CARR

AI Research

Carrier Global Data Center Orders +400% → Q4 Revenue Misses at $4.84B vs $5.05B Estimate

Carrier Global reported data center cooling orders surging over 400% year-over-year, driven by explosive AI server cooling demand, though Q4 2025 revenue of $4.84 billion missed the $5.05 billion consensus estimate due to timing of project completions. Analysts hold a Buy consensus with an average price target of $70.82, betting that the massive order backlog will drive revenue recognition through 2026 and beyond. Risks include near-term revenue conversion challenges, integration complexity from recent acquisitions, and potential normalization of data center construction activity after the current AI buildout cycle.