Carrier Global
CARR NYSE Building Products Financials FY2018–FY2025
Carrier Global's revenue fell 3.3% to $21.7 billion in fiscal 2025. Its operating margin was 10.0%, down from 11.8% a year earlier. Free cash flow was $2.1 billion, up 4720.4%. It paid out $3.7 billion in dividends and buybacks, 173% of free cash flow. The diluted share count fell 5.4%.
About these figures. Carrier's 2025 filing tags cost of sales only for products and services separately, with no total, so gross margin for 2025 is left blank.
What Carrier Global does
Carrier makes heating, cooling and cold chain equipment and sells related building services. Its brands include Carrier, Viessmann, Toshiba, Automated Logic and Carrier Transicold. Customers use its products in homes, in commercial buildings and in refrigerated transport and storage of food.
Most of its sales come from products. In 2025 new equipment made up 72% of net sales, and parts and service made up 28%. Services include audits, design, installation, system integration, repair, maintenance and monitoring. Sales outside the United States, including U.S. exports, were about 52% of the total.
Carrier became an independent company in April 2020, when United Technologies, now RTX, spun it off. It is building a new business, Carrier Energy, to help manage home energy use. The company says demand for its heating and cooling products depends on weather and the season, and that it competes in a market where it must estimate its costs and timing well.
- Legal name
- CARRIER GLOBAL CORPORATION
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 5, 2026
- Accession · CIK
- 0001783180-26-000008
0001783180
Revenue and margins
Carrier Global had $21.7B of revenue in fiscal 2025, down 3.3% on the year before.
Net income and earnings per share
From fiscal 2018 to 2025, diluted EPS grew −8.3% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $2.1B in fiscal 2025, 9.8% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Carrier Global returned $3.7B to shareholders in fiscal 2025, 173% of free cash flow. The diluted share count fell 5.4%.
Value Carrier Global yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$10.2B and divides by 862.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 36.8x · peers 27.2x · sector 26.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably Carrier Global can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $3.0B | $3.3B | $9.9B | $4.0B | $1.6B |
| Debt incl. finance leases | $9.7B | $8.8B | $14.3B | $12.3B | $11.8B |
| Net debt / EBITDA | 2.3x | 1.3x | 1.7x | 2.1x | 3.0x |
| Debt / equity | 1.4x | 1.1x | 1.6x | 0.9x | 0.8x |
| Interest coverage | 8.3x | 16.7x | 7.1x | 4.6x | 4.7x |
| Current ratio | 1.7x | 1.6x | 2.8x | 1.3x | 1.2x |
| Quick ratio | 1.4x | 1.2x | 2.5x | 1.0x | 0.9x |
| Total assets | $26.2B | $26.1B | $32.8B | $37.4B | $37.2B |
| Total liabilities | $19.1B | $18.0B | $23.8B | $23.0B | $23.1B |
| Shareholders' equity | $7.1B | $8.1B | $9.0B | $14.4B | $14.1B |
| Net debt (− = net cash) | $6.7B | $5.5B | $4.4B | $8.3B | $10.2B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$1.0M
1 insider
Sold, 12 months
$750M
1 insider
Of sales under plans
0%
$0.0M
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ |
| Debt fell relative to assets | ✕ | ✓ | ✓ |
| Current ratio rose | ✓ | ✕ | ✕ |
| Share count didn't rise | ✓ | ✕ | ✓ |
| Gross margin rose | ✓ | ✕ | — |
| Revenue rose relative to assets | ✓ | ✕ | ✕ |
| F-score | 7 / 9 | 4 / 9 | 5 / 8 |
| Accruals ratio | −4.3% | 14.4% | −2.8% |
| Altman Z'' | 4.01 | 2.48 | 2.35 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Carrier Global CARR | $47.4B | −3.3% | 10.0% | 9.8% | 8.0% | 36.8x | 5 | |
| GE Aerospace GE | $297.4B | 18.5% | — | 15.8% | 35.8% | 33.0x | 5 | Compare → |
| Lockheed Martin LMT | $139.9B | 5.6% | 10.3% | 9.2% | 27.1% | 21.5x | 5 | Compare → |
8 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $18.9B | $18.6B | $17.5B | $20.6B | $17.3B | $19.0B | $22.5B | $21.7B |
| Gross profit | — | — | — | — | $4.3B | $5.2B | $6.0B | — |
| Research and development | $400M | $401M | $419M | $503M | $416M | $493M | $686M | $625M |
| Operating income | $3.6B | $2.5B | $3.1B | $2.6B | $4.0B | $2.2B | $2.6B | $2.2B |
