NYSE : CARR
Carrier Global Corporation — Financial statements
Industrials · Building Products & Equipment · United States
Last price 55.54 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 45.78B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Carrier Global Corporation (CARR) reported revenue of 22.79B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 22.79B | 21.75B | 22.49B | 18.95B | 17.29B | 20.61B |
| Cost of Revenue | 17.24B | 16.08B | 16.46B | 13.78B | 12.98B | 14.61B |
| Gross Profit | 5.56B | 5.67B | 6.02B | 5.17B | 4.30B | 6.01B |
| Selling, General & Admin | 3.01B | 2.97B | 3.09B | 2.47B | 1.94B | 2.98B |
| Research & Development | 605.00M | 625.00M | 686.00M | 493.00M | 416.00M | 503.00M |
| Other Operating Expenses | -32.00M | -29.00M | -85.00M | 9.00M | -8.00M | -42.00M |
| Operating Expenses | 3.59B | 3.56B | 3.69B | 2.97B | 2.35B | 3.44B |
| Operating Income | 1.97B | 2.10B | 2.33B | 2.21B | 1.96B | 2.57B |
| Interest Expense | -468.00M | -458.00M | -580.00M | -160.00M | -157.00M | -306.00M |
| Interest & Investment Income | 86.00M | 94.00M | 209.00M | |||
| Earnings From Equity Investments | 193.00M | 229.00M | 231.00M | 211.00M | 262.00M | 249.00M |
| EBT Excluding Unusual Items | 1.78B | 1.97B | 2.19B | 2.26B | 2.06B | 2.51B |
| Merger & Restructuring Charges | -233.00M | -178.00M | -234.00M | -251.00M | -49.00M | -89.00M |
| Gain (Loss) on Sale of Investments | -8.00M | 705.00M | -2.00M | |||
| Gain (Loss) on Sale of Assets | -48.00M | 7.00M | 318.00M | 1.10B | ||
| Other Unusual Items | 133.00M | -20.00M | ||||
| Pretax Income | -1.47B | 1.80B | 2.27B | 2.00B | 3.82B | 2.40B |
| Income Tax Expense | 229.00M | 240.00M | 1.06B | 521.00M | 616.00M | 699.00M |
| Earnings From Continuing Operations | -1.70B | 1.56B | 1.21B | 1.48B | 3.21B | 1.70B |
| Earnings From Discontinued Operations | 25.00M | 29.00M | 4.50B | -38.00M | 377.00M | |
| Net Income to Company | -1.67B | 1.59B | 5.71B | 1.44B | 3.58B | 1.70B |
| Minority Interest in Earnings | -129.00M | -103.00M | -104.00M | -91.00M | -50.00M | -37.00M |
| Net Income | -1.80B | 1.48B | 5.60B | 1.35B | 3.53B | 1.66B |
| Net Income to Common | -1.80B | 1.48B | 5.60B | 1.35B | 3.53B | 1.66B |
| Shares Outstanding (Basic) | 831.02M | 852.40M | 898.20M | 837.30M | 843.40M | 867.70M |
| Shares Outstanding (Diluted) | 831.02M | 862.40M | 911.70M | 853.00M | 861.20M | 890.30M |
| EPS (Basic) | -2.17 | 1.74 | 6.24 | 1.61 | 4.19 | 1.92 |
| EPS (Diluted) | -2.17 | 1.72 | 6.15 | 1.59 | 4.11 | 1.87 |
| Free Cash Flow | 2.38B | 2.12B | 44.00M | 2.17B | 1.43B | 1.89B |
| Free Cash Flow Per Share | 2.86 | 2.46 | 0.05 | 2.54 | 1.66 | 2.13 |
