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- **Commercial Strength**: Commercial HVAC up 30% Q3, data center revenue $1B+ for 2025. 
- **Cost Action Impact**: $0.20 EPS tailwind in 2026 from restructuring, tax, and buybacks. 
- **Resi Challenges**: North American residential down 30% Q3, 2026 Q1 facing -40% volume comp. 
- **Europe Growth**: Heat pumps up 45% in Germany, 300,000 subsidy applications in 2025. 
- **Liquidity**: $2B free cash flow guidance, $3B+ buybacks in 2025.

**【CEO Summary Section】**
- Q3 revenue faced headwinds from North American residential HVAC (-30% volume), offset by 30% growth in commercial HVAC and 12% aftermarket expansion. 
- Announced $5 billion share buyback program and 3,000 indirect job cuts to reduce overhead costs. 
- Strategic wins include hyperscale data center deals ($100M+), heat pump market leadership in Europe (+45% sales in Germany), and new homebuilder partnerships. 
- 2026 outlook: 30% conversion rate on cost savings ($0.10 EPS tailwind), targeting low single-digit organic growth. 

**【CFO Financial Commentary】**
- Q3 sales: $5.6B (down 4% YoY), adjusted EPS: $0.67 (down 13% YoY). 
- Segment performance: 
  - CSA: Residential down 30%, Commercial HVAC up 30%, Aftermarket up mid-teens. 
  - CSE: Europe RLC down mid-single digits, heat pumps up 15%. 
  - CST: Container up 50%, Truck/Trailer flat. 
- Free cash flow: $225M (impacted by working capital). 
- 2025 guidance: $22B sales, $2.65 EPS, $2B free cash flow. 
- 2026 expectations: $0.20 EPS tailwind from restructuring, tax benefits, and buybacks. 

**【Q&A Highlights】**
- **Inventory Management**: Field inventory down 20% YoY, targeting 30% reduction by year-end. 
- **Pricing**: 2025 mix/price +10%, 2026 low single-digit price increase. 
- **Data Center Growth**: 2025 revenue $1B, 2026 backlog up 20% YoY. 
- **Europe Heat Pumps**: Subsidy applications +100% YoY, 300,000 units expected in 2025. 
- **Risk Factors**: Residential destocking in Q1 2026, North American Truck/Trailer weakness.

Carrier Global Corporation (CARR) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CARR

CARR fundamentals

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