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

Carrier Global (CARR) Financials

$62.78 -0.57 (-0.89%)

Closing price 08/14/2026 03:59 PM Eastern

Extended Trading

$62.64 -0.14 (-0.23%)

As of 08/14/2026 07:34 PM Eastern

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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	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

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	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

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	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

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	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 latest quarter shows a mixed but generally stable picture, with top-line growth offset by pressure on margins and working capital. In Q1 2026, revenue rose to $5.34 billion from $4.84 billion in Q4 2025 and $5.22 billion in Q1 2025, but operating income fell sharply to $259 million versus $1.01 billion in the prior quarter and $629 million a year ago. A big driver was a weaker gross margin and higher SG&A relative to revenue.

Profitability is still positive, but the trend is softer than it was in 2024. Net income attributable to common shareholders was $238 million in Q1 2026, down from $53 million in Q4 2025 on a headline basis that quarter, and below the stronger year-ago quarter. Diluted EPS came in at $0.28, versus $0.07 in Q4 2025 and $0.47 in Q1 2025. The quarter also included negative interest and investment income of $90 million, which further weighed on pre-tax results.

Cash flow was a key weak spot in the quarter. Carrier generated just $79 million of operating cash flow in Q1 2026, down from $1.04 billion in Q4 2025 and $483 million in Q1 2025. The main issue was a $475 million use of working capital, which overwhelmed the reported profit and depreciation add-back. That said, the company still ended the quarter with $1.37 billion in cash.

The balance sheet remains manageable, though leverage is still meaningful. Total debt in Q1 2026 stood at $12.16 billion, compared with $12.06 billion at the end of Q1 2025 and $12.28 billion at year-end 2024. Total liabilities were $23.39 billion versus $13.80 billion in equity and noncontrolling interests, implying Carrier is still using substantial leverage, but not in a way that looks immediately alarming given its earnings power and cash generation history.

Looking at the last several years, Carrier has delivered solid earnings momentum overall, but quarter-to-quarter volatility is real. Revenue generally moved higher from 2023 into 2025, and operating income was especially strong in parts of 2025. However, the company has also seen swings from large divestiture-related gains, restructuring items, and other special charges, so investors should focus on normalized operating performance rather than any one quarter.

Revenue grew year over year in Q1 2026, reaching $5.34 billion versus $5.22 billion in Q1 2025.
Carrier remained profitable, with $238 million of common shareholder earnings in Q1 2026.
Cash on hand is still solid at $1.37 billion, giving the company liquidity flexibility.
The company continued returning capital to shareholders through dividends and share repurchases.
Debt levels are not rising uncontrollably versus recent quarters, suggesting the balance sheet is still under control.
Operating results remain sensitive to working capital swings, which can make quarterly cash flow look uneven.
Other income and special items have been volatile, making quarter-to-quarter comparisons less clean.
Operating income fell sharply in Q1 2026 to $259 million from $629 million in Q1 2025.
Operating cash flow was weak in Q1 2026 at just $79 million, pressured by a large working-capital outflow.
Gross profit margin compressed versus prior periods, showing cost pressure is still present.

Bottom line: Carrier Global still looks like a profitable industrial company with decent liquidity and a history of strong earnings, but the latest quarter showed softness in margins and cash generation. For retail investors, the key question is whether Q1 2026 was a temporary dip or the start of a slower operating trend.

08/16/26 04:57 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 fiscal year ends in December. Their fiscal 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. See where experts think Carrier Global is headed by visiting Carrier Global's forecast page.

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%.

Related Companies

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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Carrier Global (CARR) Financials

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Carrier Global (CARR) Financials

Annual Income Statements for Carrier Global

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Quarterly Cash Flow Statements for Carrier Global

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Quarterly Metrics And Ratios for Carrier Global

Financials Breakdown Chart

Key Financial Trends

Carrier Global Financials - Frequently Asked Questions

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