Carrier Reports Strong First Quarter 2025 Results

Net sales down 4% given prior year divestiture; organic sales up 2% GAAP EPS of $0.47 up 147% and adjusted EPS of $0.65 up 27% GAAP operating margin up 500 bps; adjusted operating margin up 210 bps Net cash flows from operating activities were $483 million and free cash flow was $420 million Returned $1.5 billion to shareholders through share repurchases and dividends and paid down $1.2 billion in debt Fully mitigating impact of tariffs in effect today Increasing full-year 2025 adjusted earnings per share guidance Transitioned to new segment reporting , /PRNewswire/ -- Carrier Global Corporation (NYSE:CARR), global leader in intelligent climate and energy solutions, today reported strong financial results for the first quarter of 2025 and increased its full year guidance. "We delivered another quarter of strong financial performance," said Carrier Chairman & CEO David Gitlin. "Adjusted EPS grew 27% with adjusted operating margins expanding 210 basis points on 2% organic sales growth. Sales for the Commercial1 and Residential businesses within Climate Solutions Americas were each up about 20%. Total company orders were up high-single-digits, backlogs increased over 15% sequentially and about 10% year-over-year, positioning us for accelerated growth further fueled by differentiated products, aftermarket offerings and system solutions. We are increasing our full-year commitments as we proactively manage this dynamic environment." First Quarter 2025 Results Total Company (Unaudited) Three Months Ended March 31 (In millions) 2025 2024 Change Net sales $ 5,218 $ 5,420 (4) % Organic sales 2 % Operating profit $ 629 $ 385 63 % Operating margin 12.1 % 7.1 % 500 bps Adjusted operating profit $ 843 $ 764 10 % Adjusted operating margin 16.2 % 14.1 % 210 bps Diluted earnings per share: Continuing operations $ 0.47 $ 0.19 147 % Continuing operations - Adjusted $ 0.65 $ 0.51 27 % Carrier's first quarter sales of $5.2 billion were down 4% compared to the prior year. Organic sales growth of 2% was offset by a 5% headwind from net acquisitions and divestitures, driven by the sale of Commercial Refrigeration in Q4 2024. Foreign currency translation was a 1% headwind to sales growth. GAAP operating profit in the quarter of $629 million was up 63% from last year driven by operational performance, the absence of VCS backlog and inventory step-up amortization and decrease in acquisition and divestiture-related costs. Adjusted operating profit of $843 million was up 10%, mostly driven by strong productivity and price. Net income from continuing operations was $412 million and adjusted net earnings from continuing operations was $569 million. GAAP EPS from continuing operations was $0.47 and adjusted EPS from continuing operations was $0.65 from higher operating profit, lower net interest expense and benefits of a lower share count. Climate Solutions Americas (CSA) (Unaudited) Three Months Ended March 31 (In millions) 2025 2024 Change Net sales $ 2,572 $ 2,360 9 % Organic sales 9 % Segment operating profit $ 570 $ 425 34 % Segment operating margin 22.2 % 18.0 % 420 bps CSA segment sales increased 9%. Organic sales were up 9%, driven by continued strength in Commercial1 and Residential, each up about 20% more than offsetting a decline in Light Commercial. Segment operating margin increased 420 basis points driven by strong organic sales growth and productivity. Climate Solutions Europe (CSE) (Unaudited) Three Months Ended March 31 (In millions) 2025 2024 Change Net sales $ 1,169 $ 1,292 (10) % Organic sales (7) % Segment operating profit $ 105 $ 167 (37) % Segment operating margin 9.0 % 12.9 % (390) bps CSE segment sales declined 10%. Organic sales were down 7%, with Commercial up mid-single digits offsetting a low-double-digit decline in Residential and Light Commercial. Segment operating margin decreased 390 basis points, driven by lower volume, mix and investments partially offset by cost synergies. Climate Solutions Asia Pacific, Middle East & Africa (CSAME) (Unaudited) Three Months Ended March 31 (In millions) 2025 2024 Change Net sales $ 826 $ 884 (7) % Organic sales (6) % Segment operating profit $ 121 $ 108 12 % Segment operating margin 14.6 % 12.2 % 240 bps CSAME segment sales declined 7%. Organic sales were down 6%, mainly driven by declines in Residential Light Commercial in China, partially offset by