Form 8-K

8-K — CARRIER GLOBAL Corp

Accession: 0001783180-26-000023

Filed: 2026-04-30

Period: 2026-04-30

CIK: 0001783180

SIC: 3585 (AIR COND & WARM AIR HEATING EQUIP & COMM & INDL REFRIG EQUIP)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — carr-20260430.htm (Primary)

EX-99 (a99-q12026earningsexhibit.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: carr-20260430.htm · Sequence: 1

carr-20260430

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 30, 2026

CARRIER GLOBAL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

001-39220

83-4051582

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

13995 Pasteur Boulevard

Palm Beach Gardens

Florida

33418

(Address of principal executive offices, including zip code)

(561)

365-2000

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock ($0.01 par value) CARR New York Stock Exchange

4.125% Notes due 2028 CARR28 New York Stock Exchange

4.500% Notes due 2032 CARR32 New York Stock Exchange

3.625% Notes due 2037 CARR37 New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Section 2—Financial Information

Item 2.02. Results of Operations and Financial Condition.

On April 30, 2026, Carrier Global Corporation (the “Company”) issued a press release announcing its first quarter 2026 results.

The press release issued April 30, 2026, is furnished herewith as Exhibit No. 99 to this Report, and shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section and shall not be deemed to be incorporated by reference into any filing by the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Section 9—Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

Exhibit

Number

Exhibit Description

Press release, dated April 30, 2026, issued by Carrier Global Corporation (Earnings).

104

Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CARRIER GLOBAL CORPORATION

(Registrant)

Date: April 30, 2026

By:

/S/ PATRICK GORIS

Patrick Goris

Executive Vice President, Chief Financial & Strategy Officer

EX-99

Filename: a99-q12026earningsexhibit.htm · Sequence: 2

Document

Exhibit 99

Carrier Reports First Quarter 2026 Results

•Data center orders up over 500%; backlog fully covers expected 2026 data center sales

•Total company orders1 up 11%; Commercial HVAC1 up 35%

•Net sales up 2%; organic sales down 1%

•GAAP EPS of $0.28 and adjusted EPS of $0.57

•Net cash flows from operating activities of $79 million and free cash flow of ($15) million

•Returned ~$500 million to shareholders through dividends and repurchases

•Reaffirms full year outlook

PALM BEACH GARDENS, Fla., April 30, 2026 – Carrier Global Corporation (NYSE:CARR), global leader in intelligent climate and energy solutions, today reported financial results for the first quarter of 2026.

“We started the year with better than expected sales performance across the portfolio,” said Chairman & CEO David Gitlin. “Orders in our global Commercial HVAC1 business increased 35%, helped by data centers which were up over 500% in the quarter. The strong double-digit sequential increase in Commercial HVAC backlog gives us the confidence to drive our sixth consecutive year of double-digit growth in this business. CSA Light commercial and CSE Residential both delivered growth, while CSA Residential came in better than expected. I am pleased with the team's performance in the first quarter, and we are reaffirming our full-year outlook.”

1 Excludes NORESCO

First Quarter 2026 Results

Total Company

(Unaudited)

Three Months Ended

March 31

(In millions) 2026 2025 Change

Net sales $ 5,341 $ 5,218 2 %

Organic sales (1) %

Operating profit $ 259 $ 629 (59) %

Operating margin 4.8 % 12.1 % (730) bps

Adjusted operating profit $ 594 $ 848 (30) %

Adjusted operating margin 11.1 % 16.3 % (520) bps

Diluted earnings per share:

Continuing operations $ 0.28 $ 0.47 (40) %

Continuing operations - Adjusted $ 0.57 $ 0.65 (12) %

Carrier’s first-quarter sales of $5.3 billion increased 2% compared to the prior year. Organic sales declined 1%, more than offset by a 3% tailwind from foreign currency translation.

GAAP operating profit of $259 million in the quarter declined 59% from last year, driven by the CSA, CSE and CSAME segments.

Adjusted operating profit of $594 million was down 30% from last year, predominantly due to lower sales in our CSA Residential business and continued headwinds in China Residential and Light Commercial (RLC).

Net earnings from continuing operations were $239 million and adjusted net earnings from continuing operations were $482 million. GAAP EPS from continuing operations was $0.28 and adjusted EPS was $0.57, down 40% and 12% year-over-year, respectively. The declines were primarily driven by lower operating profit, partially offset by a lower tax rate and benefits of a lower share count.

