Pay vs Performance Disclosure, Table


Year (a)	SUMMARY COMPENSATION TABLE (SCT) TOTAL FOR CEO ($)1 (b)	COMPENSATION ACTUALLY PAID (“CAP”) TO CEO ($)2 (c)	AVERAGE SCT TOTAL FOR NON-CEO NEOS ($)3 (d)	AVERAGE CAP TO NON-CEO NEOS ($)4 (e)	VALUE OF INITIAL FIXED $100 INVESTED BASED ON		NET INCOME (GAAP) ($B)7 (h)	ADJUSTED DILUTED EARNINGS PER SHARE (EPS) ($)8 (i)
Year (a)	SUMMARY COMPENSATION TABLE (SCT) TOTAL FOR CEO ($)1 (b)	COMPENSATION ACTUALLY PAID (“CAP”) TO CEO ($)2 (c)	AVERAGE SCT TOTAL FOR NON-CEO NEOS ($)3 (d)	AVERAGE CAP TO NON-CEO NEOS ($)4 (e)	CUMULATIVE TOTAL SHAREOWNER RETURN (TSR) ($)5 (f)	CUMULATIVE DOW JONES INDUSTRIAL INDEX TSR ($)6 (g)	NET INCOME (GAAP) ($B)7 (h)	ADJUSTED DILUTED EARNINGS PER SHARE (EPS) ($)8 (i)
2025	14,962,913	(27,792,296)	4,652,477	754,006	149	173	1.484	2.59
2024	65,734,245	112,171,337	5,517,288	9,534,871	191	150	5.604	2.90
2023	17,695,200	42,696,403	5,310,858	8,750,047	159	131	1.349	2.73
2022	13,222,247	(20,060,104)	3,819,391	(6,280,707)	112	113	3.534	2.34
2021	14,892,815	61,128,628	4,734,191	17,061,157	145	121	1.664	2.27

Company Selected Measure Name

8Adjusted EPS

Named Executive Officers, Footnote

The dollar amounts reported in column (b) are the amounts of total compensation reported for Mr. Gitlin (our CEO) for each corresponding year in the “Total” column

of the Summary Compensation Table. Refer to “Compensation Tables — Summary Compensation Table.”

The dollar amounts reported in column (d) represent the average of the amounts reported for the company’s NEOs as a group (excluding Mr. Gitlin, who has served

as our CEO since 2020) in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the NEOs (excluding Mr. Gitlin)

included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2025, Messrs. Goris, Gierges, Pandya and Dryden; (ii) for

2024, Messrs. Goris, Pandya, Agrawal, O’Connor and Timperman; (iii) for 2023, Messrs. Goris, Timperman, White, O’Connor and Nelson; and (iv) for 2022 and 2021,

Messrs. Goris, Nelson, White and Timperman.

Peer Group Issuers, Footnote

Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a

return is indicated. The peer group used for this purpose is the Dow Jones Industrials Index.

PEO Total Compensation Amount

$ 14,962,913

$ 65,734,245

$ 17,695,200

$ 13,222,247

$ 14,892,815

PEO Actually Paid Compensation Amount

$ (27,792,296)

112,171,337

42,696,403

(20,060,104)

61,128,628

Adjustment To PEO Compensation, Footnote

The dollar amounts reported in column (c) represent the amount of CAP to Mr. Gitlin, as computed in accordance with Item 402(v) of Regulation S-K. The dollar

amounts do not reflect the actual amount of compensation earned by or paid to Mr. Gitlin during the applicable year. In accordance with the requirements of Item

402(v) of Regulation S-K, the following adjustments were made to Mr. Gitlin’s total compensation for each year to determine the CAP:


Year	REPORTED SCT TOTAL FOR CEO ($)	GRANT DATE FAIR VALUE OF EQUITY AWARDS ($)a	EQUITY AWARD ADJUSTMENTS ($)b	REPORTED CHANGE IN THE ACTUARIAL PRESENT VALUE OF PENSION BENEFITS ($)c	PENSION BENEFIT ADJUSTMENTS ($)d	CAP TO CEO
2025	14,962,913	(11,381,713)	(31,135,835)	(237,661)	—	(27,792,296)
2024	65,734,245	(60,791,211)	107,407,703	(179,400)	—	112,171,337
2023	17,695,200	(12,021,241)	37,058,763	(36,319)	—	42,696,403
2022	13,222,247	(9,013,937)	(24,268,414)	—	—	(20,060,104)
2021	14,892,815	(9,067,330)	55,303,143	—	—	61,128,628

aThe grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns in the Summary

Compensation Table for the applicable year for the CEO.

