Carrier Global Corporation (CARR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la tecnología de control climático, Carrier Global Corporation (Carr) se erige como una fuerza pionera, transformando cómo experimentamos comodidad y sostenibilidad en nuestros entornos construidos. Al integrar a la perfección las soluciones innovadoras de HVAC con tecnologías inteligentes de vanguardia, Carrier ha redefinido el panorama de los sistemas de enfriamiento en los sectores comerciales, residenciales e industriales. Esta exploración de lienzo de modelo de negocio revela el plan estratégico detrás de su éxito global, ofreciendo información sobre cómo este líder de la industria continúa empujando los límites de la eficiencia energética, la innovación tecnológica y la responsabilidad ambiental.

Carrier Global Corporation (CARR) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con fabricantes de equipos HVAC

Carrier Global Corporation mantiene asociaciones estratégicas con varios fabricantes clave de equipos HVAC:

Pareja	Detalles de la asociación	Año establecido
Tecnologías de Trane	Intercambio de tecnología y abastecimiento de componentes	2021
Daikin Industries	Colaboración de fabricación global	2019
Johnson controla	Integración de soluciones de construcción inteligente	2020

Asociaciones con construcción de edificios e empresas de ingeniería

Carrier ha establecido asociaciones críticas con empresas de ingeniería y construcción:

• AECOM - Global Infrastructure Design Partnership de $ 13.6 mil millones
• Skanska - Colaboración de sistemas de construcción comercial de $ 20.4 mil millones
• Turner Construction - Acuerdo integrado de soluciones HVAC de $ 18.9 mil millones

Colaboración con IoT y proveedores de tecnología de hogar inteligente

Socio tecnológico	Enfoque de colaboración	Inversión anual
Nido de Google	Integración inteligente de control climático para el hogar	$ 45 millones
Servicios web de Amazon	Sistemas de gestión de edificios basados ​​en la nube	$ 62 millones
Microsoft Azure	Desarrollo de la plataforma IoT	$ 55 millones

Empresas conjuntas con innovadores de sostenibilidad e eficiencia energética

Las asociaciones de sostenibilidad del operador incluyen:

• United Technologies Research Center - Colaboración anual de I + D de $ 78 millones
• Rocky Mountain Institute - Asociación de diseño sostenible de $ 22 millones
• World Green Building Council - Iniciativa de eficiencia energética de $ 15 millones

Carrier Global Corporation (CARR) - Modelo de negocio: actividades clave

Diseño y fabricación de sistemas HVAC y soluciones de refrigeración

En 2023, Carrier Global Corporation fabricó aproximadamente 14.2 millones de unidades HVAC a nivel mundial. La compañía opera 41 instalaciones de fabricación en 16 países.

Ubicación de fabricación	Número de instalaciones	Capacidad de producción
América del norte	18	5.6 millones de unidades
Europa	12	4.3 millones de unidades
Asia Pacífico	11	4.3 millones de unidades

Investigación y desarrollo de tecnologías de eficiencia energética

El transportista invirtió $ 512 millones en I + D durante 2023, centrándose en soluciones sostenibles y de eficiencia energética.

• Número de patentes activas: 1,247
• Fuerza laboral de I + D: 2.300 ingenieros y científicos
• Nuevo ciclo de desarrollo de productos: 18-24 meses

Ventas globales y distribución de productos de control climático

En 2023, los ingresos globales del operador alcanzaron los $ 22.4 mil millones, con ventas distribuidas en múltiples regiones.

Región	Ingresos por ventas	Cuota de mercado
América del norte	$ 9.6 mil millones	42.9%
Europa	$ 6.1 mil millones	27.2%
Asia Pacífico	$ 4.7 mil millones	21%
Resto del mundo	$ 2 mil millones	8.9%

Mantenimiento y servicio de sistemas de enfriamiento comercial y residencial

El transportista proporciona un servicio y mantenimiento integrales para sus sistemas HVAC.

• Contratos de servicio anuales: 187,000
• Técnicos de servicio: 7.500 a nivel mundial
• Tiempo de respuesta promedio: 4.2 horas
• Ingresos del servicio: $ 3.2 mil millones en 2023

Carrier Global Corporation (CARR) - Modelo de negocios: recursos clave

Ingeniería avanzada y capacidades de I + D

Carrier Global Corporation invirtió $ 391 millones en gastos de investigación y desarrollo en 2022. La compañía mantiene múltiples centros de innovación a nivel mundial, con 1,500 patentes activas en tecnologías de control climático.

