EarningsQ2 2026 Earnings Report

Carrier Global (CARR) Q2 2026 Earnings Report

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Previous Report: Q1 2026

MX:CARR Q2 2026 EPS Results

Actual EPS$15.10

Consensus EPS$14.34

Beat/MissBeat by +$0.75

One Year Ago EPS$16.15

MX:CARR Q2 2026 Revenue Results

Actual Revenue$111.48B

Expected Revenue$105.64B

Beat/MissBeat by +$5.84B

YoY Revenue Growth+3.89%

Earnings Announcement Details

QuarterQ2 2026

Date07/28/2026

TimeBefore Open

Conference CallTuesday, July 28, 2026

MX:CARR Upcoming Earnings

Carrier Global's next earnings date is estimated for October 22, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

MX:CARR Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Jul 28, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call conveyed strong operational momentum: materially better‑than‑expected orders, record backlog, raised guidance for sales, profit and EPS, accelerated data center outlook, solid cash generation and strategic M&A. These positives were balanced against margin pressures from unfavorable mix, tariff timing impacts, investments and specific regional/headline weaknesses (China Resi and Truck & Trailer). Management laid out concrete actions (new capacity, cost discipline in Europe, pricing focus) to address challenges. Overall the positive growth trajectory, backlog strength and cash flow supported a constructive outlook despite near‑term margin headwinds.

Company Guidance

Carrier raised its 2026 outlook with full‑year sales now expected to be roughly $23 billion (organic growth mid‑ to high‑single digits), data center revenue increased to about $2.0 billion (from a prior $1.5B), adjusted operating profit pegged at ~ $3.5 billion and adjusted EPS ~ $2.90 (up from $2.80 prior guide); second‑half operating profit and EPS are each expected to be up ~50% year‑over‑year. Near‑term guide calls for Q3 revenue just below $6.0 billion, ~10% organic growth, ~16.5% operating margin, a ~24% tax rate and about $0.75 of adjusted EPS; full‑year CapEx is now expected to be ~$600 million (about $100M higher) while free cash flow guidance is unchanged and share repurchases remain $1.5 billion. Management noted headwinds including a ~$125 million revenue impact from the NORESCO exit (≈$0.05 EPS), roughly $200 million of sales dropping out versus prior guide, ~ $100M of incremental investments this year, a Q2 backlog north of $8 billion (orders up ~40%, backlog +~40% YoY and +20% sequentially), and segment callouts such as CSA Resi/Light Commercial now expected to grow about high‑single digits and CSE Resi/Light Commercial low single digits.

Strong Orders and Record Backlog

Total company orders up about 40% in 2Q; commercial HVAC orders up ~65%; data center orders ~4x year‑over‑year. Total company backlog north of $8 billion, up ~40% versus last year and up ~20% sequentially.

Raised Full‑Year Guidance

Management raised full‑year sales outlook to roughly $23 billion with organic growth of mid‑ to high single digits; updated adjusted operating profit guidance of about $3.5 billion and adjusted EPS of about $2.90 (up from prior $2.80).

Data Center Acceleration

Company increased 2026 data center sales outlook to approximately $2.0 billion (from prior ~$1.5 billion); management expects second consecutive year of doubling data center sales and sees an exit run‑rate approaching $2.5 billion, supported by backlog and LTAs.

Quarterly Financials and Margins

Reported 2Q sales of $6.4 billion, adjusted operating profit of $1.1 billion and adjusted EPS of $0.86. Adjusted operating margin for the quarter was 17.2%.

Cash Flow and Capital Returns

Very strong free cash flow with $810 million reported for the quarter/first half and approximately $640 million returned to shareholders during the period. Share repurchases planned at $1.5 billion for the year.

Strategic M&A and Portfolio Actions

Completed divestiture of Riello and announced sale of NORESCO; acquired 75F to accelerate intelligent/autonomous building capabilities, expanding BMS TAM by about $20 billion and adding cloud/AI wireless technology and talent (91 engineers).

Regional & Business Unit Strengths

CSA Resi sales up 9% in 2Q; CSA Light Commercial up ~10%; aftermarket on track for double‑digit growth (first half up high single digits). AME: India, Southeast Asia and Australia each grew above 20%; Middle East sales grew ~35% driven by data centers.

Product & Channel Momentum in Europe

European Resi sales up high single digits in 2Q; heat pumps up ~20% while boilers down high single digits. New Viessmann Vitocal 200 product launch planned for fall to expand TAM. Channel technicians monitoring systems in real time increased to ~55,000, up ~35% YoY.

Capacity Investments to Support Demand

Announced new facility in India and plans for a new U.S. site (target operational by end of Q1 next year) to support accelerating data center demand; full‑year CapEx guidance increased to about $600 million (~$100M incremental for new U.S. site).

Transportation & Container Strength

Container business sales up ~40% in the quarter, offsetting weakness in Global Truck & Trailer; segment backlog and order strength support sequential improvements.

MX:CARR Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Oct 22, 2026	2026 (Q3)	13.48 / -	11.761	―
Jul 28, 2026	2026 (Q2)	14.34 / 15.10	16.149	-6.52% (-1.05)
Apr 30, 2026	2026 (Q1)	8.92 / 10.01	11.41	-12.31% (-1.40)
Feb 05, 2026	2025 (Q4)	6.28 / 5.97	9.479	-37.04% (-3.51)
Oct 28, 2025	2025 (Q3)	9.85 / 11.76	13.516	-12.99% (-1.76)
Jul 29, 2025	2025 (Q2)	15.90 / 16.15	15.271	5.75% (+0.88)
May 01, 2025	2025 (Q1)	10.25 / 11.41	10.883	4.84% (+0.53)
Feb 11, 2025	2024 (Q4)	8.83 / 9.48	9.303	1.89% (+0.18)
Oct 24, 2024	2024 (Q3)	14.17 / 13.52	15.622	-13.48% (-2.11)
Jul 25, 2024	2024 (Q2)	14.85 / 15.27	13.867	10.13% (+1.40)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed