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The market expects Carrier Global (CARR - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on October 29. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis company is expected to post quarterly earnings of $0.81 per share in its upcoming report, which represents a year-over-year change of +20.9%.

Revenues are expected to be $6.08 billion, up 8.9% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.18% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Carrier Global?For Carrier Global, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -7.26%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Carrier Global will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Carrier Global would post earnings of $0.83 per share when it actually produced earnings of $0.86, delivering a surprise of +3.61%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Carrier Global doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

An Industry Player's Expected ResultsAmong the stocks in the Zacks Building Products - Air Conditioner and Heating industry, Lennox International (LII - Free Report) , is soon expected to post earnings of $7.18 per share for the quarter ended September 2026. This estimate indicates a year-over-year change of +2.9%. This quarter's revenue is expected to be $1.57 billion, up 10% from the year-ago quarter.

The consensus EPS estimate for Lennox has been revised 3.7% lower over the last 30 days to the current level. However, an equal Most Accurate Estimate has resulted in an Earnings ESP of 0.00%.

This Earnings ESP, combined with its Zacks Rank #4 (Sell), makes it difficult to conclusively predict that Lennox will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Frank Rimerman Advisors LLC increased its holdings in Carrier Global Corporation (NYSE:CARR – Free Report) by 150.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,423 shares of the company’s stock after purchasing an additional 9,262 shares during the period. Frank Rimerman Advisors LLC’s holdings in Carrier Global were worth $846,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in CARR. Dynamic Advisor Solutions LLC raised its stake in Carrier Global by 2.8% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 5,801 shares of the company’s stock worth $426,000 after purchasing an additional 158 shares in the last quarter. Texas Bank & Trust Co grew its position in shares of Carrier Global by 1.3% during the 1st quarter. Texas Bank & Trust Co now owns 13,176 shares of the company’s stock worth $742,000 after purchasing an additional 175 shares in the last quarter. Personal CFO Solutions LLC increased its holdings in shares of Carrier Global by 0.7% during the first quarter. Personal CFO Solutions LLC now owns 24,671 shares of the company’s stock worth $1,389,000 after purchasing an additional 181 shares during the period. PFG Investments LLC increased its holdings in shares of Carrier Global by 2.8% during the first quarter. PFG Investments LLC now owns 7,242 shares of the company’s stock worth $408,000 after purchasing an additional 198 shares during the period. Finally, HORAN Wealth LLC increased its holdings in shares of Carrier Global by 3.6% during the first quarter. HORAN Wealth LLC now owns 5,771 shares of the company’s stock worth $306,000 after purchasing an additional 200 shares during the period. 91.00% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth Several equities research analysts recently issued reports on the company. Zacks Research cut Carrier Global from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 1st. Wells Fargo & Company assumed coverage on Carrier Global in a research note on Thursday, September 24th. They set an “overweight” rating and a $67.00 price objective on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Carrier Global in a research note on Monday, July 20th. Deutsche Bank Aktiengesellschaft dropped their price objective on Carrier Global from $71.00 to $64.00 and set a “hold” rating for the company in a report on Wednesday, September 30th. Finally, The Goldman Sachs Group downgraded Carrier Global from a “buy” rating to a “neutral” rating and cut their target price for the company from $74.00 to $61.00 in a research report on Wednesday. Eleven analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $70.43.

View Our Latest Analysis on Carrier Global Carrier Global Trading Down 0.2% Shares of Carrier Global stock opened at $54.90 on Monday. The company has a quick ratio of 0.72, a current ratio of 1.02 and a debt-to-equity ratio of 0.77. Carrier Global Corporation has a 12-month low of $50.24 and a 12-month high of $76.76. The company has a market capitalization of $45.26 billion, a price-to-earnings ratio of 38.12, a PEG ratio of 1.88 and a beta of 1.29. The firm’s 50-day moving average price is $57.60 and its two-hundred day moving average price is $62.85.

Carrier Global (NYSE:CARR – Get Free Report) last issued its earnings results on Tuesday, July 28th. The company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.82 by $0.04. Carrier Global had a net margin of 5.52% and a return on equity of 14.68%. The company had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.02 billion. During the same period in the previous year, the company earned $0.92 EPS. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. Carrier Global has set its FY 2026 guidance at 2.900-2.900 EPS. On average, analysts forecast that Carrier Global Corporation will post 2.87 earnings per share for the current fiscal year.

Carrier Global Announces Dividend The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 18th. Shareholders of record on Thursday, October 29th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.7%. The ex-dividend date is Thursday, October 29th. Carrier Global’s payout ratio is currently 66.67%.

Carrier Global Profile (Free Report)

Carrier Global Corporation (NYSE:CARR) is a global provider of intelligent climate and energy solutions. The company develops and manufactures heating, ventilation and air-conditioning (HVAC) systems, refrigeration equipment, building automation technologies and related controls and services for residential, commercial and industrial customers.

Its offerings include air conditioners, heat pumps, furnaces, boilers, chillers, ventilation systems, refrigeration systems and building management solutions.

Read More Five stocks we like better than Carrier Global These 3 Green Stocks Have a Growth Story That Goes Far Beyond Washington Meta Claims Frontier-Class AI Status With New Muse Wonder Models Berkshire Just Backed This Little-Known Stock—Should You Chase It? Broadcom’s CEO Sees Years of AI Demand But Warns of a Bigger Threat to the Boom Want to see what other hedge funds are holding CARR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Carrier Global Corporation (NYSE:CARR – Free Report).

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Shares of Carrier Global Corporation (NYSE:CARR – Get Free Report) have been given an average rating of “Moderate Buy” by the twenty-one brokerages that are currently covering the company, Marketbeat reports. Ten research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $70.71.

CARR has been the topic of a number of recent analyst reports. Wolfe Research reiterated an “outperform” rating and set a $80.00 price target on shares of Carrier Global in a research note on Thursday, July 9th. JPMorgan Chase & Co. began coverage on shares of Carrier Global in a report on Friday, October 9th. They set a “neutral” rating and a $61.00 price target for the company. Weiss Ratings restated a “hold (c)” rating on shares of Carrier Global in a research report on Monday, July 20th. Zacks Research downgraded shares of Carrier Global from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 1st. Finally, The Goldman Sachs Group lowered Carrier Global from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $74.00 to $61.00 in a report on Wednesday.

Check Out Our Latest Report on Carrier Global

Institutional Trading of Carrier Global Several hedge funds have recently modified their holdings of the business. Mather Group LLC. increased its holdings in Carrier Global by 27.5% in the 3rd quarter. Mather Group LLC. now owns 13,360 shares of the company’s stock valued at $733,000 after purchasing an additional 2,883 shares in the last quarter. Adirondack Trust Co. raised its position in Carrier Global by 59.9% in the third quarter. Adirondack Trust Co. now owns 4,658 shares of the company’s stock valued at $256,000 after purchasing an additional 1,745 shares during the period. First Citizens Bank & Trust Co. raised its position in Carrier Global by 528.5% in the third quarter. First Citizens Bank & Trust Co. now owns 40,866 shares of the company’s stock valued at $2,242,000 after purchasing an additional 34,364 shares during the period. MFA Wealth Services lifted its stake in shares of Carrier Global by 4.6% during the third quarter. MFA Wealth Services now owns 5,450 shares of the company’s stock worth $299,000 after purchasing an additional 242 shares in the last quarter. Finally, ProCore Advisors LLC lifted its stake in shares of Carrier Global by 13.5% during the third quarter. ProCore Advisors LLC now owns 3,903 shares of the company’s stock worth $214,000 after purchasing an additional 465 shares in the last quarter. 91.00% of the stock is owned by institutional investors and hedge funds. Carrier Global Stock Performance Shares of CARR opened at $54.21 on Thursday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.72 and a current ratio of 1.02. The stock has a market capitalization of $44.68 billion, a P/E ratio of 37.64, a P/E/G ratio of 1.88 and a beta of 1.29. The company’s fifty day moving average is $57.96 and its two-hundred day moving average is $62.84. Carrier Global has a 1 year low of $50.24 and a 1 year high of $76.76.

Carrier Global (NYSE:CARR – Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.04. Carrier Global had a net margin of 5.52% and a return on equity of 14.68%. The company had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.02 billion. During the same quarter in the prior year, the firm earned $0.92 EPS. Carrier Global’s quarterly revenue was up 3.9% on a year-over-year basis. Carrier Global has set its FY 2026 guidance at 2.900-2.900 EPS. On average, sell-side analysts predict that Carrier Global will post 2.87 earnings per share for the current year.

