Exhibit 99
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Carrier Reports Strong Second Quarter 2025 Results

•Net sales up 3%; organic sales up 6%
•GAAP EPS of $0.70 up 56% and adjusted EPS of $0.92 up 26%
•GAAP operating margin up 260 bps; adjusted operating margin up 130 bps
•Net cash flows from operating activities were $649 million and free cash flow was $568 million
•Reaffirming full-year 2025 guidance for sales, adjusted operating margin, adjusted EPS and free cash flow*


PALM BEACH GARDENS, Fla., July 29, 2025 – Carrier Global Corporation (NYSE:CARR), global leader in intelligent climate and energy solutions, today reported strong financial results for the second quarter of 2025 and reaffirmed its full year guidance.
“We delivered another quarter of strong financial performance," said Carrier Chairman & CEO David Gitlin. “Organic sales growth of 6% was driven by strong results in our Climate Solutions Americas segment, with Commercial1 sales up 45% and total company aftermarket sales up 13%. Adjusted operating margins expanded 130 basis points driven by strong organic growth and productivity, leading to over 25% adjusted EPS growth. With a strong first half, we remain committed to accelerating growth driven by differentiated products, aftermarket offerings and system solutions. We are maintaining our full-year outlook for sales, adjusted operating margin expansion and adjusted EPS, representing about 20% adjusted EPS growth at the midpoint."


1.Excludes NORESCO

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Second Quarter 2025 Results
Total Company
(Unaudited)
Three Months Ended
June 30
(In millions)20252024Change
Net sales$6,113 $5,934 3 %
Organic sales6 %
Operating profit$903 $724 25 %
Operating margin14.8 %12.2 %260 bps
Adjusted operating profit $1,166 $1,056 10 %
Adjusted operating margin19.1 %17.8 %130 bps
Diluted earnings per share:
Continuing operations$0.70 $0.45 56 %
Continuing operations - Adjusted$0.92 $0.73 26 %

Carrier’s second quarter sales of $6.1 billion increased 3% compared to the prior year. Organic sales growth of 6% was offset by a 4% headwind from net acquisitions and divestitures, driven by the sale of Commercial Refrigeration in Q4 2024. Foreign currency translation was a 1% tailwind to sales growth.
GAAP operating profit in the quarter of $903 million was up 25% from last year driven by strong operational performance, the absence of backlog and inventory step-up amortization and a decrease in acquisition and divestiture-related costs. Adjusted operating profit of $1,166 million was up 10%, largely driven by strong organic growth and productivity. Net earnings from continuing operations were $608 million and adjusted net earnings from continuing operations was $796 million. GAAP EPS from continuing operations was $0.70 and adjusted EPS from continuing operations was $0.92 driven by higher operating profit, lower net interest expense and benefits of a lower share count.


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Climate Solutions Americas (CSA)
(Unaudited)
Three Months Ended
June 30
(In millions)20252024Change
Net sales$3,252 $2,865 14 %
Organic sales14 %
Segment operating profit $879 $713 23 %
Segment operating margin27.0 %24.9 %210 bps

CSA segment sales increased 14%. Organic sales were up 14%, driven by continued strength in Commercial1 up 45% and Residential up over 10%, partially offset by a decline in Light Commercial.
Segment operating margin increased 210 basis points driven by strong organic sales growth and productivity.

Climate Solutions Europe (CSE)
(Unaudited)
Three Months Ended
June 30
(In millions)20252024Change
Net sales$1,253 $1,194 5 %
Organic sales— %
Segment operating profit $99 $93 6 %
Segment operating margin7.9 %7.8 %10 bps
    
CSE segment sales increased 5%. Organic sales were flat, with Commercial up low-single digits while Residential and Light Commercial was about flat.
Segment operating margin increased 10 basis points, driven by productivity including cost synergies, partially offset by geographic and product mix.


