Carrier Global

Evidence of pricing power includes sustained adjusted margin expansion in 2024, pricing actions to offset tariffs, and higher‑value mix in commercial/data center and services. Management indicated tariffs were fully mitigated in effect today, and 2024 adjusted operating margin rose 180 bps.

That said, residential cycles constrain pricing latitude, and Europe’s 2024 heat‑pump reset reduced mix benefits. We see latent pricing power in data center, applied HVAC, and aftermarket contracts, with moderate but improving power in EMEA residential as subsidies stabilize.