Carrier Global (CARR) Q1 FY2026 earnings: revenue $5.3 billion, up 2.4% on the year

Carrier Global Corp. (CARR) reported revenue of $5.3 billion for Q1 FY2026, the quarter ended 31 March 2026, up 2.4% on the same quarter a year earlier. Net income was $238 million, down 42.2% on the year, and diluted earnings per share $0.28. The figures are the company's own, from the 10-Q it filed with the SEC on 30 April 2026.

Revenue

$5.3 billion

+2.4% on the year · +10.4% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

4.8%

12.1% a year earlier

Q2 FY2024Q1 FY2026

Net income

$238 million

-42.2% on the year · +349.1% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$0.28

-40.4% on the year · +300.0% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 5 kept.

Sales rose 2%, organic sales fell 1%: Net sales were $5,341 million against $5,218 million. Organic sales declined 1%, more than offset by a 3% foreign currency translation gain.
Operating profit down 59%, adjusted down 30%: GAAP operating profit was $259 million against $629 million. Adjusted operating profit was $594 million against $848 million. The GAAP decline came from the CSA, CSE and CSAME segments.
CSA sales down 3%, profit down 35%: CSA sales fell 3% to $2,501 million, and segment operating profit fell 35% to $373 million. Margin decreased 730 basis points on lower Residential sales and factory under-absorption.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	5,341	4,837	5,218	+10.4%	+2.4%
Cost of revenue	4,097	3,876	3,773	+5.7%	+8.6%
Gross profit	1,244	961	1,445	+29.4%	-13.9%
Gross margin	23.3%	19.9%	27.7%
Research and development	143	160	153	-10.6%	-6.5%
Selling, general and administrative	861	747	729	+15.3%	+18.1%
Operating income	259	101	629	+156.4%	-58.8%
Operating margin	4.8%	2.1%	12.1%
Interest expense	90.0	n/a	n/a
Pre-tax income	170	5.0	548	+3,300.0%	-69.0%
Income tax	-96.0	-32.0	111
Effective tax rate	-56.5%	-640.0%	20.3%
Net income	238	53.0	412	+349.1%	-42.2%
Net margin	4.5%	1.1%	7.9%
Diluted EPS	$0.28	$0.07	$0.47	+300.0%	-40.4%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	79.0	1,040	483	-92.4%	-83.6%
Capital expenditure	94.0	131	63.0	-28.2%	+49.2%
Free cash flow	-15.0	909	420
Free cash flow margin	-0.3%	18.8%	8.0%
Cash from investing	-65.0	-110	-23.0
Cash from financing	-141	-787	-2,747
Depreciation and amortisation	315	329	303	-4.3%	+4.0%
Share-based compensation	21.0	19.0	23.0	+10.5%	-8.7%
Buybacks	306	479	1,288	-36.1%	-76.2%
Dividends paid	201	189	198	+6.3%	+1.5%
Diluted shares, weighted	843m	862m	878m	-2.3%	-4.0%
Shares outstanding at period end	831m	836m	857m	-0.7%	-3.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	13,801	14,128	14,198	-2.3%	-2.8%
Debt	12,158	11,833	11,184	+2.7%	+8.7%
Operating lease liabilities	415	418	437	-0.7%	-5.0%
Other liabilities	10,812	10,811	10,628	+0.0%	+1.7%
Total liabilities and equity	37,186	37,190	36,447	-0.0%	+2.0%
Fixed assets	3,122	3,165	3,040	-1.4%	+2.7%
Goodwill	15,313	15,501	14,959	-1.2%	+2.4%
Intangible assets	5,987	6,326	6,480	-5.4%	-7.6%
Cash and equivalents	1,371	1,555	1,698	-11.8%	-19.3%
Receivables	3,130	2,639	2,979	+18.6%	+5.1%
Inventory	2,581	2,483	2,648	+3.9%	-2.5%
Other assets	5,682	5,521	4,643	+2.9%	+22.4%
Total assets	37,186	37,190	36,447	-0.0%	+2.0%

Questions

What was Carrier Global's revenue in Q1 FY2026?

