{"success":true,"data":{"pressRelease":{"id":"14397","rtpr_id":"nPn7wstHva","ticker":"CARR","exchange":"NYSE","all_tickers":["CARR"],"title":"Carrier Reports First Quarter 2026 Results","author":"PR Newswire","published_at":"2026-04-30T10:00:03.139Z","article_body":"Carrier Reports First Quarter 2026 Results\n\nPR Newswire\n\nPALM BEACH GARDENS, Fla., April 30, 2026\n\n * Data center orders up over 500%; backlog fully covers expected 2026 data\ncenter sales\n * Total company orders(1) up 11%; Commercial HVAC(1) up 35%\n * Net sales up 2%; organic sales down 1%\n * GAAP EPS of $0.28 and adjusted EPS of $0.57\n * Net cash flows from operating activities of $79 million and free cash flow of\n($15) million\n * Returned ~$500 million to shareholders through dividends and repurchases\n * Reaffirms full year outlook\nPALM BEACH GARDENS, Fla., April 30, 2026 /PRNewswire/ -- Carrier Global\nCorporation\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4677083-1&h=1731029755&u=http%3A%2F%2Fwww.carrier.com%2F&a=Carrier+Global+Corporation)\n(NYSE: CARR), global leader in intelligent climate and energy solutions, today\nreported financial results for the first quarter of 2026.\n\n(https://mma.prnewswire.com/media/985365/Carrier_Logo.html)\n\n\"We started the year with better-than-expected sales performance across the\nportfolio,\" said Carrier Chairman & CEO David Gitlin. \"Orders in our\nglobal Commercial HVAC(1) business increased 35%, helped by data centers\nwhich were up over 500% in the quarter. The strong double-digit sequential\nincrease in Commercial HVAC backlog gives us the confidence to drive our sixth\nconsecutive year of double-digit growth in this business. CSA Light Commercial\nand CSE Residential both delivered growth, while CSA Residential came in\nbetter than expected. I am pleased with the team's performance in the first\nquarter, and we are reaffirming our full-year outlook.\"\n\n (1) Excludes NORESCO\n\nFirst Quarter 2026 Results\n\nTotal Company\n (Unaudited)\n Three Months Ended\n\nMarch 31,\n (In millions) 2026 2025 Change\n Net sales $ 5,341 $ 5,218 2 %\n Organic sales (1) %\n\n Operating profit $ 259 $ 629 (59) %\n Operating margin 4.8 % 12.1 % (730) bps\n Adjusted operating profit $ 594 $ 848 (30) %\n Adjusted operating margin 11.1 % 16.3 % (520) bps\n\n Diluted earnings per share:\n Continuing operations $ 0.28 $ 0.47 (40) %\n Continuing operations - Adjusted $ 0.57 $ 0.65 (12) %\n\nCarrier's first-quarter sales of $5.3 billion increased 2% compared to the\nprior year. Organic sales declined 1%, more than offset by a 3% tailwind from\nforeign currency translation.\n\nGAAP operating profit of $259 million in the quarter declined 59% from last\nyear, driven by the CSA, CSE and CSAME segments.\n\nAdjusted operating profit of $594 million was down 30% from last year,\npredominantly due to lower sales in our CSA Residential business and continued\nheadwinds in China Residential and Light Commercial (RLC).\n\nNet earnings from continuing operations were $239 million and adjusted net\nearnings from continuing operations were $482 million. GAAP EPS from\ncontinuing operations was $0.28 and adjusted EPS was $0.57, down 40% and 12%\nyear-over-year, respectively. The declines were primarily driven by lower\noperating profit, partially offset by a lower tax rate and benefits of a lower\nshare count.\n\nClimate Solutions Americas (CSA)\n (Unaudited)\n Three Months Ended\n\nMarch 31,\n (In millions) 2026 2025 Change\n Net sales $ 2,501 $ 2,572 (3) %\n Organic sales (3) %\n\n Segment operating profit $ 373 $ 570 (35) %\n Segment operating margin 14.9 % 22.2 % (730) bps\n\nCSA segment sales declined 3%. Organic sales were down 3% driven by\nResidential, down about 12%, partially offset by strength in Light Commercial\nand Commercial(1), up 9% and 1% respectively.\n\nSegment operating margin decreased 730 basis points largely reflecting lower\nResidential sales and associated factory under-absorption.\n\n (1) Excludes NORESCO\n\nClimate Solutions Europe (CSE)\n (Unaudited)\n Three Months Ended\n\nMarch 31,\n (In millions) 2026 2025 Change\n Net sales $ 1,293 $ 1,169 11 %\n Organic sales — %\n\n Segment operating profit $ 89 $ 105 (15) %\n Segment operating margin 6.9 % 9.0 % (210) bps\n\nCSE segment sales increased 11%. Organic sales were flat with RLC up\nlow-single digits and Commercial down mid-single digits.\n\nSegment operating margin decreased 210 basis points driven by lower Commercial\nvolume and higher promotions partially offset by RLC volume growth and strong\nproductivity.\n\nClimate Solutions Asia Pacific, Middle East & Africa (CSAME)\n (Unaudited)\n Three Months Ended\n\nMarch 31,\n (In millions) 2026 2025 Change\n Net sales $ 834 $ 826 1 %\n Organic sales (1) %\n\n Segment operating profit $ 81 $ 121 (33) %\n Segment operating margin 9.7 % 14.6 % (490) bps\n\nCSAME segment sales increased 1%. Organic sales were down 1% mainly driven by\nRLC in China, partially offset by strong Commercial growth outside of China,\nparticularly in India and Australia.\n\nSegment operating margin decreased 490 basis points as expected, driven mainly\nby China RLC.\n\nClimate Solutions Transportation (CST)\n (Unaudited)\n Three Months Ended\n\nMarch 31,\n (In millions) 2026 2025 Change\n Net sales $ 713 $ 651 10 %\n Organic sales 5 %\n\n Segment operating profit $ 101 $ 97 4 %\n Segment operating margin 14.2 % 14.9 % (70) bps\n\nCST sales increased 10% driven by strong growth in Container. Organic sales\nincreased 5% with 38% growth in Container, partially offset by a decline in\nGlobal Truck and Trailer, down high-single digits.\n\nSegment operating margin declined 70 basis points, due to unfavorable mix.\n\nCash Flow\n (Unaudited)\n Three Months Ended\n\n March 31,\n (In millions) 2026 2025\n Net cash flows provided by operating activities $ 79 $ 483\n Less: Capital expenditures (94) (63)\n Free cash flow $ (15) $ 420\n\nNet cash flows generated from operating activities were $79 million and\ncapital expenditures were $94 million, resulting in free cash flow of ($15)\nmillion.\n\nFull-Year 2026 Guidance**\n Current Guidance** Prior Guidance\n Sales ~$22 billion ~$22 billion\n\n~$250 million revenue headwind from Riello exit\n~$350 million revenue headwind from Riello exit\n\nOrganic* flat to up LSD\nOrganic* flat to up LSD\n\nFX 1%\nFX 1%\n\nNet, Acquisitions / Divestitures (1%)\nNet, Acquisitions / Divestitures (1%)\n\n Adjusted Operating Profit* ~$3.4 billion ~$3.4 billion\n\n Adjusted EPS* ~$2.80 ~$2.80\n\n Free Cash Flow* ~$2 billion ~$2 billion\n\n Riello divestiture expected to close by the end of Q2 2026; prior guidance\n assumed the divestiture closed by the end of Q1 2026.\n\n *Note: When the company provides expectations for organic sales, adjusted\n operating profit, adjusted EPS and free cash flow on a forward-looking basis,\n a reconciliation of the differences between the non-GAAP expectations and the\n corresponding GAAP measures generally is not available without unreasonable\n effort. See \"Use and Definitions of Non-GAAP Financial Measures\" below for\n additional information.\n\n**As of April 30, 2026\n\nConference Call\n\nCarrier will host a webcast of its earnings conference call today, Thursday,\nApril 30, 2026, at 7:30 a.m. ET. To access the webcast, visit the Events\n& Presentations section of the Carrier Investor Relations site at\nir.carrier.com/news-and-events/events-and-presentations\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4677083-1&h=3255364040&u=https%3A%2F%2Fir.carrier.com%2Fevents-and-presentations%2Fdefault.aspx&a=ir.carrier.com%2Fnews-and-events%2Fevents-and-presentations)\n. For alternative dial-in information, please contact Carrier Investor\nRelations at InvestorRelations@Carrier.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4677083-1&h=1758686139&u=http%3A%2F%2FInvestorRelations%40carrier.com%2F&a=InvestorRelations%40Carrier.com)\n.\n\nCautionary Statement\n\nThis communication contains statements which, to the extent they are not\nstatements of historical or present fact, constitute \"forward-looking\nstatements\" under the securities laws. From time to time, oral or written\nforward-looking statements may also be included in other information released\nto the public. These forward-looking statements are intended to provide\nmanagement's current expectations or plans for our future operating and\nfinancial performance, based on assumptions currently believed to be valid.