Companies /Industrials

Carrier Global Corp

NYSE: CARR Building Products & Equipment
$59.02
â–² $0.28 (+0.48%) today
Markets open · 3:58pm ET

Q2 2025 Earnings

Reported Jul 29, 2025, 6:55am ET · SEC source
$0.92
Beat +1.98%
EPS · est. $0.90
$6.1B
Beat +0.27%
Revenue · est. $6.1B
−9.8%
Trailing market
CARR vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−8%−4%0Jul 29Jul 30report 6:55am ETearnings−0.3%−10.2%
−8%−4%0Jul 29Jul 30earnings−0.3%−10.2%
CARR −10.2%S&P 500 −0.3%
−8%−4%0Jul 29Jul 30report 6:55am ETearnings−0.3%−10.2%
−8%−4%0Jul 29Jul 30earnings−0.3%−10.2%
CARR −10.2%NASDAQ −0.3%
−12%−6%0+6%Jul 28Aug 5report 6:55am ETearnings−1.7%−13.2%
−12%−6%0+6%Jul 28Aug 5earnings−1.7%−13.2%
CARR −13.2%S&P 500 −1.7%
−12%−6%0+6%Jul 28Aug 5report 6:55am ETearnings−2.1%−13.2%
−12%−6%0+6%Jul 28Aug 5earnings−2.1%−13.2%
CARR −13.2%NASDAQ −2.1%
−10.61%
Day of report
−4.84%
Next session
−7.38%
One week
−7.67%
30 days

S&P 500 over the same 30 days: +2.15%.

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 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 <a href="https://247wallst.com/investing/2026/02/14/carrier-globals-quiet-dividend-strategy-deserves-attention/">shareholder-friendly capital allocation</a> 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

“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.”

Carrier Global CEO, on the earnings call

Forward Guidance & Outlook

Carrier reaffirmed its full-year 2025 guidance with no changes from prior guidance: Sales of approximately $23 billion (with ~$750 million revenue headwind from the Commercial Refrigeration exit, organic sales up mid-single digits, FX tailwind of 1%, divestitures headwind of 3%); adjusted operating margin of 16.5%–17.0% (up ~100 bps year-over-year); adjusted EPS of $3.00–$3.10 (approximately 17–21% year-over-year growth); and free cash flow of $2.4–$2.6 billion including expected results of continuing and discontinued operations.

CARR YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$2.0B$4.0B$6.0B$5.9B$6.1BRevenue$1.5B$1.8BGross Profit$724.0M$903.0MOperating Income$2.3B$591.0MNet Income
$0$2.0B$4.0B$6.0BRevenueGross ProfitOperating IncomeNet Income

CARR Revenue by Segment

Climate Solutions Americas$3.3B+14.0%
Climate Solutions Europe$1.3B+5.0%
Climate Solutions Asia Pacific, Middle East & Africa$882.0M−2.0%
Climate Solutions Transportation$726.0M−25.0%

Figures from SEC filings and company reports. Not investment advice.