| Dividend Per Share | 0.96 | 0.92 | 0.80 | 0.74 | 0.64 | 0.51 |
| Gross Margin | 24.38% | 26.05% | 26.79% | 27.31% | 24.89% | 29.15% |
| Operating Margin | 8.64% | 9.68% | 10.36% | 11.65% | 11.32% | 12.46% |
| Profit Margin | -7.90% | 6.82% | 24.92% | 7.12% | 20.44% | 8.07% |
| Free Cash Flow Margin | 10.43% | 9.75% | 0.20% | 11.44% | 8.25% | 9.18% |
| EBITDA | 3.25B | 3.38B | 3.56B | 2.70B | 2.29B | 2.91B |
| EBITDA Margin | 14.26% | 15.53% | 15.84% | 14.24% | 13.22% | 14.10% |
| D&A For EBITDA | 1.28B | 1.27B | 1.23B | 491.00M | 328.00M | 338.00M |
| EBIT | 1.97B | 2.10B | 2.33B | 2.21B | 1.96B | 2.57B |
| EBIT Margin | 8.64% | 9.68% | 10.36% | 11.65% | 11.32% | 12.46% |
| Effective Tax Rate | 13.35% | 46.70% | 26.06% | 16.11% | 29.12% | |
| Revenue as Reported | 22.79B | 21.75B | 22.49B | 18.95B | 17.29B | 20.61B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.35B | 1.55B | 3.97B | 9.85B | 3.52B | 2.99B |
| Cash & Short-Term Investments | 1.35B | 1.55B | 3.97B | 9.85B | 3.52B | 2.99B |
| Accounts Receivable | 3.99B | 3.13B | 3.01B | 2.38B | 3.37B | 2.91B |
| Other Receivables | 6.00M | 6.00M | 7.00M | 5.00M | ||
| Receivables | 3.99B | 3.14B | 3.02B | 2.39B | 3.37B | 2.91B |
| Inventory | 2.84B | 2.48B | 2.30B | 1.82B | 2.64B | 1.97B |
| Restricted Cash | 27.00M | 2.00M | 3.00M | 1.00M | 7.00M | 39.00M |
| Other Current Assets | 666.00M | 1.35B | 603.00M | 5.51B | 342.00M | 3.50B |
| Total Current Assets | 8.88B | 8.53B | 9.89B | 19.58B | 9.88B | 11.41B |
| Property, Plant & Equipment | 3.69B | 3.71B | 3.55B | 2.58B | 2.88B | 2.47B |
| Long-Term Investments | 1.39B | 1.32B | 1.19B | 1.14B | 1.15B | 1.59B |
| Goodwill | 12.21B | 15.50B | 14.60B | 7.52B | 9.98B | 9.35B |
| Other Intangible Assets | 5.54B | 6.33B | 6.43B | 945.00M | 1.34B | 509.00M |
| Long-Term Accounts Receivable | 16.00M | 83.00M | 65.00M | 26.00M | 6.00M | 70.00M |
| Long-Term Deferred Tax Assets | 1.19B | 1.07B | 1.13B | 718.00M | 612.00M | 563.00M |
| Other Long-Term Assets | 686.00M | 641.00M | 536.00M | 316.00M | 239.00M | 215.00M |
| Total Assets | 33.59B | 37.19B | 37.40B | 32.82B | 26.09B | 26.17B |
| Accounts Payable | 3.27B | 2.70B | 2.46B | 2.48B | 2.83B | 2.33B |
| Accrued Expenses | 3.14B | 2.82B | 3.32B | 2.43B | 2.46B | 2.38B |
| Short-Term Debt | 222.00M | 360.00M | 84.00M | |||
| Current Portion of Long-Term Debt | 1.26B | 108.00M | 1.25B | 51.00M | 140.00M | 183.00M |
| Current Portion of Leases | 142.00M | 135.00M | 93.00M | 132.00M | 130.00M | |
| Current Unearned Revenue | 901.00M | 691.00M | 553.00M | 419.00M | 449.00M | 415.00M |