\nForward-looking statements can be identified by the use of words such as\n\"believe,\" \"expect,\" \"expectations,\" \"plans,\" \"strategy,\" \"prospects,\"\n\"estimate,\" \"project,\" \"target,\" \"anticipate,\" \"will,\" \"should,\" \"see,\"\n\"guidance,\" \"outlook,\" \"confident,\" \"scenario\" and other words of similar\nmeaning in connection with a discussion of future operating or financial\nperformance. Forward-looking statements may include, among other things,\nstatements relating to future sales, earnings, cash flow, results of\noperations, uses of cash, expectations relating to our sales backlog, share\nrepurchases, tax rates and other measures of financial performance or\npotential future plans, strategies or transactions of Carrier, market\nconditions including with respect to residential end-markets, data center and\notherwise, growth prospects for 2026 and beyond, expectations concerning the\nmitigation and net impact of tariffs during 2026, Carrier's guidance for\nfull-year 2026, Carrier's plans with respect to our indebtedness and other\nstatements that are not historical facts. All forward-looking statements\ninvolve risks, uncertainties and other factors that may cause actual results\nto differ materially from those expressed or implied in the forward-looking\nstatements. For those statements, we claim the protection of the safe harbor\nfor forward-looking statements contained in the U.S. Private Securities\nLitigation Reform Act of 1995. Such risks, uncertainties and other factors\ninclude, without limitation, those described below and under the section\ntitled \"Risk Factors\" in our most recent Annual Report on Form 10-K and in\nsubsequent reports that we file with the SEC: the effect of economic\nconditions in the industries and markets in which Carrier and our businesses\noperate in the U.S. and globally and any changes therein, including financial\nmarket conditions, inflationary cost pressures, fluctuations in commodity\nprices, interest rates and foreign currency exchange rates, levels of end\nmarket demand in construction, the impact of weather conditions, pandemic\nhealth issues, natural disasters and the financial condition of our customers\nand suppliers; challenges in the development, production, delivery, support,\nperformance and realization of the anticipated benefits of advanced\ntechnologies and new products and services; future levels of capital spending\nand research and development spending; future availability of credit and\nfactors that may affect such availability, including credit market conditions\nand Carrier's capital structure and credit ratings; the timing and scope of\nfuture repurchases of Carrier's common stock, including market conditions and\nthe level of other investing activities and uses of cash; delays and\ndisruption in the delivery of materials and services from suppliers; cost\nreduction efforts and restructuring costs and savings and other consequences\nthereof; new business and investment opportunities; the outcome of legal\nproceedings, investigations and other contingencies; the impact of pension\nplan assumptions on future cash contributions and earnings; the impact of the\nnegotiation of collective bargaining agreements and labor disputes; the effect\nof changes in political conditions in the U.S. and other countries in which\nCarrier and our businesses operate, including the effect of ongoing\nuncertainty and/or changes in U.S. trade policies, on general market\nconditions, global trade policies, the imposition of tariffs, and currency\nexchange rates in the near term and beyond; the effect of changes in tax,\nenvironmental, regulatory (including among other things import/export) and\nother laws and regulations in the U.S. and other countries in which we and our\nbusinesses operate; the ability of Carrier to retain and hire key personnel;\nthe scope, nature, impact or timing of acquisition and divestiture activity,\nsuch as our portfolio transformation transactions, including among other\nthings integration of acquired businesses into existing businesses and\nrealization of synergies and opportunities for growth and innovation and\nincurrence of related costs; a determination by the IRS and other tax\nauthorities that the distribution of Carrier from RTX Corporation (f/k/a\nUnited Technologies Corporation) or certain related transactions should be\ntreated as taxable transactions; and risks associated with current and future\nindebtedness, as well as our ability to reduce indebtedness and the timing\nthereof. The forward-looking statements speak only as of the date of this\ncommunication. We undertake no obligation to publicly update or revise any\nforward-looking statements, whether as a result of new information, future\nevents or otherwise, except as required by applicable law. Additional\ninformation as to factors that may cause actual results to differ materially\nfrom those expressed or implied in the forward-looking statements is disclosed\nfrom time to time in our other filings with the SEC.\n\nAbout Carrier\nCarrier Global Corporation, global leader in intelligent climate and energy\nsolutions, is committed to creating innovations that bring comfort, safety and\nsustainability to life. Through cutting-edge advancements in climate\nsolutions such as temperature control, air quality and transportation, we\nimprove lives, empower critical industries and ensure the safe transport of\nfood, life-saving medicines and more. Since inventing modern air conditioning\nin 1902, we lead with purpose: enhancing the lives we live and the world we\nshare. We continue to lead because of our world-class, inclusive workforce\nthat puts the customer at the center of everything we do. For more\ninformation, visit www.carrier.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4677083-1&h=1419057706&u=http%3A%2F%2Fwww.carrier.com%2F&a=www.carrier.com)\nor follow Carrier on social media at @Carrier\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4677083-1&h=1766302873&u=https%3A%2F%2Fx.com%2Fcarrier&a=%40Carrier)\n.\n\nCarrier. For the World We Share\n\nCARR-IR\n Contact:\n Investor Relations\n Michael Rednor\n 561-365-2020\n InvestorRelations@Carrier.com\n\n Media Inquiries\n Rob Six\n 561-281-2362\n Robert.Six@Carrier.com\n\nSELECTED FINANCIAL DATA, NON-GAAP MEASURES AND DEFINITIONS\n\nFollowing are tables that present selected financial data of Carrier Global\nCorporation (\"Carrier\"). Also included are reconciliations of non-GAAP\nmeasures to their most comparable GAAP measures.\n\nUse and Definitions of Non-GAAP Financial Measures\n\nCarrier reports its financial results in accordance with accounting principles\ngenerally accepted in the United States (\"GAAP\"). We supplement the reporting\nof our financial information determined under GAAP with certain non-GAAP\nfinancial information. The non-GAAP information presented provides investors\nwith additional useful information, but should not be considered in isolation\nor as substitutes for the related GAAP measures. Moreover, other companies may\ndefine non-GAAP measures differently, which limits the usefulness of these\nmeasures for comparisons with such other companies. We encourage investors to\nreview our financial statements and publicly filed reports in their entirety\nand not to rely on any single financial measure. A reconciliation of the\nnon-GAAP measures to the corresponding amounts prepared in accordance with\nGAAP appears in the tables in this Appendix. The tables provide additional\ninformation as to the items and amounts that have been excluded from the\nadjusted measures.\n\nOrganic sales, adjusted operating profit, adjusted operating margin, adjusted\nearnings per share (\"EPS\"), adjusted effective tax rate and net debt are\nnon-GAAP financial measures and are associated with Carrier's continuing\noperations unless specifically noted.\n\nOrganic sales represents consolidated net sales (a GAAP measure), excluding\nthe impact of foreign currency translation, acquisitions and divestitures\ncompleted in the preceding twelve months and other significant items of a\nnonoperational nature (hereinafter referred to as \"other significant items\").