Carrier Global Corporation
10/29/2026 | Press release | Distributed by Public on 10/29/2026 12:45
Quarterly Report for Quarter Ending September 30, 2026 (Form 10-Q)
Management's Discussion and Analysis of Financial Condition and Results of Operations
BUSINESS OVERVIEW
Business Summary
Carrier Global Corporation ("we" or "our") is a global leader in intelligent climate and energy solutions with a focus on providing differentiated, digitally-enabled lifecycle solutions to our customers. Our portfolio includes industry-leading brands such as Carrier, Viessmann, Toshiba, Automated Logic and Carrier Transicold that offer innovative heating, cooling and cold chain solutions to enhance the lives we live and the world we share. We also provide a broad array of related building services, including audit, design, installation, system integration, repair, maintenance and monitoring. Our operations are classified into four segments: Climate Solutions Americas, Climate Solutions Europe, Climate Solutions Asia Pacific, Middle East & Africa and Climate Solutions Transportation.
Through our performance-driven culture, we anticipate creating long-term shareowner value by investing strategically to strengthen our product position in homes, buildings and across the cold chain in order to drive profitable growth. We believe our business segments are well positioned to benefit from favorable secular trends, including the mega-trends of urbanization, population growth and demographic shifts, food security and safety, electrification, increasing demand for climate control and accelerated digitalization. Coupled with our industry-leading brands and track record of innovation, we continue to provide market-leading solutions for our customers.
Our worldwide operations are affected by global and regional industrial, economic and political factors, trade policies and trends. They are also affected by changes in the general level of economic activity, such as changes in business and consumer spending, construction and shipping activity as well as short-term economic factors such as currency fluctuations, commodity price volatility and supply disruptions. We continue to invest in our business, take pricing actions to mitigate supply chain and inflationary pressures, develop new products and services in order to remain competitive in our markets and use risk management strategies to mitigate various exposures.
Through a combination of supply-chain adjustments, productivity initiatives and pricing actions, we fully mitigated the 2025 impact of tariffs implemented in 2025. While these tariffs did not have a material impact on our prior year results, in 2026 we continue to evaluate and assess any potential exposure to the impacts of these tariffs, including impacts to supply chains and cost structures.
In February 2026, the U.S. Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act ("IEEPA") were unauthorized. We were the importer of record for certain products previously subject to IEEPA tariffs. In March 2026, the U.S. Court of International Trade ordered U.S. Customs and Border Protection to refund IEEPA tariffs previously collected. During the third quarter of 2026, we recognized a benefit of $133 million related to refunds of IEEPA tariffs previously paid that we determined are probable and estimable. The benefit was recorded primarily as a reduction to Cost of products sold on the accompanying Unaudited Condensed Consolidated Statement of Operations.
On April 2, 2026, updated Section 232 tariffs applicable to steel, aluminum and copper were announced. We expect to partially mitigate the 2026 impact by leveraging similar strategies deployed during 2025 including supply chain changes, operational cost reduction and pricing actions. We will continue to monitor developments in U.S. tariff policy and assess the impact of any changes on our business and results of operations.
Recent Developments
Divestitures
On July 1, 2026, we completed the sale of our Riello business ("Riello") for cash proceeds of $438 million. Riello, predominantly reported in our Climate Solutions Europe segment, is a leading international manufacturer that designs, produces and integrates a comprehensive portfolio of thermal solutions including burners, boilers, heat pumps, cooling systems and aftermarket services for residential, commercial and industrial applications, with a strong focus on energy efficiency, innovation and a global distribution network. We recognized a gross loss on the sale of $48 million, which is recorded in Other income (expense), net on the accompanying Unaudited Condensed Consolidated Statement of Operations. The gross loss included a $46 million impairment in the second quarter of 2026 and an additional $2 million loss recognized upon completion of the sale in the third quarter of 2026. The net proceeds received are subject to working capital and other adjustments provided in the stock purchase agreement.
CRITICAL ACCOUNTING ESTIMATES
Preparation of our financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, sales and expenses. We believe that the most complex and sensitive judgments, because of their potential significance to the accompanying Unaudited Condensed Consolidated Financial Statements, result primarily from the need to make estimates about the effects of matters that are inherently uncertain. In "Management's Discussion and Analysis of Financial Condition and Results of Operations" of our 2025 Form 10-K, we describe the significant accounting estimates and policies used in the preparation of the accompanying Unaudited Condensed Consolidated Financial Statements. Except as noted below, there have been no significant changes in our critical accounting estimates.
Goodwill
In accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 350, Intangibles - Goodwill and Other ("ASC 350"), goodwill is tested and reviewed annually for impairment on July 1 or whenever there is a material change in events or circumstances that indicates that the fair value of the reporting unit may be less than its carrying value.
ASC 350 provides entities with an option to perform a qualitative assessment (commonly referred to as "step zero") to determine whether a quantitative analysis for impairment is necessary. In performing step zero for our impairment test, we are required to make assumptions and judgments, including but not limited to the following: the evaluation of macroeconomic conditions as related to our business, industry and market trends, and the overall future financial performance of our reporting units and future opportunities in the markets in which they operate. If impairment indicators are present after performing step zero, we would perform a quantitative impairment analysis to estimate fair value.
For our 2026 goodwill impairment tests, we elected to perform qualitative step zero assessments for all tests, except for our Climate Solutions Europe reporting unit, to determine if the fair values of our reporting units were below carrying value. This constitutes the entire Climate Solutions Europe segment. We considered macroeconomic factors including global economic growth, general macroeconomic trends for the markets in which our reporting units operate and the forecasted growth of the global industrial products industry. In addition to these macroeconomic factors, among other things, we considered the reporting units' current results and forecasts, changes in the nature of each business, any significant legal, regulatory, contractual, political or other business climate factors, changes in the industry and competitive environment, changes in the composition or carrying value of net assets and any intention to sell or dispose of a reporting unit or a significant portion of a reporting unit. Based upon our qualitative analysis, we determined that our goodwill was not impaired for these reporting units.
