Group 1 - Carrier Global Corporation's Chairman & CEO David Gitlin will participate in a fireside chat at the Barclays 43 Annual Industrial Select Conference on February 19, 2026, at 8:05 a.m. ET [1] - Later on the same day, CFO Patrick Goris will join Gitlin for a fireside chat at the Citi 2026 Global Industrial Tech & Mobility Conference at 1:00 p.m. ET [1] - Both events will be broadcast live on the company's investor relations website, with a replay available afterward [2] Group 2 - Carrier Global Corporation is a global leader in intelligent climate and energy solutions, focusing on innovations that enhance comfort, safety, and sustainability [3] - The company has a history of advancements in climate solutions, including temperature control, air quality, and transportation, aimed at improving lives and ensuring the safe transport of essential goods [3] - Carrier has been a pioneer in the air conditioning industry since its invention in 1902, emphasizing a customer-centric approach through its inclusive workforce [3]

Core Insights - Carrier Global Corporation reported a significant decline in financial performance for Q4 2025, with net sales of $4.8 billion, down 6% year-over-year, and organic sales down 9% [3][5]. - The company continues to experience strong growth in its commercial HVAC segment, with Q4 orders increasing nearly 50%, driven by data center wins [2][4]. - The overall operating profit for Q4 was $101 million, reflecting an 87% decline from the previous year, primarily due to weaker residential markets and distributor destocking [4][6]. Financial Performance - Q4 2025 net sales were $4,837 million, compared to $5,148 million in Q4 2024, marking a 6% decrease [3]. - Organic sales decreased by 9%, partially offset by a 3% positive impact from foreign currency translation [3]. - Adjusted operating profit for Q4 was $455 million, down 33% from $678 million in the prior year [6]. - The diluted earnings per share (EPS) from continuing operations was $0.03, compared to a loss of $0.05 in the previous year [5][6]. Segment Performance - Climate Solutions Americas (CSA) reported a 17% decline in net sales to $1,935 million, with organic sales also down 17% [7]. - Climate Solutions Europe (CSE) saw a 6% increase in net sales to $1,332 million, although organic sales were down 2% [9]. - Climate Solutions Asia Pacific, Middle East & Africa (CSAME) experienced a 9% decline in net sales to $798 million, with organic sales also down 9% [11]. - Climate Solutions Transportation (CST) reported a 13% increase in net sales to $772 million, with organic sales up 10% [12]. Cash Flow and Shareholder Returns - Net cash flows from operating activities for Q4 were $1,040 million, with free cash flow of $909 million [14]. - The company returned approximately $3.7 billion to shareholders, including $0.8 billion in dividends and $2.9 billion in share repurchases [5]. Full-Year Guidance for 2026 - Carrier expects continued double-digit growth in global commercial HVAC and aftermarket, with a projected sales range of approximately $22 billion for 2026 [15][16]. - The guidance includes a headwind of about $350 million in sales and a $0.03 impact on adjusted EPS due to the divestiture of Riello [15]. - Adjusted operating profit is expected to be around $3.4 billion, with adjusted EPS projected at $2.80 [15][16].

Core Thesis - Carrier Global Corporation is positioned as a high-quality industrial franchise with strong demand and favorable long-term growth drivers, despite facing near-term cyclical pressures in residential HVAC [2][3]. Company Overview - Carrier Global Corporation specializes in intelligent climate and energy solutions across various regions, including the United States, Europe, and Asia Pacific [2]. - The company has undergone a strategic transformation, exiting its Fire & Security and Commercial Refrigeration businesses to focus solely on HVAC and climate solutions [2]. Market Position and Growth Drivers - The company's refined focus aligns with long-term trends in energy efficiency, sustainability, and infrastructure modernization [3]. - Although residential demand is expected to soften through 2025, Carrier's commercial segment is anticipated to perform strongly, driven by AI-driven data center expansion and the demand for high-efficiency cooling systems [3]. - Tightening global environmental regulations and the increasing adoption of heat pumps are expected to create a multi-year replacement cycle that is resilient and largely non-discretionary [3]. Investment Strategy - Selling the March 2026 $50 puts indicates confidence in Carrier's business fundamentals and provides downside protection, as this level aligns with the company's 52-week low [4]. - The implied entry price of $49.20, after collecting an $0.80 premium, offers a significant margin of safety compared to the current share price of approximately $57.30 [5]. - The investment strategy is designed to capitalize on Carrier's evolution into a leading climate and energy solutions provider, which the market may currently undervalue [5].

