Form 8-K

8-K — CARRIER GLOBAL Corp

Accession: 0001783180-26-000030

Filed: 2026-07-28

Period: 2026-07-28

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-20260728.htm (Primary)

EX-99 (a99-q22026earningsexhibit.htm)

GRAPHIC (carrierlogo100a.gif)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: carr-20260728.htm · Sequence: 1

carr-20260728

FALSE000178318000017831802026-07-282026-07-280001783180us-gaap:CommonStockMember2026-07-282026-07-280001783180carr:A4.125NotesDue2028Member2026-07-282026-07-280001783180carr:A4.500NotesDue2032Member2026-07-282026-07-280001783180carr:A3.626NotesDue2037Member2026-07-282026-07-28

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): July 28, 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 July 28, 2026, Carrier Global Corporation (the “Company”) issued a press release announcing its second quarter 2026 results.

The press release issued July 28, 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 July 28, 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: July 28, 2026

By:

/S/ PATRICK GORIS

Patrick Goris

Executive Vice President, Chief Financial & Strategy Officer

EX-99

Filename: a99-q22026earningsexhibit.htm · Sequence: 2

Document

Exhibit 99

Carrier Reports Second Quarter 2026 Results

Increases Full-year Outlook for Sales, Adj. Op. Profit and Adj. EPS

•Total company orders1 up ~40%; Commercial HVAC1 up ~65%; data centers up >300%

•Net sales up 4%; organic sales up 3%

•GAAP EPS of $0.60 and adjusted EPS of $0.86

•Net cash flows from operating activities of $927 million and free cash flow of $810 million

•Returned ~$640 million to shareholders through dividends and repurchases

•Raises full year outlook to ~$23B sales, ~$3.5B adj. op. profit and ~$2.90 adj. EPS

◦Includes ~($0.05) adj. EPS impact from NORESCO exit and new U.S. factory costs

PALM BEACH GARDENS, Fla., July 28, 2026 – Carrier Global Corporation (NYSE: CARR), global leader in intelligent climate and energy solutions, today reported better than expected financial results for the second quarter of 2026.

“We ended the first half with a stronger than expected second quarter, including better sales, adjusted EPS and free cash flow,” said Chairman & CEO David Gitlin. “Organic sales returned to growth earlier than expected, up 3%, driven by strong performance in our CSA segment. Improving Residential and Light Commercial markets in CSA and CSE are encouraging. Orders were very strong globally in the second quarter supported by continued data center demand. Given record backlog levels and our year-to-date performance, we are raising our full-year outlook and now expect sales of about $23 billion and adjusted EPS of ~$2.90."

1 Excludes NORESCO (exit announced) and Riello (exit completed on July 1, 2026)

Second Quarter 2026 Results

Total Company

(Unaudited)

Three Months Ended

June 30

(In millions) 2026 2025 Change

Net sales $ 6,351 $ 6,113 4 %

Organic sales 3 %

Operating profit $ 825 $ 903 (9) %

Operating margin 13.0 % 14.8 % (180) bps

Adjusted operating profit $ 1,095 $ 1,166 (6) %

Adjusted operating margin 17.2 % 19.1 % (190) bps

Diluted earnings per share:

Continuing operations $ 0.60 $ 0.70 (14) %

Continuing operations - Adjusted $ 0.86 $ 0.92 (7) %

Carrier’s second-quarter sales of $6.4 billion increased 4% compared to the prior year. Organic sales increased 3% and foreign currency translation was a tailwind of 1%.

GAAP operating profit of $825 million in the quarter declined 9% from last year, driven primarily by the Climate Solutions Americas (CSA) and Climate Solutions Asia Pacific, Middle East and Africa segments (CSAME).

Adjusted operating margin of 17.2% was down 190 basis points from last year, predominantly due to favorable volume and productivity more than offset by the impact of increased input costs and unfavorable business mix.

Net earnings from continuing operations were $501 million and adjusted net earnings from continuing operations were $721 million. GAAP EPS from continuing operations was $0.60 and adjusted EPS was $0.86, down 14% and 7% year-over-year, respectively. The declines were primarily driven by lower operating profit and a higher effective tax rate, partially offset by the benefit of a lower share count.