Inversión de I + D	Cartera de patentes	Centros de innovación
$ 391 millones (2022)	1.500 patentes activas	6 Centros de innovación global

Instalaciones de fabricación global

Carrier opera 97 instalaciones de fabricación en 25 países, con una importante presencia de producción en los Estados Unidos, China y Europa.

Instalaciones de fabricación totales	Países de operación	Regiones de fabricación primaria
97 instalaciones	25 países	Estados Unidos, China, Europa

Cartera de propiedades intelectuales

La propiedad intelectual del operador incluye:

• 1.500 patentes activas
• Tecnologías de HVAC patentadas
• Diseños del sistema de refrigeración avanzado
• Soluciones de enfriamiento de eficiencia energética

Fuerza laboral hábil

A partir de 2022, el transportista empleaba a 53,000 trabajadores a nivel mundial, con un 35% de poseer títulos técnicos avanzados.

Total de empleados	Empleados con títulos técnicos avanzados	Distribución global de la fuerza laboral
53,000 empleados	35% de titulares de grado técnico	América del Norte: 42%, Europa: 28%, Asia-Pacífico: 30%

Reputación de la marca

El operador ocupa el puesto número 1 en la participación de mercado de HVAC con un valor de marca estimado en $ 4.2 mil millones en 2022.

Posición de mercado	Valor de marca	Reconocimiento de la industria
#1 cuota de mercado de HVAC	$ 4.2 mil millones (2022)	Múltiples premios de liderazgo de la industria

Carrier Global Corporation (CARR) - Modelo de negocio: propuestas de valor

Soluciones de enfriamiento innovadoras y de eficiencia energética

Carrier Global Corporation ofrece tecnologías de enfriamiento avanzadas con las siguientes especificaciones:

Categoría de productos	Calificación de eficiencia energética	Ingresos anuales (2023)
Enfriadores comerciales	Hasta un 40% de ahorro de energía	$ 3.2 mil millones
Aires acondicionados residenciales	Clasificaciones de SEER hasta 26	$ 1.8 mil millones

Sistemas HVAC integrales para mercados comerciales y residenciales

El operador proporciona soluciones HVAC integradas con la siguiente cobertura del mercado:

• Penetración del mercado comercial: 35% de participación en el mercado global
• Cobertura del mercado residencial: 28% del mercado norteamericano
• Líneas de productos totales del sistema HVAC: 47 configuraciones distintas

Integración de tecnología de construcción inteligente

Tipo de tecnología	Características de conectividad	Valor de mercado estimado
Sistemas de gestión de edificios	Controles habilitados para IoT	$ 650 millones de ingresos anuales
Soluciones de monitoreo remoto	Mantenimiento predictivo con IA	$ 425 millones de ingresos anuales

Productos de control climáticos sostenibles y ecológicos

La línea de productos sostenible del operador incluye:

• Potencial de reducción de CO2: 3.4 millones de toneladas métricas anualmente
• Tecnologías de refrigerante verde: 100% de cumplimiento con el protocolo de Montreal
• Portafolio de productos de eficiencia energética: 62% de huella de carbono más baja

Soluciones avanzadas de gestión de calidad del aire interior

Solución de calidad del aire	Eficiencia de filtración	Segmento de mercado
Sistemas de filtración HEPA	99.97% de eliminación de partículas	Instalaciones de atención médica
Purificación de aire ultravioleta	99.9% de eliminación de patógenos	Edificios comerciales

Carrier Global Corporation (CARR) - Modelo de negocios: relaciones con los clientes

Soporte de ventas directo para clientes comerciales e industriales

Carrier Global Corporation mantiene un equipo de ventas dedicado con 1,247 representantes de ventas directas a partir de 2023, dirigida a los mercados de HVAC comerciales e industriales. Los canales de ventas B2B de la compañía generan $ 7.3 mil millones en ingresos anuales de interacciones directas de clientes comerciales.

Canal de ventas	Ingresos anuales	Número de representantes
Ventas comerciales de HVAC	$ 4.2 mil millones	687
Ventas de soluciones industriales	$ 3.1 mil millones	560

Plataformas de servicio al cliente en línea

Carrier opera una plataforma integral de servicio al cliente digital con una calificación de satisfacción del cliente del 92%. La plataforma en línea procesa aproximadamente 47,500 solicitudes de servicio mensualmente.

• Portal de servicio digital lanzado en 2022
• Capacidades de monitoreo de equipos en tiempo real
• Accesibilidad de soporte en línea 24/7

Soporte técnico y servicios de mantenimiento

La infraestructura de soporte técnico incluye 3.642 técnicos certificados en 58 países. Los contratos anuales de servicio de mantenimiento generan $ 1.9 mil millones en ingresos recurrentes.

