.36%
EBITDA Growth	-67.44%	2,672.41%	17.80%	539.30%	98.30%	-347.51%	34.63%	19.84%	-20.39%	-60.81%	-38.37%
EBIT Growth	-71.49%	1,721.43%	-9.91%	654.81%	75.17%	-438.91%	63.64%	24.72%	-30.45%	-87.21%	-58.73%
NOPAT Growth	-80.36%	2,397.70%	2.22%	819.01%	118.23%	-351.12%	61.37%	26.64%	-8.83%	2,330.61%	-19.21%
Net Income Growth	-71.40%	57.91%	-25.32%	916.74%	26.25%	485.19%	51.21%	-73.28%	-5.41%	-97.59%	-39.36%
EPS Growth	-72.55%	53.13%	-34.09%	1,008.70%	16.67%	475.51%	62.07%	-73.33%	2.04%	-97.52%	-40.43%
Operating Cash Flow Growth	31.77%	-5.43%	-66.67%	71.88%	-125.84%	-87.57%	1,107.50%	-1.67%	226.77%	687.88%	-83.64%
Free Cash Flow Firm Growth	203.58%	301.25%	-529.61%	-349.41%	-3,709.09%	-441.88%	119.01%	97.38%	90.63%	97.52%	-98.53%
Invested Capital Growth	0.02%	-29.28%	86.38%	75.56%	84.16%	148.30%	-6.48%	4.30%	6.43%	4.95%	1.67%
Revenue Q/Q Growth	-17.64%	-44.26%	21.17%	8.20%	-10.54%	-39.32%	43.71%	17.15%	-8.74%	-13.30%	10.42%
EBITDA Q/Q Growth	-15.34%	51.70%	9.70%	391.65%	-73.74%	-289.34%	146.88%	30.76%	-29.92%	-49.94%	34.35%
EBIT Q/Q Growth	-11.04%	56.55%	-17.63%	638.20%	-79.36%	-402.89%	127.30%	43.33%	-41.31%	-81.32%	162.63%
NOPAT Q/Q Growth	0.57%	136.94%	-9.51%	475.24%	-76.12%	-372.65%	131.05%	44.11%	-25.26%	38.34%	-45.78%
Net Income Q/Q Growth	63.52%	15.22%	-34.17%	719.72%	-79.70%	434.10%	-82.99%	44.85%	-28.12%	-86.37%	327.42%
EPS Q/Q Growth	82.61%	16.67%	-40.82%	779.31%	-80.78%	475.51%	-83.33%	44.68%	-26.47%	-86.00%	300.00%
Operating Cash Flow Q/Q Growth	171.09%	2.02%	-96.23%	1,550.00%	-140.76%	149.07%	265.91%	34.37%	-47.46%	204.99%	-92.40%
Free Cash Flow Firm Q/Q Growth	116.91%	1,475.38%	-451.97%	33.21%	-35.80%	-49.23%	114.21%	-111.54%	-282.77%	64.57%	109.41%
Invested Capital Q/Q Growth	-4.01%	-29.10%	147.49%	-6.83%	0.70%	-4.41%	4.28%	3.91%	2.76%	-5.38%	0.63%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	30.11%	19.74%	27.58%	28.08%	28.02%	19.86%	27.69%	28.94%	25.97%	19.87%	23.29%
EBITDA Margin	10.74%	29.23%	13.17%	59.83%	17.56%	-54.81%	17.88%	19.96%	15.33%	8.85%	10.77%
Operating Margin	8.81%	24.75%	8.09%	55.18%	12.75%	-63.56%	12.05%	14.77%	9.66%	2.09%	4.85%
EBIT Margin	8.81%	24.75%	8.09%	55.18%	12.73%	-63.56%	12.07%	14.77%	9.50%	2.05%	4.87%
Profit (Net Income) Margin	7.72%	15.96%	4.67%	35.42%	8.04%	70.75%	8.37%	10.36%	8.16%	1.28%	4.96%
Tax Burden Percent	80.89%	73.53%	86.27%	67.22%	62.47%	-109.09%	79.74%	77.96%	105.08%	1,240.00%	155.88%
Interest Burden Percent	108.28%	87.67%	67.00%	95.48%	101.05%	102.04%	86.98%	89.92%	81.70%	5.05%	65.38%
Effective Tax Rate	37.58%	5.53%	13.73%	32.78%	22.34%	0.00%	20.26%	19.95%	-0.23%	-640.00%	-56.47%
Return on Invested Capital (ROIC)	9.59%	42.38%	8.71%	50.14%	14.12%	-66.32%	9.23%	11.64%	9.20%	15.19%	7.34%
ROIC Less NNEP Spread (ROIC-NNEP)	12.18%	31.72%	6.98%	48.37%	12.12%	57.25%	8.59%	10.55%	8.17%	6.47%	5.71%
Return on Net Nonoperating Assets (RNNOA)	6.46%	7.12%	5.65%	27.48%	5.76%	16.57%	6.69%	6.01%	4.53%	3.57%	3.52%
