Carrier Global Corporation (CARR) Income Statement
CARR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCARR revenue and net income
Where CARR's revenue goes
2025Each bar shows an amount and its share of revenue. CARR kept 6.8% of revenue as net income.
CARR profit margins
CARR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −3.3% | +7.9% | +4.5% | — |
| Gross profit | −6.0% | +9.4% | +1.9% | — |
| Operating income | −9.1% | +0.1% | −9.2% | — |
| Net income | −73.5% | −25.1% | −5.6% | — |
| EPS (diluted) | −7.9% | +3.5% | +9.2% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CARR quarterly EPS vs estimates
Carrier beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: October 29, 2026 (estimate $0.81).
CARR income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.75B | $22.49B | $22.10B | $17.29B | $20.61B | $17.46B | $18.61B | $18.91B | $17.81B |
| Cost of revenue | $16.12B | $16.50B | $15.71B | $12.99B | $14.63B | $12.35B | $13.19B | $13.35B | $12.63B |
| Gross profit | $5.62B | $5.98B | $6.38B | $4.30B | $5.98B | $5.11B | $5.42B | $5.57B | $5.18B |
| Research & development | $625.0M | $686.0M | $617.0M | $416.0M | $503.0M | $419.0M | $401.0M | $400.0M | $364.0M |
| Sales, general & admin | $3.09B | $3.20B | $3.01B | $1.98B | $3.12B | $2.82B | $2.76B | $2.69B | $2.58B |
| Total operating expenses | $3.72B | $3.88B | $3.91B | $2.39B | $3.33B | $2.03B | $2.93B | $1.93B | $2.15B |
| Operating income | $1.91B | $2.10B | $2.30B | $1.90B | $2.65B | $3.08B | $2.49B | $3.64B | $3.03B |
| Interest income | $94.0M | $209.0M | $109.0M | $83.0M | $13.0M | $10.0M | $102.0M | $121.0M | $104.0M |
| Interest expense | $345.0M | $580.0M | $211.0M | $302.0M | $319.0M | $298.0M | $75.0M | $84.0M | $219.0M |
| Income before taxes | $1.80B | $2.27B | $2.08B | $3.82B | $2.40B | $2.85B | $2.67B | $3.84B | $3.05B |
| Income taxes | $240.0M | $1.06B | −$644.0M | $616.0M | $699.0M | $849.0M | $517.0M | $1.07B | $1.79B |
| Net income | $1.48B | $5.60B | $1.44B | $3.53B | $1.66B | $1.98B | $2.12B | $2.73B | $1.23B |
| EBITDA | $3.53B | $4.09B | $2.30B | $4.45B | $2.69B | $3.49B | $2.59B | $4.28B | $3.65B |
| EPS (diluted) | $2.58 | $2.80 | $2.73 | $2.33 | $2.27 | $1.66 | $0.54 | $3.16 | — |
| Gross margin | 25.9% | 26.6% | 28.9% | 24.9% | 29.0% | 29.3% | 29.1% | 29.4% | 29.1% |
| Operating margin | 8.8% | 9.3% | 10.4% | 11.0% | 12.8% | 17.7% | 13.4% | 19.2% | 17.0% |
| Net margin | 6.8% | 24.9% | 6.5% | 20.4% | 8.1% | 11.4% | 11.4% | 14.5% | 6.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.35B | $5.34B | $4.84B | $5.58B | $6.11B | $5.22B | $5.15B | $5.98B | $5.93B | $5.42B | $5.10B | $4.93B |
| Cost of revenue | $4.62B | $4.10B | $3.88B | $4.13B | $4.34B | $3.77B | $3.80B | $4.31B | $4.36B | $4.04B | $3.67B | $3.45B |
| Gross profit | $1.73B | $1.24B | $961.0M | $1.45B | $1.77B | $1.45B | $1.34B | $1.68B | $1.57B | $1.39B | $1.43B | $1.49B |
| Research & development | $148.0M | $143.0M | $160.0M | $151.0M | $161.0M | $153.0M | $162.0M | $172.0M | $160.0M | $192.0M | $170.0M | $126.0M |
| Sales, general & admin | $810.0M | $861.0M | $747.0M | $803.0M | $813.0M | $729.0M | $803.0M | $976.0M | $789.0M | $985.0M | $961.0M | $831.0M |
