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Carrier Global Corporation
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Latest analysis
Updated Nov 4, 2026
Carrier Global completes $1.5B debt offering to refinance 2027 maturity
Carrier Global completed a $1.5 billion underwritten debt offering on November 4, 2026, issuing $750 million of 5.000% notes due 2029 and $750 million of 5.350% notes due 2033. The company intends to use net proceeds to refinance $2.493% notes due February 15, 2027, with any remainder for general corporate and working capital purposes including potential repayment of commercial paper borrowings. The offering does not indicate new capital deployment or strategic acceleration — it is a refinancing at elevated rates reflecting current market conditions.
Tone: neutralRevenue
$21.7B
CARR 10-K · FY 2025
Employees
47,000
Revenue growth YoY
-3%
Founded
2019
Profile
CARR 10-K Item 1 · Feb 5, 2026Carrier Global Corporation is a global leader in intelligent climate and energy solutions, offering heating, cooling, cold chain, and building energy management products and services under brands including Carrier, Viessmann, Toshiba, and Automated Logic. The company serves residential, commercial, industrial, data center, and transportation end-markets across more than 52 countries. Following a multi-year portfolio transformation, Carrier operates as a pure-play climate and energy solutions provider organized into four regional and transportation segments.
Read filing description ↓ Collapse description ↑
Carrier Global Corporation is a global leader in intelligent climate and energy solutions, focused 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, among others, 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. 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 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. In addition, we continue to invest in product and technology innovation within our core offerings and in new business models. Carrier Energy, our business offering new energy management solutions, is developing intelligent climate and energy solutions to meet future energy needs by optimizing home energy management, providing grid flexibility and unlocking energy capacity to support economic growth. For the year ended December 31, 2025, our net sales were $21.7 billion and our operating profit was $2.2 billion. Our international operations, including U.S. export sales, represented approximately 52% of our net sales for 2025.
Primary products
- air conditioners
- heat pumps
- heating systems
- home and building energy management systems
- aftermarket components
- repair and maintenance services
Business segments
End markets
Geographies
Named customers
We believe that the loss of any individual contract or customer would not have a material adverse effect on our results.
“While our competitive position varies among our products and services, we are a significant competitor with respect to each of our major product and service offerings.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net sales decreased 3% year-over-year, driven by a 1% organic decline primarily from reduced demand in certain Climate Solutions Americas end-markets, partially offset by improved demand in Climate Solutions Transportation.
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