bThe equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity

awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year

(from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii)

for awards that are granted and vested in same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the

applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that

are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior

fiscal year; and (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not

otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The amounts deducted or

added in calculating the equity award adjustments are as follows:


Year	YEAR-END FAIR VALUE (FV) OF EQUITY AWARDS GRANTED IN THE YEAR ($)	YEAR-OVER- YEAR CHANGE IN FV OF OUTSTANDING AND UNVESTED EQUITY AWARDS ($)	FV AS OF VESTING DATE OF EQUITY AWARDS GRANTED AND VESTED IN THE YEAR ($)	YEAR-OVER- YEAR CHANGE IN FV OF EQUITY AWARDS GRANTED IN PRIOR YEARS THAT VESTED IN THE YEAR ($)	FV AT THE END OF THE PRIOR YEAR OF EQUITY AWARDS THAT FAILED TO MEET VESTING CONDITIONS IN THE YEAR ($)	VALUE OF DIVIDENDS OR OTHER EARNINGS PAID ON STOCK OR OPTION AWARDS NOT OTHERWISE REFLECTED IN FV OR TOTAL COMPENSATION ($)	TOTAL EQUITY AWARD ADJUSTMENTS ($)
2025	7,752,767	(41,818,949)	—	2,930,347	—	—	(31,135,835)
2024	93,741,792	6,543,629	—	7,122,282	—	—	107,407,703
2023	18,973,490	14,865,035	—	3,220,238	—	—	37,058,763
2022	7,609,658	(30,657,192)	—	(1,220,880)	—	—	(24,268,414)
2021	17,023,203	38,207,535	—	72,405	—	—	55,303,143

cThe amounts included in this column are the amounts reported in the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column of

the Summary Compensation Table for each applicable year for the CEO.

dAs described in the Pension Benefits Table on page 51, the PPP, the company’s nonqualified and unfunded defined benefit plan, was frozen effective

December 31, 2019. Therefore, there are no service costs or prior service costs to report.

Non-PEO NEO Average Total Compensation Amount

$ 4,652,477

5,517,288

5,310,858

3,819,391

4,734,191

Non-PEO NEO Average Compensation Actually Paid Amount

$ 754,006

9,534,871

8,750,047

(6,280,707)

17,061,157

Adjustment to Non-PEO NEO Compensation Footnote

The dollar amounts reported in column (e) represent the average amount of CAP to the NEOs as a group (excluding Mr. Gitlin), as computed in accordance with Item

402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group (excluding

Mr. Gitlin) during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total

compensation for the NEOs as a group (excluding Mr. Gitlin) for each year to determine the CAP, using the same methodology described above in Note 2:


Year	AVERAGE REPORTED SCT TOTAL FOR NON-CEO NEOS	AVERAGE REPORTED VALUE OF EQUITY AWARDS ($)a	AVERAGE EQUITY AWARD ADJUSTMENTS ($)b	AVERAGE REPORTED CHANGE IN THE ACTUARIAL PRESENT VALUE OF PENSION BENEFITS ($)c	AVERAGE PENSION BENEFIT ADJUSTMENTS ($)d	AVERAGE CAP TO NON-CEO NEOS
2025	4,652,477	(2,857,251)	(1,041,220)	—	—	754,006
2024	5,517,288	(3,822,311)	7,844,464	(4,570)	—	9,534,871
2023	5,310,858	(3,784,413)	7,229,085	(5,483)	—	8,750,047
2022	3,819,391	(2,189,525)	(7,910,573)	—	—	(6,280,707)
2021	4,734,191	(2,724,373)	15,051,339	—	—	17,061,157

aThe grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns in the Summary

Compensation Table for the applicable year for the non-CEO NEOs.

bThe amounts deducted or added in calculating the total average equity award adjustments for non-CEO NEOs in accordance with the methodology outlined in

footnote 2(b) above are as follows:


Year	YEAR-END AVERAGE FAIR VALUE (FV) OF EQUITY AWARDS GRANTED IN THE YEAR ($)	YEAR-OVER- YEAR AVERAGE CHANGE IN FV OF OUTSTANDING AND UNVESTED EQUITY AWARDS ($)	AVERAGE FV AS OF VESTING DATE OF EQUITY AWARDS GRANTED AND VESTED IN THE YEAR ($)	YEAR-OVER- YEAR AVERAGE CHANGE IN FV OF EQUITY AWARDS GRANTED IN PRIOR YEARS THAT VESTED IN THE YEAR ($)	AVERAGE FV AT THE END OF THE PRIOR YEAR OF EQUITY AWARDS THAT FAILED TO MEET VESTING CONDITIONS IN THE YEAR ($)	AVERAGE VALUE OF DIVIDENDS OR OTHER EARNINGS PAID ON STOCK OR OPTION AWARDS NOT OTHERWISE REFLECTED IN FV OR TOTAL COMPENSATION ($)	TOTAL AVERAGE EQUITY AWARD ADJUSTMENTS ($)
2025	2,015,577	(3,508,036)	—	451,239	—	—	(1,041,220)
2024	4,592,567	1,831,659	—	1,420,238	—	—	7,844,464
2023	4,271,355	2,152,742	—	804,988	—	—	7,229,085
2022	1,848,414	(4,513,074)	—	(5,245,913)	—	—	(7,910,573)
2021	4,292,775	9,886,398	—	872,166	—	—	15,051,339

