# Carrier Global Corporation (CARR)

> Source: Nexqual · https://nexqual.com/CARR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Carrier Global Corporation (CARR), nexqual.com/CARR" · informational, not investment advice.

**Price:** USD 56.48 (+0.02% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 56.47 · day 54.71–56.73 · 52w 50.24–76.76 · market cap $46.6B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $22.1B, net income $1.22B (5.5% margin), free cash flow $1.93B (SEC filings).
- Valuation: P/E 38.2x (avg 26.0x at the last 3 fiscal year-ends), EV/EBITDA 18.8x, net debt $9.89B.
- 4 of 80 tracked superinvestors hold CARR (13F, Q2 2026): 1 new, 2 added, 0 reduced, 1 unchanged.
- Total return with dividends: 1Y +0.4% vs S&P 500 +14.9%; 5Y +10.9% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.77, revenue estimate $6.09B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $20.6B | $17.3B | $19.0B | $22.5B | $21.7B | $22.1B |
| Gross profit | — | $4.30B | $5.16B | $5.98B | — | — |
| Operating income | $2.65B | $3.98B | $2.16B | $2.65B | $2.17B | $1.72B |
| Net income | $1.70B | $3.53B | $1.35B | $5.60B | $1.48B | $1.22B |
| EPS (diluted) | $1.87 | $4.10 | $1.58 | $6.15 | $1.72 | — |
| Free cash flow | $1.89B | $1.43B | $2.17B | $44.0M | $2.12B | $1.93B |
| Gross margin | — | 24.9% | 27.2% | 26.6% | — | — |
| Operating margin | 12.8% | 23.0% | 11.4% | 11.8% | 10.0% | 7.8% |
| Net margin | 8.3% | 20.4% | 7.1% | 24.9% | 6.8% | 5.5% |
| Revenue growth | +18.1% | -16.1% | +9.6% | +18.7% | -3.3% | — |
| Cash + short-term investments | $2.99B | $3.30B | $9.85B | $3.97B | $1.55B | — |
| Total debt | $9.70B | $8.84B | $14.3B | $12.3B | $11.5B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 38.2x · P/S 2.1x · EV/EBITDA 18.8x · EV/Sales 2.5x · P/FCF 24.1x · P/B 3.5x · FCF yield 4.14% · Earnings yield 2.62% · Dividend yield (paid, TTM) 1.68% · Buyback yield (TTM) 4.32% · Net debt $9.89B · EV $56.4B
P/E at fiscal year-ends: Dec 2025 30.7x, Dec 2024 11.1x, Dec 2023 36.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
4 of 80 tracked investors hold CARR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Sarah Ketterer | Causeway Capital Management | 1.73% | $160M | Added +3.6% |
| Dodge & Cox Funds | Dodge & Cox | 1.06% | $2.02B | Added +3.2% |
| Thomas Gayner | Markel Group | 0.13% | $17.2M | Unchanged |
| Mairs & Power | Mairs & Power Funds | <0.01% | $204K | New position |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Mizuho | Target lowered | Outperform | $75 → $70 |
| 2026-10-14 | Goldman Sachs | Downgrade | Buy → Neutral | $74 → $61 |
| 2026-10-14 | RBC Capital | Target lowered | Outperform | $82 → $72 |
| 2026-10-07 | Bernstein | Target lowered | Market Perform | $78 → $64 |
| 2026-09-30 | Goldman Sachs | Target lowered | Buy | $85 → $74 |
| 2026-09-25 | Wells Fargo | Initiated | Overweight | $67 |
| 2026-07-13 | Citigroup | Target raised | Buy | $79 → $80 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +0.4% | +10.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +0.4% | +2.1% |
| Volatility (annualized) | 35.1% | 32.9% |
| Max drawdown | -28.9% (Jun 2026→Sep 2026) | -39.4% (Nov 2021→Jun 2022) |

## Peers (Building Products & Equipment)
JCI (Johnson Controls International ) USD 143 -5.31% · TT (Trane Technologies plc) USD 448.8 -4.80% · MAS (Masco Corporation) USD 78.05 +4.68% · CSL (Carlisle Companies Incorporated) USD 352.6 +3.68% · LII (Lennox International, Inc.) USD 378.72 +3.37% · MAIR (Madison Air Solutions Corporati) USD 23.08 -0.60%

## More
Full page: https://nexqual.com/CARR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name CARR in their own reports (relationship from CARR's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | AirJoule Technologies Corp. (AIRJ) | 10-K 2026-03-31 | "We are commercializing and scaling manufacturing of our AirJoule systems through our global collaborations, including our 50/50 joint venture with GE Vernova Inc. (NYSE: GEV) and our commercial partne…" |
| partner | WATSCO INC (WSO) | 10-K 2026-02-27 | "Joint Ventures with Carrier Global Corporation" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.77 | $0.86 | -10.8% | $6.09B | 22 |
| Next quarter (ends 2026-12-31) | $0.71 | $0.57 | +24.5% | $5.58B | 21 |
| Current fiscal year (ends 2026-12-31) | $2.88 | $2.80 | +2.8% | $23.32B | 26 |
| Next fiscal year (ends 2027-12-31) | $3.31 | $3.21 | +3.0% | $24.64B | 26 |