Carrier Global (CARR)
Builds HVAC, energy-management and transport-refrigeration systems, backed by lifecycle services.
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Carrier makes the machines that move heat around: the cooling plants that keep office towers and data centers from overheating, the air conditioners and heat pumps bolted to houses, the refrigeration units on containers and trucks. Pulled out of a larger conglomerate and slimmed down to climate equipment alone, it now runs on two engines — replacing worn-out home gear, which pays the bills, and cooling big buildings, where orders are booked years ahead.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
7 in detail · 11 more below
Commercial HVAC and chillers
Cooling built to order for offices, hospitals, factories and data centers: about $6.5B of sales in 2025, up close to 20%. By mid-2026 over $8 billion of signed orders were waiting to be built, up roughly 40%.
Competes with YORK chillers · Silent-Aire (Johnson Controls) · Trane applied chillers (Trane Technologies) · Daikin Applied chillers (Daikin Industries)
In plain English
Picture the cooling system of a large building as one refrigerator big enough for the whole place: a machine on the roof or in the basement chills water, and that cold water is pumped to every floor. Carrier designs and builds those machines. HVAC is only the trade's shorthand for heating, ventilation and air conditioning.
Nothing here comes off a shelf. A developer or contractor asks for a price, the machine is engineered for that specific building, and the money arrives over the months or years it takes to deliver. So the stack of signed-but-unbuilt orders tells you more about this line than any single quarter of sales does.
Carrier QuantumLeap
Carrier's data-center package — chiller, coolant cabinets, controls and lifecycle service sold as one "chip to chiller" offer. Roughly $1B of sales in 2025, guided to about $2B in 2026. Watch whether new wins keep landing.
Competes with Silent-Aire coolant units · YORK chillers (Johnson Controls) · Liebert thermal · CoolTera coolant units (Vertiv) · LiquidStack · Stellar Energy (Trane Technologies)
In plain English
A rack of AI computers throws off so much heat that blowing cold air at it stops working. The heat has to be carried off by liquid, the way coolant carries heat out of a car engine. QuantumLeap is Carrier selling that whole chain at once: the machine outside that chills the liquid, the cabinets inside that pump it to each rack, the software that watches the lot, and the crew that maintains it.
The buyers are the companies that build enormous computer halls or rent space in them. They commit years ahead and in large lots, which is how this line went from roughly half a billion to about a billion in a year.
Aftermarket parts and BluEdge service
Parts, tiered service contracts, controls upgrades and subscriptions sold against equipment already installed — roughly a sixth of sales, counted inside the equipment lines, and about ten points richer in margin. A sixth straight double-digit growth year.
Competes with Trane Services (Trane Technologies) · Building services on YORK equipment (Johnson Controls) · Independent mechanical contracting (Comfort Systems USA)
In plain English
Every machine Carrier has ever sold eventually wants a filter, a belt, a compressor or a tune-up. Carrier sells those parts, and sells contracts where its own crews turn up on a schedule to keep the equipment running — the same bargain as a boiler service plan for a house, scaled up to a hospital.
Whoever owns the equipment pays, and they keep paying because a dead cooling machine closes a building. A dollar earned here keeps more profit than a dollar of new equipment, so as the installed fleet grows the overall mix improves. The fight is with independent contractors, who will happily service anyone's equipment.
Residential and light commercial — Carrier, Bryant, Payne
Home air conditioners, furnaces and heat pumps plus rooftop units for shops and restaurants. This block caused the 2025 decline — homes down 9%, small commercial down 20% — then turned back up about 9–10% in the first half of 2026.
Competes with Goodman · Amana home systems (Daikin Industries) · Lennox home and rooftop units (Lennox International) · AAON rooftop units (AAON)
In plain English
When an air conditioner quits in July, the homeowner does not call a factory. A local dealer turns up with whatever brand is on the shelf, so Carrier's real job is keeping dealers and their distributors stocked under three familiar badges: Carrier, Bryant and Payne. Shops and restaurant chains buy the same way, except the box sits on the roof.
That makes sales hostage to two things Carrier does not control — how many old units break, and how much stock distributors are willing to hold. Through 2025 they held less and less. Those shelves are now far emptier than a year ago, which is part of why orders are flowing again.
Viessmann Climate Solutions
The European home heating business Carrier bought at the start of 2024 — heat pumps, gas boilers, solar and batteries, roughly $3.2B of sales. Heat pumps grew about 20% in the June quarter while boilers fell, and Europe is Carrier's weakest-margin region.
