Carrier Global (CARR) FY2022 results: revenue $17.3 billion, down 16.1% on the year

Carrier Global Corp. (CARR) reported revenue of $17.3 billion for fiscal 2022, the year ended 31 December 2022, down 16.1% on the year before. Net income was $3.5 billion, up 112.4%, and diluted earnings per share $4.10. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2023.

Revenue

$17.3 billion

-16.1% on the year

FY2018FY2022

Operating margin

23.0%

12.8% a year earlier

FY2018FY2022

Net income

$3.5 billion

+112.4% on the year

FY2018FY2022

Diluted EPS

$4.10

+119.3% on the year

FY2018FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	17,288	20,613	17,456	-16.1%
Cost of revenue	12,991	14,633	12,347	-11.2%
Gross profit	4,297	5,980	5,109	-28.1%
Gross margin	24.9%	29.0%	29.3%
Research and development	416	503	419	-17.3%
Selling, general and administrative	1,977	3,120	2,820	-36.6%
Operating income	3,984	2,645	3,083	+50.6%
Operating margin	23.0%	12.8%	17.7%
Interest expense	238	319	298	-25.4%
Pre-tax income	3,823	2,400	2,855	+59.3%
Income tax	616	699	849	-11.9%
Effective tax rate	16.1%	29.1%	29.7%
Net income	3,534	1,664	1,982	+112.4%
Net margin	20.4%	8.1%	11.4%
Diluted EPS	$4.10	$1.87	$2.25	+119.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	1,743	2,237	1,692	-22.1%
Capital expenditure	317	344	312	-7.8%
Free cash flow	1,426	1,893	1,380	-24.7%
Free cash flow margin	8.2%	9.2%	7.9%
Cash from investing	1,745	-692	1,106
Cash from financing	-2,931	-1,562	-681
Depreciation and amortisation	328	338	336	-3.0%
Share-based compensation	77.0	92.0	77.0	-16.3%
Buybacks	1,380	527	0.0	+161.9%
Dividends paid	509	417	138	+22.1%
Dividend per share	$0.64	$0.51	$0.28	+25.5%
Diluted shares, weighted	861m	890m	880m	-3.3%
Shares outstanding at period end	835m	863m	868m	-3.3%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	8,076	7,094	6,578	+13.8%
Debt	8,842	9,696	10,227	-8.8%
Operating lease liabilities	529	527	642	+0.4%
Other liabilities	8,639	8,855	7,646	-2.4%
Total liabilities and equity	26,086	26,172	25,093	-0.3%
Fixed assets	2,241	1,826	1,810	+22.7%
Goodwill	7,626	9,349	10,139	-18.4%
Intangible assets	1,342	509	1,037	+163.7%
Cash and equivalents	3,298	2,987	3,115	+10.4%
Receivables	2,833	2,403	2,781	+17.9%
Inventory	2,640	1,970	1,629	+34.0%
Other assets	6,106	7,128	4,582	-14.3%
Total assets	26,086	26,172	25,093	-0.3%

10-K for the year ended 31 December 2022, filed 7 February 2023: the filing.