Carrier Global Corporation (CARR): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da tecnologia de controle climático, a Carrier Global Corporation (CARR) permanece como uma força pioneira, transformando como experimentamos conforto e sustentabilidade em nossos ambientes construídos. Ao integrar perfeitamente soluções inovadoras de HVAC com tecnologias inteligentes de ponta, a Carrier redefiniu o cenário de sistemas de refrigeração nos setores comerciais, residenciais e industriais. Esse modelo de negócios Exploration revela o plano estratégico por trás de seu sucesso global, oferecendo informações sobre como esse líder da indústria continua a ultrapassar os limites da eficiência energética, inovação tecnológica e responsabilidade ambiental.

Carrier Global Corporation (CARR) - Modelo de Negócios: Principais Parcerias

Alianças estratégicas com fabricantes de equipamentos HVAC

A Carrier Global Corporation mantém parcerias estratégicas com vários fabricantes importantes de equipamentos de HVAC:

Parceiro	Detalhes da parceria	Ano estabelecido
Tecnologias Trane	Troca de tecnologia e fornecimento de componentes	2021
Daikin Industries	Colaboração global de fabricação	2019
Johnson controla	Integração de soluções de construção inteligente	2020

Parcerias com empresas de construção e engenharia de construção

A Carrier estabeleceu parcerias críticas com empresas de engenharia e construção:

• AECOM - US $ 13,6 bilhões Global Infrastructure Design Partnership
• Skanska - Colaboração de Sistemas Comerciais de Construção de US $ 20,4 bilhões
• Turner Construction - US $ 18,9 bilhões Integrated HVAC Solutions Contrato

Colaboração com a IoT e provedores de tecnologia doméstica inteligentes

Parceiro de tecnologia	Foco de colaboração	Investimento anual
Google Nest	Integração de controle climático doméstico inteligente	US $ 45 milhões
Amazon Web Services	Sistemas de gerenciamento de construção baseados em nuvem	US $ 62 milhões
Microsoft Azure	Desenvolvimento da plataforma da IoT	US $ 55 milhões

Joint ventures com sustentabilidade e inovadores de eficiência energética

As parcerias de sustentabilidade da transportadora incluem:

• Centro de Pesquisa da United Technologies - US $ 78 milhões anuais de colaboração de P&D
• Rocky Mountain Institute - US $ 22 milhões em parceria de design sustentável
• Conselho Mundial de Construção Verde - Iniciativa de Eficiência Energética de US $ 15 milhões

Carrier Global Corporation (CARR) - Modelo de negócios: Atividades -chave

Projeto e fabricação de sistemas HVAC e soluções de refrigeração

Em 2023, a Carrier Global Corporation fabricou aproximadamente 14,2 milhões de unidades de HVAC em todo o mundo. A empresa opera 41 instalações de fabricação em 16 países.

Local de fabricação	Número de instalações	Capacidade de produção
América do Norte	18	5,6 milhões de unidades
Europa	12	4,3 milhões de unidades
Ásia -Pacífico	11	4,3 milhões de unidades

Pesquisa e desenvolvimento de tecnologias com eficiência energética

A transportadora investiu US $ 512 milhões em P&D durante 2023, com foco em soluções sustentáveis ​​e com eficiência energética.

• Número de patentes ativas: 1.247
• Força de trabalho de P&D: 2.300 engenheiros e cientistas
• Ciclo de desenvolvimento de novos produtos: 18-24 meses

Vendas globais e distribuição de produtos de controle climático

Em 2023, a receita global da transportadora atingiu US $ 22,4 bilhões, com as vendas distribuídas em várias regiões.

Região	Receita de vendas	Quota de mercado
América do Norte	US $ 9,6 bilhões	42.9%
Europa	US $ 6,1 bilhões	27.2%
Ásia -Pacífico	US $ 4,7 bilhões	21%
Resto do mundo	US $ 2 bilhões	8.9%

Manutenção e serviço de sistemas de resfriamento comercial e residencial

A transportadora fornece serviço e manutenção abrangentes para seus sistemas HVAC.

• Contratos de serviço anual: 187.000
• Técnicos de serviço: 7.500 globalmente
• Tempo médio de resposta: 4,2 horas
• Receita de serviço: US $ 3,2 bilhões em 2023

Carrier Global Corporation (CARR) - Modelo de negócios: Recursos -chave

Recursos avançados de engenharia e P&D

A Carrier Global Corporation investiu US $ 391 milhões em despesas de pesquisa e desenvolvimento em 2022. A Companhia mantém vários centros de inovação em todo o mundo, com 1.500 patentes ativas nas tecnologias de controle climático.

