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% |
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.