1.Excludes NORESCO

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Climate Solutions Asia Pacific, Middle East & Africa (CSAME)
(Unaudited)
Three Months Ended
June 30
(In millions)20252024Change
Net sales$882 $902 (2)%
Organic sales(4)%
Segment operating profit $135 $157 (14)%
Segment operating margin15.3 %17.4 %(210) bps

CSAME segment sales declined 2%. Organic sales were down 4%, mainly driven by Residential Light Commercial in China, partially offset by strength in India, Japan and the Middle East.
Segment operating margin decreased 210 basis points with strong productivity more than offset by a prior year favorable currency impact and lower volume.

Climate Solutions Transportation (CST)
(Unaudited)
Three Months Ended
June 30
(In millions)20252024Change
Net sales$726 $973 (25)%
Organic sales(1)%
Segment operating profit $128 $138 (7)%
Segment operating margin17.6 %14.2 %340 bps

CST sales declined 25% driven by the impact from the divestiture of Commercial Refrigeration. Organic sales growth declined 1% with mid-single digit growth in Container and low-single digit growth in North America Truck and Trailer more than offset by declines in Europe and Asia Truck and Trailer.
Segment operating margin increased 340 basis points largely due to the Commercial Refrigeration exit during Q4 2024.

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Cash Flow
(Unaudited)(Unaudited)
Three Months Ended
 June 30,		Six Months Ended
June 30,
(In millions)2025202420252024
Net cash flows provided by operating activities$649 $660 $1,132 $700 
Less: Capital expenditures - continuing operations(81)(108)(144)(210)
Less: Capital expenditures - discontinued operations— (3)— (5)
Free cash flow$568 $549 $988 $485 

Net cash flows generated from operating activities were $649 million and capital expenditures were $81 million, resulting in free cash flow of $568 million.

Full-Year 2025 Guidance**
Current Guidance**
No change vs. prior guidance		Prior Guidance
Sales
~$23 billion
~$750 million revenue headwind from CCR exit
Organic* up MSD
FX 1%
Acquisitions 0%
Divestitures (3%)
~$23 billion
~$750 million revenue headwind from CCR exit
Organic* up MSD
FX 1%
Acquisitions 0%
Divestitures (3%)
Adjusted Operating Margin*
16.5% – 17.0%
+ ~100 bps Y/Y
16.5% – 17.0%
+ ~100 bps Y/Y
Adjusted EPS*
$3.00 – $3.10
~17-21% Y/Y
$3.00 – $3.10
~17-21% Y/Y
Free Cash Flow*
$2.4 – $2.6 billion
Includes the expected results of continuing and discontinued operations
$2.4 – $2.6 billion
Includes the expected results of continuing and discontinued operations

*Note: When the company provides expectations for organic sales, adjusted operating profit, adjusted operating margin, adjusted EPS and free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures generally is not available without unreasonable effort. See “Use and Definitions of Non-GAAP Financial Measures” below for additional information.
**As of July 29, 2025


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Conference Call
Carrier will host a webcast of its earnings conference call today, Tuesday, July 29, 2025, at 7:30 a.m. ET. To access the webcast, visit the Events & Presentations section of the Carrier Investor Relations site at ir.carrier.com/news-and-events/events-and-presentations or to listen to the earnings call by phone, participants must pre-register at Carrier Earnings Call Registration. All registrants will receive dial-in information and a PIN allowing access to the live call.