Investimento em P&D	Portfólio de patentes	Centros de Inovação
US $ 391 milhões (2022)	1.500 patentes ativas	6 Centros de Inovação Global

Instalações de fabricação globais

A transportadora opera 97 instalações de fabricação em 25 países, com presença significativa de produção nos Estados Unidos, China e Europa.

Total de instalações de fabricação	Países de operação	Regiões de fabricação primárias
97 instalações	25 países	Estados Unidos, China, Europa

Portfólio de propriedade intelectual

A propriedade intelectual da transportadora inclui:

• 1.500 patentes ativas
• Tecnologias proprietárias de HVAC
• Designs avançados do sistema de refrigeração
• Soluções de resfriamento com eficiência energética

Força de trabalho qualificada

A partir de 2022, a transportadora empregava 53.000 trabalhadores em todo o mundo, com 35% de títulos de diplomas técnicos avançados.

Total de funcionários	Funcionários com graus técnicos avançados	Distribuição global da força de trabalho
53.000 funcionários	35% de titulares técnicos	América do Norte: 42%, Europa: 28%, Ásia-Pacífico: 30%

Reputação da marca

A Carrier ocupa a 1ª posição na participação de mercado da HVAC, com um valor de marca estimado em US $ 4,2 bilhões em 2022.

Posição de mercado	Valor da marca	Reconhecimento da indústria
#1 participação de mercado HVAC	US $ 4,2 bilhões (2022)	Múltiplos prêmios de liderança do setor

Carrier Global Corporation (CARR) - Modelo de Negócios: Proposições de Valor

Soluções de refrigeração inovadoras e com eficiência energética

A Carrier Global Corporation oferece tecnologias avançadas de refrigeração com as seguintes especificações:

Categoria de produto	Classificação de eficiência energética	Receita anual (2023)
Chillers comerciais	Até 40% de economia de energia	US $ 3,2 bilhões
Air condicionado residencial	Classificações de SEER até 26	US $ 1,8 bilhão

Sistemas HVAC abrangentes para mercados comerciais e residenciais

A transportadora fornece soluções HVAC integradas com a seguinte cobertura do mercado:

• Penetração do mercado comercial: 35% de participação de mercado global
• Cobertura do mercado residencial: 28% do mercado norte -americano
• Linhas de produtos totais do sistema HVAC: 47 configurações distintas

Integração de tecnologia de construção inteligente

Tipo de tecnologia	Recursos de conectividade	Valor de mercado estimado
Sistemas de gerenciamento de construção	Controles habilitados para IoT	Receita anual de US $ 650 milhões
Soluções de monitoramento remoto	Manutenção preditiva movida a IA	Receita anual de US $ 425 milhões

Produtos de controle climático sustentáveis ​​e ambientalmente amigáveis

A linha de produtos sustentável da transportadora inclui:

• Potencial de redução de CO2: 3,4 milhões de toneladas métricas anualmente
• Tecnologias de refrigerante verde: 100% de conformidade com o protocolo de Montreal
• Portfólio de produtos com eficiência energética: 62% menor pegada de carbono

Soluções avançadas de gestão da qualidade do ar interno

Solução de qualidade do ar	Eficiência de filtração	Segmento de mercado
Sistemas de filtragem HEPA	99,97% de remoção de partículas	Instalações de saúde
Purificação de ar UV	99,9% de eliminação de patógenos	Edifícios comerciais

Carrier Global Corporation (CARR) - Modelo de Negócios: Relacionamentos do Cliente

Suporte de vendas diretas para clientes comerciais e industriais

A Carrier Global Corporation mantém uma equipe de vendas dedicada com 1.247 representantes de vendas diretas a partir de 2023, visando os mercados comerciais e industriais de HVAC. Os canais de vendas B2B da empresa geram US $ 7,3 bilhões em receita anual de interações diretas de clientes comerciais.

Canal de vendas	Receita anual	Número de representantes
Vendas comerciais de HVAC	US $ 4,2 bilhões	687
Vendas de soluções industriais	US $ 3,1 bilhões	560

Plataformas de atendimento ao cliente online

A Carrier opera uma plataforma abrangente de atendimento ao cliente digital com 92% de classificação de satisfação do cliente. A plataforma on -line processa aproximadamente 47.500 solicitações de serviço mensalmente.