strength in other countries. Segment operating margin increased 240 basis points driven by productivity and the absence of a prior year unfavorable currency impact, partially offset by lower volume. Climate Solutions Transportation (CST) (Unaudited) Three Months Ended March 31 (In millions) 2025 2024 Change Net sales $ 651 $ 884 (26) % Organic sales 2 % Segment operating profit $ 97 $ 113 (14) % Segment operating margin 14.9 % 12.8 % 210 bps CST sales declined 26% driven by the impact from the divestiture of Commercial Refrigeration. Organic sales growth increased 2% driven by 20% growth in Container, partially offset by declines in Europe and North America Truck and Trailer. Segment operating margin increased 210 basis points mainly due to the Commercial Refrigeration exit. Cash Flow (Unaudited) Three Months Ended March 31, (In millions) 2025 2024 Net cash flows provided by operating activities $ 483 $ 40 Less: Capital expenditures - continuing operations (63) (102) Less: Capital expenditures - discontinued operations — (2) Free cash flow $ 420 $ (64) Net cash flows generated from operating activities were $483 million and capital expenditures were $63 million, resulting in free cash flow of $420 million. The increase in free cash flow was driven by higher net income, working capital improvements and lower capital expenditures. Carrier repurchased $1.3 billion in shares, paid $200 million in dividends and paid down $1.2 billion in debt. Full-Year 2025 Guidance** Current Guidance** Prior Guidance Sales ~$23 billion ~$750 million revenue headwind from CCR exit Organic* up MSD FX 1% Acquisitions 0% Divestitures (3%) $22.5 – $23.0 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 $2.95 – $3.05 + ~15-20% Y/Y Free Cash Flow* $2.4 – $2.6 billion Includes the expected results of continuing anddiscontinued 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 May 1, 2025 Conference Call Carrier will host a webcast of its earnings conference call today, Thursday, May 1, 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 StatementThis 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 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 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 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 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 CarrierCarrier Global Corporation, global leader in intelligent climate and energy solutions, is committed to creating solutions that matter for people and our planet for generations to come. From the beginning, we've led in inventing new technologies and entirely new industries. Today, we continue to lead because we have a world-class, diverse 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. CARR-IR 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 MeasuresCarrier 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. Carrier Global CorporationCondensed Consolidated Statement of Operations (Unaudited) Three Months Ended March 31, (In millions, except per share amounts) 2025 2024 Net sales Product sales $ 4,652 $ 4,842 Service sales 566 578 Total Net sales 5,218 5,420 Costs and expenses Cost of products sold (3,358) (3,582) Cost of services sold (415) (453) Research and development (153) (192) Selling, general and administrative (729) (807) Total Costs and expenses (4,655) (5,034) Equity method investment net earnings 44 31 Other income (expense), net 22 (32) Operating profit 629 385 Non-service pension (expense) benefit 1 — Interest (expense) income, net (82) (141) Earnings before income taxes 548 244 Income tax (expense) benefit (111) (47) Earnings from continuing operations 437 197 Discontinued operations, net of tax — 92 Net earnings (loss) 437 289 Less: Non-controlling interest in subsidiaries' 25 20 Net earnings (loss) attributable to common shareowners $ 412 $ 269 Amounts attributable to common shareowners: Continuing operations $ 412 $ 177 Discontinued operations — 92 Net earnings (loss) attributable to common shareowners $ 412 $ 269 Earnings per share Basic: Continuing operations $ 0.47 $ 0.20 Discontinued operations — 0.10 Net earnings (loss) $ 0.47 $ 0.30 Diluted: Continuing operations $ 0.47 $ 0.19 Discontinued operations — 0.10 Net earnings (loss) $ 0.47 $ 0.29 Weighted-average number of shares outstanding Basic 866.9 899.2 Diluted 878.3 913.0 Carrier Global CorporationCondensed Consolidated Balance Sheet (Unaudited) (In