For the remaining goodwill test, we elected to perform a quantitative test to determine if the fair value of our Climate Solutions Europe reporting unit was below carrying value. We utilized a discounted cash flow method under the income approach to estimate the fair value of the reporting unit. Key assumptions used in estimating future cash flows included the revenue growth rate, earnings before interest and income taxes margin, discount rate and long-term growth rate, among others and explicitly addressed factors such as timing, growth and margins with due consideration given to forecasting, market and geographic risk. Based on the results of the quantitative test, the carrying amount of the Climate Solutions Europe reporting unit exceeded its estimated fair value by approximately 23%. As a result, we recognized a goodwill impairment charge of $3.1 billion in the third quarter of 2026.
The impairment was primarily driven by a reduction in projected operating results for the Climate Solutions Europe reporting unit, weaker market demand, driven in part by government policies and subsidies, a change in the pace of transition from boilers to heat pumps, an increase in interest rates and other challenging macroeconomic conditions. The resulting reductions in projected revenue and profitability, together with a longer expected recovery period and an increase in the discount rate, adversely affected the estimated fair value of the reporting unit. The estimated fair value of the Climate Solutions Europe reporting unit is particularly sensitive to changes in the discount rate and projected operating results. A reasonably possible change in these assumptions could result in a material change in the estimated fair value of the reporting unit and could result in additional goodwill impairment. For example, a 50 basis point increase in the discount rate would decrease the estimated fair value by approximately $630 million, while a 1% decrease in long-term growth rate used to project operating results would decrease the estimated fair value by approximately $750 million.
RESULTS OF OPERATIONS
Three Months Ended September 30, 2026 Compared with the Three Months Ended September 30, 2025
The following represents our consolidated net sales and operating results:
| Three Months Ended September 30, | ||||||||||||||||||||||||||
| (In millions) | 2026 | 2025 | Period Change | % Change | ||||||||||||||||||||||
| Net sales | $ | 6,263 | $ | 5,579 | $ | 684 | 12 | % | ||||||||||||||||||
| Cost of products and services sold | (4,580) | (4,130) | (450) | 11 | % | |||||||||||||||||||||
| Gross margin | 1,683 | 1,449 | 234 | 16 | % | |||||||||||||||||||||
| Operating expenses | (3,956) | (910) | (3,046) | N.M. | ||||||||||||||||||||||
| Operating profit (loss) | (2,273) | 539 | (2,812) | N.M. | ||||||||||||||||||||||
| Non-operating income (expense), net | (90) | (106) | 16 | (15) | % | |||||||||||||||||||||
| Earnings (loss) before income taxes | (2,363) | 433 | (2,796) | N.M. | ||||||||||||||||||||||
| Income tax (expense) benefit | (177) | 1 | (178) | N.M. | ||||||||||||||||||||||
| Earnings (loss) from continuing operations | (2,540) | 434 | (2,974) | N.M. | ||||||||||||||||||||||
| Discontinued operations, net of income taxes | - | 21 | (21) | N.M. | ||||||||||||||||||||||
| Net earnings (loss) | (2,540) | 455 | (2,995) | N.M. | ||||||||||||||||||||||
| Less: Non-controlling interest in subsidiaries' earnings from operations | 53 | 27 | 26 | 96 | % | |||||||||||||||||||||
| Net earnings (loss) attributable to common shareowners | $ | (2,593) | $ | 428 | $ | (3,021) | N.M. | |||||||||||||||||||
N.M. - Not meaningful
Net Sales
For the three months ended September 30, 2026, Net sales were $6.3 billion, a 12% increase compared with the same period of 2025. The components of the year-over-year change were as follows:
|
Three Months Ended September 30, |
||||||||
| Organic | 15 | % | ||||||
| Acquisitions and divestitures, net | (3) | % | ||||||
| Total % change | 12 | % | ||||||
Organic sales for the three months ended September 30, 2026, increased by 15% compared with the same period of 2025. The organic increase was primarily due to our Climate Solutions Americas segment as end-market demand resulted in higher volumes. In addition, end-market demand in both our Climate Solutions Europe and Climate Solutions Asia Pacific, Middle East & Africa segments further benefited overall results. These results were partially offset by lower end-market demand in Climate Solutions Transportation. Refer to "Segment Review" below for a discussion of Net sales by segment.
Gross Margin
For the three months ended September 30, 2026, gross margin was $1.7 billion, a 16% increase compared with the same period of 2025. The components were as follows:
|
Three Months Ended September 30, |
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| (In millions) | 2026 | 2025 | ||||||||||||
| Net sales | $ | 6,263 | $ | 5,579 | ||||||||||
| Cost of products and services sold | (4,580) | (4,130) | ||||||||||||
| Gross margin | $ | 1,683 | $ | 1,449 | ||||||||||
| Percentage of net sales | 26.9 | % | 26.0 | % | ||||||||||
Gross margin increased by $234 million compared with the three months ended September 30, 2025, primarily due to higher volume in certain end-markets and IEEPA tariff refunds. In addition, favorable productivity initiatives further benefited results. These amounts were partially offset by higher input costs and unfavorable business mix. As a result, gross margin as a percentage of Net sales increased by 90 basis points compared with the same period of 2025.
Operating Expenses
For the three months ended September 30, 2026, operating expenses, including Equity method investment net earnings, were $4.0 billion compared with $910 million in the same period of 2025. The components were as follows:
|
Three Months Ended September 30, |
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| (In millions) | 2026 | 2025 | ||||||||||||
| Selling, general and administrative | $ | (758) | $ | (803) | ||||||||||
| Research and development | (154) | (151) | ||||||||||||
| Equity method investment net earnings | 57 | 60 | ||||||||||||
| Other income (expense), net | (1) | (16) | ||||||||||||
| Goodwill impairment | (3,100) | - | ||||||||||||
| Total operating expenses | $ | (3,956) | $ | (910) | ||||||||||
| Percentage of net sales | 63.2 | % | 16.3 | % | ||||||||||
For the three months ended September 30, 2026, Selling, general and administrative expenses were $758 million, a 6% decrease compared with the same period of 2025. The decrease primarily relates to savings from ongoing cost reduction initiatives partially offset by higher investment spending and incentive compensation costs.
Research and development costs relate to new product development and new technology innovation. Due to the variable nature of program development schedules, year-over-year spending levels can fluctuate. In addition, we continue to invest to prepare for future product innovations and digital controls technologies.