Carrier Global Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 18th. Stockholders of record on Thursday, October 29th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Thursday, October 29th. Carrier Global’s dividend payout ratio is 66.67%.

Carrier Global Company Profile (Get Free Report)

Carrier Global Corporation (NYSE:CARR) is a global provider of intelligent climate and energy solutions. The company develops and manufactures heating, ventilation and air-conditioning (HVAC) systems, heat pumps, building controls, and related equipment for residential, commercial and industrial customers. Its offerings are designed to support temperature control, indoor air quality, energy efficiency and building performance.

Carrier also provides refrigeration products and services for food retail, transportation and other applications.

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, /PRNewswire/ -- Carrier Global Corporation (NYSE: CARR), global leader in intelligent climate and energy solutions, will release its third quarter 2026 earnings on Thursday, Oct. 29, 2026, and host a conference call and webcast at 7:30 a.m. ET.

We encourage you to join through our webcast link. A corresponding presentation and news release will be available on ir.carrier.com prior to the call and a recording will be available on the website later in the day. If you are unable to join via the webcast, please contact Carrier Investor Relations at [email protected] for alternative dial-in information.

About Carrier
Carrier Global Corporation, global leader in intelligent climate and energy solutions, is committed to creating innovations that bring comfort, safety and sustainability to life. Through cutting-edge advancements in climate solutions such as temperature control, air quality and transportation, we improve lives, empower critical industries and ensure the safe transport of food, life-saving medicines and more. Since inventing modern air conditioning in 1902, we lead with purpose: enhancing the lives we live and the world we share. We continue to lead because of our world-class, inclusive workforce that puts the customer at the center of everything we do. For more information, visit carrier.com or follow Carrier on social media at @Carrier.

Carrier. For the World We Share.

CARR-IR

Contact:

Media Inquiries

Kristina Pantelides

561-236-4241

[email protected]

Investor Relations

Michael Rednor

561-365-2020

[email protected]

SOURCE Carrier Global Corporation

For those looking to find strong Construction stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Carrier Global (CARR - Free Report) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Construction peers, we might be able to answer that question.

Carrier Global is a member of our Construction group, which includes 92 different companies and currently sits at #15 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.

The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. Carrier Global is currently sporting a Zacks Rank of #2 (Buy).

The Zacks Consensus Estimate for CARR's full-year earnings has moved 3.1% higher within the past quarter. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.

Based on the most recent data, CARR has returned 4.8% so far this year. Meanwhile, the Construction sector has returned an average of -1% on a year-to-date basis. This means that Carrier Global is outperforming the sector as a whole this year.

Emcor Group (EME - Free Report) is another Construction stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 24.6%.

The consensus estimate for Emcor Group's current year EPS has increased 12.3% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).

Looking more specifically, Carrier Global belongs to the Building Products - Air Conditioner and Heating industry, a group that includes 9 individual stocks and currently sits at #41 in the Zacks Industry Rank. This group has gained an average of 16.1% so far this year, so CARR is slightly underperforming its industry in this area.

Emcor Group, however, belongs to the Building Products - Heavy Construction industry. Currently, this 9-stock industry is ranked #50. The industry has moved +2.9% so far this year.

Investors with an interest in Construction stocks should continue to track Carrier Global and Emcor Group. These stocks will be looking to continue their solid performance.

Investors interested in Construction stocks should always be looking to find the best-performing companies in the group. Is Carrier Global (CARR - Free Report) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.

Carrier Global is one of 92 companies in the Construction group. The Construction group currently sits at #9 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.

The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. Carrier Global is currently sporting a Zacks Rank of #2 (Buy).

Within the past quarter, the Zacks Consensus Estimate for CARR's full-year earnings has moved 3.2% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.

Based on the latest available data, CARR has gained about 8.7% so far this year. Meanwhile, the Construction sector has returned an average of 1.5% on a year-to-date basis. As we can see, Carrier Global is performing better than its sector in the calendar year.

Emcor Group (EME - Free Report) is another Construction stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 27.6%.

The consensus estimate for Emcor Group's current year EPS has increased 12.5% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).

Breaking things down more, Carrier Global is a member of the Building Products - Air Conditioner and Heating industry, which includes 9 individual companies and currently sits at #31 in the Zacks Industry Rank. This group has gained an average of 19% so far this year, so CARR is slightly underperforming its industry in this area.

On the other hand, Emcor Group belongs to the Building Products - Heavy Construction industry. This 9-stock industry is currently ranked #40. The industry has moved +9.8% year to date.

Investors with an interest in Construction stocks should continue to track Carrier Global and Emcor Group. These stocks will be looking to continue their solid performance.

Investors in Carrier Global Corporation (CARR - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the Sept. 18, 2026 $32.50 Call had some of the highest implied volatility of all equity options today.

What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

What do the Analysts Think?Clearly, options traders are pricing in a big move for Carrier Global shares, but what is the fundamental picture for the company? Currently, Carrier Global is a Zacks Rank #2 (Buy) in the Building Products - Air Conditioner and Heating industry that ranks in the Top 15% of our Zacks Industry Rank. Over the last 60 days, four analysts have increased their earnings estimates for the to-be-reported quarter, while none dropped the estimates. The net effect has taken our Zacks Consensus Estimate for the to-be-reported quarter from 55 cents per share to 65 cents in that period.

Given the way analysts feel about Carrier Global right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

PALM BEACH GARDENS, Fla., Sept. 1, 2026 /PRNewswire/ -- Carrier Global Corporation (NYSE: CARR) Chairman & CEO David Gitlin and Executive Vice President & CFO Patrick Goris will speak at the 14th Annual Morgan Stanley Conference on Tuesday, Sept.

A downtrend has been apparent in Carrier Global (CARR - Free Report) lately with too much selling pressure. The stock has declined 7.4% over the past four weeks. However, given the fact that it is now in oversold territory and Wall Street analysts are majorly in agreement about the company's ability to report better earnings than they predicted earlier, the stock could be due for a turnaround.

We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator that measures the speed and change of price movements.

RSI oscillates between zero and 100. Usually, a stock is considered oversold when its RSI reading falls below 30.

Technically, every stock oscillates between being overbought and oversold irrespective of the quality of their fundamentals. And the beauty of RSI is that it helps you quickly and easily check if a stock's price is reaching a point of reversal.

So, by this measure, if a stock has gotten too far below its fair value just because of unwarranted selling pressure, investors may start looking for entry opportunities in the stock for benefiting from the inevitable rebound.

However, like every investing tool, RSI has its limitations, and should not be used alone for making an investment decision.

Here's Why CARR Could Experience a TurnaroundThe heavy selling of CARR shares appears to be in the process of exhausting itself, as indicated by its RSI reading of 29.37. So, the trend for the stock could reverse soon for reaching the old equilibrium of supply and demand.

This technical indicator is not the only factor that calls for a potential rebound for the stock. There is a fundamental indicator as well. A strong agreement among sell-side analysts covering CARR in raising earnings estimates for the current year has led to an increase in the consensus EPS estimate by 3.6% over the last 30 days. And an upward trend in earnings estimate revisions usually translates into price appreciation in the near term.

Moreover, CARR currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. This is a more conclusive indication of the stock's potential turnaround in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

A month has gone by since the last earnings report for Carrier Global (CARR - Free Report) . Shares have lost about 2% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Carrier Global due for a breakout? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Carrier Global Corporation before we dive into how investors and analysts have reacted as of late.

Carrier Q2 Earnings & Sales Top Estimates, HVAC Orders Up Y/YCarrier reported better-than-expected second-quarter 2026 financial results with adjusted earnings and net sales surpassing the Zacks Consensus Estimate. On the other hand, the bottom line declined year over year while the top line grew.

The company’s organic expansion marked an earlier-than-expected return to growth, aided by improving residential and light commercial conditions in the Americas and Europe. During the quarter, CARR’s orders jumped roughly 40%, while commercial HVAC orders increased about 65%, reflecting robust data-center demand.

Carrier’s Q2 Earnings & Sales TrendsThe quarter’s adjusted earnings per share were 86 cents, down 7% year over year but 3.6% above the Zacks Consensus Estimate of 83 cents.

Net sales increased 4% to $6.35 billion year over year and beat the consensus mark by 5.5%. Product sales increased to $5.63 billion from $5.48 billion in the year-ago quarter. Service sales advanced to $717 million from $636 million, providing a stronger recurring-revenue contribution.

