What is the primary revenue source for Carrier Global (CARR)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze CARR's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Carrier Global's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Carrier Global Makes Money: CARR Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

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Revenue grew while operating profit fell, so growth did not translate into better earnings.

The largest revenue segment accounts for 88.1% of revenue, indicating concentration.

Operating margin declined by 4.26 percentage points year over year.

Revenue: USD 11.69B
Largest revenue segment share (Product): 88.10%
Cost of revenue: USD 7.67B
Selling, general and administrative: USD 1.67B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

RevenueTotal net sales · RevenueFromContractWithCustomerExcludingAssessedTax
Cost of revenuePurchases from equity method investees included in cost of products sold · CostOfGoodsAndServicesSold
Selling, general and administrativeSelling, general and administrative expense · SellingGeneralAndAdministrativeExpense
Largest revenue segment share (Product)Product · segment_value / revenue * 100
Operating marginSegment operating profit · operating_income / revenue * 100

Assets

Where is the money tied up, and how is the company financed?

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Liabilities and shareholder equity jointly fund the asset base, with a broadly stable mix.

Goodwill accounts for 40.85% of total assets, a high share where impairment could hit earnings and equity.

Goodwill: USD 15.27B
Accounts receivable: USD 3.25B
Property, plant and equipment: USD 3.16B
Total liabilities: USD 23.90B
Shareholder equity: USD 13.47B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

GoodwillGoodwill · Goodwill
Property, plant and equipmentFixed assets, net · PropertyPlantAndEquipmentNet
Shareholder equityTotal equity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Total liabilitiesTotal liabilities · Liabilities
Accounts receivableAccounts receivable, net · ReceivablesNetCurrent

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 128.96% of net income.

Free cash flow remains positive after capital expenditure.

Net income: USD 739.00M
Operating cash flow: USD 953.00M
Cash conversion: 128.96%
Free cash flow: USD 742.00M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet earnings (loss) attributable to common shareowners · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionNet cash flows provided by (used in) continuing operating activities · operating_cash_flow / net_income * 100
Operating cash flowNet cash flows provided by (used in) continuing operating activities · NetCashProvidedByUsedInOperatingActivitiesContinuingOperations

Shareholders

Did the money earned actually make its way back to shareholders?

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Dividends and net buybacks exceed free cash flow, raising questions about sustainability.

Cash dividends: USD 400.00M
Share repurchases: USD 745.00M
Net shareholder return: USD 1.15B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Cash dividendsPayments of ordinary dividends, common stock · PaymentsOfDividendsCommonStock · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

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Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?