\nAdjusted operating profit represents consolidated operating profit (a GAAP\nmeasure), excluding restructuring costs, amortization of acquired intangible\nassets and other significant items. Adjusted operating margin represents\nadjusted operating profit as a percentage of consolidated net sales (a GAAP\nmeasure). Adjusted EPS represents diluted earnings per share (a GAAP measure),\nexcluding restructuring costs, amortization of acquired intangible assets and\nother significant items. The adjusted effective tax rate represents the\neffective tax rate (a GAAP measure), excluding restructuring costs,\namortization of acquired intangible assets and other significant items. Net\ndebt represents long-term debt (a GAAP measure) less cash and cash equivalents\n(a GAAP measure).\n\nSegment operating profit is the measure of profit and loss that the Chief\nOperating Decision Maker uses to evaluate segment profitability. Segment\noperating profit represents operating profit (a GAAP measure) adjusted to\nexclude restructuring costs, amortization of acquired intangible assets and\nother significant items of a nonoperational nature.\n\nFree cash flow is a non-GAAP financial measure that represents net cash flows\nprovided by continuing operating activities (a GAAP measure) less capital\nexpenditures. Management believes free cash flow is a useful measure of\nliquidity and an additional basis for assessing Carrier's ability to fund its\nactivities, including the financing of acquisitions, debt service, repurchases\nof Carrier's common stock and distribution of earnings to shareowners. Orders\nare contractual commitments with customers to provide specified goods or\nservices for an agreed upon price and may not be subject to penalty if\ncancelled.\n\nWhen Carrier provides our expectations for organic sales, adjusted operating\nprofit (including on a segment basis), adjusted operating margin (including on\na segment basis), adjusted effective tax rate, adjusted EPS, free cash flow,\nand interest expense, net on a forward-looking basis, a reconciliation of the\ndifferences between the non-GAAP expectations and the corresponding GAAP\nmeasures generally is not available without unreasonable effort due to\npotentially high variability, complexity and low visibility as to the items\nthat would be excluded from the GAAP measure in the relevant future period,\nsuch as unusual gains and losses, the ultimate outcome of pending litigation,\nfluctuations in foreign currency exchange rates, the impact and timing of\npotential acquisitions and divestitures, future restructuring costs, and other\nstructural changes or their probable significance. The variability of the\nexcluded items may have a significant, and potentially unpredictable, impact\non our future GAAP results.\n Carrier Global Corporation\n\nCondensed Consolidated Statement of Operations\n\n (Unaudited)\n Three Months Ended\n\n March 31,\n (In millions, except per share amounts) 2026 2025\n Net sales\n Product sales $ 4,667 $ 4,652\n Service sales 674 566\n Total Net sales 5,341 5,218\n Costs and expenses\n Cost of products sold (3,591) (3,358)\n Cost of services sold (506) (415)\n Research and development (143) (153)\n Selling, general and administrative (861) (729)\n Total Costs and expenses (5,101) (4,655)\n Equity method investment net earnings 31 44\n Other income (expense), net (12) 22\n Operating profit 259 629\n Non-service pension benefit (expense) 1 1\n Interest (expense) income, net (90) (82)\n Earnings before income taxes 170 548\n Income tax (expense) benefit 96 (111)\n Earnings from continuing operations 266 437\n Discontinued operations, net of tax (1) —\n Net earnings (loss) 265 437\n Less: Non-controlling interest in subsidiaries' 27 25\n Net earnings (loss) attributable to common shareowners $ 238 $ 412\n Amounts attributable to common shareowners:\n Continuing operations $ 239 $ 412\n Discontinued operations (1) —\n Net earnings (loss) attributable to common shareowners $ 238 $ 412\n Earnings per share\n Basic:\n Continuing operations $ 0.29 $ 0.47\n Discontinued operations — —\n Net earnings (loss) $ 0.29 $ 0.47\n Diluted:\n Continuing operations $ 0.28 $ 0.47\n Discontinued operations — —\n Net earnings (loss) $ 0.28 $ 0.47\n Weighted-average number of shares outstanding\n Basic 835.0 866.9\n Diluted 842.8 878.3\n\n \n Carrier Global Corporation\n\nCondensed Consolidated Balance Sheet\n\n (Unaudited)\n (In millions) March 31, 2026 December 31, 2025\n Assets\n Cash and cash equivalents $ 1,371 $ 1,555\n Accounts receivable, net 3,130 2,639\n Inventories, net 2,581 2,483\n Assets held for sale 621 592\n Other current assets 1,315 1,264\n Total current assets 9,018 8,533\n Future income tax benefits 1,137 1,074\n Fixed assets, net 3,122 3,165\n Operating lease right-of-use assets 551 546\n Intangible assets, net 5,987 6,326\n Goodwill 15,313 15,501\n Pension and post-retirement assets 58 56\n Equity method investments 1,331 1,321\n Other assets 669 668\n Total Assets $ 37,186 $ 37,190\n\n Liabilities and Equity\n Accounts payable $ 2,979 $ 2,702\n Accrued liabilities 3,700 3,774\n Liabilities held for sale 170 170\n Short-term borrowings and current portion of long-term debt 1,736 468\n Total current liabilities 8,585 7,114\n Long-term debt 10,422 11,365\n Future pension and post-retirement obligations 188 192\n Future income tax obligations 1,688 1,833\n Operating lease liabilities 415 418\n Other long-term liabilities 2,087 2,140\n Total Liabilities 23,385 23,062\n\n Equity\n Common stock 10 10\n Treasury stock (7,104) (6,795)\n Additional paid-in capital 8,675 8,665\n Retained earnings 12,431 12,193\n Accumulated other comprehensive income (loss) (560) (269)\n Non-controlling interest 349 324\n Total Equity 13,801 14,128\n Total Liabilities and Equity $ 37,186 $ 37,190\n\n \n Carrier Global Corporation\n\nCondensed Consolidated Statement of Cash Flows\n\n(Unaudited)\n\n Three Months Ended\n\nMarch 31,\n (In millions) 2026 2025\n Operating Activities\n Net earnings (loss) $ 265 $ 437\n Discontinued operations, net of tax 1 —\n Adjustments for non-cash items, net:\n Depreciation and amortization 315 303\n Deferred income tax provision (179) (69)\n Stock-based compensation costs 21 23\n Equity method investment net earnings (31) (44)\n (Gain) loss on sale of investments (3) (5)\n Changes in operating assets and liabilities\n Accounts receivable, net (509) (362)\n Inventories, net (138) (301)\n Accounts payable and accrued liabilities 351 481\n Distributions from equity method investments 12 77\n Other operating activities, net (39) (52)\n Net cash flows provided by (used in) continuing operating activities 66 488\n Net cash flows provided by (used in) discontinued operating activities 13 (5)\n Net cash flows provided by (used in) operating activities 79 483\n Investing Activities\n Capital expenditures (94) (63)\n Investment in businesses, net of cash acquired (23) (12)\n Dispositions of businesses 8 8\n Settlement of derivative contracts, net 35 36\n Other investing activities, net 9 1\n Net cash flows provided by (used in) continuing investing activities (65) (30)\n Net cash flows provided by (used in) discontinued investing activities — 7\n Net cash flows provided by (used in) investing activities (65) (23)\n Financing Activities\n Increase (decrease) in short-term borrowings, net 371 (49)\n Issuance of long-term debt 22 9\n Repayment of long-term debt (16) (1,205)\n Repurchases of common stock (306) (1,288)\n Dividends paid on common stock (201) (198)\n Dividends paid to non-controlling interest (1) —\n Other financing activities, net (10) (16)\n Net cash flows provided by (used in) continuing financing activities (141) (2,747)\n Net cash flows provided by (used in) discontinued financing activities — —\n Net cash flows provided by (used in) financing activities (141) (2,747)\n Effect of foreign exchange rate changes on cash and cash equivalents (13) 17\n Net increase (decrease) in cash and cash equivalents and restricted cash, (140) (2,270)\n including cash classified in\n current assets held for sale\n Less: Change in cash balances classified as assets held for sale 43 —\n Net increase (decrease) in cash and cash equivalents and restricted cash (183) (2,270)\n Cash, cash equivalents and restricted cash, beginning of period 1,557 3,972\n Cash, cash equivalents and restricted cash, end of period 1,374 1,702\n Less: restricted cash 3 4\n Cash and cash equivalents, end of period $ 1,371 $ 1,698\n\n \n Carrier Global Corporation\n\nSegment Summary\n\n (Unaudited)\n