Jun 2026 (Q2 FY26) — Jul 28, 2026
Carrier Global Q2 FY26 — Record Backlog and Strong Data Center Demand Drive Raised Guidance
Read the full callCarrier Global (CARR) earnings
- Mar 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Carrier Global earnings: last reported Tue, 28 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 5,341 | +2.4% YoY | Quarterly, as filed | Quarter to Mar 2026 | Revenue from operations as filed. |
| Operating margin | 4.8 | −7.2 pts YoY | Operating profit / revenue | Quarter to Mar 2026 | For the quarter; a change is in percentage points. |
| Net profit | 238 | −42.2% YoY | Quarterly, as filed | Quarter to Mar 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
25 of 45 judged targets kept · 46 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted EPS | about $0.80 | Mar 2026 | For the quarter, reported sales were $6.4 billion, adjusted operating profit was $1.1 billion, adjusted EPS was $0.86. | Achieved |
| Adjusted EPS | approximately $2.80 | Dec 2025 | We now expect adjusted operating profit of about $3.5 billion and adjusted EPS of about $2.90, up from our prior guide of $3.4 billion and 2.8 -- or $2.80 of EPS. | Revised Up |
| 3-megawatt CDU launch | launch | Mar 2026 | On Track |
20 of CARRIER GLOBAL Corp's 91 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 88 more targets are in the full ledger.
Claimed
- Q2 orders up 40% overall, with commercial HVAC up 65% and data center orders up 4x year-over-year.
- Total company backlog reached over $8 billion, up 40% year-over-year and 20% sequentially.
- Full-year data center sales outlook raised to $2 billion, marking the second consecutive year of doubling sales in this vertical.
- CSA residential and light commercial sales up 9% in Q2, with full-year expectations raised to high single digits growth.
- Strong free cash flow of $810 million enabled $640 million returned to shareholders.
Qualified
- Adjusted EPS declined 7% year-over-year, driven by lower operating profit and a higher effective tax rate.
- Q2 segment margins were disappointing, impacted by unfavorable mix, increased input costs, and selling investments.
- European commercial sales were lower than expected in H1, despite Q2 orders growth of 20%.
- Tariff mitigation efforts resulted in a net negative impact to Q2 margins, with pricing not fully offsetting costs.
Price
$55.21 +0.38% · +$0.21
Performance −1.8% 1Y
1Y: $56.2 on 17 Oct 2025 → $55.21. High $76 (25 Jun 2026), low $50.36 (20 Nov 2025).
- Previous close
- $55
- 52-week range
- $50.36 – $76
- One year
- −4.27%
Overview
- Symbol
- CARR
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
25 of 45 judged targets kept · 46 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted EPS | about $0.80 | Mar 2026 | For the quarter, reported sales were $6.4 billion, adjusted operating profit was $1.1 billion, adjusted EPS was $0.86. | Achieved |
| Adjusted EPS | approximately $2.80 | Dec 2025 | We now expect adjusted operating profit of about $3.5 billion and adjusted EPS of about $2.90, up from our prior guide of $3.4 billion and 2.8 -- or $2.80 of EPS. | Revised Up |
| 3-megawatt CDU launch | launch | Mar 2026 | On Track |
Claimed
- Q2 orders up 40% overall, with commercial HVAC up 65% and data center orders up 4x year-over-year.
- Total company backlog reached over $8 billion, up 40% year-over-year and 20% sequentially.
- Full-year data center sales outlook raised to $2 billion, marking the second consecutive year of doubling sales in this vertical.
- CSA residential and light commercial sales up 9% in Q2, with full-year expectations raised to high single digits growth.
- Strong free cash flow of $810 million enabled $640 million returned to shareholders.
Qualified
- Adjusted EPS declined 7% year-over-year, driven by lower operating profit and a higher effective tax rate.
- Q2 segment margins were disappointing, impacted by unfavorable mix, increased input costs, and selling investments.
- European commercial sales were lower than expected in H1, despite Q2 orders growth of 20%.
- Tariff mitigation efforts resulted in a net negative impact to Q2 margins, with pricing not fully offsetting costs.
The full ledger
Open CARRIER GLOBAL Corp’s full ledger
A free account opens 5 company ledgers a month. All 91 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
Carrier Global Q1 FY26 — Commercial HVAC and data-center orders surge as residential and China stay soft
Read the full callDec 2025 (Q4 FY25) — Feb 5, 2026
Carrier Global Corporation Q4 FY25 — Data Center Growth and Cost Actions Offset Short-Cycle Weakness
Read the full callEvery analysed call
Carrier Global earnings calls (CARR)
Financials
What the filings say
Net profit, year on year: −42% (quarter to mar 2026 against mar 2025).