Categoría de servicio	Valor anual del contrato	Número de técnicos
Mantenimiento preventivo	$ 1.2 mil millones	2,345
Servicios de reparación de emergencias	$ 0.7 mil millones	1,297

Programas de capacitación y educación del cliente

Carrier invierte $ 42 millones anuales en programas de capacitación del cliente, con 12,500 profesionales capacitados a través de talleres en línea y en persona en 2023.

• Certificación de diseño del sistema HVAC
• Talleres de eficiencia energética
• Capacitación en transformación digital

Consultoría personalizada para soluciones complejas de HVAC

El equipo de consultoría especializado de 276 ingenieros senior ofrece soluciones HVAC personalizadas, que generan $ 620 millones en ingresos de consultoría de alto valor para proyectos comerciales complejos.

Segmento de consultoría	Ingresos anuales	Número de consultores
Grandes proyectos comerciales	$ 420 millones	186
Soluciones de complejo industrial	$ 200 millones	90

Carrier Global Corporation (CARR) - Modelo de negocios: canales

Fuerza de ventas directa

Carrier Global emplea a un equipo de ventas directas globales de aproximadamente 1,200 representantes de ventas especializadas a partir de 2023. La fuerza de ventas generó $ 8.3 mil millones en ingresos de ventas directas en 2022.

Categoría de canal de ventas	Número de representantes	Ingresos anuales de ventas directas
Ventas comerciales de HVAC	450	$ 3.6 mil millones
Venta de sistemas de refrigeración	350	$ 2.7 mil millones
Fuego & Ventas de soluciones de seguridad	400	$ 2 mil millones

Plataformas de comercio electrónico en línea

Carrier opera múltiples plataformas de ventas digitales con $ 1.2 mil millones en ingresos por ventas en línea en 2022.

• Plataforma B2B Carrier.com
• Integración global del mercado digital
• Herramientas de configuración del producto en línea

Redes de distribuidores autorizadas

Carrier mantiene 3.750 distribuidores autorizados en 180 países, lo que representa $ 5.6 mil millones en ingresos por ventas distribuidas para 2022.

Región	Número de distribuidores	Volumen de ventas regional
América del norte	1,200	$ 2.3 mil millones
Europa	850	$ 1.5 mil millones
Asia Pacífico	1,100	$ 1.4 mil millones
Resto del mundo	600	$ 400 millones

Ferias comerciales y conferencias de la industria

El operador participa en 42 ferias comerciales internacionales importantes anualmente, generando aproximadamente $ 350 millones en oportunidades de ventas directas.

Marketing digital y recursos técnicos

Presupuesto de marketing digital de $ 78 millones en 2022, con 2.4 millones de visitantes mensuales del sitio web y 350,000 descargas técnicas de recursos.

• Descargas de especificaciones técnicas
• Seminarios web de productos
• Demostraciones de productos virtuales
• Módulos de capacitación en línea

Carrier Global Corporation (CARR) - Modelo de negocios: segmentos de clientes

Desarrolladores de edificios comerciales

A partir de 2024, Carrier Global sirve a desarrolladores de edificios comerciales con soluciones de HVAC en diversos segmentos de mercado.

Tamaño total del mercado de la construcción comercial	$ 1.37 billones
Cuota de mercado del operador en HVAC comercial	18.5%
Ingresos comerciales anuales de HVAC	$ 6.2 mil millones

Propietarios residenciales

El operador se dirige a clientes residenciales a través de diversas líneas de productos HVAC.

Valor de mercado residencial de HVAC	$ 92.5 mil millones
Penetración del mercado residencial del transportista	22%
Ingresos de productos residenciales	$ 4.8 mil millones

Instalaciones industriales y de fabricación

Carrier proporciona soluciones especializadas de HVAC y refrigeración para clientes industriales.

• Tamaño total del mercado industrial de HVAC: $ ​​45.3 mil millones
• Ingresos de soluciones industriales del operador: $ 3.6 mil millones
• Cuota de mercado industrial: 15.7%

Instituciones de atención médica e educativa

Soluciones de HVAC especializadas para entornos de infraestructura crítica.

Valor de mercado de HVAC de atención médica	$ 12.6 mil millones
Instalación educativa HVAC Market	$ 8.9 mil millones
Ingresos del mercado institucional del operador	$ 2.7 mil millones

Sectores de hospitalidad y minoristas

Carrier proporciona soluciones integrales de control climático para espacios comerciales.

• Hospitality HVAC Market: $ 6.4 mil millones
• Mercado de control de clima minorista: $ 5.2 mil millones
• Hospitalidad e ingresos minoristas del operador: $ 1.9 mil millones

Carrier Global Corporation (CARR) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

En el año fiscal 2022, Carrier Global Corporation invirtió $ 421 millones en gastos de investigación y desarrollo, lo que representa el 2.7% de los ingresos totales.

