At a glance
Carrier Global Corp is worth $45.14B, about 32 times its fiscal 2025 earnings. Revenue fell 3.3% to $21.75B in fiscal 2025, with 6.8% kept as profit; over 3 years it has grown 7.9% a year. It pays a 1.74% dividend yield, and returned $9.79B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −5.8% over the past year with dividends reinvested and +2.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 35.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months after the low.
The business in plain English
Carrier Global makes and services heating, air-conditioning and refrigeration equipment. Its products include air conditioners, heat pumps (units that move heat into or out of a building to heat or cool it), heating systems, building controls and cooling units for trucks, trailers and shipping containers. Brands include Carrier, Viessmann, Toshiba, Automated Logic, Bryant and Carrier Transicold. Customers range from homeowners to hospitals, schools, hotels and data centers. Carrier sells directly to contractors and building owners, and through distributors, dealers and joint ventures.
In 2025, net sales were $21.7 billion and operating profit (earnings from the business before interest and taxes) was $2.2 billion. New equipment made up 72% of sales, and parts and service 28%. Each installed system can bring years of repair and parts sales, which Carrier aims to grow with digital monitoring.
Climate Solutions Americas is the largest segment, at 48% of 2025 sales, followed by Europe at 23%, Asia Pacific, Middle East & Africa at 15%, and Transportation, which keeps food and medicine cold in transit, at 13%. International operations, including U.S. exports, made up about 52% of sales. Carrier bought Viessmann's climate business in January 2024, sold its fire, access-control and commercial refrigeration units that year, and in December 2025 agreed to sell Riello to Ariston Group for about $430 million.
Price history
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CARR -5.8% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Product | $19.17B | 88.2% |
| Service | $2.57B | 11.8% |
By business segment
| CSA | $10.47B | 48.1% |
| CSE | $5.04B | 23.2% |
| CSAME | $3.34B | 15.4% |
| CST | $2.89B | 13.3% |
By geography
| United States Operations | $11.14B | 51.2% |
| Europe | $6.09B | 28% |
| Asia Pacific | $3.84B | 17.7% |
| Other | $678.0M | 3.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $6.26B, up 12.3% from a year earlier, and net income was $-2.59B (-705.8%).
- For fiscal 2025, revenue was $21.75B (-3.3% year over year; +7.9% a year from FY2022 to FY2025) with a 6.8% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | +7.9% good |
|---|---|
| Operating margin | 10% watch |
| Free cash flow margin | 9.8% watch |
| Return on equity (FY2025) | 10.5% watch |
| Return on assets (FY2025) | 4% watch |
| Net cash (cash minus debt) | $-10.08B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $17.46B | $1.98B | $1.38B |
| FY2021 | $20.61B | $1.66B | $1.89B |
| FY2022 | $17.29B | $3.53B | $1.43B |
| FY2023 | $18.95B | $1.35B | $2.17B |
| FY2024 | $22.49B | $5.60B | $44.0M |
| FY2025 | $21.75B | $1.48B | $2.12B |
Valuation snapshot
| Market value | $45.14B |
|---|---|
| P/E ratio | 32.1 |
| Dividend yield | 1.74% |
Rank among 1514 US companies
Market value at each year end
Carrier Global’s market value went from $32.69B at the end of 2020 to $45.14B on Nov 2, 2026, up 38%; since the end of 2025 it is up 1%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $45.14B | +1.4% |
| 2025 | $44.50B | -27.3% |
| 2024 | $61.24B | +27.1% |
| 2023 | $48.20B | +39.7% |
| 2022 | $34.50B | -26.6% |
| 2021 | $47.00B | +43.8% |
| 2020 | $32.69B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CARR price data to Nov 2, 2026 | +6.1% | -5.8% | +4.9% | +2.6% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +6.1% |
| 2025 | -21.6% |
| 2024 | +20.3% |
| 2023 | +41.5% |
| 2022 | -22.7% |
| 2021 | +45.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 33% over that stretch · deepest drop along the way 35.8%, back to its old high 12.8 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 1 sales ($750.0M).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 20, 2026 | Maximilian Viessmann Director | sell | $750.0M |
Who owns it
Large shareholders (13G filings)
| Capital Research Global Investors | 12.8% | Jun 30, 2026 |
| BlackRock, Inc. | 7.6% | Jun 30, 2026 |
| Vanguard Capital Management | 7.07% | Mar 31, 2026 |
| Capital World Investors | 3.4% | Mar 31, 2025 |
| Capital International Investors | 3% | Dec 31, 2025 |
ETFs with the most weight in CARR
| CCSO Carbon Collective Climate Solutions U.S. Equity ETF | 5.02% |
| TGLR LAFFER TENGLER Equity Income ETF | 3.72% |
| CGDV Capital Group Dividend Value ETF | 3.58% |
| XHB SPDR S&P Homebuilders ETF | 3.25% |
| SIMS SPDR S&P Kensho Intelligent Structures ETF | 3.12% |
| FPX First Trust US Equity Opportunities ETF | 2.61% |
| UPGR Xtrackers US Green Infrastructure Select Equity ETF | 2.48% |
| TRFK Pacer Data and Digital Revolution ETF | 2.36% |
What could go wrong
- Big deals may disappoint. Carrier bought Viessmann's climate business in January 2024 and agreed in December 2025 to sell Riello. Integration or deal problems could shrink expected benefits and force write-downs of acquired assets, cutting reported profit.
