Demand and volumemixed · 5 filings
“These results were partially offset by lower volume in our global truck and trailer business (down 10%) primarily due to reduced end-market demand across all regions.”10-Q · Jul 28, 2026 ↗
Carrier Global Corporation
CARR
Market read
Carrier Global Corporation's current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 12 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 8 directly disclosed connections are confirming.
What changed
- Revenue increased 2.4% versus the comparable filing period.
- Operating margin fell 7.2 percentage points.
Company+0.5% todayVolume comparison unavailable
Market group0 of 12 activeSpecialty Industrial Machinery · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Gross margin declined to 25.4% for the six months ended June 30, 2026 (down $242M) primarily due to higher input costs, including tariffs, and unfavorable mix.
Invalidation: The isolated read changes if CARR's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 12 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 8 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 2.4% versus the comparable filing period.
Evidence that challenges
- Operating margin fell 7.2 percentage points.
- Net income decreased 42.2% versus the comparable filing period.
- Net margin fell 3.4 percentage points.
What would clarify the read
- Gross margin declined to 25.4% for the six months ended June 30, 2026 (down $242M) primarily due to higher input costs, including tariffs, and unfavorable mix.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods8
Price observations601
Usable filing statements193
Verified relationships11
Evidence supporting the case
- Operating cash flow covered net income at 1.69x in the latest annual period.
Evidence challenging the case
- Latest annual revenue changed -3.3% year over year.
- Operating margin changed -1.8 percentage points in the latest annual period.
- Net margin changed -18.1 percentage points in the latest annual period.
- Macroeconomic conditions has repeated adverse evidence across 3 filings.
Questions before a position
- P/E is 16% above the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 30% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 10, 2026
56.636m-3.5%12m-10.8%24m-18.0%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$20.6B+18.1%$1.87+1.1%
2022-12-31$17.3B-16.1%$4.10-3.3%
2023-12-31$19.0B+9.6%$1.58-1.0%
2024-12-31$22.5B+18.7%$6.15+6.9%
2025-12-31$21.7B-3.3%$1.72-5.4%
What management says matters
Persistent and emerging business drivers
Capital investment and capacitymixed · 4 filings
“The primary driver of the outflow related to $144 million of capital expenditures which was partially offset by $87 million of cash inflow related to settlement of derivatives.”10-Q · Jul 28, 2026 ↗
Legal and regulatory exposurenegative · 4 filings
“The transaction is expected to close in the first half of 2026 and is subject to customary closing conditions and regulatory approvals.”10-Q · Apr 30, 2026 ↗
Macroeconomic conditionsnegative · 3 filings
“Results in our residential and light commercial business decreased (down 5%) due to lower volumes across the region as economic conditions, inflationary cost pressures and regulatory uncertainty impacted end-market demand.”10-K · Feb 5, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 2.2× · EV/sales 2.7×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
58.26+0.5% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 14:05 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for CARR. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
The latest filing shows material pressure
10-Q filed 2026-04-30 against the comparable filing from 2025-05-01.
OperationscautiousEvidence score -1
liquiditycautiousEvidence score -1
valuationmixed
What improved
- Revenue increased 2.4% versus the comparable filing period.
What weakened
- Operating margin fell 7.2 percentage points.
- Net income decreased 42.2% versus the comparable filing period.
- Net margin fell 3.4 percentage points.
Filing receipts
“The components were as follows: Three Months Ended March 31, (In millions) 2026 2025 Net sales $ 5,341 $ 5,218 Cost of products and services sold (4,097) (3,773) Gross margin $ 1,244 $ 1,445 Percentage of net sales 23.3 % 27.7 % Gross margin decreased by $201 million compared with the three months ended March 31, 2025, primarily due to lower volumes in certain end-markets within each of our segments.”
“These results were partially offset by lower volume in our global truck and trailer business (down 7%) primarily due to reduced end-market demand in all regions.”
“The organic decrease was primarily due to our Climate Solutions Americas segment as reduced end-market demand in our residential business impacted the segment.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind CARR
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
AMZNAmazon.com, Inc.partnerFeb 5, 2026 ▾
“In addition, our Lynx digital platform, developed in collaboration with Amazon Web Services (“AWS”), allows customers to leverage data to enhance visibility, resiliency, agility and efficiency in the cold chain to reduce loss of cargo, lower operations costs…”
OTISOtis Worldwide CorporationpartnerFeb 5, 2026 ▾
“In addition, we entered into several agreements with UTC and Otis Worldwide Corporation ("Otis") that govern various aspects of the relationship among us, UTC and Otis following the Separation and Distribution.”
Depended on by
LIILennox International Inc.customerFeb 17, 2026 ▾
“Home Comfort Solutions • Heating & Cooling Products - Carrier Global Corporation (Carrier, Bryant, Payne, Tempstar, Comfortmaker, Heil, Arcoaire, KeepRite, Day & Night); Trane Technologies plc (Trane, American Standard, Ameristar, Oxbox, RunTru); Paloma Indus…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 9 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
CARR is currently a Follower in the organic co-movement group Specialty Industrial Machinery. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.