Carrier Global Corporation
CARRBusiness Overview
ticker: CARR step: 01 generated: 2026-05-12 source: quick-research
Carrier Global Corporation (CARR) — Business Overview
Business Description
Carrier Global is a pure-play intelligent climate and energy solutions company following 2024-25 portfolio transformation. Spun off from United Technologies in 2020. Provides HVAC + refrigeration + fire safety + security + building automation globally. CEO Dave Gitlin transformed Carrier into climate solutions pure-play via €12B Viessmann acquisition (Jan 2024) + $10B+ divestitures (Fire & Security, Commercial Refrigeration, Industrial Fire). Major beneficiary of AI data center cooling demand.
Revenue Model
~$21.7B FY2025 revenue across two operating segments post-restructuring: Climate Solutions (HVAC + refrigeration) and Light Commercial HVAC. Mix: residential HVAC (~30%), commercial HVAC (~45%, including data centers), and aftermarket services (~25%). Recurring services + replacement cycle + new construction drive revenue. Data center cooling = fastest-growing category (+400% Q4 orders).
Products & Services
- Carrier HVAC — Residential + commercial air conditioning + heating + ventilation
- Viessmann (Europe) — Heat pumps, boilers, hybrid systems; #1 European residential HVAC
- Data Center Cooling — AquaEdge 30CF chillers, QuantumLeap CDUs (1.3-5MW), liquid cooling
- Aftermarket Services — Maintenance, parts, retrofits = recurring revenue
- Light Commercial HVAC — Rooftop units, packaged HVAC for small commercial buildings
- ZutaCore investment — Liquid cooling specialist (CARR Ventures)
- Bryant, Payne, Heil, Carlyle — Owned brand portfolio
Customer Base & Go-to-Market
Diverse customer base: residential homeowners (via distributors + dealers), commercial building developers, data center operators (NVIDIA-grade cooling), institutional (hospitals, schools, government), industrial process cooling. Geographic mix: North America (~50%), Europe (~30%, post-Viessmann), Asia-Pacific (~15%), Other (~5%).
Competitive Position
Top 3 global HVAC manufacturer with Trane Technologies, Daikin, Mitsubishi Electric, Lennox, Johnson Controls. Carrier differentiates via: pure-play climate focus post-divestiture, Viessmann European heat pump leadership, expanding data center cooling portfolio, intelligent building automation integration. Data center cooling is the high-growth differentiator vs Trane (more focused on traditional HVAC).
Key Facts
- Founded: 1915 (Willis Carrier invented modern air conditioning); spun off from UTC April 2020
- Headquarters: Palm Beach Gardens, FL
- Employees: ~52,000 (post-divestitures)
- Exchange: NYSE (CARR)
- Sector / Industry: Industrials / Building Products (Climate)
- Market Cap: ~$55B
- CEO: David Gitlin (since spin 2020)
Financial Snapshot
ticker: CARR step: 04 generated: 2026-05-12 source: quick-research
Carrier Global Corporation (CARR) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY (25) |
|---|---|---|---|---|---|
| Revenue | $20.4B | $22.1B | $22.5B | $21.7B | -3.6% |
| Organic Growth | – | +5% | +3% | LSD | |
| Adj Operating Margin | 14.5% | 15.0% | 16.0% | 16.5% | +50bps |
| Operating Profit | $2.0B | $2.1B | $2.2B | $2.2B | flat |
| Adjusted EPS | $2.50 | $2.69 | $2.84 | $3.05 | +7% |
| Data Center Revenue | – | – | ~$600M | ~$1B | +67% |
FY25 was a "reset year" — residential headwinds in North America offset by data center surge. FY25 Q2 adj op margin +130bps; commercial HVAC +45% organic; data center orders +400% in Q4.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$2.9B |
| Free Cash Flow | ~$2.5B |
| FCF Conversion | ~95% |
| Cash & Equivalents | ~$3.5B (post divestitures) |
| Total Debt | ~$12B (post-Viessmann) |
| Net Debt/EBITDA | ~2.5x |
Key Ratios (approximate)
- P/E: ~20x | EV/EBITDA: ~14x | FCF Yield: ~4.5%
- Revenue Growth (TTM): -3.6% reported / LSD organic | Op Margin: ~16.5%
- Dividend Yield: ~1.4% | Dividend: $0.95/share
- Aggressive buybacks: $10B+ post-divestitures
Growth Profile
Long-term model: mid-single-digit organic growth + 100bps annual margin expansion + double-digit adj EPS growth. Data center cooling super-cycle: $1B (2025) → $1.5B (2026) → multi-year compounding. Viessmann synergies $150M cost savings + revenue cross-sell. Residential housing recovery in 2026-27 = additional tailwind.
Forward Estimates
- FY 2026: Revenue $22-23B; adj EPS $3.50-3.70; data center revenue $1.5B
- FY 2027: Adj EPS $4.00-4.30; full data center scaling + residential recovery
- Bull case: 4.3% revenue CAGR (conservative) — data center adds 50%/yr alone
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $CARR.