Carrier Global Corporation

CARRNYSEIndustrials● Active

$67.88

+$0.72(+1.06%)

Market Cap$56.4B

P/E Ratio—

52W High$81.09

52W Low$50.24

Avg Volume6.9M

Open$67.20

Beta1.34

Free Cash Flow Financials Revenue

Carrier Global Corporation (CARR) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

CARR · free cash flow · updated Jun 8, 2026

Core FCF metrics

CARR · FCF · TTM · margin & CAGR

Free cash flow was $1.70B for FY2025 (fiscal year ending 2025-12-31), up 3756.8% year-over-year The FCF margin was 7.8%. Five-year CAGR stands at +4.2%.

FY2025 Free Cash Flow$1.70B▲ +3756.8% YoY

Trailing 12M (TTM)$1.66Btrailing 4 quarters sum

FCF Margin7.8%$1.70B ÷ revenue

3-Year CAGR+6.0%FY2022 → FY2025

5-Year CAGR+4.2%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

CARR · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$2.09B(392M)$1.70B▲ +3756.8%7.8%

FY2024$563.0M(519M)$44.0M▼ 98.0%0.2%

FY2023$2.61B(439M)$2.17B▲ +52.0%11.4%

FY2022$1.74B(317M)$1.43B▼ 24.7%8.3%

FY2021$2.24B(344M)$1.89B▲ +37.2%9.2%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

CARR · P/FCF · FCF yield · FCF per share

Carrier Global Corporation (CARR) trades at a FCF yield of 2.97% and a price-to-free-cash-flow ratio of 34.3x. FCF per share stands at $1.98, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

2.97%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$1.98

TTM FCF ÷ Shares Outstanding

Price / FCF

x34.3

Share Price ÷ FCF per Share

EV / FCF (TTM)

x40.4

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

CARR · cash flow statement · operating / investing / financing

For FY2025, Carrier Global Corporation generated $2.09B in operating cash flow and spent 392M in capital expenditures, yielding $1.70B in free cash flow.

Operating Activities

+$2.09B

Cash from core business operations

2025-12-31

Investing Activities

−$343.0M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$4.67B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($2.09B) − |CapEx| (392M) = FCF ($1.70B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Industrials)

CARR vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Carrier Global CorporationYOU

CARR

$1.70B+3756.8%7.8%

17%

Union Pacific Corporation

Industrials · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Carrier Global Corporation (CARR) reported free cash flow of $1.70B for FY2025 (fiscal year ending 2025-12-31), up 3756.8% year-over-year. The FCF margin was 7.8%.

Based on available data, Carrier Global Corporation has maintained positive free cash flow for at least 9 fiscal year(s). FCF peaked at $2.17B in FY2023. The 5-year CAGR stands at +4.2%.

Carrier Global Corporation's FCF yield is 2.97% and price-to-FCF ratio is 34.3x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

CARR free cash flow · 8 questions

Carrier Global Corporation free cash flow was $1.70B for FY2025, up 3756.8% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $1.66B.

CARR free cash flowCARR FCFCARR FCF 2025CARR free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Carrier Global Corporation · Carrier Global Corporation SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026