- Weather and the economy sway demand. Demand for heating and cooling equipment rises and falls with weather, seasons and economic conditions. A mild summer or winter, or a downturn, can cut sales of new systems and repairs.
- Climate rules and incentives can shift. Rules and incentives tied to climate change, such as energy-efficiency and refrigerant standards, shape what Carrier sells. Changes can force costly redesigns, raise costs or shift demand between products and regions.
- A large debt load. As of September 30, 2026, Carrier had about $11.4 billion of debt and $1.4 billion of cash and investments. A credit rating downgrade could raise borrowing costs and limit access to capital.
- About half of sales are international. About 52% of 2025 net sales came from international operations, including U.S. exports. Trade policy changes, political events and weaker economies abroad can hurt results, and joint-venture partners add their own risks.
- Supply shortages, tariffs and material costs. Carrier relies on raw materials, supplier parts and outside service providers. Shortages, price increases, duties or tariffs could raise costs, disrupt factories and hurt its competitive position.
Recent events
- Quarterly results released
- Quarterly results released
- Executive or board change
- Quarterly results released
- Shareholder vote results
- Quarterly results released
For income and retirement investors
Carrier pays a quarterly dividend, yielding 1.79% as of October 30, 2026. Dividends per share rose from $0.28 in 2020, a partial year after the spin-off, to $0.795 in 2024. The 2025 figure was lower, at $0.675, though total dividends paid rose to $772 million, so there is no unbroken streak of increases. Dividends took 52% of 2025 net income and 36% of free cash flow (cash left after running and investing in the business). Those ratios predate a $2.6 billion net loss for the quarter ended September 30, 2026. Buybacks were larger: $6.8 billion over 2021–2025, versus $3.0 billion in dividends.
Carrier became independent on April 3, 2020, so there is no record for 2008 or the COVID crash. In the 2022 bear market, shares fell 35.8% from January 4 to June 17, 2022, and regained that peak by July 11, 2023. A single stock like Carrier carries more risk than a diversified fund.
Questions investors ask
How does Carrier make money?
Carrier makes money mainly by selling heating, air-conditioning and refrigeration equipment, then servicing it. In 2025, new equipment brought in 72% of its $21.7 billion in net sales, and parts and service 28%. Climate Solutions Americas was the largest segment at 48% of sales, followed by Europe at 23%, Asia Pacific, Middle East & Africa at 15% and transport refrigeration at 13%. Operating profit was $2.2 billion, about 10% of sales.
Does Carrier raise its dividend every year?
No, not according to the per-share figures in its filings. Dividends per share rose each year from $0.28 in 2020, a partial year after the spin-off, to $0.795 in 2024, but the 2025 figure was $0.675. Total dividends paid still rose, from $670 million to $772 million. The yield was 1.79% as of October 30, 2026. Carrier's 10-K warns that quarterly dividends may be discontinued or modified.
Is Carrier still part of RTX or United Technologies?
No. Carrier became an independent public company on April 3, 2020, when United Technologies (since renamed RTX) spun it off, giving UTC shareholders one Carrier share for each UTC share. The separation created three public companies: UTC (now RTX), Carrier and Otis. Only parts of a tax matters agreement with RTX remained in effect as of December 31, 2025, but under it Carrier could, in certain circumstances, owe RTX for material taxes.
Does Carrier own Viessmann?
Yes. Carrier owns Viessmann's climate solutions business, which it bought from the Viessmann Group on January 2, 2024. That business, a leading European provider of home and light commercial heating and cooling systems, is reported mainly in Climate Solutions Europe, which made up 23% of 2025 sales. Maximilian Viessmann, a Carrier director, sold about $750 million of Carrier shares on May 20, 2026, outside a pre-arranged trading plan.
How has Carrier stock performed?
Unevenly. As of October 30, 2026, the share price was up 27.2% in total over about 6.6 years of trading, roughly 2.1% a year over five years, and down 7.4% over one year. Calendar years swung widely: up 45.3% in 2021, down 22.7% in 2022, up 41.5% in 2023, up 20.3% in 2024 and down 21.6% in 2025. The deepest fall from a peak was 40.8%. These are price changes and exclude dividends.