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Carrier Global cash flow statement

In fiscal 2025, Carrier Global's operations generated $2.51bn of cash; it spent $392m on capital projects, leaving free cash flow of $2.12bn. It returned $772m in dividends and $2.89bn through buybacks.

Cash flow statement

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

Fiscal year2018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations2,0552,0631,6922,2371,7432,6075632,5132,859
Depreciation and amortisation3573353363383284911,2321,2741,282
Stock-based pay445277927781987459
Capital spending263243312344317439519392481
Free cash flow1,7921,8201,3801,8931,4262,168442,1212,378
Free cash flow after stock pay1,7481,7681,3031,8011,3492,087−542,0472,319
Dividends paid00138417509620670772787
Share buybacks—005271,380621,9442,8921,623

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Carrier Global's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Carrier Global.