Carrier Global Corporation

carrier.com

What Do They Do?

Sells heating, cooling and ventilation equipment and building systems to residential and commercial customers, and transport refrigeration solutions to transportation companies.

How Do They Make Money?

Customers buy products, with sales generally tied to shipment; installation and service contracts generate sales while Carrier performs the work.

revenue

Segment	Share	Revenue	How money arrives
Product Sold outright	88% FY2022: 89%		Sold outright
Service Recurring	12% FY2022: 11%		Recurring

Who Are Their Customers?

Residential and commercial customers buy heating, cooling and ventilation products directly and through contractors, distributors, dealers and retailers; transportation companies buy transport products directly or through distributors and dealers.

Do Revenues Turn Into Profits?

Yes. It kept 7 cents of every revenue dollar as net income in FY2025 and turned 10 cents into free cash flow.

Operating income, FY2025

10% of revenue

▼ −18% vs FY2024 ($2.6B, 12%)

Net income, FY2025

7% of revenue

▼ −74% vs FY2024 ($5.6B, 25%)

Free cash flow, FY2025

10% of revenue

▲ +4720% vs FY2024 ($44M, 0%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +4%; vs $6.1B in Q2 FY2025
Net income: ▼ −15%; vs $591M in Q2 FY2025

Product share of revenue vs 89.6% in Q2 FY2025

Jul 28, 2026 Raised full-year sales, adjusted operating profit and adjusted earnings outlook Raised 2026 guidance to ~$23B in sales, ~$3.5B adjusted operating profit and ~$2.90 adjusted EPS.

Flat. Revenue was $21.7B in FY2025, about the same as the $20.6B of FY2021.

Portfolio focus The older report described building and cold-chain products alongside fire and security technologies. The latest report centers on climate and energy solutions after the company acquired Viessmann's climate business and divested its fire and security businesses.

Revenue over time

Product Service

$25B$12.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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