Cautionary Statement
This communication contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. From time to time, oral or written forward-looking statements may also be included in other information released to the public. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "confident," "scenario" and other words of similar meaning in connection with a discussion of future operating or financial performance. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, share repurchases, tax rates and other measures of financial performance or potential future plans, strategies or transactions of Carrier, Carrier's guidance for full-year 2025, Carrier's plans with respect to our indebtedness and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Such risks, uncertainties and other factors include, without limitation, those described below and under the section titled “Risk Factors” in our most recent Annual Report on Form 10-K and in subsequent reports that we file with the SEC: the effect of economic conditions in the industries and markets in which Carrier and our businesses operate in the U.S. and globally and any changes therein, including financial market conditions, inflationary cost pressures, fluctuations in commodity prices, interest rates and foreign currency exchange rates, levels of end market demand in construction, the impact of weather conditions, pandemic health issues, natural disasters and the financial condition of our customers and suppliers; challenges in the development, production, delivery, support, performance and realization of the anticipated benefits of advanced technologies and new products and services; future levels of capital spending and research and development spending; future availability of credit and factors that may affect such availability, including credit market conditions and Carrier's capital structure and credit ratings; the timing and scope of future repurchases of Carrier's common stock, including market conditions and the level of other investing

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activities and uses of cash; delays and disruption in the delivery of materials and services from suppliers; cost reduction efforts and restructuring costs and savings and other consequences thereof; new business and investment opportunities; the outcome of legal proceedings, investigations and other contingencies; the impact of pension plan assumptions on future cash contributions and earnings; the impact of the negotiation of collective bargaining agreements and labor disputes; the effect of changes in political conditions in the U.S. and other countries in which Carrier and our businesses operate, including the effect of ongoing uncertainty and/or changes in U.S. trade policies, on general market conditions, global trade policies, the imposition of tariffs, and currency exchange rates in the near term and beyond; the effect of changes in tax, environmental, regulatory (including among other things import/export) and other laws and regulations in the U.S. and other countries in which we and our businesses operate; the ability of Carrier to retain and hire key personnel; the scope, nature, impact or timing of acquisition and divestiture activity, such as our portfolio transformation transactions, including among other things integration of acquired businesses into existing businesses and realization of synergies and opportunities for growth and innovation and incurrence of related costs; a determination by the IRS and other tax authorities that the distribution of Carrier from RTX Corporation (f/k/a United Technologies Corporation or certain related transactions should be treated as taxable transactions; and risks associated with current and future indebtedness, as well as our ability to reduce indebtedness and the timing thereof. The forward-looking statements speak only as of the date of this communication. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additional information as to factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements is disclosed from time to time in our other filings with the SEC.

About Carrier
Carrier Global Corporation, global leader in intelligent climate and energy solutions, is committed to creating innovations that bring comfort, safety and sustainability to life. Through cutting-edge advancements in climate solutions such as temperature control, air quality and transportation, we improve lives, empower critical industries and ensure the safe transport of food, life-saving medicines and more. Since inventing modern air conditioning in 1902, we lead with purpose: enhancing the lives we live and the world we share. We continue to lead because of our world-class, inclusive workforce that puts the customer at the center of everything we do. For more information, visit corporate.carrier.com or follow Carrier on social media at @Carrier.
Carrier. For the World We Share.

CARR-IR


Contact:                        
Investor Relations
Michael Rednor
561-365-2020
InvestorRelations@Carrier.com


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Media Inquiries
Jason Shockley
561-542-0207
Jason.Shockley@Carrier.com

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SELECTED FINANCIAL DATA, NON-GAAP MEASURES AND DEFINITIONS

Following are tables that present selected financial data of Carrier Global Corporation (“Carrier”). Also included are reconciliations of non-GAAP measures to their most comparable GAAP measures.

As a result of Carrier's portfolio transformation, Carrier revised its reportable segments during the first quarter of 2025 to better reflect its business strategy, align its management reporting and increase transparency for investors. In connection with the revised structure, the Chief Operating Decision Maker changed the measure used to evaluate segment profitability from Operating profit to Segment operating profit. It represents operating profit (a GAAP measure) adjusted to exclude restructuring costs, amortization of acquired intangible assets and other significant items of a nonoperational nature. All prior period comparative information has been recast to reflect the revised segment structure.

Use and Definitions of Non-GAAP Financial Measures
Carrier reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). We supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial information. The non-GAAP information presented provides investors with additional useful information, but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. A reconciliation of the non-GAAP measures to the corresponding amounts prepared in accordance with GAAP appears in the tables in this Appendix. The tables provide additional information as to the items and amounts that have been excluded from the adjusted measures.

