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Carrier Global Corporation
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Latest analysis
Updated Jul 28, 2026
Carrier raises FY2026 guidance on data center surge; orders up 300% YoY amid record backlog.
Carrier Global raised full-year 2026 sales guidance to ~$23B and adjusted EPS to ~$2.90 following stronger-than-expected Q2 performance driven by explosive data center order growth (>300% YoY). Despite organic sales growth of 3% and record backlog levels, adjusted operating margins compressed 190 basis points to 17.2% due to input cost inflation and unfavorable mix offsetting pricing gains and productivity. The company is navigating simultaneous headwinds from the announced NORESCO exit and Riello divestiture (completed July 1), which create ~$250M combined revenue drag, yet management signaled confidence in the underlying residential and light commercial market recovery across climate solutions segments.
Tone: bullishRevenue
$21.7B
CARR 10-K · FY 2025
Employees
47,000
Revenue growth YoY
-3%
Founded
2019
Profile
CARR 10-K Item 1 · Feb 5, 2026Carrier Global Corporation is a global leader in intelligent climate and energy solutions, offering heating, cooling, and cold chain products and services under brands including Carrier, Viessmann, Toshiba, and Carrier Transicold. The company serves residential, commercial, industrial, and transportation end-markets across more than 52 countries. Following a major portfolio transformation completed in 2024, Carrier operates as a pure-play climate and energy solutions provider organized into four regional and transportation segments.
Read filing description ↓ Collapse description ↑
Carrier Global Corporation is a global leader in intelligent climate and energy solutions, focused on providing differentiated, digitally enabled lifecycle solutions to our customers. Our portfolio includes industry-leading brands such as Carrier, Viessmann, Toshiba, Automated Logic and Carrier Transicold, among others, that offer innovative heating, cooling and cold chain solutions to enhance the lives we live and the world we share. We also provide a broad array of related building services, including audit, design, installation, system integration, repair, maintenance and monitoring. Through our performance-driven culture, we anticipate creating long-term shareowner value by investing strategically to strengthen our product position in homes, buildings and across the cold chain to drive profitable growth. We believe our business segments are well positioned to benefit from favorable secular trends, including the mega-trends of urbanization, population growth and demographic shifts, food security and safety, electrification, increasing demand for climate control and accelerated digitalization. Carrier Energy, our business offering new energy management solutions, is developing intelligent climate and energy solutions to meet future energy needs by optimizing home energy management, providing grid flexibility and unlocking energy capacity to support economic growth. For the year ended December 31, 2025, our net sales were $21.7 billion and our operating profit was $2.2 billion. Our international operations, including U.S. export sales, represented approximately 52% of our net sales for 2025. During the same period, new equipment comprised 72% and parts and service comprised 28% of our net sales.
Primary products
- air conditioners
- heat pumps
- heating systems
- home and building energy management systems
- aftermarket components
- repair and maintenance services
Business segments
End markets
Geographies
Named customers
We believe that the loss of any individual contract or customer would not have a material adverse effect on our results.
Named competitors
“While our competitive position varies among our products and services, we are a significant competitor with respect to each of our major product and service offerings.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net sales declined 3% year-over-year in 2025, driven by a 1% organic decrease primarily from lower volumes in Climate Solutions Americas and weaker end-market demand in Europe and Asia Pacific, partially offset by improved performance in Climate Solutions Transportation, with the remainder of the decline attributable to net divestitures.
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