Carrier Global Past Earnings Performance
Past criteria checks 4/6
Carrier Global's earnings have been declining at an average annual rate of -16.5%, while the Building industry saw earnings growing at 11.1% annually. Revenues have been growing at an average rate of 2.9% per year. Carrier Global's return on equity is 11%, and it has net margins of 6.7%.
Key information
-16.46%
Earnings growth rate
-16.64%
EPS growth rate
| Building Industry Growth | 13.32% |
| Revenue growth rate | 2.93% |
| Return on equity | 11.03% |
| Net Margin | 6.69% |
| Last Earnings Update | 31 Mar 2026 |
Recent past performance updates
Recent updates
CARR: Data Center Cooling And AI Tools Will Drive Future Repricing
Carrier Global's analyst price target has been trimmed by a few dollars to reflect slightly higher discount rate assumptions and more conservative revenue growth expectations, even as analysts factor in modestly better profit margins and a similar forward P/E profile. Analyst Commentary Recent research on Carrier Global reflects a mix of optimism and caution, with price targets both raised and trimmed as analysts update their models for execution risk, growth assumptions, and valuation.CARR: Data Center Cooling And AI Tools Will Support Future Repricing
Analysts have trimmed their price target on Carrier Global to reflect a slightly lower fair value estimate of about $71 and a modestly higher discount rate, while still factoring in firmer profit margins and updated P/E expectations following recent mixed target changes across the Street. Analyst Commentary Street research on Carrier Global has centered on shifting price targets, with some firms trimming estimates around the mid $70s while others have raised their targets in recent weeks.CARR: Data Center Cooling And AI Tools Will Drive Future Repricing
Analysts have nudged their price targets for Carrier Global slightly higher, with the updated fair value estimate moving by about $0.05 per share as they factor in modestly adjusted growth, margin and P/E assumptions following a series of recent target changes across the Street. Analyst Commentary Recent Street research on Carrier Global highlights a mix of optimism around long term execution and pockets of caution around valuation and near term assumptions.CARR: Data Center Cooling And AI Tools Will Support Future Upside
Carrier Global's analyst price target has inched higher to about $71.80 from roughly $71.66 as analysts factor in a slightly lower discount rate and steady assumptions for revenue growth, profit margins and future P/E. Analyst Commentary Recent research updates on Carrier Global show a mix of optimism and caution, with several firms adjusting price targets in both directions and fine tuning expectations around execution and growth.CARR: Heat Pump And AI Efficiency Advances Will Support Future Upside
Analysts have nudged our Carrier Global price target lower by about $0.53 to $71.66, as slightly higher revenue growth and a richer forward P/E are now being weighed against reduced profit margin assumptions and a modestly higher discount rate. Analyst Commentary Recent Street research on Carrier Global reflects a mix of optimism around growth execution and caution around valuation and earnings power.CARR: Heat Pump Progress And AI Energy Tools Will Support Future Upside
Our updated view on Carrier Global lifts the fair value estimate by about US$1 to roughly US$72, as analysts factor in higher assumed revenue growth, a slightly lower discount rate, and a richer future P/E multiple, partially offset by more conservative margin expectations. Analyst Commentary Recent Street research on Carrier Global shows a mix of optimism and caution, with several firms adjusting their price targets within a relatively tight range.Carrier Global Corporation Just Missed Earnings - But Analysts Have Updated Their Models
Feb 08
Carrier: Don't Get Carried Away By Gloomy Residential Forecast
Feb 06
Data Center Cooling Momentum Will Offset Residential Weakness And Keep Long Term Prospects Intact
Catalysts About Carrier Global Carrier Global provides heating, ventilation, air conditioning, refrigeration and building solutions across residential, commercial, transportation and data center markets. What are the underlying business or industry changes driving this perspective?CARR: Commercial Heat Pump Progress And Expanded Buybacks Will Support Future Upside
Carrier Global's analyst price targets have seen mixed revisions recently, with our fair value estimate shifting modestly by about $0.05 as analysts updated their assumptions around revenue growth, profit margins and future P/E, while still reflecting a range of views from recent JPMorgan, Citi and Morgan Stanley reports. Analyst Commentary Recent research on Carrier Global highlights a split in how analysts are thinking about upside versus execution risk, with one major bank lifting its target while others trimmed theirs as they refreshed models ahead of upcoming results.CARR: Commercial HVAC Progress And Larger Buybacks Will Support Future Upside
Narrative Update Overview Analysts have trimmed their price target on Carrier Global by about $1 to roughly $71, reflecting slightly lower fair value estimates and modest adjustments to discount rate, revenue growth, profit margin, and future P/E assumptions after recent research updates, including a reduced $55 target from Morgan Stanley. Analyst Commentary Recent research on Carrier Global centers on updated earnings assumptions ahead of the next quarterly report, which has fed into a lower fair value range and a trimmed price target near US$55 from US$60.CARR: Commercial HVAC Momentum Will Support Recovery As Expanded Buybacks Drive Future Upside
