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Arphra AIPlain-English read on Carrier Global Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $20.61B | $17.29B | $18.95B | $22.49B | $21.75B | $22.26B | $23.34B | $24.57B | $26.66B |
| Cost of revenue | $14.61B | $12.99B | $13.78B | $16.46B | $16.11B | $16.52B | $16.8B | $17.68B | $19.36B |
| Gross profit | $6.01B | $4.3B | $5.18B | $6.02B | $5.63B | $5.79B | $6.36B | $6.66B | $7.28B |
| Gross margin | +29.15% | +24.89% | +27.31% | +26.79% | +25.91% | +26.01% | +27.25% | +27.11% | +27.32% |
| Operating | |||||||||
| Research & development | $503M | $416M | $493M | $686M | $625M | $648.57M | $679.1M | $711.87M | $744.08M |
| Selling, general & administrative | $2.98B | $1.94B | $2.47B | $3.2B | $3.08B | $2.98B | $3.16B | $3.47B | $3.65B |
| Total operating expenses | $3.36B | $319M | $3.02B | $3.38B | $3.48B | $3.49B | $3.62B | $3.74B | $4.13B |
| Operating income | $2.65B | $3.98B | $2.16B | $2.65B | $2.15B | $2.4B | $2.5B | $2.68B | $2.97B |
| Operating margin | +12.83% | +23.04% | +11.40% | +11.77% | +9.89% | +10.77% | +10.71% | +10.91% | +11.13% |
| EBITDA | $2.91B | $2.29B | $2.7B | $3.56B | $2.79B | $3.1B | $3.31B | $3.52B | $3.76B |
| EBIT | $2.57B | $1.96B | $2.21B | $2.33B | $1.84B | $2.28B | $2.36B | $2.45B | $2.71B |
| Below the line | |||||||||
| Interest expense | $319M | $302M | $306M | $580M | $345M | $440.91M | $452.39M | $465.43M | $501.13M |
| Interest income | $13M | $83M | $146M | $209M | $169M | $180.23M | $192.78M | $205.38M | $217.8M |
| Other income / expense | -$245M | -$161M | -$161M | -$372M | -$352M | — | — | — | — |
| Pre-tax income | $2.4B | $3.82B | $2B | $2.27B | $1.8B | $2.17B | $2.22B | $2.41B | $2.61B |
| Income tax expense | $699M | $616M | $521M | $1.06B | $306M | $635.81M | $663.69M | $707.15M | $777.94M |
| Earnings | |||||||||
| Net income | $1.66B | $3.53B | $1.35B | $5.6B | $1.49B | $2.53B | $2.57B | $2.7B | $3.01B |
| Net income · continuing ops | $1.7B | $3.21B | $1.48B | $1.21B | $1.49B | $1.47B | $1.51B | $1.64B | $1.82B |
| Net margin | +8.07% | +20.44% | +7.12% | +24.92% | +6.87% | +11.35% | +11.01% | +10.99% | +11.27% |
| EPS · basic | $1.92 | $4.19 | $1.61 | $6.24 | $1.74 | $2.85 | $3.23 | $3.63 | $4.16 |
| EPS · diluted | $1.87 | $4.10 | $1.63 | $6.15 | $1.70 | $2.80 | $3.20 | $3.63 | $4.10 |
| EPS · low estimate | — | — | — | — | — | $2.70 | $3.04 | $3.06 | $4.02 |
| EPS · high estimate | — | — | — | — | — | $2.83 | $3.37 | $4.32 | $4.25 |
| Shares · basic | 867.7M | 843.4M | 837.3M | 898.2M | 839.2M | 836.75M | 842.58M | 840.36M | 834.47M |
| Shares · diluted | 890.3M | 861.2M | 853M | 911.7M | 846.7M | 838.57M | 840.7M | 840.34M | 847.58M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 17 | 16 | 12 | 11 |
| Analysts (EPS) | — | — | — | — | — | 14 | 13 | 7 | 2 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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