CARR Filings — Carrier Global Corporation - FilingSpy
CARR
Carrier Global Corporation
A maker of heating, cooling, and refrigeration systems, Carrier builds the air conditioners, heat pumps, and cold-chain equipment that keep homes, buildings, and food shipments comfortable and fresh. The company traces back to 1902, when engineer Willis Carrier invented modern air conditioning to fix a humidity problem at a Brooklyn printing plant, and it became independent in 2020 when it spun off from United Technologies. Its name honors that inventor, whose first machine kept paper from wrinkling during color printing.
Q2 2026 operating profit fell 9% to $825M on tariffs and a $46M Riello impairment
contracted 170 to 27.2% as input costs and tariffs bit. rose 4% to $6.4B and fell 9% to $825M, weighed by a $46M Riello and lower equity earnings, while was not reported for the quarter. The core climate business is absorbing cost pressure before the Riello sale proceeds land.
Key takeaways
declined 9% to $825M, including a $46M on the Riello business in Climate Solutions Europe and lower , with the rising to 25.0% from 20.0% mainly due to the non-deductible impairment and a higher German rate.
contracted 170 to 27.2%, driven by higher input costs including tariffs and unfavorable business mix, partially offset by productivity initiatives.
Consolidated grew 4% (3% organic) to $6.4B, led by Climate Solutions Americas on improved residential and light commercial demand.
Section summaries
Management's Discussion and Analysis
Q2 2026 net sales rose 4% to $6.4B, but operating profit fell 9% on higher input costs, tariffs, and a $46M Riello impairment.
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Consolidated grew 4% (3% organic) to $6.4B, led by Climate Solutions Americas on improved residential and light commercial demand.
The Riello sale closed July 1, 2026 for about $430M in gross proceeds; tariffs have not materially impacted the business to date.
improved to $953M and the company repurchased $748M in shares while paying $400M in dividends, with $1.3B cash at quarter end.
What changed
Q2 2026 of 27.2% did not recover from the 23.3% Q1 2026 rate as flagged; it sits below the 28.9% Q2 2025 level as tariffs and mix pressure replaced the prior-year Viessmann .
The Riello sale flagged in the FY2025 10-K and Q1 2026 as a H1 2026 close for ~$430M completed July 1, 2026, after a $46M was recorded in Q2 2026 against the $10.4B base.
Climate Solutions Americas residential volume, which dropped 12% in Q1 2026, improved in Q2 2026 as the led consolidated of 3%, reversing the destocking trend.
Debt repayment and pace continued: $748M repurchased in Q2 2026 against $10.4B , after $2.9B deployed in 2025 and the Q1 2026 pause pending Riello proceeds.
Risk factors were restated with no material change from the 2025 10-K; no new company-specific risk was added this quarter.
What to watch
Q3 2026 to see if the 27.2% rate holds or recovers as tariff actions and productivity offset input costs.
Use of the ~$430M Riello sale proceeds against the $10.4B and capacity in H2 2026.
Climate Solutions Americas residential volume trend after the Q2 2026 improvement from the 12% Q1 drop.
Climate Solutions Europe of $7.8B for any trigger following the $46M Riello impairment.
contracted 170 to 27.2%, driven by higher input costs including tariffs and unfavorable business mix, partially offset by productivity initiatives.
declined 9% to $825M; results included a $46M on the Riello business in Climate Solutions Europe and lower equity-method earnings.
The rose to 25.0% from 20.0%, mainly due to the non-deductible Riello and a higher German tax rate.
Liquidity remained solid with $1.3B in cash; improved to $953M, and the company repurchased $748M in shares while paying $400M in dividends.
The Riello sale was completed on July 1, 2026, for expected gross proceeds of approximately $430M; tariffs have not materially impacted the business to date.
Quantitative and Qualitative Disclosures About Market Risk
There has been no significant change in our exposure to market risk during the three and six months ended June 30, 2026. For discussion of our exposure to market risk, refer to the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Opera…
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There has been no significant change in our exposure to market risk during the three and six months ended June 30, 2026. For discussion of our exposure to market risk, refer to the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations – Market Risk and Risk Management" in our 2025 Form 10-K.
See Note 18 – Commitments and Contingent Liabilities in the Notes to the accompanying Unaudited Condensed Consolidated Financial Statements for information regarding legal proceedings. Except as otherwise noted previously, there have been no material developments in legal procee…
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See Note 18 – Commitments and Contingent Liabilities in the Notes to the accompanying Unaudited Condensed Consolidated Financial Statements for information regarding legal proceedings.
Except as otherwise noted previously, there have been no material developments in legal proceedings. For previously reported information about legal proceedings refer to "Business – Legal Proceedings" in our 2025 Form 10-K.