| Other Current Liabilities | 114.00M | 289.00M | 86.00M | 1.51B | 16.00M | 1.19B |
| Total Current Liabilities | 8.91B | 7.11B | 7.89B | 6.98B | 6.03B | 6.63B |
| Long-Term Debt | 9.99B | 11.37B | 11.03B | 14.24B | 8.70B | 9.51B |
| Long-Term Leases | 402.00M | 418.00M | 432.00M | 333.00M | 529.00M | 527.00M |
| Long-Term Unearned Revenue | 217.00M | 203.00M | 164.00M | 160.00M | 174.00M | 165.00M |
| Pension & Post-Retirement Benefits | 184.00M | 192.00M | 214.00M | 149.00M | 349.00M | 380.00M |
| Long-Term Deferred Tax Liabilities | 1.58B | 1.83B | 2.02B | 523.00M | 568.00M | 354.00M |
| Other Long-Term Liabilities | 1.89B | 1.94B | 1.26B | 1.43B | 1.66B | 1.51B |
| Total Liabilities | 23.17B | 23.06B | 23.01B | 23.82B | 18.01B | 19.08B |
| Common Stock | 10.00M | 10.00M | 9.00M | 9.00M | 9.00M | 9.00M |
| Additional Paid-In Capital | 8.69B | 8.66B | 8.61B | 5.54B | 5.48B | 5.41B |
| Retained Earnings | 9.94B | 12.19B | 11.48B | 6.59B | 5.87B | 2.87B |
| Treasury Stock | -7.95B | -6.79B | -3.92B | -1.97B | -1.91B | -529.00M |
| Comprehensive Income & Other | -639.00M | -269.00M | -2.11B | -1.49B | -1.69B | -989.00M |
| Total Common Equity | 10.05B | 13.80B | 14.08B | 8.68B | 7.76B | 6.77B |
| Minority Interest | 367.00M | 324.00M | 314.00M | 328.00M | 318.00M | 327.00M |
| Shareholders' Equity | 10.42B | 14.13B | 14.39B | 9.01B | 8.08B | 7.09B |
| Total Liabilities & Equity | 33.59B | 37.19B | 37.40B | 32.82B | 26.09B | 26.17B |
| Total Debt | 11.88B | 12.39B | 12.93B | 14.72B | 9.50B | 10.35B |
| Net Cash (Debt) | -10.52B | -10.84B | -8.96B | -4.87B | -5.98B | -7.37B |
| Net Cash Per Share | -12.66 | -12.57 | -9.83 | -5.71 | -6.95 | -8.27 |
| Filing Date Shares Outstanding | 818.16M | 835.84M | 868.34M | 898.36M | 834.19M | 855.51M |
| Total Common Shares Outstanding | 818.67M | 836.14M | 878.34M | 839.91M | 834.38M | 862.69M |
| Working Capital | -24.00M | 1.42B | 2.00B | 12.60B | 3.85B | 4.78B |
| Book Value Per Share | 12.28 | 16.51 | 16.03 | 10.33 | 9.30 | 7.84 |
| Tangible Book Value | -7.69B | -8.02B | -6.95B | 212.00M | -3.56B | -3.09B |
| Tangible Book Value Per Share | -9.39 | -9.60 | -7.91 | 0.25 | -4.27 | -3.58 |
| Land | 165.00M | 169.00M | 109.00M | 126.00M | 114.00M | |
| Buildings | 1.53B | 1.32B | 1.08B | 1.25B | 1.08B | |
| Machinery | 3.34B | 2.95B | 2.52B | 2.41B | 2.09B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -1.80B | 1.48B | 5.60B | 1.35B | 3.53B | 1.66B |
| Depreciation & Amortization | 1.28B | 1.27B | 1.23B | 491.00M | 328.00M | 338.00M |
| Loss (Gain) From Sale of Investments | 30.00M | -32.00M | -322.00M | -19.00M | -1.81B | 4.00M |