Investments over which we do not exercise control, but have significant influence, are accounted for using the equity method of accounting. For the three months ended September 30, 2026, Equity method investment net earnings were $57 million, a 5% decrease compared with the same period of 2025. The decrease was primarily driven by lower earnings in joint ventures within our Climate Solutions Asia Pacific, Middle East & Africa segment partially offset by higher earnings within our Climate Solutions Americas segment.
Other income (expense), net primarily includes the impact of gains and losses related to the sale of businesses or interests in our equity method investments, foreign currency gains and losses on transactions that are denominated in a currency other than an entity's functional currency and hedging-related activities.
Goodwill impairment reflects the charge related to our Climate Solutions Europe reporting unit and was primarily driven by lower projected operating results and an increase in the discount rate used to estimate the reporting unit's fair value.
Non-Operating Income (Expense), net
For the three months ended September 30, 2026, Non-operating income (expense), net was $90 million, a 15% decrease compared with the same period of 2025. The components were as follows:
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Three Months Ended September 30, |
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| (In millions) | 2026 | 2025 | ||||||||||||
| Non-service pension benefit (expense) | $ | 3 | $ | (9) | ||||||||||
| Interest expense | $ | (116) | $ | (116) | ||||||||||
| Interest income | 23 | 19 | ||||||||||||
| Interest (expense) income, net | $ | (93) | $ | (97) | ||||||||||
| Non-operating income (expense), net | $ | (90) | $ | (106) | ||||||||||
Non-operating income (expense), net includes the results from activities other than normal business operations such as interest expense, interest income and the non-service components of pension and post-retirement obligations. Interest expense is affected by the amount of debt outstanding and the interest rates on that debt. For the three months ended September 30, 2026, Interest expense was $116 million, flat compared with the same period of 2025. Results reflect consistent debt balances including commercial paper borrowings during the three months ended September 30, 2026.
Income Taxes
|
Three Months Ended September 30, |
||||||||||||||
| 2026 | 2025 | |||||||||||||
| Effective tax rate | (7.5) | % | (0.2) | % | ||||||||||
We account for income tax expense in accordance with ASC 740, Income Taxes ("ASC 740"), which requires an estimate of the annual effective income tax rate for the full year to be applied to the respective interim period, taking into account year-to-date amounts and projected results for the full year. The effective tax rate was negative 7.5% for the three months ended September 30, 2026, compared with negative 0.2% for the three months ended September 30, 2025. The negative effective tax rate in the current period reflected income tax expense recorded on a pretax loss, primarily driven by the non-deductible $3.1 billion goodwill impairment charge related to the Climate Solutions Europe reporting unit. In addition, the three months ended September 30, 2026, included a tax charge of $12 million related to the disposition of Riello. The negative effective tax rate for the three months ended September 30, 2025, included a net tax benefit of $64 million from changes to the German effective rate and a statutory reduction to the German corporate tax rate and a $49 million benefit from the re-organization of a Japanese subsidiary.
Adjusted Operating Profit
We report our financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). In addition, we supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial information. Adjusted operating profit is a non-GAAP measure and defined as consolidated operating profit (a GAAP measure), excluding restructuring costs, amortization of acquired intangible assets, certain significant non-cash items and other significant items of a nonoperational nature. This measure is useful to investors because it is how management assesses the operating performance of the business. A reconciliation of the amounts prepared in accordance with GAAP to the corresponding non-GAAP measure appears below and provides additional information as to the items and amounts that have been excluded from the adjusted measure.
|
Three Months Ended September 30, |
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| (In millions) | 2026 | 2025 | ||||||||||||
| Reconciliation to Adjusted operating profit | ||||||||||||||
| Operating profit (loss) | $ | (2,273) | $ | 539 | ||||||||||
| Restructuring costs | 45 | 50 | ||||||||||||
| Amortization of acquired intangible assets | 210 | 221 | ||||||||||||
| Acquisition/divestiture-related costs | 2 | 10 | ||||||||||||
| Riello impairment and loss | 2 | - | ||||||||||||
| Goodwill impairment | 3,100 | - | ||||||||||||
| Other | 5 | 3 | ||||||||||||
| Adjusted operating profit | $ | 1,091 | $ | 823 | ||||||||||
Adjusted operating profit may not be comparable to similarly-titled measures used by other companies and should not be considered a substitute for Operating profit in accordance with GAAP. The non-GAAP information presented provides investors with additional useful information, but should not be considered in isolation or as a substitute for the related GAAP measure. 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.
Nine Months Ended September 30, 2026 Compared with the Nine Months Ended September 30, 2025
The following represents our consolidated net sales and operating results:
| Nine Months Ended September 30, | |||||||||||||||||||||||
| (In millions) | 2026 | 2025 | Period Change | % Change | |||||||||||||||||||
| Net sales | $ | 17,955 | $ | 16,910 | $ | 1,045 | 6 | % | |||||||||||||||
| Cost of products and services sold | (13,300) | (12,247) | (1,053) | 9 | % | ||||||||||||||||||
| Gross margin | 4,655 | 4,663 | (8) | - | % | ||||||||||||||||||
| Operating expenses | (5,845) | (2,592) | (3,253) | N.M. | |||||||||||||||||||
| Operating profit (loss) | (1,190) | 2,071 | (3,261) | N.M. | |||||||||||||||||||
| Non-operating income (expense), net | (283) | (278) | (5) | 2 | % | ||||||||||||||||||
| Earnings (loss) before income taxes | (1,473) | 1,793 | (3,266) | N.M. | |||||||||||||||||||
| Income tax (expense) benefit | (261) | (272) | 11 | (4) | % | ||||||||||||||||||
| Earnings (loss) from continuing operations | (1,734) | 1,521 | (3,255) | N.M. | |||||||||||||||||||
| Discontinued operations, net of income taxes | - | 4 | (4) | N.M. | |||||||||||||||||||
| Net earnings (loss) | (1,734) | 1,525 | (3,259) | N.M. | |||||||||||||||||||
| Less: Non-controlling interest in subsidiaries' earnings from operations | 120 | 94 | 26 | 28 | % | ||||||||||||||||||
| Net earnings (loss) attributable to common shareowners | $ | (1,854) | $ | 1,431 | $ | (3,285) | N.M. | ||||||||||||||||
N.M. - Not meaningful
Net Sales
For the nine months ended September 30, 2026, Net sales were $18.0 billion, a 6% increase compared with the same period of 2025. The components of the year-over-year change were as follows:
|
Nine Months Ended September 30, |
||||||||
| Organic | 6 | % | ||||||
| Foreign currency translation | 1 | % | ||||||
| Acquisitions and divestitures, net | (1) | % | ||||||
| Total % change | 6 | % | ||||||
Organic sales for the nine months ended September 30, 2026, increased by 6% compared with the same period of 2025. The organic increase was primarily due to improved end-market demand across all segments. Refer to "Segment Review" below for a discussion of Net sales by segment.