| Interest expense | — | $28.0M | $298M | $319M | $238M | $306M | $580M | $458M |
| Pretax income | $3.8B | $2.7B | $2.9B | $2.4B | $3.8B | $2.0B | $2.3B | $1.8B |
| Income tax | $1.1B | $517M | $849M | $699M | $616M | $521M | $1.1B | $240M |
| Net income | $2.8B | $2.2B | $2.0B | $1.7B | $3.5B | $1.3B | $5.6B | $1.5B |
| Diluted EPS | $3.16 | $2.44 | $2.25 | $1.87 | $4.10 | $1.58 | $6.15 | $1.72 |
| Diluted shares | 0.87B | 0.87B | 0.88B | 0.89B | 0.86B | 0.85B | 0.91B | 0.86B |
| Cash flow | ||||||||
| Cash from operations | $2.1B | $2.1B | $1.7B | $2.2B | $1.7B | $2.6B | $563M | $2.5B |
| Capital expenditure | $263M | $243M | $312M | $344M | $317M | $439M | $519M | $392M |
| Free cash flow | $1.8B | $1.8B | $1.4B | $1.9B | $1.4B | $2.2B | $44.0M | $2.1B |
| Depreciation and amortization | $357M | $335M | $336M | $338M | $328M | $491M | $1.2B | $1.3B |
| Stock-based compensation | $44.0M | $52.0M | $77.0M | $92.0M | $77.0M | $81.0M | $98.0M | $74.0M |
| Acquisitions | $310M | $0.0M | $0.0M | $366M | $506M | $84.0M | $10.9B | $107M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $527M | $1.4B | $62.0M | $1.9B | $2.9B |
| Dividends paid | $0.0M | $0.0M | $138M | $417M | $509M | $620M | $670M | $772M |
| Dividends and buybacks | $0.0M | $0.0M | $138M | $944M | $1.9B | $682M | $2.6B | $3.7B |
| Balance sheet | ||||||||
| Cash and short-term investments | $1.1B | $952M | $3.1B | $3.0B | $3.3B | $9.9B | $4.0B | $1.6B |
| Total debt | — | $319M | $10.2B | $9.7B | $8.8B | $14.3B | $12.3B | $11.8B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | — | $6.0B | $8.5B | $11.4B | $9.9B | $19.6B | $9.9B | $8.5B |
| Current liabilities | — | $4.5B | $5.1B | $6.6B | $6.0B | $7.0B | $7.9B | $7.1B |
| Inventory | $0.0M | $1.3B | $1.6B | $2.0B | $2.6B | $1.8B | $2.3B | $2.5B |
| Property and equipment, net | — | $1.7B | $1.8B | $1.8B | $2.2B | $2.2B | $3.0B | $3.2B |
| Total assets | — | $22.4B | $25.1B | $26.2B | $26.1B | $32.8B | $37.4B | $37.2B |
| Total liabilities | — | $8.0B | $18.5B | $19.1B | $18.0B | $23.8B | $23.0B | $23.1B |
| Shareholders' equity | $14.3B | $14.4B | $6.6B | $7.1B | $8.1B | $9.0B | $14.4B | $14.1B |
| Margins | ||||||||
| Gross margin | — | — | — | — | 24.9% | 27.2% | 26.6% | — |
| Operating margin | 19.2% | 13.4% | 17.7% | 12.8% | 23.0% | 11.4% | 11.8% | 10.0% |
| EBITDA margin | 21.1% | 15.2% | 19.6% | 14.5% | 24.9% | 14.0% | 17.3% | 15.9% |
| Net margin | 14.6% | 11.6% | 11.5% | 8.3% | 20.4% | 7.1% | 24.9% | 6.8% |
| FCF margin | 9.5% | 9.8% | 7.9% | 9.2% | 8.3% | 11.4% | 0.2% | 9.8% |
| Returns | ||||||||
| Return on capital | — | — | 15.8% | 13.6% | 24.4% | 11.8% | 7.8% | 8.0% |
| Return on capital employed | — | — | 16.3% | 13.4% | 20.1% | 9.4% | 9.6% | 7.3% |
| Return on equity | — | — | 19.1% | 24.9% | 46.6% | 15.8% | 47.9% | 10.4% |
| Return on assets | — | — | 8.5% | 6.6% | 13.5% | 4.6% | 16.0% | 4.0% |
| Growth | ||||||||
| Revenue growth | — | −1.6% | −6.2% | 18.1% | −16.1% | 9.6% | 18.7% | −3.3% |
| Net income growth | — | −22.2% | −6.9% | −15.2% | 107.8% | −61.8% | 315.4% | −73.5% |
| EPS growth | — | −22.8% | −7.8% | −16.9% | 119.3% | −61.5% | 289.2% | −72.0% |
| FCF growth | — | 1.6% | −24.2% | 37.2% | −24.7% | 52.0% | −98.0% | 4,720.5% |
| Share count change | — | 0.0% | 1.6% | 1.2% | −3.3% | −1.0% | 6.9% | −5.4% |
| Financial health | ||||||||
| Net debt / EBITDA | — | −0.2x | 2.1x | 2.3x | 1.3x | 1.7x | 2.1x | 3.0x |
| Debt / equity | — | 0.0x | 1.6x | 1.4x | 1.1x | 1.6x | 0.9x | 0.8x |
| Interest coverage | — | 89.0x | 10.4x | 8.3x | 16.7x | 7.1x | 4.6x | 4.7x |
| Current ratio | — | 1.3x | 1.7x | 1.7x | 1.6x | 2.8x | 1.3x | 1.2x |
| Quick ratio | — | 1.0x | 1.4x | 1.4x | 1.2x | 2.5x | 1.0x | 0.9x |
| Capital allocation | ||||||||
| Capex / revenue | 1.4% | 1.3% | 1.8% | 1.7% | 1.8% | 2.3% | 2.3% | 1.8% |
| Stock comp / revenue | 0.2% | 0.3% | 0.4% | 0.5% | 0.5% | 0.4% | 0.4% | 0.3% |
| Payouts / FCF | 0.0% | 0.0% | 10.0% | 49.9% | 132.5% | 31.5% | 5,940.9% | 172.8% |
| Quality scores | ||||||||
| Piotroski F-score | — | — | — | 6.0 | 5.0 | 7.0 | 4.0 | 5.0 |
| Altman Z'' | — | 3.1 | 2.3 | 2.6 | 3.2 | 4.0 | 2.5 | 2.4 |
| Accruals ratio | — | — | 1.3% | −2.1% | 6.9% | −4.3% | 14.4% | −2.8% |
Source: SEC EDGAR XBRL filings (CIK 0001783180). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.