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Side-by-side financial comparison of Carrier Global (CARR) and Palo Alto Networks (PANW). Click either name above to swap in a different company.
Carrier Global is the larger business by last-quarter revenue ($4.8B vs $2.6B, roughly 1.9× Palo Alto Networks). Palo Alto Networks runs the higher net margin — 16.7% vs 1.1%, a 15.6% gap on every dollar of revenue. On growth, Carrier Global posted the faster year-over-year revenue change (33.2% vs 14.9%). Carrier Global produced more free cash flow last quarter ($909.0M vs $384.0M). Over the past eight quarters, Palo Alto Networks's revenue compounded faster (14.3% 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.
Palo Alto Networks, Inc. is an American multinational cybersecurity company with headquarters in Santa Clara, California. The core product is a platform that includes advanced firewalls and cloud-based offerings that extend those firewalls to cover other aspects of security. The company serves over 70,000 organizations in over 150 countries, including 85 of the Fortune 100. It is home to the Unit 42 threat research team and hosts the Ignite cybersecurity conference.
CARR vs PANW — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $4.8B | $2.6B |
| Net Profit | $53.0M | $432.0M |
| Gross Margin | — | 73.6% |
| Operating Margin | 2.1% | 15.3% |
| Net Margin | 1.1% | 16.7% |
| Revenue YoY | 33.2% | 14.9% |
| Net Profit YoY | -97.9% | 61.6% |
| EPS (diluted) | $0.07 | $0.61 |
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 | — | $2.6B | ||
| Q4 25 | $4.8B | $2.5B | ||
| Q3 25 | $5.6B | $2.5B | ||
| Q2 25 | $6.1B | $2.3B | ||
| Q1 25 | $5.2B | $2.3B | ||
| Q4 24 | $3.6B | $2.1B | ||
| Q3 24 | $6.0B | $2.2B | ||
| Q2 24 | $6.7B | $2.0B |
| Q1 26 | — | $432.0M | ||
| Q4 25 | $53.0M | $334.0M | ||
| Q3 25 | $428.0M | $253.8M | ||
| Q2 25 | $591.0M | $262.1M | ||
| Q1 25 | $412.0M | $267.3M | ||
| Q4 24 | $2.6B | $350.7M | ||
| Q3 24 | $447.0M | $357.7M | ||
| Q2 24 | $2.3B | $278.8M |
| Q1 26 | — | 73.6% | ||
| Q4 25 | — | 74.2% | ||
| Q3 25 | — | 73.2% | ||
| Q2 25 | — | 72.9% | ||
| Q1 25 | — | 73.5% | ||
| Q4 24 | — | 74.1% | ||
| Q3 24 | — | 73.8% | ||
| Q2 24 | — | 74.1% |
| Q1 26 | — | 15.3% | ||
| Q4 25 | 2.1% | 12.5% | ||
| Q3 25 | 9.7% | 19.6% | ||
| Q2 25 | 14.8% | 9.6% | ||
| Q1 25 | 12.1% | 10.6% | ||
| Q4 24 | -63.6% | 13.4% | ||
| Q3 24 | 12.8% | 10.9% | ||
| Q2 24 | 55.2% | 8.9% |
| Q1 26 | — | 16.7% | ||
| Q4 25 | 1.1% | 13.5% | ||
| Q3 25 | 7.7% | 10.0% | ||
| Q2 25 | 9.7% | 11.5% | ||
| Q1 25 | 7.9% | 11.8% | ||
| Q4 24 | 70.3% | 16.4% | ||
| Q3 24 | 7.5% | 16.3% | ||
| Q2 24 | 34.9% | 14.0% |
| Q1 26 | — | $0.61 | ||
| Q4 25 | $0.07 | $0.47 | ||
| Q3 25 | $0.50 | $-0.14 | ||
| Q2 25 | $0.68 | $0.37 | ||
