financial statements

The full income statement, balance sheet, and cash-flow statement for Carrier Global Corporation Common Stock (CARR), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	21.7B YoY-3.3%	22.5B YoY+18.7%	19.0B YoY+9.6%	17.3B YoY-16.1%	20.6B YoY+18.1%
Cost of revenue	—	16.5B YoY+19.7%	13.8B YoY+6.1%	13.0B	—
Research & development	625M YoY-8.9%	686M YoY+39.1%	493M YoY+18.5%	416M YoY-17.3%	503M YoY+20.0%
Selling, general & administrative	3.09B YoY-3.3%	3.20B YoY+22.6%	2.61B YoY+31.9%	1.98B YoY-36.6%	3.12B YoY+10.6%
Restructuring	178M YoY+64.8%	108M YoY+44.0%	75.0M YoY+275.0%	20.0M YoY-77.5%	89.0M YoY+81.6%
Amortization of intangibles	884M YoY+4.9%	843M YoY+281.4%	221M YoY+112.5%	104M YoY+6.1%	98.0M YoY-3.9%
Operating income	2.17B YoY-17.9%	2.65B YoY+22.5%	2.16B YoY-45.8%	3.98B YoY+50.6%	2.65B YoY-14.2%
Equity-method income	229M YoY-0.9%	231M YoY+9.5%	211M YoY-19.5%	262M YoY+5.2%	249M YoY+20.3%
Pre-tax income	1.80B YoY-20.9%	2.27B YoY+13.8%	2.00B YoY-47.7%	3.82B YoY+59.3%	2.40B YoY-15.9%
Income tax	240M YoY-77.4%	1.06B YoY+103.8%	521M YoY-15.4%	616M YoY-11.9%	699M YoY-17.7%
	1.48B YoY-73.5%	5.60B YoY+315.4%	1.35B YoY-61.8%	3.53B YoY+107.8%	1.70B YoY-15.2%
Discontinued operations	29.0M YoY-99.4%	4.50B YoY+11931.6%	-38.0M YoY-110.1%	377M	—
Net income to non-controlling interest	103M YoY-1.0%	104M YoY+14.3%	91.0M YoY+82.0%	50.0M YoY+35.1%	37.0M YoY+54.2%
Net income to common	—	—	1.35B YoY-61.8%	3.53B YoY+112.4%	1.66B YoY-16.0%
	$1.72 YoY-72.0%	$6.15 YoY+289.2%	$1.58 YoY-61.5%	$4.10 YoY+119.3%	$1.87 YoY-16.9%
EPS (basic)	$1.74 YoY-72.1%	$6.24 YoY+287.6%	$1.61 YoY-61.6%	$4.19 YoY+118.2%	$1.92 YoY-16.2%
Weighted-avg shares (basic)	852M YoY-5.1%	898M YoY+7.3%	837M YoY-0.7%	843M YoY-2.8%	868M YoY+0.1%
Weighted-avg shares (diluted)	862M YoY-5.4%	912M YoY+6.9%	853M YoY-1.0%	861M YoY-3.3%	890M YoY+1.1%
Dividends per share	$0.68 YoY-15.1%	$0.80 YoY+6.7%	$0.74 YoY+17.3%	$0.64 YoY+24.5%	$0.51 YoY+82.1%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	8.53B YoY-13.7%	9.89B YoY-49.5%	19.6B YoY+98.2%	9.88B YoY-13.4%	11.4B YoY+33.8%
Cash & equivalents	1.55B YoY-60.8%	3.97B YoY-59.7%	9.85B YoY+198.7%	3.30B YoY+10.4%	2.99B YoY-4.1%
Accounts receivable	2.64B YoY-0.5%	2.65B YoY+27.5%	2.08B YoY-26.6%	2.83B YoY+17.9%	2.40B YoY-13.6%
Inventory	2.48B YoY+8.0%	2.30B YoY+26.1%	1.82B YoY-30.9%	2.64B YoY+34.0%	1.97B YoY+20.9%
Other current assets	1.26B YoY+30.0%	972M YoY+33.5%	728M YoY+108.6%	349M YoY-7.2%	376M YoY+9.6%
	37.2B YoY-0.6%	37.4B YoY+14.0%	32.8B YoY+25.8%	26.1B YoY-0.3%	26.2B YoY+4.3%
Property, plant & equipment	3.17B YoY+5.5%	3.00B YoY+38.8%	2.16B YoY-3.6%	2.24B YoY+22.7%	1.83B YoY+0.9%
Operating lease right-of-use	546M YoY-1.4%	554M YoY+31.6%	421M YoY-34.4%	642M YoY+0.3%	640M YoY-18.8%
Goodwill	15.5B YoY+6.2%	14.6B YoY+94.2%	7.52B YoY-1.4%	7.63B YoY-18.4%	9.35B YoY-7.8%
