NYSE: CARR
Carrier Global
Industrials · Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$44.9B
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| Period | Market cap |
|---|---|
| FY2018, ended Dec 31, 2018 | — |
| FY2019, ended Dec 31, 2019 | — |
| FY2020, ended Dec 31, 2020 | $32.8B |
| FY2021, ended Dec 31, 2021 | $46.4B |
| FY2022, ended Dec 31, 2022 | $34.4B |
| FY2023, ended Dec 31, 2023 | $51.6B |
| FY2024, ended Dec 31, 2024 | $59.3B |
| FY2025, ended Dec 31, 2025 | $44.2B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $44.9B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$22.8B
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| Period | Revenue |
|---|---|
| FY2018, ended Dec 31, 2018 | $18.9B |
| FY2019, ended Dec 31, 2019 | $18.6B |
| FY2020, ended Dec 31, 2020 | $17.5B |
| FY2021, ended Dec 31, 2021 | $20.6B |
| FY2022, ended Dec 31, 2022 | $17.3B |
| FY2023, ended Dec 31, 2023 | $19.0B |
| FY2024, ended Dec 31, 2024 | $22.5B |
| FY2025, ended Dec 31, 2025 | $21.7B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $22.8B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2018, ended Dec 31, 2018 | $2.73B | $1.79B |
| FY2019, ended Dec 31, 2019 | $2.12B | $1.82B |
| FY2020, ended Dec 31, 2020 | $1.98B | $1.38B |
| FY2021, ended Dec 31, 2021 | $1.66B | $1.89B |
| FY2022, ended Dec 31, 2022 | $3.53B | $1.43B |
| FY2023, ended Dec 31, 2023 | $1.35B | $2.17B |
| FY2024, ended Dec 31, 2024 | $5.60B | $44.0M |
| FY2025, ended Dec 31, 2025 | $1.48B | $2.12B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | −$1.80B | $2.38B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$1.35B
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| Period | Cash and cash equivalents |
|---|---|
| FY2018, ended Dec 31, 2018 | $1.13B |
| FY2019, ended Dec 31, 2019 | $952M |
| FY2020, ended Dec 31, 2020 | $3.12B |
| FY2021, ended Dec 31, 2021 | $2.99B |
| FY2022, ended Dec 31, 2022 | $3.30B |
| FY2023, ended Dec 31, 2023 | $9.85B |
| FY2024, ended Dec 31, 2024 | $3.97B |
| FY2025, ended Dec 31, 2025 | $1.55B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.35B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$11.5B
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| Period | Total debt |
|---|---|
| FY2018, ended Dec 31, 2018 | — |
| FY2019, ended Dec 31, 2019 | $319M |
| FY2020, ended Dec 31, 2020 | $10.2B |
| FY2021, ended Dec 31, 2021 | $9.70B |
| FY2022, ended Dec 31, 2022 | $8.84B |
| FY2023, ended Dec 31, 2023 | $14.3B |
| FY2024, ended Dec 31, 2024 | $12.4B |
| FY2025, ended Dec 31, 2025 | $11.8B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $11.5B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 5.5% since 2018.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.818M
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| Period | Shares outstanding |
|---|---|
| FY2018, ended Dec 31, 2018 | 866M |
| FY2019, ended Dec 31, 2019 | 866M |
| FY2020, ended Dec 31, 2020 | 869M |
| FY2021, ended Dec 31, 2021 | 856M |
| FY2022, ended Dec 31, 2022 | 834M |
| FY2023, ended Dec 31, 2023 | 898M |
| FY2024, ended Dec 31, 2024 | 868M |
| FY2025, ended Dec 31, 2025 | 836M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 818M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $1.56B more bought back than issued
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| Period | Bought back | Paid to employees | Used in acquisitions |
|---|---|---|---|
| FY2018, ended Dec 31, 2018 | — | $44.0M | — |
| FY2019, ended Dec 31, 2019 | $0 | $52.0M | — |
| FY2020, ended Dec 31, 2020 | $0 | $77.0M | — |
| FY2021, ended Dec 31, 2021 | $527M | $92.0M | — |
| FY2022, ended Dec 31, 2022 | $1.38B | $77.0M | — |
| FY2023, ended Dec 31, 2023 | $62.0M | $81.0M | — |
| FY2024, ended Dec 31, 2024 | $1.94B | $98.0M | $3.00B |
| FY2025, ended Dec 31, 2025 | $2.89B | $74.0M | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.62B | $59.0M | — |
Revenue (TTM)
$22.8B
+3.3% YoY
Net income (TTM)
−$1.80B
−145% YoY
Cash
$1.35B
−4.8% YoY
Total debt
$11.5B
−3.7% YoY
Valuation
At current price- Market Cap
- $43.9B
- P/E
- n/m. Market cap / net income (TTM)
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.9×
- Price / Book
- 4.2×
- EV / EBITDA
- 280×
Growth
Trailing 12 months- Revenue (TTM)
- $22.8B
- Revenue Growth YoY
- 3.3%
- Revenue CAGR 3Y
- 7.9%
- Revenue CAGR 5Y
- 4.5%
- EPS Growth YoY
- −149%
- Net Income Growth YoY
- −145%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- −4.8%
- Net Margin
- −7.9%
- FCF Margin
- 10.4%
- Return on Equity
- −14.3%
Earnings
Trailing 12 months- Net Income
- −$1.80B
- EPS (diluted)
- −$2.17
- EBITDA
- $193M
- Operating Income
- −$1.09B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $1.35B
- Total Debt
- $11.5B
- Net Debt
- $10.1B
- Total Assets
- $33.6B
- Total Liabilities
- $23.2B
- Shareholders' Equity
- $10.4B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.86B
- Capital Expenditure
- $481M
- Free Cash Flow
- $2.38B
Dividends and risk
Last 12 months- Dividend Yield
- 1.8%
- Dividend / Share
- $0.96
- Beta (5Y)
- 1.29
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $22.8B.