| Q1 25 | $0.47 | $0.38 | ||
| Q4 24 | $2.82 | $0.99 | ||
| Q3 24 | $0.49 | $1.04 | ||
| Q2 24 | $2.55 | $0.79 |
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 | $4.5B |
| Total DebtLower is stronger | $11.4B | — |
| Stockholders' EquityBook value | $14.1B | $9.4B |
| Total Assets | $37.2B | $25.0B |
| Debt / EquityLower = less leverage | 0.80× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $4.5B | ||
| Q4 25 | $1.6B | $4.2B | ||
| Q3 25 | $1.4B | $2.9B | ||
| Q2 25 | $1.8B | $3.3B | ||
| Q1 25 | $1.7B | $3.2B | ||
| Q4 24 | $4.0B | $3.4B | ||
| Q3 24 | $2.2B | $2.6B | ||
| Q2 24 | $2.9B | $2.9B |
| 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 | — | $9.4B | ||
| Q4 25 | $14.1B | $8.7B | ||
| Q3 25 | $14.8B | $7.8B | ||
| Q2 25 | $15.0B | $7.2B | ||
| Q1 25 | $14.2B | $6.4B | ||
| Q4 24 | $14.4B | $5.9B | ||
| Q3 24 | $15.0B | $5.2B | ||
| Q2 24 | $14.1B | $4.5B |
| Q1 26 | — | $25.0B | ||
| Q4 25 | $37.2B | $23.5B | ||
| Q3 25 | $38.1B | $23.6B | ||
| Q2 25 | $38.5B | $22.0B | ||
| Q1 25 | $36.4B | $21.0B | ||
| Q4 24 | $37.4B | $20.4B | ||
| Q3 24 | $40.2B | $20.0B | ||
| Q2 24 | $40.4B | $17.9B |
| 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 | $554.0M |
| Free Cash FlowOCF − Capex | $909.0M | $384.0M |
| FCF MarginFCF / Revenue | 18.8% | 14.8% |
| Capex IntensityCapex / Revenue | 2.7% | 6.6% |
| Cash ConversionOCF / Net Profit | 19.62× | 1.28× |
| TTM Free Cash FlowTrailing 4 quarters | $2.1B | $3.6B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $554.0M | ||
| Q4 25 | $1.0B | $1.8B | ||
| Q3 25 | $341.0M | $1.0B | ||
| Q2 25 | $649.0M | $628.7M | ||
| Q1 25 | $483.0M | $556.9M | ||
| Q4 24 | $132.0M | $1.5B | ||
| Q3 24 | $-269.0M | $512.7M | ||
| Q2 24 | $660.0M | $528.9M |
| Q1 26 | — | $384.0M | ||
| Q4 25 | $909.0M | $1.7B | ||
| Q3 25 | $224.0M | $934.5M | ||
| Q2 25 | $568.0M | $560.4M | ||
| Q1 25 | $420.0M | $509.4M | ||
| Q4 24 | $-85.0M | $1.5B | ||
| Q3 24 | $-356.0M | $465.3M | ||
| Q2 24 | $549.0M | $491.5M |
| Q1 26 | — | 14.8% | ||
| Q4 25 | 18.8% | 68.2% | ||
| Q3 25 | 4.0% | 36.8% | ||
| Q2 25 | 9.3% | 24.5% | ||
| Q1 25 | 8.0% | 22.6% | ||
| Q4 24 | -2.3% | 68.5% | ||
| Q3 24 | -5.9% | 21.3% | ||
| Q2 24 | 8.2% | 24.8% |
| Q1 26 | — | 6.6% | ||
| Q4 25 | 2.7% | 3.4% | ||
| Q3 25 | 2.1% | 3.4% | ||
| Q2 25 | 1.3% | 3.0% | ||
| Q1 25 | 1.2% | 2.1% | ||
| Q4 24 | 6.0% | 2.1% | ||
| Q3 24 | 1.5% | 2.2% | ||
| Q2 24 | 1.7% | 1.9% |
| Q1 26 | — | 1.28× | ||
| Q4 25 | 19.62× | 5.30× | ||
| Q3 25 | 0.80× | 4.02× | ||
| Q2 25 | 1.10× | 2.40× | ||
| Q1 25 | 1.17× | 2.08× | ||
| Q4 24 | 0.05× | 4.30× | ||
| Q3 24 | -0.60× | 1.43× | ||
| Q2 24 | 0.28× | 1.90× |
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% |
PANW
| Subscription | $1.4B | 54% |
| Support | $676.0M | 26% |
| Products | $514.0M | 20% |
