Carrier Gb Cp Financials
This page shows Carrier Gb Cp (CARR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Cash conversion, not reported profit, best explains Carrier’s model as low reinvestment needs fund heavy shareholder payouts.
FY2024’s net income of$5.6B translated into only$563M of operating cash flow, while FY2025 showed the opposite pattern. That reversal says the earnings line was far noisier than the underlying cash engine, so profit swings overstated how much the operating business actually changed.
This is a low-capital-intensity business in the current form: FY2025 capital spending was just
Capital returns were more aggressive than internally funded in FY2025: buybacks consumed
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Carrier Gb Cp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Carrier Gb Cp has an operating margin of 10.0%, meaning the company retains $10 of operating profit per $100 of revenue. This strong profitability earns a score of 69/100, reflecting efficient cost management and pricing power. This is down from 11.8% the prior year.
Carrier Gb Cp's revenue declined 3.3% year-over-year, from $22.5B to $21.7B. This contraction results in a growth score of 58/100.
Carrier Gb Cp has elevated debt relative to equity (D/E of 0.80), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 22/100, reflecting increased financial risk.
Carrier Gb Cp's current ratio of 1.20 is below the typical benchmark, resulting in a score of 29/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Carrier Gb Cp has a free cash flow margin of 9.8%, earning a moderate score of 58/100. The company generates positive cash flow after capital investments, but with room for improvement.
Carrier Gb Cp's ROE of 10.5% shows moderate profitability relative to equity, earning a score of 61/100. This is down from 38.9% the prior year.
Carrier Gb Cp scores 2.78, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($57.6B) relative to total liabilities ($23.1B). This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Carrier Gb Cp passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Carrier Gb Cp generates $1.69 in operating cash flow ($2.5B OCF vs $1.5B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Carrier Gb Cp earns $4.7 in operating income for every $1 of interest expense ($2.2B vs $458.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Carrier Gb Cp generated $21.7B in revenue in fiscal year 2025. This represents a decrease of 3.3% from the prior year.
Carrier Gb Cp's EBITDA was $3.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 11.1% from the prior year.
Carrier Gb Cp reported $1.5B in net income in fiscal year 2025. This represents a decrease of 73.5% from the prior year.
Carrier Gb Cp earned $1.72 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 72.0% from the prior year.
Cash & Balance Sheet
Carrier Gb Cp generated $2.1B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 4720.5% from the prior year.
Carrier Gb Cp held $1.6B in cash against $11.4B in long-term debt as of fiscal year 2025.
Carrier Gb Cp paid $0.68 per share in dividends in fiscal year 2025. This represents a decrease of 15.1% from the prior year.
Carrier Gb Cp had 836M shares outstanding in fiscal year 2025. This represents a decrease of 3.7% from the prior year.
Margins & Returns
Carrier Gb Cp's operating margin was 10.0% in fiscal year 2025, reflecting core business profitability. This is down 1.8 percentage points from the prior year.
Carrier Gb Cp's net profit margin was 6.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 18.1 percentage points from the prior year.
Carrier Gb Cp's ROE was 10.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 28.4 percentage points from the prior year.
Capital Allocation
Carrier Gb Cp invested $625.0M in research and development in fiscal year 2025. This represents a decrease of 8.9% from the prior year.
Carrier Gb Cp spent $2.9B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 48.8% from the prior year.
Carrier Gb Cp invested $392.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 24.5% from the prior year.