Climate Solutions Americas (CSA)

(Unaudited)

Three Months Ended

March 31

(In millions) 2026 2025 Change

Net sales $ 2,501 $ 2,572 (3) %

Organic sales (3) %

Segment operating profit $ 373 $ 570 (35) %

Segment operating margin 14.9 % 22.2 % (730) bps

CSA segment sales declined 3%. Organic sales were down 3% driven by Residential, down about 12%, partially offset by strength in Light commercial and Commercial1, up 9% and 1% respectively.

Segment operating margin decreased 730 basis points largely reflecting lower Residential sales and associated factory under-absorption.

Climate Solutions Europe (CSE)

(Unaudited)

Three Months Ended

March 31

(In millions) 2026 2025 Change

Net sales $ 1,293 $ 1,169 11 %

Organic sales — %

Segment operating profit $ 89 $ 105 (15) %

Segment operating margin 6.9 % 9.0 % (210) bps

CSE segment sales increased 11%. Organic sales were flat with RLC up low-single digits and Commercial down mid-single digits.

Segment operating margin decreased 210 basis points driven by lower Commercial volume and higher promotions partially offset by RLC volume growth and strong productivity.

1 Excludes NORESCO

Climate Solutions Asia Pacific, Middle East & Africa (CSAME)

(Unaudited)

Three Months Ended

March 31

(In millions) 2026 2025 Change

Net sales $ 834 $ 826 1 %

Organic sales (1) %

Segment operating profit $ 81 $ 121 (33) %

Segment operating margin 9.7 % 14.6 % (490) bps

CSAME segment sales increased 1%. Organic sales were down 1% mainly driven by RLC in China, partially offset by strong Commercial growth outside of China, particularly in India and Australia.

Segment operating margin decreased 490 basis points as expected, driven mainly by China RLC.

Climate Solutions Transportation (CST)

(Unaudited)

Three Months Ended

March 31

(In millions) 2026 2025 Change

Net sales $ 713 $ 651 10 %

Organic sales 5 %

Segment operating profit $ 101 $ 97 4 %

Segment operating margin 14.2 % 14.9 % (70) bps

CST sales increased 10% driven by strong growth in Container. Organic sales increased 5% with 38% growth in Container, partially offset by a decline in Global Truck and Trailer, down high-single digits.

Segment operating margin declined 70 basis points, due to unfavorable mix.

Cash Flow

(Unaudited)

Three Months Ended

March 31,

(In millions) 2026 2025

Net cash flows provided by operating activities $ 79 $ 483

Less: Capital expenditures (94) (63)

Free cash flow $ (15) $ 420

Net cash flows generated from operating activities were $79 million and capital expenditures were $94 million, resulting in free cash flow of ($15) million.

Full-Year 2026 Guidance**

Current Guidance** Prior Guidance

Sales

~$22 billion

~$250 million revenue headwind from Riello exit

Organic* flat to up LSD

FX 1%

Net, Acquisitions / Divestitures (1%)

~$22 billion

~$350 million revenue headwind from Riello exit

Organic* flat to up LSD

FX 1%

Net, Acquisitions / Divestitures (1%)

Adjusted Operating Profit*

~$3.4 billion

Adjusted EPS*

~$2.80

Free Cash Flow*

~$2 billion

Riello divestiture expected to close by the end of Q2 2026; prior guidance assumed the divestiture closed by the

end of Q1 2026.

*Note: When the company provides expectations for organic sales, adjusted operating profit, adjusted operating profit, adjusted EPS and free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures generally is not available without unreasonable effort. See “Use and Definitions of Non-GAAP Financial Measures” below for additional information.

**As of April 30, 2026

Conference Call

Carrier will host a webcast of its earnings conference call today, Thursday, April 30, 2026, at 7:30 a.m. ET. To access the webcast, visit the Events & Presentations section of the Carrier Investor Relations site at ir.carrier.com/news-and-events/events-and-presentations. For alternative dial-in information, please contact Carrier investor relations at InvestorRelations@Carrier.com.

