Carrier Global Corp
Statements
Segments
US companies must disclose in their mandatory reports how revenue breaks down across business segments, regions and product lines. We read that breakdown for you straight from the annual and quarterly reports (10-K and 10-Q) of Carrier Global Corp (CARR). It shows which part of the business is growing — and which one is holding it back.
Revenue by business segment
| Segment | 2020 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| CSA | – | – | $9.62B 50.7% | $10.53B 46.8% · +9.5% | $10.47B 48.1% · -0.5% |
| CSE | – | – | $1.94B 10.2% | $4.98B 22.2% · +157.3% | $5.04B 23.2% · +1.2% |
| CSAME | – | – | $3.58B 18.9% | $3.50B 15.6% · -2.3% | $3.34B 15.4% · -4.6% |
| CST | – | – | $3.82B 20.1% | $3.48B 15.5% · -9.0% | $2.89B 13.3% · -16.7% |
| HVAC | $9.48B 53.3% | $13.41B 77.5% · +41.5% | – | – | – |
| Refrigeration | $3.33B 18.7% | $3.88B 22.5% · +16.5% | – | – | – |
| Fire & Security | $4.99B 28.0% | – | – | – | – |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
| Segment | 2020 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| CSA | – | – | $1.83B 19.0% | $2.32B 22.1% | $2.15B 20.5% |
| CSE | – | – | $177.0M 9.1% | $469.0M 9.4% | $444.0M 8.8% |
| CSAME | – | – | $361.0M 10.1% | $466.0M 13.3% | $448.0M 13.4% |
| CST | – | – | $494.0M 12.9% | $485.0M 14.0% | $452.0M 15.6% |
| HVAC | $2.46B 26.0% | $2.61B 19.5% | – | – | – |
| Refrigeration | $357.0M 10.7% | $482.0M 12.4% | – | – | – |
| Fire & Security | $584.0M 11.7% | – | – | – | – |
Large figure: segment operating income. Below it the margin, that is operating income measured against the revenue of the same segment.
Revenue by region
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| United States Operations | $9.11B 52.2% | $10.49B 50.9% · +15.2% | $10.00B 57.8% · -4.7% | $10.46B 55.2% · +4.6% | $11.29B 50.2% · +8.0% | $11.14B 51.2% · -1.4% |
| Europe | $4.94B 28.3% | $5.78B 28.0% · +17.0% | $3.59B 20.8% · -37.8% | $3.91B 20.6% · +8.9% | $6.69B 29.7% · +71.0% | $6.09B 28.0% · -8.9% |
| Asia Pacific | $2.66B 15.2% | $3.46B 16.8% · +30.5% | $3.09B 17.9% · -10.8% | $3.95B 20.8% · +27.8% | $3.82B 17.0% · -3.3% | $3.84B 17.7% · +0.6% |
| Other | $761.0M 4.4% | $881.0M 4.3% · +15.8% | $610.0M 3.5% · -30.8% | $635.0M 3.4% · +4.1% | $688.0M 3.1% · +8.3% | $678.0M 3.1% · -1.5% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Revenue by product line
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Product | $14.35B 82.2% | $17.21B 83.5% · +20.0% | $15.32B 88.6% · -11.0% | $16.67B 87.9% · +8.8% | $19.99B 88.9% · +20.0% | $19.17B 88.2% · -4.1% |
| Service | $3.11B 17.8% | $3.40B 16.5% · +9.3% | $1.97B 11.4% · -42.0% | $2.29B 12.1% · +15.9% | $2.50B 11.1% · +9.2% | $2.57B 11.8% · +3.1% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Segment and region names are the ones the company itself uses and are shown as reported. Change and share refer to revenue.
Data as of: August 7, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q) · Segment figures: SEC EDGAR (10-K/10-Q reports)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.