CARR Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.3B+10.4% | $4.8B-13.3% | $5.6B-8.7% | $6.1B+17.2% | $5.2B+1.4% | $5.1B-14.0% | $6.0B+0.8% | $5.9B |
| Cost of Revenue | $3.6B | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | $1.1B | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $143.0M-10.6% | $160.0M+6.0% | $151.0M-6.2% | $161.0M+5.2% | $153.0M | N/A | $172.0M+7.5% | $160.0M |
| SG&A Expenses | $861.0M+15.3% | $747.0M-7.0% | $803.0M-1.2% | $813.0M+11.5% | $729.0M | N/A | $799.0M+1.3% | $789.0M |
| Operating Income | $259.0M+156.4% | $101.0M-81.3% | $539.0M-40.3% | $903.0M+43.6% | $629.0M-18.7% | $774.0M+1.4% | $763.0M+5.4% | $724.0M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | -$96.0M-200.0% | -$32.0M-3100.0% | -$1.0M-100.6% | $162.0M+45.9% | $111.0M | N/A | $172.0M+43.3% | $120.0M |
| Net Income | $238.0M+349.1% | $53.0M-87.6% | $428.0M-27.6% | $591.0M+43.4% | $412.0M | N/A | $447.0M-80.9% | $2.3B |
| EPS (Diluted) | $0.28 | N/A | $0.50-26.5% | $0.68+44.7% | $0.47+1040.0% | $-0.05-110.2% | $0.49-80.8% | $2.55 |
CARR Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $37.2B0.0% | $37.2B-2.3% | $38.1B-1.1% | $38.5B+5.6% | $36.4B-2.6% | $37.4B-7.0% | $40.2B-0.6% | $40.4B |
| Current Assets | $9.0B+5.7% | $8.5B-3.5% | $8.8B-3.2% | $9.1B+8.1% | $8.4B-14.6% | $9.9B-11.6% | $11.2B-3.3% | $11.6B |
| Cash & Equivalents | $1.4B-11.8% | $1.6B+9.3% | $1.4B-20.8% | $1.8B+5.8% | $1.7B-57.2% | $4.0B+78.5% | $2.2B-19.3% | $2.8B |
| Inventory | $2.6B+3.9% | $2.5B-17.3% | $3.0B+4.0% | $2.9B+9.1% | $2.6B+15.2% | $2.3B-13.1% | $2.6B-13.1% | $3.0B |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $15.3B-1.2% | $15.5B-1.1% | $15.7B+0.1% | $15.7B+4.8% | $15.0B+2.5% | $14.6B-4.5% | $15.3B+0.3% | $15.2B |
| Total Liabilities | $23.4B+1.4% | $23.1B-0.8% | $23.2B-1.0% | $23.5B+5.5% | $22.2B-3.3% | $23.0B-8.5% | $25.2B-4.5% | $26.3B |
| Current Liabilities | $8.6B+20.7% | $7.1B-8.2% | $7.7B-1.0% | $7.8B+11.7% | $7.0B-11.2% | $7.9B-24.0% | $10.4B-2.8% | $10.7B |
| Long-Term Debt | $10.4B-8.3% | $11.4B+0.3% | $11.3B0.0% | $11.3B+2.3% | $11.1B+0.5% | $11.0B+6.7% | $10.3B-8.3% | $11.3B |
| Total Equity | $13.8B-2.3% | $14.1B-4.8% | $14.8B-1.2% | $15.0B+5.7% | $14.2B-1.4% | $14.4B-4.3% | $15.0B+6.8% | $14.1B |
| Retained Earnings | $12.4B+2.0% | $12.2B-2.7% | $12.5B+1.9% | $12.3B+3.4% | $11.9B+3.6% | $11.5B+23.5% | $9.3B+5.0% | $8.9B |
CARR Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $79.0M-92.4% | $1.0B+205.0% | $341.0M-47.5% | $649.0M+34.4% | $483.0M+265.9% | $132.0M+149.1% | -$269.0M-140.8% | $660.0M |
| Capital Expenditures | $94.0M-28.2% | $131.0M+12.0% | $117.0M+44.4% | $81.0M+28.6% | $63.0M-71.0% | $217.0M+135.9% | $92.0M-14.8% | $108.0M |
| Free Cash Flow | -$15.0M-101.7% | $909.0M+305.8% | $224.0M-60.6% | $568.0M+35.2% | $420.0M+594.1% | -$85.0M+76.5% | -$361.0M-165.4% | $552.0M |
| Investing Cash Flow | -$65.0M+40.9% | -$110.0M+7.6% | -$119.0M-116.4% | -$55.0M-139.1% | -$23.0M-100.7% | $3.1B+166.5% | $1.2B-75.9% | $4.8B |
| Financing Cash Flow | -$141.0M+82.1% | -$787.0M-33.2% | -$591.0M-8.0% | -$547.0M+80.1% | -$2.7B-62.9% | -$1.7B-9.2% | -$1.5B+59.2% | -$3.8B |
| Dividends Paid | $201.0M+6.3% | $189.0M-2.1% | $193.0M+0.5% | $192.0M-3.0% | $198.0M+26.9% | $156.0M-15.2% | $184.0M+7.6% | $171.0M |
| Share Buybacks | $306.0M-36.1% | $479.0M-39.0% | $785.0M+130.9% | $340.0M-73.6% | $1.3B-14.9% | $1.5B+251.0% | $431.0M | $0 |
CARR Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.1% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 4.9%+2.8pp | 2.1%-7.6pp | 9.7%-5.1pp | 14.8%+2.7pp | 12.0%-3.0pp | 15.0%+2.3pp | 12.8%+0.6pp | 12.2% |
| Net Margin | 4.5%+3.4pp | 1.1%-6.6pp | 7.7%-2.0pp | 9.7%+1.8pp | 7.9% | N/A | 7.5%-31.9pp | 39.4% |
