NYSE · Financial Statements

Carrier Global Corporation (CARR) Financial Statements

$56.24 NYSE: CARR Market Cap $46.36B

Carrier Global Corporation most recently reported annual revenue of $21.7B, net profit of $1.5B. Revenue grew at an average annual rate of 4.5% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Carrier Global Corporation: Revenue rose from $17.8B in 2017 to $21.7B in 2025, a change of +22.1% over 8 years; net profit was positive in all 9 reported years; operating margin moved from 17.0% to 8.8%, a shift of -8.2 percentage points; the most recent year shows net profit of $1.5B.

Income Statement — 9 Years (USD millions)

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	$17.8B	$18.9B	$18.6B	$17.5B	$20.6B	$17.3B	$19.0B	$22.5B	$21.7B
Operating Expenses	$14.8B	$15.3B	$16.1B	$14.4B	$18.0B	$15.4B	$16.9B	$20.4B	$19.8B
Operating Profit	$3.0B	$3.6B	$2.5B	$3.1B	$2.6B	$1.9B	$2.1B	$2.1B	$1.9B
Operating Margin	17.0%	19.2%	13.4%	17.7%	12.8%	11.0%	10.9%	9.3%	8.8%
Other Income	$24.0M	$205.0M	$181.0M	$-228.0M	$-245.0M	$1.9B	$-63.0M	$176.0M	$-109.0M
Interest	$219.0M	$84.0M	$75.0M	$298.0M	$319.0M	$302.0M	$306.0M	$580.0M	$345.0M
Depreciation	$372.0M	$357.0M	$335.0M	$336.0M	$338.0M	$328.0M	$491.0M	$1.2B	$1.3B
Profit Before Tax	$3.1B	$3.8B	$2.7B	$2.9B	$2.4B	$3.8B	$2.0B	$2.3B	$1.8B
Tax	$58.5M	$27.9M	$19.4M	$29.7M	$29.1M	$16.1M	$26.1M	$46.7M	$13.3M
Net Profit	$1.2B	$2.7B	$2.1B	$2.0B	$1.7B	$3.5B	$1.3B	$5.6B	$1.5B
EPS	$0.00	$3.16	$2.44	$2.25	$1.87	$4.10	$1.63	$6.15	$1.70
Dividend Payout	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

Metric	Sep '23	Dec '23	Mar '24	Jun '24	Sep '24	Dec '24	Mar '25	Jun '25	Sep '25	Dec '25	Mar '26	Jun '26
Revenue	$4.9B	$5.1B	$5.4B	$5.9B	$6.0B	$5.1B	$5.2B	$6.1B	$5.6B	$4.8B	$5.3B	$6.4B
Operating Expenses	$4.4B	$4.5B	$5.0B	$5.2B	$5.2B	$4.8B	$4.7B	$5.3B	$5.1B	$4.8B	$5.1B	$5.6B
Operating Profit	$510.0M	$607.0M	$385.0M	$724.0M	$763.0M	$379.0M	$563.0M	$795.0M	$495.0M	$54.0M	$240.0M	$770.0M
Operating Margin	10.3%	11.9%	7.1%	12.2%	12.8%	7.4%	10.8%	13.0%	8.9%	1.1%	4.5%	12.1%
Interest	$73.0M	$97.0M	$156.0M	$175.0M	$131.0M	$118.0M	$112.0M	$115.0M	$116.0M	$2.0M	$111.0M	$105.0M
Profit Before Tax	$471.0M	$559.0M	$244.0M	$567.0M	$770.0M	$693.0M	$548.0M	$812.0M	$433.0M	$5.0M	$170.0M	$721.0M
Tax	$37.6M	$21.5M	$19.3M	$21.2M	$22.3M	$104.3M	$20.3M	$19.9M	$-230,000	$-640.0M	$-56.5M	$25.0M
Net Profit	$357.0M	$420.0M	$269.0M	$2.3B	$447.0M	$2.6B	$412.0M	$591.0M	$428.0M	$53.0M	$238.0M	$501.0M
EPS	$0.42	$0.49	$0.29	$2.55	$0.49	$2.82	$0.47	$0.70	$0.50	$0.06	$0.28	$0.60

Over the 9 years reported for Carrier Global Corporation, borrowings increased from $158.0M in 2017 to $12.7B in 2025, cash stood at $1.6B in the latest year, shareholders' equity was $10.0M, current assets covered current liabilities 1.20 times.