Return on Equity (ROE)	16.06%	49.50%	14.36%	77.62%	19.87%	-49.75%	15.92%	17.64%	13.73%	18.76%	10.85%
Cash Return on Invested Capital (CROIC)	10.78%	49.58%	-51.78%	-33.30%	-35.56%	-75.81%	13.71%	3.68%	1.11%	3.67%	6.12%
Operating Return on Assets (OROA)	7.24%	15.93%	5.54%	39.22%	9.45%	-40.71%	6.97%	8.41%	5.35%	1.19%	2.89%
Return on Assets (ROA)	6.34%	10.27%	3.20%	25.17%	5.96%	45.31%	4.83%	5.89%	4.60%	0.75%	2.95%
Return on Common Equity (ROCE)	15.42%	47.63%	13.88%	75.43%	19.31%	-48.38%	15.50%	17.27%	13.41%	18.34%	10.59%
Return on Equity Simple (ROE_SIMPLE)	15.63%	0.00%	11.61%	25.26%	24.35%	0.00%	42.25%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	272	643	431	2,481	593	-1,616	502	723	540	747	405
NOPAT Margin	5.50%	23.39%	6.98%	37.09%	9.90%	-44.49%	9.61%	11.82%	9.68%	15.45%	7.59%
Net Nonoperating Expense Percent (NNEP)	-2.58%	10.67%	1.73%	1.77%	2.00%	-123.57%	0.64%	1.09%	1.03%	8.71%	1.63%
Return On Investment Capital (ROIC_SIMPLE)	-	2.76%	-	-	-	-6.06%	1.98%	2.73%	2.02%	2.88%	1.56%
Cost of Revenue to Revenue	69.89%	80.26%	72.42%	71.92%	71.98%	80.14%	72.31%	71.06%	74.03%	80.13%	76.71%
SG&A Expenses to Revenue	13.45%	15.92%	15.93%	14.58%	13.35%	12.06%	13.97%	13.30%	14.39%	15.44%	16.12%
R&D to Revenue	2.55%	2.80%	3.62%	2.80%	2.87%	2.84%	2.93%	2.63%	2.71%	3.31%	2.68%
Operating Expenses to Revenue	21.30%	2.65%	19.49%	-27.10%	16.38%	87.96%	15.64%	14.17%	16.31%	17.78%	18.44%
Earnings before Interest and Taxes (EBIT)	435	681	500	3,691	762	-2,308	630	903	530	99	260
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	530	804	814	4,002	1,051	-1,990	933	1,220	855	428	575
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.56	5.49	4.19	4.13	4.93	4.35	3.97	4.25	3.50	3.21	3.50
Price to Tangible Book Value (P/TBV)	0.00	224.65	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.14	2.51	2.11	2.40	2.93	2.72	2.47	2.79	2.30	2.04	2.15
Price to Earnings (P/E)	37.95	35.30	38.94	16.80	20.87	10.93	9.58	15.64	12.76	29.86	35.93
Dividend Yield	1.30%	1.31%	1.29%	1.20%	0.94%	1.16%	1.25%	1.14%	1.45%	1.71%	1.62%
Earnings Yield	2.63%	2.83%	2.57%	5.95%	4.79%	9.15%	10.44%	6.40%	7.84%	3.35%	2.78%
Enterprise Value to Invested Capital (EV/IC)	4.05	5.92	2.64	2.97	3.63	3.19	2.84	3.05	2.52	2.36	2.49
Enterprise Value to Revenue (EV/Rev)	2.33	2.70	2.75	2.80	3.30	3.05	2.86	3.17	2.73	2.46	2.60
Enterprise Value to EBITDA (EV/EBITDA)	20.13	19.34	21.36	10.47	11.92	17.71	15.45	16.48	14.69	15.60	18.48
Enterprise Value to EBIT (EV/EBIT)	25.15	23.74	28.22	12.19	14.16	25.96	22.02	23.19	21.24	24.79	31.74
Enterprise Value to NOPAT (EV/NOPAT)	37.53	32.09	40.17	17.56	19.89	48.70	39.09	39.55	35.31	28.48	32.31
Enterprise Value to Operating Cash Flow (EV/OCF)	18.57	19.66	25.03	23.66	54.75	121.98	63.25	71.52	37.54	21.33	26.97
Enterprise Value to Free Cash Flow (EV/FCFF)	37.62	9.89	0.00	0.00	0.00	0.00	20.00	84.80	233.24	65.91	41.06
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.03	1.59	1.42	0.95	0.83	0.85	0.79	0.76	0.80	0.84	0.88
