8 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 4.5% per year over the past 5 years.
Net income has grown slower than revenue (-25.1% vs 4.5% per year).
Operating margin has contracted, at 10.0% in the latest year.
Free cash flow has grown 9.0% per year over the past 5 years.
Financial health
Total debt ($11.8B) exceeds cash ($1.6B); net debt is $10.2B.
Total debt has grown in line with revenue (2.9% vs 4.5% per year).
Total debt is 3.4× EBITDA.
Shareholder returns
Dividends have been paid for 6 consecutive years, consuming 52.0% of earnings and 36.4% of free cash flow.
The dividend has grown 41.1% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$21.7B
$1.5B
0.0%
10.0%
$2.1B
$11.8B
$1.6B
2024
$22.5B
$5.6B
26.6%
11.8%
$44M
$12.3B
$4.0B
2023
$19.0B
$1.3B
27.2%
11.4%
$2.2B
$14.3B
$9.9B
2022
$17.3B
$3.5B
24.9%
23.0%
$1.4B
$8.8B
$3.3B
2021
$20.6B
—
0.0%
12.8%
$1.9B
$9.7B
$3.0B
2020
$17.5B
—
0.0%
17.7%
$1.4B
$10.2B
$3.1B
2019
$18.6B
—
0.0%
13.4%
$1.8B
$319M
$952M
2018
$18.9B
—
0.0%
19.2%
$1.8B
—
$1.1B
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
Mar '26
$5.3B
$238M
0.0%
4.8%
-$15M
$12.1B
$1.4B
Dec '25
$4.8B
$53M
0.0%
2.1%
$909M
$11.8B
$1.6B
Sep '25
$5.6B
$428M
0.0%
9.7%
$224M
$11.9B
$1.4B
Jun '25
$6.1B
$591M
0.0%
14.8%
$568M
$11.4B
$1.8B
Mar '25
$5.2B
$412M
0.0%
12.1%
$420M
$11.2B
$1.7B
Dec '24
$5.1B
$2.6B
0.0%
15.0%
-$85M
$12.3B
$4.0B
Sep '24
$6.0B
$447M
0.0%
12.8%
-$361M
$12.4B
$2.2B
Jun '24
$5.9B
$2.3B
0.0%
12.2%
$552M
$13.3B
$2.8B
Mar '24
$5.4B
$269M
0.0%
7.1%
-$62M
$16.9B
$1.2B
Dec '23
$4.3B
$420M
0.0%
12.5%
$840M
$14.3B
$9.9B
Sep '23
$4.9B
$357M
0.0%
10.3%
$968M
$8.8B
$3.7B
Jun '23
$5.2B
—
0.0%
12.6%
$310M
$8.8B
$3.2B
Mar '23
$5.3B
—
0.0%
10.5%
$50M
$8.8B
$3.3B
Dec '22
$5.1B
—
0.0%
8.5%
$983M
$8.8B
$3.3B
Sep '22
$5.5B
—
0.0%
28.0%
$699M
$8.9B
$3.0B
Jun '22
$5.2B
—
0.0%
15.7%
-$34M
$8.6B
$3.0B
Mar '22
$4.7B
—
0.0%
37.3%
-$258M
$8.6B
$3.6B
Dec '21
$5.1B
—
0.0%
9.0%
$775M
$9.7B
$3.0B
Sep '21
$5.3B
—
0.0%
15.5%
$505M
$9.7B
$2.7B
Jun '21
$5.4B
—
0.0%
14.4%
$482M
$9.7B
$2.6B
Valuation over time
How the market has priced CARR against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has risen from 10.8× (Mar '23) to 42.5× (Jun '26).
The price-to-sales ratio has risen from 2.2× (Mar '23) to 2.9× (Jun '26).
The dividend yield has fallen from 1.3% (Mar '23) to 1.2% (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is CARR growing its revenue and profit?
Over the past 5 years, Carrier Global's revenue has grown 4.5% per year, and net income declined 25.1% per year. These are computed facts, not advice.
How much debt does CARR have?
As of FY2025, Carrier Global reported $11.8B of total debt against $1.6B of cash.
What is CARR's profit margin?
In FY2025, gross margin was —, operating margin 10.0%, and net margin 6.8%.
What is CARR's P/E ratio?
As of Jun '26, Carrier Global traded at a price-to-earnings ratio of about 42.5× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.