Carrier Global Corporation (Carr): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la technologie de contrôle du climat, Carrier Global Corporation (Carr) est une force pionnière, transformant la façon dont nous éprouvons le confort et la durabilité dans nos environnements construits. En intégrant de manière transparente des solutions de CVC innovantes avec des technologies intelligentes de pointe, Carrier a redéfini le paysage des systèmes de refroidissement dans les secteurs commercial, résidentiel et industriel. Cette exploration de la toile du modèle commercial révèle le plan stratégique derrière leur succès mondial, offrant un aperçu de la façon dont ce leader de l'industrie continue de repousser les limites de l'efficacité énergétique, de l'innovation technologique et de la responsabilité environnementale.

Carrier Global Corporation (Carr) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les fabricants d'équipements CVC

Carrier Global Corporation maintient des partenariats stratégiques avec plusieurs fabricants de matériel CVC clé:

Partenaire	Détails du partenariat	Année établie
TRANE TECHNOLOGIES	Échange de technologie et approvisionnement en composants	2021
Daikin Industries	Collaboration mondiale de fabrication	2019
Contrôles Johnson	Intégration de solutions de construction intelligente	2020

Partenariats avec les entreprises de construction et d'ingénierie des bâtiments

Carrier a établi des partenariats critiques avec des entreprises d'ingénierie et de construction:

• AECOM - 13,6 milliards de dollars de partenariat de conception d'infrastructure mondiale
• Skanska - 20,4 milliards de dollars Collaboration de systèmes de construction commerciale
• Turner Construction - 18,9 milliards de dollars Contrat de solutions de CVC intégré

Collaboration avec IoT et Smart Home Technology Providers

Partenaire technologique	Focus de la collaboration	Investissement annuel
Google Nest	Intégration de la lutte contre le climat de maison intelligente	45 millions de dollars
Services Web Amazon	Systèmes de gestion des bâtiments basés sur le cloud	62 millions de dollars
Microsoft Azure	Développement de la plate-forme IoT	55 millions de dollars

Coentreprises avec des innovateurs de durabilité et d'efficacité énergétique

Les partenariats de durabilité du transporteur comprennent:

• United Technologies Research Center - 78 millions de dollars Collaboration annuelle de R&D
• Rocky Mountain Institute - 22 millions de dollars partenariat de conception durable
• Conseil mondial de la construction de Green - 15 millions de dollars Initiative d'efficacité énergétique

Carrier Global Corporation (Carr) - Modèle d'entreprise: activités clés

Conception et fabrication de systèmes CVC et de solutions de réfrigération

En 2023, Carrier Global Corporation a fabriqué environ 14,2 millions d'unités CVC dans le monde. La société exploite 41 installations de fabrication dans 16 pays.

Emplacement de fabrication	Nombre d'installations	Capacité de production
Amérique du Nord	18	5,6 millions d'unités
Europe	12	4,3 millions d'unités
Asie-Pacifique	11	4,3 millions d'unités

Recherche et développement de technologies économes en énergie

Carrier a investi 512 millions de dollars dans la R&D en 2023, en se concentrant sur des solutions durables et économes en énergie.

• Nombre de brevets actifs: 1 247
• Effectif R&D: 2 300 ingénieurs et scientifiques
• Cycle de développement des nouveaux produits: 18-24 mois

Ventes et distribution mondiales des produits de climatisation

En 2023, les revenus mondiaux de Carrier ont atteint 22,4 milliards de dollars, les ventes distribuées sur plusieurs régions.

Région	Revenus de vente	Part de marché
Amérique du Nord	9,6 milliards de dollars	42.9%
Europe	6,1 milliards de dollars	27.2%
Asie-Pacifique	4,7 milliards de dollars	21%
Reste du monde	2 milliards de dollars	8.9%

Entretien et service des systèmes de refroidissement commerciaux et résidentiels

Carrier fournit un service et une maintenance complètes pour ses systèmes CVC.

• Contrats de service annuels: 187 000
• Techniciens de service: 7 500 dans le monde entier
• Temps de réponse moyen: 4,2 heures
• Revenus de service: 3,2 milliards de dollars en 2023

Carrier Global Corporation (Carr) - Modèle d'entreprise: Ressources clés

Ingénierie avancée et capacités de R&D

Carrier Global Corporation a investi 391 millions de dollars dans les dépenses de recherche et développement en 2022. La société maintient plusieurs centres d'innovation dans le monde, avec 1 500 brevets actifs dans les technologies de climatisation.

