Carrier Global (CARR) financial statements
Carrier Global reported revenue of $21.7B in fiscal 2025, up 2.0% a year over 7 years.
Net income was $1.5B and the operating margin 10.0%, against 19.2% in 2018.
Free cash flow was $2.1B, and the company returned $772M in dividends and $2.9B in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Carrier Global's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $18.9B | $18.6B | $17.5B | $20.6B | $17.3B | $19.0B | $22.5B | $21.7B |
| Cost of revenue | — | — | — | — | $13.0B | $13.8B | $16.5B | — |
| Gross profit | — | — | — | — | $4.3B | $5.2B | $6.0B | — |
| Research and development | $400M | $401M | $419M | $503M | $416M | $493M | $686M | $625M |
| Selling, general and admin | $2.7B | $2.8B | $2.8B | $3.1B | $2.0B | $2.6B | $3.2B | $3.1B |
| Operating income | $3.6B | $2.5B | $3.1B | $2.6B | $4.0B | $2.2B | $2.6B | $2.2B |
| Interest expense | — | — | $298M | $319M | $238M | $306M | $580M | $458M |
| Pre-tax income | $3.8B | $2.7B | $2.9B | $2.4B | $3.8B | $2.0B | $2.3B | $1.8B |
| Income tax | $1.1B | $517M | $849M | $699M | $616M | $521M | $1.1B | $240M |
| Net income | $2.7B | $2.1B | $2.0B | $1.7B | $3.5B | $1.3B | $5.6B | $1.5B |
| EPS (diluted) | $3.16 | $2.44 | $2.25 | $1.87 | $4.10 | $1.58 | $6.15 | $1.72 |
| Diluted shares | 866M | 866M | 880M | 890M | 861M | 853M | 912M | 862M |
| Gross margin | — | — | — | — | 24.9% | 27.2% | 26.6% | — |
| Operating margin | 19.2% | 13.4% | 17.7% | 12.8% | 23.0% | 11.4% | 11.8% | 10.0% |
| Net margin | 14.5% | 11.4% | 11.4% | 8.1% | 20.4% | 7.1% | 24.9% | 6.8% |
Balance sheet
Fiscal years, from Carrier Global's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.1B | $952M | $3.1B | $3.0B | $3.3B | $9.9B | $4.0B | $1.6B |
| Receivables | — | $2.7B | $2.8B | $2.4B | $2.8B | $2.1B | $2.7B | $2.6B |
| Inventory | — | $1.3B | $1.6B | $2.0B | $2.6B | $1.8B | $2.3B | $2.5B |
| Total current assets | — | $6.0B | $8.5B | $11.4B | $9.9B | $19.6B | $9.9B | $8.5B |
| Property, plant and equipment | — | $1.7B | $1.8B | $1.8B | $2.2B | $2.2B | $3.0B | $3.2B |
| Goodwill | $9.8B | $9.9B | $10.1B | $9.3B | $7.6B | $7.5B | $14.6B | $15.5B |
| Total assets | — | $22.4B | $25.1B | $26.2B | $26.1B | $32.8B | $37.4B | $37.2B |
| Total current liabilities | — | $4.5B | $5.1B | $6.6B | $6.0B | $7.0B | $7.9B | $7.1B |
| Long-term debt | — | $82M | $10.0B | $9.5B | $8.7B | $14.2B | $11.0B | $11.4B |
| Total liabilities | — | $8.0B | $18.5B | $19.1B | $18.0B | $23.8B | $23.0B | $23.1B |
| Shareholders' equity | $14.3B | $14.1B | $6.6B | $7.1B | $8.1B | $9.0B | $14.4B | $14.1B |
| Net debt | -$1.1B | -$633M | $7.1B | $6.7B | $5.5B | $4.4B | $8.3B | $10.3B |
Cash flow
Fiscal years, from Carrier Global's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.1B | $2.1B | $1.7B | $2.2B | $1.7B | $2.6B | $563M | $2.5B |
| Capital spending | $263M | $243M | $312M | $344M | $317M | $439M | $519M | $392M |
| Free cash flow | $1.8B | $1.8B | $1.4B | $1.9B | $1.4B | $2.2B | $44M | $2.1B |
| Stock-based compensation | $44M | $52M | $77M | $92M | $77M | $81M | $98M | $74M |
| Dividends paid | $0 | $0 | $138M | $417M | $509M | $620M | $670M | $772M |
| Share buybacks (net) | — | $0 | $0 | -$527M | -$1.4B | -$62M | -$1.9B | -$2.9B |
| Net borrowing | $120M | -$6M | $9.8B | -$551M | -$992M | $5.5B | -$1.9B | -$889M |
| Free cash flow margin | 9.5% | 9.8% | 7.9% | 9.2% | 8.2% | 11.4% | 0.2% | 9.8% |
| Dividends per share | — | — | $0.16 | $0.47 | $0.59 | $0.73 | $0.73 | $0.90 |
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Open CARR in InvestinglyQuestions
What was Carrier Global's revenue in 2025?
$21.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Carrier Global generate?
$2.1B in fiscal 2025 (operating cash flow minus capital spending).
From Carrier Global's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.