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Carrier Global

CARR Clue Score42
United States Fiscal year ends December CIK 0001783180
$55.56 -0.48% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $55.56 +8.41% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 19 Mar 2020. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2018Revenue18.91Operating income3.64Net income2.77EPS, diluted3.16Fiscal year 2019Revenue18.61 −1.6%Operating income2.49Net income2.16 −22.2%EPS, diluted2.44 −22.8%Fiscal year 2020Revenue17.46 −6.2%Operating income3.08Net income2.01 −6.9%EPS, diluted2.25 −7.8%Fiscal year 2021Revenue20.61 +18.1%Operating income2.65Net income1.70 −15.2%EPS, diluted1.87 −16.9%Fiscal year 2022Revenue17.29 −16.1%Operating income3.98Net income3.53 +107.8%EPS, diluted4.10 +119.3%Fiscal year 2023Revenue18.95 +9.6%Operating income2.16Net income1.35 −61.8%EPS, diluted1.58 −61.5%Fiscal year 2024Revenue22.49 +18.7%Operating income2.65Net income5.60 +315.4%EPS, diluted6.15 +289.2%Fiscal year 2025Revenue21.75 −3.3%Operating income2.17Net income1.48 −73.5%EPS, diluted1.72 −72.0%
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 18.91 18.61 17.46 20.61 17.29 18.95 22.49 21.75
Growth −1.6% −6.2% +18.1% −16.1% +9.6% +18.7% −3.3%
Operating income 3.64 2.49 3.08 2.65 3.98 2.16 2.65 2.17
Net income 2.77 2.16 2.01 1.70 3.53 1.35 5.60 1.48
Growth −22.2% −6.9% −15.2% +107.8% −61.8% +315.4% −73.5%
EPS, diluted 3.16 2.44 2.25 1.87 4.10 1.58 6.15 1.72
Growth −22.8% −7.8% −16.9% +119.3% −61.5% +289.2% −72.0%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2018Operating margin19.2%Net margin14.6%Free cash flow margin9.5%Fiscal year 2019Operating margin13.4%Net margin11.6%Free cash flow margin9.8%Fiscal year 2020Operating margin17.7%Net margin11.5%Free cash flow margin7.9%Fiscal year 2021Operating margin12.8%Net margin8.3%Free cash flow margin9.2%Fiscal year 2022Operating margin23.0%Net margin20.4%Free cash flow margin8.2%Fiscal year 2023Operating margin11.4%Net margin7.1%Free cash flow margin11.4%Fiscal year 2024Operating margin11.8%Net margin24.9%Free cash flow margin0.2%Fiscal year 2025Operating margin10.0%Net margin6.8%Free cash flow margin9.8%
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 19.2% 13.4% 17.7% 12.8% 23.0% 11.4% 11.8% 10.0%
Net margin 14.6% 11.6% 11.5% 8.3% 20.4% 7.1% 24.9% 6.8%
Free cash flow margin 9.5% 9.8% 7.9% 9.2% 8.2% 11.4% 0.2% 9.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2018Operating cash flow2.06Capital expenditure−0.26Free cash flow1.79Dividends paid0.00Fiscal year 2019Operating cash flow2.06Capital expenditure−0.24Free cash flow1.82 +1.6%Buybacks0.00Dividends paid0.00Fiscal year 2020Operating cash flow1.69Capital expenditure−0.31Free cash flow1.38 −24.2%Buybacks0.00Dividends paid−0.14Fiscal year 2021Operating cash flow2.24Capital expenditure−0.34Free cash flow1.89 +37.2%Buybacks−0.53Dividends paid−0.42Fiscal year 2022Operating cash flow1.74Capital expenditure−0.32Free cash flow1.43 −24.7%Buybacks−1.38Dividends paid−0.51Fiscal year 2023Operating cash flow2.61Capital expenditure−0.44Free cash flow2.17 +52.0%Buybacks−0.06Dividends paid−0.62Fiscal year 2024Operating cash flow0.56Capital expenditure−0.52Free cash flow0.04 −98.0%Buybacks−1.94Dividends paid−0.67Fiscal year 2025Operating cash flow2.51Capital expenditure−0.39Free cash flow2.12 +4,720.5%Buybacks−2.89Dividends paid−0.77
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 2.06 2.06 1.69 2.24 1.74 2.61 0.56 2.51
Capital expenditure −0.26 −0.24 −0.31 −0.34 −0.32 −0.44 −0.52 −0.39
Free cash flow 1.79 1.82 1.38 1.89 1.43 2.17 0.04 2.12
Growth +1.6% −24.2% +37.2% −24.7% +52.0% −98.0% +4,720.5%
Buybacks n/a 0.00 0.00 −0.53 −1.38 −0.06 −1.94 −2.89
Dividends paid 0.00 0.00 −0.14 −0.42 −0.51 −0.62 −0.67 −0.77