Gross Margin
For the nine months ended September 30, 2026, gross margin was $4.7 billion, primarily flat compared with the same period of 2025. The components were as follows:
|
Nine Months Ended September 30, |
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| (In millions) | 2026 | 2025 | ||||||||||||
| Net sales | $ | 17,955 | $ | 16,910 | ||||||||||
| Cost of products and services sold | (13,300) | (12,247) | ||||||||||||
| Gross margin | $ | 4,655 | $ | 4,663 | ||||||||||
| Percentage of net sales | 25.9 | % | 27.6 | % | ||||||||||
Gross margin was primarily flat compared with the nine months ended September 30, 2025. Gross margin as a percentage of Net sales decreased by 170 basis points compared with the same period of 2025, primarily due to higher input costs, including the impact of tariffs and unfavorable business mix which were partially offset by higher volumes in certain end-markets, IEEPA tariff refunds and our continued focus on productivity initiatives.
Operating Expenses
For the nine months ended September 30, 2026, operating expenses, including Equity method investment net earnings, were $5.8 billion, compared with $2.6 billion in the same period of 2025. The components were as follows:
|
Nine Months Ended September 30, |
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| (In millions) | 2026 | 2025 | ||||||||||||
| Selling, general and administrative | $ | (2,430) | $ | (2,345) | ||||||||||
| Research and development | (445) | (465) | ||||||||||||
| Equity method investment net earnings | 146 | 182 | ||||||||||||
| Other income (expense), net | (16) | 36 | ||||||||||||
| Goodwill impairment | (3,100) | - | ||||||||||||
| Total operating expenses | $ | (5,845) | $ | (2,592) | ||||||||||
| Percentage of net sales | 32.6 | % | 15.3 | % | ||||||||||
For the nine months ended September 30, 2026, Selling, general and administrative expenses were $2.4 billion, a 4% increase compared with the same period of 2025. The increase primarily relates to an increase in incentive compensation and commissions. These costs were partially offset by savings from ongoing cost reduction initiatives and lower salaries and wages.
Research and development costs relate to new product development and new technology innovation. Due to the variable nature of program development schedules, year-over-year spending levels can fluctuate. In addition, we continue to invest to prepare for future product innovations and digital controls technologies.
Investments over which we do not exercise control, but have significant influence, are accounted for using the equity method of accounting. For the nine months ended September 30, 2026, Equity method investment net earnings were $146 million, a 20% decrease compared with the same period of 2025. The decrease was primarily driven by lower earnings in joint ventures within our Climate Solutions Americas and Climate Solutions Asia Pacific, Middle East & Africa segments.
Other income (expense), net primarily includes the impact of gains and losses related to the sale of businesses or interests in our equity method investments, foreign currency gains and losses on transactions that are denominated in a currency other than an entity's functional currency and hedging-related activities. During the nine months ended September 30, 2026, we completed the sale of Riello and recognized a gross loss of $48 million. During the nine months ended September 30, 2025, we finalized working capital and other adjustments provided in the stock purchase agreement governing the sale of CCR.
Goodwill impairment reflects the charge related to our Climate Solutions Europe reporting unit and was primarily driven by lower projected operating results and an increase in the discount rate used to estimate the reporting unit's fair value.
Non-Operating Income (Expense), net
For the nine months ended September 30, 2026, Non-operating income (expense), net was $283 million, a 2% increase compared with the same period of 2025. The components were as follows:
|
Nine Months Ended September 30, |
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| (In millions) | 2026 | 2025 | ||||||||||||
| Non-service pension benefit (expense) | $ | 5 | $ | (8) | ||||||||||
| Interest expense | $ | (353) | $ | (343) | ||||||||||
| Interest income | 65 | 73 | ||||||||||||
| Interest (expense) income, net | $ | (288) | $ | (270) | ||||||||||
| Non-operating income (expense), net | $ | (283) | $ | (278) | ||||||||||
Non-operating income (expense), net includes the results from activities other than normal business operations such as interest expense, interest income and the non-service components of pension and post-retirement obligations. Interest expense is affected by the amount of debt outstanding and the interest rates on that debt. For the nine months ended September 30, 2026, Interest expense was $353 million, a 3% increase compared with the same period of 2025. The increase is a result of commercial paper borrowings during the nine months ended September 30, 2026.
Income Taxes
|
Nine Months Ended September 30, |
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| 2026 | 2025 | |||||||||||||
| Effective tax rate | (17.7) | % | 15.2 | % | ||||||||||
We account for income tax expense in accordance with ASC 740, which requires an estimate of the annual effective income tax rate for the full year to be applied to the respective interim period, taking into account year-to-date amounts and projected results for the full year. The effective tax rate for the nine months ended September 30, 2026, was negative 17.7% compared with positive 15.2% for the nine months ended September 30, 2025. The negative effective tax rate in the current period reflected income tax expense recorded on a pretax loss, primarily driven by the non-deductible $3.1 billion goodwill impairment charge related to the Climate Solutions Europe reporting unit and a $48 million non-deductible impairment charge on Riello. In addition, the nine months ended September 30, 2026, included a net $99 million tax benefit from the partial release of a valuation allowance associated with the Company's operations in a Swiss subsidiary, a favorable settlement of $18 million related to a state income tax audit, a tax charge of $12 million related to the disposition of Riello and a $10 million increase in tax expense associated with a higher German effective tax rate. The nine months ended September 30, 2025, included a net tax benefit of $64 million from changes to the German effective rate and a statutory reduction to the German corporate tax rate, a $49 million benefit from the re-organization of a Japanese subsidiary and a $16 million tax benefit generated by the purchase of investment tax credits from a third-party.
