Filing Flows

Filing Flows › Companies › Carrier Global › Cash flow

Carrier Global cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$674M in Q3 2026 · $2.4B over twelve months

Operating cash flow$813M
Capital spending−$139M
Free cash flow+$674M

Analysis

In Q3 2026, Carrier Global generated $813M of operating cash flow and spent $139M on capital projects, leaving free cash flow of $674M. That is $450M more than in Q3 2025 ($224M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.9B; the largest uses were buybacks ($1.6B), dividends ($787M), capital spending ($481M); besides operations, cash came from asset & business sales ($429M), other investing ($61.0M); the cash balance fell by $45.0M.

Operating cash flow was $813M against net income of −$2.5B. The largest differences: impairments +$3.1B, depreciation & amortization +$324M, receivables −$320M.

Free cash flow

Carrier Global: free cash flow by quarterCarrier Global: free cash flow by quarter−$85.0MQ4 2024$420MQ1 2025$568MQ2 2025$224MQ3 2025$909MQ4 2025−$15.0MQ1 2026$810MQ2 2026$674MQ3 2026
Operating cash flow less capital spending.
Carrier Global: operating cash flow against capital spendingCarrier Global: operating cash flow against capital spendingOperating cash flowCapital spending$132M$217MQ4 2024$483M$63.0MQ1 2025$649M$81.0MQ2 2025$341M$117MQ3 2025$1.0B$131MQ4 2025$79.0M$94.0MQ1 2026$927M$117MQ2 2026$813M$139MQ3 2026
Latest (Q3 2026): Operating cash flow $813M, Capital spending $139M.

Capital allocation, year by year

Carrier Global: where the cash came from (up) and went (down), by fiscal yearCarrier Global: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.2BFY2021: Net borrowing −$551MFY2021: Capital spending −$344MFY2021: Acquisitions −$366MFY2021: Buybacks −$527MFY2021: Dividends −$417M$2.2BFY2021FY2022: Operating cash flow $1.7BFY2022: Net borrowing −$992MFY2022: Asset sales $2.9BFY2022: Capital spending −$317MFY2022: Acquisitions −$506MFY2022: Buybacks −$1.4BFY2022: Dividends −$509M$4.6BFY2022FY2023: Operating cash flow $2.6BFY2023: Net borrowing $5.5BFY2023: Asset sales $54.0MFY2023: Capital spending −$439MFY2023: Acquisitions −$84.0MFY2023: Buybacks −$62.0MFY2023: Dividends −$620M$8.2BFY2023FY2024: Operating cash flow $563MFY2024: Net borrowing −$1.9BFY2024: Asset sales $634MFY2024: Capital spending −$519MFY2024: Acquisitions −$10.9BFY2024: Buybacks −$1.9BFY2024: Dividends −$670M$1.2BFY2024FY2025: Operating cash flow $2.5BFY2025: Net borrowing −$889MFY2025: Asset sales $27.0MFY2025: Capital spending −$392MFY2025: Acquisitions −$107MFY2025: Buybacks −$2.9BFY2025: Dividends −$772M$2.5BFY2025
Over these 5 years operating cash flow totalled $9.7B; the largest uses were acquisitions ($12.0B) and buybacks ($6.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.4B
Debt$11.5B
Net debt$10.1B
Due within a year$108M

Carrier Global funds itself: free cash flow was $2.4B over the last twelve months, and $1.4B of cash and investments stands against $11.5B of debt ($108M due within a year, 12.5× covered by cash).

Carrier Global: debt maturities by year (FY2025)Carrier Global: debt maturities by year (FY2025)$108MYear 1$1.3BYear 2$903MYear 3$43.0MYear 4$2.0BYear 5$7.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.4B of cash and investments now.

Where the cash came from and went

Carrier Global: sources (+) and uses (−) of cash, Q3 2026Carrier Global: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$813MNet borrowing (+) / repaid (−)−$489MBuybacks−$399MAsset & business sales$395MDividends−$198MCapital spending−$139MAcquisitions−$64.0MCash drawn (+) / kept (−)$61.0MOther investing$29.0MPartners−$11.0MExchange rates$3.0MOther financing−$1.0M
Carrier Global: sources (+) and uses (−) of cash, TTM to Q3 2026Carrier Global: sources (+) and uses (−) of cash, 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 profit to cash

Carrier Global: net income to operating cash flow, Q3 2026Carrier Global: net income to operating cash flow, Q3 2026Net income−$2.5BDepreciation & amortization$324MStock-based pay$7.0MDeferred taxes−$105MImpairments$3.1BOther non-cash$112MReceivables−$320MInventory−$68.0MPayables$275MOperating cash flow$813M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$813M−$139M−$64.0M−$399M−$198M−$489M$61.0M$674M
Q2 2026$927M−$117M−$31.0M−$439M−$199M−$34.0M—$810M
Q1 2026$79.0M−$94.0M−$23.0M−$306M−$201M$377M$140M−$15.0M
Q4 2025$1.0B−$131M−$15.0M−$479M−$189M−$99.0M−$156M$909M
Q3 2025$341M−$117M−$31.0M−$785M−$193M$460M$374M$224M
Q2 2025$649M−$81.0M−$49.0M−$340M−$192M−$5.0M−$98.0M$568M
Q1 2025$483M−$63.0M−$12.0M−$1.3B−$198M−$1.2B$2.3B$420M
Q4 2024$132M−$217M−$17.0M−$1.5B−$156M$13.0M−$1.4B−$85.0M

Carrier Global: income statement and cash flow

Carrier Global, Q3 2026: revenue $6.3B (+12% year over year), operating margin -36.3%. The chart follows the revenue to costs, profit and cash.

Carrier Global: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.