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Carrier Global (CARR) stock

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NYSE: CARR NYSE Building Products Next results ~February 4, 2027

C+ Fundamentals grade

Carrier Global supplies climate and energy products and services, spanning heating, cooling and cold chain. Its brands include Carrier, Viessmann, Toshiba, Automated Logic, Bryant, CIAT and Carrier Transicold, covering air conditioners, heat pumps, heating systems, energy management systems, aftermarket components and refrigerated transport for trucks, trailers and shipping containers. It also provides building services such as audit, design, installation, repair, maintenance and digital monitoring, plus platforms including Abound and Lynx.

Customers range across residential, commercial, education, healthcare, technology, retail, hospitality, data centre and infrastructure markets, as well as transport operators. Sales come from new equipment (72%) and from parts and service (28%), reaching buyers directly and indirectly through distributors, wholesalers, dealers, retail outlets and joint ventures.

The business runs through four segments: Climate Solutions Americas, Climate Solutions Europe, Climate Solutions Asia Pacific, Middle East & Africa, and Climate Solutions Transportation. International operations accounted for roughly 52% of sales in 2025. Carrier was spun off from United Technologies in April 2020, employs about 47,000 people across more than 52 countries, and holds around 11,000 patents and applications.

Based on Carrier Global's 10-K filed February 5, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$26

Cash-flow model

Base case. Range ~$17–$39 across our lower- and higher-growth cases (2.2%–12.2% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 52% below it.

Price used: $55.17, November 2, 2026

Carrier Global valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Carrier Global files

10-Q filed October 29: Carrier Global

Model value +2.2%

Carrier Global's revenue reached $22.8bn in the twelve months to September 2026, up 3.3% on a year earlier, a reversal from the 1.6% decline recorded a quarter earlier. Free-cash-flow margin improved to 10.4%, from 5.1% a year before. Operating margin, however, narrowed sharply to -4.8% from 12.9%. Share buybacks have trimmed the diluted count by 4.5% over the year, boosting per-share metrics. These shifts lift the fundamentals grade from D to C+. Our model value edges up from $21.77 to $22.25 a share, still far below the $54.59 share price. The rating remains Sell. At that price, the market appears to be pricing in cash-flow growth of about 16.2% a year for five years, well ahead of the 2.0% annual revenue growth Carrier has actually delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Carrier Global stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $22.1bn, down 1.6% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 8.7% from 2.4% a year earlier. Operating margin narrowed to 7.8% from 13.7%. The diluted share count is down 5.0% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 6 financial-health checks. Our cash-flow model value is $22.75 a share, against a share price of $55.64. At that price, our model says the market is pricing in about 16.0% a year of cash-flow growth for five years, faster than the 1.4% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 4, 2027 (estimated)

Carrier Global's trailing-twelve-month revenue grew 3.3% year on year, with a free-cash-flow margin of 10.4%. Where it stands out: stock pay as % of revenue of 0.3% ranks 4 of 41 building products companies we cover. Where it lags: net margin of -7.9% ranks 38 of 46 building products companies we cover.

Our discounted-cash-flow model values the business at ~$26 per share in the base case (~$17–$39 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Net margin compressing: TTM net margin fell to -7.9%, down 26.0pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 4.9 points higher than a quarter earlier.
  • Shrinking share count. Diluted shares fell 4.5% in a year, so each share owns more of the business.

Things to watch

  • Priced above our value. The share price of $55.17 is 52% above our value per share of $26.
  • Loss-making. Operating margin is -4.8%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 17.7 points on a year ago.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$0.87 against an average estimate of $0.77: beat by 13.4%
Revenue
$6.26bn, up 12.3% on a year earlier
Share reaction
-4.3% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
sales $24bn (full-year 2026); organic sales growth growth 10% (full-year 2026)
Next report
October 29, 2026; average EPS estimate $0.66

Carrier Global's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.9%
  • 1 week-1.8%
  • 1 month+0.5%
  • This year+6.1%
  • 1 year-5.8%
  • 5 years+14.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$22.8B
Operating margin
-4.8%
Net margin
-7.9%
EPS (TTM, diluted)
$-2.15

Growth

Revenue growth
+3.3%
Change in growth rate
+4.9 pts
Share count change
−4.5%

Cash

Free cash flow (TTM)
$2.4B
FCF margin
10.4%
Stock pay % of revenue
0.3%

Earnings

Last results
October 29, 2026
Next results (est.)
February 4, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Product
  4. Announcement
  5. Dividend
  6. Deal
  7. Results
  8. Announcement
  9. Leadership
  10. Deal
  11. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Carrier Global valuation models and calculator

What the price is pricing in

The share price implies about 16.9% a year of cash-flow growth for five years.That is faster than the 2.0% a year revenue growth Carrier Global has delivered.

