This Research Note examines the HVAC and building automation business of Carrier, based on their Q4 Earnings Presentation and Conference Call, 5th February 2026. We highlight their 2025 financial performance, data center strategy, building automation acquisitions, aftermarket strategy, and 2026 outlook before providing a Memoori view on the company, including an update on the Abound platform. Carrier Profile Following its portfolio transformation over the last 2 years, Carrier Global Corporation has repositioned itself as a leader in intelligent climate and energy solutions, focusing on providing differentiated, digitally enabled lifecycle solutions to its customers. The portfolio includes brands such as Carrier, Viessmann, Toshiba, Automated Logic, and Carrier Transicold that offer HVAC, building automation, refrigeration, and cold chain transportation solutions. They also provide a broad array of related building services, including audit, design, installation, system integration, repair, maintenance, and monitoring. In 2025, new equipment comprised 72% and parts and service comprised 28% of their revenues. Full Year […]
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