Cautionary Statement

This communication contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. From time to time, oral or written forward-looking statements may also be included in other information released to the public. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "confident," "scenario" and other words of similar meaning in connection with a discussion of future operating or financial performance. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, expectations relating to our sales backlog, share repurchases, tax rates and other measures of financial performance or potential future plans, strategies or transactions of Carrier, market conditions including with respect to residential end-markets, data center and otherwise, growth prospects for 2026 and beyond, expectations concerning the mitigation and net impact of tariffs during 2026, Carrier's guidance for full-year 2026, Carrier's plans with respect to our indebtedness and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Such risks, uncertainties and other factors include, without limitation, those described below and under the section titled “Risk Factors” in our most recent Annual Report on Form 10-K and in subsequent reports that we file with the SEC: the effect of economic conditions in the industries and markets in which Carrier and our businesses operate in the U.S. and globally and any changes therein, including financial market conditions, inflationary cost pressures, fluctuations in commodity prices, interest rates and foreign currency exchange rates, levels of end market demand in construction, the impact of weather conditions, pandemic health issues, natural disasters and the financial condition of our customers and suppliers; challenges in the development, production, delivery, support, performance and realization of the anticipated benefits of advanced technologies and new products and services; future levels of capital spending and research and development spending; future availability of credit and factors that may affect such availability, including credit market conditions and Carrier's capital structure and credit ratings; the timing and scope of future repurchases of Carrier's common stock, including market conditions and the level of other investing activities and uses of cash; delays and disruption in the delivery of materials and services from suppliers; cost reduction efforts and restructuring costs and savings and other consequences thereof; new business and investment opportunities; the outcome of legal proceedings, investigations and other contingencies; the impact of pension plan assumptions on future cash contributions and earnings; the impact of the negotiation of collective bargaining agreements and labor disputes; the effect of changes in political conditions in the U.S. and other countries in which Carrier and our businesses operate, including the effect of ongoing uncertainty and/or changes in U.S. trade policies, on general market conditions, global trade policies, the imposition of tariffs, and

currency exchange rates in the near term and beyond; the effect of changes in tax, environmental, regulatory (including among other things import/export) and other laws and regulations in the U.S. and other countries in which we and our businesses operate; the ability of Carrier to retain and hire key personnel; the scope, nature, impact or timing of acquisition and divestiture activity, such as our portfolio transformation transactions, including among other things integration of acquired businesses into existing businesses and realization of synergies and opportunities for growth and innovation and incurrence of related costs; a determination by the IRS and other tax authorities that the distribution of Carrier from RTX Corporation (f/k/a United Technologies Corporation) or certain related transactions should be treated as taxable transactions; and risks associated with current and future indebtedness, as well as our ability to reduce indebtedness and the timing thereof. The forward-looking statements speak only as of the date of this communication. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additional information as to factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements is disclosed from time to time in our other filings with the SEC.

About Carrier

Carrier Global Corporation, global leader in intelligent climate and energy solutions, is committed to creating innovations that bring comfort, safety and sustainability to life. Through cutting-edge advancements in climate solutions such as temperature control, air quality and transportation, we improve lives, empower critical industries and ensure the safe transport of food, life-saving medicines and more. Since inventing modern air conditioning in 1902, we lead with purpose: enhancing the lives we live and the world we share. We continue to lead because of our world-class, inclusive workforce that puts the customer at the center of everything we do. For more information, visit www.carrier.com or follow Carrier on social media at @Carrier.

Contact:

Investor Relations

Michael Rednor

561-365-2020

InvestorRelations@Carrier.com

Media Inquiries

Rob Six

561-365-2020

Robert.Six@Carrier.com

SELECTED FINANCIAL DATA, NON-GAAP MEASURES AND DEFINITIONS

Following are tables that present selected financial data of Carrier Global Corporation (“Carrier”). Also included are reconciliations of non-GAAP measures to their most comparable GAAP measures.

Use and Definitions of Non-GAAP Financial Measures

Carrier reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). We supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial information. The non-GAAP information presented provides investors with additional useful information, but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. A reconciliation of the non-GAAP measures to the corresponding amounts prepared in accordance with GAAP appears in the tables in this Appendix. The tables provide additional information as to the items and amounts that have been excluded from the adjusted measures.

Organic sales, adjusted operating profit, adjusted operating margin, adjusted earnings per share (“EPS”), adjusted effective tax rate and net debt are non-GAAP financial measures and are associated with Carrier's continuing operations unless specifically noted.