  • Priced in16.9%
  • Last 12 months3.3%
  • 3 years a year11.1%
  • 5 years a year2.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($55.04, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$26
Price used
$55.04close November 3, 2026
Implied change
▼ 52%
Uncertainty
High

How we got here: a discounted-cash-flow model of Carrier Global's free cash flow after stock-based pay with after-tax interest added back ($1.5B, FY2026 Q3 TTM), growing 7.9% and 6.5% in the next two years (forecasts, guidance and its record), then back to 7.2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$17–~$39 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Carrier Global's free cash flow after stock-based pay ( $1.5B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Carrier Global as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.09 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$26 ~$17–$39 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$51 ~$46–$68 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$36 ~$27–$48 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$34 ~$29–$39 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$35 ~$26–$51 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Carrier Global with Building Products in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −33%
  • Revenue growth 5 points higher ▲ +44%
  • Free-cash-flow margin 1 point lower ▼ −13%
  • Last year's free-cash-flow margin change, if it persists ▲ more than doubles
  • Discount rate 1 point higher ▼ −19%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $13$22$34$50$71$97
8.5% $7$13$22$33$48$67
10% $3$8$15$24$35$49

Valuation multiples over time Market data may be delayed

At fiscal year end 202020212022202320242025Now
Share price$34.80$50.57$39.10$55.32$66.53$52.02$55.17
Market value$30.6bn$45.0bn$33.7bn$47.2bn$60.7bn$44.9bn$46.2bn
+ Net debt (− = net cash)$7.1bn$6.7bn$5.5bn$4.4bn$8.4bn$10.3bn$10.1bn
Enterprise value$37.7bn$51.7bn$39.2bn$51.6bn$69.0bn$55.1bn$56.3bn
Multiples
Price / sales 1.8x2.2x1.9x2.5x2.7x2.1x2.0x
Price / earnings 15.5x27.1x9.5x35.0x10.8x30.2x—
Price / free cash flow 22.2x23.8x23.6x21.8xn/m21.2x19.4x
EV / EBITDA 11.0x17.3x9.1x19.5x17.8x16.0xn/m

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

55 /100

Moderate moat

How hard Carrier Global's competitive advantage looks for rivals to wear away, judged from 7 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 13 / 20

    Net income has been a median 8.6% of total assets over 7 years.

  • Durability 3 / 20

    Operating margin has been a median 12.9%; its worst year was -4.8%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 7 of 7 years, at a median 5.8% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 6.4% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (60 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.87 +11% $23.5bn +8%
Next $3.27 +14% $24.7bn +5%

Next year's EPS estimate has moved −0.9% in 90 days, across 24 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.4% on 90 days ago. In the last 30 days, 2 analysts raised Carrier Global's forecast and 5 cut it.

Consensus EPS forecast Carrier Global, last 90 days
$2.80 $3.00 $3.20 $3.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.88 Current fiscal year, 60 days ago: $2.89 Current fiscal year, 30 days ago: $2.88 Current fiscal year, 7 days ago: $2.88 Current fiscal year, Now: $2.87 $2.87 Next fiscal year, 90 days ago: $3.30 Next fiscal year, 60 days ago: $3.31 Next fiscal year, 30 days ago: $3.30 Next fiscal year, 7 days ago: $3.31 Next fiscal year, Now: $3.27 $3.27

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.88$3.30
60 days ago $2.89$3.31
30 days ago $2.88$3.30
7 days ago $2.88$3.31
Now $2.87$3.27