Intangible assets	6.33B YoY-1.6%	6.43B YoY+580.6%	945M YoY-29.6%	1.34B YoY+163.7%	509M YoY-50.9%
Deferred tax assets	1.07B YoY-5.0%	1.13B YoY+57.5%	718M YoY+17.3%	612M YoY+8.7%	563M YoY+25.4%
Other non-current assets	668M YoY+19.7%	558M YoY+80.0%	310M YoY+41.6%	219M YoY-9.5%	242M YoY-13.3%
	7.11B YoY-9.9%	7.89B YoY+13.0%	6.98B YoY+15.7%	6.03B YoY-9.0%	6.63B YoY+29.7%
Accounts payable	2.70B YoY+9.9%	2.46B YoY-1.0%	2.48B YoY-12.4%	2.83B YoY+21.4%	2.33B YoY+20.6%
Accrued liabilities	3.77B YoY-7.9%	4.10B YoY+36.7%	3.00B YoY+14.8%	2.61B YoY+1.9%	2.56B YoY+3.6%
Deferred revenue	691M YoY+25.0%	553M YoY+32.0%	419M YoY-6.7%	449M YoY+8.2%	415M YoY-18.9%
Short-term & current debt	108M YoY-91.4%	1.25B YoY+2354.9%	51.0M YoY-63.6%	140M YoY-23.5%	183M YoY-4.2%
Current lease liability	142M YoY+5.2%	135M YoY+45.2%	93.0M YoY-29.5%	132M YoY+1.5%	130M YoY-19.3%
	23.1B YoY+0.2%	23.0B YoY-3.4%	23.8B YoY+32.2%	18.0B YoY-5.6%	19.1B YoY+3.0%
Long-term debt	11.4B YoY+3.1%	11.0B YoY-22.6%	14.2B YoY+63.7%	8.70B YoY-8.5%	9.51B YoY-5.2%
Deferred revenue (non-current)	203M YoY+23.8%	164M YoY+2.5%	160M YoY-8.0%	174M YoY+5.5%	165M YoY+0.0%
Non-current lease liability	418M YoY-3.2%	432M YoY+29.7%	333M YoY-37.1%	529M YoY+0.4%	527M YoY-17.9%
Deferred tax liabilities	1.83B YoY-9.0%	2.02B YoY+285.3%	523M YoY-7.9%	568M YoY+60.5%	354M YoY-26.1%
Other non-current liabilities	2.14B YoY+49.8%	1.43B YoY-10.1%	1.59B YoY-13.2%	1.83B YoY+9.1%	1.68B YoY-2.7%
	14.1B YoY-1.9%	14.4B YoY+59.9%	9.01B YoY+11.5%	8.08B YoY+13.8%	7.09B YoY+7.8%
Common stock	10.0M YoY+11.1%	9.00M YoY+0.0%	9.00M YoY+0.0%	9.00M YoY+0.0%	9.00M YoY+0.0%
Additional paid-in capital	8.66B YoY+0.6%	8.61B YoY+55.6%	5.54B YoY+1.0%	5.48B YoY+1.3%	5.41B YoY+1.2%
Retained earnings	12.2B YoY+6.2%	11.5B YoY+74.2%	6.59B YoY+12.4%	5.87B YoY+104.7%	2.87B YoY+74.4%
Treasury stock	6.79B YoY+73.6%	3.92B YoY+98.5%	1.97B YoY+3.2%	1.91B YoY+261.1%	529M
Accumulated other comprehensive income	-269M YoY+87.2%	-2.11B YoY-41.7%	-1.49B YoY+12.0%	-1.69B YoY-70.7%	-989M YoY-32.8%
Non-controlling interest	324M YoY+3.2%	314M YoY-4.3%	328M YoY+3.1%	318M YoY-2.8%	327M YoY+0.3%
Total equity incl. non-controlling	14.1B YoY-1.9%	14.4B YoY+59.9%	9.01B YoY+11.5%	8.08B YoY+13.8%	7.09B YoY+7.8%
Total liabilities & equity	37.2B YoY-0.6%	37.4B YoY+14.0%	32.8B YoY+25.8%	26.1B YoY-0.3%	26.2B YoY+4.3%
Common shares issued	951M YoY+0.3%	948M YoY+7.4%	883M YoY+1.1%	873M YoY+0.0%	873M YoY+0.6%
Common shares outstanding	836M YoY-4.8%	878M YoY+4.6%	840M YoY+0.6%	835M YoY-3.3%	863M YoY-0.6%
Shares outstanding (cover)	842M YoY-6.1%	897M YoY+6.9%	839M YoY+0.3%	836M YoY-3.5%	867M YoY-0.0%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.51B YoY+346.4%	563M YoY-78.4%	2.61B YoY+49.6%	1.74B YoY-22.1%	2.24B YoY+32.2%
