Carrier Global Corporation · CARR · FY2024 Q4 · Calendar Q1 2025

Carrier Q4 2024: Commercial HVAC Strength Meets Execution Risks

The supplied analysis supports a constructive but conditional view: commercial HVAC, aftermarket growth, heat-pump mix, and integrated systems provide support, while regional demand, tariffs, FX, pricing, and execution determine whether that trajectory persists.

Reported Before market openNYSEIndustrials $45.30B market cap
80quality score

Earnings scorecard

Reported versus consensus
Reported EPS — Consensus $0.51
EPS surprise — Reported versus consensus
Reported revenue — Consensus $5.20B
Revenue surprise — Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -1.6% Event window
SPY move +0.1% Same window
Abnormal move -1.7% Stock minus SPY
Volume 1.5× Versus trailing sessions
Subsequent drift +0.4% Up to 20 sessions
CARRSPY benchmark

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Transcript intelligence

What changed

Relative to the prior-quarter analysis, the supplied current analysis adds Toshiba to the portfolio, references the Chubb divestiture, emphasizes rising investment in capacity, and highlights the planned rollout of cascaded heat pumps, Carrier Energy, and Quantum Leap.

Guidance delta

Maintained: the supplied analysis describes a 2025 outlook of mid-single-digit organic growth, 100 bp margin expansion, and 17% EPS growth.

Key takeaways

  • Commercial HVAC and aftermarket momentum remained the central growth supports in the supplied analysis.
  • Management emphasized heat-pump mix, integrated systems, and data-center cooling as growth avenues.
  • Portfolio changes and capacity expansion support the strategy, but Europe and China remain areas to monitor.
  • The key test is whether new products, capacity, and channel synergies convert into sustained growth and margin improvement.

Management priorities

  • Expand North American commercial-HVAC capacity, especially at Charlotte.
  • Launch cascaded heat pumps, Carrier Energy, and the Quantum Leap data-center cooling platform.
  • Increase aftermarket attachment rates and develop Viessmann channel and multi-brand revenue synergies.
  • Advance integrated heat-pump, home-energy-management, and data-center-cooling offerings.

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Earnings History

Estimate Beat Miss Match
CARR EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q1 '24 estimate $0.50 Q1 '24 actual $0.62, beat Q2 '24 estimate $0.85 Q2 '24 actual $0.87, beat Q3 '24 estimate $0.81 Q3 '24 actual $0.83, beat Q2 '25 estimate $0.91 Q2 '25 actual $0.92, beat Q3 '25 estimate $0.63 Q3 '25 actual $0.67, beat Q4 '25 estimate $0.37 Q4 '25 actual $0.34, miss Q1 '26 estimate $0.51 Q1 '26 actual $0.57, beat Q2 '26 estimate $0.82 Q2 '26 actual $0.86, beat Q3 '26 estimate $0.76 Q4 '26 estimate $0.69 Q1 '27 estimate $0.55 Q2 '27 estimate $1.02
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Analyst Consensus ?

ConsensusBuy24 ratings
Bullish1250.0%
Neutral1250.0%
Bearish00.0%

1 unmapped firm rating excluded from the percentages.

Analyst 52W Price Targets

$54.96Current
$45Low
$67.61Average
$95High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 16, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Mizuho Outperform OutperformMaintainOct 15, 2026
RBC Capital Outperform OutperformMaintainOct 14, 2026
Goldman Sachs Neutral BuyDowngradeOct 14, 2026
Bernstein Market Perform Market PerformMaintainOct 7, 2026
Citigroup Buy BuyMaintainJul 13, 2026
Morgan Stanley Equal Weight Equal WeightMaintainMay 28, 2026
JP Morgan Neutral NeutralMaintainMay 14, 2026
Evercore ISI Group Outperform OutperformMaintainMay 1, 2026
Barclays Overweight OverweightMaintainMay 1, 2026
Wells Fargo Equal Weight Equal WeightMaintainApr 1, 2026
UBS Buy BuyMaintainJan 5, 2026
Oppenheimer Perform OutperformDowngradeOct 14, 2025
Baird Outperform OutperformMaintainJul 30, 2025
Wolfe Research Outperform Peer PerformUpgradeFeb 24, 2025
Stephens & Co. Equal Weight Equal WeightMaintainOct 28, 2024
B of A Securities Neutral NeutralMaintainOct 18, 2024
TD Cowen Buy BuyMaintainApr 29, 2024
Argus Research Buy BuyMaintainAug 1, 2023
Deutsche Bank Hold HoldMaintainApr 12, 2023
Keybanc Sector Weight OverweightDowngradeDec 13, 2022
Cowen & Co. Outperform OutperformMaintainOct 31, 2022
Jefferies Buy BuyMaintainJul 15, 2022
Credit Suisse Neutral NeutralMaintainApr 29, 2022
Vertical Research Hold BuyDowngradeJan 3, 2022
Atlantic Equities Neutral OverweightDowngradeApr 30, 2021
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Named analyst price targets

