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CARRIER GLOBAL vs Johnson Controls International: revenue, profit, margins and growth compared

CARRIER GLOBAL brought in $21.7B of revenue in fiscal 2025, Johnson Controls International $23.6B in fiscal 2025. Revenue changed by -3.3% at CARRIER GLOBAL and +2.8% at Johnson Controls International on the year before, so Johnson Controls International grew faster. CARRIER GLOBAL kept 6.8% of its revenue as net profit, Johnson Controls International 13.9%. Free cash flow was $2.1B at CARRIER GLOBAL and $2.1B at Johnson Controls International.

Open the CARR pageOpen the JCI page

Side by side, latest fiscal year

CARRJCI
Fiscal year endedFY2025 (December 31, 2025)FY2025 (September 30, 2025)
Revenue$21.7B$23.6B
Revenue growth-3.3%+2.8%
Net income$1.5B$3.3B
Net margin6.8%13.9%
Free cash flow$2.1B$2.1B
Free cash flow margin9.8%9.0%
Earnings per share (diluted)$1.72$5.03
Cash$1.6B$379M
Debt$11.5B$9.2B
Price to earnings32.829.9
Market value$46.5B$91B
Dividend yield1.20%1.01%
Rank by revenue in sector#30 of 451 · Industrials#29 of 451 · Industrials

Over the years

Revenue
CARR FY2018: $18.9BCARR FY2020: $18.6BCARR FY2020: $17.5BCARR FY2021: $20.6BCARR FY2022: $17.3BCARR FY2023: $19BCARR FY2024: $22.5BCARR FY2025: $21.7BJCI FY2018: $31.4BJCI FY2019: $24BJCI FY2020: $22.3BJCI FY2021: $23.7BJCI FY2022: $20.6BJCI FY2023: $22.3BJCI FY2024: $23BJCI FY2025: $23.6BFY18FY19FY20FY21FY22FY23FY24FY25
CARR $21.7BJCI $23.6B
Net income
CARR FY2018: $2.7BCARR FY2020: $2.1BCARR FY2020: $2BCARR FY2021: $1.7BCARR FY2022: $3.5BCARR FY2023: $1.3BCARR FY2024: $5.6BCARR FY2025: $1.5BJCI FY2018: $2.2BJCI FY2019: $5.7BJCI FY2020: $631MJCI FY2021: $1.6BJCI FY2022: $1.5BJCI FY2023: $1.8BJCI FY2024: $1.7BJCI FY2025: $3.3BFY18FY19FY20FY21FY22FY23FY24FY25
CARR $1.5BJCI $3.3B
Net margin
CARR FY2018: 14.5%CARR FY2020: 11.4%CARR FY2020: 11.4%CARR FY2021: 8.1%CARR FY2022: 20.4%CARR FY2023: 7.1%CARR FY2024: 24.9%CARR FY2025: 6.8%JCI FY2018: 6.9%JCI FY2019: 23.7%JCI FY2020: 2.8%JCI FY2021: 6.9%JCI FY2022: 7.4%JCI FY2023: 8.3%JCI FY2024: 7.4%JCI FY2025: 13.9%FY18FY19FY20FY21FY22FY23FY24FY25
CARR 6.8%JCI 13.9%
Revenue growth
CARR FY2020: -1.6%CARR FY2020: -6.2%CARR FY2021: +18.1%CARR FY2022: -16.1%CARR FY2023: +9.6%CARR FY2024: +18.7%CARR FY2025: -3.3%JCI FY2019: -23.7%JCI FY2020: -6.9%JCI FY2021: +6.1%JCI FY2022: -12.8%JCI FY2023: +8.2%JCI FY2024: +2.8%JCI FY2025: +2.8%FY19FY20FY21FY22FY23FY24FY25
CARR -3.3%JCI +2.8%
Free cash flow
CARR FY2018: $1.8BCARR FY2020: $1.8BCARR FY2020: $1.4BCARR FY2021: $1.9BCARR FY2022: $1.4BCARR FY2023: $2.2BCARR FY2024: $44MCARR FY2025: $2.1BJCI FY2018: $875MJCI FY2019: $1.2BJCI FY2020: $2BJCI FY2021: $2BJCI FY2022: $750MJCI FY2023: $1.4BJCI FY2024: $1.1BJCI FY2025: $2.1BFY18FY19FY20FY21FY22FY23FY24FY25
CARR $2.1BJCI $2.1B

Fiscal years as each company reports them; the two may end in different months.

Questions about CARRIER GLOBAL and Johnson Controls International

Which is bigger by revenue, CARRIER GLOBAL or Johnson Controls International?

Johnson Controls International is bigger by revenue: $23.6B in fiscal 2025, against $21.7B for CARRIER GLOBAL in fiscal 2025.

Which keeps more of its revenue as profit, CARRIER GLOBAL or Johnson Controls International?

CARRIER GLOBAL had a net margin of 6.8% in fiscal 2025; Johnson Controls International had 13.9% in fiscal 2025.

Which grew revenue faster, CARRIER GLOBAL or Johnson Controls International?

In their latest fiscal years revenue changed by -3.3% at CARRIER GLOBAL and +2.8% at Johnson Controls International.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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