Carrier Global Corporation (CARR) Balance Sheet
CARR balance sheet, 2025
December 31, 2025 · U.S. dollars$37.19B assets = $23.06B liabilities + $14.13B equity
Both columns are drawn to the same scale: what CARR owns equals what it owes plus shareholders’ equity. Hover a block for its value.
CARR financial health
Descriptive bands, not a rating. Fiscal 2025.
CARR balance sheet trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $21.98B2017 | $37.19B2025 | +6.8%/yr | |
| Total liabilities | $7.20B2017 | $23.06B2025 | +15.7%/yr | |
| Shareholders’ equity | $14.41B2017 | $13.80B2025 | −0.5%/yr | |
| Cash & short-term investments | $1.32B2017 | $1.55B2025 | +2.0%/yr | |
| Total debt | $158.0M2017 | $12.67B2025 | +73.0%/yr | |
| Net cash (debt) | $1.17B2017 | −$11.11B2025 | −$12.3B | |
| Working capital | $1.75B2017 | $1.42B2025 | −$331.0M | |
| Book value per share | $16.512017 | $16.302025 | −0.2%/yr | |
| Current ratio | 1.412017 | 1.202025 | −0.21 | |
| Debt / equity | 0.012017 | 0.922025 | +0.91 | |
| Shares outstanding | 872.8M2017 | 846.7M2025 | −0.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CARR assets
CARR liabilities and equity
CARR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
CARR balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Cash & short-term investments | $1.55B | $3.97B | $9.85B | $3.52B | $2.99B | $3.12B | $952.0M | $1.13B | $1.32B |
| Cash & equivalents | $1.55B | $3.97B | $9.85B | $3.52B | $2.99B | $3.12B | $952.0M | $1.13B | $1.32B |
| Short-term investments | — | — | — | — | — | $1.51B | — | — | — |
| Receivables | $2.64B | $2.65B | $2.08B | $3.37B | $2.91B | $3.44B | $3.35B | $3.24B | $2.66B |
| Inventory | $2.48B | $2.30B | $1.82B | $2.64B | $1.97B | $1.63B | $1.33B | $1.36B | $1.53B |
| Other current assets | $1.86B | $972.0M | $5.82B | $349.0M | $3.54B | $343.0M | $327.0M | $378.0M | $489.0M |
| Total current assets | $8.53B | $9.89B | $19.58B | $9.88B | $11.41B | $8.52B | $5.96B | $6.11B | $6.00B |
| Property, plant & equipment (net) | $3.71B | $3.55B | $2.58B | $2.88B | $2.47B | $2.60B | $2.50B | $1.65B | $1.68B |
| Goodwill & intangible assets | $21.83B | $21.03B | $8.46B | $11.32B | $9.86B | $11.18B | $10.97B | $11.06B | $11.36B |
| Long-term investments | $1.32B | $1.19B | $1.14B | $1.15B | $1.59B | $1.51B | $1.74B | $1.77B | $0 |
| Other non-current assets | $1.80B | $1.73B | $1.06B | $857.0M | $848.0M | $1.28B | $1.25B | $1.14B | $2.94B |
| Total assets | $37.19B | $37.40B | $32.82B | $26.09B | $26.17B | $25.09B | $22.41B | $21.74B | $21.98B |
| Liabilities | |||||||||
| Accounts payable | $2.70B | $2.46B | $2.48B | $2.83B | $2.33B | $1.94B | $1.70B | $1.94B | $1.81B |
| Short-term debt | $468.0M | $1.25B | $51.0M | $140.0M | $183.0M | $352.0M | $400.0M | $475.0M | $23.0M |
| Deferred revenue | — | $553.0M | $425.0M | $449.0M | $415.0M | $512.0M | $469.0M | $472.0M | — |
| Total current liabilities | $7.11B | $7.89B | $6.98B | $6.03B | $6.63B | $5.11B | $4.47B | $4.47B | $4.25B |
| Long-term debt | $11.37B | $11.03B | $14.24B | $8.70B | $9.51B | $10.04B | $0 | $0 | $0 |
| Lease obligations | $418.0M | $432.0M | $391.0M | $529.0M | $527.0M | $803.0M | $682.0M | $0 | — |
| Other long-term liabilities | $4.58B | $4.09B | $2.59B | $3.28B | $2.94B | $3.37B | $3.50B | $3.00B | $2.95B |
| Total liabilities | $23.06B | $23.01B | $23.82B | $18.01B | $19.08B | $18.52B | $7.97B | $7.47B | $7.20B |
| Shareholders' equity | |||||||||
| Common stock & paid-in capital | $10.0M | $9.0M | $9.0M | $9.0M | $9.0M | $9.0M | $15.36B | $15.13B | $15.03B |
| Retained earnings (deficit) | $12.19B | $11.48B | $6.59B | $5.87B | $2.87B | $1.64B | — | — | — |
| Treasury stock | — | — | — | — | −$529.0M | — | — | — | — |