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.77 $0.87 +13.4%
Jun 2026 $0.82 $0.86 +5.2%
Mar 2026 $0.51 $0.57 +12.0%
Dec 2025 $0.36 $0.34 −4.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • Sales full-year 2026 about $24bn Raised vs about 23bn
    “Carrier now expects sales of nearly $24 billion, with organic growth of approximately 10%.” source
  • Sales (guidance range) full-year 2026 $23.8bn to $24bn Raised vs about 23bn
    “Sales $23.8 to $24.0 billion” source
  • Adjusted EPS full-year 2026 $2.85 to $2.90 Non-GAAP Lowered vs about 2.9
    “Adjusted EPS* $2.85 to $2.90” source
  • Organic sales growth full-year 2026 about 10% growth Non-GAAP
    “Carrier now expects sales of nearly $24 billion, with organic growth of approximately 10%.” source
  • Adjusted Operating Profit full-year 2026 about $3.5bn Non-GAAP Maintained vs about 3.5bn
    “Adjusted Operating Profit* ~$3.5 billion” source
  • Free Cash Flow full-year 2026 about $2bn Non-GAAP
    “Free Cash Flow* ~$2 billion” source
Show 1 more item
  • Capital returned to shareowners (dividends and share repurchases) full-year 2026 about $2.3bn
    “The company remains vigilant in navigating industry-wide macro pressures, including tariffs and increasing input costs, and expects to return to shareowners approximately $2.3 billion through dividends and share repurchases.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Carrier Global's revenue by +7.9% next year and +6.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+7.2%, weight 48%) , management guidance (+9.5%, weight 31%) and the company's own record (+7.2%, weight 21%) . How the weights are set.

Analyst recommendations

25 analysts, Oct 2026
Buy1248%
Hold1352%
Sell00%

Monthly trend

  1. Oct 20262101325
  2. Sep 20262121125
  3. Aug 20262121024
  4. Jul 20262121024

Counts of recommendations published by analysts covering Carrier Global, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.7%
of tradable shares
Days to cover
2.74
at average volume
Short interest, 1 month
+15%
to October 15, 2026
Held by institutions
90%
of shares
Held by insiders
4.8%
of shares
Employees
47,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −5.8%

$58.56 on October 31, 2025 to $55.17

ThenNowEffect
Revenue (last 12 months) $22.5bn $22.1bn −1.6%
Net margin 17.8% 5.5% −69.0%
P/E multiple 13.0x 38.3x +193.4%
Share count 891m 846m +5.3%

Biggest factor: net margin.

Last 3 years +13.8%

$48.49 on November 3, 2023 to $55.17

ThenNowEffect
Revenue (last 12 months) $17.1bn $22.1bn +29.1%
Net margin 12.6% 5.5% −56.1%
P/E multiple 19.2x 38.3x +99.3%
Share count 853m 846m +0.8%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CARR+45%−23%+42%+20%−22%+6%
Industry peers (median)+22%−24%+45%+10%−11%+4%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CARR83%42%50%75%25%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CARR−15%−37%−22%−19%−37%−29%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since March 19, 2020: 41% from August 27, 2021 to October 20, 2022. Getting back needed a 69% gain, reached on July 27, 2023, 280 days after the low.

Price behaviour

52-week range
$49.58 – $75.40
From 52-week high
−26.8%
vs 50-day average
−1.6%
vs 200-day average
−10.0%
Volatility (1 year)
35%
Beta vs S&P 500
1.25

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±7.5%
After a week
5 up, 6 down
typical move ±6.6%
After a month
5 up, 6 down
typical move ±9.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −4.3% −2.1% — —
July 28, 2026 −13.6% −1.3% −5.3% −15.3%
April 30, 2026 +9.5% +1.3% +9.3% +5.8%
February 5, 2026 +0.6% +0.6% +2.1% −7.6%
October 28, 2025 +4.6% +0.3% −0.9% −6.4%
July 29, 2025 −14.9% −0.4% −17.2% −15.7%
May 1, 2025 +14.7% +2.2% +13.1% +12.8%
February 11, 2025 −4.0% −0.2% −0.4% −3.0%
October 24, 2024 −7.6% +0.2% −8.8% −3.4%
July 25, 2024 +1.2% +0.6% +0.1% +8.0%
April 25, 2024 +10.5% +0.6% +11.6% +20.2%
February 6, 2024 −4.3% +1.1% −4.1% +5.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Carrier Global’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.53× the last 60 days’ realised volatility , richer than 95% of the 229 stocks we screen today.
  • Calls are priced 3 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

CARR Carrier Global Grade C+ $54.59

Own 100 shares, sell the $55.00 call expiring December 18, 2026 (46 days) for $2.65 a share — $265 per contract.

