On this page of StockholderLetter.com we present the latest annual shareholder letter from CARRIER GLOBAL Corp — ticker symbol CARR. Reading current and past CARR letters to shareholders can bring important insights into the investment thesis.

 •  2/25/2025 Letter Continued (Full PDF)
 •  3/7/2023 CARR Stockholder Letter
 •  3/5/2024 CARR Stockholder Letter
 •  More "Metals Fabrication & Products" Category Stockholder Letters
 •  CARR Benford's Law Stock Score = 98

CARR Shareholder/Stockholder Letter Transcript:

2024
Annual Report
For the World
We Share

For the World We Share
At Carrier, our purpose is clear     enhancing the lives we live and the world
we share.
And every day, we are taking action. Reinventing the industry we pioneered
more than 120 years ago. Creating breakthrough solutions that improve the
human condition. Rethinking indoor environments to help people thrive
today while building a more sustainable tomorrow. Reimagining homes
and buildings to foster resilience. Connecting the cold chain to move food
and lifesaving medicine around the globe. Strategically innovating to address
the world   s most critical challenges.
We have transformed our business and portfolio while delivering results
along the way. Now, as a stronger and more focused Carrier, we are entering
the next phase of our journey. We are deepening customer centricity and
accelerating innovation, guided by a clear purpose and vision, and driven
by bold action. Because what we do matters.
With every product, every space and every solution, we are uniquely
positioned to create a better future     for people, for our planet and
for generations to come. For the world we share.
Contents
8
1
Cautionary Note Concerning
Factors That May Affect
Future Results
About Carrier
1
Financial Performance
2
A Message from Our
Chairman & CEO
Reconciliation of
Non-GAAP Measures to
Corresponding GAAP
5
126
Form 10-K
1
124
Board of Directors
Carrier 2024 Annual Report
127
Leadership
128
Shareowner
Information
Inside Back Cover
Recognition &
Industry Leadership

About Carrier
Carrier is a global leader in intelligent climate
and energy solutions, with a focus on providing
differentiated, digitally enabled lifecycle solutions
to our customers. Through our performance-driven
culture, we anticipate creating long-term shareowner
value by investing strategically to strengthen our
product position in homes and buildings and across
the cold chain in order to drive profitable growth.
~160
Countries
35+
Brands
~48,000
Employees
2024 Financial Performance
$22.5B
3%
15.8%
$2.56
Net sales
Adjusted operating margin1
1
Organic sales growth1
$3.5B
Adjusted operating profit1
Adjusted diluted
earnings per share1
See page 124 for additional information regarding non-GAAP measures.
Carrier 2024 Annual Report
1

David Gitlin
Chairman & Chief Executive Officer
Dear Fellow Shareowners,
The efforts of so many over the course of our history
have positioned us for this moment. In the decades
since Willis Carrier invented modern air conditioning
in 1902, we have built differentiated brands, channels
and products around the world.
2
Carrier 2024 Annual Report

Becoming our own public company in April 2020
presented us with a unique opportunity, which we
seized in two distinct phases.
2020-2022: Laying the Foundation
In the first phase, we built the foundation for success
as a stand-alone company. We strengthened talent
and infused the organization with key new players. We
launched The Carrier Way, which injected a startup-like
energy into our culture. We added operational rigor via
our Carrier Excellence continuous improvement operating
system. We invested in innovation, digital solutions,
salespeople and technicians, accelerating our aftermarket
growth to a world-class level, propelled by a dedicated
team and a new strategic playbook.
2023-2024: Performing While Transforming
During this phase, our focus was on    performing while
transforming.    Once we sharpened our vision     to be the
global leader in intelligent climate and energy solutions    
we aligned our investments and portfolio to achieve that
vision. We combined and successfully integrated with
Viessmann Climate Solutions (VCS), the leading residential
and light commercial (RLC) HVAC provider in Europe, and
we made the important but difficult decision to divest
some of our businesses. Thanks to the efforts of so many
on our team, the transformational portfolio activity has
gone extremely well. Within just 19 months of announcing
the portfolio transformation, we completed the sales of all
of those businesses for a combined gross value of more
than $10 billion, achieving a blended mid-teen EBITDA
multiple. Though the RLC market in Europe had a tough
year in 2024, the integration with VCS, a truly world-class
organization, continues to position us for strong growth
for years to come.
While transforming, we performed. In 2024, we delivered
solid financial performance, growing organic sales by 3%,1
expanding adjusted operating profit margins by 180 basis
points and increasing adjusted diluted earnings per share
by 16%1 year over year on a continuing operations basis.
Carrier Excellence is now deeply engrained in the DNA
of our company, driving consistent productivity,
margin expansion and operational performance for
our customers.
In 2024, we achieved double-digit growth in aftermarket2
by successfully driving our underlying strategic initiatives,
including improved attachment rates, expanded coverage
and enhanced connectivity. We achieved outsized growth
in key verticals through differentiation and customercentric solutions. We also introduced more than 80
innovative new products and launched a dedicated data
1
2
See page 124 for additional information regarding non-GAAP measures.
Excluding NORESCO.
center team. That team has driven major new data center
wins with hyperscalers and colocation companies globally.
In 2024 alone, we nearly tripled our orders compared to
2023, positioning us to more than double our data center
sales in 2025.
Looking Forward: A New, Focused Carrier
With Customer Centricity at Our Core
The great work by so many prior to     and since     our
spin has positioned us for this moment. We have a
performance culture. We are simpler and more focused.
We are One Carrier, One Team. We have process
discipline, strategic direction and clarity. Now, we have
the capacity to focus, and focus we will. Our strategic
priorities are:
Outsized Growth Through Innovation and
Climate Solutions
Whether it is Willis Carrier, Charles Bryant, Hisashige
Tanaka, Ichisuke Fujioka or Johann Viessmann, we
represent the pioneers and gold standard of our industry.
Innovation and differentiation are at our core, and we
use that to propel sustained growth. As a transformed
Carrier, we are at the forefront of sustainable HVAC, cold
chain and energy management, developing integrated
solutions across homes, buildings and refrigerated
transport. Our entire portfolio now benefits from secular
tailwinds, and we are leaning in and investing in cuttingedge technologies that support our customers and propel
us toward our vision. Whether it is our new intelligent
connectivity features for refrigerated transport or
variable-speed, high-efficiency heat pumps with our
lower global warming potential (GWP) refrigerant, we
continue to introduce market-leading innovations that
are core to who we have always been at Carrier.
Digitally Enabled Lifecycle Solutions
Prioritizing aftermarket solutions is engrained in all of
our global teams. We have a playbook for aftermarket
growth that we cascade to every region around the world
and is reflected on our dashboards. In 2025, we launched
TechVantage     an initiative to hire 1,000 new technicians
in the United States and train 100,000 across our
workforce and channel partners. We continue to expand
our digital platforms, Abound for buildings and Lynx for
the cold chain. We launched new digital tools to interface
with our channel partners and homeowner customers. We
have connected more than 45,000 chillers and hundreds
of thousands of refrigeration units in the past five years,
and are using artificial intelligence to gain insights and
create value-added solutions for our customers. We will
continue driving these key initiatives to sustain our strong
aftermarket performance.
Carrier 2024 Annual Report
3



 2/25/2025 Letter Continued (Full PDF)