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Side-by-side financial comparison of Carrier Global (CARR) and ServiceNow (NOW). Click either name above to swap in a different company.
Carrier Global is the larger business by last-quarter revenue ($4.8B vs $3.8B, roughly 1.3× ServiceNow). ServiceNow runs the higher net margin — 12.4% vs 1.1%, a 11.3% gap on every dollar of revenue. On growth, Carrier Global posted the faster year-over-year revenue change (33.2% vs 2.8%). ServiceNow produced more free cash flow last quarter ($1.7B vs $909.0M). Over the past eight quarters, ServiceNow's revenue compounded faster (19.8% CAGR vs -11.5%).
Carrier Global Corporation is an American multinational heating, ventilation, and air conditioning (HVAC), refrigeration, and fire and security equipment corporation based in Palm Beach Gardens, Florida. Carrier was founded in 1915 as an independent company manufacturing and distributing HVAC systems, and has since expanded to include manufacturing commercial refrigeration and food service equipment, and fire and security technologies.
ServiceNow, Inc. is an American software company that supplies a cloud computing platform for the creation and management of automated business workflows. The company was founded in Santa Clara, California, United States, in 2003 by Fred Luddy. It is listed on the New York Stock Exchange and is a constituent of the S&P 100 and S&P 500 indices.
CARR vs NOW — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $4.8B | $3.8B |
| Net Profit | $53.0M | $469.0M |
| Gross Margin | — | 75.1% |
| Operating Margin | 2.1% | 13.3% |
| Net Margin | 1.1% | 12.4% |
| Revenue YoY | 33.2% | 2.8% |
| Net Profit YoY | -97.9% | -53.7% |
| EPS (diluted) | $0.07 | $1.04 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $3.8B | ||
| Q4 25 | $4.8B | $3.6B | ||
| Q3 25 | $5.6B | $3.4B | ||
| Q2 25 | $6.1B | $3.2B | ||
| Q1 25 | $5.2B | $3.1B | ||
| Q4 24 | $3.6B | $3.0B | ||
| Q3 24 | $6.0B | $2.8B | ||
| Q2 24 | $6.7B | $2.6B |
| Q1 26 | — | $469.0M | ||
| Q4 25 | $53.0M | $401.0M | ||
| Q3 25 | $428.0M | $502.0M | ||
| Q2 25 | $591.0M | $385.0M | ||
| Q1 25 | $412.0M | $460.0M | ||
| Q4 24 | $2.6B | $384.0M | ||
| Q3 24 | $447.0M | $432.0M | ||
| Q2 24 | $2.3B | $262.0M |
| Q1 26 | — | 75.1% | ||
| Q4 25 | — | 76.6% | ||
| Q3 25 | — | 77.3% | ||
| Q2 25 | — | 77.5% | ||
| Q1 25 | — | 78.9% | ||
| Q4 24 | — | 78.7% | ||
| Q3 24 | — | 79.1% | ||
| Q2 24 | — | 79.0% |
| Q1 26 | — | 13.3% | ||
| Q4 25 | 2.1% | 12.4% | ||
| Q3 25 | 9.7% | 16.8% | ||
| Q2 25 | 14.8% | 11.1% | ||
| Q1 25 | 12.1% | 14.6% | ||
| Q4 24 | -63.6% | 12.6% | ||
| Q3 24 | 12.8% | 14.9% | ||
| Q2 24 | 55.2% | 9.1% |
| Q1 26 | — | 12.4% | ||
| Q4 25 | 1.1% | 11.2% | ||
| Q3 25 | 7.7% | 14.7% | ||
| Q2 25 | 9.7% | 12.0% | ||
| Q1 25 | 7.9% | 14.9% | ||
| Q4 24 | 70.3% | 13.0% | ||
| Q3 24 | 7.5% | 15.4% | ||
| Q2 24 | 34.9% | 10.0% |
| Q1 26 | — | $1.04 | ||
| Q4 25 | $0.07 | $-4.77 | ||
| Q3 25 | $0.50 | $2.40 | ||
| Q2 25 | $0.68 | $1.84 | ||
| Q1 25 | $0.47 | $2.20 | ||
| Q4 24 | $2.82 | $1.84 | ||
| Q3 24 | $0.49 | $2.07 | ||