Adjusted Operating Profit
We report our financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). In addition, we supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial information. Adjusted operating profit is a non-GAAP measure and defined as consolidated operating profit (a GAAP measure), excluding restructuring costs, amortization of acquired intangible assets, certain significant non-cash items and other significant items of a nonoperational nature. This measure is useful to investors because it is how management assesses the operating performance of the business. A reconciliation of the amounts prepared in accordance with GAAP to the corresponding non-GAAP measure appears below and provides additional information as to the items and amounts that have been excluded from the adjusted measure.
|
Nine Months Ended September 30, |
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| (In millions) | 2026 | 2025 | ||||||||||||
| Reconciliation to Adjusted operating profit | ||||||||||||||
| Operating profit (loss) | $ | (1,190) | $ | 2,071 | ||||||||||
| Restructuring costs | 161 | 105 | ||||||||||||
| Amortization of acquired intangible assets | 636 | 636 | ||||||||||||
| Acquisition/divestiture-related costs | 20 | 21 | ||||||||||||
| Riello impairment and loss | 48 | - | ||||||||||||
| Goodwill impairment | 3,100 | - | ||||||||||||
| CCR gain | - | (7) | ||||||||||||
| Other | 5 | 11 | ||||||||||||
| Adjusted operating profit | $ | 2,780 | $ | 2,837 | ||||||||||
Adjusted operating profit may not be comparable to similarly-titled measures used by other companies and should not be considered a substitute for Operating profit in accordance with GAAP. The non-GAAP information presented provides investors with additional useful information, but should not be considered in isolation or as a substitute for the related GAAP measure. 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.
SEGMENT REVIEW
We have four operating segments:
•Climate Solutions Americas provides products, controls, services and solutions to meet the heating, cooling and ventilation needs of residential and commercial customers in North and South America while enhancing building performance, health, energy efficiency and sustainability.
•Climate Solutions Europe provides products, controls, services and solutions to meet the heating, cooling and ventilation needs of residential and commercial customers in Europe while enhancing building performance, health, energy efficiency and sustainability.
•Climate Solutions Asia Pacific, Middle East & Africa provides products, controls, services and solutions to meet the heating, cooling and ventilation needs of residential and commercial customers in Asia Pacific, the Middle East and Africa while enhancing building performance, health, energy efficiency and sustainability.
•Climate Solutions Transportation includes global transport refrigeration and monitoring products, services and digital solutions for trucks, trailers, shipping containers, intermodal and rail.
Segment operating profit is the measure of profit and loss that our CODM uses to evaluate the financial performance of the business and as the basis for resource allocation, performance reviews and compensation. It represents operating profit (a GAAP measure) adjusted to exclude restructuring costs, amortization of acquired intangible assets and other significant items of a nonoperational nature.
Three Months Ended September 30, 2026 Compared with Three Months Ended September 30, 2025
Summary performance for each of our segments is as follows:
| Net sales | Segment operating profit | Segment operating profit margin | ||||||||||||||||||||||||||||||||||||
|
Three Months Ended September 30, |
Three Months Ended September 30, |
Three Months Ended September 30, |
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| (In millions) | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||
| Climate Solutions Americas | $ | 3,354 | $ | 2,711 | $ | 745 | $ | 533 | 22.2 | % | 19.7 | % | ||||||||||||||||||||||||||
| Climate Solutions Europe | 1,335 | 1,290 | 168 | 120 | 12.6 | % | 9.3 | % | ||||||||||||||||||||||||||||||
| Climate Solutions Asia Pacific, Middle East & Africa | 848 | 833 | 103 | 97 | 12.1 | % | 11.6 | % | ||||||||||||||||||||||||||||||
| Climate Solutions Transportation | 726 | 745 | 117 | 115 | 16.1 | % | 15.4 | % | ||||||||||||||||||||||||||||||
| Total segment | $ | 6,263 | $ | 5,579 | $ | 1,133 | $ | 865 | 18.1 | % | 15.5 | % | ||||||||||||||||||||||||||
A reconciliation of Segment operating profit to Adjusted operating profit is as follows:
|
Three Months Ended September 30, |
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| (In millions) | 2026 | 2025 | ||||||||||||
| Segment operating profit | $ | 1,133 | $ | 865 | ||||||||||
| Corporate and other | (42) | (42) | ||||||||||||
| Adjusted operating profit | $ | 1,091 | $ | 823 | ||||||||||
Climate Solutions Americas
For the three months ended September 30, 2026, Net sales were $3.4 billion, a 24% increase compared with the same period of 2025. The components of the year-over-year change were as follows:
| Net sales | ||||||||
| Organic | 25 | % | ||||||
| Acquisitions and divestitures, net | (1) | % | ||||||
| Total % change in Net sales | 24 | % | ||||||
The organic increase in Net sales of 25% was driven by volume growth across end-markets compared with the prior year. Growth in our residential business (up 34%) was primarily driven by strong end-market demand and pricing improvements. In addition, our commercial business returned to growth (up 25%) as a result of strong end-market demand and pricing improvements. Higher volume in our light commercial business (up 7%) further benefited segment results.
For the three months ended September 30, 2026, Segment operating profit was $745 million, a 40% increase compared with the same period of 2025. The components of the year-over-year change were as follows:
| Segment operating profit | ||||||||
| Operational | 15 | % | ||||||
| Foreign currency translation | 1 | % | ||||||
| Acquisitions and divestitures, net | (1) | % | ||||||
| Other | 25 | % | ||||||
| Total % change in Segment operating profit | 40 | % | ||||||
The segment operational profit increase of 15% was primarily attributable to customer demand across end-markets compared with the prior year. In addition, favorable price and lower selling, general and administrative expenses further benefited the segment. These amounts were partially offset by higher input costs and unfavorable mix. Amounts reported in other primarily represent IEEPA tariff refunds.
Climate Solutions Europe
For the three months ended September 30, 2026, Net sales were $1.3 billion, a 3% increase compared with the same period of 2025. The components of the year-over-year change were as follows:
| Net sales | ||||||||
| Organic | 12 | % | ||||||
| Foreign currency translation | (2) | % | ||||||
| Acquisitions and divestitures, net | (7) | % | ||||||
| Total % change in Net sales | 3 | % | ||||||
The organic increase in Net sales of 12% was driven by improved demand across end-markets compared with the prior year. Results in our residential and light commercial business increased (up 13%) as a result of higher volumes and favorable mix. In addition, our commercial business returned to growth (up 8%) as a result of improved end-market demand.
For the three months ended September 30, 2026, Segment operating profit was $168 million, a 40% increase compared with the same period of 2025. The components of the year-over-year change were as follows:
| Segment operating profit | ||||||||
| Operational | 31 | % | ||||||
| Foreign currency translation | (3) | % | ||||||
| Acquisitions and divestitures, net | (2) | % | ||||||
| Other | 14 | % | ||||||
| Total % change in Segment operating profit | 40 | % | ||||||
The segment operational profit increase of 31% was primarily attributable to customer demand across end-markets compared with the prior year. In addition, lower selling, general and administrative expenses and favorable productivity initiatives further benefited the segment. These amounts were partially offset by unfavorable product mix across the region. Amounts reported in other represent the correction of a prior-period item partially offset by increases in certain inventory related reserves.
Climate Solutions Asia Pacific, Middle East & Africa
For the three months ended September 30, 2026, Net sales were $848 million, a 2% increase compared with the same period of 2025. The components of the year-over-year change were as follows:
| Net sales | ||||||||
| Organic | 3 | % | ||||||
| Acquisitions and divestitures, net | (1) | % | ||||||
| Total % change in Net sales | 2 | % | ||||||
The organic increase in Net sales of 3% was driven primarily by volume growth within certain end-markets compared with the prior year. Outside of China, sales growth was driven by ongoing end-market demand and improved price. These results were partially offset by a decrease in China (down 4%) as a result of residential end-market challenges partially offset by improved demand within commercial end-markets.
For the three months ended September 30, 2026, Segment operating profit was $103 million, a 6% increase compared with the same period of 2025. The components of the year-over-year change were as follows:
| Segment operating profit | ||||||||
| Operational | 8 | % | ||||||
| Foreign currency translation | (1) | % | ||||||
| Acquisitions and divestitures, net | (1) | % | ||||||
| Total % change in Segment operating profit | 6 | % | ||||||
The segment operational profit increase of 8% was primarily attributable to improved pricing and customer demand in certain end-markets compared with the prior year. In addition, favorable productivity initiatives further benefited the segment. These amounts were partially offset by unfavorable mix and lower earnings from equity method investments.
Climate Solutions Transportation
For the three months ended September 30, 2026, Net sales were $726 million, a 3% decrease compared to the same period of 2025. The components of the year-over-year change were as follows:
| Net sales | ||||||||
| Organic | (3) | % | ||||||
| Total % change in Net sales | (3) | % | ||||||
Organic decrease in Net sales of 3% was driven by lower demand in certain end-markets compared with the prior year. Container results increased (up 4%) due to ongoing end-market demand. These results were more than offset by lower volume in our global truck and trailer business (down 6%) primarily due to lower end-market demand in North America and Europe partially offset by improvements in Asia.
For the three months ended September 30, 2026, Segment operating profit was $117 million, a 2% increase compared with the same period of 2025. The components of the year-over-year change were as follows:
| Segment operating profit | ||||||||
| Operational | (18) | % | ||||||
| Foreign currency translation | 1 | % | ||||||
| Other | 19 | % | ||||||
| Total % change in Segment operating profit | 2 | % | ||||||
The segment operational profit decrease of 18% was primarily driven by unfavorable product mix and lower volumes in certain end-markets compared with the prior year. These amounts were partially offset by favorable productivity initiatives and higher volumes in certain end-markets. Amounts in other represent IEEPA tariff refunds.
Nine Months Ended September 30, 2026 Compared with Nine Months Ended September 30, 2025
Summary performance for each of our segments is as follows:
| Net sales | Segment operating profit | Segment operating profit margin | |||||||||||||||||||||||||||||||||
|
Nine Months Ended September 30, |
Nine Months Ended September 30, |
Nine Months Ended September 30, |
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| (In millions) | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||
| Climate Solutions Americas | $ | 9,227 | $ | 8,535 | $ | 1,941 | $ | 1,982 | 21.0 | % | 23.2 | % | |||||||||||||||||||||||
| Climate Solutions Europe | 3,952 | 3,712 | 352 | 324 | 8.9 | % | 8.7 | % | |||||||||||||||||||||||||||
| Climate Solutions Asia Pacific, Middle East & Africa | 2,599 | 2,541 | 292 | 353 | 11.2 | % | 13.9 | % | |||||||||||||||||||||||||||
| Climate Solutions Transportation | 2,177 | 2,122 | 336 | 340 | 15.4 | % | 16.0 | % | |||||||||||||||||||||||||||
| Total segment | $ | 17,955 | $ | 16,910 | $ | 2,921 | $ | 2,999 | 16.3 | % | 17.7 | % | |||||||||||||||||||||||
A reconciliation of Segment operating profit to Adjusted operating profit is as follows:
|
Nine Months Ended September 30, |
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| (In millions) | 2026 | 2025 | ||||||||||||
| Segment operating profit | $ | 2,921 | $ | 2,999 | ||||||||||
| Corporate and other | (141) | (162) | ||||||||||||
| Adjusted operating profit | $ | 2,780 | $ | 2,837 | ||||||||||
Climate Solutions Americas
For the nine months ended September 30, 2026, Net sales were $9.2 billion, an 8% increase compared with the same period of 2025. The components of the year-over-year change were as follows:
| Net sales | ||||||||
| Organic | 8 | % | ||||||
| Total % change in Net sales | 8 | % | ||||||
The organic increase in Net sales of 8% was driven by volume growth across end-markets compared with the prior year. Results in our residential business (up 9%) and commercial business (up 8%) were primarily driven by end-market demand and pricing improvements. In addition, continued end-market demand and favorable mix in our light commercial business (up 9%) further benefited the segment.
For the nine months ended September 30, 2026, Segment operating profit was $1,941 million, a 2% decrease compared with the same period of 2025. The components of the year-over-year change were as follows:
| Segment operating profit | ||||||||
| Operational | (11) | % | ||||||
| Foreign currency translation | 1 | % | ||||||
| Other | 8 | % | ||||||
| Total % change in Segment operating profit | (2) | % | ||||||
The segment operational profit decrease of 11% was primarily attributable to higher input costs, including the impact of tariffs, and unfavorable product mix compared with the prior year. These amounts were partially offset by higher volumes across end-markets and pricing improvements. Amounts reported in other primarily represent IEEPA tariff refunds.