Organic sales represents consolidated net sales (a GAAP measure), excluding the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and other significant items of a nonoperational nature (hereinafter referred to as “other significant items”). Adjusted operating profit represents consolidated operating profit (a GAAP measure), excluding restructuring costs, amortization of acquired intangible assets and other significant items. Adjusted operating margin represents adjusted operating profit as a percentage of consolidated net sales (a GAAP measure). Adjusted EPS represents diluted earnings per share (a GAAP measure), excluding restructuring costs, amortization of acquired intangible assets and other significant items. The adjusted effective tax rate represents the effective tax rate (a GAAP measure), excluding restructuring costs, amortization of acquired intangible assets and other significant items. Net debt represents long-term debt (a GAAP measure) less cash and cash equivalents (a GAAP measure).

Segment operating profit is the measure of profit and loss that the Chief Operating Decision Maker uses to evaluate segment profitability. Segment operating profit represents operating profit (a GAAP measure) adjusted to exclude restructuring costs, amortization of acquired intangible assets and other significant items of a nonoperational nature.

Free cash flow is a non-GAAP financial measure that represents net cash flows provided by continuing operating activities (a GAAP measure) less capital expenditures. Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing Carrier’s ability to fund its activities, including the financing of acquisitions, debt service, repurchases of Carrier's common stock and distribution of earnings to shareowners. Orders are contractual commitments with customers to provide specified goods or services for an agreed upon price and may not be subject to penalty if cancelled.

When Carrier provides our expectations for organic sales, adjusted operating profit (including on a segment basis), adjusted operating margin (including on a segment basis), adjusted effective tax rate, adjusted EPS, free cash flow, and interest expense, net on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures generally is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, future restructuring costs, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.

Carrier Global Corporation

Condensed Consolidated Statement of Operations

(Unaudited)

Three Months Ended

March 31,

(In millions, except per share amounts) 2026 2025

Net sales

Product sales $ 4,667 $ 4,652

Service sales 674 566

Total Net sales 5,341 5,218

Costs and expenses

Cost of products sold (3,591) (3,358)

Cost of services sold (506) (415)

Research and development (143) (153)

Selling, general and administrative (861) (729)

Total Costs and expenses (5,101) (4,655)

Equity method investment net earnings 31 44

Other income (expense), net (12) 22

Operating profit 259 629

Non-service pension benefit (expense) 1 1

Interest (expense) income, net (90) (82)

Earnings before income taxes 170 548

Income tax (expense) benefit 96 (111)

Earnings from continuing operations 266 437

Discontinued operations, net of tax (1) —

Net earnings (loss) 265 437

Less: Non-controlling interest in subsidiaries' 27 25

Net earnings (loss) attributable to common shareowners $ 238 $ 412

Amounts attributable to common shareowners:

Continuing operations $ 239 $ 412

Discontinued operations (1) —

Net earnings (loss) attributable to common shareowners $ 238 $ 412

Earnings per share

Basic:

Continuing operations $ 0.29 $ 0.47

Discontinued operations — —

Net earnings (loss) $ 0.29 $ 0.47

Diluted:

Continuing operations $ 0.28 $ 0.47

Discontinued operations — —

Net earnings (loss) $ 0.28 $ 0.47

Weighted-average number of shares outstanding

Basic 835.0 866.9

Diluted 842.8 878.3

Carrier Global Corporation

Condensed Consolidated Balance Sheet

(Unaudited)

(In millions) March 31, 2026 December 31, 2025

Assets

Cash and cash equivalents $ 1,371 $ 1,555

Accounts receivable, net 3,130 2,639

Inventories, net 2,581 2,483

Assets held for sale 621 592

Other current assets 1,315 1,264

Total current assets 9,018 8,533

Future income tax benefits 1,137 1,074

Fixed assets, net 3,122 3,165

Operating lease right-of-use assets 551 546

Intangible assets, net 5,987 6,326

Goodwill 15,313 15,501

Pension and post-retirement assets 58 56

Equity method investments 1,331 1,321

Other assets 669 668

Total Assets $ 37,186 $ 37,190

Liabilities and Equity

Accounts payable $ 2,979 $ 2,702

Accrued liabilities 3,700 3,774

Liabilities held for sale 170 170

Short-term borrowings and current portion of long-term debt 1,736 468

Total current liabilities 8,585 7,114

Long-term debt 10,422 11,365

Future pension and post-retirement obligations 188 192

Future income tax obligations 1,688 1,833

Operating lease liabilities 415 418

Other long-term liabilities 2,087 2,140

Total Liabilities 23,385 23,062

Equity

Common stock 10 10

Treasury stock (7,104) (6,795)

