CARRIER GLOBAL Corp financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data CARRIER GLOBAL Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	18,914	18,608	17,456	20,613	17,288	18,951	22,486	21,747
Cost of revenue					12,991	13,789	16,505
Gross profit					4,297	5,162	5,981
Research and development	400	401	419	503	416	493	686	625
Selling, general and administrative	2,689	2,761	2,820	3,120	1,977	2,607	3,197	3,092
Operating income	3,637	2,491	3,083	2,645	3,984	2,160	2,646	2,172
Interest expense			298	319	238	306	580	458
Pre-tax income	3,842	2,672	2,855	2,400	3,823	1,999	2,274	1,798
Income tax	1,073	517	849	699	616	521	1,062	240
Net income to minority interests	35	39	24	37	50	91	104	103
Net income	2,734	2,116	1,982	1,664	3,534	1,349	5,604	1,484
EBITDA	3,994	2,826	3,419	2,983	4,312	2,651	3,878	3,446
EPS, basic	3.16	2.44	2.29	1.92	4.19	1.61	6.24	1.74
EPS, diluted	3.16	2.44	2.25	1.87	4.10	1.58	6.15	1.72
Shares, basic (weighted)	866	866	867	868	843	837	898	852
Shares, diluted (weighted)	866	866	880	890	861	853	912	862
Dividend per share			0.28	0.51	0.64	0.75	0.80	0.68

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,129	952	3,115	2,987	3,298	9,852	3,969	1,555
Receivables		2,726	2,781	2,403	2,833	2,080	2,651	2,639
Inventory		1,332	1,629	1,970	2,640	1,823	2,299	2,483
Other current assets		327	343	376	349	728	972	1,264
Total current assets		5,959	8,524	11,407	9,879	19,576	9,891	8,533
Property, plant and equipment		1,663	1,810	1,826	2,241	2,160	2,999	3,165
Lease right-of-use assets		832	788	640	642	421	554	546
Goodwill	9,849	9,884	10,139	9,349	7,626	7,520	14,601	15,501
Intangible assets		1,083	1,037	509	1,342	945	6,432	6,326
Other non-current assets		256	279	242	219	310	558	668
Total assets		22,406	25,093	26,172	26,086	32,822	37,403	37,190
Accounts payable		1,701	1,936	2,334	2,833	2,483	2,458	2,702
Accrued liabilities		2,088	2,471	2,561	2,610	2,997	4,098	3,774
Deferred revenue		443	512	415	449	419	553	691
Short-term debt		237	191	183	140	51	1,336	468
Total current liabilities		4,469	5,110	6,627	6,032	6,981	7,892	7,114
Long-term debt		82	10,036	9,513	8,702	14,242	11,026	11,365
Lease liabilities		682	642	527	529	333	432	418
Other non-current liabilities		1,183	1,724	1,677	1,830	1,589	1,429	2,140
Total liabilities		7,971	18,515	19,078	18,010	23,817	23,008	23,062
Total debt		319	10,227	9,696	8,842	14,293	12,278	11,473
Paid-in capital		0	5,345	5,411	5,481	5,535	8,610	8,665
Retained earnings		0	1,643	2,865	5,866	6,591	11,483	12,193
Treasury stock			0	-529	-1,910	-1,972	-3,915	-6,795
Other comprehensive income		-1,253	-745	-989	-1,688	-1,486	-2,106	-269
Shareholders' equity		14,102
Minority interests		333	326	327	318	328	314	324
Total equity	14,269	14,435	6,578	7,094	8,076	9,005	14,395	14,128
Total liabilities and equity		22,406	25,093	26,172	26,086	32,822	37,403	37,190
Shares outstanding			868	863	835	840	878	836