Long-Term Debt to Equity	1.02	1.58	1.31	0.80	0.69	0.77	0.78	0.76	0.76	0.80	0.76
Financial Leverage	0.53	0.22	0.81	0.57	0.47	0.29	0.78	0.57	0.55	0.55	0.62
Leverage Ratio	3.25	3.45	3.30	2.98	2.83	3.00	2.96	2.71	2.62	2.62	2.63
Compound Leverage Factor	3.52	3.02	2.21	2.85	2.86	3.06	2.57	2.44	2.14	0.13	1.72
Debt to Total Capital	50.82%	61.35%	58.66%	48.62%	45.25%	46.03%	44.06%	43.25%	44.54%	45.58%	46.84%
Short-Term Debt to Total Capital	0.78%	0.22%	4.33%	7.49%	7.63%	4.69%	0.41%	0.40%	2.17%	1.80%	6.69%
Long-Term Debt to Total Capital	50.04%	61.13%	54.33%	41.13%	37.62%	41.34%	43.65%	42.85%	42.37%	43.78%	40.15%
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	1.84%	1.41%	1.20%	1.14%	1.27%	1.18%	1.34%	1.16%	1.23%	1.25%	1.34%
Common Equity to Total Capital	47.34%	37.24%	40.14%	50.25%	53.48%	52.79%	54.60%	55.58%	54.23%	53.17%	51.82%
Debt to EBITDA	3.57	5.39	5.71	2.10	1.81	3.17	2.72	2.65	2.91	3.44	3.95
Net Debt to EBITDA	1.51	1.25	4.87	1.45	1.30	1.84	2.00	1.92	2.22	2.61	3.07
Long-Term Debt to EBITDA	3.52	5.37	5.28	1.78	1.51	2.84	2.69	2.62	2.76	3.31	3.39
Debt to NOPAT	6.66	8.95	10.73	3.53	3.03	8.71	6.87	6.36	6.98	6.29	6.91
Net Debt to NOPAT	2.82	2.07	9.16	2.43	2.17	5.05	5.06	4.61	5.34	4.76	5.37
Long-Term Debt to NOPAT	6.55	8.92	9.94	2.98	2.52	7.82	6.81	6.30	6.64	6.04	5.92
Altman Z-Score	2.90	2.59	1.94	2.52	2.75	2.49	2.66	2.75	2.43	2.25	2.30
Noncontrolling Interest Sharing Ratio	3.94%	3.78%	3.33%	2.82%	2.83%	2.74%	2.62%	2.13%	2.27%	2.24%	2.46%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.66	2.80	1.36	1.08	1.08	1.25	1.20	1.17	1.14	1.20	1.05
Quick Ratio	1.09	1.71	0.52	0.57	0.48	0.84	0.67	0.66	0.59	0.59	0.52
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	269	4,230	-10,685	-7,137	-9,691	-14,463	2,055	-237	-908	-322	30
Operating Cash Flow to CapEx	1,426.03%	478.38%	38.46%	594.59%	-309.20%	60.83%	766.67%	801.23%	291.45%	793.89%	84.04%
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	0.82	0.64	0.68	0.71	0.74	0.64	0.58	0.57	0.56	0.58	0.59
Accounts Receivable Turnover	7.06	7.71	7.44	7.41	8.60	9.51	7.26	6.85	7.53	8.22	7.16
Inventory Turnover	5.91	6.18	5.44	5.87	6.81	8.01	5.57	5.47	5.68	6.74	6.29
Fixed Asset Turnover	9.99	8.61	8.43	8.81	9.47	8.72	7.17	7.13	7.08	7.06	7.10
Accounts Payable Turnover	5.41	5.19	5.43	5.50	6.20	6.68	5.34	5.08	5.55	6.25	5.49
Days Sales Outstanding (DSO)	51.68	47.31	49.09	49.27	42.44	38.40	50.24	53.30	48.44	44.39	50.98
Days Inventory Outstanding (DIO)	61.78	59.07	67.10	62.14	53.61	45.58	65.58	66.72	64.24	54.13	58.02
Days Payable Outstanding (DPO)	67.43	70.36	67.19	66.39	58.84	54.63	68.41	71.92	65.81	58.41	66.51
Cash Conversion Cycle (CCC)	46.03	36.02	49.00	45.02	37.21	29.34	47.41	48.10	46.87	40.11	42.49
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	12,219	8,663	23,984	22,347	22,503	21,510	22,431	23,307	23,951	22,663	22,806
Invested Capital Turnover	1.74	1.81	1.25	1.35	1.43	1.49	0.96	0.98	0.95	0.98	0.97