Organic sales, adjusted operating profit, adjusted operating margin, adjusted net income, adjusted earnings per share (“EPS”), adjusted effective tax rate and net debt are non-GAAP financial measures and are associated with Carrier's continuing operations unless specifically noted.

Organic sales represents consolidated net sales (a GAAP measure), excluding the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and other significant items of a nonoperational nature (hereinafter referred to as “other significant items”). Adjusted operating profit represents consolidated operating profit (a GAAP measure), excluding restructuring costs, amortization of acquired intangibles and other significant items. Adjusted operating margin represents adjusted operating profit as a percentage of consolidated net sales (a GAAP measure). Adjusted net income represents net income attributable to common shareowners (a GAAP measure), excluding restructuring costs, amortization of acquired intangibles and other significant items. Adjusted EPS represents diluted earnings per share (a GAAP measure), excluding restructuring costs, amortization of acquired intangibles and other significant items. The adjusted effective tax rate represents the effective tax rate (a GAAP measure), excluding restructuring costs, amortization of acquired intangibles and other significant items. Net debt represents long-term debt (a GAAP measure) less cash and cash equivalents (a GAAP measure).

Free cash flow is a non-GAAP financial measure that represents net cash flows provided by continuing operating activities (a GAAP measure) less capital expenditures. Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing Carrier’s ability to fund its activities, including the financing of acquisitions, debt service, repurchases of Carrier's common stock and distribution of earnings to shareowners. Orders are contractual commitments with customers to provide specified goods or services for an agreed upon price and may not be subject to penalty if cancelled.

When Carrier provides our expectations for organic sales, adjusted operating profit, adjusted operating margin, adjusted effective tax rate, adjusted EPS and free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures generally is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, future restructuring costs, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.

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Carrier Global Corporation
Condensed Consolidated Statement of Operations
(Unaudited)
Three Months Ended
 June 30,		Six Months Ended
June 30,
(In millions, except per share amounts)2025202420252024
Net sales
Product sales$5,477 $5,311 $10,129 $10,153 
Service sales636 623 1,202 1,201 
Total Net sales6,113 5,934 11,331 11,354 
Costs and expenses
Cost of products sold(3,867)(3,867)(7,225)(7,449)
Cost of services sold(477)(492)(892)(945)
Research and development(161)(160)(314)(352)
Selling, general and administrative(813)(789)(1,542)(1,596)
Total Costs and expenses(5,318)(5,308)(9,973)(10,342)
Equity method investment net earnings78 90 122 121 
Other income (expense), net30 8 52 (24)
Operating profit903 724 1,532 1,109 
Non-service pension (expense) benefit— — 1 — 
Interest (expense) income, net(91)(157)(173)(298)
Earnings before income taxes812 567 1,360 811 
Income tax (expense) benefit(162)(120)(273)(167)
Earnings from continuing operations650 447 1,087 644 
Discontinued operations, net of tax(17)1,922 (17)2,014 
Net earnings (loss)633 2,369 1,070 2,658 
Less: Non-controlling interest in subsidiaries'42 32 67 52 
Net earnings (loss) attributable to common shareowners$591 $2,337 $1,003 $2,606 
Amounts attributable to common shareowners:
Continuing operations$608 $415 $1,020 $592 
Discontinued operations(17)1,922 (17)2,014 
Net earnings (loss) attributable to common shareowners$591 $2,337 $1,003 $2,606 
Earnings per share
Basic:
Continuing operations$0.71 $0.46 $1.18 $0.66 
Discontinued operations(0.02)2.13 (0.01)2.24 
Net earnings (loss)$0.69 $2.59 $1.17 $2.90 
Diluted:
Continuing operations$0.70 $0.45 $1.17 $0.65 
Discontinued operations(0.02)2.10 (0.02)2.20 
Net earnings (loss)$0.68 $2.55 $1.15 $2.85 
Weighted-average number of shares outstanding
Basic854.9 902.4 860.8 900.2 
Diluted866.3 915.3 872.3 913.6 