Core Viewpoint - Carrier Global Corporation is set to release its fourth quarter 2025 earnings on February 5, 2026, and will host a conference call and webcast at 7:30 a.m. ET [1]. Group 1: Earnings Release - The earnings release will be accompanied by a conference call and webcast, with a presentation and news release available on the investor relations website prior to the call [2]. - A recording of the conference call will be accessible on the website later in the day [2]. Group 2: Company Overview - Carrier Global Corporation is a global leader in intelligent climate and energy solutions, focusing on innovations that enhance comfort, safety, and sustainability [3]. - The company has a long history of advancements in climate solutions, including temperature control and air quality, and is committed to improving lives and empowering critical industries [3]. - Carrier has been a pioneer in modern air conditioning since 1902 and emphasizes a customer-centric approach through its inclusive workforce [3].

Core Insights - Impax Asset Management's "Impax Global Environmental Markets Fund" reported a 4.55% return in Q3 2025, underperforming the MSCI ACWI index which returned 7.62% [1] Group 1: Market Performance - Global equities experienced strong gains in Q3 2025 due to solid macroeconomic conditions, rising corporate earnings, fiscal stimulus, and banking deregulation [1] - The focus on hypergrowth, cyclical, and value stocks has led to challenges for quality-focused investors, resulting in increased market concentration [1] Group 2: Carrier Global Corporation (NYSE:CARR) - Carrier Global Corporation, a provider of intelligent climate and energy solutions, saw a one-month return of -1.58% and a 52-week loss of 22.97%, closing at $53.50 per share with a market capitalization of $45.53 billion on December 24, 2025 [2] - Weaker US residential HVAC volumes led to a material guidance cut for Carrier Global Corporation, resulting in a sell-off in Q3 [3] - Despite a softer demand outlook, the company is viewed as attractively priced and positioned to benefit from improved end-market demand nearing cyclical lows [3] Group 3: Hedge Fund Interest - Carrier Global Corporation was held by 48 hedge fund portfolios at the end of Q3 2025, a decrease from 53 in the previous quarter [4] - The potential of Carrier Global Corporation as an investment is acknowledged, but certain AI stocks are considered to offer greater upside potential and less downside risk [4]

Core Viewpoint - Carrier Global Corporation announced a quarterly dividend of $0.24 per share, reflecting a 200% increase since its spin-off in early 2020, demonstrating a commitment to capital allocation and returning value to shareholders [1] Company Overview - Carrier Global Corporation is a global leader in intelligent climate and energy solutions, focusing on innovations that enhance comfort, safety, and sustainability [1] - The company has a history of over a century, having invented modern air conditioning in 1902, and continues to prioritize customer-centric solutions [1] Dividend Announcement - The declared dividend of $0.24 per share will be payable on February 9, 2026, to shareholders of record as of January 20, 2026 [1] - The increase in dividend is part of the company's disciplined approach to capital allocation [1]

Core Insights - Carrier Global Corporation is a leading company in intelligent climate and energy solutions, with a significant stock purchase by CEO David Gitlin indicating confidence in the company's future [1][4]. Company Overview - Carrier Global is known for its innovations in climate solutions, including temperature control, air quality, and transportation, and has been a leader in the industry since inventing modern air conditioning in 1902 [2]. Stock Performance - The current stock price of Carrier is $53.74, reflecting a 3.85% increase or $1.99, with a trading range today between $52.14 and $53.85. Over the past year, the stock has reached a high of $81.09 and a low of $50.30. The company's market capitalization is approximately $45.26 billion, with a trading volume of 3,703,977 shares on the NYSE [3]. Leadership Engagement - Carrier's leadership, including CEO David Gitlin and Senior VP & CFO Patrick Goris, actively engages with investors and stakeholders, recently participating in the Baird 55th Annual Global Industrial Conference, providing insights into the company's strategic directions [4]. Upcoming Events - David Gitlin is scheduled to speak at the Goldman Sachs Industrials and Materials Conference on December 4, 2025, with the event being broadcast live and a webcast replay available on Carrier's investor relations website, highlighting the company's commitment to transparency and communication [5].

