Carrier's Q2 2025 performance was characterized by strong organic growth, particularly in commercial HVAC and data centers, alongside significant increases in adjusted EPS and operating margins. However, challenges in the European market, weaknesses in China, and issues in the residential segment present notable concerns. Despite these challenges, the overall sentiment remains cautiously optimistic with strategic initiatives in place to address the lowlights.

Company Guidance

During Carrier's Second Quarter 2025 Earnings Conference Call, the company reported several impressive metrics and provided guidance on future performance. Carrier achieved a 6% organic growth rate in Q2, highlighted by a remarkable 45% growth in commercial HVAC in the Americas and 13% total company aftermarket growth. The adjusted operating margins expanded by 130 basis points, and the adjusted EPS increased by 26%. The company generated a robust free cash flow of about $1 billion in the first half, with a target of $3 billion in share buybacks for the year. Carrier aims to sustain a 6% to 8% organic growth rate through strategic product differentiation and double-digit aftermarket expansion. For the full year, the company expects mid-single-digit organic sales growth, close to 20% adjusted EPS growth, and plans to maintain free cash flow between $2.4 and $2.6 billion. The company remains confident in delivering strong results in the second half of 2025 and beyond.

Strong Organic Growth

Carrier achieved 6% organic growth in Q2 2025 with notable growth in commercial HVAC in the Americas at 45%, and total company aftermarket growth of 13%.

Increased Adjusted EPS and Operating Margins

Adjusted EPS increased by 26% year-over-year, and adjusted operating margins expanded by 130 basis points.

Significant Free Cash Flow and Buybacks

First half free cash flow was approximately $1 billion, with a planned $3 billion in buybacks for the year.

Data Center Revenue Growth

Carrier is on track to double data center revenues to $1 billion this year, with a strong backlog for future growth.

Resilient Commercial HVAC Performance

Global commercial HVAC sales are projected to reach $6.5 billion in 2025, up close to 20% year-over-year.

Successful Product Introductions

New products, including a large capacity air cooled chiller and integrated air-to-water heat pump, are driving market expansion.

Carrier Global (CARR) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

CARR Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 23, 2025	2025 (Q3)	0.82 / -	0.77	―	―	―
Jul 29, 2025	2025 (Q2)	0.91 / 0.92	0.87	5.75% (+0.05)
May 01, 2025	2025 (Q1)	0.58 / 0.65	0.62	4.84% (+0.03)
Feb 11, 2025	2024 (Q4)	0.50 / 0.54	0.53	1.89% (+0.01)
Oct 24, 2024	2024 (Q3)	0.81 / 0.77	0.89	-13.48% (-0.12)
Jul 25, 2024	2024 (Q2)	0.85 / 0.87	0.79	10.13% (+0.08)
Apr 25, 2024	2024 (Q1)	0.50 / 0.62	0.52	19.23% (+0.10)
Feb 06, 2024	2023 (Q4)	0.51 / 0.53	0.4	32.50% (+0.13)
Oct 26, 2023	2023 (Q3)	0.80 / 0.89	0.7	27.14% (+0.19)
Jul 27, 2023	2023 (Q2)	0.77 / 0.79	0.69	14.49% (+0.10)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

CARR Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 29, 2025	$80.18	$71.67	-10.61%
May 01, 2025	$62.16	$69.37	+11.60%
Feb 11, 2025	$65.82	$64.76	-1.61%
Oct 24, 2024	$78.98	$72.02	-8.81%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Carrier Global (CARR) report earnings?

Carrier Global (CARR) is schdueled to report earning on Oct 23, 2025, Before Open (Confirmed).

What is Carrier Global (CARR) earnings time?

Carrier Global (CARR) earnings time is at Oct 23, 2025, Before Open (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is CARR EPS forecast?

CARR EPS forecast for the fiscal quarter 2025 (Q3) is 0.82.

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