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Carrier Global Corporation
Condensed Consolidated Balance Sheet
(Unaudited)
(In millions)June 30, 2025December 31, 2024
Assets
Cash and cash equivalents$1,797 $3,969 
Accounts receivable, net3,373 2,651 
Inventories, net2,888 2,299 
Other current assets1,073 972 
Total current assets9,131 9,891 
Future income tax benefits1,220 1,131 
Fixed assets, net3,182 2,999 
Operating lease right-of-use assets575 554 
Intangible assets, net6,770 6,432 
Goodwill15,672 14,601 
Pension and post-retirement assets50 43 
Equity method investments1,353 1,194 
Other assets540 558 
Total Assets$38,493 $37,403 
Liabilities and Equity
Accounts payable$3,214 $2,458 
Accrued liabilities4,508 4,182 
Current portion of long-term debt107 1,252 
Total current liabilities7,829 7,892 
Long-term debt11,336 11,026 
Future pension and post-retirement obligations221 214 
Future income tax obligations2,087 2,015 
Operating lease liabilities444 432 
Other long-term liabilities1,562 1,429 
Total Liabilities23,479 23,008 
Equity
Common stock9 9 
Treasury stock(5,522)(3,915)
Additional paid-in capital8,338 8,610 
Retained earnings12,294 11,483 
Accumulated other comprehensive loss(413)(2,106)
Non-controlling interest308 314 
Total Equity15,014 14,395 
Total Liabilities and Equity$38,493 $37,403 
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Carrier Global Corporation
Condensed Consolidated Statement of Cash Flows
(Unaudited)
Six Months Ended
June 30,
(In millions)20252024
Operating Activities
Net earnings (loss)$1,070 $2,658 
Discontinued operations, net of tax17 (2,014)
Adjustments for non-cash items, net:
Depreciation and amortization620 602 
Deferred income tax provision(158)(231)
Stock-based compensation costs44 40 
Equity method investment net earnings(122)(121)
(Gain) loss on sale of investments(17)— 
Changes in operating assets and liabilities
Accounts receivable, net(702)(232)
Inventories, net(412)7 
Accounts payable and accrued liabilities378 2 
Distributions from equity method investments81 12 
Other operating activities, net(47)(114)
Net cash flows provided by (used in) continuing operating activities752 609 
Net cash flows provided by (used in) discontinued operating activities380 91 
Net cash flows provided by (used in) operating activities1,132 700 
Investing Activities
Capital expenditures(144)(210)
Investment in businesses, net of cash acquired(61)(10,779)
Dispositions of businesses8 — 
Settlement of derivative contracts, net87 (185)
Other investing activities, net(3)27 
Net cash flows provided by (used in) continuing investing activities(113)(11,147)
Net cash flows provided by (used in) discontinued investing activities35 4,874 
Net cash flows provided by (used in) investing activities(78)(6,273)
Financing Activities
Increase (decrease) in short-term borrowings, net(57)7 
Issuance of long-term debt15 2,555 
Repayment of long-term debt(1,208)(3,542)
Repurchases of common stock(1,628)— 
Dividends paid on common stock(390)(330)
Dividends paid to non-controlling interest(9)(67)
Other financing activities, net(17)(14)
Net cash flows provided by (used in) continuing financing activities(3,294)(1,391)
Net cash flows provided by (used in) discontinued financing activities— (15)
Net cash flows provided by (used in) financing activities(3,294)(1,406)
Effect of foreign exchange rate changes on cash and cash equivalents68 (82)
Net increase (decrease) in cash and cash equivalents and restricted cash, including cash classified in current assets held for sale(2,172)(7,061)
Less: Change in cash balances classified as assets held for sale— 34 
Net increase (decrease) in cash and cash equivalents and restricted cash(2,172)(7,095)
Cash, cash equivalents and restricted cash, beginning of period3,972 9,853 
Cash, cash equivalents and restricted cash, end of period1,800 2,758 
Less: restricted cash3 2 
Cash and cash equivalents, end of period$1,797 $2,756 
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Carrier Global Corporation
Segment Summary