Increase / (Decrease) in Invested Capital	3.00	-3,587	11,116	9,618	10,284	12,847	-1,553	960	1,448	1,069	375
Enterprise Value (EV)	49,540	51,254	63,250	66,329	81,742	68,674	63,625	71,163	60,248	53,593	56,871
Market Capitalization	45,505	47,625	48,478	56,836	72,473	61,245	55,053	62,562	50,806	44,312	47,066
Book Value per Share	$9.77	$10.34	$12.86	$15.28	$16.28	$15.69	$15.96	$17.15	$17.05	$16.39	$16.09
Tangible Book Value per Share	($3.27)	$0.25	($12.41)	($9.46)	($8.55)	($7.75)	($8.73)	($9.02)	($9.08)	($9.53)	($9.39)
Total Capital	17,287	23,298	28,801	27,401	27,474	26,673	25,382	26,457	26,755	25,961	25,959
Total Debt	8,785	14,293	16,895	13,322	12,432	12,278	11,184	11,443	11,916	11,833	12,158
Total Long-Term Debt	8,651	14,242	15,647	11,270	10,337	11,026	11,080	11,336	11,336	11,365	10,422
Net Debt	3,717	3,301	14,427	9,182	8,920	7,115	8,233	8,293	9,112	8,957	9,456
Capital Expenditures (CapEx)	73	222	104	111	87	217	63	81	117	131	94
Debt-free, Cash-free Net Working Capital (DFCFNWC)	394	2,794	3,013	31	686	-718	-161	-388	249	332	798
Debt-free Net Working Capital (DFNWC)	4,296	12,646	4,326	2,950	2,911	3,251	1,537	1,409	1,672	1,887	2,169
Net Working Capital (NWC)	4,162	12,595	3,078	898	816	1,999	1,433	1,302	1,092	1,419	433
Net Nonoperating Expense (NNE)	-109	204	142	112	112	-4,185	65	90	85	685	140
Net Nonoperating Obligations (NNO)	3,717	-342	12,078	8,268	7,461	7,115	8,233	8,293	9,112	8,535	9,005
Total Depreciation and Amortization (D&A)	95	123	314	311	289	318	303	317	325	329	315
Debt-free, Cash-free Net Working Capital to Revenue	1.85%	14.74%	13.10%	0.13%	2.77%	-3.19%	-0.72%	-1.73%	1.13%	1.53%	3.65%
Debt-free Net Working Capital to Revenue	20.16%	66.73%	18.80%	12.45%	11.76%	14.46%	6.90%	6.27%	7.58%	8.68%	9.92%
Net Working Capital to Revenue	19.54%	66.46%	13.38%	3.79%	3.30%	8.89%	6.43%	5.80%	4.95%	6.53%	1.98%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.43	$0.49	$0.30	$2.59	$0.50	$2.85	$0.47	$0.69	$0.50	$0.08	$0.29
Adjusted Weighted Average Basic Shares Outstanding	838.70M	837.30M	899.20M	902.40M	901.20M	898.20M	866.90M	854.90M	848.80M	852.40M	835M
Adjusted Diluted Earnings per Share	$0.42	$0.49	$0.29	$2.55	$0.49	$2.82	$0.47	$0.68	$0.50	$0.07	$0.28
Adjusted Weighted Average Diluted Shares Outstanding	854.70M	853M	913M	915.30M	915M	911.70M	878.30M	866.30M	858.60M	862.40M	842.80M
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	839.05M	898.36M	901.01M	902.75M	897.23M	868.34M	857.31M	851.02M	842.21M	835.84M	830.58M
Normalized Net Operating Profit after Tax (NOPAT)	272	643	405	2,421	593	-1,616	467	660	335	38	160
Normalized NOPAT Margin	5.50%	23.39%	6.54%	36.19%	9.90%	-44.49%	8.94%	10.80%	6.01%	0.78%	2.99%
Pre Tax Income Margin	9.54%	21.70%	5.42%	52.68%	12.87%	-64.86%	10.50%	13.28%	7.76%	0.10%	3.18%
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	51.60%	47.08%	51.04%	20.85%	21.05%	13.21%	13.51%	18.35%	20.32%	55.01%	61.98%
Augmented Payout Ratio	65.75%	51.39%	51.04%	20.85%	33.09%	47.27%	68.70%	105.05%	116.22%	237.24%	196.96%

