Carrier Global Corporation Q2 2025 Earnings Recap

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.