(Unaudited)
Three Months Ended
 June 30,		Six Months Ended
June 30,
(In millions)2025202420252024
Segment net sales
Climate Solutions Americas$3,252$2,865$5,824$5,225
Climate Solutions Europe1,2531,1942,4222,486
Climate Solutions Asia Pacific, Middle East & Africa8829021,7081,786
Climate Solutions Transportation7269731,3771,857
Segment net sales$6,113$5,934$11,331$11,354
Segment operating profit
Climate Solutions Americas$879$713$1,449$1,138
Climate Solutions Europe9993204260
Climate Solutions Asia Pacific, Middle East & Africa135157256265
Climate Solutions Transportation128138225251
Segment operating profit$1,241$1,101$2,134$1,914
Segment operating margin
Climate Solutions Americas27.0 %24.9 %24.9 %21.8 %
Climate Solutions Europe7.9 %7.8 %8.4 %10.5 %
Climate Solutions Asia Pacific, Middle East & Africa15.3 %17.4 %15.0 %14.8 %
Climate Solutions Transportation17.6 %14.2 %16.3 %13.5 %

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Components of Changes in Net Sales
Three Months Ended June 30, 2025 Compared with Three Months Ended June 30, 2024
(Unaudited)
Factors Contributing to Total % change in Net Sales
OrganicFX TranslationAcquisitions / Divestitures, netOtherTotal
Climate Solutions Americas14 %— %— %— %14 %
Climate Solutions Europe— %5 %— %— %5 %
Climate Solutions Asia Pacific, Middle East & Africa(4)%2 %— %— %(2)%
Climate Solutions Transportation(1)%1 %(25)%— %(25)%
Consolidated6 %1 %(4)%— %3 %




Six Months Ended June 30, 2025 Compared with Six Months Ended June 30, 2024
(Unaudited)
Factors Contributing to Total % change in Net Sales
OrganicFX TranslationAcquisitions / Divestitures, netOtherTotal
Climate Solutions Americas11 %— %— %— %11 %
Climate Solutions Europe(4)%1 %— %— %(3)%
Climate Solutions Asia Pacific, Middle East & Africa(5)%1 %— %— %(4)%
Climate Solutions Transportation— %— %(26)%— %(26)%
Consolidated4 %— %(4)%— %— %
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Carrier Global Corporation
Reconciliations
(Unaudited)
Three Months Ended
 June 30,		Six Months Ended
June 30,
(In millions)2025202420252024
Reconciliation to Earnings before income taxes
Segment operating profit$1,241 $1,101 $2,134 $1,914 
Corporate and other(75)(45)(120)(94)
Restructuring costs(47)(29)(55)(37)
Amortization of acquired intangibles(214)(170)(415)(342)
Acquisition step-up amortization— (109)— (220)
Acquisition/divestiture-related costs(9)(24)(19)(72)
CCR gain7 — 7 — 
Viessmann-related hedges— — — (86)
Gain on liability adjustment — — — 46 
Non-service pension (expense) benefit— — 1 — 
Interest (expense) income, net(91)(157)(173)(298)
Earnings before income taxes$812 $567 $1,360 $811 




