Carrier Global Corporation
CARRFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$5.3B
Q1 2026 · +2.4% YoY
TTM ROIC
8.2%
FY2025 · NOPAT (adjusted for acquired intangibles amortization) / Invested Capital (including goodwill); NOPAT ~$2,519M / Invested Capital ~$30,635M · WACC ~9% · Moat spread +-0.8pp
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.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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