Q1 25 EPS
$0.65
BEAT +11.28%
Est. $0.58
Q1 25 Revenue
$5.22B
BEAT +0.60%
Est. $5.19B
vs S&P Since Q1 25
-22.2%
TRAILING MARKET
CARR +9.1% vs S&P +31.3%
Market Reaction
Did CARR Beat Earnings? Q1 2025 Results
Carrier Global kicked off 2025 with a convincing first quarter, posting adjusted EPS of $0.65 against a consensus estimate of $0.58, an 11.28% beat, while revenue of $5.22 billion edged past the $5.19 billion estimate despite a 3.7% year-over-year de… Read more Carrier Global kicked off 2025 with a convincing first quarter, posting adjusted EPS of $0.65 against a consensus estimate of $0.58, an 11.28% beat, while revenue of $5.22 billion edged past the $5.19 billion estimate despite a 3.7% year-over-year decline tied to the late-2024 divestiture of its Commercial Refrigeration business. The standout driver was strength in Climate Solutions Americas, where both Commercial and Residential businesses each grew roughly 20%, helping lift adjusted operating margin 210 basis points to 16.2%. Total orders rose high-single-digits and backlog climbed over 15% sequentially, signaling durable demand momentum rooted in rising global temperatures and accelerating heat pump adoption. Free cash flow swung sharply to $420 million from negative $64 million a year ago, enabling Carrier to return $1.5 billion to shareholders, through repurchases and a consistent dividend program, while paying down $1.2 billion in debt. Management raised full-year adjusted EPS guidance to $3.00–$3.10, representing 17–21% growth, and increased its sales outlook to approximately $23 billion, noting it is fully mitigating current tariff impacts.
Key Takeaways
- • Commercial and Residential businesses within Climate Solutions Americas each up about 20%
- • Organic sales growth of 2% driven by strong productivity and price
- • Adjusted operating margin expansion of 210 basis points
- • Container business up 20% in Climate Solutions Transportation
- • Total company orders up high-single-digits
- • Backlogs increased over 15% sequentially and approximately 10% year-over-year
- • Lower net interest expense and benefits of lower share count boosted adjusted EPS
- • Absence of prior year VCS backlog and inventory step-up amortization
- • Free cash flow improvement driven by higher net income, working capital improvements, and lower capex
CARR YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
CARR Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered another quarter of strong financial performance. Adjusted EPS grew 27% with adjusted operating margins expanding 210 basis points on 2% organic sales growth. Sales for the Commercial and Residential businesses within Climate Solutions Americas were each up about 20%. Total company orders were up high-single-digits, backlogs increased over 15% sequentially and about 10% year-over-year, positioning us for accelerated growth further fueled by differentiated products, aftermarket offerings and system solutions. We are increasing our full-year commitments as we proactively manage this dynamic environment.”
— David Gitlin, Q1 2025 Earnings Press Release
CARR Earnings Trends
CARR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CARR EPS Trend
Earnings per share: estimate vs actual
CARR Revenue Trend
Quarterly revenue: estimate vs actual
CARR Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.51 | $0.57 | +12.07% | $5.34B | +6.51% |
| Q4 25 MISS FY | $0.36 | $0.34 | -4.55% | $4.84B | -3.58% |
| FY Full Year | $2.61 | $2.59 | -0.60% | $21.75B | -1.02% |
| Q3 25 BEAT | $0.57 | $0.67 | +17.71% | $5.58B | +0.49% |
| Q2 25 BEAT | $0.90 | $0.92 | +1.98% | $6.11B | +0.27% |
| Q1 25 BEAT | $0.58 | $0.65 | +11.28% | $5.22B | +0.60% |