(Unaudited)
Three Months Ended
 June 30,		Six Months Ended
June 30,
(In millions)2025202420252024
Reconciliation of Segment operating profit to Adjusted operating profit
Climate Solutions Americas$879 $713 $1,449 $1,138 
Climate Solutions Europe99 93 204 260 
Climate Solutions Asia Pacific, Middle East & Africa135 157 256 265 
Climate Solutions Transportation128 138 225 251 
Segment operating profit$1,241 $1,101 $2,134 $1,914 
Corporate and other(75)(45)(120)(94)
Adjusted operating profit$1,166 $1,056 $2,014 $1,820 
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Carrier Global Corporation
Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results
Net Income, Earnings Per Share and Effective Tax Rate

(Unaudited)
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
(In millions, except per share amounts)ReportedAdjustmentsAdjustedReportedAdjustmentsAdjusted
Net sales$6,113 $— $6,113 $11,331 $— $11,331 
Operating profit$903 263 a$1,166 $1,532 482 a$2,014 
Operating margin14.8 %19.1 %13.5 %17.8 %
Earnings before income taxes$812 263 a$1,075 $1,360 482 a,b$1,842 
Income tax (expense) benefit$(162)(75)c$(237)$(273)(133)c$(406)
Effective tax rate20.0 %22.1 %20.1 %22.1 %
Earnings from continuing operations attributable to common shareowners$608 $188 $796 $1,020 $349 $1,369 
Summary of Adjustments:
Amortization of acquired intangibles$214 a$415 a
Restructuring costs47 a55 a
Acquisition/divestiture-related costs9 a19 a
CCR gain(7)a(7)a
Total adjustments$263 $482 
Tax effect on adjustments above$(69)$(127)
Tax specific adjustments(6)(6)
Total tax adjustments$(75)c$(133)c
Diluted shares outstanding866.3 866.3 872.3 872.3 
Diluted earnings per share:
Continuing operations$0.70 $0.92 $1.17 $1.57 
16

Carrier Global Corporation
Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results
Net Income, Earnings Per Share and Effective Tax Rate

(Unaudited)
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
(In millions, except per share amounts)ReportedAdjustmentsAdjustedReportedAdjustmentsAdjusted
Net sales$5,934 $— $5,934 $11,354 $— $11,354 
Operating profit$724 332 a$1,056 $1,109 711 a$1,820 
Operating margin12.2 %17.8 %9.8 %16.0 %
Earnings before income taxes$567 344 a,b$911 $811 723 a,b$1,534 
Income tax (expense) benefit$(120)(87)c$(207)$(167)(173)c$(340)
Effective tax rate21.2 %22.7 %20.6 %22.2 %
Earnings from continuing operations attributable to common shareowners$415 $257 $672 $592 $550 $1,142 
Summary of Adjustments:
Amortization of acquired intangibles$170 a$342 a
Restructuring costs29 a37 a
Acquisition/divestiture-related costs24 a72 a
Acquisition step-up amortization (1)
109 a220 a
Viessmann-related hedges— a86 a
Gain on liability adjustment (2)
— a(46)a
Debt prepayment costs$12 b$12 b
Total adjustments$344 $723 
Tax effect on adjustments above$(87)$(173)
Total tax adjustments$(87)c$(173)c
Diluted shares outstanding915.3 915.3 913.6 913.6 
Diluted earnings per share:
Continuing operations$0.45 $0.73 $0.65 $1.25 
(1) Amortization of the step-up to fair value of acquired inventory and backlog.
(2) Gain associated with an adjustment to our tax-related liability owed to UTC.

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Free Cash Flow Reconciliation

(Unaudited)
Three Months Ended
 June 30,		Six Months Ended
June 30,
(In millions)2025202420252024
Net cash flows provided by operating activities$649 $660 $1,132 $700 
Less: Capital expenditures - continuing operations(81)(108)(144)(210)
Less: Capital expenditures - discontinued operations— (3)— (5)
Free cash flow$568 $549 $988 $485 




Net Debt Reconciliation

(Unaudited)
(In millions)June 30, 2025December 31, 2024
Long-term debt$11,336 $11,026 
Current portion of long-term debt107 1,252 
Less: Cash and cash equivalents1,797 3,969 
Net debt$9,646 $8,309 

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