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Side-by-side financial comparison of Carrier Global (CARR) and Xcel Energy (XEL). Click either name above to swap in a different company.
Carrier Global is the larger business by last-quarter revenue ($5.3B vs $4.0B, roughly 1.3× Xcel Energy). Xcel Energy runs the higher net margin — 13.8% vs 5.0%, a 8.9% gap on every dollar of revenue. On growth, Xcel Energy posted the faster year-over-year revenue change (2.9% vs 2.4%). Over the past eight quarters, Xcel Energy's revenue compounded faster (15.2% CAGR vs -10.6%).
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.
Xcel Energy Inc. is a U.S. regulated electric utility and natural gas delivery company based in Minneapolis, Minnesota, serving approximately 3.9 million electricity customers and 2.2 million natural gas customers across parts of eight states as of mid-2025. It consists of four operating subsidiaries: Northern States Power-Minnesota, Northern States Power-Wisconsin, Public Service Company of Colorado, and Southwestern Public Service Co.
CARR vs XEL — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $5.3B | $4.0B |
| Net Profit | $265.0M | $556.0M |
| Gross Margin | — | — |
| Operating Margin | 4.8% | 18.8% |
| Net Margin | 5.0% | 13.8% |
| Revenue YoY | 2.4% | 2.9% |
| Net Profit YoY | -39.4% | — |
| EPS (diluted) | — | — |
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 | $5.3B | $4.0B | ||
| Q4 25 | $4.8B | $3.6B | ||
| Q3 25 | $5.6B | $3.9B | ||
| Q2 25 | $6.1B | $3.3B | ||
| Q1 25 | $5.2B | $3.9B | ||
| Q4 24 | $3.6B | $3.1B | ||
| Q3 24 | $6.0B | $3.6B | ||
| Q2 24 | $6.7B | $3.0B |
| Q1 26 | $265.0M | $556.0M | ||
| Q4 25 | $53.0M | $567.0M | ||
| Q3 25 | $428.0M | $524.0M | ||
| Q2 25 | $591.0M | $444.0M | ||
| Q1 25 | $412.0M | $483.0M | ||
| Q4 24 | $2.6B | $464.0M | ||
| Q3 24 | $447.0M | $682.0M | ||
| Q2 24 | $2.3B | $302.0M |
| Q1 26 | 4.8% | 18.8% | ||
| Q4 25 | 2.1% | 16.3% | ||
| Q3 25 | 9.7% | 19.1% | ||
| Q2 25 | 14.8% | 17.6% | ||
| Q1 25 | 12.1% | 17.3% | ||
| Q4 24 | -63.6% | 11.1% | ||
| Q3 24 | 12.8% | 25.0% | ||
| Q2 24 | 55.2% | 14.8% |
| Q1 26 | 5.0% | 13.8% | ||
| Q4 25 | 1.1% | 15.9% | ||
| Q3 25 | 7.7% | 13.4% | ||
| Q2 25 | 9.7% | 13.5% | ||
| Q1 25 | 7.9% | 12.4% | ||
| Q4 24 | 70.3% | 14.9% | ||
| Q3 24 | 7.5% | 18.7% | ||
| Q2 24 | 34.9% | 10.0% |
| Q1 26 | — | — | ||
| Q4 25 | $0.07 | $0.95 | ||
| Q3 25 | $0.50 | $0.88 | ||
| Q2 25 | $0.68 | $0.75 | ||
| Q1 25 | $0.47 | $0.84 | ||
| Q4 24 | $2.82 | $0.81 | ||
| Q3 24 | $0.49 | $1.21 | ||
| Q2 24 | $2.55 | $0.54 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.4B | — |
| Total DebtLower is stronger | $10.4B | $35.6B |
| Stockholders' EquityBook value | $13.8B | — |
| Total Assets | $37.2B | — |