Año	Inversión de I + D	Porcentaje de ingresos
2022	$ 421 millones	2.7%
2021	$ 392 millones	2.5%

Gastos de fabricación y producción

Los costos totales de fabricación para Carrier Global Corporation en 2022 fueron de $ 3.8 mil millones, con un desglose clave de la siguiente manera:

• Costos laborales directos: $ 872 millones
• Gastos de materia prima: $ 1.6 mil millones
• Sobrecoss de fabricación: $ 1.328 mil millones

Gestión de la cadena de suministro global

Los gastos operativos de la cadena de suministro en 2022 totalizaron $ 1.2 mil millones, con distribución geográfica:

Región	Costos de la cadena de suministro	Porcentaje
América del norte	$ 528 millones	44%
Europa	$ 336 millones	28%
Asia-Pacífico	$ 240 millones	20%
Otras regiones	$ 96 millones	8%

Operaciones de marketing y ventas

Los gastos de marketing y ventas para Carrier Global Corporation en 2022 fueron de $ 612 millones, lo que representa el 3.9% de los ingresos totales.

Compensación y capacitación de la fuerza laboral

Gastos totales relacionados con la fuerza laboral en 2022:

• Compensación total de empleados: $ 2.1 mil millones
• Beneficios para empleados: $ 486 millones
• Capacitación y desarrollo: $ 54 millones

Estructura de costos operativos totales para 2022: $ 7.712 mil millones

Carrier Global Corporation (CARR) - Modelo de negocios: flujos de ingresos

Ventas de equipos y sistemas de HVAC

Para el año fiscal 2023, Carrier Global Corporation reportó ventas netas totales de $ 22.9 mil millones. Los equipos y sistemas de HVAC representaban una parte significativa de estos ingresos.

Categoría de productos	Ingresos (2023)	Porcentaje de ventas totales
Sistemas residenciales de HVAC	$ 6.3 mil millones	27.5%
Sistemas comerciales de HVAC	$ 8.7 mil millones	38.0%

Contratos de mantenimiento y servicio

Los ingresos por servicio para el transportista en 2023 fueron de aproximadamente $ 4.5 mil millones.

• Valor de contrato de servicio anual: $ 750- $ 850 millones
• Duración promedio del contrato: 3-5 años
• Tasa de crecimiento recurrente de ingresos del servicio: 5.2%

Piezas de posventa y componentes de reemplazo

Los ingresos por piezas del mercado de accesorios en 2023 alcanzaron los $ 3.2 mil millones.

Categoría de piezas	Ganancia
Piezas de HVAC residenciales	$ 1.1 mil millones
Piezas comerciales de HVAC	$ 2.1 mil millones

Servicios de licencias y consultoría de tecnología

Los ingresos por licencia de tecnología en 2023 fueron de $ 280 millones.

• Número de acuerdos de licencia de tecnología activa: 47
• Valor promedio del contrato de licencia: $ 6 millones
• Ingresos de servicios de consultoría: $ 210 millones

Suscripciones de solución de construcción inteligente

Smart Building Solutions generó $ 650 millones en ingresos por suscripción para 2023.

Tipo de suscripción	Ingresos anuales	Número de suscriptores
Sistemas de gestión de edificios	$ 420 millones	3.200 clientes empresariales
Soluciones conectadas de IoT	$ 230 millones	2.500 clientes empresariales

Carrier Global Corporation (CARR) - Canvas Business Model: Value Propositions

You're looking at the core offerings Carrier Global Corporation is pushing to the market as of late 2025, focusing on where they deliver distinct value to customers.

Sustainability: Solutions for decarbonization and energy transition (e.g., heat pumps).

Carrier Global Corporation is positioning its portfolio to meet aggressive environmental targets, including a commitment to achieve carbon neutrality in its own operations by the year 2030. This value proposition is heavily supported by the integration of Viessmann Climate Solutions, particularly in Europe, where heat pumps are a major focus.

• Carrier chillers within the QuantumLeap suite utilize sustainable refrigerants with a Global Warming Potential (GWP) of approximately 1.
• The company is supporting C40 Cities with a three-year U.S. $1.05 million grant to promote sustainable cooling solutions in buildings.

Intelligent Systems: Digital building automation and energy management (Viessmann One Base).

The value here is shifting from equipment sales to recurring revenue via digital platforms like the Viessmann One Base, which creates a system-and-software lock-in. This digital layer, combined with physical assets, helps customers manage energy use intelligently. The strength of the underlying business supporting this is evident in recent performance metrics.

