Carrier Global Corporation provides heating, ventilating, and air conditioning (HVAC), refrigeration, fire, security, and building automation technologies worldwide. It operates through three segments: HVAC, Refrigeration, and Fire & Security. The HVAC segment 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, controls, and aftermarket components, as well as aftermarket repair and maintenance services and building automation solutions. The Refrigeration segment offers transport refrigeration and monitoring products and services, as well as digital solutions for trucks, trailers, shipping containers, intermodal applications, food retail, and warehouse cooling; and commercial refrigeration solutions, such as refrigerated cabinets, freezers, systems, and controls. The Fire & Security segment provides various residential, commercial, and industrial technologies, including fire, flame, gas, smoke, and carbon monoxide detection; portable fire extinguishers; fire suppression systems; intruder alarms; access control systems; video management systems; and electronic controls. Its other fire and security service offerings comprise audit, design, installation, and system integration, as well as aftermarket maintenance and repair and monitoring services. The company offers its products under the Autronica, Det-Tronics, Edwards, Fireye, GST, Kidde, LenelS2, Marioff, Onity, and Supra; Carrier, Automated Logic, Bryant, CIAT, Day & Night, Heil, NORESCO, and Riello; and Carrier Commercial Refrigeration, Carrier Transicold, and Sensitech brands. The company was incorporated in 2019 and is headquartered in Palm Beach Gardens, Florida.

Carrier Global Corporation

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Kidde-Fenwal, Inc. Deconsolidation

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Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	455	633	437	2,569	481	2,369
Net Earnings
Depreciation & Amortization	325	317	303	318	312	294
Depreciation and Amortization
Stock Based Compensation	11	21	23	21	25	21
Stock-Based Compensation Costs
Other Adjustments	-239	-162	-118	-3,013	-104	-2,139
Discontinued Operations, Net of Tax
Deferred Income Tax Provision
Equity Method Investment Net Earnings
Impairment Charge on Minority-Owned Joint Venture Investments
Gain on Extinguishment of Debt
Gain on Sale of Investments
Changes in Trade Receivables	212	-340	-362	95	97	-51
Accounts Receivable, Net
Changes in Inventories	-116	-111	-301	216	69	90
Inventories, Net
Changes in Accounts Payable	-208	-103	481	345	-260	148
Accounts Payable and Accrued Liabilities
Changes in Unearned Revenue	—	—	—	—	—	—
Contract Liabilities
Changes in Other Operating Activities	-116	9	25	-188	-21	-168
Contract Assets
Change in Other Current Assets
Defined Benefit Plan Contributions
Distributions from Equity Method Investments
Other Operating Activities, Net
Cash from Operating Activities	341	649	483	132	-269	660
Net Cash Flows Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-117	-81	-63	-217	-92	-108
Capital Expenditures
Proceeds from Sale of Investments	—	—	—	—	—	—
Proceeds on Sale of Investments
Payments for Business Acquisitions	-31	-49	-12	-17	-94	-7
Investment in Businesses, Net of Cash Acquired
Proceeds from Business Divestments	—	4	8	634	317	—
Dispositions of Businesses
Other Investing Activities	29	47	37	-94	2	48
Settlement of Derivative Contracts, Net
Kidde-Fenwal, Inc. Deconsolidation
Payment to Former Shareholders of TCC
Other Investing Activities, Net
Cash from Investing Activities	-119	-55	-23	3,089	1,159	4,808
Net Cash Flows Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Short-Term Debt	444	-8	-49	13	30	-13
Change in Short-Term Borrowings, Net
Net Issuance / (Repayments) of Short-Term Debt	444	-8	-49	13	30	-13
Issuance of Long-Term Debt	17	6	9	826	31	7
Issuance of Long-Term Debt
Repayments of Long-Term Debt	-1	-3	-1,205	-815	-988	-3,537
Repayment of Long-Term Debt
Net Issuance / (Repayments) of Long-Term Debt	16	3	-1,196	11	-957	-3,530
Repurchases of Common Shares	-785	-340	-1,288	-1,513	-431	—
Repurchases of Common Stock
Net Issuance / (Repurchases) of Common Shares	-785	-340	-1,288	-1,513	-431	—
Common Share Dividends Paid	-193	-192	-198	-156	-184	-171
Dividends Paid on Common Stock
Other Financing Activities	-73	-10	-16	-27	-6	-60
Dividends Paid to Non-Controlling Interest
Net Transfers to UTC
Other Financing Activities, Net
Cash from Financing Activities	-591	-547	-2,747	-1,686	-1,544	-3,785
Net Cash Flows Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	224	568	420	-85	-361	552
NOPAT	540.2	722.8	501.6	-33.5	592.6	570.8
Levered Free Cash Flow	656	617	-388	3,049	-472	-950
Unlevered Free Cash Flow	308.2	753.8	946.6	440.5	600.6	826.8
Net Change in Cash	-369	47	-2,287	1,535	-654	1,683