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Carrier Global

Carrier Global (CARR) Q2 2026 Earnings

Reported Jul 28, 2026 at 6:58 AM ET · SEC Source

Q2 26 EPS

$0.86

BEAT +5.20%

Est. $0.82

Q2 26 Revenue

$6.35B

BEAT +5.35%

Est. $6.03B

vs S&P Since Q2 26

-12.7%

TRAILING MARKET

CARR -8.4% vs S&P +4.4%

Market Reaction

Did CARR Beat Earnings? Q2 2026 Results

Carrier Global delivered a broad-based beat in the second quarter of 2026, with results that arrived ahead of expectations and prompted the company to lift its full-year outlook. Adjusted EPS of $0.86 topped the $0.82 consensus by 5.20%, even as the … Read more Carrier Global delivered a broad-based beat in the second quarter of 2026, with results that arrived ahead of expectations and prompted the company to lift its full-year outlook. Adjusted EPS of $0.86 topped the $0.82 consensus by 5.20%, even as the figure declined 7% from the prior year's $0.92 due to margin pressure and a higher effective tax rate. Revenue of $6.35 billion rose 3.9% year-over-year and cleared the $6.03 billion estimate by 5.35%, with organic sales growing 3%, returning to growth earlier than management had anticipated. The standout driver behind the raised guidance was a surge in orders, up roughly 40% overall, with Commercial HVAC orders climbing approximately 65% and data center orders more than tripling, pushing backlog to record levels. Carrier now expects full-year 2026 sales of approximately $23 billion, adjusted EPS of approximately $2.90, and free cash flow of approximately $2 billion, with the raised targets absorbing an approximately $0.05 headwind from the NORESCO exit and new U.S. Factory costs. Analyst sentiment heading into the print had skewed constructive, reflecting confidence in structural demand for high-efficiency climate solutions.

Key Takeaways

  • • Total company orders up ~40%, with Commercial HVAC orders up ~65% and data center orders up >300%
  • • Organic sales returned to growth up 3%, earlier than expected
  • • CSA Residential up 9% and Light Commercial up 10%
  • • Strong Container growth of ~40% in CST segment
  • • Double-digit growth in India, Middle East, Southeast Asia and Australia in CSAME
  • • Favorable volume and productivity partially offset by increased input costs and unfavorable business mix
  • • Record backlog levels supporting raised guidance

CARR Forward Guidance & Outlook

Carrier raised its full-year 2026 guidance: sales of approximately $23 billion (up from ~$22 billion), with organic growth up mid-high single digits and FX tailwind of 1%. Adjusted operating profit raised to approximately $3.5 billion (from ~$3.4 billion). Adjusted EPS raised to approximately $2.90 (from ~$2.80), which includes approximately ($0.05) headwind from the NORESCO exit and new U.S. factory costs. Free cash flow expected at approximately $2 billion, unchanged. The Riello divestiture was completed on July 1, 2026, and the NORESCO divestiture has been announced. Divestitures represent approximately (2%) or ~$225 million and ~$125 million year-over-year revenue headwinds from Riello and NORESCO exits, respectively.

24/7 Wall St

CARR YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

CARR Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“We ended the first half with a stronger than expected second quarter, including better sales, adjusted EPS and free cash flow. Organic sales returned to growth earlier than expected, up 3%, driven by strong performance in our CSA segment. Improving Residential and Light Commercial markets in CSA and CSE are encouraging. Orders were very strong globally in the second quarter supported by continued data center demand. Given record backlog levels and our year-to-date performance, we are raising our full-year outlook and now expect sales of about $23 billion and adjusted EPS of ~$2.90.”

— David Gitlin, Q2 2026 Earnings Press Release

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