$CARR

CARRIER GLOBAL Corp

CIK:0001783180|SEC Filings

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Net sales
Total Net sales	$ 6,351	$ 6,113	$ 11,692	$ 11,331
Costs and expenses
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	0	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	0	(17)	0	(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	0	(17)	0	(17)
Net earnings (loss) attributable to common shareowners	$ 501	$ 591	$ 739	$ 1,003
Basic:
Continuing operations, Basic (in dollars per share)	$ 0.61	$ 0.71	$ 0.89	$ 1.18
Discontinued operations, Basic (in dollars per share)	0	(0.02)	0	(0.01)
Net earnings (loss), Basic (in dollars per share)	0.61	0.69	0.89	1.17
Diluted:
Continuing operations, Diluted (in dollars per share)	0.60	0.70	0.88	1.17
Discontinued operations, Diluted (in dollars per share)	0	(0.02)	0	(0.02)
Net earnings (loss), Diluted (in dollars per share)	$ 0.60	$ 0.68	$ 0.88	$ 1.15
Weighted-average number of shares outstanding
Basic (in shares)	828.1	854.9	831.5	860.8
Diluted (in shares)	836.5	866.3	839.6	872.3
Product
Net sales
Total Net sales	$ 5,634	$ 5,477	$ 10,301	$ 10,129
Costs and expenses
Cost of goods sold	(4,081)	(3,867)	(7,672)	(7,225)
Service
Net sales
Total Net sales	717	636	1,391	1,202
Costs and expenses
Cost of goods sold	$ (542)	$ (477)	$ (1,048)	$ (892)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net earnings (loss)	$ 806	$ 1,070
Discontinued operations, net of tax	0	17
Adjustments for non-cash items, net:
Depreciation and amortization	629	620
Deferred income tax provision	(242)	(158)
Stock-based compensation costs	33	44
Equity method investment net earnings	(89)	(122)
(Gain) loss on sale of investments and impairments, net	37	(17)
Changes in operating assets and liabilities
Accounts receivable, net	(651)	(702)
Inventories, net	(335)	(412)
Accounts payable and accrued liabilities	631	378
Distributions from equity method investments	51	81
Other operating activities, net	83	(47)
Net cash flows provided by (used in) continuing operating activities	953	752
Net cash flows provided by (used in) discontinued operating activities	53	380
Net cash flows provided by (used in) operating activities	1,006	1,132
Investing Activities
Capital expenditures	(211)	(144)
Investment in businesses, net of cash acquired	(54)	(61)
Dispositions of businesses	15	8
Settlement of derivative contracts, net	6	87
Other investing activities, net	9	(3)
Net cash flows provided by (used in) continuing investing activities	(235)	(113)
Net cash flows provided by (used in) discontinued investing activities	0	35
Net cash flows provided by (used in) investing activities	(235)	(78)
Financing Activities
Increase (decrease) in short-term borrowings, net	361	(57)
Issuance of long-term debt	39	15
Repayment of long-term debt	(57)	(1,208)
Repurchases of common stock	(745)	(1,628)
Dividends paid on common stock	(400)	(390)
Dividends paid to non-controlling interest	(65)	(9)
Other financing activities, net	(34)	(17)
Net cash flows provided by (used in) continuing financing activities	(901)	(3,294)
Net cash flows provided by (used in) discontinued financing activities	0	0
Net cash flows provided by (used in) financing activities	(901)	(3,294)
Effect of foreign exchange rate changes on cash and cash equivalents	(10)	68
Net increase (decrease) in cash and cash equivalents and restricted cash, including cash classified in current assets held for sale	(140)	(2,172)
Less: Change in cash balances classified as assets held for sale	70	0
Net increase (decrease) in cash and cash equivalents and restricted cash	(210)	(2,172)
Cash, cash equivalents and restricted cash, beginning of period	1,557	3,972
Cash, cash equivalents and restricted cash, end of period	1,347	1,800
Less: restricted cash	3	3
Cash and cash equivalents, end of period	$ 1,344	$ 1,797

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Jun. 30, 2026	Dec. 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
Commitments and contingent liabilities (Note 18)
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