CARRIER GLOBAL Corp
For the period ended Dec 31, 2025. Filed Feb 5, 2026.
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FY2025 · Filed Feb 5, 2026
CARR$53.01-0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statement of Cash Flows
| For the Year Ended December 31, | |||
|---|---|---|---|
| (In millions) | 2025 | 2024 | 2023 |
| Operating Activities | |||
| Net earnings (loss) | $1,587 | $5,708 | $1,440 |
| Discontinued operations, net of tax | (29) | (4,496) | 38 |
| Adjustments for non-cash items, net: | |||
| Depreciation and amortization | 1,274 | 1,232 | 491 |
| Deferred income tax provision | (401) | (352) | (243) |
| Stock-based compensation cost | 74 | 86 | 71 |
| Equity method investment net earnings | (229) | (231) | (211) |
| (Gain) loss on extinguishment of debt | — | (82) | — |
| (Gain) loss on sale of investments / deconsolidation | (32) | (322) | (19) |
| Changes in operating assets and liabilities | |||
| Accounts receivable, net | (98) | (40) | (161) |
| Inventories, net | (81) | 292 | 123 |
| Accounts payable and accrued liabilities | (219) | 87 | 541 |
| Distributions from equity method investments | 201 | 46 | 129 |
| Other operating activities, net | 42 | (357) | 53 |
| Net cash flows provided by (used in) continuing operating activities | 2,089 | 1,571 | 2,252 |
| Net cash flows provided by (used in) discontinued operating activities | 424 | (1,008) | 355 |
| Net cash flows provided by (used in) operating activities | 2,513 | 563 | 2,607 |
| Investing Activities | |||
| Capital expenditures | (392) | (519) | (439) |
| Investment in businesses, net of cash acquired | (107) | (10,890) | (84) |
| Dispositions of businesses | 27 | 634 | 54 |
| Settlement of derivative contracts, net | 105 | (264) | (50) |
| Other investing activities, net | 24 | 14 | 15 |
| Net cash flows provided by (used in) continuing investing activities | (343) | (11,025) | (504) |
| Net cash flows provided by (used in) discontinued investing activities | 36 | 9,000 | (156) |
| Net cash flows provided by (used in) investing activities | (307) | (2,025) | (660) |
| Financing Activities | |||
| (Decrease) increase in short-term borrowings, net | 275 | 50 | (5) |
| Issuance of long-term debt | 48 | 3,412 | 5,609 |
| Repayment of long-term debt | (1,212) | (5,345) | (111) |
| Repurchases of common stock | (2,892) | (1,944) | (62) |
| Dividends paid on common stock | (772) | (670) | (620) |
| Dividends paid to non-controlling interest | (101) | (84) | (58) |
| Other financing activities, net | (18) | (30) | (121) |
| Net cash flows provided by (used in) continuing financing activities | (4,672) | (4,611) | 4,632 |
| Net cash flows provided by (used in) discontinued financing activities | — | (25) | (20) |
| Net cash flows provided by (used in) financing activities | (4,672) | (4,636) | 4,612 |
| Effect of foreign exchange rate changes on cash and cash equivalents | 76 | (103) | 88 |
| Net increase (decrease) in cash and cash equivalents and restricted cash, including cash classified in current assets held for sale | (2,390) | (6,201) | 6,647 |
| Less: Change in cash balances classified as assets held for sale | 25 | (320) | 97 |
| Net increase (decrease) in cash and cash equivalents and restricted cash | (2,415) | (5,881) | 6,550 |
| Cash, cash equivalents and restricted cash, beginning of period | 3,972 | 9,853 | 3,303 |
| Cash, cash equivalents and restricted cash, end of period | 1,557 | 3,972 | 9,853 |
| Less: restricted cash | 2 | 3 | 1 |
| Cash and cash equivalents, end of period | $1,555 | $3,969 | $9,852 |
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