Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Carrier Global Corp., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Product sales	4,686)	4,527)	4,891)	4,662)	4,170)	4,256)	4,510)	4,584)	3,864)	3,732)	4,193)	3,275)	3,147)
Service sales	587)	578)	560)	549)	484)	877)	831)	856)	835)	862)	809)	697)	741)
Net sales	5,273)	5,105)	5,451)	5,211)	4,654)	5,133)	5,341)	5,440)	4,699)	4,594)	5,002)	3,972)	3,888)
Cost of products sold	(3,458)	(3,407)	(3,569)	(3,363)	(2,998)	(3,169)	(3,172)	(3,235)	(2,724)	(2,721)	(2,884)	(2,343)	(2,237)
Cost of services sold	(437)	(451)	(405)	(401)	(363)	(598)	(568)	(586)	(581)	(588)	(557)	(488)	(529)
Cost of products and services sold	(3,895)	(3,858)	(3,974)	(3,764)	(3,361)	(3,767)	(3,740)	(3,821)	(3,305)	(3,309)	(3,441)	(2,831)	(2,766)
Gross margin	1,378)	1,247)	1,477)	1,447)	1,293)	1,366)	1,601)	1,619)	1,394)	1,285)	1,561)	1,141)	1,122)
Research and development	(139)	(149)	(143)	(122)	(125)	(134)	(123)	(125)	(121)	(127)	(100)	(94)	(98)
Selling, general and administrative	(721)	(673)	(624)	(614)	(601)	(816)	(748)	(813)	(743)	(810)	(681)	(637)	(692)
Equity method investment net earnings	44)	40)	63)	101)	58)	48)	76)	87)	38)	59)	62)	57)	29)
Other income (expense), net	(7)	(32)	753)	7)	1,112)	(1)	22)	15)	3)	838)	239)	(25)	(46)
Operating profit	555)	433)	1,526)	819)	1,737)	463)	828)	783)	571)	1,245)	1,081)	442)	315)
Non-service pension benefit (expense)	—)	(2)	—)	(1)	(1)	10)	14)	19)	18)	13)	16)	14)	17)
Interest income (expense), net	(46)	(54)	(56)	(61)	(48)	(68)	(74)	(71)	(93)	(82)	(88)	(81)	(37)
Income from operations before income taxes	509)	377)	1,470)	757)	1,688)	405)	768)	731)	496)	1,176)	1,009)	375)	295)
Income tax expense	(122)	(99)	(138)	(170)	(301)	(73)	(288)	(234)	(104)	(289)	(261)	(106)	(193)
Net income from operations	387)	278)	1,332)	587)	1,387)	332)	480)	497)	392)	887)	748)	269)	102)
Non-controlling interest in subsidiaries’ earnings from operations	(14)	(8)	(20)	(14)	(8)	(8)	(11)	(10)	(8)	(3)	(7)	(8)	(6)
Net income attributable to common shareowners	373)	270)	1,312)	573)	1,379)	324)	469)	487)	384)	884)	741)	261)	96)

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

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Income statement item	Description	The company
Net sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Carrier Global Corp. net sales decreased from Q3 2022 to Q4 2022 but then slightly increased from Q4 2022 to Q1 2023.
Operating profit	The net result for the period of deducting operating expenses from operating revenues.	Carrier Global Corp. operating profit decreased from Q3 2022 to Q4 2022 but then slightly increased from Q4 2022 to Q1 2023.
Income from operations before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Carrier Global Corp. income from operations before income taxes decreased from Q3 2022 to Q4 2022 but then slightly increased from Q4 2022 to Q1 2023.
Net income attributable to common shareowners	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Carrier Global Corp. net income attributable to common shareowners decreased from Q3 2022 to Q4 2022 but then slightly increased from Q4 2022 to Q1 2023.

Carrier Global Corp. (NYSE:CARR)

Income StatementQuarterly Data

Income Statement
Quarterly Data