Previous session · Bid $2.65, ask $3.00, quoted Mon 2 Nov, 17:17 New York time with CARR at $54.59. Option prices move with the shares: check the live chain at your broker before trading.

  • If CARR ends below $55.00: you keep your shares and the $265 — 4.8% extra on the position, 38.5% a year at that pace.
  • If it ends above $55.00: your shares are sold at $55.00, a total return of 5.6% including the premium — at or above our value of ~$26.
$306 $0 −$1.0k Break-even $51.94 Price $54.59 ← Our value ~$26
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$265
Annualised
38.5%
Break-even
$51.94
Max gain
$306
Chance of selling
~52%

Collar

Own the shares, buy the $52.50 put and sell the $55.00 call, both expiring December 18, 2026 (46 days).

  • Net credit of $1.15 a share ($115 per contract of 100 shares).
  • Worst case at expiry: -1.7%, if the shares fall below $52.50 (-3.8% from today).
  • Best case at expiry: +2.9%, if the shares rise above $55.00 (+0.8%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $26.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Carrier Global in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Carrier Global
$18B $19B $20B $21B $22B $23B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $19B Revenue (TTM), FY24 Q1: $19.9B Revenue (TTM), FY24 Q2: $20.6B Revenue (TTM), FY24 Q3: $21.7B Revenue (TTM), FY24 Q4: $22.5B Revenue (TTM), FY25 Q1: $22.3B Revenue (TTM), FY25 Q2: $22.5B Revenue (TTM), FY25 Q3: $22.1B Revenue (TTM), FY25 Q4: $21.7B Revenue (TTM), FY26 Q1: $21.9B Revenue (TTM), FY26 Q2: $22.1B Revenue (TTM), FY26 Q3: $22.8B $22.8B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $19B
FY24 Q1 $19.9B
FY24 Q2 $20.6B
FY24 Q3 $21.7B
FY24 Q4 $22.5B
FY25 Q1 $22.3B
FY25 Q2 $22.5B
FY25 Q3 $22.1B
FY25 Q4 $21.7B
FY26 Q1 $21.9B
FY26 Q2 $22.1B
FY26 Q3 $22.8B
Revenue growth, TTM YoY Carrier Global
-10% 0% 10% 20% 30% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 9.6% Revenue growth, TTM YoY, FY24 Q1: 15.7% Revenue growth, TTM YoY, FY24 Q2: 20.3% Revenue growth, TTM YoY, FY24 Q3: 30.4% Revenue growth, TTM YoY, FY24 Q4: 18.7% Revenue growth, TTM YoY, FY25 Q1: 12.2% Revenue growth, TTM YoY, FY25 Q2: 9.0% Revenue growth, TTM YoY, FY25 Q3: 1.9% Revenue growth, TTM YoY, FY25 Q4: -3.3% Revenue growth, TTM YoY, FY26 Q1: -1.9% Revenue growth, TTM YoY, FY26 Q2: -1.6% Revenue growth, TTM YoY, FY26 Q3: 3.3% 3.3%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 9.6%
FY24 Q1 15.7%
FY24 Q2 20.3%
FY24 Q3 30.4%
FY24 Q4 18.7%
FY25 Q1 12.2%
FY25 Q2 9.0%
FY25 Q3 1.9%
FY25 Q4 -3.3%
FY26 Q1 -1.9%
FY26 Q2 -1.6%
FY26 Q3 3.3%
Operating margin (TTM) Carrier Global
-5% 0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 11.4% Operating margin (TTM), FY24 Q1: 10.5% Operating margin (TTM), FY24 Q2: 10.5% Operating margin (TTM), FY24 Q3: 11.1% Operating margin (TTM), FY24 Q4: 11.8% Operating margin (TTM), FY25 Q1: 13.0% Operating margin (TTM), FY25 Q2: 13.7% Operating margin (TTM), FY25 Q3: 12.9% Operating margin (TTM), FY25 Q4: 10.0% Operating margin (TTM), FY26 Q1: 8.2% Operating margin (TTM), FY26 Q2: 7.8% Operating margin (TTM), FY26 Q3: -4.8% -4.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 11.4%
FY24 Q1 10.5%
FY24 Q2 10.5%
FY24 Q3 11.1%
FY24 Q4 11.8%
FY25 Q1 13.0%
FY25 Q2 13.7%
FY25 Q3 12.9%
FY25 Q4 10.0%
FY26 Q1 8.2%
FY26 Q2 7.8%
FY26 Q3 -4.8%
FCF margin (TTM) Carrier Global
0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 11.4% FCF margin (TTM), FY24 Q1: 10.4% FCF margin (TTM), FY24 Q2: 11.2% FCF margin (TTM), FY24 Q3: 4.5% FCF margin (TTM), FY24 Q4: 0.2% FCF margin (TTM), FY25 Q1: 2.4% FCF margin (TTM), FY25 Q2: 2.4% FCF margin (TTM), FY25 Q3: 5.1% FCF margin (TTM), FY25 Q4: 9.8% FCF margin (TTM), FY26 Q1: 7.7% FCF margin (TTM), FY26 Q2: 8.7% FCF margin (TTM), FY26 Q3: 10.4% 10.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 11.4%
FY24 Q1 10.4%
FY24 Q2 11.2%
FY24 Q3 4.5%
FY24 Q4 0.2%
FY25 Q1 2.4%
FY25 Q2 2.4%
FY25 Q3 5.1%
FY25 Q4 9.8%
FY26 Q1 7.7%
FY26 Q2 8.7%
FY26 Q3 10.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Carrier Global took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $21.7B
  2. Research and development $625M · 2.9%
  3. Selling, general and admin $3.1B · 14.2%
  4. Other operating costs $15.9B · 72.9%
  5. Operating income $2.2B · 10.0%
  6. Income tax $240M · 1.1%
  7. Interest and other $448M · 2.1%
  8. Net income $1.5B · 6.8%