Climate Solutions Americas (CSA)

(Unaudited)

Three Months Ended

June 30

(In millions) 2026 2025 Change

Net sales $ 3,372 $ 3,252 4 %

Organic sales 4 %

Segment operating profit $ 823 $ 879 (6) %

Segment operating margin 24.4 % 27.0 % (260) bps

CSA segment sales grew 4%. Organic sales were up 4% driven by Residential and Light Commercial (RLC), up 9% and 10% respectively, partially offset by Commercial1, down 8% due to the timing of customer deliveries.

Segment operating margin decreased 260 basis points as revenue growth mainly related to price which was more than offset by unfavorable mix and input costs.

Climate Solutions Europe (CSE)

(Unaudited)

Three Months Ended

June 30

(In millions) 2026 2025 Change

Net sales $ 1,324 $ 1,253 6 %

Organic sales 3 %

Segment operating profit $ 95 $ 99 (4) %

Segment operating margin 7.2 % 7.9 % (70) bps

CSE segment sales increased 6%. Organic sales were up 3% with RLC up high-single digits and Commercial down mid-single digits.

Segment operating margin decreased 70 basis points driven by volume growth and favorable price / cost more than offset by unfavorable mix and selling investments.

1 Excludes NORESCO

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

(Unaudited)

Three Months Ended

June 30

(In millions) 2026 2025 Change

Net sales $ 917 $ 882 4 %

Organic sales 4 %

Segment operating profit $ 108 $ 135 (20) %

Segment operating margin 11.8 % 15.3 % (350) bps

CSAME segment sales increased 4%. Organic sales were up 4% driven by double-digit growth in India, the Middle East, Southeast Asia and Australia partially offset by continued pressure in RLC in China.

Segment operating margin decreased 350 basis points driven by volume growth and productivity more than offset by unfavorable mix and lower JV income due to the impacts from the Middle East conflict.

Climate Solutions Transportation (CST)

(Unaudited)

Three Months Ended

June 30

(In millions) 2026 2025 Change

Net sales $ 738 $ 726 2 %

Organic sales — %

Segment operating profit $ 118 $ 128 (8) %

Segment operating margin 16.0 % 17.6 % (160) bps

CST sales increased 2% driven by strong growth in Container. Organic sales were flat as strong Container growth of ~40% was offset by low-teens declines in Global Truck and Trailer.

Segment operating margin declined 160 basis points, due to unfavorable mix from lower Global Truck and Trailer volume offset by higher Container volume.

Cash Flow

(Unaudited) (Unaudited)

Three Months Ended

June 30, Six Months Ended

June 30,

(In millions) 2026 2025 2026 2025

Net cash flows provided by operating activities $ 927 $ 649 $ 1,006 $ 1,132

Less: Capital expenditures (117) (81) (211) (144)

Free cash flow $ 810 $ 568 $ 795 $ 988

Net cash flows generated from operating activities were $927 million and capital expenditures were $117 million, resulting in free cash flow of $810 million.

Full-Year 2026 Guidance**

Current Guidance** Prior Guidance

Sales

~$23 billion

Organic* up ~M-HSD

FX 1%

Net, Acquisitions / Divestitures (2%) ~$225 million and ~$125 million year-over-year revenue headwind from Riello and NORESCO exits, respectively

~$22 billion

Organic* flat to up LSD

FX 1%

Net, Acquisitions / Divestitures (1%) ~$250 million year-over-year revenue headwind from Riello exit

Adjusted Operating Profit*

~$3.5 billion

~$3.4 billion

Adjusted EPS*

~$2.90

~$2.80

Free Cash Flow*

~$2 billion

Riello divestiture completed on July 1st. NORESCO divestiture announced.

*Note: When the company provides expectations for organic sales, 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 July 28, 2026

Conference Call

Carrier will host a webcast of its earnings conference call today, Tuesday, July 28, 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 acquisition of the VCS business and 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.

