Carrier Global (CARR) Q4 Results: Residential Weakness Limits Growth Amid Data Center and Aftermarket Gains

Carrier Global (NYSE:CARR) reported Q4 CY2025 revenue of $4.84 billion, down 6% year-on-year, and non-GAAP earnings of $0.34 per share, 4.5% below consensus. Residential and light commercial HVAC weakness, including continued destocking in the Americas, outpaced gains in data center and aftermarket segments, which posted double-digit growth but were insufficient to offset broader headwinds and an unfavorable business mix, narrowing margins. Management expects demand in short-cycle markets to remain muted until macroeconomic indicators improve, with guidance based on no significant change in conditions. The company anticipates over $100 million in annual cost savings by 2026 from targeted reductions and ongoing investments in data centers and aftermarket services. February 6, 2026