CARR's Americas Unit Leads Quarterly GrowthClimate Solutions Americas generated sales of $3.37 billion, up 4% on both a reported and organic basis. Residential sales increased 9%, while light commercial sales rose 10% on solid retail and K-12 demand. Commercial sales declined 8% because of customer delivery timing. Segment operating profit decreased 6% to $823 million year over year, while margin fell 260 basis points (bps) to 24.4%, as price-led revenue growth was outweighed by input costs and an unfavorable mix.

Carrier Sees Mixed Regional Segment TrendsClimate Solutions Europe revenues increased 6% to $1.32 billion, including 3% organic growth. Residential and light commercial sales rose high-single digits, supported by an approximately 20% increase in heat-pump sales, while commercial revenues declined mid-single digits.

Climate Solutions Asia Pacific, Middle East & Africa sales grew 4% to $917 million. Double-digit gains in India, the Middle East, Southeast Asia and Australia offset continued weakness in China. Transportation revenues rose 2% to $738 million, as roughly 40% container growth countered low-teens declines in global truck and trailer sales.

CARR Faces Margin Pressure Across BusinessesAdjusted operating profit declined 6% year over year to $1.10 billion. Adjusted operating margin contracted 190 bps to 17.2%, as favorable volume and productivity were more than offset by higher input costs and an unfavorable business mix.

Reported operating profit fell 9% to $825 million, with the corresponding margin narrowing 180 bps to 13%. A higher adjusted effective tax rate of 23.2%, compared with 22.1% a year earlier, also weighed on earnings, while a lower share count offered a partial offset.

Carrier Generates Strong Cash Flow & Returns CapitalOperating cash flow totaled $927 million, up from $649 million in the prior-year quarter. After capital expenditures of $117 million, free cash flow reached $810 million compared with $568 million a year earlier.

Carrier returned about $640 million to shareholders through dividends and share repurchases during the second quarter. The company maintained its full-year free cash flow target of approximately $2 billion and share-repurchase expectation of about $1.5 billion.

CARR Lifts 2026 Sales & Profit OutlookCarrier raised its 2026 sales outlook to approximately $23 billion from about $22 billion. The company now expects organic sales growth in the mid-to-high-single-digit range, compared with its prior expectation of flat to low-single-digit growth. Adjusted operating profit is projected at roughly $3.5 billion, up from the previous forecast of $3.4 billion. Adjusted earnings guidance increased to approximately $2.90 per share from $2.80, including an estimated five-cent headwind from the NORESCO exit and start-up costs for a new U.S. manufacturing facility.

How Have Estimates Been Moving Since Then?It turns out, estimates review have trended downward during the past month.

VGM ScoresAt this time, Carrier Global has a subpar Growth Score of D, however its Momentum Score is doing a bit better with a C. Following the exact same course, the stock was allocated a score of C on the value side, putting it in the middle 20% for value investors.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions looks promising. Interestingly, Carrier Global has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry PlayerCarrier Global belongs to the Zacks Building Products - Air Conditioner and Heating industry. Another stock from the same industry, Comfort Systems (FIX - Free Report) , has gained 6.3% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.

Comfort Systems reported revenues of $3.27 billion in the last reported quarter, representing a year-over-year change of +50.3%. EPS of $12.53 for the same period compares with $6.53 a year ago.

Comfort Systems is expected to post earnings of $12.06 per share for the current quarter, representing a year-over-year change of +46.2%. Over the last 30 days, the Zacks Consensus Estimate has changed +1.5%.

Comfort Systems has a Zacks Rank #1 (Strong Buy) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.

Trane (TT -0.96%) and Carrier (CARR -1.72%), two of the world's largest heating, ventilation, air conditioning, and cooling (HVAC) companies, are generally considered slower-growth, cyclical companies that generate stronger sales in hotter summers and warmer housing markets.

But in recent years, both companies have experienced a surge in orders from data centers. As the AI market expanded, many pure-play cooling companies couldn't meet the refrigeration needs of hyperscalers, whose requirements skyrocketed as AI clusters grew hotter with every new generation of accelerators from Nvidia (NVDA -0.33%) and other chipmakers.

Image source: Getty Images.

In response, those hyperscalers turned to established HVAC leaders such as Trane and Carrier to close that gap. That transition was natural, since both companies already sold massive commercial chillers and had many established enterprise relationships. That secular shift drove many investors to revalue Trane and Carrier as higher-growth AI infrastructure plays. But should investors really consider them AI plays rather than cyclical HVAC plays?

How fast are Trane and Carrier growing? From 2021 to 2025, Trane's revenue and EPS grew at CAGRs of 11% and 21%, respectively. Trane doesn't break out its data center market as a stand-alone segment, but analysts believe it accounted for about a fifth of its commercial HVAC sales or 10% of its total revenue in 2025.

That might not seem like a huge amount, but Trane's backlog swelled 70% year over year to a record $12.1 billion in the second quarter of 2026. That's equivalent to 57% of its 2025 revenue. That growth was mainly driven by its soaring orders of data center chillers.

Today's Change

(

-0.96

%) $

-4.38

Current Price

$

451.10

From 2021 to 2025, Carrier's revenue grew only at a 1% CAGR, while its EPS declined at a negative 2% CAGR. However, that decline was driven by the divestment of its legacy fire and commercial units and its acquisition of Viessmann Climate Solutions in 2024. By shedding its lower-margin, slower-growth businesses and expanding its higher-growth climate and thermal management businesses, it put itself in a better position to profit from the AI boom.

Carrier's direct data center sales accounted for about 10% of its commercial HVAC sales and 5% of its total revenue in 2025. For 2026, it expects its data center revenue to rise by about 50% and account for roughly 7%-9% of its top line. In the second quarter of 2026, its backlog grew 40% year over year to $8 billion. That's equivalent to 37% of its 2025 revenue.

Today's Change

(

-1.72

%) $

-1.05

Current Price

$

60.15

Both companies are clearly benefiting from the AI boom. Still, Trane's growth rates are stronger, its backlog is larger and expanding faster, and it hasn't made any major structural changes to its business over the past few years.

Trane's greater focus on custom-applied industrial chillers also gave it an early advantage over Carrier, which focuses more on light-commercial and residential units, among hyperscalers. That's why Trane's stock rallied more than 130% over the past five years, while Carrier's stock rose by less than 10%.

Which HVAC stock has more upside potential? From 2025 to 2028, analysts expect Trane's revenue and EPS to grow at CAGRs of 10% and 16%, respectively. That growth should be driven by the execution of its backlog, which includes new modular cooling plants (from its acquisition of Stellar Energy) for data centers and liquid-cooling solutions (from its takeover of LiquidStack) for next-generation AI chips. It should also benefit from decarbonization mandates that require upgrades to older HVAC systems.

From 2025 to 2028, analysts expect Carrier's revenue to grow at CAGRs of 6% and 22%, respectively. That growth should be driven by the data center boom, the stabilization of its North American residential HVAC sales, and its integration of Viessmann Climate Solutions.

Trane and Carrier both trade at 30 times this year's earnings. Those are historically high multiples, so I wouldn't rush to buy either stock as an AI infrastructure play in this turbulent market. But if I had to pick one over the other, I'd stick with Trane because it's a cleaner play on the data center market with less exposure to the messier residential market. It also makes sense to buy the higher-growth stock if it's trading at a comparable valuation to its slower-growth competitor.

NEW YORK, Aug. 18, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Carrier Global Corporation (“Carrier” or the “Company”) (NYSE: CARR).  Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether Carrier and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On July 28, 2026, Carrier reported its financial results for the second quarter of 2026.  Among other items, Carrier disclosed a decline in earnings per share compared to the prior-year period, as well as a year-over-year decline in operating margin. 

On this news, Carrier’s stock price fell $6.17 per share, or 8.9%, to close at $63.16 per share on July 28, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.  

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

Barden Capital Management Inc. acquired a new position in Carrier Global Corporation (NYSE: CARR) in the undefined quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 12,821 shares of the company's stock, valued at approximately $940,000. Carrier Global comprises about 0.9%

, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Carrier Global Corporation ("Carrier" or the "Company") (NYSE: CARR).  Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether Carrier and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On July 28, 2026, Carrier reported its financial results for the second quarter of 2026.  Among other items, Carrier disclosed a decline in earnings per share compared to the prior-year period, as well as a year-over-year decline in operating margin. 

On this news, Carrier's stock price fell $6.17 per share, or 8.9%, to close at $63.16 per share on July 28, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes. 

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
 646-581-9980 ext. 7980

SOURCE Pomerantz LLP

E. Ohman J or Asset Management AB lifted its stake in shares of Carrier Global Corporation (NYSE: CARR) by 37.5% during the undefined quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 35,534 shares of the company's stock after purchasing an additional

The Construction group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Carrier Global (CARR - Free Report) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Construction sector should help us answer this question.

