Carrier Global

Industrials Building Products Palm Beach Gardens, Florida Last filing Feb 5, 2026 · FY2025

                    Revenue
                    FY2025
                
$21.7B
                    3y CAGR +7.9%
                    
                    P69
                    
                    -3.3%
                    
                    Net income
                    FY2025
                
$1.5B
                    Net margin +6.8%
                    
                    P20
                    
                    -73.5%
                    
                    Total assets
                    FY2025
                
$37.2B
                    ROA +4.0%
                    
                    P14
                    
                    -0.6%
                    
                    Operating cash flow
                    FY2025
                
$2.5B
                    FCF margin +9.8%
                    
                    P32
                    
                    +346.4%

8 yrs · FY2018–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

34 accounts · 5 years

Total assets $37.2B

Total liabilities $23.1B

Shareholders equity $14.1B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	4.2%	10.6%	30.0%	12.6%	11.4%
Accounts Receivable	7.1%	7.1%	6.3%	10.9%	9.2%
Inventory	6.7%	6.1%	5.6%	10.1%	7.5%
Prepaid Expenses	3.4%	2.6%	2.2%	1.3%	1.4%
Other Current Assets	3.4%	2.6%	2.2%	1.3%	1.4%
Total Current Assets	22.9%	26.4%	59.6%	37.9%	43.6%
Property,Plant and Equipment	8.5%	8.0%	6.6%	8.6%	7.0%
Operating Lease Assets	1.5%	1.5%	1.3%	2.5%	2.4%
Goodwill	41.7%	39.0%	22.9%	29.2%	35.7%
Intangible Assets	17.0%	17.2%	2.9%	5.1%	1.9%
Long Term Investments	3.6%	3.2%	3.5%	4.4%	6.1%
Deferred Tax Assets	2.9%	3.0%	2.2%	2.3%	2.2%
Other Noncurrent Assets	1.8%	1.5%	0.9%	0.8%	0.9%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	7.3%	6.6%	7.6%	10.9%	8.9%
Accrued Liabilities	10.1%	11.2%	9.1%	10.0%	9.8%
Deferred Revenue	1.9%	1.5%	1.3%	1.7%	1.6%
Current Portion of Long Term Debt	0.3%	3.3%	0.2%	0.5%	0.7%
Other Current Liabilities	5.8%	3.8%	4.8%	7.0%	6.4%
Total Current Liabilities	19.1%	21.1%	21.3%	23.1%	25.3%
Long Term Debt	30.6%	29.9%	0.3%	0.2%	0.3%
Deferred Revenue Noncurrent	0.5%	0.4%	0.5%	0.7%	0.6%
Operating Lease Liabilities Noncurrent	1.1%	1.2%	1.0%	2.0%	2.0%
Deferred Tax Liabilities	4.9%	5.4%	1.6%	2.2%	1.4%
Other Noncurrent Liabilities	5.8%	3.8%	4.8%	7.0%	6.4%
Total Liabilities	62.0%	61.5%	72.6%	69.0%	72.9%
Equity
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	23.3%	23.0%	16.9%	21.0%	20.7%
Retained Earnings	32.8%	30.7%	20.1%	22.5%	10.9%
Treasury Stock	6.9%	5.2%	0.2%	5.3%	2.0%
Accumulated Other Comprehensive Income	-0.7%	-5.6%	-4.5%	-6.5%	-3.8%
Noncontrolling Interest	0.9%	0.8%	1.0%	1.2%	1.2%
Total Stockholders Equity	38.0%	38.5%	27.4%	31.0%	27.1%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

