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Carrier Global (CARR) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Carrier Global (CARR) Q3 2026 earnings results →

Q3 2026 Revenue up 12% year over year to $6.3B · 41¢ of every $1 of revenue lost · operating margin -36.3%

Carrier Global made $6.3B in Q3 2026 (+12% Y/Y): Product $5.6B, Service $678M. Operating margin -36.3%, net loss $2.5B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.

Revenue$6.3B
Year over year+12%
Operating margin-36.3%
Net earnings−$2.5B
Operating cash flow$813M

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Carrier Global Q3 2026 revenue breakdown: Sankey diagram of revenue (Product, Service), costs, profit and cash flow
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What changed this quarter

Revenue was $6.3B in Q3 2026, up 12% year over year and down 1% from the previous quarter. Product was the largest line at 89% of revenue. Product added $0.68B year over year (up 14%), 99% of the total change.

Operating costs exceeded revenue by $2.3B, an operating margin of -36.3%. Total costs grew 69% against revenue growth of 12%. The fastest-growing cost line was Other operating costs (+87%). The quarter ended with a net loss of $2.5B, after a profit of $0.54B the previous quarter.

Operating cash flow was $0.81B (up 138% year over year). Non-cash charges added back $0.32B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $3.0B. Capital expenditures of $0.14B left free cash flow of $0.67B.

Quarterly history

Carrier Global revenue by quarterCarrier Global revenue by quarter$5.2BQ1 2025$6.1BQ2 2025$5.6BQ3 2025$4.8BQ4 2025$5.3BQ1 2026$6.4BQ2 2026$6.3BQ3 2026
Carrier Global net earnings by quarterCarrier Global net earnings by quarter$412MQ1 2025$591MQ2 2025$428MQ3 2025$53.0MQ4 2025$238MQ1 2026$501MQ2 2026−$2.5BQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 29, 2026$6.3B+12%-36.3%−$2.5B$813M
Q2 202610-QJul 28, 2026$6.4B+4%13.0%$501M$927M
Q1 202610-QApr 30, 2026$5.3B+2%4.8%$238M$79.0M
Q4 202510-KFeb 5, 2026$4.8B-6%2.1%$53.0M$1.0B
Q3 202510-QOct 28, 2025$5.6B-7%9.7%$428M$341M
Q2 202510-QJul 29, 2025$6.1B+3%14.8%$591M$649M
Q1 202510-QMay 1, 2025$5.2B-4%12.1%$412M$483M

Charts

Carrier Global: revenue growth, year over year and quarter over quarterCarrier Global: revenue growth, year over year and quarter over quarterY/YQ/Q-4%Q1 2025+3%+17%Q2 2025-7%-9%Q3 2025-6%-13%Q4 2025+2%+10%Q1 2026+4%+19%Q2 2026+12%-1%Q3 2026
Latest (Q3 2026): Y/Y +12%, Q/Q -1%.
Carrier Global: where the cash came from (+) and went (−), TTM to Q3 2026Carrier Global: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$2.9BBuybacks−$1.6BDividends−$787MCapital spending−$481MAsset & business sales$429MNet borrowing (+) / repaid (−)−$245MAcquisitions−$133MPartners−$96.0MOther investing$61.0MCash drawn (+) / kept (−)$45.0MOther financing−$35.0MExchange rates$6.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Carrier Global: profit against cash, quarter by quarterCarrier Global: profit against cash, quarter by quarterNet incomeOperating cash flow$2.6B$132MQ4 2024$437M$483MQ1 2025$633M$649MQ2 2025$455M$341MQ3 2025$62.0M$1.0BQ4 2025$265M$79.0MQ1 2026$541M$927MQ2 2026−$2.5B$813MQ3 2026
Latest (Q3 2026): Net income −$2.5B, Operating cash flow $813M.
Carrier Global: diluted shares by fiscal yearCarrier Global: diluted shares by fiscal year880MFY2020890MFY2021861MFY2022853MFY2023912MFY2024862MFY2025
-2.0% since FY2020: buybacks shrank the count.
Carrier Global: long-term debt falling due (FY2025)Carrier Global: long-term debt falling due (FY2025)$108M2026$1.3B2027$903M2028$43.0M2029$2.0B2030$7.2BLater
Cash $1.6B, short-term investments —, long-term debt — at 2025-12-31.
Carrier Global in its industry: growth against margin (6 companies, SIC 3585)Carrier Global in its industry: growth against margin (6 companies, SIC 3585)revenue growth, year over year →↑ operating marginmedian +10%median 11%JCILIIAAONTGENEVOHCARR (+12%, -36%)
Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Carrier Global

Carrier Global Corporation ("we" or "our" or the "Company") is a global leader in intelligent climate and energy solutions, focused on providing differentiated, digitally enabled lifecycle solutions to our customers. Our portfolio includes industry-leading brands such as Carrier, Viessmann, Toshiba, Automated Logic and Carrier Transicold, among others, that offer innovative heating, cooling and cold chain solutions to enhance the lives we live and the world we share. We also provide a broad array of related building services, including audit, design, installation, system integration, repair, maintenance and monitoring.

In its own words, from its 10-K, filed Feb 5, 2026.

Carrier Global against its Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +12% against the peers' median +10%. Operating margin: -36.3% against the peers' median 11.0%.

CompanyQuarterRevenueY/YOp. margin
CARR Carrier GlobalQ3 2026$6.3B+12%-36.3%
JCI Johnson Controls InternationalQ4 FY26$7.1B+10%14.9%
LII Lennox InternationalQ3 2026$1.6B+10%19.8%
AAON AaonQ2 2026$627M+101%11.0%
TGEN TecogenQ2 2026$5.7M-21%-37.4%
EVOH EvoAir HoldingsQ4 FY26$107K-14%n/m

Source: Carrier Global 10-Q on SEC EDGAR · CIK 1783180 · Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip

Guidance and outlook

Carrier Global Revenue: guidance against what was reportedCarrier Global Revenue: guidance against what was reportedguided rangereported (above / within / below)FY2024$22.5BFY2025$21.7BFY2026
Met or beat 0 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Carrier Global: what its forward-looking statements are about (10-Q filed 2026-10-29)Carrier Global: what its forward-looking statements are about (10-Q filed 2026-10-29)Other4The economy2Tax2Demand1Margins1Costs1Deals1Financing1Supply chain1
14 statements; tone +0.07 (−1 all cautious, +1 all confident); 1 hedged.
Carrier Global: outlook statements against the filing beforeCarrier Global: outlook statements against the filing beforeNew7Dropped3Confident4Cautious3

13F: who owns CARR and who is buying

Largest holders of CARR (13F)Largest holders of CARR (13F)Capital Research Global Investors$7.8BBlackRock$4.9BVanguard Group$4.9BVanguard Capital Management LLC$3.8BVanguard Portfolio Management LLC$2.7BState Street$2.5BDodge & COX$2.0BCapital World Investors$1.4BGeode Capital Management, LLC$1.3BFisher Asset Management, LLC$957M
Funds' net buying of CARR by quarter (13F)Funds' net buying of CARR by quarter (13F)$183M2024-09−$1.9B2024-12−$1.4B2025-03$123M2025-06−$272M2025-09−$773M2025-12$1.3B2026-03$122M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on CARR

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：Carrier Global（CARR）财报

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