| Line item | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 5,934 | 5,984 | 5,148 | 5,218 | 6,113 | 5,579 | 4,837 | 5,341 |
| Expenses | 5,308 | 5,278 | 4,768 | 4,655 | 5,318 | 5,084 | 4,783 | 5,101 |
| Operating profit | 724 | 763 | 774 | 629 | 903 | 539 | 101 | 259 |
| Operating margin | 12.2% | 12.8% | 15.0% | 12.1% | 14.8% | 9.7% | 2.1% | 4.8% |
| Profit before tax | 567 | 770 | 693 | 548 | 812 | 433 | 5 | 170 |
| Tax rate | 21.2% | 22.3% | 104.3% | 20.3% | 19.9% | −0.2% | −640.0% | −56.5% |
| Net profit | 2,337 | 447 | 2,551 | 412 | 591 | 428 | 53 | 238 |
| EPS ($ per share) | 2.59 | 0.50 | — | 0.47 | 0.69 | 0.50 | — | 0.29 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | — | 0 | 9 | 9 | 9 | 9 | 9 | 10 |
| Reserves | — | 0 | 1,643 | 2,865 | 5,866 | 6,591 | 11,483 | 12,193 |
| Total liabilities | — | 7,971 | 18,515 | 19,078 | 18,010 | 23,817 | 23,008 | 23,062 |
| Fixed assets | — | 1,663 | 1,810 | 1,826 | 2,241 | 2,160 | 2,999 | 3,165 |
| Total assets | — | 22,406 | 25,093 | 26,172 | 26,086 | 32,822 | 37,403 | 37,190 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,055 | 2,063 | 1,692 | 2,237 | 1,743 | 2,607 | 563 | 2,513 |
| Cash from investing | 415 | -259 | 1,106 | -692 | 1,745 | -660 | -2,025 | -307 |
| Cash from financing | -2,627 | -1,982 | -681 | -1,562 | -2,931 | 4,612 | -4,636 | -4,672 |
| Net cash flow | -196 | -177 | 2,162 | -33 | 501 | 6,647 | -6,201 | -2,390 |
| Capital expenditure | -263 | -243 | -312 | -344 | -317 | -439 | -519 | -392 |
| Free cash flow | 1,792 | 1,820 | 1,380 | 1,893 | 1,426 | 2,168 | 44 | 2,121 |
CARR revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Climate Solutions Americas | — | — | 49% | 53% | 49% | — | 47% | 53% | +3.7% |
| Climate Solutions Europe | — | — | 22% | 21% | 23% | — | 24% | 21% | +5.7% |
| Climate Solutions CSAME | — | — | 16% | 14% | 15% | — | 16% | 14% | +4.0% |
| Climate Solutions Transportation | — | — | — | — | — | — | 13% | 12% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
CARR operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Employees | 50KPatrick, thank you, and thanks to our 50,000 team members globally.Source: earnings call transcript | 50KLet me start by thanking our 50,000 teammates for delivering another strong quarter.Source: earnings call transcript | 50KAnd let me just close by thanking you all for joining the call, and thanks to our 50,000 colleagues globally.Source: earnings call transcript | <50KSo my thanks to our nearly 50,000 teammates around the world, and thanks to our investors for your continued confidence.Source: earnings call transcript | — | 50KAnd I want to thank our 50,000 team members around the world.Source: earnings call transcript | — |
| Paid subscriptions Lynx | — | — | ~210KPaid subscriptions for Lynx, our digital platform for transportation, were up 40% in the quarter to about 210,000.Source: earnings call transcript | 220K+Today, we have over 220,000 paid Lynx subscriptions with over 110,000 on containers, including 6 of the world's top 10 shipping lines.Source: earnings call transcript | <240KOur Lynx subscriptions cover nearly 240,000 units, and we expect to triple this number in the next few years.Source: earnings call transcript | — | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- US 56% ↑ 3 pt
- Europe 25% ↓ 4 pt
- Asia Pacific 16% ↑ 1 pt
- Other Geographical Region 3%
As CARR cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
24 filings between Nov 25, 2025 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
$1.02M
1 purchase by 1 insider
Sales
$750.00M
1 sale by 1 insider
Compensation
not trading decisions- 6
- Award — granted as compensation
- 6
- Option exercise — converted options into shares
- 10
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Viessmann Maximilian | — | $750.00M | May 20, 2026 |
| Gitlin David L. | $1.02M | — | Nov 25, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | Yildiz Beril VP, Controller & CAO | Tax withheld | 260 | $14.4K |
| Oct 1, 2026 | Yildiz Beril VP, Controller & CAO | Option exercise | 1,065 | $0 |
