Carrier Global

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

                    Revenue
                    FY2025
                
$21.7B
                    3y CAGR +7.9%
                    
                    P70
                    
                    -3.3%
                    
                    Net income
                    FY2025
                
$1.5B
                    Net margin +6.8%
                    
                    P19
                    
                    -73.5%
                    
                    Total assets
                    FY2025
                
$37.2B
                    ROA +4.0%
                    
                    P13
                    
                    -0.6%
                    
                    Operating cash flow
                    FY2025
                
$2.5B
                    FCF margin +9.8%
                    
                    P41
                    
                    +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 revenue.

Balance Sheet

Assets, liabilities, and equity

31 accounts · 3 years

Total assets $37.2B

Total liabilities $23.1B

Shareholders equity $14.1B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	7.2%	17.7%	52.0%
Accounts Receivable	12.1%	11.8%	11.0%
Inventory	11.4%	10.2%	9.6%
Other Current Assets	8.5%	4.3%	30.7%
Total Current Assets	39.2%	44.0%	103.3%
Property,Plant and Equipment	14.6%	13.3%	11.4%
Operating Lease Assets	2.5%	2.5%	2.2%
Goodwill	71.3%	64.9%	39.7%
Intangible Assets	29.1%	28.6%	5.0%
Long Term Investments	6.1%	5.3%	6.0%
Deferred Tax Assets	4.9%	5.0%	3.8%
Other Noncurrent Assets	3.3%	2.7%	1.8%
Total Assets	171.0%	166.3%	173.2%
Liabilities
Accounts Payable	12.4%	10.9%	13.1%
Accrued Liabilities	17.4%	18.2%	15.8%
Current Portion of Long Term Debt	2.2%	5.9%	0.3%
Other Current Liabilities	0.8%	0.0%	7.7%
Total Current Liabilities	32.7%	35.1%	36.8%
Long Term Debt	52.3%	49.0%	75.2%
Operating Lease Liabilities Noncurrent	1.9%	1.9%	1.8%
Deferred Tax Liabilities	8.4%	9.0%	2.8%
Other Noncurrent Liabilities	10.7%	7.3%	9.2%
Total Liabilities	106.0%	102.3%	125.7%
Equity
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	39.8%	38.3%	29.2%
Retained Earnings	56.1%	51.1%	34.8%
Treasury Stock	31.2%	17.4%	10.4%
Accumulated Other Comprehensive Income	-1.2%	-9.4%	-7.8%
Total Stockholders Equity	65.0%	64.0%	47.5%
Noncontrolling Interest	1.5%	1.4%	1.7%
Total Liabilitiesand Equity	171.0%	166.3%	173.2%

Income Statement

Revenue, expense, and profitability

14 accounts · 3 years

Revenue $21.7B

Operating income $2.2B

Net income $1.5B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Research and Development	2.9%	3.1%	2.6%
Expenses Selling,General and Administrative	14.2%	14.2%	13.8%
Expenses Other Operating Expenses	-1.2%	-2.4%	-0.5%
Other Income Expense Operating Income	10.0%	11.8%	11.4%
Other Income Expense Other Income/expense	-1.7%	-1.7%	-0.8%
Other Income Expense Income Before Tax	8.3%	10.1%	10.5%
Income Tax Income Tax Expense	1.1%	4.7%	2.7%
net Income Other Items Below Tax	6.5%	44.5%	6.4%
net Income net Income	6.8%	24.9%	7.1%
net Income Comprehensive Income	15.3%	22.2%	8.2%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	4.0%	4.1%	4.5%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 3 years

Operating cash flow $2.5B

Investing cash flow $-307.0M

Financing cash flow $-4.7B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	7.3%	25.4%	7.6%
Operating Activities Depreciation and Amortization	5.9%	5.5%	2.6%
Operating Activities Stock Based Compensation	0.3%	0.4%	0.4%
Operating Activities Deferred Income Taxes	-1.8%	-1.6%	-1.3%
Operating Activities Changes In Operating Assets and Liabilities	-1.8%	1.5%	2.7%
Operating Activities Other Non Cash Items	1.9%	-8.7%	1.6%
Operating Activities net Cash From Operating Activities	11.6%	2.5%	13.8%
Investing Activities Capital Expenditures	-1.8%	-2.3%	-2.3%
Investing Activities Business Acquisitions	-0.5%	-48.4%	-0.4%
Investing Activities Other Investing Activities	0.9%	41.7%	-0.7%
Investing Activities net Cash From Investing Activities	-1.4%	-9.0%	-3.5%
Financing Activities Proceeds From Debt	0.2%	15.2%	29.6%
Financing Activities Repayment of Debt	-5.6%	-23.8%	-0.6%
Financing Activities Repurchase of Common Stock	-13.3%	-8.6%	-0.3%
Financing Activities Dividends Paid	-4.0%	-3.4%	-3.6%
Financing Activities Other Financing Activities	1.2%	-0.0%	-0.8%
Financing Activities net Cash From Financing Activities	-21.5%	-20.6%	24.3%
Cash Reconciliation Effect of Exchange Rate On Cash	0.3%	-0.5%	0.5%
Cash Reconciliation Other Changes In Cash	-11.0%	-27.6%	35.1%
Cash Reconciliation net Change In Cash	-11.0%	-27.6%	35.1%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	—	—	—
Operating margin	+10.0%	+11.8%	+11.4%
Net margin	+6.8%	+24.9%	+7.1%
FCF margin	+9.8%	+0.2%	+11.4%
Growth
Revenue CAGR (3y)	+7.9%	+2.9%	+2.8%
Returns
ROE	+10.5%	+38.9%	+15.0%
ROA	+4.0%	+15.0%	+4.1%
ROIC	+7.7%	+6.2%	+11.9%
Liquidity
Current ratio	1.20x	1.25x	2.80x
Quick ratio	0.59x	0.84x	1.71x
Leverage
D/E	1.63x	1.60x	2.64x
Interest coverage	—	—	—
Efficiency
Asset turnover	0.58x	0.60x	0.58x
Cash conversion cycle	—	—	—

Valuation

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FY2025 fundamentals · no price

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Carrier Global

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