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Carrier Global
Carrier Global (CARR) investor relations material
Carrier Global Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
2025 sales were $21.75 billion, with organic sales down 1% due to residential and light commercial declines, partially offset by double-digit growth in commercial HVAC and aftermarket, and data center sales doubling to ~$1 billion.
Adjusted operating profit was $3.3 billion, up 7% year-over-year, and adjusted EPS was $2.59, up 1% year-over-year.
Over $3.7 billion was returned to shareholders through dividends and repurchases, with a continued focus on high-return investments and a strong balance sheet.
Q4 orders increased over 15%, with record commercial service agreement orders up more than 80%.
Data center business is expected to reach $1.5 billion in revenue in 2026, with sales projected to rise by ~50%.
Financial highlights
Q4 2025 sales were $4.84 billion, down 6% year-over-year; full-year sales were $21.75 billion, down 3%.
Adjusted Q4 operating profit was $455 million, down 33% year-over-year; full-year adjusted operating margin was 15.1%.
Q4 adjusted EPS was $0.34, down 37% year-over-year; full-year adjusted EPS was $2.59, up 1%.
Free cash flow for 2025 was $2.1 billion; Q4 free cash flow was about $900 million.
Net debt at year-end 2025 was $10.3 billion.
Outlook and guidance
2026 sales are projected at ~$22 billion, with organic growth expected to be flat to low mid-single digits, including a $350 million headwind from the Riello exit.
Adjusted operating profit guidance is ~$3.4 billion, with adjusted EPS of ~$2.80, up high single digits versus 2025.
Free cash flow expected at ~$2 billion, with $1.5 billion in planned share repurchases.
Double-digit growth anticipated in global commercial HVAC and aftermarket, with continued residential and light commercial weakness.
Data center sales in 2026 are expected to increase by ~50%.
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Next Carrier Global earnings date
Q1 202630 Apr, 2026
Carrier Global
Next Carrier Global earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Carrier Global Corporation is a provider of heating, ventilating, and air conditioning (HVAC) cooling products and technologies, refrigeration and food safety solutions that help customers improve the performance of their buildings and processes. The company offers a range of heating, ventilation, and air conditioning systems for residential, commercial, and industrial applications; ceiling fans; commercial refrigeration systems; wiring devices for alarms, fire protection, radios, phones, computers, and televisions; professional-grade building automation systems; security and surveillance products; prefabricated fire protection walls and door panels; aircraft auxiliary power unit engines; highly efficient compressors for mobile air conditioners used in recreational vehicles (RVs); cellular phone signal carriers, integrated into mobile home roofs; lithium-ion batteries that serve as an alternative to generators; prefabricated shelters designed to protect communications equipment during adverse weather conditions or a nuclear disaster. It also provides job site services consisting of installation, set-up commissioning, maintenance program implementation support. In addition, the company offers post-construction services through its Carrier Advantage program for HVAC installations.
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