Upside is calculated against the persisted current price $54.96. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Mizuho SecuritiesAnalyst unavailable$70$54.24 +27.4%Oct 15, 2026
Goldman SachsAnalyst unavailable$61$55.03 +11.0%Oct 14, 2026
BernsteinAnalyst unavailable$64$56.1 +16.4%Oct 7, 2026
Goldman SachsJoe Ritchie$74$55.38 +34.6%Sep 30, 2026
Wells FargoAnalyst unavailable$67$54.87 +21.9%Sep 24, 2026
BernsteinAnalyst unavailable$78$59.92 +41.9%Jul 30, 2026
Wolfe ResearchAnalyst unavailable$80$68.15 +45.6%Jul 9, 2026
BernsteinAnalyst unavailable$75$71.24 +36.5%Jun 9, 2026
BarclaysAnalyst unavailable$79$67.17 +43.7%May 1, 2026
BNP ParibasAnalyst unavailable$62$64.32 +12.8%Apr 14, 2026
RBC CapitalAnalyst unavailable$74$64.35 +34.6%Feb 6, 2026
Morgan StanleyAnalyst unavailable$55$52.74 +0.1%Jan 8, 2026
UBSAnalyst unavailable$70$53.67 +27.4%Jan 5, 2026
Mizuho SecuritiesBrett Linzey$67$53.24 +21.9%Jan 5, 2026
BarclaysCarrier Global to$72$52.9 +31.0%Dec 10, 2025
Wolfe ResearchAnalyst unavailable$74$53.03 +34.6%Dec 9, 2025
RBC CapitalAnalyst unavailable$70$54.66 +27.4%Dec 5, 2025
Wells FargoJoseph O'Dea$59$54.62 +7.4%Dec 4, 2025
Robert W. BairdCarrier Global to$72$58.74 +31.0%Oct 29, 2025
Mizuho SecuritiesBrett Linzey$75$56.75 +36.5%Oct 17, 2025
Morgan StanleyAnalyst unavailable$60$57.16 +9.2%Oct 14, 2025
Mizuho SecuritiesCarrier Global to$72$59.47 +31.0%Apr 22, 2025
BarclaysJulian Mitchell$83$66.97 +51.0%Mar 26, 2025
Wells FargoJoseph O'Dea$75$68.21 +36.5%Jan 7, 2025
Mizuho SecuritiesBrett Linzey$78$75.43 +41.9%Oct 28, 2024
StephensTommy Moll$85$81.61 +54.7%Oct 16, 2024
Robert W. BairdTimothy Wojs$88$81.61 +60.1%Oct 14, 2024
JefferiesStephen Volkmann$95$80.42 +72.9%Oct 8, 2024
BarclaysJulian Mitchell$90$79.35 +63.8%Oct 2, 2024
Bank of America SecuritiesAndrew Obin$80$75.37 +45.6%Sep 13, 2024
Robert W. BairdTimothy Wojs$74$75.37 +34.6%Sep 13, 2024
Morgan StanleyChristopher Snyder$75$69.04 +36.5%Sep 6, 2024
RBC CapitalDeane Dray$79$69.55 +43.7%Sep 5, 2024
Bank of America SecuritiesAndrew Obin$72$66.77 +31.0%Jul 29, 2024
OppenheimerNoah Kaye$70$64.83 +27.4%Jul 26, 2024
CFRAStewart Glickman$65$64.84 +18.3%Jul 25, 2024
Robert W. BairdCarrier Global to Outperform$75$66 +36.5%Jul 15, 2024
OppenheimerNoah Kaye$71$63.4 +29.2%Jun 27, 2024
J.P. MorganStephen Tusa$53$54.42 -3.6%Oct 6, 2023
Morgan StanleyAnalyst unavailable$47$42.73 -14.5%Jan 6, 2023
Goldman SachsAnalyst unavailable$53$42.52 -3.6%Dec 15, 2022
CitigroupAnalyst unavailable$45$43.02 -18.1%Dec 9, 2022
Deutsche BankAnalyst unavailable$46$43.9 -16.3%Dec 5, 2022
JefferiesStephen Volkmann$47$38.16 -14.5%Jul 26, 2022
Credit SuisseAnalyst unavailable$45$39.18 -18.1%Apr 29, 2022
Wells FargoAnalyst unavailable$43$39.41 -21.8%Apr 29, 2022
RBC CapitalAnalyst unavailable$52$39.27 -5.4%Apr 29, 2022
BarclaysJulian Mitchell$60$44.54 +9.2%Apr 5, 2022
Wells FargoJoseph O'Dea$50$47.98 -9.0%Feb 9, 2022
CitigroupVlad Bystricky$55$47.98 +0.1%Feb 9, 2022
JefferiesStephen Volkmann$65$47.66 +18.3%Jan 24, 2022
Vertical ResearchJeffrey Sprague$57$52.52 +3.7%Jan 3, 2022
UBSMarkus Mittermaier$61$53.4 +11.0%Dec 14, 2021
Goldman SachsJoe Ritchie$66$56.14 +20.1%Sep 10, 2021
Wolfe ResearchNigel Coe$61$55.93 +11.0%Sep 7, 2021
KeyBancJeffrey Hammond$60$54.97 +9.2%Jul 30, 2021
Cowen & Co.Gautam Khanna$58$53.66 +5.5%Jul 29, 2021
Bank of America SecuritiesAndrew Obin$57$43.41 +3.7%Apr 19, 2021
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Company context

Snapshot as of publication

Carrier Global Corporation is a worldwide provider of advanced technological solutions covering heating, ventilation, and air conditioning (HVAC), refrigeration, fire safety, security, and intelligent building automation. Its operations are structured across three primary business segments: HVAC, Refrigeration, and Fire & Security. The HVAC segment is dedicated to supplying products, controls, services, and complete solutions tailored to the heating, cooling, and ventilation requirements of both residential and commercial clients. Offerings in this area include air conditioning units, heating systems, various control mechanisms, aftermarket components, as well as post-installation repair, maintenance services, and building automation capabilities. The Refrigeration segment focuses on providing transport refrigeration and monitoring products and services. This includes digital solutions for diverse applications such as trucks, trailers, shipping containers, intermodal transport, food retail, and warehouse cooling.…

Historical context

All CARR earnings

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Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2025-01-28T00:00:20.742579+00:00
  3. Polygon adjusted daily market bars · 2026-10-16T04:10:47.980636+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-16T04:10:47.977975+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-16. For educational purposes only; not investment advice.