Carrier Global
ConvictionWeak
Manufactures and sells HVAC and refrigeration/transport-cold-chain equipment (residential, light-commercial, commercial, and data-center cooling) plus a fast-growing recurring aftermarket (parts, service, controls, digital). Roughly asset-light assembly with global distribution; revenue mixes new-equipment cyclicality with higher-margin replacement + aftermarket annuity.
Revenue
$21.75B FY2025 net salescontinuing ops); 2026 guide ~$22BRev growth
-3% reported FY2025organic ~-1%); portfolio reshaping (divestitures) drove the reported decline. 2026 guide: flat to low-single-digit organicGross margin
~30%est.; not separately broken out in FY2025 releaseOp margin
15.1% adjusted / 10.0% GAAP FY20252026 adjusted OP guide ~$3.4B (~15.5%+), targeting 16.5-17% medium-termCapex intensity
~1.8% of revenue~$0.39B capex FY2025 = $2.513B OCF - $2.121B FCF) — low-capex assemblerMarket cap
~$58BNYSE: CARR; ~$70.10/sh x ~831M sh, 2026-07-06). US-listed, spun off from United Technologies Apr 2020.The read
Where our coverage leans
Coverage leans bullish
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Full financial intelligence for Carrier Global
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07 (prices as of 2026-07-06; financials from FY2025 10-K filed Feb 2026 and Q1 2026 results reported ~Apr 2026)· sign in (free) for the analyst summary; Pro unlocks full intelligence