Shares of revenue. Source: Carrier Global's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 18.9 18.6 17.5 20.6 17.3 19.0 22.5 21.7 22.8
Gross profit — — — — 4.3 5.2 6.0 — —
EBITDA 4.0 2.8 3.4 3.0 4.3 2.7 3.9 3.4 0.2
Operating income 3.6 2.5 3.1 2.6 4.0 2.2 2.6 2.2 −1.1
Net income 2.7 2.1 2.0 1.7 3.5 1.3 5.6 1.5 −1.8
Diluted EPS $3.16 $2.44 $2.25 $1.87 $4.10 $1.58 $6.15 $1.72 −$2.15
Growth (year on year)
Revenue — −1.6% −6.2% +18.1% −16.1% +9.6% +18.7% −3.3% +3.3%
EBITDA — −29.2% +21.0% −12.8% +44.6% −38.5% +46.3% −11.1% −95.3%
Operating income — −31.5% +23.8% −14.2% +50.6% −45.8% +22.5% −17.9% −138.2%
Net income — −22.6% −6.3% −16.0% +112.4% −61.8% +315.4% −73.5% −145.2%
Diluted EPS — −22.8% −7.8% −16.9% +119.3% −61.5% +289.2% −72.0% −147.4%
Margins
Gross margin — — — — 24.9% 27.2% 26.6% — —
EBITDA margin 21.1% 15.2% 19.6% 14.5% 24.9% 14.0% 17.2% 15.8% 0.9%
Operating margin 19.2% 13.4% 17.7% 12.8% 23.0% 11.4% 11.8% 10.0% −4.8%
Net margin 14.5% 11.4% 11.4% 8.1% 20.4% 7.1% 24.9% 6.8% −7.9%
Free-cash-flow margin 9.5% 9.8% 7.9% 9.2% 8.2% 11.4% 0.2% 9.8% 10.4%
Cash flow
Cash from operations 2.1 2.1 1.7 2.2 1.7 2.6 0.6 2.5 2.9
Capital spending 0.3 0.2 0.3 0.3 0.3 0.4 0.5 0.4 0.5
Free cash flow 1.8 1.8 1.4 1.9 1.4 2.2 0.0 2.1 2.4
Stock-based pay 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 1.7 1.8 1.3 1.8 1.3 2.1 −0.1 2.0 2.3
Balance sheet
Cash 1.1 1.0 3.1 3.0 3.3 9.9 4.0 1.6 1.4
Total debt 0.0 0.3 10.2 9.7 8.8 14.3 12.4 11.8 11.5
Net debt (negative = net cash) −1.1 −0.6 7.1 6.7 5.5 4.4 8.4 10.3 10.1
Diluted shares 866m 866m 880m 890m 861m 853m 912m 862m 837m
Returned to shareholders
Dividends 0.0 0.0 0.1 0.4 0.5 0.6 0.7 0.8 0.8
Buybacks — 0.0 0.0 0.5 1.4 0.1 1.9 2.9 1.6
Total returned 0.0 0.0 0.1 0.9 1.9 0.7 2.6 3.7 2.4