Competes with Altherma air-to-water heat pumps (Daikin Industries) · Thermotechnology heat pumps (Robert Bosch) · aroTHERM heat pumps (Vaillant Group)
In plain English
Warming a European house has been a gas-boiler job for decades. A heat pump does it another way: it pulls warmth out of the outdoor air and pushes it into the radiators, running on electricity instead of gas. Viessmann, a European heating maker Carrier bought at the start of 2024, builds both kinds and sells them straight to the plumbers and installers who decide what actually goes in.
Which one a household picks depends less on the machine than on policy and fuel prices. Germany's grant scheme pays a large slice of a heat pump's cost, and gas has been expensive. When the subsidies wobble, so does this line.
Carrier Transicold
Refrigeration units for shipping containers, trucks and trailers: $2.89B in 2025. Container sales jumped 40% in the June quarter while truck and trailer fell low double digits — and containers earn the thinner margin of the two.
Competes with Thermo King transport refrigeration units (Trane Technologies) · Daikin Reefer container units (Daikin Industries) · Container refrigeration units (China International Marine Containers)
In plain English
Fruit crossing an ocean travels inside a steel box with a refrigerator bolted into one end. Carrier builds those refrigerators — for sea containers, for delivery trucks, for trailers — and sells them to shipping lines, fleet owners and vehicle makers, together with the tracking service that tells an owner how cold the cargo actually is.
The two halves rarely move together. Containers follow the world's shipping and cold-food trade; trucks and trailers follow freight demand, which has been weak, with management calling the recovery unclear but seeing pent-up demand heading into 2027. Either way, buyers only replace units as fleets age.
Building controls and software — Automated Logic, Abound, Nlyte, 75F
The thinking layer: Automated Logic controls, Abound analytics, Nlyte for computer halls, and 75F, bought in July 2026 to reach smaller buildings. Little revenue, outsized job — controls make service contracts harder to lose.
Competes with Metasys · OpenBlue (Johnson Controls) · Desigo CC (Siemens) · Tracer Ensemble (Trane Technologies)
In plain English
A building full of Carrier equipment still needs something telling each machine when to run, and something watching for the machine that is about to fail. That is this layer: room sensors, control panels and software that read a building and adjust it.
On its own it brings in very little money. Its job is to ride along with the equipment, because an owner running Carrier's controls is likelier to buy Carrier's parts and service next time round. Buying 75F in July 2026 — a wireless system aimed at small and mid-sized buildings — stretches that reach past the large U.S. projects Automated Logic was built for.
Commercial HVAC and chillersCooling built to order for offices, hospitals, factories and data centers: about $6.5B of sales in 2025, up close to 20%. By mid-2026 over $8 billion of signed orders were waiting to be built, up roughly 40%.Cooling built to order for offices, hospitals, factories and data centers: about $6.5B of sales in 2025, up close to 20%. By mid-2026 over $8 billion of signed orders were waiting to be built, up roughly 40%.
In plain English
Picture the cooling system of a large building as one refrigerator big enough for the whole place: a machine on the roof or in the basement chills water, and that cold water is pumped to every floor. Carrier designs and builds those machines. HVAC is only the trade's shorthand for heating, ventilation and air conditioning.
Nothing here comes off a shelf. A developer or contractor asks for a price, the machine is engineered for that specific building, and the money arrives over the months or years it takes to deliver. So the stack of signed-but-unbuilt orders tells you more about this line than any single quarter of sales does.
Competes with YORK chillers · Silent-Aire (Johnson Controls) · Trane applied chillers (Trane Technologies) · Daikin Applied chillers (Daikin Industries)
Carrier QuantumLeapCarrier's data-center package — chiller, coolant cabinets, controls and lifecycle service sold as one "chip to chiller" offer. Roughly $1B of sales in 2025, guided to about $2B in 2026. Watch whether new wins keep landing.Carrier's data-center package — chiller, coolant cabinets, controls and lifecycle service sold as one "chip to chiller" offer. Roughly $1B of sales in 2025, guided to about $2B in 2026. Watch whether new wins keep landing.
In plain English
A rack of AI computers throws off so much heat that blowing cold air at it stops working. The heat has to be carried off by liquid, the way coolant carries heat out of a car engine. QuantumLeap is Carrier selling that whole chain at once: the machine outside that chills the liquid, the cabinets inside that pump it to each rack, the software that watches the lot, and the crew that maintains it.
The buyers are the companies that build enormous computer halls or rent space in them. They commit years ahead and in large lots, which is how this line went from roughly half a billion to about a billion in a year.
