| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 5.3K | 2.4% |
| Total Income | 5.3K | 2.4% |
| Expenditure | 5.1K | 9.6% |
| PBT | 170.00 | 69.0% |
| Net Profit | 238.00 | 42.2% |
| OPM | 4.85% | 7.20pp |
| NPM | 4.46% | 3.44pp |
| EPS | 0.29 | 38.3% |
Carrier Reports Q1 2026 Net Sales Up 2% to $5.341 Billion, Reaffirms Full-Year Outlook
30 Apr 2026 · 30 Apr, 4:33 pm
Summary
Carrier Global Corporation reported first quarter 2026 net sales of $5.341 billion, an increase of 2% year-over-year, primarily driven by foreign currency translation as organic sales declined by 1%. Profitability saw a notable decrease, with GAAP operating profit falling 59% to $259 million and adjusted diluted EPS declining 12% to $0.57. Despite these profit challenges, the company highlighted strong order performance, particularly a more than 500% surge in data center orders and an 11% increase in total company orders. Chairman & CEO David Gitlin expressed satisfaction with the sales performance and reaffirmed the full-year outlook, citing confidence in continued double-digit growth in the Commercial HVAC business.
Key Highlights
- 1
Carrier Global Corporation reported a 2% increase in net sales, reaching $5.341 billion for the first quarter of 2026.
- 2
Despite the sales growth, GAAP operating profit saw a significant decline of 59% to $259 million, with the operating margin contracting by 730 basis points to 4.8%.
- 3
Adjusted diluted earnings per share from continuing operations decreased by 12% year-over-year to $0.57.
- 4
The company experienced robust order growth, with data center orders surging over 500% and total company orders increasing by 11%.
- 5
Net cash flows from operating activities were $79 million, while free cash flow was negative at ($15) million for the quarter.
- 6
Carrier returned approximately $500 million to shareholders through dividends and share repurchases during the first quarter.
- 7
Management reaffirmed its full-year 2026 outlook, including approximately $22 billion in sales and $2.80 in adjusted EPS.
Management Comments
David Gitlin
We started the year with better than expected sales performance across the portfolio. Orders in our global Commercial HVAC business increased 35%, helped by data centers which were up over 500% in the quarter. The strong double-digit sequential increase in Commercial HVAC backlog gives us the confidence to drive our sixth consecutive year of double-digit growth in this business. CSA Light commercial and CSE Residential both delivered growth, while CSA Residential came in better than expected. I am pleased with the team's performance in the first quarter, and we are reaffirming our full-year outlook.
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