Investissement en R&D	Portefeuille de brevets	Centres d'innovation
391 millions de dollars (2022)	1 500 brevets actifs	6 centres d'innovation mondiaux

Installations de fabrication mondiale

Carrier exploite 97 installations de fabrication dans 25 pays, avec une présence en production importante aux États-Unis, en Chine et en Europe.

Installations de fabrication totale	Pays d'opération	Régions de fabrication primaires
97 installations	25 pays	États-Unis, Chine, Europe

Portefeuille de propriété intellectuelle

La propriété intellectuelle du transporteur comprend:

• 1 500 brevets actifs
• Technologies HVAC propriétaires
• Conception de système de réfrigération avancé
• Solutions de refroidissement économes en énergie

Main-d'œuvre qualifiée

Depuis 2022, Carrier a employé 53 000 travailleurs dans le monde, avec 35% détenant des diplômes techniques avancés.

Total des employés	Employés ayant des diplômes techniques avancés	Distribution mondiale de la main-d'œuvre
53 000 employés	35% titulaires de diplômes techniques	Amérique du Nord: 42%, Europe: 28%, Asie-Pacifique: 30%

Réputation de la marque

Le transporteur se classe n ° 1 dans la part de marché HVAC avec une valeur de marque estimée à 4,2 milliards de dollars en 2022.

Position sur le marché	Valeur de marque	Reconnaissance de l'industrie
Part de marché HVAC # 1	4,2 milliards de dollars (2022)	Prix ​​de leadership multiple de l'industrie

Carrier Global Corporation (Carr) - Modèle d'entreprise: propositions de valeur

Solutions de refroidissement innovantes et éconergétiques

Carrier Global Corporation propose des technologies de refroidissement avancées avec les spécifications suivantes:

Catégorie de produits	Évaluation de l'efficacité énergétique	Revenus annuels (2023)
Refroidisseurs commerciaux	Jusqu'à 40% d'économies d'énergie	3,2 milliards de dollars
Climatiseurs résidentiels	Évaluation de SEER jusqu'à 26	1,8 milliard de dollars

Systèmes CVC complets pour les marchés commerciaux et résidentiels

Carrier fournit des solutions HVAC intégrées avec la couverture du marché suivante:

• Pénétration du marché commercial: 35% de part de marché mondiale
• Couverture du marché résidentiel: 28% du marché nord-américain
• Total HVAC System Lignes de produits: 47 configurations distinctes

Intégration de technologie de construction intelligente

Type de technologie	Caractéristiques de connectivité	Valeur marchande estimée
Systèmes de gestion des bâtiments	Contrôles compatibles IoT	650 millions de dollars de revenus annuels
Solutions de surveillance à distance	Maintenance prédictive alimentée par l'IA	425 millions de dollars de revenus annuels

Produits de contrôle du climat durable et respectueux de l'environnement

La gamme de produits durables du transporteur comprend:

• Potentiel de réduction du CO2: 3,4 millions de tonnes métriques par an
• Green Refrigerant Technologies: 100% de conformité au protocole de Montréal
• Portefeuille de produits économe en énergie: empreinte carbone à 62% plus faible

Solutions avancées de gestion de la qualité de l'air intérieur

Solution de qualité de l'air	Efficacité de filtration	Segment de marché
Systèmes de filtration HEPA	99,97% d'élimination des particules	Établissements de santé
Purification de l'air UV	99,9% d'élimination des agents pathogènes	Bâtiments commerciaux

Carrier Global Corporation (Carr) - Modèle d'entreprise: relations clients

Assistance des ventes directes pour les clients commerciaux et industriels

Carrier Global Corporation maintient une équipe de vente dédiée avec 1 247 représentants des ventes directes à partir de 2023, ciblant les marchés commerciaux et industriels du CVC. Les canaux de vente B2B de l'entreprise génèrent 7,3 milliards de dollars de revenus annuels des interactions des clients commerciaux directs.

Canal de vente	Revenus annuels	Nombre de représentants
Ventes commerciales de CVC	4,2 milliards de dollars	687
Ventes de solutions industrielles	3,1 milliards de dollars	560

Plateformes de service client en ligne

Carrier exploite une plate-forme de service client numérique complète avec une cote de satisfaction client de 92%. La plate-forme en ligne traite environ 47 500 demandes de service mensuellement.