| Jul 1, 2026 | Dryden Edward C. President, CST | Option exercise | 6,894 | $0 |
| Jul 1, 2026 | Dryden Edward C. President, CST | Tax withheld | 2,147 | $154.7K |
| May 20, 2026 | Viessmann Maximilian Director | Sale | 12,094,823 | $750.00M |
| May 1, 2026 | Pandya Gaurang President, CSA | Tax withheld | 21,546 | $1.46M |
| May 1, 2026 | Pandya Gaurang President, CSA | Option exercise | 50,616 | $0 |
| Apr 1, 2026 | Gierges Michael Lotfy President, CSAME | Option exercise | 5,320 | $0 |
| Apr 1, 2026 | Gierges Michael Lotfy President, CSAME | Tax withheld | 1,296 | $73.7K |
| Feb 9, 2026 | Heim Thomas President, CSE | Option exercise | 50 | $0 |
| Feb 1, 2026 | Campbell Francesca Senior VP & CLO | Tax withheld | 581 | $34.6K |
| Feb 1, 2026 | Goris Patrick P. EVP, Chief Finance/Strat Ofcr | Award | 40,750 | $0 |
| Feb 1, 2026 | Goris Patrick P. EVP, Chief Finance/Strat Ofcr | Tax withheld | 16,124 | $960.7K |
| Feb 1, 2026 | Pandya Gaurang President, CSA | Award | 5,705 | $0 |
| Feb 1, 2026 | Pandya Gaurang President, CSA | Tax withheld | 1,735 | $103.4K |
| Feb 1, 2026 | Agrawal Ajay SVP, Services & Chief BD Ofcr | Award | 5,705 | $0 |
| Feb 1, 2026 | Agrawal Ajay SVP, Services & Chief BD Ofcr | Tax withheld | 1,502 | $89.5K |
| Feb 1, 2026 | Villeneuve Nadia SVP, Chief People/Comm Ofcr | Award | 15,194 | $0 |
| Feb 1, 2026 | Villeneuve Nadia SVP, Chief People/Comm Ofcr | Tax withheld | 3,809 | $226.9K |
| Feb 1, 2026 | Campbell Francesca Senior VP & CLO | Award | 1,958 | $0 |
| Feb 1, 2026 | Heim Thomas President, CSE | Option exercise | 13,797 | $0 |
| Feb 1, 2026 | Gitlin David L. Chairman and CEO | Award | 90,872 | $0 |
| Feb 1, 2026 | Gitlin David L. Chairman and CEO | Tax withheld | 35,797 | $2.13M |
| Nov 25, 2025 | Gitlin David L. Chairman and CEO | Purchase | 19,300 | $1.02M |
| Aug 8, 2025 | Pandya Gaurang President, CSA | Option exercise | 66 | $0 |
| Aug 8, 2025 | Pandya Gaurang President, CSA | Tax withheld | 29 | $1.9K |
| Aug 1, 2025 | Pandya Gaurang President, CSA | Tax withheld | 8,367 | $559.9K |
| Aug 1, 2025 | Pandya Gaurang President, CSA | Option exercise | 19,190 | $0 |
| Jul 1, 2025 | Dryden Edward C. President, CST | Option exercise | 6,791 | $0 |
| Jul 1, 2025 | Dryden Edward C. President, CST | Tax withheld | 2,180 | $162.0K |
| Jun 5, 2025 | Viessmann Maximilian Director | Disposition to issuer | 4,267,425 | $300.00M |
| Jun 5, 2025 | Viessmann Maximilian Director | Sale | 4,267,425 | $300.00M |
| Feb 14, 2025 | Crockett Kyle VP, Controller & CAO | Tax withheld | 14,436 | $940.8K |
| Feb 14, 2025 | Crockett Kyle VP, Controller & CAO | Tax withheld | 15,364 | $1.00M |
| Feb 14, 2025 | Crockett Kyle VP, Controller & CAO | Sale | 18,945 | $1.23M |
| Feb 14, 2025 | Crockett Kyle VP, Controller & CAO | Option exercise | 21,075 | $1.00M |
| Feb 14, 2025 | Crockett Kyle VP, Controller & CAO | Option exercise | 24,545 | $940.8K |
| Feb 3, 2025 | Gitlin David L. Chairman and CEO | Tax withheld | 59,995 | $3.79M |
| Feb 3, 2025 | Goris Patrick P. Senior VP & CFO | Tax withheld | 19,523 | $1.23M |
| Feb 3, 2025 | Campbell Francesca Senior VP & CLO | Award | 3,856 | $0 |
| Feb 3, 2025 | Campbell Francesca Senior VP & CLO | Tax withheld | 1,050 | $66.3K |
| Feb 3, 2025 | Agrawal Ajay Senior VP, Strategy & Services | Award | 11,226 | $0 |
| Feb 3, 2025 | Agrawal Ajay Senior VP, Strategy & Services | Tax withheld | 2,838 | $179.2K |
| Feb 3, 2025 | Crockett Kyle VP, Controller & CAO | Award | 7,625 | $0 |
| Feb 3, 2025 | Crockett Kyle VP, Controller & CAO | Tax withheld | 1,969 | $124.3K |
| Feb 3, 2025 | Pandya Gaurang Pres HVAC Americas/CHVAC EMEA | Award | 8,567 | $0 |
| Feb 3, 2025 | Pandya Gaurang Pres HVAC Americas/CHVAC EMEA | Tax withheld | 2,577 | $162.7K |
| Feb 3, 2025 | Villeneuve Nadia Senior VP & CHRO | Award | 22,972 | $0 |
| Feb 3, 2025 | Villeneuve Nadia Senior VP & CHRO | Tax withheld | 6,863 | $433.4K |
| Feb 3, 2025 | Gitlin David L. Chairman and CEO | Award | 152,361 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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