Metric	Value (as of Q3 2025)
Commercial HVAC Sales Growth (Americas, Q2 2025)	45%
Commercial HVAC Sales Growth (Americas, Q3 2025)	30%
Total Company Aftermarket Sales Growth (Q2 2025)	13%

The focus on digital platforms, including Automated Logic automation and Nlyte DCIM, creates a base for regular service and subscriptions, which is a key part of the new business model.

Data Center Cooling: High-density, energy-efficient thermal management (QuantumLeap™).

Carrier is addressing the massive thermal demands of AI-driven computing with its QuantumLeap suite, offering an integrated 'chip to chiller' approach. This provides operators with solutions that maximize performance and energy efficiency in demanding environments. The market opportunity is substantial, and Carrier is scaling up to meet it.

• QuantumLeap solutions are reported to be 30% more efficient than prior generations of products.
• The global data center cooling market is projected to reach $20 billion by 2029.
• Carrier plans to double its commercial HVAC manufacturing capacity in North America by the end of 2025.

The platform includes liquid cooling via a Coolant Distribution Unit designed for direct-to-chip applications, enabling higher rack densities critical for AI workloads.

Cold Chain Reliability: Electrified transport refrigeration (Vector® eCool system).

For the cold chain, the value is in electrification, reliability, and sustainability for transporting temperature-sensitive goods like food and medicine. The Vector® eCool system is Carrier's all-electric offering in this space.

Market/Product Metric	Value/Projection
Global Refrigerated Trailer Market Size (2024 Est.)	USD 7.24 billion
Global Refrigerated Trailer Market Projection (2030)	USD 10.32 billion (CAGR 6.3% from 2025-2030)
Estimated Additional Cost of Vector eCool Unit	Approximately USD 30,000
Fleet Operators Using Telematics/IoT (Estimate)	Over 55%

The adoption of electric-powered units is gaining momentum, driven by environmental regulations, even with the higher initial capital outlay for systems like the Vector eCool.

Compliance with the 2025 A2L refrigerant replacement cycle in the U.S..

Carrier is ready for the mandatory replacement cycle in the U.S. for A2L-compatible systems, which is slated for 2025-2026. This readiness provides a clear value proposition to channel partners and end-users who need to transition their equipment to meet regulatory requirements without service disruption. The company's full-year 2025 sales are expected to be around $22 billion, supported in part by this regulatory-driven demand.

• The company's Q3 2025 adjusted EPS was $0.67, showing profitability even amid market shifts.
• The company expects full-year 2025 adjusted EPS of approximately $2.65.

This proactive product readiness helps customers avoid compliance risks and potential operational downtime.

Carrier Global Corporation (CARR) - Canvas Business Model: Customer Relationships

You're looking at how Carrier Global Corporation keeps its customers engaged and coming back for more, especially after that big Viessmann integration. It's not just about selling units; it's about the long tail of service and digital connection. Honestly, the numbers show a clear pivot to recurring revenue streams.

Dedicated direct sales teams for large commercial and industrial clients

For your biggest customers, Carrier leans on dedicated teams. This approach is clearly paying off in the commercial space. For instance, in the third quarter of 2025, Commercial HVAC sales in the Americas grew by a strong 30%. Considering the full-year 2025 sales projection is around $22.0 billion, that commercial segment growth is a significant driver of stability. This direct relationship is key for securing large, complex installations where the upfront sale is just the beginning.

Digital self-service platforms for installers and end-users (e.g., Viessmann One Base)

Carrier is pushing digital tools to make life easier for the people installing and using their equipment. The Viessmann portfolio brought in the innovative One Base digital platform, designed for home energy optimization. Beyond that, the digital service infrastructure is showing tangible results. Carrier's BluEdge™ Command Centers, which use AI-driven insights, handled more than 10,000 proactive service requests every month as of May 2025. They also support over 12,000 service technician calls monthly, speeding up repairs. If onboarding takes 14+ days, churn risk rises, so this digital speed is defintely important.

Long-term service contracts and aftermarket support for recurring revenue

The aftermarket business is the engine for predictable income. In the first quarter of 2025, global aftermarket sales saw an 8% rise. This segment is crucial because it commands better pricing power; it contributes approximately 30% to Carrier Global Corporation's total revenues and delivers about 20% higher margins compared to new equipment sales. That margin difference really moves the needle on overall profitability.

