CARRIER GLOBAL Corp

CARR 10-K · FY 2025

CARR FY 2025 request

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Income Statement

Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 21,747 22,486 -3.3%
Show Product Lines breakouts
Product 19,173 19,990 -4.1%
Product · CSA 9,327 9,428 -1.1%
Product · CSAME 2,606 2,849 -8.5%
Product · CSE 4,572 4,652 -1.7%
Product · CST 2,668 3,061 -12.8%
Product · Related Party 2,874 2,956 -2.8%
Service 2,574 2,496 +3.1%
Service · CSA 1,143 1,099 +4.0%
Service · CSAME 733 651 +12.6%
Service · CSE 472 332 +42.2%
Service · CST 226 414 -45.4%
Show Business Segments breakouts
CSA · Operating Segments 10,470 10,527 -0.5%
CSAME · Operating Segments 3,339 3,500 -4.6%
CSE · Operating Segments 5,044 4,984 +1.2%
CST · Operating Segments 2,894 3,475 -16.7%
Show Geography breakouts
Asia Pacific 3,841 3,817 +0.6%
Europe 6,092 6,687 -8.9%
Other 678 688 -1.5%
US 11,136 11,294 -1.4%
Show Consolidation Items breakouts
Operating Segments 21,747 22,486 -3.3%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 18,154 17,567 +3.3%
Cost of Revenue (FY)
Show Product Lines breakouts
Product -14,232 -14,580 +2.4%
Product · Related Party -227 -237 +4.2%
Service -1,891 -1,925 +1.8%
Show Business Segments breakouts
CSA · Operating Segments -7,073 -6,997 -1.1%
CSAME · Operating Segments -2,499 -2,579 +3.1%
CSE · Operating Segments -3,494 -3,368 -3.7%
CST · Operating Segments -2,112 -2,540 +16.9%
Show Consolidation Items breakouts
Operating Segments -15,178 -15,484 +2.0%
Total Costs & Expenses -19,840 -20,388 +2.7%
Gross Profit (FY)
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 3,168 3,063 +3.4%
Research & Development -625 -686 +8.9%
Show Business Segments breakouts
CSA · Operating Segments -347 -390 +11.0%
CSAME · Operating Segments -61 -69 +11.6%
CSE · Operating Segments -75 -81 +7.4%
CST · Operating Segments -66 -80 +17.5%
Show Consolidation Items breakouts
Operating Segments -549 -620 +11.5%
Selling, General & Administrative -3,092 -3,197 +3.3%
Show Business Segments breakouts
CSA · Operating Segments -1,036 -962 -7.7%
CSAME · Operating Segments -476 -520 +8.5%
CSE · Operating Segments -1,039 -1,062 +2.2%
CST · Operating Segments -287 -369 +22.2%
Show Consolidation Items breakouts
Operating Segments -2,838 -2,913 +2.6%
Operating Income 2,172 2,646 -17.9%
Show Business Segments breakouts
CSA · Operating Segments 2,150 2,323 -7.4%
CSAME · Operating Segments 448 466 -3.9%
CSE · Operating Segments 444 469 -5.3%
CST · Operating Segments 452 485 -6.8%
Show Consolidation Items breakouts
Operating Segments 3,494 3,743 -6.7%
Income Before Taxes 1,798 2,274 -20.9%
Income Tax Expense (Benefit) -240 -1,062 +77.4%
Net Income 1,587 5,708 -72.2%
Show Equity Components breakouts
Noncontrolling Interest 103 104 -1.0%
Retained Earnings 1,484 5,604 -73.5%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 676 700 -3.4%
Net Income 1,484 5,604 -73.5%
Comprehensive Income 3,321 4,984 -33.4%
EPS (Basic) 1.74 6.24 -72.1%
EPS (Diluted) 1.72 6.15 -72.0%
Wtd Avg Shares (Basic) 852.4 898.2 -5.1%
Wtd Avg Shares (Diluted) 862.4 911.7 -5.4%
Income Loss From Equity Method Investments 229 231 -0.9%
Show Business Segments breakouts
CSA · Operating Segments 126 135 -6.7%
CSAME · Operating Segments 100 92 +8.7%
CSE · Operating Segments -3 -1 -200.0%
CST · Operating Segments 6 6 0.0%
Show Consolidation Items breakouts
Operating Segments 229 232 -1.3%
Net Income Loss Attributable To Noncontrolling Interest 103 104 -1.0%
Net Income Loss Available To Common Stockholders Basic (FY)
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 676 700 -3.4%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 1,555 3,969 -60.8%
