株探米国株
エドガーで原本を確認する
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
99
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 2 a99-q22026earningsexhibit.htm EX-99 Document

Exhibit 99
carrierlogo100a.gif

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)

1

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.


2

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

3

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.

4

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.


5

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
 ~$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.

6


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

7

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

8


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.

9


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 

10

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 
11

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 
12

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  %

13

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  %
14

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 
15

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 

16

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 

17

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 

18