Three Months Ended\n\n March 31,\n (In millions) 2026 2025\n Segment net sales\n Climate Solutions Americas $ 2,501 $ 2,572\n Climate Solutions Europe 1,293 1,169\n Climate Solutions Asia Pacific, Middle East & Africa 834 826\n Climate Solutions Transportation 713 651\n Segment net sales $ 5,341 $ 5,218\n\n Segment operating profit\n Climate Solutions Americas $ 373 $ 570\n Climate Solutions Europe 89 105\n Climate Solutions Asia Pacific, Middle East & Africa 81 121\n Climate Solutions Transportation 101 97\n Segment operating profit $ 644 $ 893\n\n Segment operating margin\n Climate Solutions Americas 14.9 % 22.2 %\n Climate Solutions Europe 6.9 % 9.0 %\n Climate Solutions Asia Pacific, Middle East & Africa 9.7 % 14.6 %\n Climate Solutions Transportation 14.2 % 14.9 %\n\n \n Components of Changes in Net Sales\n\n Three Months Ended March 31, 2026, Compared withThree Months Ended March 31,\n 2025\n\n (Unaudited)\n Factors Contributing to Total % change in Net Sales\n Organic FX Acquisitions / Other Total\n Translation Divestitures, net\n Climate Solutions Americas (3) % — % — % — % (3) %\n Climate Solutions Europe — % 11 % — % — % 11 %\n Climate Solutions Asia Pacific, Middle East & Africa (1) % 2 % — % — % 1 %\n Climate Solutions Transportation 5 % 5 % — % — % 10 %\n Consolidated (1) % 3 % — % — % 2 %\n\n \n Carrier Global Corporation\n\nReconciliations\n\n (Unaudited)\n Three Months Ended\n\n March 31,\n (In millions) 2026 2025\n Reconciliation to Earnings before income taxes\n Segment operating profit $ 644 $ 893\n\n Corporate and other (50) (45)\n Restructuring costs (108) (8)\n Amortization of acquired intangible assets (213) (201)\n Acquisition/divestiture-related costs (14) (10)\n Non-service pension (expense) benefit 1 1\n Interest (expense) income, net (90) (82)\n\n Earnings before income taxes $ 170 $ 548\n\n (Unaudited)\n Three Months Ended\n\n March 31,\n (In millions) 2026 2025\n Reconciliation of Segment operating profit to Adjusted operating profit\n Climate Solutions Americas $ 373 $ 570\n Climate Solutions Europe 89 105\n Climate Solutions Asia Pacific, Middle East & Africa 81 121\n Climate Solutions Transportation 101 97\n Segment operating profit $ 644 $ 893\n Corporate and other (50) (45)\n Adjusted operating profit $ 594 $ 848\n\n \n Carrier Global Corporation\n\nReconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results\n\nNet Income, Earnings Per Share and Effective Tax Rate\n\n (Unaudited)\n Three Months Ended March 31, 2026\n (In millions, except per share amounts) Reported Adjustments Adjusted\n Net sales $ 5,341 $ — $ 5,341\n\n Operating profit $ 259 335 a $ 594\n Operating margin 4.8 % 11.1 %\n\n Earnings before income taxes $ 170 335 a $ 505\n Income tax (expense) benefit $ 96 (92) b $ 4\n Effective tax rate (56.5) % (0.8) %\n\n Earnings from continuing operations attributable to common shareowners $ 239 $ 243 $ 482\n\n Summary of Adjustments:\n Restructuring costs $ 108 a\n Amortization of acquired intangible assets 213 a\n Acquisition/divestiture-related costs 14 a\n Total adjustments $ 335\n\n Tax effect on adjustments above $ (92)\n Total tax adjustments $ (92) b\n\n Diluted shares outstanding 842.8 842.8\n\n Diluted earnings per share:\n Continuing operations $ 0.28 $ 0.57\n\n \n Carrier Global Corporation\n\nReconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results\n\nNet Income, Earnings Per Share and Effective Tax Rate\n\n (Unaudited)\n Three Months Ended March 31, 2025\n (In millions, except per share amounts) Reported Adjustments Adjusted\n Net sales $ 5,218 $ — $ 5,218\n\n Operating profit $ 629 219 a $ 848\n Operating margin 12.1 % 16.3 %\n\n Earnings before income taxes $ 548 219 a $ 767\n Income tax (expense) benefit $ (111) (58) b $ (169)\n Effective tax rate 20.3 % 22.0 %\n\n Earnings from continuing operations attributable to common shareowners $ 412 $ 161 $ 573\n\n Summary of Adjustments:\n Restructuring costs $ 8 a\n Amortization of acquired intangible assets 201 a\n Acquisition/divestiture-related costs 10 a\n Total adjustments $ 219\n\n Tax effect on adjustments above $ (58)\n Total tax adjustments $ (58) b\n\n Diluted shares outstanding 878.3 878.3\n\n Diluted earnings per share:\n Continuing operations $ 0.47 $ 0.65\n\n \n Free Cash Flow Reconciliation\n\n (Unaudited)\n Three Months Ended\n\n March 31,\n (In millions) 2026 2025\n Net cash flows provided by operating activities $ 79 $ 483\n Less: Capital expenditures (94) (63)\n Free cash flow $ (15) $ 420\n\n \n Net Debt Reconciliation\n\n (Unaudited)\n (In millions) March 31, 2026 December 31, 2025\n Long-term debt $ 10,422 $ 11,365\n Short-term borrowings and current portion of long-term debt 1,736 468\n Less: Cash and cash equivalents 1,371 1,555\n Net debt $ 10,787 $ 10,278\n\n \n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/carrier-reports-first-quarter-2026-results-302758617.html\n(https://www.prnewswire.com/news-releases/carrier-reports-first-quarter-2026-results-302758617.html)\n\nSOURCE Carrier Global Corporation\n\n\n\nPhoto: \nhttps://mma.prnewswire.com/media/985365/Carrier_Logo.jpg\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPn7wstHva","title":"Carrier Reports First Quarter 2026 Results","author":"PR Newswire","ticker":"CARR","created":"2026-04-30T10:00:03.139Z","tickers":["CARR"],"exchange":"NYSE","article_body":"Carrier Reports First Quarter 2026 Results\n\nPR Newswire\n\nPALM BEACH GARDENS, Fla., April 30, 2026\n\n * Data center orders up over 500%; backlog fully covers expected 2026 data\ncenter sales\n * Total company orders(1) up 11%; Commercial HVAC(1) up 35%\n * Net sales up 2%; organic sales down 1%\n * GAAP EPS of $0.28 and adjusted EPS of $0.57\n * Net cash flows from operating activities of $79 million and free cash flow of\n($15) million\n * Returned ~$500 million to shareholders through dividends and repurchases\n * Reaffirms full year outlook\nPALM BEACH GARDENS, Fla., April 30, 2026 /PRNewswire/ -- Carrier Global\nCorporation\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4677083-1&h=1731029755&u=http%3A%2F%2Fwww.carrier.com%2F&a=Carrier+Global+Corporation)\n(NYSE: CARR), global leader in intelligent climate and energy solutions, today\nreported financial results for the first quarter of 2026.\n\n(https://mma.prnewswire.com/media/985365/Carrier_Logo.html)\n\n\"We started the year with better-than-expected sales performance across the\nportfolio,\" said Carrier Chairman & CEO David Gitlin. \"Orders in our\nglobal Commercial HVAC(1) business increased 35%, helped by data centers\nwhich were up over 500% in the quarter. The strong double-digit sequential\nincrease in Commercial HVAC backlog gives us the confidence to drive our sixth\nconsecutive year of double-digit growth in this business. CSA Light Commercial\nand CSE Residential both delivered growth, while CSA Residential came in\nbetter than expected. I am pleased with the team's performance in the first\nquarter, and we are reaffirming our full-year outlook.\"\n\n (1) Excludes NORESCO\n\nFirst Quarter 2026 Results\n\nTotal Company\n (Unaudited)\n Three Months Ended\n\nMarch 31,\n (In millions) 2026 2025 Change\n Net sales $ 5,341 $ 5,218 2 %\n Organic sales (1) %\n\n Operating profit $ 259 $ 629 (59) %\n Operating margin 4.8 % 12.1 % (730) bps\n Adjusted operating profit $ 594 $ 848 (30) %\n Adjusted operating margin 11.1 % 16.3 % (520) bps\n\n Diluted earnings per share:\n Continuing operations $ 0.28 $ 0.47 (40) %\n Continuing operations - Adjusted $ 0.57 $ 0.65 (12) %\n\nCarrier's first-quarter sales of $5.3 billion increased 2% compared to the\nprior year. Organic sales declined 1%, more than offset by a 3% tailwind from\nforeign currency translation.\n\nGAAP operating profit of $259 million in the quarter declined 59% from last\nyear, driven by the CSA, CSE and CSAME segments.\n\nAdjusted operating profit of $594 million was down 30% from last year,\npredominantly due to lower sales in our CSA Residential business and continued\nheadwinds in China Residential and Light Commercial (RLC).\n\nNet earnings from continuing operations were $239 million and adjusted net\nearnings from continuing operations were $482 million. GAAP EPS from\ncontinuing operations was $0.28 and adjusted EPS was $0.57, down 40% and 12%\nyear-over-year, respectively. The declines were primarily driven by lower\noperating profit, partially offset by a lower tax rate and benefits of a lower\nshare count.