Carrier Global (CARR) FY2023 results: revenue $19.0 billion, up 9.6% on the year
Carrier Global Corp. (CARR) reported revenue of $19.0 billion for fiscal 2023, the year ended 31 December 2023, up 9.6% on the year before. Net income was $1.3 billion, down 61.8%, and diluted earnings per share $1.58. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2024.
Revenue
$19.0 billion
+9.6% on the year
FY2018FY2023
Operating margin
11.4%
23.0% a year earlier
FY2018FY2023
Net income
$1.3 billion
-61.8% on the year
FY2018FY2023
Diluted EPS
$1.58
-61.5% on the year
FY2018FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
2,607
1,743
2,237
+49.6%
Capital expenditure
439
317
344
+38.5%
Free cash flow
2,168
1,426
1,893
+52.0%
Free cash flow margin
11.4%
8.2%
9.2%
Cash from investing
-660
1,745
-692
Cash from financing
4,612
-2,931
-1,562
Depreciation and amortisation
491
328
338
+49.7%
Share-based compensation
81.0
77.0
92.0
+5.2%
Buybacks
62.0
1,380
527
-95.5%
Dividends paid
620
509
417
+21.8%
Dividend per share
$0.74
$0.64
$0.51
+16.4%
Diluted shares, weighted
853m
861m
890m
-1.0%
Shares outstanding at period end
840m
835m
863m
+0.6%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
9,005
8,076
7,094
+11.5%
Debt
14,293
8,842
9,696
+61.6%
Operating lease liabilities
333
529
527
-37.1%
Other liabilities
9,191
8,639
8,855
+6.4%
Total liabilities and equity
32,822
26,086
26,172
+25.8%
Fixed assets
2,160
2,241
1,826
-3.6%
Goodwill
7,520
7,626
9,349
-1.4%
Intangible assets
945
1,342
509
-29.6%
Cash and equivalents
9,852
3,298
2,987
+198.7%
Receivables
2,080
2,833
2,403
-26.6%
Inventory
1,823
2,640
1,970
-30.9%
Other assets
8,442
6,106
7,128
+38.3%
Total assets
32,822
26,086
26,172
+25.8%
10-K for the year ended 31 December 2023, filed 6 February 2024: the filing.