CARR US S&P 500Russell 1000 Earnings call
Carrier Global (CARR) · Q2 2026 results and valuation
Share price: $54.58 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter
Net income up 110.5% on the previous quarter, guidance raised. The language turned more upbeat.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+110.5%
Net income vs Q1 2026
Guidance raised
Net income 501.0M vs 238.0M
Revenue +18.9%
Against the same quarter last year (Q2 2025) it is −20.9%, so the move on last quarter looks seasonal or timing-related rather than a trend.
2 · How management spoke
More upbeat
Language tone vs last period
Language: typical — more upbeat than in Q1 2026.
3 · What stood out
Key theme
Margins came in at 24.4%, ahead of guidance, and should improve significantly in Q3 despite unfavorable mix and increased input costs.
Valuation
Is Carrier Global undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 7.9% growth a year (3-year revenue growth), the model's fair value is $41.10 a share — the stock trades 33% above it. Today's price assumes 11.1% growth a year.
Current price
$54.58
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+11.1% for 10 yrs
Fair value / share
$41.10
Buy below
$30.82
Price vs fair value
Overvalued 33%
Price vs buy-below price
Overvalued 77%
Read between the lines
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Guidance ↑
Full-year CSA Resi sales guidance raised to up high single digits.
Source quote
“We are now raising our full year expectations for CSA Resi sales to be about high to be up high single digits.”
-
Figure
2Q orders were very strong, up about 40%, with commercial HVAC up about 65%, driven by continued strength in data…
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Fading
Field inventory ended the quarter down 35% and is very healthy after stronger orders, so caution is fading.
Source quote
“And I think what's really good for us this year is that field inventory levels are very, very healthy. So orders were up in the 5% or 6% range in 1Q. They ended the quarter, as Patrick said, down 35%.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Typical — more upbeat than in Q1 2026.
Sentences that drove the tone
“In 2026, we expect that nearly half of our portfolio, our commercial HVAC and aftermarket businesses, will have their sixth year in a row of double-digit growth, and these businesses...”
“So with the record backlogs in our longer-cycle businesses, combined with our shorter-cycle RLC businesses in the Americas and Europe turning, we expect the second half to be up mid-teens...”
“We continue to gain market share, and the rapidly increasing installed base that we are delivering today will drive attractive aftermarket growth over the long term.”
Full figures
USD · ROIC.AI fundamentals (NYSE:CARR, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 6.35B | 5.34B | +18.9% | 6.11B | +3.9% |
| Gross profit | 1.73B | — | — | ||
| Operating income | 770.0M | 259.0M | +197.3% | 903.0M | −14.7% |
| Net income | 501.0M | 238.0M | +110.5% | 633.0M | −20.9% |
| EPS | 0.60 | 0.28 | +116.1% | 0.68 | −11.0% |
| P/E today 36.4 | — | 36.8 | — | 16.4 | — |
Topics
Most discussed now
- New Carrier Global sees very strong demand for heat pumps, clearly in Germany, but it's pretty uniform following a little bit following...
- Except where otherwise noted, the company will speak to results from continuing operations, excluding restructuring costs and certain…
- Free cash flow of $810 million was very...
- Adjusted operating margin of 17.2% was a bit better than expected.
- On the commercial side, Carrier Global's orders were in a little bit north of 20% in the second quarter.
Faded since Q1 2026
- Fading Carrier Global expects adjusted EPS of approximately $2.80, up high single digits versus 2025.
- Fading Largely reflect Carrier Global's expectations for continued double-digit
- Fading They're one of the few guys that has 2-phase solutions, which I...
- Fading Better-than-expected total company sales and operating profit performance was mainly driven by CSA Resi and Light Commercial.
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K
- Results of operations · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Director or officer change · SEC 8-K
- Other events · SEC 8-K