Core Insights - The article discusses the performance of dividend stocks compared to growth stocks, highlighting a trend where dividend stocks have lagged behind the broader market, with the Dividend Aristocrat Index rising nearly 4% since the start of 2025, while the broader market gained approximately 15% [2] - There is a growing preference among investors for US companies that invest in AI innovation over traditional shareholder returns, leading to a reduction in share buyback growth forecasts by Goldman Sachs from 12% to 9% [3] - Capital expenditure plans for S&P 500 companies have reached a record $1.2 trillion in 2025, with the nine largest companies accounting for nearly 30% of this total [4] Dividend Performance - A report indicated that there were 421 dividend increases in Q3 2025, down from 480 in Q3 2024, marking a 12.3% year-over-year decline. Total dividend increases over the past 12 months amounted to $57.5 billion, a decrease from $74.7 billion in the previous period [5] - In Q3 2025, 43 companies cut their dividends, representing a 59.3% increase compared to 27 companies in Q3 2024 [5][6] Company-Specific Insights - **Ethan Allen Interiors Inc. (NYSE:ETD)**: Reported a 52-week share price decline of 22.12%. For Q1 2026, the company had consolidated net sales of $147 million and a gross margin of 61.4%. Operating cash flow was $16.8 million, with $193.7 million in cash and investments [10][12][13] - **Motorola Solutions, Inc. (NYSE:MSI)**: Experienced a 52-week share price decline of 22.5%. In Q3 2025, the company reported revenue of $3 billion, an 8% increase year-over-year, with operating cash flow reaching $799 million [15][17][18] - **Carrier Global Corporation (NYSE:CARR)**: Noted a 52-week share price decline of 26.9%. The company reported Q3 2025 sales of $5.6 billion, a 7% decline from the previous year, and expects full-year revenue to be close to $22 billion [20][21][22]

Core Insights - Carrier Global Corporation reported a 7% decline in net sales for Q3 2025, totaling $5.6 billion compared to $5.98 billion in Q3 2024, with organic sales down 4% [3][4] - The company experienced strong growth in Commercial HVAC, which increased by 30% in the Americas, but this was offset by a significant decline in the Residential segment [2][5] - Carrier announced a $5 billion share repurchase authorization, reflecting confidence in its strategy and commitment to shareholder value [2] Financial Performance - Total net sales for Q3 2025 were $5,579 million, down from $5,984 million in Q3 2024, marking a 7% decrease [3] - Operating profit decreased by 29% to $539 million, with an operating margin of 9.7%, down from 12.8% the previous year [3][4] - Adjusted operating profit was $823 million, a 21% decline year-over-year, with an adjusted operating margin of 14.8% [4][8] Segment Performance - Climate Solutions Americas (CSA) reported net sales of $2,711 million, an 8% decrease, with organic sales also down 8% [5][6] - Climate Solutions Europe (CSE) saw a 4% increase in net sales to $1,290 million, although organic sales declined by 3% [7][8] - Climate Solutions Asia Pacific, Middle East & Africa (CSAME) experienced a slight decline in net sales by 1% to $833 million, with organic sales down 2% [9][10] - Climate Solutions Transportation (CST) reported a significant 20% decline in net sales to $745 million, although organic sales increased by 6% [11][12] Cash Flow and Shareholder Returns - Net cash flows from operating activities were $341 million, with free cash flow of $224 million for the quarter [13][27] - The company returned $3 billion to shareholders year-to-date, including $2.4 billion in share repurchases [8][14] - Carrier expects full-year 2025 sales to be approximately $22 billion and adjusted EPS around $2.65 [8][14] Guidance and Future Outlook - Carrier anticipates a revenue headwind of approximately $750 million from the exit of Commercial Refrigeration [14] - The company projects organic sales to be flat for the full year, with adjusted operating margin guidance of 15.0% to 15.5% [14]

Core Viewpoint - Carrier Global Corporation has announced a $5 billion share repurchase authorization, reflecting confidence in its strategy and commitment to shareholder value [1]. Summary by Sections Share Repurchase Authorization - The new share repurchase authorization amounts to $5 billion, in addition to the remaining balance of approximately $800 million as of September 30, 2025, bringing the total current repurchase authorization to approximately $5.8 billion [2]. Company Overview - Carrier Global Corporation is a global leader in intelligent climate and energy solutions, focusing on innovations that enhance comfort, safety, and sustainability [4]. - The company has a history of leadership in climate solutions, including temperature control and air quality, and aims to improve lives and empower critical industries [4].