Company Overview

Carrier Global Corporation is a leading provider of intelligent climate and energy solutions, operating globally across the United States, Europe, the Asia Pacific, and other international markets. Headquartered in Palm Beach Gardens, Florida, the company has established itself as a significant force in the HVAC and refrigeration industry since its spin-off from United Technologies in April 2020.

Business Segments and Operations

Carrier primarily operates through two core segments: Heating, Ventilating, and Air Conditioning (HVAC) and Refrigeration. The HVAC segment is the larger contributor to revenue, representing approximately 85% of the company's consolidated earnings. The Refrigeration segment accounts for the remaining 15%.

HVAC Segment

This segment is dedicated to providing a comprehensive range of products, controls, services, and solutions designed to meet the heating, cooling, and ventilation requirements of both residential and commercial customers. Offerings include air conditioners, heating systems, heat pumps, advanced building automation systems, aftermarket components, as well as repair, maintenance services, and rentals, alongside modernization and upgrade solutions.

Refrigeration Segment

Carrier's Refrigeration segment encompasses its transportation refrigeration solutions and Sensitech supply chain monitoring products and services. This segment delivers transport refrigeration and monitoring products, services, and digital solutions tailored for applications involving trucks, trailers, shipping containers, and intermodal and rail transportation.

Financial Performance and Market Position

Carrier Global Corporation's financial performance reflects its strategic positioning and market leadership. As of September 24, 2025, the company holds a market capitalization of $51.85 billion.

2024 Annual Results

For the full year 2024, Carrier Global reported revenue of $22.49 billion, marking an 18.65% increase from the previous year's $18.95 billion. This growth included organic sales increases of 3% and a significant impact of 16% from acquisitions and divestitures.

Key 2024 financial metrics included:

• GAAP net earnings from continuing operations: $1.1 billion

• Adjusted net earnings from continuing operations: $2.3 billion

• GAAP EPS from continuing operations: $1.22

• Adjusted EPS from continuing operations: $2.56

Q2 2025 Results (Most Recent)

Carrier's second quarter (Q2) of 2025 saw sales increase by 3% year-over-year to $6.1 billion. This was driven by 6% organic sales growth, partially offset by a 4% headwind from net acquisitions and divestitures, notably the sale of Commercial Refrigeration in Q4 2024.

Key Q2 2025 financial metrics included:

• GAAP EPS from continuing operations: $0.70

• Adjusted EPS from continuing operations: $0.92

This performance was bolstered by higher operating profit, reduced net interest expense, and the benefits of a lower share count. Organic sales growth was significantly driven by strong results in the Climate Solutions Americas segment, with Commercial sales up 45% and total company aftermarket sales up 13%. Adjusted operating margins expanded by 130 basis points due to strong organic growth and productivity, leading to over 25% adjusted EPS growth.

Q1 2025 Results

In the first quarter (Q1) of 2025, Carrier's sales were $5.2 billion, down 4% compared to the prior year. Organic sales grew by 2%, but this was offset by a 5% headwind from net acquisitions and divestitures, primarily due to the sale of Commercial Refrigeration in Q4 2024.

Key Q1 2025 financial metrics included:

• GAAP EPS from continuing operations: $0.47

• Adjusted EPS from continuing operations: $0.65

These results benefited from higher operating profit, lower net interest expense, and the positive impact of a reduced share count.

Market Position and Brand Portfolio

Carrier Global Corporation boasts significant franchise value, supported by a portfolio of leading brands across its product offerings. The flagship Carrier brand, in particular, demonstrates considerable pricing power. The company's extensive product range is marketed under well-recognized names such as:

- Carrier

- Viessmann

- Toshiba

- Automated Logic

- Bryant

- CIAT

- Day & Night

- Heil

- NORESCO

- Riello

- Carrier Transicold

- Sensitech

Strategic Transformation and Acquisitions

Since its spin-off, Carrier has undergone substantial strategic transformation. In the initial years, the company's management prioritized strengthening its balance sheet and reinvesting in organic growth. A pivotal moment was the successful acquisition and integration of Viessmann Climate Solutions in 2024, which has equipped Carrier with a highly comprehensive and differentiated global portfolio within the industry.

Employee Base and Governance

Carrier Global Corporation employs approximately 48,000 full-time professionals across its global operations. As of September 1, 2025, the company's ISS Governance QualityScore was 8, with pillar scores as follows: Audit: 8; Board: 5; Shareholder Rights: 2; Compensation: 10.

Market Valuation and Trading Information

As of September 24, 2025, Carrier Global Corporation has a market capitalization of $51.85 billion. The CARR stock reached its all-time high of $83.32 USD on October 15, 2024, and its all-time low of $11.50 USD was recorded on March 23, 2020. CARR dividends are distributed on a quarterly basis.

Future Outlook

The Company projects accelerated organic growth in 2025, driven by strong secular tailwinds, ongoing innovation, and robust double-digit aftermarket growth. Carrier Global anticipates mid-single digit organic growth and reported sales in the range of $22.5 billion to $23.0 billion for 2025. The company's next earnings report is scheduled for October 23, 2025.

Carrier Global continues to strategically position itself within the expanding climate solutions market. The company is transforming how the world manages climate and energy, emphasizing innovation, advancing sustainability, and improving lives. This vision guides the development of cutting-edge solutions aimed at making buildings healthier, homes more comfortable, and supply chains more resilient.