Carrier Global Corporation (CARR) Cash Flow Statement
Where CARR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.09B +271.0% vs 2024
- Capital expenditures
- $392.0M 1.8% of revenue
- Free cash flow
- $1.70B 7.8% margin
- Returned to shareholders
- $3.66B 216% of free cash flow
- Change in cash
- −$2.42B cash at year-end $1.56B
Drawn to scale: where the cash came from and how it was used. Hover for values.
CARR operating cash flow, capex and free cash flow
CARR cash flow trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.10B2017 | $2.09B2025 | −0.1%/yr | |
| Capital expenditures | $326.0M2017 | $392.0M2025 | +2.3%/yr | |
| Free cash flow | $1.77B2017 | $1.70B2025 | −0.5%/yr | |
| Free cash flow margin | 9.9%2017 | 7.8%2025 | −2.1 pts | |
| Operating cash flow / net income | 1.662017 | 1.402025 | −0.26 | |
| Stock-based compensation | $34.0M2017 | $74.0M2025 | +10.2%/yr | |
| Dividends paid | $138.0M2017 | $772.0M2025 | +24.0%/yr | |
| Share buybacks (net) | $286.0M2017 | $2.89B2025 | +33.5%/yr | |
| Capex / revenue | 1.8%2017 | 1.8%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CARR cash flow by activity
CARR net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CARR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | $1.49B | $1.21B | $1.48B | $3.58B | $1.70B | $2.01B | $2.15B | $2.77B | $1.27B |
| Depreciation & amortization | $1.27B | $1.23B | $491.0M | $380.0M | $338.0M | $336.0M | $335.0M | $357.0M | $372.0M |
| Stock-based compensation | $74.0M | $86.0M | $71.0M | $77.0M | $92.0M | $77.0M | $52.0M | $44.0M | $34.0M |
| Change in working capital | −$143.0M | $339.0M | $503.0M | −$336.0M | $317.0M | $86.0M | −$360.0M | −$324.0M | $228.0M |
| Other non-cash items | −$609.0M | −$2.31B | $64.0M | −$1.96B | −$211.0M | −$813.0M | −$119.0M | −$791.0M | $197.0M |
| Cash from operating activities | $2.09B | $563.0M | $2.61B | $1.74B | $2.24B | $1.69B | $2.06B | $2.06B | $2.10B |
| Investing activities | |||||||||
| Capital expenditures | −$392.0M | −$519.0M | −$439.0M | −$353.0M | −$344.0M | −$312.0M | −$243.0M | −$263.0M | −$326.0M |
| Investments (net) | $105.0M | −$2.02B | −$731.0M | −$194.0M | −$692.0M | $1.42B | $1.38B | $1.38B | $596.0M |
| Acquisitions & other investing | −$56.0M | $519.0M | $510.0M | $2.29B | $344.0M | $1.0M | −$1.39B | −$699.0M | $1.0M |
| Cash from investing activities | −$343.0M | −$2.02B | −$660.0M | $1.75B | −$692.0M | $1.11B | −$259.0M | $415.0M | $271.0M |
| Financing activities | |||||||||
| Dividends paid | −$772.0M | −$670.0M | −$620.0M | −$509.0M | −$417.0M | −$138.0M | −$138.0M | −$138.0M | −$138.0M |
| Share repurchases & issuance (net) | −$2.89B | −$1.94B | −$62.0M | −$1.38B | −$527.0M | $0 | — | — | −$286.0M |
| Net borrowing (repayment) | −$889.0M | −$1.88B | $5.49B | −$983.0M | −$551.0M | $9.85B | −$6.0M | $120.0M | −$12.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$119.0M | −$139.0M | −$199.0M | −$59.0M | −$67.0M | −$10.39B | −$1.84B | −$2.61B | −$1.76B |
| Cash from financing activities | −$4.67B | −$4.64B | $4.61B | −$2.93B | −$1.56B | −$681.0M | −$1.98B | −$2.63B | −$2.19B |
| Summary | |||||||||
| Net change in cash | −$2.42B | −$5.88B | $6.33B | $494.0M | −$132.0M | $2.16B | −$177.0M | $1.13B | $234.0M |
| Cash at end of period | $1.56B | $3.97B | $9.85B | $3.52B | $2.99B | $3.12B | $952.0M | $1.13B | $1.32B |
| Free cash flow | $1.70B | $44.0M | $2.17B | $1.39B | $1.89B | $1.38B | $1.82B | $1.79B | $1.77B |
| Free cash flow margin | 7.8% | 0.2% | 9.8% | 8.0% | 9.2% | 7.9% | 9.8% | 9.5% | 9.9% |
| Capex / revenue | 1.8% | 2.3% | 2.0% | 2.0% | 1.7% | 1.8% | 1.3% | 1.4% | 1.8% |
| Operating cash flow / net income | 1.40 | 0.46 | 1.76 | 0.49 | 1.32 | 0.84 | 0.96 | 0.74 | 1.66 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $501.0M | $265.0M | $62.0M | $434.0M | $650.0M | $437.0M | −$30.0M | $598.0M | $447.0M | $197.0M | $439.0M | $381.0M |
| Depreciation & amortization | $314.0M | $315.0M | $329.0M | $325.0M | $317.0M | $303.0M | $318.0M | $312.0M | $294.0M | $308.0M | $135.0M | $134.0M |
| Stock-based compensation | $12.0M | $21.0M | $19.0M | $11.0M | $21.0M | $23.0M | $21.0M | $25.0M | $21.0M | $19.0M | $18.0M | $23.0M |
