CARR on NYSE

Carrier Corporation

Logo: Carrier Corporation, Public domain, via Wikimedia Commons5

American air conditioning company

Carrier Global Corporation is an American multinational heating, ventilation, and air conditioning (HVAC), refrigeration, and fire and security equipment corporation based in Palm Beach Gardens, Florida. Carrier was founded in 1915 as an independent company manufacturing and distributing HVAC systems, and has since expanded to include manufacturing commercial refrigeration and food service equipment, and fire and security technologies.3 From Wikipedia, CC BY-SA 4.0

$54.71 up 0.47 (0.87%)Price as of Oct 15, 2026 at 19:45 UTC

Last updated Oct 16, 2026.

Overview

Jun 26, 1915Founded1

Compare with Johnson Controls, Lennox International or AAON, or pick any stock.

  • TickerCARR on NYSE1
  • Industryconstruction industry, heating, ventilation, and air conditioning1
  • HeadquartersFarmington1
  • Founded inFarmington1
  • Websitewww.corporate.carrier.com
  • Legal formDelaware corporation1
  • Incorporated inDE6
  • Business address13995 Pasteur Boulevard, Palm Beach Gardens, Fl 334186
  • Filer categoryLarge accelerated filer6

Carrier Global Corporation is an American multinational heating, ventilation, and air conditioning (HVAC), refrigeration, and fire and security equipment corporation based in Palm Beach Gardens, Florida. Carrier was founded in 1915 as an independent company manufacturing and distributing HVAC systems, and has since expanded to include manufacturing commercial refrigeration and food service equipment, and fire and security technologies.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

10.0%Operating margin8
6.8%Net margin8
-3.3%Revenue growth, 20258
10.5%Return on equity8
0.80×Debt to equity8

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product brought in 88% of the revenue Carrier Corporation broke down this way in fiscal 2025.

  1. Product$19.2B888%down 4% from 2024
  2. Service$2.6B812%up 3% from 2024
Products and services by year
Products and services202320242025
Product$16.7B$20.0B$19.2B
Service$2.3B$2.5B$2.6B

Business segments

Climate Solutions Americas brought in 48% of the revenue Carrier Corporation broke down this way in fiscal 2025.

  1. Climate Solutions Americas$10.5B848%down 1% from 2024
  2. Climate Solutions Europe$5.0B823%up 1% from 2024
  3. Climate Solutions Asia Pacific, Middle East, and Africa$3.3B815%down 5% from 2024
  4. Climate Solutions Transportation$2.9B813%down 17% from 2024
Business segments by year
Business segments202320242025
Climate Solutions Americas$9.6B$10.5B$10.5B
Climate Solutions Europe$1.9B$5.0B$5.0B
Climate Solutions Asia Pacific, Middle East, and Africa$3.6B$3.5B$3.3B
Climate Solutions Transportation$3.8B$3.5B$2.9B

Regions

United States brought in 51% of the revenue Carrier Corporation broke down this way in fiscal 2025.

  1. United States$11.1B851%down 1% from 2024
  2. Europe$6.1B828%down 9% from 2024
  3. Asia Pacific$3.8B818%up 1% from 2024
  4. Other Geographical Region$678.0M83%down 1% from 2024
Regions by year
Regions202320242025
United States$10.5B$11.3B$11.1B
Europe$3.9B$6.7B$6.1B
Asia Pacific$3.9B$3.8B$3.8B
Other Geographical Region$635.0M$688.0M$678.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development3¢$625.0M
  • Selling, general and admin14¢$3.1B
  • Other costs75¢$16.3B
  • Income tax1¢$240.0M
  • Profit7¢$1.5B

Out of $21.7B in revenue.8

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid21¢$772.0M
  • Share buybacks79¢$2.9B