Additional paid-in capital 8,675 8,665

Retained earnings 12,431 12,193

Accumulated other comprehensive income (loss) (560) (269)

Non-controlling interest 349 324

Total Equity 13,801 14,128

Total Liabilities and Equity $ 37,186 $ 37,190

Carrier Global Corporation

Condensed Consolidated Statement of Cash Flows

(Unaudited)

Three Months Ended

March 31,

(In millions) 2026 2025

Operating Activities

Net earnings (loss) $ 265 $ 437

Discontinued operations, net of tax 1 —

Adjustments for non-cash items, net:

Depreciation and amortization 315 303

Deferred income tax provision (179) (69)

Stock-based compensation costs 21 23

Equity method investment net earnings (31) (44)

(Gain) loss on sale of investments (3) (5)

Changes in operating assets and liabilities

Accounts receivable, net (509) (362)

Inventories, net (138) (301)

Accounts payable and accrued liabilities 351 481

Distributions from equity method investments 12 77

Other operating activities, net (39) (52)

Net cash flows provided by (used in) continuing operating activities 66 488

Net cash flows provided by (used in) discontinued operating activities 13 (5)

Net cash flows provided by (used in) operating activities 79 483

Investing Activities

Capital expenditures (94) (63)

Investment in businesses, net of cash acquired (23) (12)

Dispositions of businesses 8 8

Settlement of derivative contracts, net 35 36

Other investing activities, net 9 1

Net cash flows provided by (used in) continuing investing activities (65) (30)

Net cash flows provided by (used in) discontinued investing activities — 7

Net cash flows provided by (used in) investing activities (65) (23)

Financing Activities

Increase (decrease) in short-term borrowings, net 371 (49)

Issuance of long-term debt 22 9

Repayment of long-term debt (16) (1,205)

Repurchases of common stock (306) (1,288)

Dividends paid on common stock (201) (198)

Dividends paid to non-controlling interest (1) —

Other financing activities, net (10) (16)

Net cash flows provided by (used in) continuing financing activities (141) (2,747)

Net cash flows provided by (used in) discontinued financing activities — —

Net cash flows provided by (used in) financing activities (141) (2,747)

Effect of foreign exchange rate changes on cash and cash equivalents (13) 17

Net increase (decrease) in cash and cash equivalents and restricted cash, including cash classified in current assets held for sale (140) (2,270)

Less: Change in cash balances classified as assets held for sale 43 —

Net increase (decrease) in cash and cash equivalents and restricted cash (183) (2,270)

Cash, cash equivalents and restricted cash, beginning of period 1,557 3,972

Cash, cash equivalents and restricted cash, end of period 1,374 1,702

Less: restricted cash 3 4

Cash and cash equivalents, end of period $ 1,371 $ 1,698

Carrier Global Corporation

Segment Summary

(Unaudited)

Three Months Ended

March 31,

(In millions) 2026 2025

Segment net sales

Climate Solutions Americas $ 2,501 $ 2,572

Climate Solutions Europe 1,293 1,169

Climate Solutions Asia Pacific, Middle East & Africa 834 826

Climate Solutions Transportation 713 651

Segment net sales $ 5,341 $ 5,218

Segment operating profit

Climate Solutions Americas $ 373 $ 570

Climate Solutions Europe 89 105

Climate Solutions Asia Pacific, Middle East & Africa 81 121

Climate Solutions Transportation 101 97

Segment operating profit $ 644 $ 893

Segment operating margin

Climate Solutions Americas 14.9 % 22.2 %

Climate Solutions Europe 6.9 % 9.0 %

Climate Solutions Asia Pacific, Middle East & Africa 9.7 % 14.6 %

Climate Solutions Transportation 14.2 % 14.9 %

Components of Changes in Net Sales

Three Months Ended March 31, 2026 Compared with Three Months Ended March 31, 2025

(Unaudited)

Factors Contributing to Total % change in Net Sales

Organic FX Translation Acquisitions / Divestitures, net Other Total

Climate Solutions Americas (3) % — % — % — % (3) %

Climate Solutions Europe — % 11 % — % — % 11 %

Climate Solutions Asia Pacific, Middle East & Africa (1) % 2 % — % — % 1 %

Climate Solutions Transportation 5 % 5 % — % — % 10 %

Consolidated (1) % 3 % — % — % 2 %

Carrier Global Corporation

Reconciliations

(Unaudited)