• Portal de serviço digital lançado em 2022
• Capacidades de monitoramento de equipamentos em tempo real
• Acessibilidade on -line de suporte on -line 24/7

Serviços de Suporte e Manutenção Técnicos

A infraestrutura de suporte técnico inclui 3.642 técnicos certificados em 58 países. Os contratos anuais de serviço de manutenção geram US $ 1,9 bilhão em receita recorrente.

Categoria de serviço	Valor anual do contrato	Número de técnicos
Manutenção preventiva	US $ 1,2 bilhão	2,345
Serviços de reparo de emergência	US $ 0,7 bilhão	1,297

Programas de treinamento e educação para clientes

A Carrier investe US $ 42 milhões anualmente em programas de treinamento de clientes, com 12.500 profissionais treinados através de workshops on-line e pessoal em 2023.

• Certificação de design do sistema HVAC
• Oficinas de eficiência energética
• Treinamento de transformação digital

Consultoria personalizada para soluções HVAC complexas

A equipe de consultoria especializada de 276 engenheiros seniores fornece soluções HVAC personalizadas, gerando US $ 620 milhões em receita de consultoria de alto valor para projetos comerciais complexos.

Segmento de consultoria	Receita anual	Número de consultores
Grandes projetos comerciais	US $ 420 milhões	186
Soluções complexas industriais	US $ 200 milhões	90

Carrier Global Corporation (CARR) - Modelo de Negócios: Canais

Força de vendas direta

A Carrier Global emprega uma equipe global de vendas diretas de aproximadamente 1.200 representantes de vendas especializados em 2023. A força de vendas gerou US $ 8,3 bilhões em receita direta de vendas em 2022.

Categoria de canal de vendas	Número de representantes	Receita anual de vendas direta
Vendas comerciais de HVAC	450	US $ 3,6 bilhões
Vendas de sistemas de refrigeração	350	US $ 2,7 bilhões
Fogo & Vendas de soluções de segurança	400	US $ 2 bilhões

Plataformas online de comércio eletrônico

A transportadora opera várias plataformas de vendas digitais com US $ 1,2 bilhão em receita de vendas on -line em 2022.

• Plataforma de Carrier.com B2B
• Integração do mercado digital global
• Ferramentas de configuração de produto online

Redes de distribuidores autorizados

A Carrier mantém 3.750 distribuidores autorizados em 180 países, representando US $ 5,6 bilhões em receita de vendas distribuída em 2022.

Região	Número de distribuidores	Volume de vendas regional
América do Norte	1,200	US $ 2,3 bilhões
Europa	850	US $ 1,5 bilhão
Ásia -Pacífico	1,100	US $ 1,4 bilhão
Resto do mundo	600	US $ 400 milhões

Feiras e conferências do setor

A Carrier participa de 42 grandes feiras internacionais anualmente, gerando cerca de US $ 350 milhões em oportunidades diretas de vendas.

Marketing Digital e Recursos Técnicos

Orçamento de marketing digital de US $ 78 milhões em 2022, com 2,4 milhões de visitantes mensais do site e 350.000 downloads de recursos técnicos.

• Downloads de especificação técnica
• Webinars de produtos
• Demonstrações de produtos virtuais
• Módulos de treinamento on -line

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

Desenvolvedores de edifícios comerciais

A partir de 2024, a transportadora Global atende desenvolvedores de edifícios comerciais com soluções HVAC em vários segmentos de mercado.

Tamanho total do mercado de construção comercial	US $ 1,37 trilhão
Participação de mercado da transportadora em HVAC comercial	18.5%
Receita anual de HVAC comercial	US $ 6,2 bilhões

Proprietários de propriedades residenciais

A transportadora tem como alvo clientes residenciais através de diversas linhas de produtos HVAC.

Valor de mercado residencial de HVAC	US $ 92,5 bilhões
Penetração do mercado residencial da transportadora	22%
Receita de produto residencial	US $ 4,8 bilhões

Instalações industriais e de fabricação

A transportadora fornece soluções especializadas de HVAC e refrigeração para clientes industriais.

• Tamanho total do mercado de HVAC industrial: US $ 45,3 bilhões
• Receita de soluções industriais da transportadora: US $ 3,6 bilhões
• Participação de mercado industrial: 15,7%

Instituições de saúde e educação

Soluções HVAC especializadas para ambientes críticos de infraestrutura.