Out of $2.5B of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.8

Financial statements

Revenue91011128$21.7B in 2025+17% since 2019
0$10.0B$20.0B$30.0B2019: $18.6B$18.6B20192020: $17.5B$17.5B2020−6%2021: $20.6B$20.6B2021+18%2022: $17.3B$17.3B2022−16%2023: $19.0B$19.0B2023+10%2024: $22.5B$22.5B2024+19%2025: $21.7B$21.7B2025−3%
Operating income91011128$2.2B in 2025−13% since 2019
0$1.0B$2.0B$3.0B$4.0B2019: $2.5B$2.5B20192020: $3.1B$3.1B2020+24%2021: $2.6B$2.6B2021−14%2022: $4.0B$4.0B2022+51%2023: $2.2B$2.2B2023−46%2024: $2.6B$2.6B2024+23%2025: $2.2B$2.2B2025−18%
Net income91011128$1.5B in 2025−31% since 2019
0$2.0B$4.0B$6.0B2019: $2.2B$2.2B20192020: $2.0B$2.0B2020−7%2021: $1.7B$1.7B2021−15%2022: $3.5B$3.5B2022+108%2023: $1.3B$1.3B2023−62%2024: $5.6B$5.6B2024+315%2025: $1.5B$1.5B2025−74%

Every line of the income statement in the latest annual report, as filed.8

Period ending2025-12-312024-12-312023-12-31
Total Net sales$21.7B$22.5B$19.0B
Research and development-$625.0M-$686.0M-$493.0M
Selling, general and administrative-$3.1B-$3.2B-$2.6B
Total Costs and expenses-$19.8B-$20.4B-$16.9B
Equity method investment net earnings$229.0M$231.0M$211.0M
Other income (expense), net$36.0M$317.0M-$113.0M
Operating profit$2.2B$2.6B$2.2B
Non-service pension benefit (expense)-$10.0M-$1.0M-$1.0M
Interest (expense) income, net-$364.0M-$371.0M-$160.0M
Earnings before income taxes$1.8B$2.3B$2.0B
Income tax (expense) benefit-$240.0M-$1.1B-$521.0M
Earnings from continuing operations$1.6B$1.2B$1.5B
Discontinued operations, net of tax$29.0M$4.5B-$38.0M
Net earnings (loss)$1.6B$5.7B$1.4B
Less: Non-controlling interest in subsidiaries'$103.0M$104.0M$91.0M
Net earnings (loss) attributable to common shareowners$1.5B$5.6B$1.3B
Continuing operations$1.5B$1.1B$1.4B
Discontinued operations$29.0M$4.5B-$38.0M
Continuing operations, Basic (in dollars per share)$2$1$2
Discontinued operations, Basic (in dollars per share)$0$5-$0
Net earnings (loss), Basic (in dollars per share)$1.74$6.24$1.61
Continuing operations, Diluted (in dollars per share)$2$1$2
Discontinued operations, Diluted (in dollars per share)$0$5-$0
Net earnings (loss), Diluted (in dollars per share)$1.72$6.15$1.58
Basic (in shares)852.4M shares898.2M shares837.3M shares
Diluted (in shares)862.4M shares911.7M shares853.0M shares

Compare Carrier Corporation with another company

The story

Founded by Willis Carrier on Jun 26, 1915, in Farmington.1

Willis Carrier, a mechanical engineer working for Buffalo Forge, is credited with inventing modern air conditioning in July 1902. In 1908, the Carrier Air Conditioner Company of America was created as a subsidiary of the Buffalo Forge Company, with Willis Carrier as its vice president.

With the onset of World War I in late 1914, the Buffalo Forge Company, where Carrier had been employed for 12 years, decided to confine its activities entirely to manufacturing. The result was that in 1915, Carrier and six other engineers pooled $32,600 to form the Carrier Engineering Corporation. They purchased their first factory in 1920, in Newark, New Jersey. The very next year, Carrier solved a problem that had vexed the Islington Studios (owned by Famous Players–Lasky and then Paramount Pictures) in London -- thick fog coming into the stage set and suspending filming. A pressurized system that cooled air at a rate of "3,500,000 gallons per hour" and then delivered the dehumidified air at the temperature set by a thermostat, kept the interior air clear and camera-ready.

In 1955, Carrier merged with Affiliated Gas Equipment, Inc., which owned the Bryant Heater Co., Day & Night Water Heater Co., and Payne Furnace & Supply Co. Carrier Corporation was acquired by United Technologies Corporation (UTC) in July 1979. Prior to the acquisition by UTC, Carrier Corporation was known as the Carrier Air Conditioning Company. International Comfort Products (ICP), headquartered in Lewisburg, Tennessee, was acquired by Carrier in 1999. In the 1990s, Carrier stopped using the "Day & Night" brand (which was the "D" in the BDP division, or Bryant-Day & Night-Payne) but it was revived in 2006 by ICP.