Depreciation & amortization	1.27B YoY+3.4%	1.23B YoY+150.9%	491M YoY+49.7%	328M YoY-3.0%	338M YoY+0.6%
Share-based compensation	74.0M YoY-24.5%	98.0M YoY+21.0%	81.0M YoY+5.2%	77.0M YoY-16.3%	92.0M YoY+19.5%
Deferred income taxes	-401M YoY-13.9%	-352M YoY-44.9%	-243M YoY-129.2%	-106M YoY-43.2%	-74.0M YoY-176.3%
Change in inventory	81.0M YoY+127.7%	-292M YoY-137.4%	-123M YoY-171.1%	173M YoY-57.6%	408M YoY+70.0%
	-307M YoY+84.8%	-2.02B YoY-206.8%	-660M YoY-137.8%	1.75B YoY+352.2%	-692M YoY-162.6%
Capital expenditure	392M YoY-24.5%	519M YoY+18.2%	439M YoY+38.5%	317M YoY-7.8%	344M YoY+10.3%
Acquisitions	107M YoY-99.0%	10.9B YoY+12864.3%	84.0M YoY-83.4%	506M YoY+38.3%	366M
Other investing activities	-24.0M YoY-71.4%	-14.0M YoY+6.7%	-15.0M YoY+25.0%	-20.0M YoY-185.7%	-7.00M YoY-600.0%
	-4.67B YoY-0.8%	-4.64B YoY-200.5%	4.61B YoY+257.4%	-2.93B YoY-87.6%	-1.56B YoY-129.4%
Long-term debt issued	48.0M YoY-98.6%	3.41B YoY-39.2%	5.61B YoY+1198.4%	432M YoY+208.6%	140M YoY-98.8%
Long-term debt repaid	1.21B YoY-77.3%	5.34B YoY+4715.3%	111M YoY-91.3%	1.27B YoY+81.1%	704M YoY-63.2%
Net short-term debt	275M YoY+450.0%	50.0M YoY+1100.0%	-5.00M YoY+96.6%	-149M YoY-1246.2%	13.0M YoY+156.5%
Common stock repurchased	2.89B YoY+48.8%	1.94B YoY+3035.5%	62.0M YoY-95.5%	1.38B YoY+161.9%	527M
Dividends paid	772M YoY+15.2%	670M YoY+8.1%	620M YoY+21.8%	509M YoY+22.1%	417M YoY+202.2%
Other financing activities	-18.0M YoY+40.0%	-30.0M YoY+75.2%	-121M YoY-12000.0%	-1.00M YoY+96.0%	-25.0M YoY-278.6%
FX effect on cash	—	—	—	-56.0M YoY-250.0%	-16.0M YoY-135.6%
Net change in cash	-2.39B YoY+61.5%	-6.20B YoY-193.3%	6.65B YoY+1226.7%	501M YoY+1618.2%	-33.0M YoY-101.5%
Interest paid	422M YoY-30.8%	610M YoY+90.6%	320M YoY+7.7%	297M YoY-6.3%	317M YoY+61.7%
Income taxes paid	729M YoY-65.7%	2.13B YoY+125.7%	942M YoY+13.1%	833M YoY+23.4%	675M YoY-17.6%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	44.5B YoY-27.3%	61.2B YoY+27.1%	48.2B YoY+39.7%	34.5B YoY-26.6%	47.0B YoY+43.8%
P/E	30.0× YoY+174.4%	10.9× YoY-72.6%	39.9× YoY+318.5%	9.5× YoY-65.5%	27.6× YoY+69.6%
P/S	2.0× YoY-24.9%	2.7× YoY-6.0%	2.9× YoY+70.7%	1.7× YoY-25.6%	2.3× YoY+21.8%
P/B	3.1× YoY-26.0%	4.3× YoY-24.8%	5.7× YoY+21.7%	4.7× YoY-29.8%	6.6× YoY+33.3%
P/FCF	21.0× YoY-98.5%	1391.9× YoY+6688.7%	20.5× YoY-30.2%	29.4× YoY+18.3%	24.8× YoY+4.8%
Earnings yield	3.3% YoY-63.6%	9.2% YoY+265.4%	2.5% YoY-76.1%	10.5% YoY+189.6%	3.6% YoY-41.0%
FCF yield	4.8% YoY+6534.0%	0.1% YoY-98.5%	4.9% YoY+43.2%	3.4% YoY-15.5%	4.0% YoY-4.6%
Dividend yield	1.3% YoY+9.7%	1.2% YoY-10.2%	1.3% YoY-15.8%	1.5% YoY+63.7%	0.9% YoY+26.7%
Source filing	10-K	10-K	10-K	8-K	10-K

About this data

Source: CARR's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all CARR filings on SEC EDGAR → Not investment advice.

CARR▼ financial statements

About this data

financial statements