Carrier Global Corp
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+ FollowMarket Cap$44.21B
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Strong Q3 performance and momentum shift
- Organic sales +15% YoY; adjusted operating profit +~35% with adjusted operating margins +260 bps.
- Adjusted EPS +30% (about +15% excluding IEEPA refunds impact).
- Free cash flow (Q3) ~ $700M; YTD free cash flow $1.5B.
- Orders +35% YoY, with global commercial orders +60%; data center orders +300%.
Data center growth is driving a record backlog and changing Carrier’s profile
- Backlog > $8.5B (record); backlog excludes minimum volume commitments under long-term agreements.
- Q3 data center sales > $550M, exceeding the target; on track for full-year data center commitment of $2B.
- Hyperscaler agreement > $3B signed recently, with a significant portion covered by minimum volume commitments.
- Data center strategy described as margin-accretive to applied business, aided by differentiated products (e.g., 2MW/3MW air-cooled chillers) and deep commissioning/field support.
Commercial & residential opportunities expanding—visibility improving
- Non-data-center commercial orders +20% in the quarter.
- Residential and light commercial (Europe + CSA) improving: CSA residential +30%, Europe RLC +13%, Aftermarket +9%.
- Management claims Carrier’s growth profile has fundamentally changed: long-cycle commercial + expanding aftermarket + improving short-cycle residential/light commercial.
- Expectation: commercial HVAC + aftermarket ~2x vs Spin by end of 2026, and ~nearly half of portfolio by end of 2027.
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Share Statistics
| Market cap | $44.21 Billion |
|---|---|
| Enterprise Value | $56.38 Billion |
| Annual dividend | $0.96 |
| Dividend yield | 1.79% |
| Earnings per Share | $1.74 |
| Beta | 1.29 |
| Outstanding Shares | 821,800,000 |
Return
| Return on Equity | -14.07% |
|---|---|
| Return on Assets | -4.95% |
| Return on Invested Capital | 7.17% |
Valuation & Multiples
| P/E Ratio | -24.3 |
|---|---|
| PEG | 3.38 |
| Price to Sales | 2.06 |
| Price to Book Ratio | 3.48 |
| Enterprise Value to Revenue | 2.46 |
| Enterprise Value to EBIT | 27.94 |
| Enterprise Value to Net Income | -31 |
| Total Debt to Enterprise | 0.24 |
| Debt to Equity | 1.03 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$0.76
Consensus analyst estimateRevenue Estimate
$6.09 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 4, 2027
EPS Estimate
$0.57
Consensus analyst estimateRevenue Estimate
$5.87 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 93.69% |
|---|---|
| Total Calls | 118,400▼ 96.58% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.83%▼ 83.76% |
|---|---|
| Total Invested | $1.74B▼ 96.75% |
| Investors Holding | 590▼ 1121.00% |
About Carrier Global Corp
47,000 employees
CEO: David L. Gitlin
Carrier Global Corporation specializes in cutting-edge climate and energy technologies, focusing on delivering distinctive, digitally-integrated lifecycle solutions to its clientele. Its diverse brand portfolio includes well-known names ...