Carrier Global (CARR) reported revenue of $5.3 billion for Q1 FY2026, the quarter ended 31 March 2026, up 2.4% on the same quarter a year earlier.

How much did Carrier Global earn in Q1 FY2026?

Net income for Q1 FY2026 was $238 million, down 42.2% on the year, and diluted earnings per share $0.28.

When did Carrier Global report Q1 FY2026 results?

Carrier Global filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 30 April 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024	Q4 FY2024 †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	5,133	4,654	5,211	5,451	5,105	5,273	5,182	4,935	4,316	5,420	5,934	5,984	5,148	5,218	6,113	5,579	4,837	5,341	6,351	6,263
Cost of revenue	3,767	3,361	3,764	3,974	1,892	3,895	4,237	3,915	1,742	4,477	4,811	4,307	2,910	3,773	4,344	4,130	3,876	4,097	4,623	4,580
Gross profit	1,366	1,293	1,447	1,477	3,213	1,378	945	1,020	2,574	943	1,123	1,677	2,238	1,445	1,769	1,449	961	1,244	1,728	1,683
Gross margin	27%	28%	28%	27%	63%	26%	18%	21%	60%	17%	19%	28%	43%	28%	29%	26%	20%	23%	27%	27%
R&D	134	125	122	143	149	139	151	126	170	192	160	172	162	153	161	151	160	143	148	154
SG&A	816	601	614	624	673	721	784	664	961	807	789	799	802	729	813	803	747	861	810	758
Operating income	463	1,737	819	1,526	433	460	651	510	539	385	724	763	774	629	903	539	101	259	825	-2,273
Operating margin	9%	37%	16%	28%	8%	9%	13%	10%	12%	7%	12%	13%	15%	12%	15%	10%	2%	5%	13%	-36%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	90.0	105	93.0
Pre-tax income	405	1,688	757	1,470	377	509	422	471	559	244	567	770	693	548	812	433	5.0	170	721	-2,363
Tax rate	18%	18%	22%	9%	26%	24%	45%	38%	21%	19%	21%	22%	104%	20%	20%	-0%	-640%	-56%	25%	n/a
Net income	324	1,379	573	1,312	270	373	199	357	420	269	2,337	447	2,551	412	591	428	53.0	238	501	-2,593
Net margin	6%	30%	11%	24%	5%	7%	4%	7%	10%	5%	39%	7%	50%	8%	10%	8%	1%	4%	8%	-41%
Diluted EPS	$0.36	$1.58	$0.67	$1.53	$0.32	$0.44	$0.23	$0.42	$0.49	$0.29	$2.55	$0.49	$2.82	$0.47	$0.68	$0.50	$0.07	$0.28	$0.60	-$3.16
Operating cash flow	913	-202	32.0	790	1,123	120	384	1,041	1,062	40.0	660	-269	132	483	649	341	1,040	79.0	927	813
Capital expenditure	138	56.0	66.0	91.0	140	70.0	74.0	92.0	233	102	111	87.0	217	63.0	81.0	117	131	94.0	117	139
Free cash flow	775	-258	-34.0	699	983	50.0	310	949	829	-62.0	549	-356	-85.0	420	568	224	909	-15.0	810	674
Buybacks	252	734	280	247	119	62.0	0.0	0.0	0.0	0.0	0.0	431	1,513	1,288	340	785	479	306	439	399
Dividends paid	104	129	128	127	125	154	155	156	155	159	171	184	156	198	192	193	189	201	199	198
Shares outstanding	863m	848m	842m	836m	835m	835m	838m	839m	840m	901m	903m	897m	878m	857m	851m	842m	836m	831m	824m	818m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 30 April 2026: the filing.