Climate Solutions Europe
For the nine months ended September 30, 2026, Net sales were $4.0 billion, a 6% increase compared with the same period of 2025. The components of the year-over-year change were as follows:
| Net sales | ||||||||
| Organic | 5 | % | ||||||
| Foreign currency translation | 4 | % | ||||||
| Acquisitions and divestitures, net | (3) | % | ||||||
| Total % change in Net sales | 6 | % | ||||||
The organic increase in Net sales of 5% was driven by mixed demand across end-markets compared with the prior year. Results in our residential and light commercial business increased (up 7%) as a result of higher volumes across the region. Results in our commercial business decreased (down 1%) due to lower volumes across the region.
For the nine months ended September 30, 2026, Segment operating profit was $352 million, a 9% increase compared with the same period of 2025. The components of the year-over-year change were as follows:
| Segment operating profit | ||||||||
| Foreign currency translation | 3 | % | ||||||
| Other | 6 | % | ||||||
| Total % change in Segment operating profit | 9 | % | ||||||
Segment operational profit was flat primarily attributable to higher volumes in certain end-markets and favorable productivity initiatives partially offset by unfavorable product mix across end-markets compared with the prior year. In addition, higher selling, general and administrative expenses and higher warranty-related expenses further impacted the segment. Amounts reported in other represent the correction of a prior-period item partially offset by increases in certain inventory related reserves.
Climate Solutions Asia Pacific, Middle East & Africa
For the nine months ended September 30, 2026, Net sales were $2.6 billion, a 2% increase compared with the same period of 2025. The components of the year-over-year change were as follows:
| Net sales | ||||||||
| Organic | 2 | % | ||||||
| Total % change in Net sales | 2 | % | ||||||
The organic increase in Net sales of 2% was driven by volume improvements within certain end-markets compared with the prior year. Outside of China, sales growth was driven by ongoing end-market demand and improved price. These results were partially offset by China (down 10%) as end-markets experienced economic challenges impacting both demand and price.
For the nine months ended September 30, 2026, Segment operating profit was $292 million, a 17% decrease compared with the same period of 2025. The components of the year-over-year change were as follows:
| Segment operating profit | ||||||||
| Operational | (24) | % | ||||||
| Foreign currency translation | 1 | % | ||||||
| Other | 6 | % | ||||||
| Total % change in Segment operating profit | (17) | % | ||||||
The segment operational profit decrease of 24% was primarily attributable to unfavorable product mix and volume reductions within certain end-markets compared with the prior year. In addition, higher selling, general and administrative expenses and lower earnings from equity method investments further impacted the segment. These reductions were partially offset by favorable productivity initiatives and higher volumes in certain end-markets. Amounts reported in other primarily represent a gain on sale of land.
Climate Solutions Transportation
For the nine months ended September 30, 2026, Net sales were $2.2 billion, a 3% increase compared to the same period of 2025. The components of the year-over-year change were as follows:
| Net sales | ||||||||
| Organic | 1 | % | ||||||
| Foreign currency translation | 2 | % | ||||||
| Total % change in Net sales | 3 | % | ||||||
The organic increase in Net sales of 1% was primarily driven by volume growth within certain end-markets compared with the prior year. Container results increased (up 25%) due to ongoing end-market demand. These results were partially offset by lower volume in our global truck and trailer business (down 9%) primarily due to reduced end-market demand in North America and Europe partially offset by improvements in Asia.
For the nine months ended September 30, 2026, Segment operating profit was $336 million, a 1% decrease compared with the same period of 2025. The components of the year-over-year change were as follows:
| Segment operating profit | ||||||||
| Operational | (10) | % | ||||||
| Foreign currency translation | 3 | % | ||||||
| Other | 6 | % | ||||||
| Total % change in Segment operating profit | (1) | % | ||||||
The segment operational profit decrease of 10% was primarily driven by unfavorable product mix and lower volumes in certain end-markets compared with the prior year. In addition, higher input costs further impacted the segment. These amounts were partially offset by favorable productivity initiatives and higher volumes in certain end-markets. Amounts reported in other represent IEEPA tariff refunds.
LIQUIDITY AND FINANCIAL CONDITION
We assess liquidity in terms of our ability to generate adequate amounts of cash necessary to fund our current and future cash requirements to support our business and strategic initiatives. In doing so, we review and analyze our cash on hand, working capital, debt service requirements and capital expenditures. We rely on operating cash flows as our primary source of liquidity. In addition, we have access to other sources of capital to finance our strategic initiatives and fund growth.
As of September 30, 2026, we had cash and cash equivalents of $1.4 billion, of which approximately 99% was held by our foreign subsidiaries. We manage our worldwide cash requirements by reviewing available funds and the cost effectiveness with which we can access funds held by foreign subsidiaries. On occasion, we are required to maintain cash deposits in connection with contractual obligations related to acquisitions, divestitures or other legal obligations. As of September 30, 2026 and December 31, 2025, the amount of such restricted cash was approximately $27 million and $2 million, respectively.
We continue to actively manage and strengthen our business portfolio to meet the current and future needs of our customers. This is accomplished through research and development activities with a focus on new product development and new technology innovation as well as sustaining activities with a focus on improving existing products and reducing production costs. We also pursue potential acquisitions to complement existing products and services to enhance our product portfolio. In addition, we routinely conduct discussions, evaluate targets and enter into agreements regarding possible acquisitions, divestitures, joint ventures and equity investments to manage our business portfolio.
We believe that our available cash and operating cash flows will be sufficient to meet our future operating cash needs. Our committed credit facilities and access to the debt and equity markets provide additional sources of short-term and long-term capital to fund current operations, debt maturities and future investment opportunities. Although we believe that the arrangements currently in place permit us to finance our operations on acceptable terms and conditions, our access to and the availability of financing on acceptable terms and conditions in the future will be impacted by many factors, including: (1) our credit ratings or absence of credit ratings, (2) the level of our existing indebtedness, (3) the restrictions under our debt agreements, (4) the liquidity of the overall capital markets and (5) the state of the economy. There can be no assurance that we will be able to obtain additional financing on terms favorable to us, if at all.
