# Carrier Global Corporation (CARR) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/CARR/thesis · /stocks/CARR/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/CARR/fundamental

## Navigation

- Overview: /stocks/CARR
- Financials (this page): /stocks/CARR/financials
- Thesis: /stocks/CARR/thesis
- Investment Memo: /stocks/CARR/memo
- Coverage universe: /stocks