Analysts have trimmed their price target on Carrier Global slightly by about $0.55 per share, citing a marginally higher discount rate and only modest upward revisions to long term revenue growth that together temper their view of the stock's future valuation multiple. Analyst Commentary Street research commentary on related industrial and cyclical names offers a useful framework for interpreting sentiment around Carrier Global, particularly on how investors are weighing cyclical demand, pricing power, and valuation against execution risk.CARR: Commercial HVAC Momentum Will Support Recovery As Channel Inventories Reach Lows
Carrier Global’s analyst price target has been revised slightly lower, decreasing from $72.94 to $72.69. Analysts cite tempered near-term expectations for U.S. HVAC sales, while highlighting ongoing strength in commercial and aftermarket segments that support long-term prospects.CARR: Commercial HVAC Strength Will Drive Improved Operating Leverage In Coming Periods
Carrier Global's analyst price target has been revised down from $74.29 to $72.94, as analysts cite ongoing headwinds in U.S. RHVAC sales and a slightly weaker profit margin outlook, both impacting near-term earnings expectations. Analyst Commentary Recent price target adjustments for Carrier Global reflect a mixed outlook among Wall Street analysts, balancing the company’s resilient segments against noticeable ongoing headwinds.Thermal Management And Digital Upgrades Will Drive New Energy Demand Trends
Carrier Global's analyst price target has been reduced from $76.18 to $74.29. Analysts cite softer U.S. residential HVAC demand and lowered earnings outlooks based on recent industry trends and updates from the company.Google Cloud And Air-Cooled Heat Pumps Will Power Smart Energy
Carrier Global's analyst price target has been reduced from $77.18 to $76.18. Analysts cite a softer residential HVAC outlook and ongoing margin pressures as key factors behind the revision.Google Cloud And Air-Cooled Heat Pumps Will Power Smart Energy
Carrier Global’s consensus price target has been revised downward from $81.13 to $77.18 as analysts note weaker near-term residential HVAC demand and inflation headwinds, despite strength in commercial segments and long-term growth prospects. Analyst Commentary Lowered 2025 U.S. residential HVAC outlook and weaker residential volumes are weighing on near-term sales and EPS estimates.Google Cloud And Air-Cooled Heat Pumps Will Power Smart Energy
Carrier Global’s price target was revised down to $81.13 as analysts factor in a softer U.S. residential HVAC outlook and near-term sales headwinds, despite continued strength in commercial and aftermarket segments. Analyst Commentary Lowered U.S. residential HVAC outlook and weaker residential volumes are pressuring near-term sales and earnings forecasts, leading to price target reductions.Does Carrier Global (NYSE:CARR) Have A Healthy Balance Sheet?
Jun 27
Carrier Global (NYSE:CARR) Is Reinvesting At Lower Rates Of Return
Jun 13Calculating The Intrinsic Value Of Carrier Global Corporation (NYSE:CARR)
May 29Earnings Tell The Story For Carrier Global Corporation (NYSE:CARR) As Its Stock Soars 26%
May 14Carrier Global: A Climate Giant Entering A New Phase Of Transformation
Apr 20Carrier Global: Still Cheap With A Temperate Outlook
Feb 12Carrier: Fairly Valued After Transition Nears Completion
Jan 06Carrier Global Q3: Strong Orders Supporting FY 2025 Growth
Oct 25Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Carrier Global makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Dec 25 | 21,747 | 1,455 | 2,966 | 625 |
| 30 Sep 25 | 22,058 | 1,379 | 3,083 | 627 |
| 30 Jun 25 | 22,463 | 1,536 | 3,061 | 648 |
| 31 Mar 25 | 22,284 | 1,343 | 3,031 | 647 |
| 31 Dec 24 | 22,486 | 1,108 | 3,092 | 686 |
| 30 Sep 24 | 21,654 | 1,573 | 2,915 | 662 |
| 30 Jun 24 | 20,605 | 1,279 | 2,796 | 616 |
| 31 Mar 24 | 19,098 | 1,191 | 2,545 | 546 |
| 31 Dec 23 | 18,951 | 1,387 | 2,466 | 493 |
| 30 Sep 23 | 19,740 | 1,240 | 2,469 | 504 |
| 30 Jun 23 | 20,256 | 2,282 | 2,455 | 521 |
| 31 Mar 23 | 21,040 | 2,528 | 2,575 | 553 |
| 31 Dec 22 | 17,288 | 3,157 | 1,938 | 416 |
| 30 Sep 22 | 20,449 | 3,588 | 2,601 | 524 |
| 30 Jun 22 | 20,339 | 2,745 | 2,695 | 504 |
| 31 Mar 22 | 20,568 | 2,659 | 2,871 | 507 |
| 31 Dec 21 | 20,613 | 1,664 | 2,979 | 503 |
| 30 Sep 21 | 20,074 | 2,224 | 2,905 | 496 |
| 30 Jun 21 | 19,735 | 2,496 | 2,842 | 473 |
| 31 Mar 21 | 18,267 | 2,270 | 2,615 | 442 |
| 31 Dec 20 | 17,456 | 1,982 | 2,590 | 419 |
| 30 Sep 20 | 17,363 | 1,538 | 2,462 | 391 |
| 30 Jun 20 | 17,183 | 1,289 | 2,447 | 393 |
| 31 Mar 20 | 18,173 | 1,812 | 2,518 | 402 |
| 31 Dec 19 | 18,608 | 2,116 | 2,517 | 401 |
| 31 Dec 18 | 18,914 | 2,734 | 2,477 | 400 |
| 31 Dec 17 | 17,814 | 1,227 | 2,382 | 364 |
Quality Earnings: CARR has high quality earnings.
Growing Profit Margin: CARR's current net profit margins (6.7%) are higher than last year (4.9%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: CARR's earnings have declined by 16.5% per year over the past 5 years.
Accelerating Growth: CARR's earnings growth over the past year (31.3%) exceeds its 5-year average (-16.5% per year).
Earnings vs Industry: CARR earnings growth over the past year (31.3%) exceeded the Building industry -1.1%.
Return on Equity
High ROE: CARR's Return on Equity (11%) is considered low.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/04/30 09:54 |
| End of Day Share Price | 2026/04/30 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Carrier Global Corporation is covered by 29 analysts. 24 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| null null | Argus Research Company |
| Timothy Wojs | Baird |
| Julian Mitchell | Barclays |