Carrier Global is a member of our Construction group, which includes 92 different companies and currently sits at #11 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.

The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. Carrier Global is currently sporting a Zacks Rank of #1 (Strong Buy).

Over the past three months, the Zacks Consensus Estimate for CARR's full-year earnings has moved 3% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.

Based on the most recent data, CARR has returned 21.1% so far this year. Meanwhile, stocks in the Construction group have gained about 11.7% on average. This means that Carrier Global is outperforming the sector as a whole this year.

Emcor Group (EME - Free Report) is another Construction stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 33.5%.

In Emcor Group's case, the consensus EPS estimate for the current year increased 14.8% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).

Looking more specifically, Carrier Global belongs to the Building Products - Air Conditioner and Heating industry, which includes 9 individual stocks and currently sits at #29 in the Zacks Industry Rank. This group has gained an average of 28.3% so far this year, so CARR is slightly underperforming its industry in this area.

On the other hand, Emcor Group belongs to the Building Products - Heavy Construction industry. This 9-stock industry is currently ranked #63. The industry has moved +21.8% year to date.

Investors interested in the Construction sector may want to keep a close eye on Carrier Global and Emcor Group as they attempt to continue their solid performance.

, /PRNewswire/ -- Schall, Brown & Schwartz LLP ("SBS"), a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Carrier Global Corporation ("Carrier" or "the Company") (NYSE: CARR) for violations of the securities laws.

INVESTIGATION DETAILS: The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Carrier's Q2 financial results revealed a decline in earnings per share compared to the prior-year period as well as a decline in operating margin year-over-year. Based on this news, shares of Carrier fell sharply.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall or David Schwartz of Schall, Brown & Schwartz LLP, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected]

WHY SBS? Schall, Brown & Schwartz LLP represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation. Bringing together the extensive experience and diverse skillsets of founding partners Brian Schall, Andrew Brown, and David Schwartz, SBS is dedicated to aggressively advocating for every investor.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:

Schall, Brown & Schwartz LLP
Brian Schall, Esq.,
Andrew Brown, Esq.,
David Schwartz, Esq.,
www.schallfirm.com
Office: 310-301-3335
[email protected]

SOURCE Schall, Brown & Schwartz LLP

LOS ANGELES--(BUSINESS WIRE)---- $CARR--CARR Investors Have Opportunity to Join Carrier Global Corporation Fraud Investigation with SBS Law.

, /PRNewswire/ -- Carrier Global Corporation (NYSE: CARR), global leader in intelligent climate and energy solutions, today announced it has completed the sale of its NORESCO business to OPTERRA Energy Services, a subsidiary of LS Power.

Jefferies LLC served as financial advisor to Carrier. Akerman LLP served as external legal counsel.

About Carrier
Carrier Global Corporation, global leader in intelligent climate and energy solutions, is committed to creating innovations that bring comfort, safety and sustainability to life. Through cutting-edge advancements in climate solutions such as temperature control, air quality and transportation, we improve lives, empower critical industries and ensure the safe transport of food, life-saving medicines and more. Since inventing modern air conditioning in 1902, we lead with purpose: enhancing the lives we live and the world we share. We continue to lead because of our world-class, inclusive workforce that puts the customer at the center of everything we do. For more information, visit carrier.com or follow Carrier on social media at @Carrier.

Carrier. For the World We Share.

Cautionary Statement
This communication contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. These forward-looking statements are intended to provide management's current expectations or plans for Carrier's future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "confident," "scenario" and other words of similar meaning in connection with a discussion of future operating or financial performance. Forward-looking statements may include, among other things, statements relating to the sale of Carrier's NORESCO business, expected uses of the net proceeds therefrom, strategies or transactions of Carrier, Carrier's plans with respect to its indebtedness and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see Carrier's reports on Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Carrier assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

CARR-IR

Contact:

Media Inquiries 

Kristina Pantelides 

561-236-4241 

[email protected] 

Investor Relations

Michael Rednor

561-365-2020

[email protected] 

SOURCE Carrier Global Corporation

Key Takeaways Carrier's orders rose about 40%, with commercial HVAC orders up roughly 65%, lifting backlog above $8 billion.CARR raised its 2026 sales and EPS outlook as data center sales are now expected to reach about $2 billion.Carrier is expanding cooling capacity and recurring service offerings, while margin pressures hurt. Carrier Global Corporation (CARR - Free Report) is entering the second half of 2026 with stronger demand signals across residential, commercial heating, ventilation and air conditioning, and data center cooling.

The investor question is whether record backlog and improving end markets can offset margin pressure, weak transportation demand and softness in China residential operations.

Carrier Orders Signal a Stronger Second HalfCarrier’s second-quarter orders rose roughly 40%, while global commercial heating, ventilation and air conditioning orders increased approximately 65%.

Backlog exceeded $8 billion, up about 40% year over year and 20% sequentially. That order base supports management’s expectation for mid-teens organic sales growth in the second half of 2026.

CARR Raises Its Full-Year Growth OutlookCarrier now expects 2026 sales of approximately $23 billion, with organic sales growth in the mid-to-high-single-digit range.

Management also raised adjusted earnings guidance to about $2.90 per share. Recovering residential and light commercial demand in the Americas and Europe was a key contributor to the upgraded outlook.

Carrier Builds Scale in Data Center CoolingData center demand remains one of Carrier’s clearest growth drivers. Second-quarter data center orders increased more than 300%.

The company raised its 2026 data center sales forecast to approximately $2 billion from $1.5 billion. Management said the 2026 forecast is covered by backlog, while hyperscaler and colocation relationships support visibility into 2027 and beyond.

Carrier is also adding manufacturing and laboratory capacity in the United States and India. That capacity expansion should help the company serve rising demand for chillers, coolant distribution units and related cooling technologies.

CARR Expands Recurring Service RevenueCarrier’s aftermarket business also supports the growth outlook. Aftermarket sales increased at a high-single-digit rate in the first half of 2026.

The company has more than 75,000 connected chillers, about 250,000 Lynx subscriptions and roughly 110,000 chillers under long-term agreements. Connectivity, monitoring and lifecycle services can make more of Carrier’s revenue recurring rather than dependent only on new equipment cycles.

For investors comparing building-efficiency and climate-systems stocks, Trane Technologies plc (TT - Free Report) and Johnson Controls International plc (JCI - Free Report) remain relevant reference points. Trane describes itself as a global climate innovator with HVAC, transport refrigeration and connected solutions, while Johnson Controls offers building automation and controls that connect building systems on a single platform.

Carrier Still Faces Margin and Market RisksThe growth story is not without constraints. Carrier’s adjusted operating margin fell 190 basis points year over year to 17.2% in the second quarter.

Input-cost pressure and unfavorable business mix more than offset the benefits of volume and productivity. China residential markets and global truck and trailer sales also remain weak spots. The next test is earnings conversion. Higher commercial volume can lift sales, but Carrier still needs pricing, productivity and mix execution to translate that demand into stronger profit growth.

CARR’s Signals Favor Momentum Over StyleThe bottom line is that CARR’s setup favors demand momentum, but the broader investment profile is uneven. Orders, backlog and data center activity support the 2026 growth outlook, while margin pressure remains the main offset.

Carrier currently sports a Zacks Rank #1 (Strong Buy). It also has a Momentum Score of B, which aligns with the improving order and estimate-revision backdrop. You can see the complete list of today’s Zacks #1 Rank stocks here.

The counterweight is weaker style positioning. CARR has a Value Score of D, Growth Score of F and VGM Score of F, suggesting that the stock’s appeal rests more on earnings momentum than on a broadly strong value-growth profile.

Carrier Global's adjusted earnings per share fell to $0.86 from $0.92 a year earlier and operating margin contracted 1.8 percentage points -- and CARR shares sold off immediately after the Q2 2026 earnings release.

, /PRNewswire/ -- Carrier Global Corp. (NYSE: CARR) shareholders absorbed a sharp post-earnings decline as soon as the Company released its second quarter 2026 results, and an investigation into potential securities law violations is now underway. If you lost money on CARR shares, you are encouraged to submit your loss information now. You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (888) SueWallSt.

The earnings picture behind the sell-off: adjusted earnings per share came in at $0.86, down from $0.92 in the prior-year period -- a 12% year-over-year decline. Operating margin declined 1.8 percentage points over the same span. On the Company's April 30, 2026 earnings call, Chief Executive Officer David Gitlin had described Carrier's performance as "financial results that exceeded our expectations."