\n\nClimate Solutions Americas (CSA)\n (Unaudited)\n Three Months Ended\n\nMarch 31,\n (In millions) 2026 2025 Change\n Net sales $ 2,501 $ 2,572 (3) %\n Organic sales (3) %\n\n Segment operating profit $ 373 $ 570 (35) %\n Segment operating margin 14.9 % 22.2 % (730) bps\n\nCSA segment sales declined 3%. Organic sales were down 3% driven by\nResidential, down about 12%, partially offset by strength in Light Commercial\nand Commercial(1), up 9% and 1% respectively.\n\nSegment operating margin decreased 730 basis points largely reflecting lower\nResidential sales and associated factory under-absorption.\n\n (1) Excludes NORESCO\n\nClimate Solutions Europe (CSE)\n (Unaudited)\n Three Months Ended\n\nMarch 31,\n (In millions) 2026 2025 Change\n Net sales $ 1,293 $ 1,169 11 %\n Organic sales — %\n\n Segment operating profit $ 89 $ 105 (15) %\n Segment operating margin 6.9 % 9.0 % (210) bps\n\nCSE segment sales increased 11%. Organic sales were flat with RLC up\nlow-single digits and Commercial down mid-single digits.\n\nSegment operating margin decreased 210 basis points driven by lower Commercial\nvolume and higher promotions partially offset by RLC volume growth and strong\nproductivity.\n\nClimate Solutions Asia Pacific, Middle East & Africa (CSAME)\n (Unaudited)\n Three Months Ended\n\nMarch 31,\n (In millions) 2026 2025 Change\n Net sales $ 834 $ 826 1 %\n Organic sales (1) %\n\n Segment operating profit $ 81 $ 121 (33) %\n Segment operating margin 9.7 % 14.6 % (490) bps\n\nCSAME segment sales increased 1%. Organic sales were down 1% mainly driven by\nRLC in China, partially offset by strong Commercial growth outside of China,\nparticularly in India and Australia.\n\nSegment operating margin decreased 490 basis points as expected, driven mainly\nby China RLC.\n\nClimate Solutions Transportation (CST)\n (Unaudited)\n Three Months Ended\n\nMarch 31,\n (In millions) 2026 2025 Change\n Net sales $ 713 $ 651 10 %\n Organic sales 5 %\n\n Segment operating profit $ 101 $ 97 4 %\n Segment operating margin 14.2 % 14.9 % (70) bps\n\nCST sales increased 10% driven by strong growth in Container. Organic sales\nincreased 5% with 38% growth in Container, partially offset by a decline in\nGlobal Truck and Trailer, down high-single digits.\n\nSegment operating margin declined 70 basis points, due to unfavorable mix.\n\nCash Flow\n (Unaudited)\n Three Months Ended\n\n March 31,\n (In millions) 2026 2025\n Net cash flows provided by operating activities $ 79 $ 483\n Less: Capital expenditures (94) (63)\n Free cash flow $ (15) $ 420\n\nNet cash flows generated from operating activities were $79 million and\ncapital expenditures were $94 million, resulting in free cash flow of ($15)\nmillion.\n\nFull-Year 2026 Guidance**\n Current Guidance** Prior Guidance\n Sales ~$22 billion ~$22 billion\n\n~$250 million revenue headwind from Riello exit\n~$350 million revenue headwind from Riello exit\n\nOrganic* flat to up LSD\nOrganic* flat to up LSD\n\nFX 1%\nFX 1%\n\nNet, Acquisitions / Divestitures (1%)\nNet, Acquisitions / Divestitures (1%)\n\n Adjusted Operating Profit* ~$3.4 billion ~$3.4 billion\n\n Adjusted EPS* ~$2.80 ~$2.80\n\n Free Cash Flow* ~$2 billion ~$2 billion\n\n Riello divestiture expected to close by the end of Q2 2026; prior guidance\n assumed the divestiture closed by the end of Q1 2026.\n\n *Note: When the company provides expectations for organic sales, adjusted\n operating profit, adjusted EPS and free cash flow on a forward-looking basis,\n a reconciliation of the differences between the non-GAAP expectations and the\n corresponding GAAP measures generally is not available without unreasonable\n effort. See \"Use and Definitions of Non-GAAP Financial Measures\" below for\n additional information.\n\n**As of April 30, 2026\n\nConference Call\n\nCarrier will host a webcast of its earnings conference call today, Thursday,\nApril 30, 2026, at 7:30 a.m. ET. To access the webcast, visit the Events\n& Presentations section of the Carrier Investor Relations site at\nir.carrier.com/news-and-events/events-and-presentations\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4677083-1&h=3255364040&u=https%3A%2F%2Fir.carrier.com%2Fevents-and-presentations%2Fdefault.aspx&a=ir.carrier.com%2Fnews-and-events%2Fevents-and-presentations)\n. For alternative dial-in information, please contact Carrier Investor\nRelations at InvestorRelations@Carrier.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4677083-1&h=1758686139&u=http%3A%2F%2FInvestorRelations%40carrier.com%2F&a=InvestorRelations%40Carrier.com)\n.\n\nCautionary Statement\n\nThis communication contains statements which, to the extent they are not\nstatements of historical or present fact, constitute \"forward-looking\nstatements\" under the securities laws. From time to time, oral or written\nforward-looking statements may also be included in other information released\nto the public. These forward-looking statements are intended to provide\nmanagement's current expectations or plans for our future operating and\nfinancial performance, based on assumptions currently believed to be valid.\nForward-looking statements can be identified by the use of words such as\n\"believe,\" \"expect,\" \"expectations,\" \"plans,\" \"strategy,\" \"prospects,\"\n\"estimate,\" \"project,\" \"target,\" \"anticipate,\" \"will,\" \"should,\" \"see,\"\n\"guidance,\" \"outlook,\" \"confident,\" \"scenario\" and other words of similar\nmeaning in connection with a discussion of future operating or financial\nperformance. Forward-looking statements may include, among other things,\nstatements relating to future sales, earnings, cash flow, results of\noperations, uses of cash, expectations relating to our sales backlog, share\nrepurchases, tax rates and other measures of financial performance or\npotential future plans, strategies or transactions of Carrier, market\nconditions including with respect to residential end-markets, data center and\notherwise, growth prospects for 2026 and beyond, expectations concerning the\nmitigation and net impact of tariffs during 2026, Carrier's guidance for\nfull-year 2026, Carrier's plans with respect to our indebtedness and other\nstatements that are not historical facts. All forward-looking statements\ninvolve risks, uncertainties and other factors that may cause actual results\nto differ materially from those expressed or implied in the forward-looking\nstatements. For those statements, we claim the protection of the safe harbor\nfor forward-looking statements contained in the U.S. Private Securities\nLitigation Reform Act of 1995. Such risks, uncertainties and other factors\ninclude, without limitation, those described below and under the section\ntitled \"Risk Factors\" in our most recent Annual Report on Form 10-K and in\nsubsequent reports that we file with the SEC: the effect of economic\nconditions in the industries and markets in which Carrier and our businesses\noperate in the U.S. and globally and any changes therein, including financial\nmarket conditions, inflationary cost pressures, fluctuations in commodity\nprices, interest rates and foreign currency exchange rates, levels of end\nmarket demand in construction, the impact of weather conditions, pandemic\nhealth issues, natural disasters and the financial condition of our customers\nand suppliers; challenges in the development, production, delivery, support,\nperformance and realization of the anticipated benefits of advanced\ntechnologies and new products and services; future levels of capital spending\nand research and development spending; future availability of credit and\nfactors that may affect such availability, including credit market conditions\nand Carrier's capital structure and credit ratings; the timing and scope of\nfuture repurchases of Carrier's common stock, including market conditions and\nthe level of other investing activities and uses of cash; delays and\ndisruption in the delivery of materials and services from suppliers; cost\nreduction efforts and restructuring costs and savings and other consequences\nthereof; new business and investment opportunities; the outcome of legal\nproceedings, investigations and other contingencies; the impact of pension\nplan assumptions on future cash contributions and earnings; the impact of the\nnegotiation of collective bargaining agreements and labor disputes; the effect\nof