| Total operating expenses | $958.0M | $1.00B | $907.0M | $954.0M | $974.0M | $882.0M | $965.0M | $914.0M | $851.0M | $1.00B | $827.0M | $976.0M |
| Operating income | $770.0M | $240.0M | $54.0M | $495.0M | $795.0M | $563.0M | $379.0M | $763.0M | $724.0M | $385.0M | $607.0M | $510.0M |
| Interest income | $21.0M | $21.0M | $21.0M | $19.0M | $24.0M | $30.0M | $37.0M | $139.0M | $19.0M | $15.0M | $64.0M | $35.0M |
| Interest expense | $105.0M | $111.0M | $2.0M | $116.0M | $115.0M | $112.0M | $118.0M | $131.0M | $175.0M | $156.0M | $97.0M | $73.0M |
| Income before taxes | $721.0M | $170.0M | $5.0M | $433.0M | $812.0M | $548.0M | $693.0M | $770.0M | $567.0M | $244.0M | $559.0M | $471.0M |
| Income taxes | $180.0M | −$96.0M | −$32.0M | −$1.0M | $162.0M | $111.0M | $723.0M | $172.0M | $120.0M | $47.0M | $120.0M | $177.0M |
| Net income | $501.0M | $238.0M | $53.0M | $428.0M | $591.0M | $412.0M | $2.55B | $447.0M | $2.34B | $269.0M | $420.0M | $357.0M |
| EBITDA | $1.14B | $596.0M | $449.0M | $874.0M | $1.24B | $963.0M | $1.13B | $1.21B | $1.04B | $708.0M | $805.0M | $639.0M |
| EPS (diluted) | $0.86 | $0.57 | $0.34 | $0.67 | $0.92 | $0.65 | $0.54 | $0.77 | $0.87 | $0.62 | $0.53 | $0.89 |
| Gross margin | 27.2% | 23.3% | 19.9% | 26.0% | 28.9% | 27.7% | 26.1% | 28.0% | 26.5% | 25.6% | 28.1% | 30.1% |
| Operating margin | 12.1% | 4.5% | 1.1% | 8.9% | 13.0% | 10.8% | 7.4% | 12.8% | 12.2% | 7.1% | 11.9% | 10.3% |
| Net margin | 7.9% | 4.5% | 1.1% | 7.7% | 9.7% | 7.9% | 49.6% | 7.5% | 39.4% | 5.0% | 8.2% | 7.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CARR's financial statements (latest annual report filed February 5, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CARR financial results
In fiscal year 2025 (ended December 31, 2025), Carrier reported revenue of $21.7 billion, down 3.3% from the year before. It had net income of $1.5 billion (down 73.5%), a net profit margin of 6.8%. Diluted earnings per share came to $2.58. Over five years revenue grew at an average rate of 4.5% a year.
See the CARR stock overview for the latest quote and news, or the CARR chart for price history and technical indicators.
CARR income statement FAQ
What is Carrier's annual revenue?
Carrier reported total revenue of $21.7 billion for fiscal year 2025, which ended on December 31, 2025. That was down 3.3% from $22.5 billion the previous year.
Is Carrier profitable?
Yes. Carrier reported net income of $1.5 billion in fiscal 2025, a net profit margin of 6.8%; its operating margin was 8.8%.
What is Carrier's gross margin?
Carrier's gross margin was 25.9% in fiscal 2025: for every $100 of revenue, Carrier kept $26 after the direct cost of its products and services.
How much does Carrier spend on research and development?
Carrier spent $625.0 million on research and development in fiscal 2025, 2.9% of revenue.
How fast is Carrier growing?
Revenue grew 4.5% a year on average over the last five fiscal years, from $17.5 billion to $21.7 billion.
What are Carrier's earnings per share?
Carrier earned $2.58 per diluted share in fiscal 2025, compared with $2.80 a year earlier.
When will Carrier report its next earnings?
Carrier is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Carrier's fiscal year end?
Carrier's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 5, 2026.