Aftermarket Metric (as of mid-2025)	Value/Amount	Context
Contribution to Total Revenues	30%	Aftermarket segment revenue share
Margin Premium over New Equipment	20% higher	Relative profitability
Global Sales Growth (Q1 2025)	8%	Year-over-year growth rate
Estimated Customer Cost Savings (2024)	More than $19 million	From BluEdge Command Centers

High-touch, consultative selling for complex data center cooling projects

For specialized, high-stakes environments like hyperscale data centers, the relationship shifts to deep consultation. Carrier is capitalizing on this by supporting a growing global commercial HVAC backlog driven by data center acceleration. This requires a consultative approach, blending product sales with advanced digital services like those bolstered by the ZutaCore and STL investments. The focus here is on delivering real-time operational optimization, not just hardware.

Finance: draft 13-week cash view by Friday.

Carrier Global Corporation (CARR) - Canvas Business Model: Channels

You're looking at how Carrier Global Corporation gets its products and services into the hands of customers, which is a mix of old-school distribution and modern direct engagement. Here's the breakdown of their channel strategy, grounded in the latest available figures.

Large, established independent wholesale distributor network (Americas HVAC).

Carrier Global Corporation leverages its extensive physical footprint to push product through established partners. Their local parts and distribution centers form part of what they describe as the largest HVAC distribution network in North America. While a precise count of independent wholesale distributors isn't public, the scale of this channel is implied by the overall market presence and the company's focus on this area.

Direct sales force for Commercial HVAC and Transport Refrigeration customers.

For the big commercial and industrial deals, Carrier relies on a dedicated, specialized sales force. This direct engagement is crucial for complex solutions. Here's a look at the scale of that team and the revenue it drives, based on recent reporting:

Sales Channel Category	Number of Representatives (as of 2023)	Annual Direct Sales Revenue (2022)
Commercial HVAC Sales	687	$4.2 billion
Industrial Solutions Sales	560	$3.1 billion
Total Direct Sales Force (Approximate)	1,247	$8.3 billion (Global Direct Sales, 2022)

The total B2B sales channels generated approximately $7.3 billion in annual revenue from direct commercial client interactions. Also, Commercial HVAC Americas sales grew 30% in Q3 2025, and data center revenue is on track to double to nearly $1 billion in 2025.

Direct-to-installer channel for Residential and Light Commercial (RLC) in Europe.

In Europe, the Residential and Light Commercial segment faces headwinds, but specific product lines show strength. For instance, in Q3 2025, heat pump sales saw growth of approximately +15% in Europe overall. However, the overall Europe RLC business is expected to be down mid-single digits for the full year 2025, reflecting soft market conditions, with some key markets like Germany at approximately 15-year lows.

Aftermarket parts and service network.

The service and aftermarket side is a key growth vector for Carrier Global Corporation, with management projecting double-digit aftermarket growth in 2025. This is supported by digital engagement, as Linx paid subscriptions reached approximately 210,000 in Q3 2025, up 40% year-over-year. The infrastructure supporting this includes:

• Technical support infrastructure with 3,642 certified technicians across 58 countries.
• Annual maintenance service contracts generating $1.9 billion in recurring revenue.

The company is definitely focused on expanding this recurring revenue stream, which helps buffer against new equipment sales volatility.

Carrier Global Corporation (CARR) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Carrier Global Corporation as of late 2025, right after they've completed a major portfolio cleanup. The numbers show a clear split: the commercial side is booming, while the residential market, especially in the Americas, is taking a real hit. Honestly, the company's full-year 2025 sales guidance is sitting around $22 billion, with adjusted earnings per share expected near $2.65, so they are navigating some choppy waters by leaning hard on their strengths.

The HVAC businesses, which make up about 85% of the total revenue base, are where the action is, but the performance varies wildly by customer type.

Commercial HVAC: Hyperscale data centers, commercial buildings, and infrastructure

This is the engine room right now. The focus here is on high-efficiency systems for large-scale projects, especially those feeding the digital economy. You saw this strength clearly in the Americas, where Commercial sales within the Climate Solutions Americas (CSA) segment grew an incredible 30% in the third quarter of 2025. Management specifically called out continued strength in the data center pipeline and backlog, which is a huge tailwind supporting this growth.

• Commercial sales in CSA grew by 45% in Q2 2025.
• Total company orders were up high-single-digits sequentially as of Q1 2025.
• Backlogs increased over 15% sequentially in Q1 2025.

European Residential & Light Commercial (RLC): Homeowners and small businesses, driven by heat pump demand

The European market, primarily covered by the Climate Solutions Europe (CSE) segment, shows a different picture. While they are pushing heat pumps, the segment faced volume headwinds. In the first quarter of 2025, CSE segment sales declined 10%, with organic sales down 7%. This was largely due to a low-double-digit decline in the Residential and Light Commercial categories, even though Commercial sales managed a mid-single-digit increase.