Financials Breakdown Chart

Key Financial Trends

Carrier Global Corp (CARR) shows a clear revenue uptrend and improving near-term cash generation in the latest quarter, but liquidity and leverage are important considerations for investors to monitor.

Revenue growth: Q4 2025 revenue reached about $4.84B, up from about $1.97B in Q4 2022, reflecting a multi-year uptrend.
Operating income improvement: Q4 2025 operating income was about $101M, turning positive after prior quarters showed weaker profitability.
Cash from operations: Net cash from continuing operating activities in Q4 2025 was about $1.01B, highlighting solid cash generation from core operations.
Free cash flow: Free cash flow in Q4 2025 was strong — roughly $0.88B (approx CFO of $1.01B minus capex of about $0.131B).
Capital spending discipline: Capital expenditure in Q4 2025 was about $131M, down from the prior year’s level, indicating tighter cash outlays as revenue grows.
Solid balance sheet size: Latest balance sheet data show Total Assets around $38.1B and Total Equity around $14.5B, suggesting a sizable and reasonably balanced balance sheet.

Gross margin dynamics: Q4 2025 gross margin was about 20% (gross profit ≈ $961M on revenue ≈ $4.84B), a decline from higher margins seen in some earlier years, indicating margin compression over time.
Earnings per share: Diluted EPS in Q4 2025 was about $0.07, reflecting quarterly profitability variability despite continued top-line growth.
Leverage indicators: Long-term debt ≈ $11.34B and total liabilities ≈ $23.24B with equity ≈ $14.5B on the latest balance sheet indicate a high but typical industrial-leverage profile for a company of this scale.

Liquidity pressures: Cash on hand declined through 2025 (Q3 2025 cash ≈ $1.42B vs. about $3.97B at end of 2024) and financing activity in Q4 2025 was negative (net cash from financing activities ≈ -$0.79B), signaling tighter near-term liquidity and financing flexibility.

05/07/26 03:13 AM ETAI Generated. May Contain Errors.

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 2025 ended on December 31, 2025.

How has Carrier Global's net income changed over the last 7 years?

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. 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 2025 was $2.17 billion, based on the following breakdown:

Total Gross Profit: $5.62 billion
Total Operating Expenses: $3.45 billion

How has Carrier Global's revenue changed over the last 7 years?

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%.

How much debt does Carrier Global have?

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.

How much cash does Carrier Global have?

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.

How has Carrier Global's book value per share changed over the last 7 years?

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%.

Related Companies

Financial statements for NYSE:CARR last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Carrier Global (CARR) Financials

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Carrier Global (CARR) Financials

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