Carrier Global Corp has recently released its 10-Q report, detailing its financial performance for the three and six months ended June 30, 2025. Carrier Global Corp is a global leader in intelligent climate and energy solutions, operating in two segments: Heating, Ventilating and Air Conditioning (HVAC), and Refrigeration. The company provides products, controls, services, and solutions to meet the heating, cooling, and ventilation needs of residential and commercial customers. Its products include air conditioners, heating systems, heat pumps, building automation systems, and transport refrigeration and monitoring products for various applications.
In the report's "Management’s Discussion and Analysis of Financial Condition and Results of Operations" section, Carrier Global Corp highlights its strategic focus on providing differentiated, digitally-enabled lifecycle solutions to customers. The company's operations are classified into four segments: Climate Solutions Americas, Climate Solutions Europe, Climate Solutions Asia Pacific, Middle East & Africa, and Climate Solutions Transportation. Carrier Global Corp anticipates creating long-term shareowner value by investing strategically to strengthen its product position in homes, buildings, and across the cold chain to drive profitable growth. The company believes its business segments are well positioned to benefit from favorable secular trends, including urbanization, population growth, digitalization, and energy efficiency.
The report also discusses recent developments, including the completion of activities designed to simplify Carrier Global Corp's business portfolio into a pure-play climate and energy solutions provider. This transformation involved acquiring the climate solutions business of Viessmann Group GmbH & Co. KG and divesting the Commercial and Residential Fire, Access Solutions, Industrial Fire businesses, and the Commercial Refrigeration business. Additionally, the company reorganized its reportable segments to better reflect its business strategy, resulting in three new regional HVAC operating segments and the existing Climate Solutions Transportation operating segment.
In terms of financial performance, the report details the results of operations for the three and six months ended June 30, 2025, compared with the same periods in 2024. For the three months ended June 30, 2025, Carrier Global Corp reported net sales of $6.1 billion, a 3% increase compared with the same period in 2024. The gross margin for the same period was $1.8 billion, representing a 12% increase compared with 2024. The company also reported operating expenses of $866 million, a 2% increase compared with the same period in 2024. Non-operating income (expense), net was $91 million, a 42% decrease compared with 2024. The effective tax rate for the three months ended June 30, 2025 was 20.0%, lower than the effective tax rate for the same period in 2024.
For the six months ended June 30, 2025, Carrier Global Corp reported net sales of $11.3 billion, representing a slight decrease compared with the same period in 2024. The company reported a gross margin of $3.2 billion, a 9% increase compared with the first six months of 2024. Operating expenses for the six months ended June 30, 2025, were $1.7 billion, lower than the same period in 2024.
The report also includes a reconciliation to adjusted operating profit, a non-GAAP measure, which is defined as consolidated operating profit, excluding restructuring costs, amortization of acquired intangibles, and other significant items of a nonoperational nature. For the three months ended June 30, 2025, Carrier Global Corp reported an adjusted operating profit of $1.2 billion, compared with $1.1 billion for the same period in 2024.
As a result of these announcements, the company's shares have moved -10.83% on the market, and are now trading at a price of $71.50. Check out the company's full 10-Q submission here.