changes in political conditions in the U.S. and other countries in which\nCarrier and our businesses operate, including the effect of ongoing\nuncertainty and/or changes in U.S. trade policies, on general market\nconditions, global trade policies, the imposition of tariffs, and currency\nexchange rates in the near term and beyond; the effect of changes in tax,\nenvironmental, regulatory (including among other things import/export) and\nother laws and regulations in the U.S. and other countries in which we and our\nbusinesses operate; the ability of Carrier to retain and hire key personnel;\nthe scope, nature, impact or timing of acquisition and divestiture activity,\nsuch as our portfolio transformation transactions, including among other\nthings integration of acquired businesses into existing businesses and\nrealization of synergies and opportunities for growth and innovation and\nincurrence of related costs; a determination by the IRS and other tax\nauthorities that the distribution of Carrier from RTX Corporation (f/k/a\nUnited Technologies Corporation) or certain related transactions should be\ntreated as taxable transactions; and risks associated with current and future\nindebtedness, as well as our ability to reduce indebtedness and the timing\nthereof. The forward-looking statements speak only as of the date of this\ncommunication. We undertake no obligation to publicly update or revise any\nforward-looking statements, whether as a result of new information, future\nevents or otherwise, except as required by applicable law. Additional\ninformation as to factors that may cause actual results to differ materially\nfrom those expressed or implied in the forward-looking statements is disclosed\nfrom time to time in our other filings with the SEC.\n\nAbout Carrier\nCarrier Global Corporation, global leader in intelligent climate and energy\nsolutions, is committed to creating innovations that bring comfort, safety and\nsustainability to life. Through cutting-edge advancements in climate\nsolutions such as temperature control, air quality and transportation, we\nimprove lives, empower critical industries and ensure the safe transport of\nfood, life-saving medicines and more. Since inventing modern air conditioning\nin 1902, we lead with purpose: enhancing the lives we live and the world we\nshare. We continue to lead because of our world-class, inclusive workforce\nthat puts the customer at the center of everything we do. For more\ninformation, visit www.carrier.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4677083-1&h=1419057706&u=http%3A%2F%2Fwww.carrier.com%2F&a=www.carrier.com)\nor follow Carrier on social media at @Carrier\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4677083-1&h=1766302873&u=https%3A%2F%2Fx.com%2Fcarrier&a=%40Carrier)\n.\n\nCarrier. For the World We Share\n\nCARR-IR\n Contact:\n Investor Relations\n Michael Rednor\n 561-365-2020\n InvestorRelations@Carrier.com\n\n Media Inquiries\n Rob Six\n 561-281-2362\n Robert.Six@Carrier.com\n\nSELECTED FINANCIAL DATA, NON-GAAP MEASURES AND DEFINITIONS\n\nFollowing are tables that present selected financial data of Carrier Global\nCorporation (\"Carrier\"). Also included are reconciliations of non-GAAP\nmeasures to their most comparable GAAP measures.\n\nUse and Definitions of Non-GAAP Financial Measures\n\nCarrier reports its financial results in accordance with accounting principles\ngenerally accepted in the United States (\"GAAP\"). We supplement the reporting\nof our financial information determined under GAAP with certain non-GAAP\nfinancial information. The non-GAAP information presented provides investors\nwith additional useful information, but should not be considered in isolation\nor as substitutes for the related GAAP measures. Moreover, other companies may\ndefine non-GAAP measures differently, which limits the usefulness of these\nmeasures for comparisons with such other companies. We encourage investors to\nreview our financial statements and publicly filed reports in their entirety\nand not to rely on any single financial measure. A reconciliation of the\nnon-GAAP measures to the corresponding amounts prepared in accordance with\nGAAP appears in the tables in this Appendix. The tables provide additional\ninformation as to the items and amounts that have been excluded from the\nadjusted measures.\n\nOrganic sales, adjusted operating profit, adjusted operating margin, adjusted\nearnings per share (\"EPS\"), adjusted effective tax rate and net debt are\nnon-GAAP financial measures and are associated with Carrier's continuing\noperations unless specifically noted.\n\nOrganic sales represents consolidated net sales (a GAAP measure), excluding\nthe impact of foreign currency translation, acquisitions and divestitures\ncompleted in the preceding twelve months and other significant items of a\nnonoperational nature (hereinafter referred to as \"other significant items\").\nAdjusted operating profit represents consolidated operating profit (a GAAP\nmeasure), excluding restructuring costs, amortization of acquired intangible\nassets and other significant items. Adjusted operating margin represents\nadjusted operating profit as a percentage of consolidated net sales (a GAAP\nmeasure). Adjusted EPS represents diluted earnings per share (a GAAP measure),\nexcluding restructuring costs, amortization of acquired intangible assets and\nother significant items. The adjusted effective tax rate represents the\neffective tax rate (a GAAP measure), excluding restructuring costs,\namortization of acquired intangible assets and other significant items. Net\ndebt represents long-term debt (a GAAP measure) less cash and cash equivalents\n(a GAAP measure).\n\nSegment operating profit is the measure of profit and loss that the Chief\nOperating Decision Maker uses to evaluate segment profitability. Segment\noperating profit represents operating profit (a GAAP measure) adjusted to\nexclude restructuring costs, amortization of acquired intangible assets and\nother significant items of a nonoperational nature.\n\nFree cash flow is a non-GAAP financial measure that represents net cash flows\nprovided by continuing operating activities (a GAAP measure) less capital\nexpenditures. Management believes free cash flow is a useful measure of\nliquidity and an additional basis for assessing Carrier's ability to fund its\nactivities, including the financing of acquisitions, debt service, repurchases\nof Carrier's common stock and distribution of earnings to shareowners. Orders\nare contractual commitments with customers to provide specified goods or\nservices for an agreed upon price and may not be subject to penalty if\ncancelled.\n\nWhen Carrier provides our expectations for organic sales, adjusted operating\nprofit (including on a segment basis), adjusted operating margin (including on\na segment basis), adjusted effective tax rate, adjusted EPS, free cash flow,\nand interest expense, net on a forward-looking basis, a reconciliation of the\ndifferences between the non-GAAP expectations and the corresponding GAAP\nmeasures generally is not available without unreasonable effort due to\npotentially high variability, complexity and low visibility as to the items\nthat would be excluded from the GAAP measure in the relevant future period,\nsuch as unusual gains and losses, the ultimate outcome of pending litigation,\nfluctuations in foreign currency exchange rates, the impact and timing of\npotential acquisitions and divestitures, future restructuring costs, and other\nstructural changes or their probable significance. The variability of the\nexcluded items may have a significant, and potentially unpredictable, impact\non our future GAAP results.