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2,769	2,155	2,006	1,701	3,584	1,440	5,708	1,587
Depreciation and amortization	357	335	336	338	328	491	1,232	1,274
Stock-based compensation	44	52	77	92	77	81	98	74
Deferred income tax	133	-122	97	-74	-106	-243	-352	-401
Change in receivables	-211	-129	49	-97	-51	-161	-40	-98
Change in inventory	-151	-2	-240	-408	-173	123	292	-81
Change in payables	88	-296	237	829	-17	541	87	-219
Cash from operations	2,055	2,063	1,692	2,237	1,743	2,607	563	2,513
Capital expenditures	-263	-243	-312	-344	-317	-439	-519	-392
Acquisitions	-310	0	0	-366	-506	-84	-10,890	-107
Cash from investing	415	-259	1,106	-692	1,745	-660	-2,025	-307
Debt issued	117	107	11,784	140	432	5,609	3,412	48
Debt repaid	0	-138	-1,911	-704	-1,275	-111	-5,345	-1,212
Share buybacks		0	0	-527	-1,380	-62	-1,944	-2,892
Dividends paid	0	0	-138	-417	-509	-620	-670	-772
Cash from financing	-2,627	-1,982	-681	-1,562	-2,931	4,612	-4,636	-4,672
Exchange rate effect	-39	1	45	-16	-56
Net change in cash	-196	-177	2,162	-33	501	6,647	-6,201	-2,390
Free cash flow	1,792	1,820	1,380	1,893	1,426	2,168	44	2,121
Interest paid		28	196	317	297	320	610	422
Income taxes paid		284	819	675	833	942	2,126	729

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $56.37 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	8.2%	Operating income / revenue.
EBITDA margin	14.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.5%	Pre-tax income / revenue.
Net margin	6.0%	Net income / revenue.
FCF margin	7.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.6%	Cash from operations / revenue.
Effective tax rate	2.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	3.5%	Net income / average total assets.
R&D / revenue	2.8%	Research and development expense / revenue.
SG&A / revenue	14.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.9%	Capital expenditures / revenue.
D&A / revenue	5.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-3.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-17.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-18.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-6.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-11.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-7.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	0.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-73.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-25.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-5.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-72.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-25.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-5.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	346.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	13.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	8.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	4,720.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	14.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	9.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-15.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	2.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	19.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-0.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	12.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.05x	Current assets / current liabilities.
Quick ratio	0.52x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.16x	(Cash + short-term investments) / current liabilities.
Debt / assets	30.7%	Total debt / total assets.
Liabilities / assets	62.9%	Total liabilities / total assets.
Net debt	$10.06B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.26x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$433.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	57.3%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.59x	Revenue / average total assets.
Fixed asset turnover	7.01x	Revenue / average property, plant and equipment.
Receivables turnover	6.99x	Revenue / average receivables.
Days sales outstanding	52 days	365 x average receivables / revenue.
FCF conversion	128.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	20.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.55	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$25.95	Revenue / diluted weighted shares.
FCF per share	$2.00	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.50	Cash from operations / diluted weighted shares.
Cash per share	$1.63	(Cash + short-term investments) / shares outstanding.
Payout ratio	59.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	46.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	113.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$46.47B	Share price x shares outstanding.
Enterprise value	$56.52B	Market cap + total debt - cash - short-term investments.
P/E	35.5x	Market cap / net income. Only when net income is positive.
P/S	2.12x	Market cap / revenue.
P/FCF	27.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	22.0x	Market cap / cash from operations, when positive.
EV/Sales	2.58x	Enterprise value / revenue.
EV/EBIT	31.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	18.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	33.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.6%	Free cash flow / market cap.
Earnings yield	2.8%	Net income / market cap (the inverse of P/E).
Dividend yield	1.7%	Dividends paid over the period / market cap.
Shareholder yield	5.8%	(Dividends paid + share buybacks) / market cap.

What was CARRIER GLOBAL Corp's revenue in fiscal 2025?

CARRIER GLOBAL Corp reported revenue of $21.75B for fiscal 2025, 3.3% lower than the year before.

Was CARRIER GLOBAL Corp profitable in fiscal 2025?

Yes. Net income was $1.48B, a net margin of 6.8%.

How much free cash flow did CARRIER GLOBAL Corp generate in fiscal 2025?

Cash from operations of $2.51B minus capital expenditures of $392.0M left free cash flow of $2.12B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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