Carrier Global (CARR) Q3 2026 Earnings
Adjusted EPS includes a ~$0.10 benefit from IEEPA refunds net of ~($0.02) NCI impact (~$130 million operating profit benefit from IEEPA refunds). GAAP EPS of ($3.16) reflects a $3.1 billion non-cash goodwill impairment related to Climate Solutions Europe.
How Did CARR Stock React to Q3 2026 Earnings?
Did CARR Beat Earnings? Q3 2026 Results
Yes. Carrier Global reported Q3 2026 earnings of $0.87 a share on Oct 29, 2026, beating the $0.77 consensus estimate by 13.3%. Revenue was $6.3B against a $6.1B estimate.
Carrier Global delivered a standout third quarter of 2026, posting adjusted EPS of $0.87 against a consensus of $0.77, a beat of 13.34%, while revenue of $6.26 billion topped estimates by 2.90% and grew 12.3% from a year earlier. The headline GAAP result told a different story, as a $3.10 billion non-cash goodwill impairment tied to the Climate Solutions Europe reporting unit drove GAAP diluted EPS to a loss of $3.16. Strip that away and the underlying business showed real momentum: adjusted operating profit climbed 33% to $1.09 billion, with margin expanding 260 basis points to 17.4%, fueled by volume, pricing, and roughly $130 million in IEEPA tariff refunds. Orders excluding NORESCO surged approximately 35% overall, with data center orders up about 300%, and backlog topped $8.50 billion, up 60% year over year. Free cash flow reached $674 million, up sharply from $224 million a year ago. Looking ahead, Carrier raised its full-year sales outlook to $23.80 billion to $24.00 billion and set adjusted EPS guidance at $2.85 to $2.90, with record backlog and long-term agreements underpinning confidence into 2027.
- Total company orders (ex-NORESCO) up ~35%; Commercial HVAC orders up ~60%; data center orders up ~300%
- Record >$8.5B backlog, up 60% year over year
- Organic sales up 15% on favorable volume and price
- ~$130 million operating profit benefit from IEEPA refunds (~$120 million in CSA)
- CSA Residential up over 30% and Commercial up 25% organically
- Europe residential heat pump and air conditioning sales up ~35% each
- CSAME Commercial up 10%
- Lower share count supported adjusted EPS growth
- Container growth in Transportation
“We delivered strong third quarter performance, with orders, sales and adjusted EPS all up between 15% and 35%, with very strong free cash flow.”
Carrier Global CEO, on the earnings call
What Is Carrier Global's Outlook?
Carrier raised its full-year 2026 guidance (as of October 29, 2026). Sales are now expected at $23.8 to $24.0 billion (prior ~$23 billion), with organic growth of ~10% (prior mid-to-high single digits), FX +1% and net acquisitions/divestitures (2%). Adjusted operating profit is expected at ~$3.5 billion (unchanged) and free cash flow at ~$2 billion (unchanged). Adjusted EPS is expected at $2.85 to $2.90 (prior ~$2.90). The outlook is supported by a differentiated portfolio, record backlog, minimum volume commitments under LTAs and continued recovery in RLC end markets. The company expects to return ~$2.3 billion to shareowners via dividends and repurchases, while remaining vigilant on tariffs and rising input costs. Riello and NORESCO exits create ~$225 million and ~$125 million year-over-year revenue headwinds, respectively. Management expects record backlog to sustain momentum into 2027 and beyond.
CARR YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $6.3B | $5.6B | +12.3% |
CARR Revenue by Segment
CARR Revenue by Geography
When Does Carrier Global Report Next?
Figures from SEC filings and company reports. Not investment advice.