| Accumulated other comprehensive income | −$269.0M | −$2.11B | −$1.49B | −$1.69B | −$989.0M | −$745.0M | −$1.25B | −$1.22B | −$617.0M |
| Minority interest | $324.0M | $314.0M | $328.0M | $318.0M | $327.0M | $326.0M | — | — | — |
| Total shareholders' equity | $13.80B | $14.08B | $8.68B | $7.76B | $6.77B | $6.25B | $14.10B | $13.92B | $14.41B |
| Key figures | |||||||||
| Total debt | $12.67B | $12.71B | $14.63B | $9.37B | $10.22B | $11.03B | $682.0M | $287.0M | $158.0M |
| Net cash (debt) | −$11.11B | −$8.74B | −$4.77B | −$5.85B | −$7.24B | −$7.92B | $270.0M | $842.0M | $1.17B |
| Working capital | $1.42B | $2.00B | $12.60B | $3.85B | $4.78B | $3.41B | $1.49B | $1.64B | $1.75B |
| Tangible book value | −$8.02B | −$6.95B | $212.0M | −$3.56B | −$3.09B | −$4.92B | $3.13B | $2.85B | $3.05B |
| Book value per share | $16.30 | $15.44 | $10.17 | $9.01 | $7.60 | $7.10 | $16.28 | $15.95 | $16.51 |
| Shares outstanding | 846.7M | 911.7M | 853.0M | 861.2M | 890.3M | 880.2M | 866.2M | 872.8M | 872.8M |
| Current ratio | 1.20 | 1.25 | 2.80 | 1.64 | 1.72 | 1.67 | 1.33 | 1.37 | 1.41 |
| Quick ratio | 0.59 | 0.84 | 1.71 | 1.14 | 0.89 | 1.28 | 0.96 | 0.98 | 0.94 |
| Debt / equity | 0.92 | 0.90 | 1.69 | 1.21 | 1.51 | 1.76 | 0.05 | 0.02 | 0.01 |
| Equity / assets | 37.1% | 37.6% | 26.4% | 29.7% | 25.9% | 24.9% | 62.9% | 64.0% | 65.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.34B | $1.37B | $1.55B | $1.42B | $1.80B | $1.70B | $3.97B | $2.23B | $2.92B | $1.31B | $9.85B | $3.90B |
| Cash & equivalents | $1.34B | $1.37B | $1.55B | $1.42B | $1.80B | $1.70B | $3.97B | $2.23B | $2.92B | $1.31B | $9.85B | $3.90B |
| Receivables | $3.25B | $3.13B | $2.64B | $3.13B | $3.37B | $2.98B | $2.65B | $2.73B | $3.52B | $3.48B | $2.08B | $3.63B |
| Inventory | $2.76B | $2.58B | $2.48B | $3.00B | $2.89B | $2.65B | $2.30B | $2.65B | $3.04B | $3.19B | $1.82B | $2.56B |
| Other current assets | $2.06B | $1.93B | $1.86B | $1.28B | $1.07B | $1.12B | $972.0M | $3.60B | $2.09B | $3.74B | $5.82B | $412.0M |
| Total current assets | $9.41B | $9.02B | $8.53B | $8.84B | $9.13B | $8.44B | $9.89B | $11.19B | $11.57B | $11.71B | $19.58B | $10.51B |
| Property, plant & equipment (net) | $3.73B | $3.67B | $3.71B | $3.77B | $3.76B | $3.60B | $3.55B | $3.58B | $3.75B | $3.81B | $2.58B | $2.79B |
| Goodwill & intangible assets | $21.02B | $21.30B | $21.83B | $22.24B | $22.44B | $21.44B | $21.03B | $22.41B | $22.29B | $22.72B | $8.46B | $10.93B |
| Long-term investments | $1.34B | $1.33B | $1.32B | $1.38B | $1.35B | $1.25B | $1.19B | $1.29B | $1.22B | $1.16B | $1.14B | $1.17B |
| Other non-current assets | $1.86B | $1.86B | $1.80B | $1.84B | $1.81B | $1.71B | $1.73B | $1.73B | $1.58B | $1.41B | $1.06B | $1.16B |
| Total assets | $37.37B | $37.19B | $37.19B | $38.08B | $38.49B | $36.45B | $37.40B | $40.20B | $40.42B | $40.81B | $32.82B | $26.54B |
| Liabilities | ||||||||||||
| Accounts payable | $3.22B | $2.98B | $2.70B | $2.96B | $3.21B | $3.02B | $2.46B | $2.83B | $3.18B | $3.07B | $2.48B | $2.89B |
| Short-term debt | $1.64B | $1.74B | $468.0M | $580.0M | $107.0M | $104.0M | $1.39B | $2.10B | $2.05B | $1.25B | $51.0M | $134.0M |
| Deferred revenue | — | $722.0M | — | — | — | — | — | −$2.10B | $493.0M | $501.0M | $425.0M | $496.0M |
| Total current liabilities | $9.23B | $8.59B | $7.11B | $7.75B | $7.83B | $7.01B | $7.89B | $10.38B | $10.68B | $8.64B | $6.98B | $6.35B |
| Long-term debt | $10.31B | $10.42B | $11.37B | $11.34B | $11.34B | $11.08B | $11.03B | $10.34B | $11.27B | $15.65B | $14.24B | $8.65B |
| Lease obligations | $442.0M | $415.0M | $418.0M | $424.0M | $444.0M | $437.0M | $432.0M | $445.0M | $501.0M | $505.0M | $391.0M | $465.0M |
| Other long-term liabilities | $4.36B | $4.38B | $4.58B | $4.16B | $4.31B | $4.16B | $4.09B | $4.44B | $4.40B | $4.62B | $2.59B | $3.04B |