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · September 30, 2026
What it owns · $33.6bn
Short-term assets $8.9bnLonger-term assets $24.7bn
What it owes, and who funded it · $33.6bn
Short-term liabilities $8.9bnLonger-term liabilities $14.3bnShareholders' equity $10.4bn
  • Short-term assets cover short-term liabilities $8.9bn of assets due within a year against $8.9bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $8.9bn short-term assets against $14.3bn of longer-dated liabilities.
  • More cash than debt $1.4bn of cash against $11.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 110% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 112% to 110% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.9bn of operating cash flow against $11.5bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Carrier Global's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$1.6B
Dividends (TTM)
$787M
Returned to shareholders
101%
of free cash flow
Buybacks, last 3 fiscal years
$4.9B
Diluted share count
−4.5%
year over year
Total shareholder yield
5.3%
dividends 1.7% + buybacks 3.6% of market value
R&D spending
2.7%
of revenue
Sales & admin spending
13.9%
of revenue

Competitors: side by side with peers

Closest by revenue in building products
Last 12 months unless stated CARR TT JCI BLDR OC MAS Median
Revenue, last 12 months $22.8bn $23.2bn $25.0bn $14.4bn $9.8bn $7.7bn $1.8bn
Revenue growth, last 12 months 3.3% 10.3% 6.8% −8.3% −7.2% 0.9% 3.7%
Revenue growth, 3-year average 11.1% 10.3% 4.4% −6.0% 0.5% −1.4% 3.6%
Revenue growth, latest quarter 12.3% 17.7% 9.3% −2.2% 0.3% 2.6% 8.0%
Gross margin — 31.8% 36.7% 28.5% 26.0% 37.6% 32.0%
Operating margin −4.8% 17.9% 5.6% 2.1% 0.5% 17.9% 7.0%
Operating margin, 3-year average 6.4% 18.0% 7.2% 6.4% 11.1% 17.2% 10.7%
Net margin −7.9% 13.6% 14.3% 0.3% −6.8% 12.1% 5.1%
Cash from operations / revenue 12.5% 18.0% 14.2% 3.5% 17.8% 15.7% 12.4%
Free-cash-flow margin 10.4% 16.4% 12.7% 1.8% 9.1% 13.6% 8.9%
Free-cash-flow margin, 3-year average 6.7% 14.4% 9.3% 6.2% 11.5% 12.4% 8.5%
Stock pay / revenue 0.3% 0.4% 0.5% 0.3% 0.7% 0.3% 0.7%
Change in share count −4.5% −1.4% −6.8% −3.6% −6.1% −5.2% −0.6%

Median of all 46 companies we cover in building products. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

46 building products companies
Measure Company Peer median Rank
Revenue growth Growth 3.3% 4.0% 25 of 46
Change in growth rate Growth +4.9pp +0.8pp 5 of 46
Operating margin Profitability -4.8% 7.2% 37 of 45
Net margin Profitability -7.9% 5.6% 38 of 46
Free-cash-flow margin Cash generation 10.4% 9.1% 20 of 46
Stock pay as % of revenue Cash generation 0.3% 0.7% 4 of 41
Long-term debt as % of assets Balance sheet 29.7% 25.7% 22 of 37
Change in share count Balance sheet -4.5% -0.6% 6 of 44

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $19.2B 88.2% ▼ 4.1%
Services $2.6B 11.8% ▲ 3.1%
Geography
Region Revenue Share YoY
United States $11.1B 51.2% ▼ 1.4%
Europe $6.1B 28.0% ▼ 8.9%
Asia Pacific $3.8B 17.7% ▲ 0.6%
Other Geographical Region $678M 3.1% ▼ 1.5%

From Carrier Global's 10-K filed February 5, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$52.9B
Institutions reporting
1,626
Shares held vs prior quarter
▲ 0.8%
Positions opened / closed
222 / 76