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2018Cash1.13Shareholders’ equity14.27Fiscal year 2019Cash0.95Total debt0.32Net cash (debt)0.63Shareholders’ equity14.10Debt to equity0.02Fiscal year 2020Cash3.12Total debt10.23Net cash (debt)−7.11Shareholders’ equity6.58Debt to equity1.55Fiscal year 2021Cash2.99Total debt9.70Net cash (debt)−6.71Shareholders’ equity7.09Debt to equity1.37Fiscal year 2022Cash3.30Total debt8.84Net cash (debt)−5.54Shareholders’ equity8.08Debt to equity1.09Fiscal year 2023Cash9.85Total debt14.29Net cash (debt)−4.44Shareholders’ equity9.01Debt to equity1.59Fiscal year 2024Cash3.97Total debt12.28Net cash (debt)−8.31Shareholders’ equity14.40Debt to equity0.85Fiscal year 2025Cash1.56Total debt11.47Net cash (debt)−9.92Shareholders’ equity14.13Debt to equity0.81
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 1.13 0.95 3.12 2.99 3.30 9.85 3.97 1.56
Total debt n/a 0.32 10.23 9.70 8.84 14.29 12.28 11.47
Net cash (debt) n/a 0.63 −7.11 −6.71 −5.54 −4.44 −8.31 −9.92
Shareholders’ equity 14.27 14.10 6.58 7.09 8.08 9.01 14.40 14.13
Debt to equity n/a 0.02 1.55 1.37 1.09 1.59 0.85 0.81

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
18.91 18.61 17.46 20.61 17.29 18.95 22.49 21.75
Growth −1.6% −6.2% +18.1% −16.1% +9.6% +18.7% −3.3%
n/a n/a n/a n/a 12.99 13.79 16.51 n/a
0.40 0.40 0.42 0.50 0.42 0.49 0.69 0.63
2.69 2.76 2.82 3.12 1.98 2.61 3.20 3.09
3.64 2.49 3.08 2.65 3.98 2.16 2.65 2.17
Growth −31.5% +23.8% −14.2% +50.6% −45.8% +22.5% −17.9%
3.84 2.67 2.86 2.40 3.82 2.00 2.27 1.80
1.07 0.52 0.85 0.70 0.62 0.52 1.06 0.24
2.77 2.16 2.01 1.70 3.53 1.35 5.60 1.48
Growth −22.2% −6.9% −15.2% +107.8% −61.8% +315.4% −73.5%
Per share
3.16 2.44 2.29 1.92 4.19 1.61 6.24 1.74
3.16 2.44 2.25 1.87 4.10 1.58 6.15 1.72
Growth −22.8% −7.8% −16.9% +119.3% −61.5% +289.2% −72.0%
866.2 866.2 866.5 867.7 843.4 837.3 898.2 852.4
866.2 866.2 880.2 890.3 861.2 853.0 911.7 862.4
Growth +0.0% +1.6% +1.1% −3.3% −1.0% +6.9% −5.4%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 4.5% a year over five years, and earnings per share fell 5.2% a year.
  • The diluted share count fell 2.0% in five years, so buybacks did some of the work per share.
  • Operating margin is down 7.7 points on five years ago, at 10.0%.
  • Profitable in every one of the 8 years on file.