Watch
Lost $1.80B over the last 12 months.
Watch
Net debt is 52.4× EBITDA ($10.1B), a heavy load.
Note
Free cash flow of $2.38B, 10.4% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 29, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K48Some concerns
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 5, 2026 · Read the filing on EDGAR
- Sales fell 3% to $21.7 billion and operating profit fell 18% to $2.2 billion, as demand weakened in most regions.
- US home heating and cooling volumes fell 9% and light commercial fell 20%. Commercial HVAC rose 23% and shipping-container sales rose 31%.
- Profit from continuing businesses rose 29% to $1.6 billion because the tax charge was much smaller. Total net income fell 74% because 2024 included large gains from selling businesses.
- Carrier agreed to sell its Riello business for about $430 million, spent $2.9 billion buying back shares, and cash fell to $1.6 billion.
Business momentum
Weakening
“For the year ended December 31, 2025, Net sales was $21.7 billion, a 3% decrease compared with the same period of 2024.”
Outlook
Cautious
“To date, tariffs have not had a material impact on our business and we are deploying additional strategies, including cost containment measures, to limit future exposure in the current market environment.”
Financial stress
Low
“We believe that our available cash and operating cash flows will be sufficient to meet our future operating cash needs.”
Tone against the previous report
More negative
Red flags
None found in this report.
Positives
Tariff costs fully offset
“Based on our updated analysis, we fully mitigated the impact of tariffs during 2025 through a combination of supply-chain adjustments, productivity initiatives and approximately $200 million of incremental product pricing actions.”
Strong growth in commercial HVAC and containers
“These results were partially offset by growth in our commercial business (up 23%) primarily driven by ongoing customer demand and improved price.”
Higher operating cash flow and lower interest costs
“For the year ended December 31, 2025, interest expense was $458 million, a 21% decrease compared with the same period of 2024.”
Concerns
Operating profit down 18%
“Gross margin decreased by $357 million compared with the year ended December 31, 2024, primarily due to lower volumes in certain end-markets partially offset by our continued focus on productivity initiatives.”
Cash fell sharply as buybacks continued
“The primary driver of the outflow was related to repurchases of our common stock totaling $2.9 billion.”
Weak European heating demand
“Results in our residential and light commercial business decreased (down 5%) due to lower volumes across the region as economic conditions, inflationary cost pressures and regulatory uncertainty impacted end-market demand.”
New risks since the previous report
Thin cushion on European goodwill
“Upon completion of the test, the reporting unit had a fair value of approximately 14% above its carrying value.”
Weak US home HVAC demand and distributor destocking
“Lower volume in our residential business (down 9%) was primarily due to reduced end-market demand and distributor destocking.”
China home market slump
“Results in China decreased (down 12%) as residential end-markets experienced economic challenges impacting both demand and price.”
Warranty costs in transport refrigeration
“In addition, costs associated with warranty-related issues further impacted the segment.”
Delay in court approval of firefighting-foam settlement
“Following that hearing, the Bankruptcy Court ordered that the revised and supplemented Disclosure Statement be modified further in two areas, which the parties are addressing.”
Biggest risks named
- Weak home heating and cooling demand in the US, Europe and China
- Possible goodwill write-down in the European business
- Firefighting-foam lawsuits and delays to settlement approval
- Tariffs, trade policy and uncertain climate incentives
- High debt and lower cash after buybacks
Artificial intelligence in this business: Not mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −6 | |
| Outlook | −2 | |
| Tone against the previous report | −2 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 48 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 29, 2026 | Pro | |||
| 10-K | Feb 5, 2026 | 48 | Weakening | None | |
| 10-K | Feb 11, 2025 | 61 | Improving | 1 medium1 minor | |
| 10-K | Feb 6, 2024 | 41 | Sharp deterioration | 1 medium | |
| 10-K | Feb 7, 2023 | 62 | Improving | None | |
| 10-K | Feb 8, 2022 | 55 | Mixed | None | |
| 10-K | Feb 9, 2021 | 53 | Mixed | 1 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 29, 2026. View filings on SEC EDGAR