Carrier Global Corporation Earnings Recaps
Q3 2025
Oct 28, 2025
Carrier reported Q3 2025 results in line with expectations, reflecting a $500 million sales challenge due to residential softness, countered by robust growth in Commercial HVAC and cost management initiatives.
Key takeaways
- Commercial HVAC sales surged 30%, significantly mitigating challenges in the residential segment.
- Aggressive cost-cutting measures, including the elimination of 3,000 indirect positions, aim to enhance operational efficiency.
- The company is on track for its fifth consecutive year of double-digit growth in aftermarket services, with 12% growth reported this quarter.
- Carrier's Board authorized a new $5 billion share repurchase program, underscoring confidence in future performance.
- Strategic investments in heat pump technology and digital platforms are expected to drive long-term growth, particularly in Europe.
Q2 2025
Aug 2, 2025
Carrier reported a robust second quarter with 6% organic growth, driven by exceptional performance in commercial HVAC and notable increases in adjusted EPS and operating margins.
Key takeaways
- Achieved 6% organic growth, with commercial HVAC in the Americas up 45% and aftermarket growth at 13%.
- Expanded adjusted operating margins by 130 basis points to 19.1%, with adjusted EPS increasing by 26%.
- Strong free cash flow generation of approximately $1 billion in the first half of the year, on track for $3 billion in share buybacks this year.
- Significant growth in connected chillers, up 40% year-over-year, indicating strong market demand and operational efficiency.
- Progressing well in technology integration, including enhancements to the Abound app leveraging AI and successful partnership initiatives in systems and energy solutions.