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Side-by-side financial comparison of Carrier Global (CARR) and REINSURANCE GROUP OF AMERICA INC (RGA). Click either name above to swap in a different company.
REINSURANCE GROUP OF AMERICA INC is the larger business by last-quarter revenue ($6.6B vs $4.8B, roughly 1.4× Carrier Global). REINSURANCE GROUP OF AMERICA INC runs the higher net margin — 7.0% vs 1.1%, a 5.9% gap on every dollar of revenue. On growth, Carrier Global posted the faster year-over-year revenue change (33.2% vs 26.6%). Over the past eight quarters, REINSURANCE GROUP OF AMERICA INC's revenue compounded faster (2.3% 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.
Reinsurance Group of America, Incorporated is a holding company for a global life and health reinsurance entity based in Greater St. Louis within the western suburb of Chesterfield, Missouri, United States. With approximately $3.9 trillion of life reinsurance in force and assets of $118.7 billion as of December 31, 2024, RGA has grown to become the only international company to focus primarily on life and health-related reinsurance.
CARR vs RGA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.8B | $6.6B |
| Net Profit | $53.0M | $463.0M |
| Gross Margin | — | — |
| Operating Margin | 2.1% | 7.7% |
| Net Margin | 1.1% | 7.0% |
| Revenue YoY | 33.2% | 26.6% |
| Net Profit YoY | -97.9% | 212.8% |
| EPS (diluted) | $0.07 | $6.91 |
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.
| Q4 25 | $4.8B | $6.6B | ||
| Q3 25 | $5.6B | $6.2B | ||
| Q2 25 | $6.1B | $5.6B | ||
| Q1 25 | $5.2B | $5.3B | ||
| Q4 24 | $3.6B | $5.2B | ||
| Q3 24 | $6.0B | $5.7B | ||
| Q2 24 | $6.7B | $4.9B | ||
| Q1 24 | $6.2B | $6.3B |
| Q4 25 | $53.0M | $463.0M | ||
| Q3 25 | $428.0M | $253.0M | ||
| Q2 25 | $591.0M | $180.0M | ||
| Q1 25 | $412.0M | $286.0M | ||
| Q4 24 | $2.6B | $148.0M | ||
| Q3 24 | $447.0M | $156.0M | ||
| Q2 24 | $2.3B | $203.0M | ||
| Q1 24 | $269.0M | $210.0M |
| Q4 25 | 2.1% | 7.7% | ||
| Q3 25 | 9.7% | 5.2% | ||
| Q2 25 | 14.8% | 6.1% | ||
| Q1 25 | 12.1% | 7.0% | ||
| Q4 24 | -63.6% | 4.3% | ||
| Q3 24 | 12.8% | 3.8% | ||
| Q2 24 | 55.2% | 5.5% | ||
| Q1 24 | 8.1% | 4.3% |
| Q4 25 | 1.1% | 7.0% | ||
| Q3 25 | 7.7% | 4.1% | ||
| Q2 25 | 9.7% | 3.2% | ||
| Q1 25 | 7.9% | 5.4% | ||
| Q4 24 | 70.3% | 2.8% | ||
| Q3 24 | 7.5% | 2.8% | ||
| Q2 24 | 34.9% | 4.2% | ||
| Q1 24 | 4.4% | 3.3% |
| Q4 25 | $0.07 | $6.91 | ||
| Q3 25 | $0.50 | $3.81 | ||
| Q2 25 | $0.68 | $2.70 | ||
| Q1 25 | $0.47 | $4.27 | ||
| Q4 24 | $2.82 | $2.21 | ||
| Q3 24 | $0.49 | $2.33 | ||
| Q2 24 | $2.55 | $3.03 | ||
| Q1 24 | $0.29 | $3.16 |
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 | $4.2B |
| Total DebtLower is stronger | $11.4B | $5.7B |
| Stockholders' EquityBook value | $14.1B | $13.5B |