The following table contains several key measures of our financial condition and liquidity:
| (In millions) |
September 30, 2026 |
December 31, 2025 |
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| Cash and cash equivalents | $ | 1,354 | $ | 1,555 | ||||||||||
| Total debt | 11,474 | 11,833 | ||||||||||||
| Total equity | 10,421 | 14,128 | ||||||||||||
| Net debt (total debt less cash and cash equivalents) | 10,120 | 10,278 | ||||||||||||
| Total capitalization (total debt plus total equity) | 21,895 | 25,961 | ||||||||||||
| Net capitalization (total debt plus total equity less cash and cash equivalents) | 20,541 | 24,406 | ||||||||||||
| Total debt to total capitalization | 52 | % | 46 | % | ||||||||||
| Net debt to net capitalization | 49 | % | 42 | % | ||||||||||
Borrowings and Lines of Credit
We maintain a $2.0 billion USD-denominated facility and a $500 million Euro-denominated facility as part of an unsecured, unsubordinated commercial paper program which we can use for general corporate purposes, including the funding of working capital and potential acquisitions. In addition, we maintain a $2.5 billion revolving credit facility with various banks (the "Revolving Credit Facility") that matures in December 2029 which supports our commercial paper borrowing program and can be used for general corporate purposes. A ratings-based commitment fee is charged on unused commitments. As of September 30, 2026, we had $185 million and zero borrowings outstanding under our commercial paper program and our Revolving Credit Facility, respectively.
Our short-term obligations primarily consist of current maturities of long-term debt. Our long-term obligations primarily consist of long-term notes with maturity dates ranging between 2028 and 2054. Interest payments related to long-term notes are expected to approximate $405 million per year, reflecting an approximate weighted-average interest rate of 3.65%. Any borrowings from the Revolving Credit Facility are subject to variable interest rates. See Note 5 - Borrowings and Lines of Credit in the Notes to the accompanying Unaudited Condensed Consolidated Financial Statements for additional information regarding the terms of our long-term debt obligations.
Our credit ratings are periodically reviewed by the major independent debt-rating agencies. As of September 30, 2026, Standards & Poor's Global Inc. and Moody's Investor Service Inc. have ratings on our debt set forth in the table below:
| Rating Agency | Long-term Rating |
Short-term Rating
|
Outlook
|
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Standards & Poor's Global Inc.
|
BBB+ | A2 | Stable | |||||||||||||||||
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Moody's Investors Service Inc.
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Baa1 | P-2 | Positive | |||||||||||||||||
Divestitures
On July 1 2026, we completed the sale of Riello for cash proceeds of $438 million, subject to adjustments provided in the stock purchase agreement. Consistent with our capital allocation strategy, the net proceeds will be used to fund investments in organic and inorganic growth initiatives and capital returns to shareowners as well as for general corporate purposes.
Planned Manufacturing Investment
We have committed to a new manufacturing facility in Fort Worth, Texas to support our long-term growth and manufacturing capacity requirements. In October 2026, we entered into a 15.5-year lease for the facility. We also expect to make significant capital investments in the facility over the next several years.
We expect to fund these investments through cash flows from operations and other available sources of liquidity and capital. We believe our existing cash balances, cash flows from operations and available borrowing capacity will be sufficient to fund the planned investment and our other anticipated liquidity requirements.
Share Repurchase Program
We may repurchase our outstanding common stock from time to time subject to market conditions and at our discretion. Repurchases occur in the open market or through one or more other public or private transactions pursuant to plans complying with Rules 10b5-1 and 10b-18 under the Exchange Act. Since the initial authorization in February 2021, our Board of Directors authorized the repurchase of up to $12.1 billion of our outstanding common stock.
During the nine months ended September 30, 2026, we repurchased 18.5 million shares of common stock for an aggregate purchase price of $1.1 billion. As a result, we had approximately $4.2 billion remaining under the current authorization at September 30, 2026.
Dividends
We paid dividends on common stock during the nine months ended September 30, 2026, totaling $598 million. In October 2026, the Board of Directors declared a dividend of $0.24 per share of common stock payable on November 18, 2026, to shareowners of record at the close of business on October 29, 2026.
Discussion of Cash Flows
The following table reflects the major categories of cash flows for the following periods:
|
Nine Months Ended September 30, |
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| (In millions) | 2026 | 2025 | ||||||||||||
| Net cash flows provided by (used in): | ||||||||||||||
| Continuing operating activities | $ | 1,705 | $ | 1,076 | ||||||||||
| Continuing investing activities | (14) | (232) | ||||||||||||
| Continuing financing activities | (1,999) | (3,885) | ||||||||||||
Cash flows from continuing operating activities primarily represent inflows and outflows associated with our continuing operations. Primary activities include net earnings (loss) from continuing operations adjusted for non-cash transactions, working capital changes and changes in other assets and liabilities. The year-over-year increase in net cash provided by continuing operating activities was primarily driven by favorable changes in working capital balances partially offset by lower net earnings (loss) compared with the prior period.
Cash flows from continuing investing activities primarily represent inflows and outflows associated with long-term assets. Primary activities include capital expenditures, acquisitions, divestitures and proceeds from the sale of fixed assets. During the nine months ended September 30, 2026, net cash used in continuing investing activities was $14 million. The primary drivers of the outflow were $350 million of capital expenditures and $118 million of investments in businesses, net of cash acquired partially offset by net proceeds of $410 million related to divestitures. During the nine months ended September 30, 2025, net cash used in continuing investing activities was $232 million. The primary driver of the outflow was $261 million of capital expenditures which was partially offset by $120 million of cash inflow related to settlement of derivatives.
Cash flows from continuing financing activities primarily represent inflows and outflows associated with equity or borrowings. During the nine months ended September 30, 2026, net cash used in continuing financing activities was $2.0 billion. The primary driver of the outflow was related to repurchases of our common stock totaling $1.1 billion. In addition, we paid $598 million in dividends to our common shareowners. During the nine months ended September 30, 2025, net cash used in continuing financing activities was $3.9 billion. The primary driver of the outflow was related to repurchases of our common stock totaling $2.4 billion. In addition, we made long-term debt repayments of $1.2 billion and payments of $583 million in dividends to our common shareowners.
Carrier Global Corporation published this content on October 29, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on October 29, 2026 at 18:46 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]