| Loss (Gain) on Equity Investments | -30.00M | -28.00M | -185.00M | -82.00M | -114.00M | -90.00M |
| Stock-Based Compensation | 59.00M | 74.00M | 86.00M | 71.00M | 65.00M | 92.00M |
| Other Operating Activities | 96.00M | -285.00M | -5.18B | -61.00M | -252.00M | -88.00M |
| Change in Accounts Receivable | -579.00M | -98.00M | -40.00M | -161.00M | -51.00M | -144.00M |
| Change in Inventory | 44.00M | -81.00M | 292.00M | 123.00M | -173.00M | -408.00M |
| Change in Accounts Payable | 517.00M | -219.00M | 87.00M | 541.00M | -17.00M | 829.00M |
| Change in Unearned Revenue | 51.00M | |||||
| Change in Other Net Operating Assets | -11.00M | |||||
| Operating Cash Flow | 2.86B | 2.51B | 563.00M | 2.61B | 1.74B | 2.24B |
| Capital Expenditures | -481.00M | -392.00M | -519.00M | -439.00M | -317.00M | -344.00M |
| Cash Acquisitions | -133.00M | -107.00M | -10.89B | -84.00M | -506.00M | -366.00M |
| Divestitures | 429.00M | 27.00M | 634.00M | 54.00M | 2.90B | |
| Investment in Securities | 7.00M | |||||
| Other Investing Activities | 61.00M | 165.00M | 8.75B | -191.00M | -334.00M | 11.00M |
| Investing Cash Flow | -124.00M | -307.00M | -2.02B | -660.00M | 1.75B | -692.00M |
| Short-Term Debt Issued | 275.00M | 50.00M | 13.00M | |||
| Long-Term Debt Issued | 48.00M | 3.41B | 5.61B | 432.00M | 140.00M | |
| Total Debt Issued | -43.00M | 323.00M | 3.46B | 5.61B | 432.00M | 153.00M |
| Short-Term Debt Repaid | -5.00M | -149.00M | ||||
| Long-Term Debt Repaid | -1.21B | -5.34B | -111.00M | -1.27B | -704.00M | |
| Total Debt Repaid | -202.00M | -1.21B | -5.34B | -116.00M | -1.42B | -704.00M |
| Net Debt Issued (Repaid) | -245.00M | -889.00M | -1.88B | 5.49B | -992.00M | -551.00M |
| Repurchase of Common Stock | -1.62B | -2.89B | -1.94B | -62.00M | -1.38B | -527.00M |
| Common Dividends Paid | -787.00M | -772.00M | -670.00M | -620.00M | -509.00M | -417.00M |
| Other Financing Activities | -131.00M | -119.00M | -139.00M | -199.00M | -50.00M | -67.00M |
| Financing Cash Flow | -2.79B | -4.67B | -4.64B | 4.61B | -2.93B | -1.56B |
| Foreign Exchange Rate Adjustments | 6.00M | 76.00M | -103.00M | 88.00M | -56.00M | -16.00M |
| Miscellaneous Cash Flow Adjustments | -2.00M | -27.00M | 317.00M | -98.00M | 28.00M | -99.00M |
| Net Cash Flow | -47.00M | -2.42B | -5.88B | 6.55B | 529.00M | -132.00M |
| Free Cash Flow | 2.38B | 2.12B | 44.00M | 2.17B | 1.43B | 1.89B |
| Free Cash Flow Margin | 10.43% | 9.75% | 0.20% | 11.44% | 8.25% | 9.18% |
| Free Cash Flow Per Share | 2.86 | 2.46 | 0.05 | 2.54 | 1.66 | 2.13 |
| Levered Free Cash Flow | 1.94B | 1.01B | 5.28B | -882.62M | 2.70B | 63.75M |
| Unlevered Free Cash Flow | 2.24B | 1.30B | 5.64B | -782.62M | 2.79B | 255.00M |
