CARR
Carrier Global Corporation53.44
+0.86+1.64%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Resi destock complete; DC to $1.5B
Q&A unpacked conservative CSA resi assumptions—no macro thaw, industry down 10-15%, Carrier sales off high single digits despite low-single-digit pricing and destocking tailwind—with channel inventories at 2018 lows after 30% cut. Data center orders signal $1.5B revenue, up 50% and back-half loaded. Analysts grilled margins (Q1 ~15%), $60M commodity headwind, Europe/Germany weakness; management countered with $400M productivity, $100M cost savings, high incrementals on rebound, no big add-backs needed. Crisis lessons: 3,000 layoffs, AI push. Destocking's done. Team's energized for execution.
Key Stats
Market Cap
45.48BP/E (TTM)
33.40Basic EPS (TTM)
1.60Dividend Yield
0.02%Recent Filings
10-K
FY2025 results
Carrier Global posted FY2025 net sales of $21.7B, down 3% y/y amid softer demand across most segments, yet Q4 momentum flickered in commercial HVAC and containers. Organic sales dipped 1% annually, with CSA residential plunging 9% on destocking while commercial surged 23%; CSE residential/light commercial weakened 5% from economic headwinds, but integration synergies from 2024's VCS buy cushioned margins at 8.8%. CST organic sales grew 4% on container strength (up 31%), offsetting CCR divestiture; segment profit held steady despite warranty hits. Debt fell to $11.8B with $5.3B buyback capacity left; Riello sale (~$430M) eyes H1 2026 close. Q4 accelerated in key pockets, but weather swings threaten HVAC seasonality.
8-K
Q4 sales down 6%; 2026 EPS ~$2.80
Carrier Global reported Q4 2025 sales down 6% to $4.8B, with organic sales off 9%, hit by residential weakness but buoyed by commercial HVAC orders up nearly 50% on data center wins. Full-year sales fell 3% to $21.75B; adjusted EPS $2.59. Guides 2026 adjusted EPS ~$2.80 amid Riello divestiture headwind. Commercial surges offset residential pain.
8-K
Q3 miss, $5B buyback boost
Carrier reported Q3 sales down 7% to $5.6B with adjusted EPS of $0.67, hit by residential weakness yet buoyed by 30% Commercial HVAC growth in Americas. Board approved $5B stock buyback hike, lifting total authorization to $5.8B effective October 28. Repurchases signal strategy confidence. Full-year guide: ~$22B sales, ~$2.65 adjusted EPS.
10-Q
Q3 FY2025 results
Carrier's Q3 sales fell 7% y/y to $5.6B amid softer residential demand and distributor destocking, yet operating profit held at $539M despite 200bp gross margin contraction to 26.0% from lower volumes. Continuing diluted EPS dipped to $0.47 from $0.62, reconciling cleanly to 858.6M shares; YTD sales off 2% to $16.9B but op profit climbed 11% to $2.1B. Cash dropped to $1.4B after $2.4B buybacks and $1.2B debt paydown, leaving $11.9B total debt and full $2.5B revolver availability. Viessmann integration advances steadily. Shareowners win big.
8-K
Carrier appoints new Controller
Carrier Global Corporation appointed Beril Yildiz as Vice President, Controller, and Chief Accounting Officer, effective September 22, 2025, ending Patrick Goris's interim role while he continues as CFO. Yildiz, 47, brings extensive experience from IFF, Revlon, Colgate-Palmolive, and PwC, including as a CPA with an Executive MBA. Her package includes $500,000 base salary, 60% target bonus, $470,000 long-term incentives, plus $750,000 sign-on equity and $800,000 cash. This bolsters financial leadership continuity.
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