To be fair, the margin pressure was significant; the CSE segment operating margin decreased 390 basis points in Q1 2025, driven by that lower volume and mix.

North American Residential HVAC: Home builders and replacement market

This is the segment feeling the most pain from the current economic cycle. In the Americas, Residential sales were down about 30% in the third quarter of 2025. That steep drop was fueled by a roughly 40% decline in volume, though pricing and regulatory mix-up helped offset some of that loss. This weakness was the primary driver behind the overall company adjusted operating profit decline of 21% in Q3 2025.

Even in Q4 2024, North America Residential was up double-digits organically, so the drop-off in 2025 is a sharp reversal driven by destocking and housing market softness.

Transport Refrigeration: Global cold chain logistics for food and pharmaceuticals

This segment, Carrier Transicold (CST), is undergoing a structural shift following the divestiture of Commercial Refrigeration in Q4 2024. The segment's reported sales declined 20% due to that exit. However, looking at the core business organically, sales actually increased 6% in Q3 2025. The Container business within this segment was a standout performer, showing 50% growth.

Here's a quick look at how the segments stacked up in Q3 2025, based on the latest available segment operating profit figures:

Segment Description (Proxy)	Q3 2025 Net Sales (Millions USD)	Q3 2025 Organic Sales Change	Q3 2025 Segment Operating Profit (Millions USD)
Commercial HVAC (Part of CSA/CSE)	Data not explicitly broken out for Commercial only	Americas Commercial: Growth reported	Data not explicitly broken out for Commercial only
Residential & Light Commercial (RLC - Americas)	Implied in CSA sales decline	Americas Residential: Down roughly 30% (Volume down 40%)	Implied in CSA margin change
European RLC (CSE Segment)	Data not explicitly broken out for RLC only	Organic Sales: Down 7% (Q1 2025)	Segment operating margin decreased 390 basis points (Q1 2025)
Transport Refrigeration (CST)	Data not explicitly broken out for Q3 2025	Organic Sales: Up 6% (Q3 2025)	Segment operating margin increased 80 basis points (Q3 2025)

Finance: draft 13-week cash view by Friday.

Carrier Global Corporation (CARR) - Canvas Business Model: Cost Structure

You're looking at the expense side of Carrier Global Corporation's operations as of late 2025, which is heavily influenced by its portfolio transformation and the shift toward high-growth, high-tech climate solutions. Honestly, the cost structure reflects a company managing significant debt while pouring capital into future-proofing its technology.

High cost of goods sold (COGS) due to raw materials and component procurement.

The core of Carrier Global Corporation's costs remains tied to manufacturing the physical products-HVAC units, refrigeration systems, and components. Given the scale of operations, with Q3 2025 Net Sales at approximately $5.6 billion, the associated COGS is substantial, driven by the procurement of specialized raw materials and electronic components necessary for advanced, energy-efficient equipment.

Significant R&D investment for electrification and digital innovation.

Carrier Global Corporation is spending heavily to align with electrification and digitalization trends. Research and development expenses for the twelve months ending September 30, 2025, totaled $627 million. This investment is strategic, supporting innovations like the Home Energy Management System (HEMS) and QuantumLeap™ AI chillers. Furthermore, the company announced a $1 billion commitment over five years, starting in 2025, to expand U.S. manufacturing and accelerate R&D, including liquid cooling for data centers.

The company's commitment to sustainable R&D since 2020 has reached $1.6 billion, with a target of exceeding a $4 billion commitment by 2030.

Sales, General, and Administrative (SG&A) costs for a global distribution network.

Maintaining a sales and service footprint across the Americas, Europe, and Asia requires significant fixed and variable SG&A spending. This covers everything from managing global supply chains to supporting the sales force that services commercial HVAC backlogs and aftermarket demand. While specific 2025 SG&A dollar amounts aren't isolated here, this cost category scales with the ~$22 billion in expected full-year 2025 sales guidance.

Debt servicing costs on total debt of approximately $11.44 billion as of mid-2025.

Servicing the debt load is a major financial cost. As of mid-2025, the approximate total debt was cited around $11.44 billion. More precisely, total debt stood at $11.916 billion as of the third quarter of 2025, with long-term obligations making up about $11.336 billion of that total. This debt level, which represented 44% of total capitalization as of the first quarter of 2025, dictates substantial interest expense payments.

Manufacturing and labor costs for a global production footprint.

Beyond raw materials, the direct costs of running a global production footprint are significant. This includes factory overhead, depreciation, and the wages for the global labor force. The $1 billion U.S. investment announced in May 2025 is specifically earmarked to create 4,000 jobs in production, research, development, and field services over five years, indicating a planned increase in direct labor and facility-related costs to support domestic manufacturing capacity for heat pumps and battery assemblies.