Competes with Silent-Aire coolant units · YORK chillers (Johnson Controls) · Liebert thermal · CoolTera coolant units (Vertiv) · LiquidStack · Stellar Energy (Trane Technologies)
Aftermarket parts and BluEdge serviceParts, tiered service contracts, controls upgrades and subscriptions sold against equipment already installed — roughly a sixth of sales, counted inside the equipment lines, and about ten points richer in margin. A sixth straight double-digit growth year.Parts, tiered service contracts, controls upgrades and subscriptions sold against equipment already installed — roughly a sixth of sales, counted inside the equipment lines, and about ten points richer in margin. A sixth straight double-digit growth year.
In plain English
Every machine Carrier has ever sold eventually wants a filter, a belt, a compressor or a tune-up. Carrier sells those parts, and sells contracts where its own crews turn up on a schedule to keep the equipment running — the same bargain as a boiler service plan for a house, scaled up to a hospital.
Whoever owns the equipment pays, and they keep paying because a dead cooling machine closes a building. A dollar earned here keeps more profit than a dollar of new equipment, so as the installed fleet grows the overall mix improves. The fight is with independent contractors, who will happily service anyone's equipment.
Competes with Trane Services (Trane Technologies) · Building services on YORK equipment (Johnson Controls) · Independent mechanical contracting (Comfort Systems USA)
Residential and light commercial — Carrier, Bryant, PayneHome air conditioners, furnaces and heat pumps plus rooftop units for shops and restaurants. This block caused the 2025 decline — homes down 9%, small commercial down 20% — then turned back up about 9–10% in the first half of 2026.Home air conditioners, furnaces and heat pumps plus rooftop units for shops and restaurants. This block caused the 2025 decline — homes down 9%, small commercial down 20% — then turned back up about 9–10% in the first half of 2026.
In plain English
When an air conditioner quits in July, the homeowner does not call a factory. A local dealer turns up with whatever brand is on the shelf, so Carrier's real job is keeping dealers and their distributors stocked under three familiar badges: Carrier, Bryant and Payne. Shops and restaurant chains buy the same way, except the box sits on the roof.
That makes sales hostage to two things Carrier does not control — how many old units break, and how much stock distributors are willing to hold. Through 2025 they held less and less. Those shelves are now far emptier than a year ago, which is part of why orders are flowing again.
Competes with Goodman · Amana home systems (Daikin Industries) · Lennox home and rooftop units (Lennox International) · AAON rooftop units (AAON)
Viessmann Climate SolutionsThe European home heating business Carrier bought at the start of 2024 — heat pumps, gas boilers, solar and batteries, roughly $3.2B of sales. Heat pumps grew about 20% in the June quarter while boilers fell, and Europe is Carrier's weakest-margin region.The European home heating business Carrier bought at the start of 2024 — heat pumps, gas boilers, solar and batteries, roughly $3.2B of sales. Heat pumps grew about 20% in the June quarter while boilers fell, and Europe is Carrier's weakest-margin region.
In plain English
Warming a European house has been a gas-boiler job for decades. A heat pump does it another way: it pulls warmth out of the outdoor air and pushes it into the radiators, running on electricity instead of gas. Viessmann, a European heating maker Carrier bought at the start of 2024, builds both kinds and sells them straight to the plumbers and installers who decide what actually goes in.
Which one a household picks depends less on the machine than on policy and fuel prices. Germany's grant scheme pays a large slice of a heat pump's cost, and gas has been expensive. When the subsidies wobble, so does this line.
Competes with Altherma air-to-water heat pumps (Daikin Industries) · Thermotechnology heat pumps (Robert Bosch) · aroTHERM heat pumps (Vaillant Group)
Carrier TransicoldRefrigeration units for shipping containers, trucks and trailers: $2.89B in 2025. Container sales jumped 40% in the June quarter while truck and trailer fell low double digits — and containers earn the thinner margin of the two.Refrigeration units for shipping containers, trucks and trailers: $2.89B in 2025. Container sales jumped 40% in the June quarter while truck and trailer fell low double digits — and containers earn the thinner margin of the two.
In plain English
Fruit crossing an ocean travels inside a steel box with a refrigerator bolted into one end. Carrier builds those refrigerators — for sea containers, for delivery trucks, for trailers — and sells them to shipping lines, fleet owners and vehicle makers, together with the tracking service that tells an owner how cold the cargo actually is.
The two halves rarely move together. Containers follow the world's shipping and cold-food trade; trucks and trailers follow freight demand, which has been weak, with management calling the recovery unclear but seeing pent-up demand heading into 2027. Either way, buyers only replace units as fleets age.
Competes with Thermo King transport refrigeration units (Trane Technologies) · Daikin Reefer container units (Daikin Industries) · Container refrigeration units (China International Marine Containers)
Building controls and software — Automated Logic, Abound, Nlyte, 75FThe thinking layer: Automated Logic controls, Abound analytics, Nlyte for computer halls, and 75F, bought in July 2026 to reach smaller buildings. Little revenue, outsized job — controls make service contracts harder to lose.The thinking layer: Automated Logic controls, Abound analytics, Nlyte for computer halls, and 75F, bought in July 2026 to reach smaller buildings. Little revenue, outsized job — controls make service contracts harder to lose.
