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Sentiment · FY2026 Q2
Carrier posted approximately flat organic sales with adjusted EPS of $0.57 declining 12% year-over-year, burdened by approximately $335 million in restructuring and acquisition-related charges on the GAAP line. The company reaffirmed full-year guidance of approximately $2.80 adjusted EPS. Data center orders surged over 500% with strong backlog, while Americas residential HVAC remained under pressure and China residential weakness persisted with no bottom in sight.
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 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Joe Ritchie | Goldman Sachs | 14 (7%) |
| Chris Snyder | Morgan Stanley | 14 (14%) |
| Deane Dray | RBC Capital Markets | 14 (0%) |
| Andy Kaplowitz | Citigroup | 14 (7%) |
| Jeff Sprague | Vertical Research Partners | 12 (17%) |
| Julian Mitchell | Barclays | 12 (0%) |
| Nigel Coe | Wolfe Research | 11 (9%) |
| Scott Davis | Melius Research | 10 (0%) |
| Andrew Obin | Bank of America | 10 (20%) |
| Joe O'Dea | Wells Fargo | 9 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Morgan Stanley | 1 | 14 (14%) |
| Goldman Sachs | 1 | 14 (7%) |
| RBC Capital Markets | 1 | 14 (0%) |
| Citigroup | 1 |
| 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% |
| 14 (7%) |
| Barclays | 1 | 12 (0%) |
| Vertical Research Partners | 1 | 12 (17%) |
| Wolfe Research | 1 | 11 (9%) |
| JPMorgan | 3 | 11 (0%) |
| $568M |
| FY2025 Q3 | $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).
What CARR and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Our CSAME business introduced a new Toshiba-branded side-discharge VRF platform, featuring best-in-class efficiency, distinctive aesthetics, low noise performance and high reliability.”
Carrier launched a new Toshiba-branded VRF platform through its Toshiba joint-venture relationship, signaling continued product collaboration on the Toshiba brand.
“Earlier this week, we announced our expanded investment in partnership with ZutaCore, which will further enhance our technology differentiation in this space.”
Carrier expanded its equity investment and strategic partnership with ZutaCore for two-phase liquid cooling, a bet on where data center thermal management is heading.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
CARR Carrier Global | 4 | +2.4% | |
| BLDR Builders FirstSource | 1 | -10.1% | |
| JCI Johnson Controls | 9 | +8.2% | |
| LII Lennox International | 6 | +5.8% | |
| MAS Masco | 6 | +6.5% | |
| TT Trane Technologies | 7 | +6.0% |