millions) March 31, 2025 December 31, 2024 Assets Cash and cash equivalents $ 1,698 $ 3,969 Accounts receivable, net 2,979 2,651 Inventories, net 2,648 2,299 Other current assets 1,119 972 Total current assets 8,444 9,891 Future income tax benefits 1,149 1,131 Fixed assets, net 3,040 2,999 Operating lease right-of-use assets 563 554 Intangible assets, net 6,480 6,432 Goodwill 14,959 14,601 Pension and post-retirement assets 48 43 Equity method investments 1,253 1,194 Other assets 511 558 Total Assets $ 36,447 $ 37,403 Liabilities and Equity Accounts payable $ 3,015 $ 2,458 Accrued liabilities 3,892 4,182 Current portion of long-term debt 104 1,252 Total current liabilities 7,011 7,892 Long-term debt 11,080 11,026 Future pension and post-retirement obligations 218 214 Future income tax obligations 2,028 2,015 Operating lease liabilities 437 432 Other long-term liabilities 1,475 1,429 Total Liabilities 22,249 23,008 Equity Common stock 9 9 Treasury stock (5,188) (3,915) Additional paid-in capital 8,616 8,610 Retained earnings 11,895 11,483 Accumulated other comprehensive loss (1,473) (2,106) Non-controlling interest 339 314 Total Equity 14,198 14,395 Total Liabilities and Equity $ 36,447 $ 37,403 Carrier Global CorporationCondensed Consolidated Statement of Cash Flows (Unaudited) Three Months Ended March 31, (In millions) 2025 2024 Operating Activities Net earnings (loss) $ 437 $ 289 Discontinued operations, net of tax — (92) Adjustments for non-cash items, net: Depreciation and amortization 303 308 Deferred income tax provision (69) (104) Stock-based compensation costs 23 19 Equity method investment net earnings (44) (31) (Gain) loss on sale of investments / deconsolidation (5) — Changes in operating assets and liabilities Accounts receivable, net (362) (181) Inventories, net (301) (83) Accounts payable and accrued liabilities 481 (146) Distributions from equity method investments 77 7 Other operating activities, net (52) 59 Net cash flows provided by (used in) continuing operating activities 488 45 Net cash flows provided by (used in) discontinued operating activities (5) (5) Net cash flows provided by (used in) operating activities 483 40 Investing Activities Capital expenditures (63) (102) Investment in businesses, net of cash acquired (12) (10,772) Dispositions of businesses 8 — Settlement of derivative contracts, net 36 (209) Other investing activities, net 1 3 Net cash flows provided by (used in) continuing investing activities (30) (11,080) Net cash flows provided by (used in) discontinued investing activities 7 (1) Net cash flows provided by (used in) investing activities (23) (11,081) Financing Activities Increase (decrease) in short-term borrowings, net (49) 20 Issuance of long-term debt 9 2,548 Repayment of long-term debt (1,205) (5) Repurchases of common stock (1,288) — Dividends paid on common stock (198) (159) Dividends paid to non-controlling interest — (2) Other financing activities, net (16) (19) Net cash flows provided by (used in) continuing financing activities (2,747) 2,383 Net cash flows provided by (used in) discontinued financing activities — (4) Net cash flows provided by (used in) financing activities (2,747) 2,379 Effect of foreign exchange rate changes on cash and cash equivalents 17 (68) Net increase (decrease) in cash and cash equivalents and restricted cash, including cash classifiedin current assets held for sale (2,270) (8,730) Less: Change in cash balances classified as assets held for sale — (59) Net increase (decrease) in cash and cash equivalents and restricted cash (2,270) (8,671) Cash, cash equivalents and restricted cash, beginning of period 3,972 9,853 Cash, cash equivalents and restricted cash, end of period 1,702 1,182 Less: restricted cash 4 2 Cash and cash equivalents, end of period $ 1,698 $ 1,180 Carrier Global CorporationSegment Summary (Unaudited) Three Months EndedMarch 31, (In millions) 2025 2024 Segment net sales Climate Solutions Americas $ 2,572 $ 2,360 Climate Solutions Europe 1,169 1,292 Climate Solutions Asia Pacific, Middle East & Africa 826 884 Climate Solutions Transportation 651 884 Segment net sales $ 5,218 $ 5,420 Segment operating profit Climate Solutions Americas $ 570 $ 425 Climate Solutions Europe 105 167 Climate Solutions Asia Pacific, Middle East & Africa 121 108 Climate Solutions Transportation 97 113 Segment operating profit $ 893 $ 813 Segment operating margin Climate