CARRIER GLOBAL Corp Earnings Summary — Q1 2026

• Revenue grew 2.36% year-over-year to $5.34 billion, reflecting steady organic demand despite wide-scale portfolio transformations.
• Net income attributable to common shareholders reached $238 million, recovering significantly from the previous quarter's low of $53 million.
• Operating income of $259 million shows a decline from $629 million in Q1 2025, largely due to increased Selling, General & Administrative (SG&A) expenses and integration costs.
• The basic share count reduced from 867 million to 835 million YoY, indicating aggressive capital return via share repurchases.
• Gross profit margins faced slight compression compared to Q1 2025, landing at 23.3% for the current quarter.
• The absence of substantial 'Other Operating Income' (gains from divestitures) that padded prior years resulted in a cleaner, normalized operating profile.
• Management has successfully divested legacy businesses like Commercial Refrigeration and Fire & Security to focus exclusively on HVAC and climate solutions.

Management remains focused on the integration of Viessmann Climate Solutions and transitioning to a high-margin lifecycle service strategy, targeting organic growth and deleveraging.

Improving

While operating margins are under pressure from M&A friction, the substantial QoQ recovery in net income and the return to positive YoY revenue growth suggest the portfolio transformation is stabilizing.

The company expects to benefit from global decarbonization tailwinds and high-margin recurring revenue from aftermarket services as the integrations of 2024-2025 operations conclude.