• Portail de services numériques lancé en 2022
• Capacités de surveillance des équipements en temps réel
• Accessibilité du support en ligne 24/7

Services de support technique et de maintenance

L'infrastructure de soutien technique comprend 3 642 techniciens certifiés dans 58 pays. Les contrats de services de maintenance annuels génèrent 1,9 milliard de dollars de revenus récurrents.

Catégorie de service	Valeur du contrat annuel	Nombre de techniciens
Entretien préventif	1,2 milliard de dollars	2,345
Services de réparation d'urgence	0,7 milliard de dollars	1,297

Programmes de formation client et d'éducation

Carrier investit 42 millions de dollars par an dans des programmes de formation à la clientèle, avec 12 500 professionnels formés par le biais d'ateliers en ligne et en personne en 2023.

• Certification de conception du système HVAC
• Ateliers d'efficacité énergétique
• Formation de transformation numérique

Conseil personnalisé pour des solutions CVC complexes

L'équipe de conseil spécialisée de 276 ingénieurs seniors fournit des solutions de CVC personnalisées, générant 620 millions de dollars de revenus de conseil à grande valeur pour des projets commerciaux complexes.

Segment de conseil	Revenus annuels	Nombre de consultants
Grands projets commerciaux	420 millions de dollars	186
Solutions complexes industrielles	200 millions de dollars	90

Carrier Global Corporation (Carr) - Modèle d'entreprise: canaux

Force de vente directe

Carrier Global emploie une équipe de vente directe mondiale d'environ 1 200 représentants commerciaux spécialisés en 2023. La force de vente a généré 8,3 milliards de dollars de revenus de vente directe en 2022.

Catégorie de canal de vente	Nombre de représentants	Revenus de ventes directes annuelles
Ventes commerciales de CVC	450	3,6 milliards de dollars
Ventes de systèmes de réfrigération	350	2,7 milliards de dollars
Feu & Ventes de solutions de sécurité	400	2 milliards de dollars

Plateformes de commerce électronique en ligne

Carrier exploite plusieurs plateformes de vente numérique avec 1,2 milliard de dollars de revenus de vente en ligne en 2022.

• Plateforme B2B Carrier.com
• Intégration mondiale du marché numérique
• Outils de configuration du produit en ligne

Réseaux de distributeurs autorisés

Le transporteur maintient 3 750 distributeurs autorisés dans 180 pays, ce qui représente 5,6 milliards de dollars de revenus de vente distribués pour 2022.

Région	Nombre de distributeurs	Volume de ventes régionales
Amérique du Nord	1,200	2,3 milliards de dollars
Europe	850	1,5 milliard de dollars
Asie-Pacifique	1,100	1,4 milliard de dollars
Reste du monde	600	400 millions de dollars

Salons commerciaux et conférences de l'industrie

Carrier participe à 42 grands salons internationaux chaque année, générant environ 350 millions de dollars de possibilités de vente directes.

Marketing numérique et ressources techniques

Budget de marketing numérique de 78 millions de dollars en 2022, avec 2,4 millions de visiteurs mensuels du site Web et 350 000 téléchargements de ressources techniques.

• Téléchargements de spécifications techniques
• Webinaires de produits
• Démonstrations de produits virtuels
• Modules de formation en ligne

Carrier Global Corporation (Carr) - Modèle d'entreprise: segments de clientèle

Développeurs de bâtiments commerciaux

Depuis 2024, Carrier Global dessert des développeurs de bâtiments commerciaux avec des solutions CVC dans divers segments de marché.

Taille totale du marché de la construction commerciale	1,37 billion de dollars
Part de marché du transporteur en CVC commercial	18.5%
Revenus de CVC commerciaux annuels	6,2 milliards de dollars

Propriétaires de biens résidentiels

Le transporteur cible les clients résidentiels grâce à diverses gammes de produits CVC.

Valeur marchande du CVC résidentiel	92,5 milliards de dollars
Pénétration du marché résidentiel du transporteur	22%
Revenus de produits résidentiels	4,8 milliards de dollars

Installations industrielles et manufacturières

Carrier fournit des solutions spécialisées de CVC et de réfrigération pour les clients industriels.