The investigation concerns whether Carrier Global's characterizations of its earnings performance were consistent with the results the Company subsequently reported, and whether investors who purchased CARR shares suffered losses as a result.

Investors who purchased Carrier Global shares and suffered a loss are encouraged to have their losses reviewed at no cost. You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (888) SueWallSt.

WHY SUEWALLST: SueWallSt is powered by Levi & Korsinsky LLP. Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.

Frequently Asked Questions About the CARR Investigation

Q: Who is eligible to participate in the CARR investigation?A: Investors who purchased Carrier Global Corp. stock or securities and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses -- not on whether you still hold the shares.

Q: Which statements are being investigated as potentially misleading?A: The investigation concerns whether Carrier Global made materially false or misleading statements regarding the strength of its earnings performance, including Chief Executive Officer David Gitlin's April 30, 2026 description of "financial results that exceeded our expectations," alongside a 12% year-over-year decline in adjusted earnings per share and a 1.8-percentage-point contraction in operating margin.

Q: Who is conducting the CARR investigation?A: Levi & Korsinsky, LLP is investigating potential securities claims on behalf of investors who purchased CARR securities. The firm is nationally recognized, ranked in the ISS Top 50 for seven consecutive years, and has recovered hundreds of millions of dollars for aggrieved investors.

Q: What do CARR investors need to do right now?A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at [email protected] or (212) 363-7500.

Q: What documents do I need to participate?A: Brokerage statements or trade confirmations showing purchase dates, share quantities, prices paid, and any subsequent sale dates and prices.

Q: What if I already sold my CARR shares -- can I still recover losses?A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought CARR and sold at a loss may still participate in the investigation.

Q: What does it cost me to participate?A: There is no upfront cost to participate. Securities investigations and any resulting actions are generally handled on a contingency basis -- no upfront fees, no retainer, and no out-of-pocket costs.

Q: Do I need to go to court or give testimony?A: No. Participating in the investigation does not require court appearances or depositions.

CONTACT:\

Levi & Korsinsky, LLP\

Joseph E. Levi, Esq.\

33 Whitehall Street, 27th Floor\

New York, NY 10004\

[email protected]\

Tel: (888) SueWallSt\

Fax: (212) 363-7171

Attorney Advertising. Prior results do not guarantee similar outcomes.

SOURCE SueWallSt.com

Carrier Global Corporation (CARR) Q2 2026 Earnings Call Transcript

Carrier Global (CARR - Free Report) came out with quarterly earnings of $0.86 per share, beating the Zacks Consensus Estimate of $0.83 per share. This compares to earnings of $0.92 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +3.61%. A quarter ago, it was expected that this company would post earnings of $0.5 per share when it actually produced earnings of $0.57, delivering a surprise of +14%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Carrier Global, which belongs to the Zacks Building Products - Air Conditioner and Heating industry, posted revenues of $6.35 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 5.47%. This compares to year-ago revenues of $6.11 billion. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Carrier Global shares have added about 31.2% since the beginning of the year versus the S&P 500's gain of 8.3%.

What's Next for Carrier Global?While Carrier Global has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Carrier Global was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.83 on $5.77 billion in revenues for the coming quarter and $2.79 on $22.17 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Building Products - Air Conditioner and Heating is currently in the top 19% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Fortune Brands Innovations (FBIN - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 4.

This maker of products for the home, like faucets, cabinets, windows and doors is expected to post quarterly earnings of $0.81 per share in its upcoming report, which represents a year-over-year change of -19%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Fortune Brands Innovations' revenues are expected to be $1.16 billion, down 3.4% from the year-ago quarter.

Increases Full-year Outlook for Sales, Adj. Op. Profit and Adj. EPS

Total company orders1 up ~40%; Commercial HVAC1 up ~65%; data centers up >300% Net sales up 4%; organic sales up 3% GAAP EPS of $0.60 and adjusted EPS of $0.86 Net cash flows from operating activities of $927 million and free cash flow of $810 million Returned ~$640 million to shareholders through dividends and repurchases Raises full year outlook to ~$23B sales, ~$3.5B adj. op. profit and ~$2.90 adj. EPS Includes ~($0.05) adj. EPS impact from NORESCO exit and new U.S. factory costs , /PRNewswire/ -- Carrier Global Corporation (NYSE: CARR), global leader in intelligent climate and energy solutions, today reported better than expected financial results for the second quarter of 2026.

"We ended the first half with a stronger than expected second quarter, including better sales, adjusted EPS and free cash flow," said Chairman & CEO David Gitlin. "Organic sales returned to growth earlier than expected, up 3%, driven by strong performance in our CSA segment. Improving Residential and Light Commercial markets in CSA and CSE are encouraging. Orders were very strong globally in the second quarter supported by continued data center demand. Given record backlog levels and our year-to-date performance, we are raising our full-year outlook and now expect sales of about $23 billion and adjusted EPS of ~$2.90."

1 Excludes NORESCO (exit announced) and Riello (exit completed on July 1, 2026)

Second Quarter 2026 Results

Total Company

(Unaudited)

Three Months Ended

June 30

(In millions)

2026

2025

Change

Net sales

$    6,351

$    6,113

4 %

Organic sales

3 %

Operating profit

$       825

$       903

(9) %

Operating margin

13.0 %

14.8 %

(180) bps

Adjusted operating profit

$    1,095

$    1,166

(6) %

Adjusted operating margin

17.2 %

19.1 %

(190) bps

Diluted earnings per share:

Continuing operations

$      0.60

$      0.70

(14) %

Continuing operations - Adjusted

$      0.86

$      0.92

(7) %

Carrier's second-quarter sales of $6.4 billion increased 4% compared to the prior year. Organic sales increased 3% and foreign currency translation was a tailwind of 1%.

GAAP operating profit of $825 million in the quarter declined 9% from last year, driven primarily by the Climate Solutions Americas (CSA) and Climate Solutions Asia Pacific, Middle East and Africa segments (CSAME).           

Adjusted operating margin of 17.2% was down 190 basis points from last year, predominantly due to favorable volume and productivity more than offset by the impact of increased input costs and unfavorable business mix. 

Net earnings from continuing operations were $501 million and adjusted net earnings from continuing operations were $721 million. GAAP EPS from continuing operations was $0.60 and adjusted EPS was $0.86, down 14% and 7% year-over-year, respectively. The declines were primarily driven by lower operating profit and a higher effective tax rate, partially offset by the benefit of a lower share count.

Climate Solutions Americas (CSA)

(Unaudited)

Three Months Ended

June 30

(In millions)

2026

2025

Change

Net sales

$    3,372

$    3,252

4 %

Organic sales

4 %

Segment operating profit

$       823

$       879

(6) %

Segment operating margin

24.4 %

27.0 %

(260) bps

CSA segment sales grew 4%. Organic sales were up 4% driven by Residential and Light Commercial (RLC), up 9% and 10% respectively, partially offset by Commercial1, down 8% due to the timing of customer deliveries.

Segment operating margin decreased 260 basis points as revenue growth mainly related to price which was more than offset by unfavorable mix and input costs.

Climate Solutions Europe (CSE)

(Unaudited)

Three Months Ended

June 30

(In millions)

2026

2025

Change

Net sales

$    1,324

$    1,253

6 %

Organic sales

3 %

Segment operating profit

$         95

$         99

(4) %

Segment operating margin

7.2 %

7.9 %

(70) bps

CSE segment sales increased 6%. Organic sales were up 3% with RLC up high-single digits and Commercial down mid-single digits.

Segment operating margin decreased 70 basis points driven by volume growth and favorable price / cost more than offset by unfavorable mix and selling investments.

1 Excludes NORESCO

Climate Solutions Asia Pacific, Middle East & Africa (CSAME)

(Unaudited)

Three Months Ended

June 30

(In millions)

2026

2025

Change

Net sales

$      917

$      882

4 %

Organic sales

4 %

Segment operating profit

$      108

$      135

(20) %

Segment operating margin

11.8 %

15.3 %

(350) bps

CSAME segment sales increased 4%. Organic sales were up 4% driven by double-digit growth in India, the Middle East, Southeast Asia and Australia partially offset by continued pressure in RLC in China.

Segment operating margin decreased 350 basis points driven by volume growth and productivity more than offset by unfavorable mix and lower JV income due to the impacts from the Middle East conflict.

