Carrier Global Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,484	5,604	1,349	3,534	1,664
Depreciation & Amortization	1,274	1,232	491	328	338
Loss (Gain) From Sale of Investments	-32	-322	-19	-1,815	4
Loss (Gain) on Equity Investments	-28	-185	-82	-114	-90
Stock-Based Compensation	74	86	71	65	92
Other Operating Activities	-285	-5,183	-61	-252	-88
Change in Accounts Receivable	-98	-40	-161	-51	-144
Change in Inventory	-81	292	123	-173	-408
Change in Accounts Payable	-219	87	541	-17	829
Change in Unearned Revenue	-	-	-	-	51
Change in Other Net Operating Assets	-	-	-	-	-11
Operating Cash Flow	2,513	563	2,607	1,743	2,237
Operating Cash Flow Growth	346.36%	-78.40%	49.57%	-22.08%	32.21%
Capital Expenditures	-392	-519	-439	-317	-344
Cash Acquisitions	-107	-10,890	-84	-506	-366
Divestitures	27	634	54	2,902	-
Investment in Securities	-	-	-	-	7
Other Investing Activities	165	8,750	-191	-334	11
Investing Cash Flow	-307	-2,025	-660	1,745	-692
Short-Term Debt Issued	275	50	-	-	13
Long-Term Debt Issued	48	3,412	5,609	432	140
Total Debt Issued	323	3,462	5,609	432	153
Short-Term Debt Repaid	-	-	-5	-149	-
Long-Term Debt Repaid	-1,212	-5,345	-111	-1,275	-704
Total Debt Repaid	-1,212	-5,345	-116	-1,424	-704
Net Debt Issued (Repaid)	-889	-1,883	5,493	-992	-551
Repurchase of Common Stock	-2,892	-1,944	-62	-1,380	-527
Common Dividends Paid	-772	-670	-620	-509	-417
Other Financing Activities	-119	-139	-199	-50	-67
Financing Cash Flow	-4,672	-4,636	4,612	-2,931	-1,562
Foreign Exchange Rate Adjustments	76	-103	88	-56	-16
Miscellaneous Cash Flow Adjustments	-27	317	-98	28	-99
Net Cash Flow	-2,417	-5,884	6,549	529	-132
Free Cash Flow	2,121	44	2,168	1,426	1,893
Free Cash Flow Growth	4720.45%	-97.97%	52.03%	-24.67%	37.17%
Free Cash Flow Margin	9.75%	0.20%	11.44%	8.25%	9.18%
Free Cash Flow Per Share	2.46	0.05	2.54	1.66	2.13
Cash Interest Paid	422	610	320	297	317
Cash Income Tax Paid	729	2,126	942	833	675
Levered Free Cash Flow	1,012	5,280	-882.63	2,696	63.75
Unlevered Free Cash Flow	1,298	5,642	-782.63	2,794	255
Change in Working Capital	-398	339	503	-241	317

Source: S&P Global Market Intelligence. Standard template. Financial Sources.