• Taille totale du marché HVAC industriel: 45,3 milliards de dollars
• Revenus de solutions industrielles du transporteur: 3,6 milliards de dollars
• Part de marché industriel: 15,7%

Établissements de santé et d'éducation

Solutions de CVC spécialisées pour les environnements d'infrastructures critiques.

Valeur marchande du CVC de soins de santé	12,6 milliards de dollars
Marché HVAC de l'installation éducative	8,9 milliards de dollars
Revenus du marché institutionnel du transporteur	2,7 milliards de dollars

Secteurs de l'hôtellerie et de la vente au détail

Carrier fournit des solutions complètes de climatisation pour les espaces commerciaux.

• Hospitality HVAC Market: 6,4 milliards de dollars
• Marché du climat de vente au détail: 5,2 milliards de dollars
• Revenus hospitaliers et commerciaux du transporteur: 1,9 milliard de dollars

Carrier Global Corporation (Carr) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Au cours de l'exercice 2022, le transporteur Global Corporation a investi 421 millions de dollars dans les frais de recherche et développement, ce qui représente 2,7% des revenus totaux.

Année	Investissement en R&D	Pourcentage de revenus
2022	421 millions de dollars	2.7%
2021	392 millions de dollars	2.5%

Frais de fabrication et de production

Les coûts de fabrication totaux de la société Global Corporation en 2022 étaient de 3,8 milliards de dollars, avec une répartition clé comme suit:

• Coûts de main-d'œuvre directes: 872 millions de dollars
• Dépenses de matières premières: 1,6 milliard de dollars
• Fabrication des frais généraux: 1,328 milliard de dollars

Gestion mondiale de la chaîne d'approvisionnement

Les dépenses opérationnelles de la chaîne d'approvisionnement en 2022 ont totalisé 1,2 milliard de dollars, avec distribution géographique:

Région	Coûts de la chaîne d'approvisionnement	Pourcentage
Amérique du Nord	528 millions de dollars	44%
Europe	336 millions de dollars	28%
Asie-Pacifique	240 millions de dollars	20%
Autres régions	96 millions de dollars	8%

Opérations de marketing et de vente

Les frais de marketing et de vente pour Carrier Global Corporation en 2022 étaient de 612 millions de dollars, ce qui représente 3,9% des revenus totaux.

Rémunération et formation de la main-d'œuvre

Total des dépenses liées à la main-d'œuvre en 2022:

• Compensation totale des employés: 2,1 milliards de dollars
• Avantages sociaux: 486 millions de dollars
• Formation et développement: 54 millions de dollars

Structure totale des coûts opérationnels pour 2022: 7,712 milliards de dollars

Carrier Global Corporation (Carr) - Modèle d'entreprise: Strots de revenus

Ventes d'équipements et de systèmes CVC

Pour l'exercice 2023, le transporteur Global Corporation a déclaré des ventes nettes totales de 22,9 milliards de dollars. L'équipement et les systèmes CVC représentaient une partie importante de ces revenus.

Catégorie de produits	Revenus (2023)	Pourcentage des ventes totales
Systèmes HVAC résidentiels	6,3 milliards de dollars	27.5%
Systèmes de CVC commerciaux	8,7 milliards de dollars	38.0%

Contrats de maintenance et de service

Les revenus de service pour transporteur en 2023 étaient d'environ 4,5 milliards de dollars.

• Valeur du contrat de service annuel: 750 à 850 millions de dollars
• Durée du contrat moyen: 3-5 ans
• Taux de croissance des revenus des services récurrents: 5,2%

Pièces de rechange et composants de remplacement

Les revenus des pièces de rechange en 2023 ont atteint 3,2 milliards de dollars.

Catégorie de pièces	Revenu
Pièces de CVAC résidentielle	1,1 milliard de dollars
Pièces de CVAC commerciales	2,1 milliards de dollars

Services de licence et de conseil technologique

Les revenus des licences technologiques en 2023 étaient de 280 millions de dollars.

• Nombre d'accords de licence de technologie active: 47
• Valeur du contrat moyen de licence: 6 millions de dollars
• Revenus de services de conseil: 210 millions de dollars

Abonnements à la solution de construction intelligente

Smart Building Solutions a généré 650 millions de dollars de revenus d'abonnement pour 2023.

Type d'abonnement	Revenus annuels	Nombre d'abonnés
Systèmes de gestion des bâtiments	420 millions de dollars	3 200 clients d'entreprise
Solutions connectées IoT	230 millions de dollars	2 500 clients d'entreprise

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.