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Jun 30, 2025
Carrier Q2 2025 Earnings Report
Carrier reported strong Q2 results with notable growth in organic sales and margin expansion.
Key Takeaways
Carrier delivered solid performance in Q2 2025, with 6% organic sales growth and significant operating margin gains, driven by strength in Climate Solutions Americas and aftermarket demand.
Organic sales grew 6% year-over-year, led by strength in the Americas segment.
Adjusted operating margin expanded by 130 basis points.
Free cash flow reached $568 million in the quarter.
Adjusted EPS rose to $0.92, driven by operational efficiency and lower share count.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Carrier reaffirmed its full-year 2025 outlook, expecting stable sales, margin expansion, and adjusted EPS growth.
Positive Outlook
- Full-year adjusted EPS guidance maintained at $3.00–$3.10.
- Organic sales expected to grow mid-single digits.
- Adjusted operating margin expansion of ~100 bps anticipated.
- Free cash flow expected between $2.4–$2.6 billion.
- No changes to revenue guidance despite divestitures.
Challenges Ahead
- Headwind from Commercial Refrigeration divestiture (~$750M impact).
- Flat organic sales in Europe and declining in APAC/MEA.
- Softness in China residential segment.
- Continued foreign exchange variability.
- Segment margin pressure in some geographies due to product mix.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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