Carrier Global
CARR · NYSEAir-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip · Fiscal year ends Dec 31
Carrier Global reported revenue of $21.7B in the fiscal year ended Dec 2025, down 3.3% from the year before. Operating income was $2.2B, an operating margin of 10.0%, and net income was $1.5B. Operating cash flow of $2.5B less capital expenditure of $392M left free cash flow of $2.1B. Net debt was $9.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $20.6B | $17.3B | $19B | $22.5B | $21.7B |
| Cost of revenue | – | $13B | $13.8B | $16.5B | – |
| Gross profit | – | $4.3B | $5.2B | $6B | – |
| Research & development | $503M | $416M | $493M | $686M | $625M |
| Selling, general & admin | $3.1B | $2B | $2.6B | $3.2B | $3.1B |
| Operating income | $2.6B | $4B | $2.2B | $2.6B | $2.2B |
| Interest expense | $319M | $238M | $306M | $580M | $458M |
| Pre-tax income | $2.4B | $3.8B | $2B | $2.3B | $1.8B |
| Income tax | $699M | $616M | $521M | $1.1B | $240M |
| Net income | $1.7B | $3.5B | $1.3B | $5.6B | $1.5B |
| Diluted EPS | 1.87 | 4.10 | 1.58 | 6.15 | 1.72 |
| Diluted shares | 890M | 861M | 853M | 912M | 862M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $3B | $3.3B | $9.9B | $4B | $1.6B |
| Receivables | $2.4B | $2.8B | $2.1B | $2.7B | $2.6B |
| Inventory | $2B | $2.6B | $1.8B | $2.3B | $2.5B |
| Current assets | $11.4B | $9.9B | $19.6B | $9.9B | $8.5B |
| Net PP&E | $1.8B | $2.2B | $2.2B | $3B | $3.2B |
| Goodwill | $9.3B | $7.6B | $7.5B | $14.6B | $15.5B |
| Total assets | $26.2B | $26.1B | $32.8B | $37.4B | $37.2B |
| Payables | $2.3B | $2.8B | $2.5B | $2.5B | $2.7B |
| Deferred revenue | $415M | $449M | $419M | $553M | $691M |
| Current liabilities | $6.6B | $6B | $7B | $7.9B | $7.1B |
| Short-term debt | $183M | $140M | $51M | $1.3B | $108M |
| Long-term debt | $9.5B | $8.7B | $14.2B | $11B | $11.4B |
| Total liabilities | $19.1B | $18B | $23.8B | $23B | $23.1B |
| Shareholders' equity | $7.1B | $8.1B | $9B | $14.4B | $14.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.2B | $1.7B | $2.6B | $563M | $2.5B |
| Capital expenditure | $344M | $317M | $439M | $519M | $392M |
| Free cash flow | $1.9B | $1.4B | $2.2B | $44M | $2.1B |
| Depreciation & amortisation | $338M | $328M | $491M | $1.2B | $1.3B |
| Stock-based compensation | $92M | $77M | $81M | $98M | $74M |
| Acquisitions | $366M | $506M | $84M | $10.9B | $107M |
| Share buybacks | $527M | $1.4B | $62M | $1.9B | $2.9B |
| Dividends paid | $417M | $509M | $620M | $670M | $772M |
| Dividend per share | 0.51 | 0.64 | 0.74 | 0.80 | 0.68 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −16.1% | 9.6% | 18.7% | −3.3% |
| Operating income growth (YoY) | – | 50.6% | −45.8% | 22.5% | −17.9% |
| EPS growth (YoY) | – | 119.3% | −61.5% | 289.2% | −72.0% |
| Gross margin | – | 24.9% | 27.2% | 26.6% | – |
| Operating margin | 12.8% | 23.0% | 11.4% | 11.8% | 10.0% |
| Net margin | 8.3% | 20.4% | 7.1% | 24.9% | 6.8% |
| Return on equityBlank when equity is negative | 24.0% | 43.8% | 15.0% | 38.9% | 10.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 13.5% | 19.9% | 8.4% | 9.0% | 7.2% |
| Free cash flow margin | 9.2% | 8.2% | 11.4% | 0.2% | 9.8% |
| Cash conversion (CFO ÷ net income) | 1.32x | 0.49x | 1.93x | 0.10x | 1.69x |
| Receivable days | 43 | 60 | 40 | 43 | 44 |
| Inventory days | – | 74 | 48 | 51 | – |
| Payable days | – | 80 | 66 | 54 | – |
| Interest cover | 8.29x | 16.7x | 7.06x | 4.56x | 4.74x |
| Debt ÷ equity | 1.37x | 1.09x | 1.59x | 0.85x | 0.81x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $6.7B | $5.5B | $4.4B | $8.3B | $9.9B |
| Current ratio | 1.72x | 1.64x | 2.80x | 1.25x | 1.20x |
Recent filings
More in Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.