Carrier Global Corporation reported its full-year and Q4 2025 results, highlighting double-digit growth in Commercial HVAC and aftermarket businesses, despite challenges in residential and light commercial markets. The company also outlined its 2026 outlook, with expectations of continued strength in long-cycle segments.
For the full year 2025, Carrier recorded net sales of $21.75 billion, a 3% decrease from 2024, with organic sales down 1%. Adjusted earnings per share (EPS) reached $2.59, a 1% increase year-over-year, while adjusted operating margin stood at 15.1%. The company returned approximately $3.7 billion to shareholders through dividends and share repurchases.
In Q4 2025, organic sales declined 9%, while adjusted EPS was $0.34. Despite the short-cycle market softness, including a 17% organic sales decline in the Climate Solutions Americas segment, Carrier saw a 50% year-over-year increase in Commercial HVAC orders driven by large data center projects. The Americas Commercial HVAC segment achieved over fivefold growth in Q4 orders, with continued market share expansion in water-cooled chillers.
The aftermarket segment delivered 20% growth in 2025, marking its fifth consecutive year of double-digit performance. Carrier expects this momentum to continue into 2026.
The company's Home Energy Management System (HEMS) offering continued to gain traction with data centers and utilities, with market introduction planned for later in 2026.
Carrier projects 2026 sales of approximately $22 billion, with adjusted operating profit of around $3.4 billion and adjusted EPS of $2.80. Free cash flow is expected to be about $2 billion, with $1.5 billion allocated for share repurchases.
“We continue to drive outsized growth in commercial HVAC with Q4 orders up nearly 50% driven by key data center wins and are well positioned to drive our sixth consecutive year of double-digit growth in this business in 2026,” said Carrier Chairman & CEO David Gitlin.