\n Carrier Global Corporation\n\nCondensed Consolidated Statement of Operations\n\n (Unaudited)\n Three Months Ended\n\n March 31,\n (In millions, except per share amounts) 2026 2025\n Net sales\n Product sales $ 4,667 $ 4,652\n Service sales 674 566\n Total Net sales 5,341 5,218\n Costs and expenses\n Cost of products sold (3,591) (3,358)\n Cost of services sold (506) (415)\n Research and development (143) (153)\n Selling, general and administrative (861) (729)\n Total Costs and expenses (5,101) (4,655)\n Equity method investment net earnings 31 44\n Other income (expense), net (12) 22\n Operating profit 259 629\n Non-service pension benefit (expense) 1 1\n Interest (expense) income, net (90) (82)\n Earnings before income taxes 170 548\n Income tax (expense) benefit 96 (111)\n Earnings from continuing operations 266 437\n Discontinued operations, net of tax (1) —\n Net earnings (loss) 265 437\n Less: Non-controlling interest in subsidiaries' 27 25\n Net earnings (loss) attributable to common shareowners $ 238 $ 412\n Amounts attributable to common shareowners:\n Continuing operations $ 239 $ 412\n Discontinued operations (1) —\n Net earnings (loss) attributable to common shareowners $ 238 $ 412\n Earnings per share\n Basic:\n Continuing operations $ 0.29 $ 0.47\n Discontinued operations — —\n Net earnings (loss) $ 0.29 $ 0.47\n Diluted:\n Continuing operations $ 0.28 $ 0.47\n Discontinued operations — —\n Net earnings (loss) $ 0.28 $ 0.47\n Weighted-average number of shares outstanding\n Basic 835.0 866.9\n Diluted 842.8 878.3\n\n \n Carrier Global Corporation\n\nCondensed Consolidated Balance Sheet\n\n (Unaudited)\n (In millions) March 31, 2026 December 31, 2025\n Assets\n Cash and cash equivalents $ 1,371 $ 1,555\n Accounts receivable, net 3,130 2,639\n Inventories, net 2,581 2,483\n Assets held for sale 621 592\n Other current assets 1,315 1,264\n Total current assets 9,018 8,533\n Future income tax benefits 1,137 1,074\n Fixed assets, net 3,122 3,165\n Operating lease right-of-use assets 551 546\n Intangible assets, net 5,987 6,326\n Goodwill 15,313 15,501\n Pension and post-retirement assets 58 56\n Equity method investments 1,331 1,321\n Other assets 669 668\n Total Assets $ 37,186 $ 37,190\n\n Liabilities and Equity\n Accounts payable $ 2,979 $ 2,702\n Accrued liabilities 3,700 3,774\n Liabilities held for sale 170 170\n Short-term borrowings and current portion of long-term debt 1,736 468\n Total current liabilities 8,585 7,114\n Long-term debt 10,422 11,365\n Future pension and post-retirement obligations 188 192\n Future income tax obligations 1,688 1,833\n Operating lease liabilities 415 418\n Other long-term liabilities 2,087 2,140\n Total Liabilities 23,385 23,062\n\n Equity\n Common stock 10 10\n Treasury stock (7,104) (6,795)\n Additional paid-in capital 8,675 8,665\n Retained earnings 12,431 12,193\n Accumulated other comprehensive income (loss) (560) (269)\n Non-controlling interest 349 324\n Total Equity 13,801 14,128\n Total Liabilities and Equity $ 37,186 $ 37,190\n\n \n Carrier Global Corporation\n\nCondensed Consolidated Statement of Cash Flows\n\n(Unaudited)\n\n Three Months Ended\n\nMarch 31,\n (In millions) 2026 2025\n Operating Activities\n Net earnings (loss) $ 265 $ 437\n Discontinued operations, net of tax 1 —\n Adjustments for non-cash items, net:\n Depreciation and amortization 315 303\n Deferred income tax provision (179) (69)\n Stock-based compensation costs 21 23\n Equity method investment net earnings (31) (44)\n (Gain) loss on sale of investments (3) (5)\n Changes in operating assets and liabilities\n Accounts receivable, net (509) (362)\n Inventories, net (138) (301)\n Accounts payable and accrued liabilities 351 481\n Distributions from equity method investments 12 77\n Other operating activities, net (39) (52)\n Net cash flows provided by (used in) continuing operating activities 66 488\n Net cash flows provided by (used in) discontinued operating activities 13 (5)\n Net cash flows provided by (used in) operating activities 79 483\n Investing Activities\n Capital expenditures (94) (63)\n Investment in businesses, net of cash acquired (23) (12)\n Dispositions of businesses 8 8\n Settlement of derivative contracts, net 35 36\n Other investing activities, net 9 1\n Net cash flows provided by (used in) continuing investing activities (65) (30)\n Net cash flows provided by (used in) discontinued investing activities — 7\n Net cash flows provided by (used in) investing activities (65) (23)\n Financing Activities\n Increase (decrease) in short-term borrowings, net 371 (49)\n Issuance of long-term debt 22 9\n Repayment of long-term debt (16) (1,205)\n Repurchases of common stock (306) (1,288)\n Dividends paid on common stock (201) (198)\n Dividends paid to non-controlling interest (1) —\n Other financing activities, net (10) (16)\n Net cash flows provided by (used in) continuing financing activities (141) (2,747)\n Net cash flows provided by (used in) discontinued financing activities — —\n Net cash flows provided by (used in) financing activities (141) (2,747)\n Effect of foreign exchange rate changes on cash and cash equivalents (13) 17\n Net increase (decrease) in cash and cash equivalents and restricted cash, (140) (2,270)\n including cash classified in\n current assets held for sale\n Less: Change in cash balances classified as assets held for sale 43 —\n Net increase (decrease) in cash and cash equivalents and restricted cash (183) (2,270)\n Cash, cash equivalents and restricted cash, beginning of period 1,557 3,972\n Cash, cash equivalents and restricted cash, end of period 1,374 1,702\n Less: restricted cash 3 4\n Cash and cash equivalents, end of period $ 1,371 $ 1,698\n\n \n Carrier Global Corporation\n\nSegment Summary\n\n (Unaudited)\n Three Months Ended\n\n March 31,\n (In millions) 2026 2025\n Segment net sales\n Climate Solutions Americas $ 2,501 $ 2,572\n Climate Solutions Europe 1,293 1,169\n Climate Solutions Asia Pacific, Middle East & Africa 834 826\n Climate Solutions Transportation 713 651\n Segment net sales $ 5,341 $ 5,218\n\n Segment operating profit\n Climate Solutions Americas $ 373 $ 570\n Climate Solutions Europe 89 105\n Climate Solutions Asia Pacific, Middle East & Africa 81 121\n Climate Solutions Transportation 101 97\n Segment operating profit $ 644 $ 893\n\n Segment operating margin\n Climate Solutions Americas 14.9 % 22.2 %\n Climate Solutions Europe 6.9 % 9.0 %\n Climate Solutions Asia Pacific, Middle East & Africa 9.7 % 14.6 %\n Climate Solutions Transportation 14.2 % 14.9 %\n\n \n Components of Changes in Net Sales\n\n Three Months Ended March 31, 2026, Compared withThree Months Ended March 31,\n 2025\n\n (Unaudited)\n Factors Contributing to Total % change in Net Sales\n Organic FX Acquisitions / Other Total\n Translation Divestitures, net\n Climate Solutions Americas (3) % — % — % — % (3) %\n Climate Solutions Europe — % 11 % — % — % 11 %\n Climate Solutions Asia Pacific, Middle East & Africa (1) % 2 % — % — % 1 %\n Climate Solutions Transportation 5 % 5 % — % — % 10 %\n Consolidated (1) % 3 % — % — % 2 %\n\n \n Carrier Global Corporation\n\nReconciliations\n\n (Unaudited)\n Three Months Ended\n\n March 31,\n (In millions) 2026 2025\n Reconciliation to Earnings before income taxes\n Segment operating profit $ 644 $ 893\n\n Corporate and other (50) (45)\n Restructuring costs (108) (8)\n Amortization of acquired intangible assets (213) (201)\n Acquisition/divestiture-related costs (14) (10)\n Non-service pension (expense) benefit 1 1\n Interest (expense) income, net (90) (82)\n\n Earnings before income taxes $ 170 $ 548\n\n (Unaudited)\n Three Months Ended\n\n March 31,\n (In millions) 2026 2025\n Reconciliation of Segment operating profit to Adjusted operating profit\n Climate Solutions Americas $ 373 $ 570\n Climate Solutions Europe 89 105\n Climate Solutions Asia Pacific, Middle East & Africa 81 121\n Climate Solutions Transportation 101 97\n Segment operating profit $ 644 $ 893\n Corporate and other (50) (45)\n Adjusted operating profit $ 594 $ 848\n\n \n Carrier Global Corporation\n\nReconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results\n\nNet Income, Earnings Per Share and Effective Tax Rate\n\n (Unaudited)\n Three Months Ended March 31, 2026\n (In millions, except per share amounts) Reported Adjustments Adjusted\n Net sales $ 5,341 $ — $ 5,341\n\n Operating profit $ 259 335 a $ 594\n Operating margin 4.8 % 11.1 %\n\n Earnings before income taxes $ 170 335 a $ 505\n Income tax (expense) benefit $ 96 (92) b $ 4\n Effective tax rate (56.5) % (0.8) %\n\n Earnings from continuing operations attributable to common shareowners $ 239 $ 243 $ 482\n\n Summary of Adjustments:\n Restructuring costs $ 108 a\n Amortization of acquired intangible assets 213 a\n Acquisition/divestiture-related costs 14 a\n Total adjustments $ 335\n\n Tax effect on adjustments above $ (92)\n Total tax adjustments $ (92) b\n\n Diluted shares outstanding 842.8 842.8\n\n Diluted earnings per share:\n Continuing operations $ 0.28 $ 0.57\n\n \n Carrier Global