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Carrier's Q3 was severely impacted by a collapse in Americas residential HVAC, down 30%, leading to a massive guidance cut to approximately $2.65 adjusted EPS from $3.00-$3.10. Organic growth was down 4% and CSA segment operating margin fell 560 basis points. The company announced elimination of 3,000 indirect positions, though commercial Americas remained strong up 30% and data center backlog entering 2026 was up approximately 20%.
Demand | Margin | Revenue Growth | Pricing | Inventory | Regulation Policy | Cloud & AI | Trade Tariffs | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 9 | 3 | 4 | 5 | 3 | 3 | 1 | 2 |
| 2025Q1 | 9 | 5 | 7 | 3 | 2 | 3 | 3 | 4 |
| 2025Q2 | 11 | 7 | 6 | 4 | 4 | 3 | 1 | |
| 2025Q3 | 15 | 3 | 5 | 5 | 5 | 3 | 1 | 1 |
| 2025Q4 | 12 | 5 | 1 | 2 | 5 | 1 | 3 | |
| 2026Q1 | 9 | 6 | 5 | 6 | 2 | 4 | 5 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 9 | 9 | 11 | 15 | 12 | 9 |
| Margin | 3 | 5 | 7 | 3 | 5 | 6 |
| Revenue Growth | 4 | 7 | 6 | 5 | 1 | 5 |
| Pricing | 5 | 3 | 4 | 5 | 2 | 6 |
| Inventory | 3 | 2 | 4 | 5 | 5 | |
| Regulation Policy | 3 | 3 | 3 | 3 | 1 | 2 |
| Cloud & AI | 1 | 3 | 1 | 1 | 3 | 4 |
| Trade Tariffs | 2 | 4 | 1 | 5 |
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $5.15B | +0.9% | $2.82 | +475.5% | 7.4% | 49.6% | $-85M |
| FY2025 Q1 | $5.22B | -3.7% | $0.47 | +62.1% | 10.8% | 7.9% | $420M |
| FY2025 Q2 | $6.11B | +3.0% | $0.70 | -72.5% | 13.0% | 9.7% | $568M |
| FY2025 Q3Selected | $5.58B | -6.8% | $0.50 | +2.0% | 8.9% | 7.7% | $224M |
| FY2025 Q4 | $4.84B | -6.0% | $0.06 | -97.9% | 1.1% | 1.1% | $882M |
| FY2026 Q1 | $5.34B | +2.4% | $0.28 | -40.4% | 4.5% | 4.5% | $-15M |
| FY2026 Q2 | $6.35B | +3.9% | $0.60 | -14.3% | 12.1% | 7.9% | $757M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Calendar quarter Q3 2025Earnings call Oct 28, 2025
FY2025 Q3 in brief
Carrier's Q3 was severely impacted by a collapse in Americas residential HVAC, down 30%, leading to a massive guidance cut to approximately $2.65 adjusted EPS from $3.00-$3.10.
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for Carrier Global (CARR), FY2025 Q3: 1/10. Scores: Carrier Global’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: CARR daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Joe Ritchie | Goldman Sachs | 14 questions · 7% challenging |
| Chris Snyder | Morgan Stanley | 14 questions · 14% challenging |
| Deane Dray | RBC Capital Markets | 14 questions · 0% challenging |
| Andy Kaplowitz | Citigroup | 14 questions · 7% challenging |
| Jeff Sprague | Vertical Research Partners | 12 questions · 17% challenging |
| Julian Mitchell | Barclays | 12 questions · 0% challenging |
| Nigel Coe | Wolfe Research | 11 questions · 9% challenging |
| Scott Davis | Melius Research | 10 questions · 0% challenging |
| Andrew Obin | Bank of America | 10 questions · 20% challenging |
| Joe O'Dea | Wells Fargo | 9 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Morgan Stanley | 1 analyst | 14 questions · 14% challenging |
| Goldman Sachs | 1 analyst | 14 questions · 7% challenging |
| RBC Capital Markets | 1 analyst | 14 questions · 0% challenging |
| Citigroup | 1 analyst | 14 questions · 7% challenging |
| Barclays | 1 analyst | 12 questions · 0% challenging |
| Vertical Research Partners | 1 analyst | 12 questions · 17% challenging |
| Wolfe Research | 1 analyst | 11 questions · 9% challenging |
| JPMorgan | 3 analysts | 11 questions · 0% challenging |
GAAP revenue YoY -6.77% → base 3. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
CARR Carrier Global | 1 | -6.8% | |
| BLDR Builders FirstSource | 4 | -6.9% | |
| JCI Johnson Controls | 8 | +3.1% | |
| LII Lennox International | 3 | -4.8% | |
| MAS Masco | 2 | -3.3% | |
| TT Trane Technologies | 6 | +5.5% |