---
title: "Carrier Global: Business Model"
description: "Carrier Global revenue by business segment and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/carrier-global/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Carrier Global: Business Model & Revenue Engine



## Direct Answer

Carrier Global reports revenue across 4 business segments in its fiscal 2025 Form 10-K. Climate Solutions Americas is the largest, with $10.5 billion of revenue (48% of the total), followed by Climate Solutions Europe at $5.0 billion (23%). 51% of revenue came from the United States.

## How Does Carrier Global Make Money?

No single line supplies a majority of revenue: the largest, Climate Solutions Americas, is 48%, which spreads Carrier Global's exposure across several demand drivers. Between fiscal 2024 and 2025, Climate Solutions Europe grew fastest (+1.2%) and Climate Solutions Transportation slowest (-16.7%), so the revenue mix tilts toward Climate Solutions Europe while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Climate Solutions Americas | $10.5 billion | $10.5 billion | 48.1% | -0.5% |
| Climate Solutions Europe | $5.0 billion | $5.0 billion | 23.2% | 1.2% |
| Climate Solutions Asia Pacific Middle East and Africa | $3.3 billion | $3.5 billion | 15.4% | -4.6% |
| Climate Solutions Transportation | $2.9 billion | $3.5 billion | 13.3% | -16.7% |

![Bar chart of Carrier Global revenue by segment for fiscal 2025: Climate Solutions Americas 48.1%, Climate Solutions Europe 23.2%, Climate Solutions Asia Pacific Middle East and Africa 15.4%, Climate Solutions Transportation 13.3%.](https://www.getswoopr.com/images/charts/carrier-global-business-model-segment-mix.webp)
*Carrier Global revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Which Carrier Global Segments Earn the Most?

| Segment | FY2025 segment operating income | Segment margin |
| --- | --- | --- |
| Climate Solutions Americas | $2.1 billion | 20.5% |
| Climate Solutions Europe | $444 million | 8.8% |
| Climate Solutions Asia Pacific Middle East and Africa | $448 million | 13.4% |
| Climate Solutions Transportation | $452 million | 15.6% |

Segment operating income is the profit measure Carrier Global reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within Carrier Global more safely than against another company.

## What Does Carrier Global Sell?

Carrier Global also breaks revenue down by product and service line, which shows what customers pay for rather than how management organizes the business.

| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Product | $19.2 billion | $20.0 billion | 88.2% | -4.1% |
| Service | $2.6 billion | $2.5 billion | 11.8% | 3.1% |

## Where Does Carrier Global's Revenue Come From?

Regions follow the definitions in the filing; most companies assign revenue by customer location.

| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| United States | $11.1 billion | $11.3 billion | 51.2% | -1.4% |
| Europe | $6.1 billion | $6.7 billion | 28.0% | -8.9% |
| Asia Pacific | $3.8 billion | $3.8 billion | 17.7% | 0.6% |
| Other Geographical Region | $678 million | $688 million | 3.1% | -1.5% |

## What the Segment Figures Do Not Show

The rows above add up to 100% of Carrier Global's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Carrier Global reported in the segment note and revenue disclosures of its Form 10-K filed February 5, 2026 (accession 0001783180-26-000008), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Carrier Global's business segments?

In its fiscal 2025 Form 10-K, Carrier Global reports revenue for Climate Solutions Americas, Climate Solutions Europe, Climate Solutions Asia Pacific Middle East and Africa and Climate Solutions Transportation.

### Which part of Carrier Global brings in the most revenue?

Climate Solutions Americas, with $10.5 billion of revenue in fiscal 2025, or 48% of the total.

### How much of Carrier Global's revenue comes from outside the United States?

49% in fiscal 2025, by the geographic breakdown Carrier Global reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.

## References

- [SEC EDGAR: CARRIER GLOBAL Corp Form 10-K filed February 5, 2026](https://www.sec.gov/Archives/edgar/data/1783180/000178318026000008/carr-20251231.htm)
- [SEC EDGAR: CARRIER GLOBAL Corp annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1783180&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [Carrier Global company dossier](https://www.getswoopr.com/stocks/companies/carrier-global/)
- [Carrier Global financial metrics](https://www.getswoopr.com/stocks/companies/carrier-global/metrics/)
- [Carrier Global financial risk indicators](https://www.getswoopr.com/stocks/companies/carrier-global/risks/)
- [Carrier Global peer comparison](https://www.getswoopr.com/stocks/companies/carrier-global/competitors/)
- [Carrier Global business model and revenue mix](https://www.getswoopr.com/stocks/companies/carrier-global/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)





**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**



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