| Total liabilities | $23.90B | $23.39B | $23.06B | $23.24B | $23.48B | $22.25B | $23.01B | $25.16B | $26.34B | $28.90B | $23.82B | $18.04B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $10.0M | $10.0M | $10.0M | $9.0M | $9.0M | $9.0M | $9.0M | $9.0M | $9.0M | $9.0M | $9.0M | $9.0M |
| Retained earnings (deficit) | $12.54B | $12.43B | $12.19B | $12.53B | $12.29B | $11.89B | $11.48B | $9.30B | $8.85B | $6.86B | $6.59B | $6.49B |
| Accumulated other comprehensive income | −$537.0M | −$560.0M | −$269.0M | −$365.0M | −$413.0M | −$1.47B | −$2.11B | −$802.0M | −$1.69B | −$1.87B | −$1.49B | −$1.86B |
| Minority interest | $325.0M | $349.0M | $324.0M | $330.0M | $308.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $13.15B | $13.45B | $13.80B | $14.51B | $14.71B | $13.86B | $14.08B | $14.69B | $13.77B | $11.56B | $8.68B | $8.18B |
| Key figures | ||||||||||||
| Total debt | $12.39B | $12.57B | $12.67B | $12.34B | $11.89B | $11.62B | $12.85B | $12.88B | $13.82B | $17.40B | $14.63B | $9.25B |
| Net cash (debt) | −$11.05B | −$11.20B | −$11.11B | −$10.92B | −$10.09B | −$9.92B | −$8.88B | −$10.65B | −$10.90B | −$16.09B | −$4.77B | −$5.35B |
| Working capital | $183.0M | $433.0M | $1.42B | $1.09B | $1.30B | $1.43B | $2.00B | $816.0M | $898.0M | $3.08B | $12.60B | $4.16B |
| Tangible book value | −$7.88B | −$7.85B | −$8.02B | −$7.73B | −$7.74B | −$7.58B | −$6.95B | −$7.72B | −$8.53B | −$11.16B | $212.0M | −$2.74B |
| Book value per share | $15.66 | $15.96 | $16.30 | $16.90 | $16.98 | $15.78 | $15.59 | $16.06 | $15.04 | $12.66 | $10.16 | $9.58 |
| Shares outstanding | 839.6M | 842.8M | 846.7M | 858.6M | 866.3M | 878.3M | 903.4M | 915.0M | 915.3M | 913.0M | 854.2M | 854.7M |
| Current ratio | 1.02 | 1.05 | 1.20 | 1.14 | 1.17 | 1.20 | 1.25 | 1.08 | 1.08 | 1.36 | 2.80 | 1.66 |
| Quick ratio | 0.50 | 0.52 | 0.59 | 0.59 | 0.66 | 0.67 | 0.84 | 0.48 | 0.60 | 0.55 | 1.71 | 1.19 |
| Debt / equity | 0.94 | 0.93 | 0.92 | 0.85 | 0.81 | 0.84 | 0.91 | 0.88 | 1.00 | 1.51 | 1.69 | 1.13 |
| Equity / assets | 35.2% | 36.2% | 37.1% | 38.1% | 38.2% | 38.0% | 37.6% | 36.5% | 34.1% | 28.3% | 26.4% | 30.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 5, 2026); data from EODHD.
CARR financial position
At the end of fiscal 2025 (December 31, 2025), Carrier had total assets of $37.2 billion (down 0.6% from a year earlier), total liabilities of $23.1 billion and shareholders' equity of $13.8 billion. It held $1.6 billion in cash and short-term investments against $12.7 billion of debt, net debt of $11.1 billion. Its current ratio was 1.20. In the latest quarter (ended June 30, 2026) total assets were $37.4 billion and equity $13.1 billion.
Related: CARR income statement, CARR cash flow statement, CARR key metrics. See the CARR stock overview for the latest quote and news.
CARR balance sheet FAQ
What are Carrier's total assets?
Carrier reported total assets of $37.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $37.4 billion a year earlier.
How much debt does Carrier have?
Carrier had $12.7 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.92.
How much cash does Carrier have?
Carrier held $1.6 billion in cash and short-term investments at the end of fiscal 2025; with $12.7 billion of debt that is net debt of $11.1 billion.
What is Carrier's book value?
Carrier's shareholders' equity (book value) was $13.8 billion at the end of fiscal 2025, or $16.30 per share.
What is Carrier's current ratio?
Carrier had current assets of $8.5 billion and current liabilities of $7.1 billion, a current ratio of 1.20 (it can cover its short-term obligations).
How much goodwill does Carrier have?
Carrier carried $21.8 billion of goodwill and intangible assets, 58.7% of total assets, at the end of fiscal 2025.