Carrier Global vs Trane Technologies
Carrier Global reported revenue of $21.7 billion in fiscal 2025, about the same as Trane Technologies' $21.3 billion in fiscal 2025. Carrier Global's revenue fell 3.3% in its latest year, and Trane Technologies' grew 7.5%. Carrier Global had an operating margin of 10.0%, against 18.6% at Trane Technologies. Free cash flow was $2.1 billion at Carrier Global and $2.8 billion at Trane Technologies.
Side by side
| Carrier Global | Trane Technologies | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $21.7B | $21.3B |
| Revenue growth | −3.3% | 7.5% |
| Revenue growth a year, last 5 years | 4.5% | 11.4% |
| Gross margin | — | — |
| Operating margin | 10.0% | 18.6% |
| Net margin | 6.8% | 13.7% |
| Free cash flow | $2.1B | $2.8B |
| Free cash flow margin | 9.8% | 13.2% |
| Return on capital | 8.0% | 29.0% |
| Net debt to EBITDA | 3.0x | 0.7x |
| Dividends and buybacks | $3.7B | $2.3B |
| Change in diluted share count | −5.4% | −1.5% |
| Last close | $56.44 | $455.03 |
| P/E at the last close | 36.9× | 34.4× |
| Insider trades, last 12 months | bought $1.0 million, sold $750.0 million | bought $172,176, sold $75.9 million |
| Piotroski F-score | 5 of 8 | 8 of 8 |
Amounts in each company's own currency, US$ 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 GlobalTrane Technologies
Operating margin
Percent of revenue
Carrier GlobalTrane Technologies
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Carrier GlobalTrane Technologies
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 Trane Technologies pages.