| Total Assets | $37.2B | $156.6B |
| Debt / EquityLower = less leverage | 0.80× | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.6B | $4.2B | ||
| Q3 25 | $1.4B | $4.6B | ||
| Q2 25 | $1.8B | $5.4B | ||
| Q1 25 | $1.7B | $5.2B | ||
| Q4 24 | $4.0B | $3.3B | ||
| Q3 24 | $2.2B | $5.2B | ||
| Q2 24 | $2.9B | $4.6B | ||
| Q1 24 | $1.3B | $5.9B |
| Q4 25 | $11.4B | $5.7B | ||
| Q3 25 | $11.3B | $5.7B | ||
| Q2 25 | $11.3B | $5.7B | ||
| Q1 25 | $11.1B | $5.7B | ||
| Q4 24 | $11.0B | $5.0B | ||
| Q3 24 | $10.3B | $5.1B | ||
| Q2 24 | $11.3B | $5.1B | ||
| Q1 24 | $15.6B | $4.4B |
| Q4 25 | $14.1B | $13.5B | ||
| Q3 25 | $14.8B | $13.0B | ||
| Q2 25 | $15.0B | $12.1B | ||
| Q1 25 | $14.2B | $11.4B | ||
| Q4 24 | $14.4B | $10.8B | ||
| Q3 24 | $15.0B | $11.1B | ||
| Q2 24 | $14.1B | $9.7B | ||
| Q1 24 | $11.9B | $9.5B |
| Q4 25 | $37.2B | $156.6B | ||
| Q3 25 | $38.1B | $152.0B | ||
| Q2 25 | $38.5B | $133.5B | ||
| Q1 25 | $36.4B | $128.2B | ||
| Q4 24 | $37.4B | $118.7B | ||
| Q3 24 | $40.2B | $120.3B | ||
| Q2 24 | $40.4B | $109.9B | ||
| Q1 24 | $40.8B | $106.0B |
| Q4 25 | 0.80× | 0.42× | ||
| Q3 25 | 0.76× | 0.44× | ||
| Q2 25 | 0.76× | 0.48× | ||
| Q1 25 | 0.78× | 0.50× | ||
| Q4 24 | 0.77× | 0.47× | ||
| Q3 24 | 0.69× | 0.46× | ||
| Q2 24 | 0.80× | 0.52× | ||
| Q1 24 | 1.31× | 0.47× |
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 | $7.3B |
| Free Cash FlowOCF − Capex | $909.0M | — |
| FCF MarginFCF / Revenue | 18.8% | — |
| Capex IntensityCapex / Revenue | 2.7% | — |
| Cash ConversionOCF / Net Profit | 19.62× | 15.83× |
| TTM Free Cash FlowTrailing 4 quarters | $2.1B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $7.3B | ||
| Q3 25 | $341.0M | $-990.0M | ||
| Q2 25 | $649.0M | $-820.0M | ||
| Q1 25 | $483.0M | $-1.4B | ||
| Q4 24 | $132.0M | $17.1B | ||
| Q3 24 | $-269.0M | $-1.1B | ||
| Q2 24 | $660.0M | $-967.0M | ||
| Q1 24 | $40.0M | $-5.7B |
| Q4 25 | $909.0M | — | ||
| Q3 25 | $224.0M | — | ||
| Q2 25 | $568.0M | — | ||
| Q1 25 | $420.0M | — | ||
| Q4 24 | $-85.0M | — | ||
| Q3 24 | $-356.0M | — | ||
| Q2 24 | $549.0M | — | ||
| Q1 24 | $-64.0M | — |
| Q4 25 | 18.8% | — | ||
| Q3 25 | 4.0% | — | ||
| Q2 25 | 9.3% | — | ||
| Q1 25 | 8.0% | — | ||
| Q4 24 | -2.3% | — | ||
| Q3 24 | -5.9% | — | ||
| Q2 24 | 8.2% | — | ||
| Q1 24 | -1.0% | — |
| Q4 25 | 2.7% | — | ||
| Q3 25 | 2.1% | — | ||
| Q2 25 | 1.3% | — | ||
| Q1 25 | 1.2% | — | ||
| Q4 24 | 6.0% | — | ||
| Q3 24 | 1.5% | — | ||
| Q2 24 | 1.7% | — | ||
| Q1 24 | 1.7% | — |
| Q4 25 | 19.62× | 15.83× | ||
| Q3 25 | 0.80× | -3.91× | ||
| Q2 25 | 1.10× | -4.56× | ||
| Q1 25 | 1.17× | -5.00× | ||
| Q4 24 | 0.05× | 115.81× | ||
| Q3 24 | -0.60× | -6.84× | ||
| Q2 24 | 0.28× | -4.76× | ||
| Q1 24 | 0.15× | -27.31× |
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% |
RGA
Segment breakdown not available.