Climate Solutions Transportation (CST)

(Unaudited)

Three Months Ended

June 30

(In millions)

2026

2025

Change

Net sales

$      738

$      726

2 %

Organic sales

— %

Segment operating profit

$      118

$      128

(8) %

Segment operating margin

16.0 %

17.6 %

(160) bps

CST sales increased 2% driven by strong growth in Container. Organic sales were flat as strong Container growth of ~40% was offset by low-teens declines in Global Truck and Trailer.

Segment operating margin declined 160 basis points, due to unfavorable mix from lower Global Truck and Trailer volume offset by higher Container volume. 

Cash Flow

(Unaudited)

(Unaudited)

Three Months Ended

 June 30,

Six Months Ended

June 30,

(In millions)

2026

2025

2026

2025

Net cash flows provided by operating activities

$       927

$       649

$     1,006

$     1,132

Less: Capital expenditures

(117)

(81)

(211)

(144)

Free cash flow

$       810

$       568

$        795

$        988

Net cash flows generated from operating activities were $927 million and capital expenditures were $117 million, resulting in free cash flow of $810 million.

Full-Year 2026 Guidance**

Current Guidance**

Prior Guidance

Sales

~$23 billion

Organic* up ~M-HSD

FX 1%

Net, Acquisitions / Divestitures (2%)
~$225 million and ~$125 million year-over-
year revenue headwind from Riello and
NORESCO exits, respectively 

~$22 billion

Organic* flat to up LSD

FX 1%

Net, Acquisitions / Divestitures (1%)
~$250 million year-over-year revenue
headwind from Riello exit

Adjusted Operating Profit*

~$3.5 billion

~$3.4 billion

Adjusted EPS*

~$2.90

~$2.80

Free Cash Flow*

~$2 billion

~$2 billion

Riello divestiture completed on July 1st. NORESCO divestiture announced.

*Note: When the company provides expectations for organic sales, adjusted operating profit, adjusted EPS and free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures generally is not available without unreasonable effort. See "Use and Definitions of Non-GAAP Financial Measures" below for additional information.

**As of July 28, 2026

Conference Call

Carrier will host a webcast of its earnings conference call today, Tuesday, July 28, 2026, at 7:30 a.m. ET. To access the webcast, visit the Events & Presentations section of the Carrier Investor Relations site. For alternative dial-in information, please contact Carrier investor relations at [email protected].

Cautionary Statement
This communication contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. From time to time, oral or written forward-looking statements may also be included in other information released to the public. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "confident," "scenario" and other words of similar meaning in connection with a discussion of future operating or financial performance. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, expectations relating to our sales backlog, share repurchases, tax rates and other measures of financial performance or potential future plans, strategies or transactions of Carrier, market conditions including with respect to residential end-markets, data center and otherwise, growth prospects for 2026 and beyond, expectations concerning the mitigation and net impact of tariffs during 2026, Carrier's guidance for full-year 2026, Carrier's plans with respect to our indebtedness and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Such risks, uncertainties and other factors include, without limitation, those described below and under the section titled "Risk Factors" in our most recent Annual Report on Form 10-K and in subsequent reports that we file with the SEC: the effect of economic conditions in the industries and markets in which Carrier and our businesses operate in the U.S. and globally and any changes therein, including financial market conditions, inflationary cost pressures, fluctuations in commodity prices, interest rates and foreign currency exchange rates, levels of end market demand in construction, the impact of weather conditions, pandemic health issues, natural disasters and the financial condition of our customers and suppliers; challenges in the development, production, delivery, support, performance and realization of the anticipated benefits of advanced technologies and new products and services; future levels of capital spending and research and development spending; future availability of credit and factors that may affect such availability, including credit market conditions and Carrier's capital structure and credit ratings; the timing and scope of future repurchases of Carrier's common stock, including market conditions and the level of other investing activities and uses of cash; delays and disruption in the delivery of materials and services from suppliers; cost reduction efforts and restructuring costs and savings and other consequences thereof; new business and investment opportunities; the outcome of legal proceedings, investigations and other contingencies; the impact of pension plan assumptions on future cash contributions and earnings; the impact of the negotiation of collective bargaining agreements and labor disputes; the effect of changes in political conditions in the U.S. and other countries in which Carrier and our businesses operate, including the effect of ongoing uncertainty and/or changes in U.S. trade policies, on general market conditions, global trade policies, the imposition of tariffs, and currency exchange rates in the near term and beyond; the effect of changes in tax, environmental, regulatory (including among other things import/export) and other laws and regulations in the U.S. and other countries in which we and our businesses operate; the ability of Carrier to retain and hire key personnel; the scope, nature, impact or timing of acquisition and divestiture activity, such as our acquisition of the VCS business and our portfolio transformation transactions, including among other things integration of acquired businesses into existing businesses and realization of synergies and opportunities for growth and innovation and incurrence of related costs; a determination by the IRS and other tax authorities that the distribution of Carrier from RTX Corporation (f/k/a United Technologies Corporation) or certain related transactions should be treated as taxable transactions; and risks associated with current and future indebtedness, as well as our ability to reduce indebtedness and the timing thereof. The forward-looking statements speak only as of the date of this communication. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additional information as to factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements is disclosed from time to time in our other filings with the SEC.

About Carrier
Carrier Global Corporation, global leader in intelligent climate and energy solutions, is committed to creating innovations that bring comfort, safety and sustainability to life. Through cutting-edge advancements in climate solutions such as temperature control, air quality and transportation, we improve lives, empower critical industries and ensure the safe transport of food, life-saving medicines and more. Since inventing modern air conditioning in 1902, we lead with purpose: enhancing the lives we live and the world we share. We continue to lead because of our world-class, inclusive workforce that puts the customer at the center of everything we do. For more information, visit carrier.com or follow Carrier on social media at @Carrier.

Carrier. For the World We Share

CARR-IR

Contact:

Investor Relations

Michael Rednor

561-365-2020

[email protected] 

Media Inquiries

Kristina Pantelides

561-236-4241

[email protected] 

SELECTED FINANCIAL DATA, NON-GAAP MEASURES AND DEFINITIONS

Following are tables that present selected financial data of Carrier Global Corporation ("Carrier"). Also included are reconciliations of non-GAAP measures to their most comparable GAAP measures.

Use and Definitions of Non-GAAP Financial Measures

Carrier reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). We supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial information. The non-GAAP information presented provides investors with additional useful information, but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. A reconciliation of the non-GAAP measures to the corresponding amounts prepared in accordance with GAAP appears in the tables in this Appendix. The tables provide additional information as to the items and amounts that have been excluded from the adjusted measures.

Organic sales, adjusted operating profit, adjusted operating margin, adjusted earnings per share ("EPS"), adjusted effective tax rate and net debt are non-GAAP financial measures and are associated with Carrier's continuing operations unless specifically noted.

Organic sales represents consolidated net sales (a GAAP measure), excluding the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and other significant items of a nonoperational nature (hereinafter referred to as "other significant items"). Adjusted operating profit represents consolidated operating profit (a GAAP measure), excluding restructuring costs, amortization of acquired intangible assets and other significant items. Adjusted operating margin represents adjusted operating profit as a percentage of consolidated net sales (a GAAP measure). Adjusted EPS represents diluted earnings per share (a GAAP measure), excluding restructuring costs, amortization of acquired intangible assets and other significant items. The adjusted effective tax rate represents the effective tax rate (a GAAP measure), excluding restructuring costs, amortization of acquired intangible assets and other significant items. Net debt represents long-term debt (a GAAP measure) less cash and cash equivalents (a GAAP measure).

Segment operating profit is the measure of profit and loss that the Chief Operating Decision Maker uses to evaluate segment profitability. Segment operating profit represents operating profit (a GAAP measure) adjusted to exclude restructuring costs, amortization of acquired intangible assets and other significant items of a nonoperational nature.

Free cash flow is a non-GAAP financial measure that represents net cash flows provided by continuing operating activities (a GAAP measure) less capital expenditures. Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing Carrier's ability to fund its activities, including the financing of acquisitions, debt service, repurchases of Carrier's common stock and distribution of earnings to shareowners. Orders are contractual commitments with customers to provide specified goods or services for an agreed upon price and may not be subject to penalty if cancelled.

Price/cost represents the combined impact of realized pricing, cost inflation and productivity actions, including manufacturing efficiencies, sourcing initiatives and certain productivity measures.

When Carrier provides our expectations for organic sales, adjusted operating profit (including on a segment basis), adjusted operating margin (including on a segment basis), adjusted effective tax rate, adjusted EPS, free cash flow, and interest expense, net on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures generally is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, future restructuring costs, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.