Three Months Ended

March 31,

(In millions) 2026 2025

Reconciliation to Earnings before income taxes

Segment operating profit $ 644 $ 893

Corporate and other (50) (45)

Restructuring costs (108) (8)

Amortization of acquired intangible assets (213) (201)

Acquisition/divestiture-related costs (14) (10)

Non-service pension (expense) benefit 1 1

Interest (expense) income, net (90) (82)

Earnings before income taxes $ 170 $ 548

(Unaudited)

Three Months Ended

March 31,

(In millions) 2026 2025

Reconciliation of Segment operating profit to Adjusted operating profit

Climate Solutions Americas $ 373 $ 570

Climate Solutions Europe 89 105

Climate Solutions Asia Pacific, Middle East & Africa 81 121

Climate Solutions Transportation 101 97

Segment operating profit $ 644 $ 893

Corporate and other (50) (45)

Adjusted operating profit $ 594 $ 848

Carrier Global Corporation

Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results

Net Income, Earnings Per Share and Effective Tax Rate

(Unaudited)

Three Months Ended March 31, 2026

(In millions, except per share amounts) Reported Adjustments Adjusted

Net sales $ 5,341 $ — $ 5,341

Operating profit $ 259 335 a $ 594

Operating margin 4.8 % 11.1 %

Earnings before income taxes $ 170 335 a $ 505

Income tax (expense) benefit $ 96 (92) b $ 4

Effective tax rate (56.5) % (0.8) %

Earnings from continuing operations attributable to common shareowners $ 239 $ 243 $ 482

Summary of Adjustments:

Restructuring costs $ 108 a

Amortization of acquired intangible assets 213 a

Acquisition/divestiture-related costs 14 a

Total adjustments $ 335

Tax effect on adjustments above $ (92)

Total tax adjustments $ (92) b

Diluted shares outstanding 842.8 842.8

Diluted earnings per share:

Continuing operations $ 0.28 $ 0.57

Carrier Global Corporation

Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results

Net Income, Earnings Per Share and Effective Tax Rate

(Unaudited)

Three Months Ended March 31, 2025

(In millions, except per share amounts) Reported Adjustments Adjusted

Net sales $ 5,218 $ — $ 5,218

Operating profit $ 629 219 a $ 848

Operating margin 12.1 % 16.3 %

Earnings before income taxes $ 548 219 a $ 767

Income tax (expense) benefit $ (111) (58) b $ (169)

Effective tax rate 20.3 % 22.0 %

Earnings from continuing operations attributable to common shareowners $ 412 $ 161 $ 573

Summary of Adjustments:

Restructuring costs $ 8 a

Amortization of acquired intangible assets 201 a

Acquisition/divestiture-related costs 10 a

Total adjustments $ 219

Tax effect on adjustments above $ (58)

Total tax adjustments $ (58) b

Diluted shares outstanding 878.3 878.3

Diluted earnings per share:

Continuing operations $ 0.47 $ 0.65

Free Cash Flow Reconciliation

(Unaudited)

Three Months Ended

March 31,

(In millions) 2026 2025

Net cash flows provided by operating activities $ 79 $ 483

Less: Capital expenditures (94) (63)

Free cash flow $ (15) $ 420

Net Debt Reconciliation

(Unaudited)

(In millions) March 31, 2026 December 31, 2025

Long-term debt $ 10,422 $ 11,365

Short-term borrowings and current portion of long-term debt 1,736 468

Less: Cash and cash equivalents 1,371 1,555

Net debt $ 10,787 $ 10,278

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v3.26.1

Cover Page

Apr. 30, 2026

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Apr. 30, 2026

Entity Registrant Name

CARRIER GLOBAL CORPORATION

Entity Incorporation, State or Country Code

Entity File Number

001-39220

Entity Tax Identification Number

83-4051582

Entity Address, Address Line One

13995 Pasteur Boulevard

Entity Address, City or Town

Palm Beach Gardens

Entity Address, State or Province

Entity Address, Postal Zip Code

33418

City Area Code

(561)

Local Phone Number

365-2000

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Security Exchange Name

NYSE

4.125% Notes Due 2028

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4.125% Notes due 2028

Trading Symbol

CARR28

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NYSE

4.500% Notes Due 2032

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4.500% Notes due 2032

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3.626% Notes Due 2037

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3.625% Notes due 2037

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