Carrier Global (CARR) FY2025 10-K Annual Report
Carrier Global (CARR) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 5, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Carrier Global FY2025 10-K Analysis
Business Overview
- • Core business: Intelligent climate and energy solutions with digitally enabled lifecycle services for heating, cooling, ventilation, and cold chain markets
- • New emphasis: Acquisition of Viessmann's climate solutions business expands sustainable HVAC offerings in Europe; announced sale of Riello business for $430 million
- • Strategic shift: Restructured segments in 2025 to four global climate solution regions; focusing on pure-play climate and energy with electrification and digital platforms like Abound and Lynx
- • Quantitative highlight: Net sales $21.7B (2025), operating profit $2.2B; approx. 47,000 employees across 52 countries, with 52% international sales
- • Noteworthy fact: Initiated simplification via divestitures (fire security, commercial refrigeration) and acquired Viessmann's business to accelerate portfolio transformation
Management Discussion & Analysis
- • Revenue $21.7B, down 3% YoY ($739M decrease), organic sales down 1%, impacted by Climate Solutions Americas and Europe segments
- • Gross margin 25.9% vs 26.6%, fell 6% YoY ($357M decrease) due to lower volumes and full amortization of VCS Business inventory step-up
- • Best segment: Climate Solutions Americas with $2.15B operating profit but 7% decline; Worst segment: Climate Solutions Transportation 17% sales decline, 7% profit drop to $452M
- • Cash and cash equivalents $1.56B (down $2.4B), total debt reduced by ~$1.0B to $11.8B, net debt increased to $10.3B; repaid $1.2B debt in 2025
- • Management expects cash flows and credit facilities sufficient for operations, notes risks from market conditions, plans portfolio optimization including Riello sale for $430M closing in H1 2026
Risk Factors
- • U.S. AIM Act of 2020 and Kigali Amendment tariff/tax risks on HVAC refrigerants requiring capital expenditures to meet regulations
- • 52% net sales from international ops exposed to volatile exchange rates and trade policy conflicts with China, Mexico, U.S. tariffs
- • Reliance on joint ventures with Midea Group and Watsco, Inc., risking operational control loss and restrictions on market competition
- • Competitive threat from rapidly evolving HVAC technologies, with risk of product obsolescence amid tighter climate regulations
- • Debt obligations and additional borrowings could impair profitability and ability to meet financial commitments
Carrier Global FY2025 Key Financial MetricsXBRL
Revenue
$21.7B
▼ -3.3% YoY
Net Income
$1.5B
▼ -73.5% YoY
Operating Margin
10.0%
▼ -178bp YoY
Net Margin
6.8%
▼ -1810bp YoY
ROE
10.5%
▼ -2843bp YoY
Total Assets
$37.2B
▼ -0.6% YoY
EPS (Diluted)
$1.72
▼ -72.0% YoY
Operating Cash Flow
$2.5B
▲ +346.4% YoY
Source: XBRL data from Carrier Global FY2025 10-K filing on SEC EDGAR. All figures in USD.
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