Carrier. For the World We Share

CARR-IR

Contact:

Investor Relations

Michael Rednor

561-365-2020

InvestorRelations@Carrier.com

Media Inquiries

Kristina Pantelides

561-236-4241

Kristina.Pantelides@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.

Price/cost represents the combined impact of realized pricing, cost inflation and productivity actions, including manufacturing efficiencies, sourcing initiatives and certain productivity measures.

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

June 30, Six Months Ended

June 30,

(In millions, except per share amounts) 2026 2025 2026 2025

Net sales

Product sales $ 5,634 $ 5,477 $ 10,301 $ 10,129

Service sales 717 636 1,391 1,202

Total Net sales 6,351 6,113 11,692 11,331

Costs and expenses

Cost of products sold (4,081) (3,867) (7,672) (7,225)

Cost of services sold (542) (477) (1,048) (892)

Research and development (148) (161) (291) (314)

Selling, general and administrative (810) (813) (1,672) (1,542)

Total Costs and expenses (5,581) (5,318) (10,683) (9,973)

Equity method investment net earnings 58 78 89 122

Other income (expense), net (3) 30 (15) 52

Operating profit 825 903 1,083 1,532

Non-service pension benefit (expense) 1 — 2 1

Interest (expense) income, net (105) (91) (195) (173)

Earnings before income taxes 721 812 890 1,360

Income tax (expense) benefit (180) (162) (84) (273)

Earnings from continuing operations 541 650 806 1,087

Discontinued operations, net of tax — (17) — (17)

Net earnings (loss) 541 633 806 1,070

Less: Non-controlling interest in subsidiaries' 40 42 67 67

Net earnings (loss) attributable to common shareowners $ 501 $ 591 $ 739 $ 1,003

Amounts attributable to common shareowners:

Continuing operations $ 501 $ 608 $ 739 $ 1,020

Discontinued operations — (17) — (17)

Net earnings (loss) attributable to common shareowners $ 501 $ 591 $ 739 $ 1,003

Earnings per share

Basic:

Continuing operations $ 0.61 $ 0.71 $ 0.89 $ 1.18

Discontinued operations — (0.02) — (0.01)

Net earnings (loss) $ 0.61 $ 0.69 $ 0.89 $ 1.17

Diluted:

Continuing operations $ 0.60 $ 0.70 $ 0.88 $ 1.17

Discontinued operations — (0.02) — (0.02)

Net earnings (loss) $ 0.60 $ 0.68 $ 0.88 $ 1.15

Weighted-average number of shares outstanding

Basic 828.1 854.9 831.5 860.8

Diluted 836.5 866.3 839.6 872.3

Carrier Global Corporation

Condensed Consolidated Balance Sheet

(Unaudited)

(In millions) June 30, 2026 December 31, 2025

Assets

Cash and cash equivalents $ 1,344 $ 1,555

Accounts receivable, net 3,246 2,639

Inventories, net 2,759 2,483

Assets held for sale 815 592

Other current assets 1,250 1,264

Total current assets 9,414 8,533

Future income tax benefits 1,126 1,074

Fixed assets, net 3,162 3,165

Operating lease right-of-use assets 568 546

Intangible assets, net 5,756 6,326

Goodwill 15,267 15,501

Pension and post-retirement assets 61 56

Equity method investments 1,341 1,321

Other assets 677 668

Total Assets $ 37,372 $ 37,190

Liabilities and Equity

Accounts payable $ 3,216 $ 2,702

Accrued liabilities 3,963 3,774

Liabilities held for sale 414 170

Short-term borrowings and current portion of long-term debt 1,638 468

Total current liabilities 9,231 7,114

Long-term debt 10,314 11,365

Future pension and post-retirement obligations 185 192

Future income tax obligations 1,622 1,833

Operating lease liabilities 442 418

Other long-term liabilities 2,106 2,140

Total Liabilities 23,900 23,062

Equity

Common stock 10 10

Treasury stock (7,550) (6,795)

Additional paid-in capital 8,688 8,665

Retained earnings 12,536 12,193

Accumulated other comprehensive income (loss) (537) (269)