| Debt / EquityLower = less leverage | 0.76× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.4B | $1.1B | ||
| Q2 25 | $1.8B | $1.5B | ||
| Q1 25 | $1.7B | $1.1B | ||
| Q4 24 | $4.0B | $179.0M | ||
| Q3 24 | $2.2B | $1.5B | ||
| Q2 24 | $2.9B | $1.6B |
| Q1 26 | $10.4B | $35.6B | ||
| Q4 25 | $11.4B | $31.8B | ||
| Q3 25 | $11.3B | $32.0B | ||
| Q2 25 | $11.3B | $31.1B | ||
| Q1 25 | $11.1B | $29.4B | ||
| Q4 24 | $11.0B | $27.3B | ||
| Q3 24 | $10.3B | $27.5B | ||
| Q2 24 | $11.3B | $27.7B |
| Q1 26 | $13.8B | — | ||
| Q4 25 | $14.1B | $23.6B | ||
| Q3 25 | $14.8B | $21.2B | ||
| Q2 25 | $15.0B | $21.0B | ||
| Q1 25 | $14.2B | $19.8B | ||
| Q4 24 | $14.4B | $19.5B | ||
| Q3 24 | $15.0B | $19.4B | ||
| Q2 24 | $14.1B | $18.0B |
| Q1 26 | $37.2B | — | ||
| Q4 25 | $37.2B | $81.4B | ||
| Q3 25 | $38.1B | $79.2B | ||
| Q2 25 | $38.5B | $75.3B | ||
| Q1 25 | $36.4B | $72.7B | ||
| Q4 24 | $37.4B | $70.0B | ||
| Q3 24 | $40.2B | $69.3B | ||
| Q2 24 | $40.4B | $67.9B |
| Q1 26 | 0.76× | — | ||
| Q4 25 | 0.80× | 1.35× | ||
| Q3 25 | 0.76× | 1.51× | ||
| Q2 25 | 0.76× | 1.48× | ||
| Q1 25 | 0.78× | 1.48× | ||
| Q4 24 | 0.77× | 1.40× | ||
| Q3 24 | 0.69× | 1.42× | ||
| Q2 24 | 0.80× | 1.54× |
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 | — | — |
| Free Cash FlowOCF − Capex | $-15.0M | — |
| FCF MarginFCF / Revenue | -0.3% | — |
| Capex IntensityCapex / Revenue | 1.8% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $209.0M | ||
| Q3 25 | $341.0M | $1.8B | ||
| Q2 25 | $649.0M | $1.1B | ||
| Q1 25 | $483.0M | $1.0B | ||
| Q4 24 | $132.0M | $664.0M | ||
| Q3 24 | $-269.0M | $1.7B | ||
| Q2 24 | $660.0M | $1.2B |
| Q1 26 | $-15.0M | — | ||
| Q4 25 | $909.0M | $-3.2B | ||
| Q3 25 | $224.0M | $-1.3B | ||
| Q2 25 | $568.0M | $-1.3B | ||
| Q1 25 | $420.0M | $-960.0M | ||
| Q4 24 | $-85.0M | $-1.6B | ||
| Q3 24 | $-356.0M | $-42.0M | ||
| Q2 24 | $549.0M | $-641.0M |
| Q1 26 | -0.3% | — | ||
| Q4 25 | 18.8% | -90.7% | ||
| Q3 25 | 4.0% | -33.0% | ||
| Q2 25 | 9.3% | -40.9% | ||
| Q1 25 | 8.0% | -24.6% | ||
| Q4 24 | -2.3% | -49.8% | ||
| Q3 24 | -5.9% | -1.2% | ||
| Q2 24 | 8.2% | -21.2% |
| Q1 26 | 1.8% | — | ||
| Q4 25 | 2.7% | 96.5% | ||
| Q3 25 | 2.1% | 78.0% | ||
| Q2 25 | 1.3% | 73.8% | ||
| Q1 25 | 1.2% | 50.9% | ||
| Q4 24 | 6.0% | 71.1% | ||
| Q3 24 | 1.5% | 48.8% | ||
| Q2 24 | 1.7% | 60.5% |
| Q1 26 | — | — | ||
| Q4 25 | 19.62× | 0.37× | ||
| Q3 25 | 0.80× | 3.37× | ||
| Q2 25 | 1.10× | 2.43× | ||
| Q1 25 | 1.17× | 2.13× | ||
| Q4 24 | 0.05× | 1.43× | ||
| Q3 24 | -0.60× | 2.55× | ||
| Q2 24 | 0.28× | 3.94× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CARR
| Product sales | $4.7B | 87% |
| Service sales | $674.0M | 13% |
XEL
| Electric | $3.0B | 74% |
| Natural gas | $1.0B | 26% |