In plain English
A building full of Carrier equipment still needs something telling each machine when to run, and something watching for the machine that is about to fail. That is this layer: room sensors, control panels and software that read a building and adjust it.
On its own it brings in very little money. Its job is to ride along with the equipment, because an owner running Carrier's controls is likelier to buy Carrier's parts and service next time round. Buying 75F in July 2026 — a wireless system aimed at small and mid-sized buildings — stretches that reach past the large U.S. projects Automated Logic was built for.
Competes with Metasys · OpenBlue (Johnson Controls) · Desigo CC (Siemens) · Tracer Ensemble (Trane Technologies)
Named in filings, launches and programs
- Hyperscaler and colocation agreementsCustomer programMulti-year cooling commitments from big computer-hall operators; Carrier names none of them, and their expected volumes sit outside the order book it quotes.
- Coolant distribution unitsProduct · RampingCarrier-built cabinets that pump coolant to server racks, described as effectively a small chiller; shipping at one megawatt, with larger versions planned during 2026.
- LynxPlatformSubscription tracking for refrigerated containers and trucks — well over 200,000 paid units early in 2026, which Carrier expects to triple over the next few years.
- SensitechBrandCarrier-owned cold-chain monitoring and thermal mapping, sold alongside Transicold hardware to shippers who want proof their cargo stayed cold.
- Asia Pacific homes and small buildingsProduct lineAir conditioners and multi-room systems across Asia, the Middle East and Africa; China is the drag, while India, Southeast Asia and Australia each grew above 20% recently.
- Toshiba Carrier VRF systemsProduct lineSystems that heat and cool many rooms from one outdoor unit; they came with buying out Toshiba's 55% stake in 2022 for about $870 million.
- Legacy Carrier Europe home lineProduct lineThe pre-Viessmann European residential business — roughly half a billion dollars of sales, about a sixth of Carrier's European home and small-building volume.
- Carrier HEMSProduct lineHome energy management gear; a 2025 partnership would link it to Google's cloud and analytics for grid resilience, and was called early-stage.
- Vitocal 200Product · AnnouncedA Viessmann outdoor heat pump taking preorders ahead of a launch planned for autumn 2026.
- ZutaCore investmentProduct · Pre-revenueAn expanded stake in cooling where the liquid boils right at the chip; Carrier dates any industry switch as neither one year nor ten years away.
- AirJoule Technologies stakeProduct · Pre-revenueCarrier put $10 million into commercialising a dehumidification technology in January 2024; GE Vernova invested the same and holds the 50/50 venture with it.
Hyperscaler and colocation agreementsCustomer program
Multi-year cooling commitments from big computer-hall operators; Carrier names none of them, and their expected volumes sit outside the order book it quotes.
Coolant distribution unitsProduct · Ramping
Carrier-built cabinets that pump coolant to server racks, described as effectively a small chiller; shipping at one megawatt, with larger versions planned during 2026.
LynxPlatform
Subscription tracking for refrigerated containers and trucks — well over 200,000 paid units early in 2026, which Carrier expects to triple over the next few years.
SensitechBrand
Carrier-owned cold-chain monitoring and thermal mapping, sold alongside Transicold hardware to shippers who want proof their cargo stayed cold.
Asia Pacific homes and small buildingsProduct line
Air conditioners and multi-room systems across Asia, the Middle East and Africa; China is the drag, while India, Southeast Asia and Australia each grew above 20% recently.
Toshiba Carrier VRF systemsProduct line
Systems that heat and cool many rooms from one outdoor unit; they came with buying out Toshiba's 55% stake in 2022 for about $870 million.
Legacy Carrier Europe home lineProduct line
The pre-Viessmann European residential business — roughly half a billion dollars of sales, about a sixth of Carrier's European home and small-building volume.
Carrier HEMSProduct line
Home energy management gear; a 2025 partnership would link it to Google's cloud and analytics for grid resilience, and was called early-stage.
Vitocal 200Product · Announced
A Viessmann outdoor heat pump taking preorders ahead of a launch planned for autumn 2026.
ZutaCore investmentProduct · Pre-revenue
An expanded stake in cooling where the liquid boils right at the chip; Carrier dates any industry switch as neither one year nor ten years away.
AirJoule Technologies stakeProduct · Pre-revenue
Carrier put $10 million into commercialising a dehumidification technology in January 2024; GE Vernova invested the same and holds the 50/50 venture with it.