Valor de mercado da HealthCare HVAC	US $ 12,6 bilhões
Instalação educacional HVAC Market	US $ 8,9 bilhões
Receita de mercado institucional da transportadora	US $ 2,7 bilhões

Setores de hospitalidade e varejo

A transportadora fornece soluções abrangentes de controle climático para espaços comerciais.

• Hospitality HVAC Market: US $ 6,4 bilhões
• Mercado de controle climático de varejo: US $ 5,2 bilhões
• Hospitalidade e receita de varejo da transportadora: US $ 1,9 bilhão

Carrier Global Corporation (CARR) - Modelo de Negócios: Estrutura de Custo

Investimentos de pesquisa e desenvolvimento

No ano fiscal de 2022, a Carrier Global Corporation investiu US $ 421 milhões em despesas de pesquisa e desenvolvimento, representando 2,7% da receita total.

Ano	Investimento em P&D	Porcentagem de receita
2022	US $ 421 milhões	2.7%
2021	US $ 392 milhões	2.5%

Despesas de fabricação e produção

Os custos totais de fabricação da Carrier Global Corporation em 2022 foram de US $ 3,8 bilhões, com o colapso principal da seguinte maneira:

• Custos de mão -de -obra direta: US $ 872 milhões
• Despesas de matéria -prima: US $ 1,6 bilhão
• OVERSO DE MANUAL: US $ 1,328 bilhão

Gerenciamento global da cadeia de suprimentos

As despesas operacionais da cadeia de suprimentos em 2022 totalizaram US $ 1,2 bilhão, com distribuição geográfica:

Região	Custos da cadeia de suprimentos	Percentagem
América do Norte	US $ 528 milhões	44%
Europa	US $ 336 milhões	28%
Ásia-Pacífico	US $ 240 milhões	20%
Outras regiões	US $ 96 milhões	8%

Operações de marketing e vendas

As despesas de marketing e vendas da Carrier Global Corporation em 2022 foram de US $ 612 milhões, representando 3,9% da receita total.

Compensação e treinamento da força de trabalho

Despesas totais relacionadas à força de trabalho em 2022:

• Compensação total dos funcionários: US $ 2,1 bilhões
• Benefícios dos funcionários: US $ 486 milhões
• Treinamento e desenvolvimento: US $ 54 milhões

Estrutura total de custo operacional para 2022: US $ 7,712 bilhões

Carrier Global Corporation (CARR) - Modelo de negócios: fluxos de receita

Vendas de equipamentos e sistemas HVAC

Para o ano fiscal de 2023, a Carrier Global Corporation registrou vendas líquidas totais de US $ 22,9 bilhões. Os equipamentos e sistemas de HVAC representaram uma parcela significativa dessa receita.

Categoria de produto	Receita (2023)	Porcentagem de vendas totais
Sistemas residenciais HVAC	US $ 6,3 bilhões	27.5%
Sistemas HVAC comerciais	US $ 8,7 bilhões	38.0%

Contratos de manutenção e serviço

A receita de serviço para transportadora em 2023 foi de aproximadamente US $ 4,5 bilhões.

• Valor anual do contrato de serviço: US $ 750 a US $ 850 milhões
• Duração média do contrato: 3-5 anos
• Taxa de crescimento de receita de serviço recorrente: 5,2%

Peças de reposição e componentes de reposição

A receita de peças de pós -venda em 2023 atingiu US $ 3,2 bilhões.

Categoria de peças	Receita
Peças residenciais HVAC	US $ 1,1 bilhão
Peças comerciais de HVAC	US $ 2,1 bilhões

Serviços de licenciamento e consultoria de tecnologia

A receita de licenciamento de tecnologia em 2023 foi de US $ 280 milhões.

• Número de acordos de licenciamento de tecnologia ativa: 47
• Valor médio do contrato de licenciamento: US $ 6 milhões
• Receita dos Serviços de Consultoria: US $ 210 milhões

Assinaturas de solução de construção inteligente

A Smart Building Solutions gerou US $ 650 milhões em receita de assinatura para 2023.

Tipo de assinatura	Receita anual	Número de assinantes
Sistemas de gerenciamento de construção	US $ 420 milhões	3.200 clientes corporativos
IoT Solutions conectados	US $ 230 milhões	2.500 clientes corporativos

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.