Top buyers and sellers, Q2 2026: 783 institutions bought and 624 sold ; the biggest buyer was Blackrock, Inc (+9.3M shares) and the biggest seller Capital International Investors (−10.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Capital Research Global Investors $7.8B 106.1M 14.7% ▼ 8.9%
Blackrock, Inc. $4.9B 67.2M 9.3% ▲ 16.1%
Vanguard Capital Management LLC $3.8B 51.3M 7.1% ▼ 0.1%
Vanguard Portfolio Management LLC $2.7B 36.6M 5.1% ▲ 0.1%
Jpmorgan Chase & Co $2.5B 34.5M 4.8% ▼ 1.3%
State Street Corp $2.5B 34.4M 4.8% ▲ 2.6%
Dodge & Cox $2B 27.5M 3.8% ▲ 3.2%
Capital World Investors $1.4B 19.3M 2.7% ▼ 1.9%
Geode Capital Management, LLC $1.3B 17.7M 2.4% ▲ 0.3%
Fisher Asset Management, LLC $957M 13.0M 1.8% ▲ 0.1%
Morgan Stanley $804M 11.0M 1.5% ▼ 10.6%
Ameriprise Financial Inc $611M 8.3M 1.2% ▲ 74.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Carrier Global's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1M 1 trade by 1 insider, last 12 months Insider sales History → $750M 1 trade by 1 insider · 0% under pre-set plans
Net ▼ $749M net selling
Insider Date Trade Shares Price Value
Viessmann Maximilian Director May 20, 2026 Sell 12,094,823 $62.01 $750M
Gitlin David L. Chairman and CEO November 25, 2025 Buy 19,300 $52.62 $1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 34 trades and filings

In the last 12 months, 4 members of Congress disclosed 3 purchases and 5 sales of Carrier Global shares.

  • Kevin Hern(R-OK 1):Sale (full), $1,001 - $15,000, traded August 14, 2026, filed September 1, 2026
  • Maria Elvira Salazar(R-FL 27):Sale (full), $15,001 - $50,000, traded July 28, 2026, filed August 7, 2026
  • Maria Elvira Salazar(R-FL 27):Sale (full), $1,001 - $15,000, traded July 28, 2026, filed August 7, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 4, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 28, 2026
  • April 30, 2026
  • February 5, 2026
  • October 28, 2025
  • July 29, 2025

Recent SEC filings

Data status

When each part of this page on Carrier Global was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Carrier Global in brief

What does Carrier Global do?
Carrier Global is a US-listed company in the building products industry. Its financial year ends in December.
What is Carrier Global's stock ticker?
Carrier Global trades under the ticker CARR on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Carrier Global's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Carrier Global reported revenue of $22.8B, 3.3% higher than a year earlier, according to its SEC filings.
What is Carrier Global's free cash flow?
Carrier Global's free-cash-flow margin is 10.4% of revenue over the trailing twelve months, ranking 20 of the 46 building products companies we cover.
What is Carrier Global's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Carrier Global's free cash flow after stock-based pay gives ~$26 per share in the base case, and ~$17–$39 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Carrier Global's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Capital Research Global Investors, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Carrier Global buying back stock, and does it pay a dividend?
Carrier Global spent $1.6B on share repurchases over the trailing twelve months, and its diluted share count fell 4.5% over the year.
What is Carrier Global's market cap?
On November 2, 2026, Carrier Global's market capitalisation was about $46.2B and net debt of $10.1B. Market figures come from third-party market data and may be delayed.
Does Carrier Global pay a dividend?
Yes: Carrier Global paid $787M in dividends over the trailing twelve months, a dividend yield of 1.74%.
How much debt does Carrier Global have?
Carrier Global's debt-to-equity ratio is 110.1%, from its latest balance sheet (111.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Carrier Global's competitors?
In our Building Products peer group, the companies closest to Carrier Global are Trane Technologies, Johnson Controls, Builders Firstsource, Inc., Owens Corning and Masco. The side-by-side comparison below sets their revenue, margins and growth against Carrier Global's.
Are insiders buying or selling Carrier Global stock?
Over the last 12 months, Carrier Global's directors and officers reported 1 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Carrier Global's next earnings date?
Around February 4, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Carrier Global announces its own schedule.