Carrier Global vs Johnson Controls
Johnson Controls reported revenue of $23.6 billion in fiscal 2025, about the same as Carrier Global's $21.7 billion in fiscal 2025. Carrier Global's revenue fell 3.3% in its latest year, and Johnson Controls' grew 2.8%. Free cash flow was $2.1 billion at Carrier Global and $2.1 billion at Johnson Controls. Their fiscal years end in different months (December 31 and September 30), so the periods don't line up exactly.
Side by side
| Carrier Global | Johnson Controls | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Sep 30, 2025 |
| Revenue | $21.7B | $23.6B |
| Revenue growth | −3.3% | 2.8% |
| Revenue growth a year, last 5 years | 4.5% | 1.1% |
| Gross margin | — | 36.4% |
| Operating margin | 10.0% | — |
| Net margin | 6.8% | 13.9% |
| Free cash flow | $2.1B | $2.1B |
| Free cash flow margin | 9.8% | 9.0% |
| Return on capital | 8.0% | 8.2% |
| Net debt to EBITDA | 3.0x | 3.0x |
| Dividends and buybacks | $3.7B | $7.0B |
| Change in diluted share count | −5.4% | −3.2% |
| Last close | $56.44 | $147.50 |
| P/E at the last close | 36.9× | 26.7× |
| Insider trades, last 12 months | bought $1.0 million, sold $750.0 million | bought $1.0 million, sold $26.2 million |
| Piotroski F-score | 5 of 8 | 6 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Carrier GlobalJohnson Controls
Operating margin
Percent of revenue
Carrier GlobalJohnson Controls
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Carrier GlobalJohnson Controls
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Carrier Global and Johnson Controls pages.