Carrier Global (NYSE:CARR) Posts Quarterly Earnings Results, Beats Expectations By $0.11 EPS

Posted by George Bondi on Oct 29th, 2026

Carrier Global (NYSE:CARR – Get Free Report) issued its earnings results on Thursday. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.11, FiscalAI reports. The business had revenue of $6.26 billion for the quarter, compared to analyst estimates of $6.09 billion. Carrier Global had a return on equity of 14.68% and a net margin of 5.52%. The business’s quarterly revenue was up 12.3% on a year-over-year basis. During the same quarter last year, the company earned $0.67 EPS.

Here are the key takeaways from Carrier Global’s conference call:

Strong Q3 execution: Organic sales grew 15%, adjusted operating profit rose about 35%, margins expanded 260 basis points, and adjusted EPS increased 30%, helped partly by $130 million of IEEPA refunds. Year-to-date free cash flow reached approximately $1.5 billion.
Data center momentum remains exceptional. Global data center orders rose 300% in Q3, year-to-date orders exceeded $3 billion, and the company reported more than $8.5 billion of backlog; a newly signed hyperscaler agreement exceeds $3 billion and includes a significant minimum-volume commitment.
Growth is broadening beyond data centers, with non-data-center commercial orders up 20%, CSA residential sales up more than 30%, European residential and light-commercial sales up 13%, and aftermarket revenue up 9%. Carrier expects its commercial HVAC and aftermarket businesses to be roughly twice their size at the 2020 spin-off by year-end.
Input-cost and pricing pressures are weighing on profitability. Tariffs, commodities, and supply-chain inefficiencies are expected to create $550 million-$600 million of incremental 2026 headwinds, while CSA’s full-year operating-margin outlook was reduced to about 19%; management said it does not expect a first- or second-quarter 2027 margin snapback.
Carrier raised its 2026 sales outlook to nearly $24 billion and expects roughly 10% organic growth, while maintaining adjusted EPS guidance of $2.85-$2.90 and reiterating its free-cash-flow outlook. Management is not issuing formal 2027 guidance yet but expects to enter the year with record backlog and is targeting another year of double-digit EPS growth.

Carrier Global Price Performance

NYSE CARR traded down $1.18 during trading hours on Thursday, reaching $55.09. The company’s stock had a trading volume of 7,454,051 shares, compared to its average volume of 6,698,289. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.72 and a current ratio of 1.02. The company’s 50-day moving average is $56.62 and its two-hundred day moving average is $61.72. Carrier Global has a fifty-two week low of $50.24 and a fifty-two week high of $76.76. The stock has a market cap of $45.42 billion, a PE ratio of 38.17, a PEG ratio of 1.92 and a beta of 1.29.

Carrier Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 18th. Investors of record on Thursday, October 29th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Thursday, October 29th. Carrier Global’s dividend payout ratio is presently 66.67%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CARR. Sanford C. Bernstein cut their price target on shares of Carrier Global from $78.00 to $64.00 and set a “market perform” rating on the stock in a research note on Wednesday, October 7th. The Goldman Sachs Group cut Carrier Global from a “buy” rating to a “neutral” rating and cut their price target for the stock from $74.00 to $61.00 in a research note on Wednesday, October 14th. JPMorgan Chase & Co. initiated coverage on shares of Carrier Global in a research report on Friday, October 9th. They issued a “neutral” rating and a $61.00 price objective on the stock. Wells Fargo & Company assumed coverage on shares of Carrier Global in a research note on Thursday, September 24th. They issued an “overweight” rating and a $67.00 price objective on the stock. Finally, Royal Bank Of Canada cut their price objective on shares of Carrier Global from $82.00 to $72.00 and set an “outperform” rating for the company in a research report on Wednesday, October 14th. Eleven investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Carrier Global has a consensus rating of “Moderate Buy” and an average target price of $70.43.

Get Our Latest Research Report on CARR

Carrier Global News Roundup

Here are the key news stories impacting Carrier Global this week:

Positive Sentiment: Carrier reported third-quarter adjusted EPS of $0.87, above consensus estimates, while revenue rose 12.3% year over year to $6.26 billion and exceeded expectations. Carrier Reports Third Quarter 2026 Results
Positive Sentiment: Demand indicators were strong: total orders increased approximately 35%, commercial HVAC orders rose about 60%, and data-center orders surged roughly 300%. The company also reported a record backlog above $8.5 billion and signed multibillion-dollar long-term agreements with minimum volume commitments. Carrier Q3 Earnings and Sales Beat
Positive Sentiment: Carrier maintained a constructive outlook for 2026 sales, supported by HVAC demand, backlog conversion and tariff refunds. Operating cash flow was $813 million, free cash flow was $674 million, and approximately $600 million was returned to shareholders through dividends and buybacks. Carrier Q3 Sales and Guidance
Neutral Sentiment: Carrier plans to invest more than $600 million in a new Fort Worth campus, an expansion that could increase long-term capacity but also raises near-term capital spending. Carrier Fort Worth Investment
Negative Sentiment: GAAP EPS was negative $3.16, contrasting with adjusted EPS of $0.87. Investors may also be concerned that tariff refunds and other benefits could be temporary, while management cited ongoing cost pressures. Carrier Earnings Results
Negative Sentiment: Unusually heavy put-option activity—18,275 puts purchased versus typical daily volume of about 6,314—signals increased near-term hedging or bearish speculation and may be adding pressure to CARR.

Carrier Global Company Profile

(Get Free Report)

Carrier Global Corporation (NYSE:CARR) is a global provider of intelligent climate and energy solutions. The company develops and manufactures heating, ventilation and air-conditioning (HVAC) systems, refrigeration equipment, building automation technologies and related controls and services for residential, commercial and industrial customers.

Its offerings include air conditioners, heat pumps, furnaces, boilers, chillers, ventilation systems, refrigeration systems and building management solutions.