Carrier Global Corporation

Condensed Consolidated Statement of Operations

(Unaudited)

Three Months Ended

 June 30,

Six Months Ended

June 30,

(In millions, except per share amounts)

2026

2025

2026

2025

Net sales

Product sales

$     5,634

$     5,477

$    10,301

$    10,129

Service sales

717

636

1,391

1,202

Total Net sales

6,351

6,113

11,692

11,331

Costs and expenses

Cost of products sold

(4,081)

(3,867)

(7,672)

(7,225)

Cost of services sold

(542)

(477)

(1,048)

(892)

Research and development

(148)

(161)

(291)

(314)

Selling, general and administrative

(810)

(813)

(1,672)

(1,542)

Total Costs and expenses

(5,581)

(5,318)

(10,683)

(9,973)

Equity method investment net earnings

58

78

89

122

Other income (expense), net

(3)

30

(15)

52

Operating profit

825

903

1,083

1,532

Non-service pension benefit (expense)

1

—

2

1

Interest (expense) income, net

(105)

(91)

(195)

(173)

Earnings before income taxes

721

812

890

1,360

Income tax (expense) benefit

(180)

(162)

(84)

(273)

Earnings from continuing operations

541

650

806

1,087

Discontinued operations, net of tax

—

(17)

—

(17)

Net earnings (loss)

541

633

806

1,070

Less: Non-controlling interest in subsidiaries'

40

42

67

67

Net earnings (loss) attributable to common shareowners

$        501

$        591

$         739

$      1,003

Amounts attributable to common shareowners:

Continuing operations

$        501

$        608

$         739

$      1,020

Discontinued operations

—

(17)

—

(17)

Net earnings (loss) attributable to common shareowners

$        501

$        591

$         739

$      1,003

Earnings per share

Basic:

Continuing operations

$       0.61

$       0.71

$        0.89

$        1.18

Discontinued operations

—

(0.02)

—

(0.01)

Net earnings (loss)

$       0.61

$       0.69

$        0.89

$        1.17

Diluted:

Continuing operations

$       0.60

$       0.70

$        0.88

$        1.17

Discontinued operations

—

(0.02)

—

(0.02)

Net earnings (loss)

$       0.60

$       0.68

$        0.88

$        1.15

Weighted-average number of shares outstanding

Basic

828.1

854.9

831.5

860.8

Diluted

836.5

866.3

839.6

872.3

Carrier Global Corporation

Condensed Consolidated Balance Sheet

(Unaudited)

(In millions)

June 30, 2026

December 31, 2025

Assets

Cash and cash equivalents

$            1,344

$              1,555

Accounts receivable, net

3,246

2,639

Inventories, net

2,759

2,483

Assets held for sale

815

592

Other current assets

1,250

1,264

Total current assets

9,414

8,533

Future income tax benefits

1,126

1,074

Fixed assets, net

3,162

3,165

Operating lease right-of-use assets

568

546

Intangible assets, net

5,756

6,326

Goodwill

15,267

15,501

Pension and post-retirement assets

61

56

Equity method investments

1,341

1,321

Other assets

677

668

Total Assets

$          37,372

$            37,190

Liabilities and Equity

Accounts payable

$            3,216

$              2,702

Accrued liabilities

3,963

3,774

Liabilities held for sale

414

170

Short-term borrowings and current portion of long-term debt

1,638

468

Total current liabilities

9,231

7,114

Long-term debt

10,314

11,365

Future pension and post-retirement obligations

185

192

Future income tax obligations

1,622

1,833

Operating lease liabilities

442

418

Other long-term liabilities

2,106

2,140

Total Liabilities

23,900

23,062

Equity

Common stock

10

10

Treasury stock

(7,550)

(6,795)

Additional paid-in capital

8,688

8,665

Retained earnings

12,536

12,193

Accumulated other comprehensive income (loss)

(537)

(269)

Non-controlling interest

325

324

Total Equity

13,472

14,128

Total Liabilities and Equity

$          37,372

$            37,190

Carrier Global Corporation

Condensed Consolidated Statement of Cash Flows

(Unaudited)

Three Months Ended

 June 30,

Six Months Ended

June 30,

(In millions)

2026

2025

2026

2025

Operating Activities

Net earnings (loss)

$        541

$        633

$        806

$     1,070

Discontinued operations, net of tax

—

17

—

17

Adjustments for non-cash items, net:

Depreciation and amortization

314

317

629

620

Deferred income tax provision

(63)

(89)

(242)

(158)

Stock-based compensation costs

12

21

33

44

Equity method investment net earnings

(58)

(78)

(89)

(122)

(Gain) loss on sale of investments and impairments, net

40

(12)

37

(17)

Changes in operating assets and liabilities

Accounts receivable, net

(142)

(340)

(651)

(702)

Inventories, net

(197)

(111)

(335)

(412)

Accounts payable and accrued liabilities

280

(103)

631

378

Distributions from equity method investments

39

4

51

81

Other operating activities, net

122

5

83

(47)

Net cash flows provided by (used in) continuing operating activities

888

264

953

752

Net cash flows provided by (used in) discontinued operating activities

39

385

53

380

Net cash flows provided by (used in) operating activities

927

649

1,006

1,132

Investing Activities

Capital expenditures

(117)

(81)

(211)

(144)

Investment in businesses, net of cash acquired

(31)

(49)

(54)

(61)

Dispositions of businesses

7

—

15

8

Settlement of derivative contracts, net

(29)

51

6

87

Other investing activities, net

—

(4)

9

(3)

Net cash flows provided by (used in) continuing investing activities

(170)

(83)

(235)

(113)

Net cash flows provided by (used in) discontinued investing activities

—

28

—

35

Net cash flows provided by (used in) investing activities

(170)

(55)

(235)

(78)

Financing Activities

Increase (decrease) in short-term borrowings, net

(10)

(8)

361

(57)

Issuance of long-term debt

17

6

39

15

Repayment of long-term debt

(41)

(3)

(57)

(1,208)

Repurchases of common stock

(439)

(340)

(745)

(1,628)

Dividends paid on common stock

(199)

(192)

(400)

(390)

Dividends paid to non-controlling interest

(64)

(9)

(65)

(9)

Other financing activities, net

(24)

(1)

(34)

(17)

Net cash flows provided by (used in) continuing financing activities

(760)

(547)

(901)

(3,294)

Net cash flows provided by (used in) discontinued financing activities

—

—

—

—

Net cash flows provided by (used in) financing activities

(760)

(547)

(901)

(3,294)

Effect of foreign exchange rate changes on cash and cash equivalents

3

51

(10)

68

Net increase (decrease) in cash and cash equivalents and restricted
cash, including cash classified in current assets held for sale

—

98

(140)

(2,172)

Less: Change in cash balances classified as assets held for sale

27

—

70

—

Net increase (decrease) in cash and cash equivalents and restricted cash

(27)

98

(210)

(2,172)

Cash, cash equivalents and restricted cash, beginning of period

1,374

1,702

1,557

3,972

Cash, cash equivalents and restricted cash, end of period

1,347

1,800

1,347

1,800

Less: restricted cash

3

3

3

3

Cash and cash equivalents, end of period

$     1,344

$     1,797

$     1,344

$     1,797

Carrier Global Corporation

Segment Summary

(Unaudited)

Three Months Ended

 June 30,

Six Months Ended

June 30,

(In millions)

2026

2025

2026

2025

Segment net sales

Climate Solutions Americas

$   3,372

$   3,252

$   5,873

$   5,824

Climate Solutions Europe

1,324

1,253

2,617

2,422

Climate Solutions Asia Pacific, Middle East & Africa

917

882

1,751

1,708

Climate Solutions Transportation

738

726

1,451

1,377

Segment net sales

$   6,351

$   6,113

$ 11,692

$ 11,331

Segment operating profit

Climate Solutions Americas

$    823

$    879

$   1,196

$   1,449

Climate Solutions Europe

95

99

184

204

Climate Solutions Asia Pacific, Middle East & Africa

108

135

189

256

Climate Solutions Transportation

118

128

219

225

Segment operating profit

$   1,144

$   1,241

$   1,788

$   2,134

Segment operating margin

Climate Solutions Americas

24.4 %

27.0 %

20.4 %

24.9 %

Climate Solutions Europe

7.2 %

7.9 %

7.0 %

8.4 %

Climate Solutions Asia Pacific, Middle East & Africa

11.8 %

15.3 %

10.8 %

15.0 %

Climate Solutions Transportation

16.0 %

17.6 %

15.1 %

16.3 %

Components of Changes in Net Sales

Three Months Ended June 30, 2026 Compared with Three Months Ended June 30, 2025

(Unaudited)

