CARRIER GLOBAL Corp CARR
Carrier Global Corporation ("we" or "our" or the "Company") is a global leader in intelligent climate and energy solutions, focused on providing differentiated, digitally enabled lifecycle solutions to our customers. Our portfolio includes industry-leading brands such as Carrier, Viessmann, Toshiba, Automated Logic and Carrier Transicold, among others, that offer innovative heating, cooling and cold chain solutions to enhance the lives we live and the world we share. We also provide a broad array of related building services, including audit, design, installation, system integration, repair, maintenance and monitoring.
Through our performance-driven culture, we anticipate creating long-term shareowner value by investing strategically to strengthen our product position in homes, buildings and across the cold chain to drive profitable growth. We believe our business segments are well positioned to benefit from favorable secular trends, including the mega-trends of urbanization, population growth and demographic shifts, food security and safety, electrification, increasing demand for climate control and accelerated digitalization. Coupled with our industry-leading brands and track record of innovation, we continue to provide market-leading solutions for our customers.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.75B | $22.49B | $18.95B | $17.29B | $20.61B | $17.46B | $18.61B | $18.91B | — |
| Cost of revenue | — | $16.50B | $13.79B | $12.99B | — | — | — | — | — |
| Gross profit | — | $5.98B | $5.16B | $4.30B | — | — | — | — | — |
| R&D | $625.0M | $686.0M | $493.0M | $416.0M | $503.0M | $419.0M | $401.0M | $400.0M | — |
| SG&A | $3.09B | $3.20B | $2.61B | $1.98B | $3.12B | $2.82B | $2.76B | $2.69B | — |
| Total operating expenses | $19.84B | $20.39B | $16.89B | $15.38B | $18.26B | $15.59B | $16.35B | $16.43B | — |
| Operating income | $2.17B | $2.65B | $2.16B | $3.98B | $2.65B | $3.08B | $2.49B | $3.64B | — |
| Pre-tax income | $1.80B | $2.27B | $2.00B | $3.82B | $2.40B | $2.85B | $2.67B | $3.84B | — |
| Income tax | $240.0M | $1.06B | $521.0M | $616.0M | $699.0M | $849.0M | $517.0M | $1.07B | — |
| Net income | $1.48B | $5.60B | $1.35B | $3.53B | $1.70B | $2.01B | $2.15B | $2.77B | — |
| EPS, basic | 1.74 | 6.24 | 1.61 | 4.19 | 1.92 | 2.29 | 2.44 | 3.16 | — |
| EPS, diluted | 1.72 | 6.15 | 1.58 | 4.10 | 1.87 | 2.25 | 2.44 | 3.16 | — |
| Shares, diluted (wtd. avg.) | 862.4M | 911.7M | 853.0M | 861.2M | 890.3M | 880.2M | 866.2M | 866.2M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.55B | $3.97B | $9.85B | $3.30B | $2.77B | $3.12B | $957.0M | $1.13B | $1.33B |
| Receivables | $2.64B | $2.65B | $2.08B | $2.83B | $2.40B | $2.78B | $2.73B | — | — |
| Inventory | $2.48B | $2.30B | $1.82B | $2.64B | $1.97B | $1.63B | $1.33B | — | — |
| Total current assets | $8.53B | $9.89B | $19.58B | $9.88B | $11.41B | $8.52B | $5.96B | — | — |
| Property, plant and equipment | $3.17B | $3.00B | $2.16B | $2.24B | $1.83B | $1.81B | $1.66B | — | — |
| Goodwill | $15.50B | $14.60B | $7.52B | $7.63B | $9.35B | $10.14B | $9.88B | $9.85B | — |
| Other intangibles | $6.33B | $6.43B | $945.0M | $1.34B | $509.0M | $1.04B | $1.08B | — | — |
| Total assets | $37.19B | $37.40B | $32.82B | $26.09B | $26.17B | $25.09B | $22.41B | — | — |
| Accounts payable | $2.70B | $2.46B | $2.48B | $2.83B | $2.33B | $1.94B | $1.70B | — | — |
| Short-term debt | $108.0M | $1.25B | $51.0M | $140.0M | $183.0M | $191.0M | $237.0M | — | — |
| Total current liabilities | $7.11B | $7.89B | $6.98B | $6.03B | $6.63B | $5.11B | $4.47B | — | — |
| Long-term debt | $11.37B | $11.03B | — | — | — | $10.04B | $82.0M | — | — |
| Total liabilities | $23.06B | $23.01B | $23.82B | $18.01B | $19.08B | $18.52B | $7.97B | — | — |
| Retained earnings | $12.19B | $11.48B | $6.59B | $5.87B | $2.87B | $1.64B | $0 | — | — |
| Total equity | $14.13B | $14.39B | $9.01B | $8.08B | $7.09B | $6.58B | $14.44B | $14.27B | $14.78B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.51B | $563.0M | $2.61B | $1.74B | $2.24B | $1.69B | $2.06B | $2.06B | — |
| Depreciation and amortisation | $1.27B | $1.23B | $491.0M | $328.0M | $338.0M | $336.0M | $335.0M | $357.0M | — |
| Stock-based compensation | $74.0M | $98.0M | $81.0M | $77.0M | $92.0M | $77.0M | $52.0M | $44.0M | — |
| Capital expenditure | $392.0M | $519.0M | $439.0M | $317.0M | $344.0M | $312.0M | $243.0M | $263.0M | — |
| Investing cash flow | -$307.0M | -$2.02B | -$660.0M | $1.75B | -$692.0M | $1.11B | -$259.0M | $415.0M | — |
| Financing cash flow | -$4.67B | -$4.64B | $4.61B | -$2.93B | -$1.56B | -$681.0M | -$1.98B | -$2.63B | — |
| Dividends paid | $772.0M | $670.0M | $620.0M | $509.0M | $417.0M | $138.0M | $0 | $0 | — |
| Buybacks | $2.89B | $1.94B | $62.0M | $1.38B | $527.0M | $0 | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001783180-26-000008.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $18.91B | $18.61B | $17.46B | $20.61B | $17.29B | $18.95B | $22.49B | $21.75B |
| Gross profit | — | — | — | — | — | $4.30B | $5.16B | $5.98B | — |
| Net income | — | $2.77B | $2.15B | $2.01B | $1.70B | $3.53B | $1.35B | $5.60B | $1.48B |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Results announced Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Officer or director change Item 5.02
- Results announced Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 3585
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| JCI | Johnson Controls International plc | $87.83B | 28.6x | 2.8% |
| LII | LENNOX INTERNATIONAL INC | $13.09B | 16.5x | -2.7% |
| AAON | AAON, INC. | $5.68B | 53.4x | 20.1% |
| AIRJ | AirJoule Technologies Corp. | $215.6M | — | — |
| TGEN | TECOGEN INC. | $63.4M | — | 19.7% |
| GCDT | Green Circle Decarbonize Technology Ltd | — | — | — |