Carrier Global
Builds HVAC, energy-management and transport-refrigeration systems, backed by lifecycle services.
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Profile
Sells residential and commercial HVAC, home and building energy systems, and transport refrigeration through regional and transportation segments. Equipment provides most sales, while installed systems support parts, maintenance, upgrades and monitoring; international operations contribute roughly half of sales.
Designs heating, cooling and energy-management systems for homes and commercial buildings through Climate Solutions Americas, Climate Solutions Europe, and Climate Solutions Asia Pacific, Middle East & Africa. Climate Solutions Transportation supplies refrigeration and monitoring for trucks, trailers and shipping containers carrying food, medicine and other perishables. Carrier, Viessmann, Toshiba, Automated Logic, Carrier Transicold and Sensitech anchor the portfolio.
Equipment generates most sales, complemented by replacement parts, repair, maintenance, modernization and digital monitoring across the installed base. Dealer, distributor and contractor channels extend its reach, while international operations contribute roughly half of sales. The completed Riello sale further concentrates the portfolio on climate and energy solutions. Demand depends on weather, construction and remodeling activity, transport-equipment cycles, and changing refrigerant and energy-efficiency rules.
Company facts
Key statistics
Year to date +9.8% · Average volume (30d) 6.5M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jul 30, 2026 | Bernstein | Reiterate | Market Perform | $75 | $78 |
| Jul 9, 2026 | Wolfe Research | Reiterate | Outperform | $74 | $80 |
| Jun 9, 2026 | Bernstein | Target | $75 | ||
| May 1, 2026 | Barclays | Reiterate | Overweight | $72 | $79 |
| Apr 14, 2026 | BNP Paribas | Target | $62 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 28, 2026Q2 FY26 | $0.82 | $0.86 | +5.3% | $6.02B | $6.35B | +5.5% | −5.13% |
| Apr 30, 2026Q1 FY26 | $0.51 | $0.57 | +12.2% | $5.01B | $5.34B | +6.5% | +0.67% |
| Feb 5, 2026Q4 FY25 | $0.37 | $0.34 | −9.3% | $5.05B | $4.84B | −4.2% | +1.30% |
| Oct 28, 2025Q3 FY25 | $0.63 | $0.67 | +5.7% | $5.65B | $5.58B | −1.3% | +3.42% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $5.22B | $6.11B | $5.58B | $4.84B | $5.34B | $6.35B | |
| Gross profit | $1.45B | $1.77B | $1.45B | $961.0M | $1.24B | $1.73B | |
| Operating income | $563.0M | $795.0M | $495.0M | $54.0M | $240.0M | $770.0M | |
| Net income | $412.0M | $591.0M | $428.0M | $53.0M | $238.0M | $501.0M | |
| Diluted EPS | $0.47 | $0.70 | $0.50 | $0.06 | $0.28 | $0.60 | |
| Gross margin | 27.7% | 28.9% | 26.0% | 19.9% | 23.3% | 27.2% | |
| Operating margin | 10.8% | 13.0% | 8.9% | 1.1% | 4.5% | 12.1% |
Fiscal years (4-quarter sums)FY21 $20.61B · FY22 $20.42B · FY23 $21.30B · FY24 $22.49B · FY25 $21.75B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $1.34B · Total debt $12.39B · Total assets $37.37B · Shareholders' equity $13.15B
Dividends
Raised for 4 straight years — most recently to $0.24 from $0.225 in Jan 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 21, 2026 | Jul 21 | Aug 10 | $0.24 | |
| May 4, 2026 | May 4 | May 22 | $0.24 | |
| Jan 20, 2026 | Jan 20 | Feb 9 | $0.24 | raised from $0.225 |
| Oct 29, 2025 | Oct 29 | Nov 18 | $0.225 | |
| Jul 21, 2025 | Jul 21 | Aug 8 | $0.225 | |
| May 2, 2025 | May 2 | May 22 | $0.225 | |
| Dec 20, 2024 | Dec 20 | Feb 7 | $0.225 | raised from $0.19 |
| Oct 25, 2024 | Oct 25 | Nov 18 | $0.19 |
Ownership
Institutions and insiders are filed separately and overlap, so together they can pass the whole company. No split is drawn from them.
Shares outstanding 824.33M · Float 785.27M · 95.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Capital Research Global Investors | 106.07M | 12.87% | 13F | Aug 12, 2026 |
| BlackRock, Inc. | 67.18M | 8.15% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 51.28M | 6.22% | 13F | Aug 13, 2026 |
| Maximilian Viessmann · director | 37.98M | 4.61% | Form 4 | May 20, 2026 |
| Vanguard Portfolio Management LLC | 36.57M | 4.44% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 20, 2026 | Maximilian Viessmann | director | −12,094,823 | $62.01 |
| Nov 25, 2025 | David L. Gitlin | director, officer: Chairman and CEO | +19,300 | $52.62 |
Peers
- Trane Technologies
Closest pure-play peer; competes in commercial HVAC, heat pumps, and transport.
- Johnson Controls
Commercial buildings pure-play; applied HVAC, data centers, building automation.
- Lennox International
North American residential HVAC pure-play with premium dealer network.
- AAON
Premium commercial HVAC and data center cooling specialist via BASX brand.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Carrier Global | $58.46 | −0.55% | $48.46B | 40.8 | 19.2 | 2.2 | +3.9% |
| Trane Technologies | $445.75 | −0.75% | $98.78B | 34.0 | 27.3 | 4.4 | +10.6% |
| Johnson Controls | $139.59 | +0.01% | $84.56B | 24.3 | 24.2 | 3.4 | +9.3% |
| Lennox International | $393.40 | −0.01% | $13.60B | 17.8 | 15.8 | 2.6 | +3.0% |
| AAON | $76.50 | +0.80% | $6.21B | 39.7 | 27.7 | 3.2 | +101.2% |
| Median | 29.2 | 25.7 | 3.3 | +9.9% |