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Carrier Global Corporation provides intelligent climate and energy solutions in the United States, Europe, the Asia Pacific, and internationally. It operates through four segments: Climate Solutions Americas; Climate Solutions Europe; Climate Solutions Asia Pacific, Middle East & Africa; and Climate Solutions Transportation. The company provides air conditioners, heating systems, heat pumps, home and building energy management systems, automation systems, aftermarket components, and repair and maintenance and rental services, as well as modernization and upgrades to meet the heating, cooling, and ventilation needs of residential and commercial customers. It also offers transport refrigeration and monitoring products, services, and digital solutions for trucks, trailers, shipping containers, and intermodal and rail applications. The company offers its products under the Carrier, Viessmann, Toshiba, Automated Logic, Bryant, CIAT, Day & Night, Heil, NORESCO, Carrier Transicold, and Sensitech brands. The company was incorporated in 2019 and is headquartered in Palm Beach Gardens, Florida.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $21.7B | $3.5B | $1.5B | $2.1B | 10.8% | -3.3% | -73.5% |
| 2024 | $22.5B | $4.1B | $5.6B | $44M | 39.8% | 18.7% | 315.4% |
| 2023 | $19.0B | $2.8B | $1.3B | $2.2B | 15.5% | 9.6% | -61.8% |
| 2022 | $17.3B | $2.2B | $3.5B | $1.4B | 45.6% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 17,288 | 18,951 | 22,486 | 21,747 |
| Cost Of Revenue | - | 12,991 | 13,789 | 16,505 | 16,123 |
| Gross Profit | - | 4,297 | 5,162 | 5,981 | 5,624 |
| Operating Expense | - | 2,393 | 3,100 | 3,883 | 3,717 |
| Operating Income | - | 1,904 | 2,062 | 2,098 | 1,907 |
| EBITDA | - | 2,232 | 2,796 | 4,086 | 3,530 |
| EBIT | - | 1,904 | 2,305 | 2,854 | 2,256 |
| Pretax Income | - | 3,823 | 1,999 | 2,274 | 1,798 |
| Tax Provision | - | 616 | 521 | 1,062 | 240 |
| Net Income | - | 3,534 | 1,349 | 5,604 | 1,484 |
| Net Income Common Stockholders | - | 3,534 | 1,349 | 5,604 | 1,484 |
| Total Expenses | - | 15,384 | 16,889 | 20,388 | 19,840 |
| Interest Expense | - | 302 | 306 | 580 | 458 |
| Interest Income | - | 83 | 146 | 209 | 94 |
| Research And Development | - | 416 | 493 | 686 | 625 |
| Selling General And Administration | - | 1,977 | 2,607 | 3,197 | 3,092 |
| Normalized EBITDA | - | 422 | 2,900 | 3,808 | 3,517 |
| Normalized Income | - | 1,638.41 | 1,463.86 | 888.38 | 1,443.74 |
| Market Cap | 50,936.37 | 50,936.37 | 50,936.37 | 50,936.37 | 50,936.37 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Carrier Global Corporationthis co. | CARR | $52.0B | 34.32 | 3.69 | 10.8% | 17.46 |
| L3Harris Technologies, Inc. | LHX | $59.5B | 36.93 | 3.02 | 8.2% | 18.48 |
| W.W. Grainger, Inc. | GWW | $55.2B | 31.85 | 14.54 | 45.7% | 20.47 |
| AMETEK, Inc. | AME | $53.7B | 36.05 | 5.02 | 13.9% | 24.00 |
| Fastenal Company | FAST | $51.1B |
| - |
| - |
| - |
| - |
| - |
| - |
| 40.77 |
| 13.01 |
| 31.9% |
| 27.97 |
| Old Dominion Freight Line, Inc. | ODFL | $46.3B | 44.79 | 10.64 | 23.7% | 26.51 |
| Westinghouse Air Brake Technologies Corporation | WAB | $45.7B | 38.73 | 4.07 | 10.5% | 22.03 |
| Rockwell Automation, Inc. | ROK | $45.1B | 51.91 | 12.34 | 23.8% | 34.54 |
| Delta Air Lines, Inc. | DAL | $44.4B | 8.99 | 2.16 | 24.0% | 6.55 |
| Peer Median | - | 37.83 | 7.83 | 23.8% | 23.01 | |