Solutions Americas 22.2 % 18.0 % Climate Solutions Europe 9.0 % 12.9 % Climate Solutions Asia Pacific, Middle East & Africa 14.6 % 12.2 % Climate Solutions Transportation 14.9 % 12.8 % Components of Changes in Net Sales Three Months Ended March 31, 2025 Compared with Three Months Ended March 31, 2024 (Unaudited) Factors Contributing to Total % change in Net Sales Organic FX Translation Acquisitions / Divestitures, net Other Total Climate Solutions Americas 9 % — % — % — % 9 % Climate Solutions Europe (7) % (3) % — % — % (10) % Climate Solutions Asia Pacific, Middle East & Africa (6) % (1) % — % — % (7) % Climate Solutions Transportation 2 % (1) % (27) % — % (26) % Consolidated 2 % (1) % (5) % — % (4) % Carrier Global CorporationReconciliations (Unaudited) Three Months EndedMarch 31, (In millions) 2025 2024 Reconciliation to Earnings before income taxes Segment operating profit $ 893 $ 813 Corporate and other (50) (49) Restructuring costs (8) (8) Amortization of acquired intangibles (201) (172) Acquisition on step-up amortization — (111) Acquisition/divestiture-related costs (5) (48) Viessmann-related hedges — (86) Gain on liability adjustment — 46 Non-service pension (expense) benefit 1 — Interest (expense) income, net (82) (141) Earnings before income taxes $ 548 $ 244 (Unaudited) Three Months Ended March 31, (In millions) 2025 2024 Reconciliation of Segment operating profit to Adjusted operating profit Climate Solutions Americas $ 570 $ 425 Climate Solutions Europe 105 167 Climate Solutions Asia Pacific, Middle East & Africa 121 108 Climate Solutions Transportation 97 113 Segment operating profit $ 893 $ 813 Corporate and other (50) (49) Adjusted operating profit $ 843 $ 764 Carrier Global Corporation Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) ResultsNet Income, Earnings Per Share and Effective Tax Rate (Unaudited) Three Months Ended March 31, 2025 (In millions, except per share amounts) Reported Adjustments Adjusted Net sales $ 5,218 $ — $ 5,218 Operating profit $ 629 214 a $ 843 Operating margin 12.1 % 16.2 % Earnings before income taxes $ 548 214 a $ 762 Income tax (expense) benefit $ (111) (57) c $ (168) Effective tax rate 20.3 % 22.0 % Earnings from continuing operations attributable to common shareowners $ 412 $ 157 $ 569 Summary of Adjustments: Amortization of acquired intangibles $ 201 a Restructuring costs 8 a Acquisition/divestiture-related costs 5 a Total adjustments $ 214 Tax effect on adjustments above $ (57) Total tax adjustments $ (57) c Diluted shares outstanding 878.3 878.3 Diluted earnings per share: Continuing operations $ 0.47 $ 0.65 Carrier Global CorporationReconciliation of Reported (GAAP) to Adjusted (Non-GAAP) ResultsNet Income, Earnings Per Share and Effective Tax Rate (Unaudited) Three Months Ended March 31, 2024 (In millions, except per share amounts) Reported Adjustments Adjusted Net sales $ 5,420 $ — $ 5,420 Operating profit $ 385 379 a $ 764 Operating margin 7.1 % 14.1 % Earnings before income taxes $ 244 379 a $ 623 Income tax (expense) benefit $ (47) (86) c $ (133) Effective tax rate 19.4 % 21.4 % Earnings from continuing operations attributable to common shareowners $ 177 $ 293 $ 470 Summary of Adjustments: Amortization of acquired intangibles $ 172 a Restructuring costs 8 a Acquisition/divestiture-related costs 48 a Acquisition on step-up amortization (1) 111 a Viessmann-related hedges 86 a Gain on liability adjustment (2) (46) a Total adjustments $ 379 Tax effect on adjustments above $ (86) Total tax adjustments $ (86) c Diluted shares outstanding 913.0 913.0 Diluted earnings per share: Continuing operations $ 0.19 $ 0.51 (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. Free Cash Flow Reconciliation (Unaudited) Three Months Ended March 31, (In millions) 2025 2024 Net cash flows provided by operating activities $ 483 $ 40 Less: Capital expenditures - continuing operations (63) (102) Less: Capital expenditures - discontinued operations — (2) Free cash flow $ 420 $ (64) Net Debt Reconciliation (Unaudited) (In millions) March 31, 2025 December 31, 2024 Long-term debt $ 11,080 $ 11,026 Current portion of long-term debt 104 1,252 Less: Cash and cash equivalents 1,698 3,969 Net debt $ 9,486 $ 8,309 SOURCE Carrier Global Corporation WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Carrier Reports Strong First Quarter 2025 Results

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