Q2 25 EPS
$0.92
BEAT +1.98%
Est. $0.90
Q2 25 Revenue
$6.11B
BEAT +0.27%
Est. $6.10B
vs S&P Since Q2 25
-11.3%
TRAILING MARKET
CARR +4.2% vs S&P +15.4%
Market Reaction
Did CARR Beat Earnings? Q2 2025 Results
Carrier Global posted a confident second quarter, with adjusted EPS of $0.92 edging past the $0.90 consensus estimate by 1.98% and revenue of $6.11 billion topping expectations by 0.27% while rising 3.0% year over year, a result that underscores the … Read more Carrier Global posted a confident second quarter, with adjusted EPS of $0.92 edging past the $0.90 consensus estimate by 1.98% and revenue of $6.11 billion topping expectations by 0.27% while rising 3.0% year over year, a result that underscores the company's steady recovery following its portfolio reshaping. The headline driver was the Climate Solutions Americas segment, where Commercial sales excluding NORESCO surged 45% and total aftermarket sales climbed 13%, providing the organic momentum that lifted overall organic growth to 6% even as reported sales growth appeared more modest. Adjusted operating margin expanded 130 basis points to 19.1%, reflecting both pricing discipline and the absence of acquisition-related step-up charges that had pressured the prior-year period. With a shareholder-friendly capital allocation approach on display, including $1.63 billion in buybacks during the first half, Carrier reaffirmed full-year 2025 guidance calling for roughly $23 billion in sales, adjusted EPS of $3.00–$3.10, and free cash flow of $2.4–$2.6 billion, signaling management's confidence in sustained momentum heading into the second half.
Key Takeaways
- • Commercial sales (excluding NORESCO) up 45% in Climate Solutions Americas
- • Total company aftermarket sales up 13%
- • Residential Americas sales up over 10%
- • Organic sales growth of 6% driven by strong Americas segment performance
- • Adjusted operating margin expansion of 130 basis points from organic growth and productivity
- • Lower net interest expense and benefits of lower share count boosted adjusted EPS
- • Absence of prior-year backlog and inventory step-up amortization charges improved GAAP results
CARR YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
CARR Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered another quarter of strong financial performance. Organic sales growth of 6% was driven by strong results in our Climate Solutions Americas segment, with Commercial sales up 45% and total company aftermarket sales up 13%. Adjusted operating margins expanded 130 basis points driven by strong organic growth and productivity, leading to over 25% adjusted EPS growth. With a strong first half, we remain committed to accelerating growth driven by differentiated products, aftermarket offerings and system solutions. We are maintaining our full-year outlook for sales, adjusted operating margin expansion and adjusted EPS, representing about 20% adjusted EPS growth at the midpoint.”
— David Gitlin, Q2 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% |