Balance Sheet — 9 Years (USD millions)

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Total Assets	$22.0B	$21.7B	$22.4B	$25.1B	$26.2B	$26.1B	$32.8B	$37.4B	$37.2B
Current Assets	$6.0B	$6.1B	$6.0B	$8.5B	$11.4B	$9.9B	$19.6B	$9.9B	$8.5B
Cash	$1.3B	$1.1B	$952.0M	$3.1B	$3.0B	$3.5B	$9.9B	$4.0B	$1.6B
Inventory	$1.5B	$1.4B	$1.3B	$1.6B	$2.0B	$2.6B	$1.8B	$2.3B	$2.5B
Receivables	$2.7B	$3.2B	$3.3B	$3.4B	$2.9B	$3.4B	$2.1B	$2.7B	$2.6B
Fixed Assets	$1.7B	$1.7B	$2.5B	$2.6B	$2.5B	$2.9B	$2.6B	$3.6B	$3.7B
Capital Work in Progress	$0	$0	$0	$0	$0	$0	$0	$0	$0
Investments	$1.7B	$1.8B	$1.7B	$1.5B	$1.6B	$1.1B	$1.1B	$1.2B	$1.3B
Other Assets	$10.1B	$9.8B	$9.9B	$10.1B	$9.3B	$10.0B	$7.5B	$14.6B	$15.5B
Total Liabilities	$7.2B	$7.5B	$8.0B	$18.5B	$19.1B	$18.0B	$23.8B	$23.0B	$23.1B
Current Liabilities	$4.3B	$4.5B	$4.5B	$5.1B	$6.6B	$6.0B	$7.0B	$7.9B	$7.1B
Borrowings	$158.0M	$287.0M	$682.0M	$11.0B	$10.2B	$9.4B	$14.6B	$12.7B	$12.7B
Other Liabilities	$7.0B	$7.2B	$7.3B	$7.5B	$8.9B	$8.6B	$9.2B	$10.3B	$10.4B
Equity	$15.0B	$15.1B	$15.4B	$9.0M	$9.0M	$9.0M	$9.0M	$9.0M	$10.0M
Reserves	$14.4B	$13.9B	$14.1B	$6.3B	$6.8B	$7.8B	$8.7B	$14.1B	$13.8B

For Carrier Global Corporation, operating cash flow was positive in 9 of 9 reported years; free cash flow in the latest year was $1.7B; free cash flow was positive in 9 of 9 years; financing activities used $3.0B in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 9 Years (USD millions)

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating Cash Flow	$2.1B	$2.1B	$2.1B	$1.7B	$2.2B	$1.7B	$2.6B	$563.0M	$2.1B
Investing Cash Flow	$-55.0M	$152.0M	$-502.0M	$794.0M	$-1.0B	$1.4B	$-1.1B	$-2.5B	$-735.0M
Financing Cash Flow	$-2.2B	$-2.7B	$-2.0B	$-10.4B	$-594.0M	$-1.4B	$-261.0M	$-2.1B	$-3.0B
Net Cash Flow	$0	$1.1B	$-177.0M	$2.2B	$-89.0M	$501.0M	$6.3B	$-5.9B	$-2.4B
Free Cash Flow	$1.8B	$1.8B	$1.8B	$1.4B	$1.9B	$1.4B	$2.2B	$44.0M	$1.7B

Valuation & Return Ratios

Metric	Value
PEG Ratio	-0.56
EV / EBITDA	20.76
FCF Yield	4.14%
Quick Ratio	0.72
Interest Coverage	4.67
Return 1Y	-0.03%
Return 3Y	21.66%
Return 5Y	9.70%

Carrier Global Corporation (CARR) financials — frequently asked questions

What is Carrier Global Corporation's annual revenue?

Carrier Global Corporation (CARR) reported annual revenue of $21.7B in its most recent fiscal year.

What is Carrier Global Corporation's net profit?

Carrier Global Corporation (CARR) reported net profit of $1.5B in its most recent fiscal year.

What is CARR EV/EBITDA?

Carrier Global Corporation's enterprise value to EBITDA (EV/EBITDA) ratio is 20.76.

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