Short answer
Carrier Global (CARR) filed its fiscal 2025 10-K annual report with the SEC on Feb 5, 2026. It reported revenue of $21.7B (−3.3% year over year) and net income of $1.5B.
- Top risk flagged: U.S. AIM Act of 2020 and Kigali Amendment tariff/tax risks on HVAC refrigerants requiring capital expenditures to meet regulations
FY2025 key financial metrics · XBRL
- Revenue
- $21.7B
- −3.3% YoY
- Net income
- $1.5B
- −73.5% YoY
- Operating margin
- 10.0%
- −1.8 pp YoY
- EPS (diluted)
- $1.72
- −72.0% YoY
- ROE
- 10.5%
- −28.4 pp YoY
- Operating cash flow
- $2.5B
- +346.4% YoY
Source: XBRL data from the Carrier Global (CARR) FY2025 10-K on SEC EDGAR. USD.
Carrier Global FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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