| Change in working capital | $114.0M | −$296.0M | $705.0M | −$112.0M | −$554.0M | −$182.0M | $656.0M | −$94.0M | $187.0M | −$410.0M | $509.0M | $560.0M |
| Other non-cash items | −$14.0M | −$226.0M | −$102.0M | −$317.0M | $215.0M | −$98.0M | −$833.0M | −$1.11B | −$289.0M | −$74.0M | −$39.0M | −$57.0M |
| Cash from operating activities | $927.0M | $79.0M | $1.01B | $341.0M | $649.0M | $483.0M | $132.0M | −$269.0M | $660.0M | $40.0M | $1.06B | $1.04B |
| Investing activities | ||||||||||||
| Capital expenditures | −$117.0M | −$94.0M | −$131.0M | −$117.0M | −$81.0M | −$63.0M | −$217.0M | −$92.0M | −$108.0M | −$102.0M | −$233.0M | −$92.0M |
| Investments (net) | −$29.0M | $35.0M | −$15.0M | −$119.0M | −$55.0M | −$23.0M | $3.09B | $1.16B | $4.81B | −$11.08B | −$229.0M | −$135.0M |
| Acquisitions & other investing | −$24.0M | −$6.0M | $35.0M | $117.0M | $81.0M | $63.0M | $217.0M | $92.0M | $108.0M | $102.0M | $233.0M | $92.0M |
| Cash from investing activities | −$170.0M | −$65.0M | −$111.0M | −$119.0M | −$55.0M | −$23.0M | $3.09B | $1.16B | $4.81B | −$11.08B | −$229.0M | −$135.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$199.0M | −$201.0M | −$189.0M | −$193.0M | −$192.0M | −$198.0M | −$156.0M | −$184.0M | −$171.0M | −$159.0M | −$155.0M | −$156.0M |
| Share repurchases & issuance (net) | −$439.0M | −$306.0M | −$479.0M | −$785.0M | −$340.0M | −$1.29B | −$1.51B | −$431.0M | $0 | $0 | $0 | $0 |
| Net borrowing (repayment) | −$34.0M | $377.0M | −$99.0M | $460.0M | −$5.0M | −$1.25B | $24.0M | −$927.0M | — | — | — | −$11.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$88.0M | −$11.0M | −$20.0M | −$73.0M | −$10.0M | −$16.0M | −$41.0M | −$2.0M | −$3.61B | $2.54B | $5.46B | −$15.0M |
| Cash from financing activities | −$760.0M | −$141.0M | −$787.0M | −$591.0M | −$547.0M | −$2.75B | −$1.69B | −$1.54B | −$3.79B | $2.38B | $5.30B | −$182.0M |
| Summary | ||||||||||||
| Net change in cash | −$27.0M | −$183.0M | $131.0M | −$374.0M | $98.0M | −$2.27B | $1.73B | −$683.0M | $1.60B | −$8.54B | $5.95B | $693.0M |
| Cash at end of period | $1.35B | $1.37B | $1.56B | $1.43B | $1.80B | $1.70B | $3.97B | $2.24B | $2.92B | $1.32B | $9.85B | $3.90B |
| Free cash flow | $810.0M | −$15.0M | $882.0M | $224.0M | $568.0M | $420.0M | −$85.0M | −$361.0M | $552.0M | −$62.0M | $829.0M | $949.0M |
| Free cash flow margin | 12.8% | −0.3% | 18.2% | 4.0% | 9.3% | 8.0% | −1.7% | −6.0% | 9.3% | −1.1% | 16.2% | 19.2% |
| Capex / revenue | 1.8% | 1.8% | 2.7% | 2.1% | 1.3% | 1.2% | 4.2% | 1.5% | 1.8% | 1.9% | 4.6% | 1.9% |
| Operating cash flow / net income | 1.85 | 0.30 | 16.34 | 0.79 | 1.00 | 1.11 | — | −0.45 | 1.48 | 0.20 | 2.42 | 2.73 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CARR cash generation
In fiscal 2025 (ended December 31, 2025), Carrier generated $2.1 billion of cash from operations (up 271.0%) and spent $392.0 million on capital expenditures, leaving free cash flow of $1.7 billion, 7.8% of revenue. It returned $3.7 billion to shareholders through dividends ($772.0 million) and net share buybacks ($2.9 billion). Cash and equivalents fell by $2.4 billion over the year.
Related: CARR income statement, CARR balance sheet, CARR dividend history. See the CARR stock overview for the latest quote and news.
CARR cash flow FAQ
What is Carrier's free cash flow?
Carrier's free cash flow was $1.7 billion in fiscal 2025: $2.1 billion of operating cash flow minus $392.0 million of capital expenditures It was $44.0 million a year earlier..
How much cash does Carrier generate from operations?
Carrier generated $2.1 billion of cash from operating activities in fiscal 2025, 1.40 times its net income of $1.5 billion.
How much does Carrier spend on capital expenditures?
Carrier spent $392.0 million on capital expenditures in fiscal 2025, 1.8% of revenue, compared with $519.0 million the year before.
How much stock does Carrier buy back?
Carrier spent $2.9 billion on net share repurchases in fiscal 2025.
How much does Carrier pay in dividends?
Carrier paid $772.0 million in dividends in fiscal 2025, 45.5% of free cash flow.