Non-controlling interest 325 324

Total Equity 13,472 14,128

Total Liabilities and Equity $ 37,372 $ 37,190

Carrier Global Corporation

Condensed Consolidated Statement of Cash Flows

(Unaudited)

Three Months Ended

June 30, Six Months Ended

June 30,

(In millions) 2026 2025 2026 2025

Operating Activities

Net earnings (loss) $ 541 $ 633 $ 806 $ 1,070

Discontinued operations, net of tax — 17 — 17

Adjustments for non-cash items, net:

Depreciation and amortization 314 317 629 620

Deferred income tax provision (63) (89) (242) (158)

Stock-based compensation costs 12 21 33 44

Equity method investment net earnings (58) (78) (89) (122)

(Gain) loss on sale of investments and impairments, net 40 (12) 37 (17)

Changes in operating assets and liabilities

Accounts receivable, net (142) (340) (651) (702)

Inventories, net (197) (111) (335) (412)

Accounts payable and accrued liabilities 280 (103) 631 378

Distributions from equity method investments 39 4 51 81

Other operating activities, net 122 5 83 (47)

Net cash flows provided by (used in) continuing operating activities 888 264 953 752

Net cash flows provided by (used in) discontinued operating activities 39 385 53 380

Net cash flows provided by (used in) operating activities 927 649 1,006 1,132

Investing Activities

Capital expenditures (117) (81) (211) (144)

Investment in businesses, net of cash acquired (31) (49) (54) (61)

Dispositions of businesses 7 — 15 8

Settlement of derivative contracts, net (29) 51 6 87

Other investing activities, net — (4) 9 (3)

Net cash flows provided by (used in) continuing investing activities (170) (83) (235) (113)

Net cash flows provided by (used in) discontinued investing activities — 28 — 35

Net cash flows provided by (used in) investing activities (170) (55) (235) (78)

Financing Activities

Increase (decrease) in short-term borrowings, net (10) (8) 361 (57)

Issuance of long-term debt 17 6 39 15

Repayment of long-term debt (41) (3) (57) (1,208)

Repurchases of common stock (439) (340) (745) (1,628)

Dividends paid on common stock (199) (192) (400) (390)

Dividends paid to non-controlling interest (64) (9) (65) (9)

Other financing activities, net (24) (1) (34) (17)

Net cash flows provided by (used in) continuing financing activities (760) (547) (901) (3,294)

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

Net cash flows provided by (used in) financing activities (760) (547) (901) (3,294)

Effect of foreign exchange rate changes on cash and cash equivalents 3 51 (10) 68

Net increase (decrease) in cash and cash equivalents and restricted cash, including cash classified in current assets held for sale — 98 (140) (2,172)

Less: Change in cash balances classified as assets held for sale 27 — 70 —

Net increase (decrease) in cash and cash equivalents and restricted cash (27) 98 (210) (2,172)

Cash, cash equivalents and restricted cash, beginning of period 1,374 1,702 1,557 3,972

Cash, cash equivalents and restricted cash, end of period 1,347 1,800 1,347 1,800

Less: restricted cash 3 3 3 3

Cash and cash equivalents, end of period $ 1,344 $ 1,797 $ 1,344 $ 1,797

Carrier Global Corporation

Segment Summary

(Unaudited)