In 2001, Carrier was the "world's largest manufacturer of air-conditioning, heating, and refrigerator equipment" with a "total employment of 42,600" and a revenue of $8.9 billion. Carrier announced that it would be closing its DeWitt, New York plant. This led to the layoff of 1,000 employees. On March 15, 2004, Carrier acquired the refrigeration subsidiary of Linde. In 2006, Carrier acquired Sensitech, Inc., a provider of logistics and tracking technologies based in Beverly, Massachusetts.

In early 2008, Carrier acquired Environmental Market Solutions, Inc. (EMSI), an environmental and green building consulting company based in the United States. The company has received Leadership in Energy and Environmental Design (LEED) certification from the US Green Building Council for its factories in Charlotte, NC, and Huntington, IN (2009), Shanghai, China (2010), and Monterrey, Mexico (2011).

In September 2013, Carrier, Otis, and United Technologies Fire and Security were combined into one subsidiary, UTC Building & Industrial Systems. In 2016, Otis was split off, with the remainder becoming UTC Climate, Controls & Security.

In January 2016, Carrier announced it would lay off an unspecified number of employees at its research and development division in the town of DeWitt, New York.

In February 2016, Carrier announced it would close its Indianapolis factory and move production to Monterrey, Mexico. HVAC Systems and Services North America president Chris Nelson cited "ongoing cost and pricing pressures" and Carrier's "existing infrastructure and a strong supplier base" in Mexico, saying that the move would allow the company "to operate more cost-effectively." The Carrier spokesperson told the crowd that there would be no immediate impact on jobs, that the move would take place over three years, and no jobs would be affected until mid-2017, with the move to be completed by the end of 2019.

Read the full text

Over the November 2016 Thanksgiving holiday weekend, President-Elect Donald Trump tweeted that he was in talks with Carrier Management to keep the factory in Indiana and not move to Mexico. On November 30, 2016, Carrier announced that it had negotiated an agreement with President-elect Trump and Vice President-elect Mike Pence to continue manufacturing gas furnaces in Indianapolis, in addition to retaining engineering and headquarters staff, preserving more than 1,000 jobs in Indianapolis. The agreement included a state incentive package of about $7 million over 10 years. The number of jobs saved was later revised down to 800.

In May 2017, as part of their previously announced plan, Carrier told the state of Indiana that it will cut 632 jobs from its Indianapolis factory. Layoffs began at the end of July 2017, with each worker receiving one week's salary for each year of employment, education and job training, plus 6 months of health insurance as part of the severance package.

The New York Times reported on August 10, 2018, that Carrier's Indianapolis furnace plant was plagued by low morale and absenteeism because "employees share a looming sense that a factory shutdown is inevitable — that Carrier has merely postponed the closing until a more politically opportune moment." On November 26, 2018, United Technologies announced that it would spin off UTC Climate, Controls & Security as an independent company known as Carrier Global Corporation. In April 2020, United Technologies announced that the separation and spin-off of Carrier had been completed. On April 25, 2023, Carrier Global announced that it intended to acquire the HVAC division Viessmann Climate Solutions from the Viessmann Group and divest its Commercial Refrigeration business and most of its Fire & Security businesses. In December 2023, Carrier Global sold its security businesses LenelS2, Supra and Onity to Honeywell for approximately $5 billion. In March 2025, Carrier Global declared to sell its Industrial Fire division to Sentinel Capital Partners in a $1.43 billion deal.

Site locations

Willis Carrier moved his facilities from New Jersey to Syracuse, New York, in the 1930s. During the late 20th century, when it was acquired by UTC, it was Central New York State's largest manufacturer. Due to increasing labor and union costs in the Central New York area, Carrier has substantially downsized its presence in Syracuse, with manufacturing work being moved to a variety of domestic and international locations. Meanwhile, managerial employees were moved closer to UTC's corporate headquarters in Farmington, Connecticut, which represented a challenge to the local economy in Syracuse.

Over the course of 2011, the majority of the manufacturing buildings of the Syracuse campus were demolished at a cost of nearly $14 million. Despite the loss of manufacturing jobs, the suburban Syracuse Campus, in DeWitt, New York, remained the primary engineering and design center for Carrier products, with over 1,000 employees and contractors on site. This site also houses the Customer Care Call Center for Carrier branded products.

