Carrier Global Corporation reported its financial results for the fourth quarter (Q4) and full year (FY) 2025. In Q4 2025, net sales declined by 6 percent to USD 5.09 billion, with organic sales down 9 percent. GAAP earnings per share $(EPS)$ from continuing operations for the quarter was USD 0.03, and adjusted EPS was USD 0.34. Net cash flows from operating activities reached USD 1.04 billion, while free cash flow totaled USD 909 million. For the full year 2025, sales totaled USD 21.75 billion, representing a 3 percent decrease compared to the prior year, with organic sales down 1 percent. GAAP EPS from continuing operations was USD 1.69, and adjusted EPS was USD 2.59. The operating margin for the year was 10.0 percent, with an adjusted operating margin of 15.1 percent. Carrier returned approximately USD 3.7 billion to shareholders, which included USD 0.8 billion in dividends and USD 2.9 billion in share repurchases. In terms of business highlights, Carrier reported double-digit growth in global commercial HVAC and aftermarket sales during the year. The company also completed a portfolio transformation and revised its segment reporting and profitability measures to better reflect its business strategy, align management reporting, and increase transparency for investors.

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