Three Months Ended

June 30, Six Months Ended

June 30,

(In millions) 2026 2025 2026 2025

Segment net sales

Climate Solutions Americas $ 3,372 $ 3,252 $ 5,873 $ 5,824

Climate Solutions Europe 1,324 1,253 2,617 2,422

Climate Solutions Asia Pacific, Middle East & Africa 917 882 1,751 1,708

Climate Solutions Transportation 738 726 1,451 1,377

Segment net sales $ 6,351 $ 6,113 $ 11,692 $ 11,331

Segment operating profit

Climate Solutions Americas $ 823 $ 879 $ 1,196 $ 1,449

Climate Solutions Europe 95 99 184 204

Climate Solutions Asia Pacific, Middle East & Africa 108 135 189 256

Climate Solutions Transportation 118 128 219 225

Segment operating profit $ 1,144 $ 1,241 $ 1,788 $ 2,134

Segment operating margin

Climate Solutions Americas 24.4 % 27.0 % 20.4 % 24.9 %

Climate Solutions Europe 7.2 % 7.9 % 7.0 % 8.4 %

Climate Solutions Asia Pacific, Middle East & Africa 11.8 % 15.3 % 10.8 % 15.0 %

Climate Solutions Transportation 16.0 % 17.6 % 15.1 % 16.3 %

Components of Changes in Net Sales

Three Months Ended June 30, 2026 Compared with Three Months Ended June 30, 2025

(Unaudited)

Factors Contributing to Total % change in Net Sales

Organic FX Translation Acquisitions / Divestitures, net Other Total

Climate Solutions Americas 4 % — % — % — % 4 %

Climate Solutions Europe 3 % 3 % — % — % 6 %

Climate Solutions Asia Pacific, Middle East & Africa 4 % — % — % — % 4 %

Climate Solutions Transportation — % 2 % — % — % 2 %

Consolidated 3 % 1 % — % — % 4 %

Six Months Ended June 30, 2026 Compared with Six Months Ended June 30, 2025

(Unaudited)

Factors Contributing to Total % change in Net Sales

Organic FX Translation Acquisitions / Divestitures, net Other Total

Climate Solutions Americas 1 % — % — % — % 1 %

Climate Solutions Europe 1 % 7 % — % — % 8 %

Climate Solutions Asia Pacific, Middle East & Africa 1 % 1 % 1 % — % 3 %

Climate Solutions Transportation 2 % 3 % — % — % 5 %

Consolidated 1 % 2 % — % — % 3 %

Carrier Global Corporation

Reconciliations

(Unaudited)

Three Months Ended

June 30, Six Months Ended

June 30,

(In millions) 2026 2025 2026 2025

Reconciliation to Earnings before income taxes

Segment operating profit $ 1,144 $ 1,241 $ 1,788 $ 2,134

Corporate and other (49) (75) (99) (120)

Restructuring costs (8) (47) (116) (55)

Amortization of acquired intangible assets (213) (214) (426) (415)

Acquisition/divestiture-related costs (8) (6) (18) (11)

Riello impairment (46) — (46) —

CCR gain — 7 — 7

Other 5 (3) — (8)

Non-service pension (expense) benefit 1 — 2 1

Interest (expense) income, net (105) (91) (195) (173)

Earnings before income taxes $ 721 $ 812 $ 890 $ 1,360

(Unaudited)

Three Months Ended

June 30, Six Months Ended

June 30,

(In millions) 2026 2025 2026 2025

Reconciliation of Segment operating profit to Adjusted operating profit

Climate Solutions Americas $ 823 $ 879 $ 1,196 $ 1,449

Climate Solutions Europe 95 99 184 204

Climate Solutions Asia Pacific, Middle East & Africa 108 135 189 256

Climate Solutions Transportation 118 128 219 225

Segment operating profit $ 1,144 $ 1,241 $ 1,788 $ 2,134

Corporate and other (49) (75) (99) (120)

Adjusted operating profit $ 1,095 $ 1,166 $ 1,689 $ 2,014

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 June 30, 2026 Six Months Ended June 30, 2026

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

Net sales $ 6,351 $ — $ 6,351 $ 11,692 $ — $ 11,692

Operating profit $ 825 270 a $ 1,095 $ 1,083 606 a $ 1,689

Operating margin 13.0 % 17.2 % 9.3 % 14.4 %

Earnings before income taxes $ 721 270 a $ 991 $ 890 606 a $ 1,496

Income tax (expense) benefit $ (180) (50) b $ (230) $ (84) (142) b $ (226)

Effective tax rate 25.0 % 23.2 % 9.4 % 15.1 %

Earnings from continuing operations attributable to common shareowners $ 501 $ 220 $ 721 $ 739 $ 464 $ 1,203

Summary of Adjustments:

Restructuring costs $ 8 a $ 116 a

Amortization of acquired intangible assets 213 a 426 a

Acquisition/divestiture-related costs 8 a 18 a

Riello impairment 46 a 46 a

Other (5) a — a

Total adjustments $ 270 $ 606

Tax effect on adjustments above $ (50) $ (142)

Total tax adjustments $ (50) b $ (142) b

Diluted shares outstanding 836.5 836.5 839.6 839.6

Diluted earnings per share:

Continuing operations $ 0.60 $ 0.86 $ 0.88 $ 1.43

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 June 30, 2025 Six Months Ended June 30, 2025

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

Net sales $ 6,113 $ — $ 6,113 $ 11,331 $ — $ 11,331

Operating profit $ 903 263 a $ 1,166 $ 1,532 482 a $ 2,014

Operating margin 14.8 % 19.1 % 13.5 % 17.8 %

Earnings before income taxes $ 812 263 a $ 1,075 $ 1,360 482 a $ 1,842

Income tax (expense) benefit $ (162) (75) b $ (237) $ (273) (133) b $ (406)

Effective tax rate 20.0 % 22.1 % 20.1 % 22.1 %

Earnings from continuing operations attributable to common shareowners $ 608 $ 188 $ 796 $ 1,020 $ 349 $ 1,369

Summary of Adjustments:

Restructuring costs $ 47 a 55 a

Amortization of acquired intangible assets 214 a $ 415 a

Acquisition/divestiture-related costs 6 a 11 a

CCR gain (7) a (7) a

Other 3 a 8 a

Total adjustments $ 263 $ 482

Tax effect on adjustments above $ (69) $ (127)

Tax specific adjustments (6) (6)

Total tax adjustments $ (75) b $ (133) b

Diluted shares outstanding 866.3 866.3 872.3 872.3

Diluted earnings per share:

Continuing operations $ 0.70 $ 0.92 $ 1.17 $ 1.57

Free Cash Flow Reconciliation

(Unaudited)

Three Months Ended

June 30, Six Months Ended

June 30,

(In millions) 2026 2025 2026 2025

Net cash flows provided by operating activities $ 927 $ 649 $ 1,006 $ 1,132

Less: Capital expenditures (117) (81) (211) (144)

Free cash flow $ 810 $ 568 $ 795 $ 988

Net Debt Reconciliation

(Unaudited)

(In millions) June 30, 2026 December 31, 2025

Long-term debt $ 10,314 $ 11,365

Short-term borrowings and current portion of long-term debt 1,638 468

Less: Cash and cash equivalents 1,344 1,555

Net debt $ 10,608 $ 10,278

GRAPHIC

Filename: carrierlogo100a.gif · Sequence: 7

Binary file (6268 bytes)

Download carrierlogo100a.gif

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 9

v3.26.1

Cover Page

Jul. 28, 2026

Cover [Abstract]

Document Type

8-K

Document Period End Date

Jul. 28, 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

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Entity Listings [Line Items]

Entity Emerging Growth Company

false

Amendment Flag

false

Entity Central Index Key

0001783180

Common Stock

Entity Listings [Line Items]

Title of 12(b) Security

Common Stock ($0.01 par value)

Trading Symbol

CARR

Security Exchange Name

NYSE

4.125% Notes Due 2028

Entity Listings [Line Items]

Title of 12(b) Security

4.125% Notes due 2028

Trading Symbol

CARR28

Security Exchange Name

NYSE

4.500% Notes Due 2032

Entity Listings [Line Items]

Title of 12(b) Security

4.500% Notes due 2032

Trading Symbol

CARR32

Security Exchange Name

NYSE

3.626% Notes Due 2037

Entity Listings [Line Items]

Title of 12(b) Security

3.625% Notes due 2037

Trading Symbol

CARR37

Security Exchange Name

NYSE

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Cover page.

+ References

No definition available.

+ Details

Name:

dei_CoverAbstract

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

Name:

dei_EntityListingsLineItems

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=carr_A4.125NotesDue2028Member

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=carr_A4.500NotesDue2032Member

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=carr_A3.626NotesDue2037Member

Namespace Prefix:

Data Type:

Balance Type:

Period Type: