Carrier Global Corp

Upgraded full-year outlook driven by very strong orders/backlog (good) - 2Q orders: up ~40% YoY; commercial HVAC up ~65%, powered by data centers up ~4x YoY. - Backlog: >$8B (excluding hyperscaler/colo LTAs), up ~40% YoY and up ~20% sequentially. - Guidance raised (full year): expects higher sales, operating profit, and EPS (details in guidance slides; management explicitly raised sales by >$1B organically and EPS by ~$0.10 vs prior guide).

Financial results + cash return (good) - 2Q reported sales: $6.4B; adj. operating profit: $1.1B; adj. EPS: $0.86. - Adj. operating margin: 17.2% (better than expected). - Free cash flow: $810M (very strong). - Shareholder returns: returned ~$640M in the quarter; full-year buybacks expected: $1.5B.

2026 forecast specifics: sales growth mix, data center ramp, and NORESCO impact (good + notable) - Full-year sales: now ~$23B with organic growth up mid- to high single digits. - Data center revenue: now ~$2.0B in 2026 (vs $1.5B prior guide), with guidance noting all 2026 data center revenue supported by backlog. - CSA Resi & Light Commercial: now ~high single-digit growth. - CSE Resi & Light Commercial: now low single-digit growth (vs prior outlook weaker). - Headwind included: ~$125M YoY revenue headwind from upcoming NORESCO exit; ~$200M of sales drop vs prior guide from NORESCO + smaller changes.