Corporation\n\nReconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results\n\nNet Income, Earnings Per Share and Effective Tax Rate\n\n (Unaudited)\n Three Months Ended March 31, 2025\n (In millions, except per share amounts) Reported Adjustments Adjusted\n Net sales $ 5,218 $ — $ 5,218\n\n Operating profit $ 629 219 a $ 848\n Operating margin 12.1 % 16.3 %\n\n Earnings before income taxes $ 548 219 a $ 767\n Income tax (expense) benefit $ (111) (58) b $ (169)\n Effective tax rate 20.3 % 22.0 %\n\n Earnings from continuing operations attributable to common shareowners $ 412 $ 161 $ 573\n\n Summary of Adjustments:\n Restructuring costs $ 8 a\n Amortization of acquired intangible assets 201 a\n Acquisition/divestiture-related costs 10 a\n Total adjustments $ 219\n\n Tax effect on adjustments above $ (58)\n Total tax adjustments $ (58) b\n\n Diluted shares outstanding 878.3 878.3\n\n Diluted earnings per share:\n Continuing operations $ 0.47 $ 0.65\n\n \n Free Cash Flow Reconciliation\n\n (Unaudited)\n Three Months Ended\n\n March 31,\n (In millions) 2026 2025\n Net cash flows provided by operating activities $ 79 $ 483\n Less: Capital expenditures (94) (63)\n Free cash flow $ (15) $ 420\n\n \n Net Debt Reconciliation\n\n (Unaudited)\n (In millions) March 31, 2026 December 31, 2025\n Long-term debt $ 10,422 $ 11,365\n Short-term borrowings and current portion of long-term debt 1,736 468\n Less: Cash and cash equivalents 1,371 1,555\n Net debt $ 10,787 $ 10,278\n\n \n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/carrier-reports-first-quarter-2026-results-302758617.html\n(https://www.prnewswire.com/news-releases/carrier-reports-first-quarter-2026-results-302758617.html)\n\nSOURCE Carrier Global Corporation\n\n\n\nPhoto: \nhttps://mma.prnewswire.com/media/985365/Carrier_Logo.jpg\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-04-30T10:00:03.215894571Z","server_sent_at_ms":1777543203215},"received_at":"2026-04-30T10:00:03.468Z","source_url":"https://www.prnewswire.com/news-releases/carrier-reports-2025-results-and-announces-2026-outlook-302680038.html"},"analysis":{"id":"11085","press_release_id":"14397","analysis_json":{"industry":{"label":"Capital Goods","sector":"Industrials"},"redFlags":["Adjusted operating margin declined 520 basis points year-over-year","Free cash flow was negative ($15 million) for the quarter","Adjusted EPS of $0.57 declined 12% from prior year"],"eventType":"earnings","narrative":"Carrier reported Q1 revenue of $5.34 billion, up 2% year-over-year, driven by a 3% FX tailwind that offset a 1% decline in organic sales. While margins compressed due to residential weakness, orders surged 11% overall, led by a 35% increase in Commercial HVAC and data center orders growing over 500%.\n\nThe company generated $79 million in operating cash flow but recorded negative free cash flow of $15 million due to higher capital expenditures. Despite the margin pressure, Carrier returned approximately $500 million to shareholders through dividends and repurchases.\n\nManagement reaffirmed its full-year 2026 guidance for sales of ~$22 billion, adjusted EPS of ~$2.80, and free cash flow of ~$2 billion, signaling confidence in the demand trajectory despite the Riello divestiture headwind.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Data center orders explode 500%+, driving 11% order growth and offsetting margin miss as Carrier holds guidance."},"keyFigures":{"eps":0.28,"guidance":"FY26 Sales ~$22B, Adjusted EPS ~$2.80, FCF ~$2B (reaffirmed)","customDimensions":{"adjusted_eps":0.57,"returned_to_shareholders":"$500 million","data_center_orders_growth":"over 500%","total_company_orders_growth":"11%","commercial_hvac_orders_growth":"35%"}},"quotedText":"Orders in our global Commercial HVAC(1) business increased 35%, helped by data centers which were up over 500% in the quarter.","namedEntities":{"people":[{"name":"David Gitlin","role":"Chairman & CEO"}],"products":[],"companies":[{"name":"Carrier Global Corporation","ticker":"CARR"}],"dollarAmounts":[{"amount":"$5,341 million","context":"Q1 2026 Net sales"},{"amount":"$5,218 million","context":"Q1 2025 Net sales"},{"amount":"$259 million","context":"Q1 2026 GAAP operating profit"},{"amount":"$594 million","context":"Q1 2026 Adjusted operating profit"},{"amount":"$0.28","context":"Q1 2026 GAAP EPS"},{"amount":"$0.57","context":"Q1 2026 Adjusted EPS"},{"amount":"$79 million","context":"Q1 2026 Net cash flows from operating activities"},{"amount":"($15) million","context":"Q1 2026 Free cash flow"},{"amount":"~$500 million","context":"Returned to shareholders via dividends and repurchases"},{"amount":"~$22 billion","context":"Full-year 2026 Sales guidance"},{"amount":"~$3.4 billion","context":"Full-year 2026 Adjusted Operating Profit guidance"},{"amount":"~$2.80","context":"Full-year 2026 Adjusted EPS guidance"},{"amount":"~$2 billion","context":"Full-year 2026 Free Cash Flow guidance"}]},"materialImpact":{"score":4,"reasoning":"Significant operational strength in key growth areas with data center orders up over 500% and Commercial HVAC orders up 35%, offset by margin compression in residential segments. The reaffirmation of full-year guidance and substantial capital return of ~$500M support a bullish view despite quarterly EPS declines."},"tickerRelevance":{"others":[],"primary":"CARR"},"globalImportance":35,"audienceRelevance":45,"eventTypeSecondary":["guidance_update","buyback"],"importanceComponents":{"tickerTier":"S&P 500 / Large Cap","eventGravity":"Earnings with strong sector-specific tailwinds (data centers)","sectorWeight":"Industrials","marketCapAdjustment":"~$45B Market Cap","retailFavoriteBoost":0}},"event_type":"earnings","event_type_secondary":["guidance_update","buyback"],"sentiment":"bullish","material_impact_score":4,"narrative":"Carrier reported Q1 revenue of $5.34 billion, up 2% year-over-year, driven by a 3% FX tailwind that offset a 1% decline in organic sales. While margins compressed due to residential weakness, orders surged 11% overall, led by a 35% increase in Commercial HVAC and data center orders growing over 500%.\n\nThe company generated $79 million in operating cash flow but recorded negative free cash flow of $15 million due to higher capital expenditures. Despite the margin pressure, Carrier returned approximately $500 million to shareholders through dividends and repurchases.\n\nManagement reaffirmed its full-year 2026 guidance for sales of ~$22 billion, adjusted EPS of ~$2.80, and free cash flow of ~$2 billion, signaling confidence in the demand trajectory despite the Riello divestiture headwind.","key_figures":{"eps":0.28,"guidance":"FY26 Sales ~$22B, Adjusted EPS ~$2.80, FCF ~$2B (reaffirmed)","customDimensions":{"adjusted_eps":0.57,"returned_to_shareholders":"$500 million","data_center_orders_growth":"over 500%","total_company_orders_growth":"11%","commercial_hvac_orders_growth":"35%"}},"named_entities":{"people":[{"name":"David Gitlin","role":"Chairman & CEO"}],"products":[],"companies":[{"name":"Carrier Global Corporation","ticker":"CARR"}],"dollarAmounts":[{"amount":"$5,341 million","context":"Q1 2026 Net sales"},{"amount":"$5,218 million","context":"Q1 2025 Net sales"},{"amount":"$259 million","context":"Q1 2026 GAAP operating profit"},{"amount":"$594 million","context":"Q1 2026 Adjusted operating profit"},{"amount":"$0.28","context":"Q1 2026 GAAP EPS"},{"amount":"$0.57","context":"Q1 2026 Adjusted EPS"},{"amount":"$79 million","context":"Q1 2026 Net cash flows from operating activities"},{"amount":"($15) million","context":"Q1 2026 Free cash flow"},{"amount":"~$500 million","context":"Returned to shareholders via dividends and repurchases"},{"amount":"~$22 billion","context":"Full-year 2026 Sales guidance"},{"amount":"~$3.4 billion","context":"Full-year 2026 Adjusted Operating Profit guidance"},{"amount":"~$2.80","context":"Full-year 2026 Adjusted EPS guidance"},{"amount":"~$2 billion","context":"Full-year 2026 Free Cash Flow guidance"}]},"model_name":"glm-4.7","prompt_hash":"sha256:1fc968c3ac7f7ebb","schema_hash":"sha256:1f8af1196c7db48c","created_at":"2026-04-30T10:08:29.708Z","global_importance":35,"audience_relevance":45,"importance_components":{"tickerTier":"S&P 500 / Large Cap","eventGravity":"Earnings with strong sector-specific tailwinds (data centers)","sectorWeight":"Industrials","marketCapAdjustment":"~$45B Market Cap","retailFavoriteBoost":0}},"durationMs":58490,"modelName":"glm-4.7"}}