The earnings call reflects a period of strong performance in several key areas, including organic growth, margin expansion, and cash flow generation, particularly driven by commercial HVAC and data center segments. However, these positive trends are tempered by challenges in the European and Chinese residential markets, as well as a notable decline in orders and U.S. residential volumes, balancing the overall sentiment.

Company Guidance -

Q3 2025

During the Carrier Second Quarter 2025 Earnings Conference Call, the company reported robust performance with 6% organic growth, driven by a significant 45% increase in commercial HVAC in the Americas and 13% growth in the aftermarket segment. The adjusted operating margin expanded by 130 basis points, reaching 19.1%, while the adjusted EPS rose by 26%. Free cash flow was strong at approximately $1 billion for the first half, with a target of $3 billion in share buybacks for the year. Carrier projected sustained 6% to 8% organic growth, emphasizing their success in the data center segment, where revenues are expected to double to $1 billion. The company also highlighted their global commercial HVAC sales, anticipated to reach $6.5 billion in 2025, marking a near 20% year-over-year increase. Additionally, the number of connected chillers increased by 40% compared to the previous year, contributing to their fifth consecutive year of double-digit aftermarket growth. Despite challenges in certain markets, Carrier remains confident in delivering close to 20% adjusted EPS growth for the year.

Strong Organic Growth

Delivered 6% organic growth with notable performance in commercial HVAC in the Americas at 45% growth, total company aftermarket growth of 13%, and strong growth in India, Japan, and the Middle East.

Improved Margins and Earnings

Expanded adjusted operating margins by 130 basis points and increased adjusted EPS by 26%.

Robust Cash Flow and Share Buybacks

Achieved strong free cash flow with approximately $1 billion in the first half, on track for $3 billion in buybacks for the year.

Data Center Revenue Growth

On track to double data center revenues to $1 billion this year, with significant backlog building for future growth.

Successful Product Introductions

Introduced a new efficient large capacity air cooled chiller and continued leveraging Viessmann and Toshiba technologies to enhance product offerings.

Aftermarket Sales Performance

Aftermarket sales up 10% in the first half, maintaining double-digit growth for the fifth consecutive year.

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)	0.84 / -	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 0.84.

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