| Q2 24 | $2.55 | $1.26 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.6B | $2.7B |
| Total DebtLower is stronger | $11.4B | — |
| Stockholders' EquityBook value | $14.1B | $11.7B |
| Total Assets | $37.2B | $24.4B |
| Debt / EquityLower = less leverage | 0.80× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $2.7B | ||
| Q4 25 | $1.6B | $3.7B | ||
| Q3 25 | $1.4B | $2.7B | ||
| Q2 25 | $1.8B | $3.1B | ||
| Q1 25 | $1.7B | $3.4B | ||
| Q4 24 | $4.0B | $2.3B | ||
| Q3 24 | $2.2B | $1.9B | ||
| Q2 24 | $2.9B | $2.2B |
| Q1 26 | — | — | ||
| Q4 25 | $11.4B | — | ||
| Q3 25 | $11.3B | — | ||
| Q2 25 | $11.3B | — | ||
| Q1 25 | $11.1B | — | ||
| Q4 24 | $11.0B | — | ||
| Q3 24 | $10.3B | — | ||
| Q2 24 | $11.3B | — |
| Q1 26 | — | $11.7B | ||
| Q4 25 | $14.1B | $13.0B | ||
| Q3 25 | $14.8B | $11.3B | ||
| Q2 25 | $15.0B | $10.9B | ||
| Q1 25 | $14.2B | $10.1B | ||
| Q4 24 | $14.4B | $9.6B | ||
| Q3 24 | $15.0B | $9.3B | ||
| Q2 24 | $14.1B | $8.7B |
| Q1 26 | — | $24.4B | ||
| Q4 25 | $37.2B | $26.0B | ||
| Q3 25 | $38.1B | $21.8B | ||
| Q2 25 | $38.5B | $22.1B | ||
| Q1 25 | $36.4B | $21.0B | ||
| Q4 24 | $37.4B | $20.4B | ||
| Q3 24 | $40.2B | $18.4B | ||
| Q2 24 | $40.4B | $18.2B |
| Q1 26 | — | — | ||
| Q4 25 | 0.80× | — | ||
| Q3 25 | 0.76× | — | ||
| Q2 25 | 0.76× | — | ||
| Q1 25 | 0.78× | — | ||
| Q4 24 | 0.77× | — | ||
| Q3 24 | 0.69× | — | ||
| Q2 24 | 0.80× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.0B | $1.7B |
| Free Cash FlowOCF − Capex | $909.0M | $1.7B |
| FCF MarginFCF / Revenue | 18.8% | 44.2% |
| Capex IntensityCapex / Revenue | 2.7% | — |
| Cash ConversionOCF / Net Profit | 19.62× | 3.56× |
| TTM Free Cash FlowTrailing 4 quarters | $2.1B | $4.8B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.0B | $2.2B | ||
| Q3 25 | $341.0M | $813.0M | ||
| Q2 25 | $649.0M | $716.0M | ||
| Q1 25 | $483.0M | $1.7B | ||
| Q4 24 | $132.0M | $1.6B | ||
| Q3 24 | $-269.0M | $671.0M | ||
| Q2 24 | $660.0M | $620.0M |
| Q1 26 | — | $1.7B | ||
| Q4 25 | $909.0M | $2.0B | ||
| Q3 25 | $224.0M | $578.0M | ||
| Q2 25 | $568.0M | $526.0M | ||
| Q1 25 | $420.0M | $1.5B | ||
| Q4 24 | $-85.0M | $1.4B | ||
| Q3 24 | $-356.0M | $469.0M | ||
| Q2 24 | $549.0M | $358.0M |
| Q1 26 | — | 44.2% | ||
| Q4 25 | 18.8% | 56.1% | ||
| Q3 25 | 4.0% | 17.0% | ||
| Q2 25 | 9.3% | 16.4% | ||
| Q1 25 | 8.0% | 47.7% | ||
| Q4 24 | -2.3% | 46.7% | ||
| Q3 24 | -5.9% | 16.8% | ||
| Q2 24 | 8.2% | 13.6% |
| Q1 26 | — | — | ||
| Q4 25 | 2.7% | 6.7% | ||
| Q3 25 | 2.1% | 6.9% | ||
| Q2 25 | 1.3% | 5.9% | ||
| Q1 25 | 1.2% | 6.6% | ||
| Q4 24 | 6.0% | 8.6% | ||
| Q3 24 | 1.5% | 7.2% | ||
| Q2 24 | 1.7% | 10.0% |
| Q1 26 | — | 3.56× | ||
| Q4 25 | 19.62× | 5.58× | ||
| Q3 25 | 0.80× | 1.62× | ||
| Q2 25 | 1.10× | 1.86× | ||
| Q1 25 | 1.17× | 3.65× | ||
| Q4 24 | 0.05× | 4.26× | ||
| Q3 24 | -0.60× | 1.55× | ||
| Q2 24 | 0.28× | 2.37× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CARR
| Products | $4.1B | 86% |
| Services | $699.0M | 14% |
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $80.5M | 2% |
| Professional services and other revenues | $18.5M | 0% |