Inventory 2,483 2,299 +8.0%
Total Current Assets 8,533 9,891 -13.7%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 11,835 12,823 -7.7%
Non-Current Assets
Property, Plant & Equipment 3,165 2,999 +5.5%
Show Geography breakouts
Asia Pacific 482 486 -0.8%
Europe 1,404 1,253 +12.1%
Other 490 453 +8.2%
US 789 807 -2.2%
Operating Lease Right-of-Use Assets 546 554 -1.4%
Goodwill 15,501 14,601 +6.2%
Show Business Segments breakouts
CSA · Operating Segments 5,075 5,059 +0.3%
CSAME · Operating Segments 1,410 1,380 +2.2%
CSE · Operating Segments 7,808 7,035 +11.0%
CST · Operating Segments 1,208 1,127 +7.2%
Intangible Assets 6,326 6,432 -1.6%
Show Finite Lived Intangible Assets By Major Class breakouts
Customer Relationships 4,570 4,668 -2.1%
Patents and trademarks 754 738 +2.2%
Technology and other 1,002 1,026 -2.3%
Deferred Tax Assets 1,074 1,131 -5.0%
Other Non-Current Assets 668 558 +19.7%
Total Assets 37,190 37,403 -0.6%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 14,253 15,219 -6.3%
Current Liabilities
Accounts Payable 2,702 2,458 +9.9%
Show Related Party Transactions By Related Party breakouts
Related Party 40 32 +25.0%
Accrued Liabilities 3,774 4,098 -7.9%
Deferred Revenue (Current) -691 -553 -25.0%
Commercial Paper 325
Current Portion of Long-Term Debt 108 1,252 -91.4%
Total Current Liabilities 7,114 7,892 -9.9%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 9,675 11,053 -12.5%
Debt Current 468 1,336 -65.0%
Non-Current Liabilities
Long-Term Debt (Q)
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure · Unsecured Debt 10,842 11,728 -7.6%
Long-Term Debt 11,365 11,026 +3.1%
Operating Lease Liabilities 418 432 -3.2%
Deferred Tax Liabilities 1,833 2,015 -9.0%
Other Non-Current Liabilities 2,140 1,429 +49.8%
Total Liabilities 23,062 23,008 +0.2%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 9,911 11,263 -12.0%
Contract With Customer Liability Noncurrent -203 -164 -23.8%
Stockholders' Equity
Common Stock 10 9 +11.1%
Additional Paid-In Capital 8,665 8,610 +0.6%
Retained Earnings 12,193 11,483 +6.2%
Accumulated Other Comprehensive Income -269 -2,106 +87.2%
Total Liabilities & Equity 37,190 37,403 -0.6%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Depreciation & Amortization 1,274 1,232 +3.4%
Show Business Segments breakouts
CSA · Operating Segments 133 134 -0.7%
CSAME · Operating Segments 198 213 -7.0%
CSE · Operating Segments 878 813 +8.0%
CST · Operating Segments 26 35 -25.7%
Show Consolidation Items breakouts
Intersegment Elimination 39 37 +5.4%
Operating Segments 1,235 1,195 +3.3%
Stock-Based Compensation 74 98 -24.5%
Deferred Income Taxes -401 -352 -13.9%
Other Non-Cash Items 42 -357 +111.8%
Change in Inventory -81 292 -127.7%
Net Cash from Operations 2,513 563 +346.4%
Investing Activities
Other Investing Activities 24 14 +71.4%
Net Cash from Investing -307 -2,025 +84.8%
Financing Activities
Share Repurchases -2,892 -1,944 -48.8%
Net Cash from Financing -4,672 -4,636 -0.8%
Supplemental
Income Taxes Paid 729 2,126 -65.7%
Interest Paid 422 610 -30.8%
Unpaid Capital Expenditures 392 519 -24.5%
Show Business Segments breakouts
CSA · Operating Segments 151 198 -23.7%
CSAME · Operating Segments 39 48 -18.8%
CSE · Operating Segments 135 197 -31.5%
CST · Operating Segments 25 32 -21.9%
Show Consolidation Items breakouts
Intersegment Elimination 42 44 -4.5%
Operating Segments 350 475 -26.3%
Other Cash Flow
Net Change in Cash -2,390 -6,201 +61.5%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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