In 1980, Carrier was allowed to name the Carrier Dome, the football and basketball arena at Syracuse University, after Mel Holm, the company's then-CEO chair of the university's board of trustees, gave the university $2.75 million toward the facility's construction. Despite being named for an air conditioner manufacturer, the Carrier Dome was not air-conditioned for the first four decades of its lifespan, only having it installed during renovations that were completed in 2022. Despite finally installing air conditioning, Syracuse announced an end to the perpetual naming rights deal of the dome with Carrier Corp. and that nearby wireless company JMA Wireless would hold naming rights to the stadium moving forward.

In March 2020, Carrier quietly hinted at the relocation of its headquarters to Palm Beach Gardens, Florida, after posting 2019 revenues of nearly $19 billion.

From Wikipedia’s article on Carrier Global, shared under CC BY-SA 4.0.7

Leadership

Who has led Carrier Corporation, and when. Pick a name to see everywhere that person has worked.

Products and brands

Business units

Carrier Residential

Carrier Residential provides heating, cooling, and indoor air quality solutions for single-family homes and multi-family residences. Its portfolio includes energy-efficient air conditioners, furnaces, heat pumps, and smart thermostats designed to enhance comfort while helping lower energy bills. Carrier Residential supports homeowners through a network of Factory Authorized Dealers to ensure reliable installation and maintenance.

Carrier Commercial

Carrier Commercial delivers HVAC systems and building solutions for offices, retail spaces, schools, and other large facilities. Offerings range from rooftop units and chillers to advanced building automation and energy management technologies. The business focuses on helping organizations improve occupant comfort, optimize energy use, and meet sustainability targets.

Carrier Cold Chain

Carrier Cold Chain specializes in temperature-controlled transport and storage for perishable goods across food, healthcare, and pharmaceutical industries. Its products include refrigerated transport equipment, commercial refrigeration systems, and digital monitoring platforms that ensure product quality and safety. This unit supports global supply chains by reducing waste and maintaining precise temperature control from production to delivery.

Brands

HVAC

Airquest

Read the full text

Arcoaire (formerly owned by Atlantic Richfield Company(ARCO))

Beretta

Bryant

Carlyle (founded by Willis Carrier & Joel Lyle)

Carrier

CIAT (Compagnie Industrielle d'Applications Thermiques)

Comfortmaker

ComfortPro

Day & Night

Heil

Ideal Temp Signature

Keeprite

Payne

Riello

SLD Pumps & Power (founded as Scottish Land Development)

Spot Coolers

Tempstar

Toshiba-Carrier (Toshiba founded as Tokyo Shibaura)

Totaline

Viessmann

Watkins Hire

Weathermaker

GCHV (Guangdong Carrier Heating, Ventilation & Air Conditioning Company Limited)

Building automation and HVAC controls

Automated Logic Corporation

Carrier Abound

NORESCO (formerly Northeast Energy Services Company)

Refrigeration

Carrier

Carrier Transicold

Sensitech

Fire and security controls

UTEC (formerly United Technologies Electronic Controls)

From Wikipedia’s article on Carrier Global, shared under CC BY-SA 4.0.7

Subsidiaries and ownership

Owners

  • The Vanguard Group 11.2%
  • Capital Research Global Investors 11.1%

Subsidiaries

  • Heil
  • Riello

Former owners and parents

From Wikidata.1

Acquisitions

  1. 2020Marioff Corporation Oy became a subsidiary1

Timeline

  1. Apr 3, 2020Went public Listed on NYSE1
  2. 1979Acquired Acquired by United Technologies Corporation1
  3. Jun 26, 1915Founded Founded in Farmington1

Recent filings

  1. Oct 2, 20264
  2. Aug 12, 2026SCHEDULE 13G/A
  3. Jul 28, 20268-K
  4. Jul 28, 2026IRANNOTICE
  5. Jul 28, 202610-Q
  6. Jul 28, 2026S-3ASR
  7. Jul 27, 2026SCHEDULE 13G/A
  8. Jul 24, 20268-K
  9. Jul 24, 20263
  10. Jul 24, 20263
  11. Jul 24, 20264
  12. Jul 2, 20264
  13. May 29, 2026SD
  14. May 20, 2026144
  15. May 20, 2026SCHEDULE 13D/A

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2