| Cash Interest Paid | 422.00M | 422.00M | 610.00M | 320.00M | 297.00M | 317.00M |
| Cash Income Tax Paid | 729.00M | 729.00M | 2.13B | 942.00M | 833.00M | 675.00M |
| Change in Working Capital | -18.00M | -398.00M | 339.00M | 503.00M | -241.00M | 317.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 43.88B | 44.50B | 61.24B | 48.20B | 34.50B | 47.00B |
| Enterprise Value | 54.40B | 55.75B | 72.25B | 53.87B | 41.22B | 54.86B |
| Last Close Price | 53.63 | 52.02 | 66.53 | 55.32 | 39.10 | 50.57 |
| PE Ratio | 29.99 | 10.93 | 35.73 | 9.76 | 28.25 | |
| Forward PE | 17.29 | 19.01 | 23.64 | 20.17 | 16.77 | 23.55 |
| PS Ratio | 1.93 | 2.05 | 2.72 | 2.54 | 2.00 | 2.28 |
| PB Ratio | 4.37 | 3.15 | 4.25 | 5.35 | 4.27 | 6.63 |
| P/TBV Ratio | 227.37 | |||||
| P/FCF Ratio | 18.45 | 20.98 | 1,391.93 | 22.23 | 24.19 | 24.83 |
| P/OCF Ratio | 15.35 | 17.71 | 108.78 | 18.49 | 19.79 | 21.01 |
| PEG Ratio | 1.71 | 2.16 | 2.24 | 1.88 | 2.66 | 1.58 |
| EV/Sales Ratio | 2.39 | 2.56 | 3.21 | 2.84 | 2.38 | 2.66 |
| EV/EBITDA Ratio | 16.73 | 16.50 | 20.28 | 19.97 | 18.04 | 18.88 |
| EV/EBIT Ratio | 27.63 | 26.50 | 31.01 | 24.41 | 21.07 | 21.36 |
| EV/FCF Ratio | 22.88 | 26.28 | 1,641.95 | 24.85 | 28.91 | 28.98 |
| Debt / Equity Ratio | 1.14 | 0.88 | 0.90 | 1.64 | 1.18 | 1.46 |
| Debt / EBITDA Ratio | 3.45 | 3.48 | 3.46 | 5.21 | 3.95 | 3.33 |
| Debt / FCF Ratio | 4.99 | 5.84 | 293.84 | 6.79 | 6.66 | 5.47 |
| Net Debt / Equity Ratio | 1.01 | 0.77 | 0.62 | 0.54 | 0.74 | 1.04 |
| Net Debt / EBITDA Ratio | 3.24 | 3.21 | 2.52 | 1.80 | 2.62 | 2.54 |
| Net Debt / FCF Ratio | 4.42 | 5.11 | 203.64 | 2.25 | 4.20 | 3.89 |
| Asset Turnover | 0.64 | 0.58 | 0.64 | 0.64 | 0.66 | 0.80 |
| Inventory Turnover | 5.90 | 6.73 | 7.99 | 6.17 | 5.63 | 8.12 |
| Quick Ratio | 0.60 | 0.66 | 0.89 | 1.75 | 1.14 | 0.89 |
| Current Ratio | 1.00 | 1.20 | 1.25 | 2.80 | 1.64 | 1.72 |
| Return on Equity (ROE) | -13.44% | 10.93% | 10.36% | 17.31% | 42.28% | 24.88% |
| Return on Assets (ROA) | 3.43% | 3.53% | 4.15% | 4.68% | 4.68% | 6.26% |
| Return on Invested Capital (ROIC) | 8.66% | 7.55% | 6.67% | 11.68% | 11.51% | 12.57% |
| Return on Capital Employed (ROCE) | 8.00% | 7.00% | 7.90% | 8.50% | 9.80% | 13.10% |
| Earnings Yield | -4.04% | 3.33% | 9.15% | 2.80% | 10.24% | 3.54% |
| FCF Yield | 5.42% | 4.77% | 0.07% | 4.50% | 4.13% | 4.03% |
| Dividend Yield | 1.79% | 1.72% | 1.14% | 1.30% | 1.54% | 0.94% |
| Payout Ratio | 52.02% | 11.96% | 45.96% | 14.40% | 25.06% | |
| Buyback Yield / Dilution | 5.21% | 5.41% | -6.88% | 0.95% | 3.27% | -1.15% |
| Total Shareholder Return | 7.00% | 7.13% | -5.74% | 2.25% | 4.81% | -0.21% |