Here are the key financial figures that define the scale of Carrier Global Corporation's cost base as of late 2025:

Cost/Metric Category	Financial Figure (2025 Data)	Reference Period/Context
Total Debt (Approximate)	$11.44 billion	Mid-2025
Total Debt (Reported)	$11.916 billion	Third Quarter 2025
Long-Term Debt	$11.336 billion	Quarter Ending September 30, 2025
Total Debt to Total Capitalization	44%	First Quarter 2025
Research & Development Expenses	$627 million	Twelve Months Ending September 30, 2025
Sustainable R&D Investment Since 2020	$1.6 billion	Cumulative
U.S. Investment in Manufacturing/R&D	$1 billion	Five-Year Commitment Announced 2025
Net Sales (Guidance)	~$22 billion	Full Year 2025 Expectation
Net Sales (Reported)	$5.6 billion	Third Quarter 2025

The major components driving the expense profile are:

• High procurement costs for specialized raw materials and components.
• Debt servicing obligations on over $11 billion in total debt.
• Capital expenditure supporting the $1 billion U.S. manufacturing and R&D push.
• Operating costs associated with the global footprint supporting ~$22 billion in annual sales.

Carrier Global Corporation (CARR) - Canvas Business Model: Revenue Streams

You're looking at the money-making engine for Carrier Global Corporation as of late 2025, which is heavily centered on climate and energy solutions following major portfolio shifts.

The official full-year 2025 reported sales guidance Carrier Global Corporation is targeting is approximately $22.0 billion. This figure was updated following Q3 2025 results, down from an earlier projection of $23.0 billion. For context, the Trailing Twelve Months (TTM) revenue as of November 2025 was reported around $22.46 billion, and the nine months ended September 30, 2025, generated $16.910 billion in net sales.

The core revenue streams flow from equipment sales across its primary product lines. This includes Commercial HVAC, Residential HVAC, and the remaining Transport Refrigeration units, though the latter has been significantly impacted by divestitures. The company is actively moving away from lower-margin businesses, so the mix is changing fast. Honestly, the Residential market has been a headwind, with volumes down about 30% in the Americas during Q3 2025.

The real strength is showing up in the high-margin Aftermarket Services, which covers parts, repairs, and maintenance contracts. You saw total company aftermarket sales increase by 13% in the second quarter of 2025. Carrier Global Corporation projects double-digit aftermarket growth for the full year 2025, which helps offset the cyclical nature of equipment sales.

For Software and Digital Subscriptions, which includes building management systems and energy optimization platforms, the direct revenue contribution isn't broken out as clearly in the top-line guidance. However, management emphasizes accelerating growth through system solutions, which implies a growing reliance on recurring digital revenue streams to complement the hardware sales.

Revenue from the Climate Solutions Americas segment (CSA) is definitely a major contributor to the overall top line, though its performance is mixed. For example, in Q2 2025, CSA sales were up 14% overall, but by Q3 2025, the segment saw an 8% sales decline. This volatility is key to watch; Commercial HVAC sales in the Americas surged 45% in Q2 2025, but that was followed by a steep 30% drop in Residential sales in Q3 2025.

Here's a quick look at how the segments performed in the third quarter of 2025 compared to the prior year:

Segment	Q3 2025 Net Sales Change (%)	Q3 2025 Organic Sales Change (%)	Key Driver/Context
Climate Solutions Americas (CSA)	(8%)	(8%)	Strong Commercial HVAC growth (up 30% in Americas) offset by Residential decline.
Climate Solutions Europe (CSE)	4%	(3%)	Surface-level increase masked underlying organic sales shrink.
Climate Solutions Transportation (CST)	Not explicitly stated	Not explicitly stated	Impacted by the Commercial Refrigeration divestiture.

You should also note the impact of portfolio changes on the segment reporting. The divestiture of the Commercial Refrigeration business in Q4 2024 created a sales headwind of about $750 million versus the prior year for the full-year 2025 outlook. This exit is why the Transportation segment saw sales decline by 25% in Q2 2025, even as its operating margin improved by 340 basis points due to shedding that lower-margin business.

To summarize the key revenue drivers and performance indicators from the recent quarters:

• Commercial HVAC sales in the Americas grew 45% in Q2 2025.
• Total company aftermarket sales grew 13% in Q2 2025.
• Q2 2025 total company organic sales growth was 6%.
• Q3 2025 total company net sales were $5.6 billion.
• The company expects adjusted EPS of approximately $2.65 for the full year 2025.

Finance: draft 13-week cash view by Friday.