19 accounts · 5 years

Revenue $21.7B

Operating income $2.2B

Net income $1.5B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	58.5%	60.1%	57.7%	66.3%	78.8%
Expenses Cost of Revenue	53.3%	44.1%	42.0%	49.8%	69.8%
Expenses Research and Development	1.7%	1.8%	1.5%	1.6%	1.9%
Expenses Selling,General and Administrative	8.3%	8.5%	7.9%	7.6%	11.9%
Expenses Depreciation and Amortization	3.4%	3.3%	1.5%	1.3%	1.3%
Expenses Share Based Compensation	0.2%	0.3%	0.2%	0.3%	0.4%
Expenses Restructuring and Asset Impairment	0.5%	0.3%	0.2%	0.1%	0.3%
Expenses Operating Expenses	53.3%	54.5%	51.5%	59.0%	69.8%
Other Income Expense Operating Income	5.8%	7.1%	6.6%	15.3%	10.1%
Other Income Expense Interest Expense	1.2%	1.6%	0.9%	0.9%	1.2%
Other Income Expense Other Income/expense	0.1%	0.8%	-0.3%	7.0%	0.1%
Other Income Expense Income Before Tax	4.8%	6.1%	6.1%	14.7%	9.2%
Income Tax Income Tax Expense	0.6%	2.8%	1.6%	2.4%	2.7%
net Income net Income	4.0%	15.0%	4.1%	13.5%	6.5%
net Income Comprehensive Income	8.9%	13.3%	4.7%	10.9%	5.4%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	2.3%	2.4%	2.6%	3.2%	3.3%
Earnings Per Share Weighted Average Shares Diluted	2.3%	2.4%	2.6%	3.3%	3.4%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 5 years

Operating cash flow $2.5B

Investing cash flow $-307.0M

Financing cash flow $-4.7B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	4.0%	15.0%	4.1%	13.5%	6.5%
Operating Activities Depreciation and Amortization	3.4%	3.3%	1.5%	1.3%	1.3%
Operating Activities Stock Based Compensation	0.2%	0.3%	0.2%	0.3%	0.4%
Operating Activities Deferred Income Taxes	-1.1%	-0.9%	-0.7%	-0.4%	-0.3%
Operating Activities Changes In Operating Assets and Liabilities	0.2%	-0.8%	-0.1%	0.8%	1.8%
Operating Activities net Cash From Operating Activities	6.8%	1.5%	7.9%	6.7%	8.5%
Investing Activities Capital Expenditures	1.1%	1.4%	1.3%	1.2%	1.3%
Investing Activities Business Acquisitions	0.3%	29.1%	0.3%	1.9%	1.4%
Investing Activities Other Investing Activities	-0.1%	-0.0%	-0.0%	-0.1%	-0.0%
Investing Activities net Cash From Investing Activities	-0.8%	-5.4%	-2.0%	6.7%	-2.6%
Financing Activities Proceeds From Debt	0.1%	9.1%	17.1%	1.7%	0.5%
Financing Activities Repayment of Debt	3.3%	14.3%	0.3%	4.9%	2.7%
Financing Activities Repurchase of Common Stock	7.8%	5.2%	0.2%	5.3%	2.0%
Financing Activities Dividends Paid	2.1%	1.8%	1.9%	2.0%	1.6%
Financing Activities Other Financing Activities	-0.0%	-0.1%	-0.4%	-0.0%	-0.1%
Financing Activities net Cash From Financing Activities	-12.6%	-12.4%	14.1%	-11.2%	-6.0%
Cash Reconciliation net Change In Cash	-6.4%	-16.6%	20.3%	1.9%	-0.1%
Cash Reconciliation Cash At Beginning of Period	4.2%	10.6%	30.0%	12.7%	10.6%
Cash Reconciliation Cash At End of Period	4.2%	10.6%	30.0%	12.7%	10.6%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+8.8%	+26.6%	+27.2%	+24.9%	+11.4%
Operating margin	+10.0%	+11.8%	+11.4%	+23.0%	+12.8%
Net margin	+6.8%	+24.9%	+7.1%	+20.4%	+8.3%
FCF margin	+9.8%	+0.2%	+11.4%	+8.2%	+9.2%
Growth
Revenue CAGR (3y)	+7.9%	+2.9%	+2.8%	-2.4%	+2.9%
Returns
ROE	+10.5%	+38.9%	+15.0%	+43.8%	+24.0%
ROA	+4.0%	+15.0%	+4.1%	+13.5%	+6.5%
ROIC	+7.8%	+6.2%	-233.1%	+67.1%	+43.0%
Liquidity
Current ratio	1.20x	1.25x	2.80x	1.64x	1.72x
Quick ratio	0.59x	0.84x	1.71x	1.02x	0.81x
Leverage
D/E	1.63x	1.60x	2.64x	2.23x	2.69x
Interest coverage	4.74x	4.56x	7.06x	16.74x	8.29x
Efficiency
Asset turnover	0.58x	0.60x	0.58x	0.66x	0.79x
Cash conversion cycle	+40d	+40d	+23d	+54d	+35d

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Carrier Global

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