| Return on Equity | 1.7%+1.3pp | 0.4%-2.5pp | 2.9%-1.1pp | 3.9%+1.0pp | 2.9% | N/A | 3.0%-13.6pp | 16.6% |
| Return on Assets | 0.6%+0.5pp | 0.1%-1.0pp | 1.1%-0.4pp | 1.5%+0.4pp | 1.1% | N/A | 1.1%-4.7pp | 5.8% |
| Current Ratio | 1.05-0.1 | 1.20+0.1 | 1.14-0.0 | 1.17-0.0 | 1.20-0.0 | 1.25+0.2 | 1.080.0 | 1.08 |
| Debt-to-Equity | 0.76-0.0 | 0.80+0.0 | 0.760.0 | 0.76-0.0 | 0.78+0.0 | 0.77+0.1 | 0.69-0.1 | 0.80 |
| FCF Margin | -0.3%-19.1pp | 18.8%+14.8pp | 4.0%-5.3pp | 9.3%+1.2pp | 8.1%+9.7pp | -1.7%+4.4pp | -6.0%-15.3pp | 9.3% |
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Frequently Asked Questions
What is Carrier Gb Cp's annual revenue?
Carrier Gb Cp (CARR) reported $21.7B in total revenue for fiscal year 2025. This represents a -3.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Carrier Gb Cp's revenue growing?
Carrier Gb Cp (CARR) revenue declined by 3.3% year-over-year, from $22.5B to $21.7B in fiscal year 2025.
Is Carrier Gb Cp profitable?
Yes, Carrier Gb Cp (CARR) reported a net income of $1.5B in fiscal year 2025, with a net profit margin of 6.8%.
What is Carrier Gb Cp's EBITDA?
Carrier Gb Cp (CARR) had EBITDA of $3.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Carrier Gb Cp have?
As of fiscal year 2025, Carrier Gb Cp (CARR) had $1.6B in cash and equivalents against $11.4B in long-term debt.
What is Carrier Gb Cp's operating margin?
Carrier Gb Cp (CARR) had an operating margin of 10.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Carrier Gb Cp's net profit margin?
Carrier Gb Cp (CARR) had a net profit margin of 6.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Carrier Gb Cp pay dividends?
Yes, Carrier Gb Cp (CARR) paid $0.68 per share in dividends during fiscal year 2025.
What is Carrier Gb Cp's return on equity (ROE)?
Carrier Gb Cp (CARR) has a return on equity of 10.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Carrier Gb Cp's free cash flow?
Carrier Gb Cp (CARR) generated $2.1B in free cash flow during fiscal year 2025. This represents a 4720.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Carrier Gb Cp's operating cash flow?
Carrier Gb Cp (CARR) generated $2.5B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Carrier Gb Cp's total assets?
Carrier Gb Cp (CARR) had $37.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Carrier Gb Cp's capital expenditures?
Carrier Gb Cp (CARR) invested $392.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Carrier Gb Cp spend on research and development?
Carrier Gb Cp (CARR) invested $625.0M in research and development during fiscal year 2025.
What is Carrier Gb Cp's current ratio?
Carrier Gb Cp (CARR) had a current ratio of 1.20 as of fiscal year 2025, which is considered adequate.
What is Carrier Gb Cp's debt-to-equity ratio?
Carrier Gb Cp (CARR) had a debt-to-equity ratio of 0.80 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Carrier Gb Cp's return on assets (ROA)?
Carrier Gb Cp (CARR) had a return on assets of 4.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Carrier Gb Cp's Altman Z-Score?
Carrier Gb Cp (CARR) has an Altman Z-Score of 2.78, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Carrier Gb Cp's Piotroski F-Score?
Carrier Gb Cp (CARR) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Carrier Gb Cp's earnings high quality?
Carrier Gb Cp (CARR) has an earnings quality ratio of 1.69x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Carrier Gb Cp cover its interest payments?
Carrier Gb Cp (CARR) has an interest coverage ratio of 4.7x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Carrier Gb Cp?
Carrier Gb Cp (CARR) scores 50 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.