Factors Contributing to Total % change in Net Sales

Organic

FX
Translation

Acquisitions /
Divestitures, net

Other

Total

Climate Solutions Americas

4 %

— %

— %

— %

4 %

Climate Solutions Europe

3 %

3 %

— %

— %

6 %

Climate Solutions Asia Pacific, Middle East & Africa

4 %

— %

— %

— %

4 %

Climate Solutions Transportation

— %

2 %

— %

— %

2 %

Consolidated

3 %

1 %

— %

— %

4 %

Six Months Ended June 30, 2026 Compared with Six Months Ended June 30, 2025

(Unaudited)

Factors Contributing to Total % change in Net Sales

Organic

FX
Translation

Acquisitions /
Divestitures, net

Other

Total

Climate Solutions Americas

1 %

— %

— %

— %

1 %

Climate Solutions Europe

1 %

7 %

— %

— %

8 %

Climate Solutions Asia Pacific, Middle East & Africa

1 %

1 %

1 %

— %

3 %

Climate Solutions Transportation

2 %

3 %

— %

— %

5 %

Consolidated

1 %

2 %

— %

— %

3 %

Carrier Global Corporation

Reconciliations

(Unaudited)

Three Months Ended

 June 30,

Six Months Ended

June 30,

(In millions)

2026

2025

2026

2025

Reconciliation to Earnings before income taxes

Segment operating profit

$     1,144

$     1,241

$     1,788

$     2,134

Corporate and other

(49)

(75)

(99)

(120)

Restructuring costs

(8)

(47)

(116)

(55)

Amortization of acquired intangible assets

(213)

(214)

(426)

(415)

Acquisition/divestiture-related costs

(8)

(6)

(18)

(11)

Riello impairment

(46)

—

(46)

—

CCR gain

—

7

—

7

Other

5

(3)

—

(8)

Non-service pension (expense) benefit

1

—

2

1

Interest (expense) income, net

(105)

(91)

(195)

(173)

Earnings before income taxes

$        721

$        812

$        890

$     1,360

(Unaudited)

Three Months Ended

 June 30,

Six Months Ended

June 30,

(In millions)

2026

2025

2026

2025

Reconciliation of Segment operating profit to Adjusted operating profit

Climate Solutions Americas

$        823

$        879

$     1,196

$     1,449

Climate Solutions Europe

95

99

184

204

Climate Solutions Asia Pacific, Middle East & Africa

108

135

189

256

Climate Solutions Transportation

118

128

219

225

Segment operating profit

$     1,144

$     1,241

$     1,788

$     2,134

Corporate and other

(49)

(75)

(99)

(120)

Adjusted operating profit

$     1,095

$     1,166

$     1,689

$     2,014

Carrier Global Corporation 

Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results

Net Income, Earnings Per Share and Effective Tax Rate

(Unaudited)

Three Months Ended June 30, 2026

Six Months Ended June 30, 2026

(In millions, except per share amounts)

Reported

Adjustments

Adjusted

Reported

Adjustments

Adjusted

Net sales

$  6,351

$        —

$  6,351

$ 11,692

$         —

$ 11,692

Operating profit

$     825

270

a

$  1,095

$   1,083

606

a

$   1,689

Operating margin

13.0 %

17.2 %

9.3 %

14.4 %

Earnings before income taxes

$     721

270

a

$     991

$      890

606

a

$   1,496

Income tax (expense) benefit

$    (180)

(50)

b

$    (230)

$       (84)

(142)

b

$     (226)

Effective tax rate

25.0 %

23.2 %

9.4 %

15.1 %

Earnings from continuing operations
attributable to common shareowners

$     501

$      220

$     721

$      739

$       464

$   1,203

Summary of Adjustments:

Restructuring costs

$          8

a

$       116

a

Amortization of acquired intangible assets

213

a

426

a

Acquisition/divestiture-related costs

8

a

18

a

Riello impairment

46

a

46

a

Other

(5)

a

—

a

Total adjustments

$       270

$       606

Tax effect on adjustments above

$        (50)

$      (142)

Total tax adjustments

$        (50)

b

$      (142)

b

Diluted shares outstanding

836.5

836.5

839.6

839.6

Diluted earnings per share:

Continuing operations

$    0.60

$    0.86

$     0.88

$     1.43

Carrier Global Corporation

Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results

Net Income, Earnings Per Share and Effective Tax Rate

(Unaudited)

Three Months Ended June 30, 2025

Six Months Ended June 30, 2025

(In millions, except per share amounts)

Reported

Adjustments

Adjusted

Reported

Adjustments

Adjusted

Net sales

$  6,113

$        —

$  6,113

$ 11,331

$          —

$ 11,331

Operating profit

$     903

263

a

$  1,166

$   1,532

482

a

$   2,014

Operating margin

14.8 %

19.1 %

13.5 %

17.8 %

Earnings before income taxes

$     812

263

a

$  1,075

$   1,360

482

a

$   1,842

Income tax (expense) benefit

$    (162)

(75)

b

$    (237)

$     (273)

(133)

b

$     (406)

Effective tax rate

20.0 %

22.1 %

20.1 %

22.1 %

Earnings from continuing operations
attributable to common shareowners

$     608

$      188

$     796

$   1,020

$        349

$   1,369

Summary of Adjustments:

Restructuring costs

$         47

a

55

a

Amortization of acquired intangible assets

214

a

$        415

a

Acquisition/divestiture-related costs

6

a

11

a

CCR gain

(7)

a

(7)

a

Other

3

a

8

a

Total adjustments

$       263

$        482

Tax effect on adjustments above

$        (69)

$       (127)

Tax specific adjustments

(6)

(6)

Total tax adjustments

$        (75)

b

$       (133)

b

Diluted shares outstanding

866.3

866.3

872.3

872.3

Diluted earnings per share:

Continuing operations

$    0.70

$    0.92

$     1.17

$     1.57

Free Cash Flow Reconciliation

(Unaudited)

Three Months Ended

 June 30,

Six Months Ended

June 30,

(In millions)

2026

2025

2026

2025

Net cash flows provided by operating activities

$       927

$       649

$     1,006

$     1,132

Less: Capital expenditures

(117)

(81)

(211)

(144)

Free cash flow

$       810

$       568

$        795

$        988

Net Debt Reconciliation

(Unaudited)

(In millions)

June 30, 2026

December 31, 2025

Long-term debt

$             10,314

$             11,365

Short-term borrowings and current portion of long-term debt

1,638

468

Less: Cash and cash equivalents

1,344

1,555

Net debt

$             10,608

$             10,278

SOURCE Carrier Global Corporation

, /PRNewswire/ -- Carrier Global Corporation (NYSE: CARR), global leader in intelligent climate and energy solutions, today announced the election of Neil Barua, President and Chief Executive Officer of PTC Inc., to its Board of Directors, effective immediately. He will serve on the Board's Technology and Innovation and Compensation Committees.

"Neil brings to Carrier a track record of successfully leading scale enterprises while applying AI to drive digital transformations across industrial companies," said David Gitlin, Chairman & CEO, Carrier. "His experience will strengthen our Board as we continue advancing intelligent climate and energy solutions and delivering greater value for our customers. We are excited to welcome Neil to our Board."

Mr. Barua has been President and Chief Executive Officer of PTC Inc. since 2024. Previously, he led PTC's Service Lifecycle Management business following the company's acquisition of ServiceMax in 2023. Before joining PTC, he was Chief Executive Officer of ServiceMax from 2019 to 2023 and Chief Executive Officer of IPC Systems from 2014 to 2018. He also was an Operating Partner at Silver Lake from 2018 to 2019. Mr. Barua holds a B.S. in Finance & Economics from the NYU Stern School of Business.

About Carrier
Carrier Global Corporation, global leader in intelligent climate and energy solutions, is committed to creating innovations that bring comfort, safety and sustainability to life. Through cutting-edge advancements in climate solutions such as temperature control, air quality and transportation, we improve lives, empower critical industries and ensure the safe transport of food, life-saving medicines and more. Since inventing modern air conditioning in 1902, we lead with purpose: enhancing the lives we live and the world we share. We continue to lead because of our world-class, inclusive workforce that puts the customer at the center of everything we do. For more information, visit carrier.com or follow Carrier on social media at @Carrier.

Carrier. For the World We Share.

CARR-IR

Contact:      

Media Inquiries 

Rob Six 

561-281-2362 

[email protected] 

Investor Relations 

Michael Rednor 

561-365-2020 

[email protected]  

SOURCE Carrier Global Corporation