cThe amounts included in this column are the total average amounts reported in the “Change in Pension Value and Nonqualified Deferred Compensation

Earnings” column of the Summary Compensation Table for each applicable year for non-CEO NEOs.

dAs described in the Pension Benefits Table on page 51, the PPP, the company’s nonqualified and unfunded defined benefit plan, was frozen effective December

31, 2019. Therefore, there are no service costs or prior service costs to report.

Compensation Actually Paid vs. Total Shareholder Return

CAP vs. Cumulative TSR

Compensation Actually Paid vs. Net Income

CAP vs. GAAP Net Income

Compensation Actually Paid vs. Company Selected Measure

CAP vs. Adjusted EPS

Total Shareholder Return Vs Peer Group

CAP vs. Cumulative TSR

Total Shareholder Return Amount

$ 149

191

159

112

145

Peer Group Total Shareholder Return Amount

173

150

131

113

121

Net Income (Loss)

$ 1,484,000,000

$ 5,604,000,000

$ 1,349,000,000

$ 3,534,000,000

$ 1,664,000,000

Company Selected Measure Amount | $ / shares

2.59

2.90

2.73

2.34

2.27

PEO Name

Mr. Gitlin

Additional 402(v) Disclosure

Cumulative TSR is calculated by (i) dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment; and (ii) the

difference between the company’s share price at the end and the beginning of the measurement period by the company’s share price at the beginning of the

measurement period. The company’s TSR and Dow Jones Industrials Index TSR are calculated using a measurement period beginning December 31, 2020, through

and including the end of the applicable fiscal year and based on a fixed investment of $100 at the measurement point.

The dollar amounts reported represent the amount of net earnings reflected in the company’s audited financial statements for the applicable year.As required by Item 402(v) of Regulation S‑K, the following graphs reflect the relationship between CAP and: (i) Cumulative TSR

for Carrier and the Dow Jones Industrials Index, (ii) Carrier’s net income, and (iii) Carrier’s adjusted EPS, the company-selected

measure. This disclosure is based on SEC‑prescribed calculations and does not reflect all performance measures used by the

company in its executive compensation program. For information regarding the company’s executive compensation philosophy and

how executive compensation is aligned with the company’s financial and operational performance, refer to the "Compensation

Discussion and Analysis."

Measure:: 1

▪Relative TSR

Measure:: 2

Non-GAAP Measure Description

▪Adjusted EPS

Adjusted EPS represents diluted earnings per share (a GAAP measure), excluding restructuring costs, amortization of acquired intangibles and other

significant items. Also see Appendix A beginning on page 72 for a reconciliation.

Measure:: 3

▪Sales

Measure:: 4

▪Adjusted Operating Profit

Measure:: 5

PEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table

▪Free Cash Flow

PEO | Aggregate Pension Adjustments Service Cost

$ (237,661)

$ (179,400)

$ (36,319)

$ 0

PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table

(11,381,713)

(60,791,211)

(12,021,241)

(9,013,937)

(9,067,330)

PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

(31,135,835)

107,407,703

37,058,763

(24,268,414)

55,303,143

PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

7,752,767

93,741,792

18,973,490

7,609,658

17,023,203

PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year

(41,818,949)

6,543,629

14,865,035

(30,657,192)

38,207,535

PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

2,930,347

7,122,282

3,220,238

(1,220,880)

72,405

PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table

Non-PEO NEO | Aggregate Pension Adjustments Service Cost

(4,570)

(5,483)

Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table

(2,857,251)

(3,822,311)

(3,784,413)

(2,189,525)

(2,724,373)

Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

(1,041,220)

7,844,464

7,229,085

(7,910,573)

15,051,339

Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

2,015,577

4,592,567

4,271,355

1,848,414

4,292,775

Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year

(3,508,036)

1,831,659

2,152,742

(4,513,074)

9,886,398

Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

451,239

1,420,238

804,988

(5,245,913)

872,166

Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

Award Timing Disclosures [Line Items]

$ 0

Award Timing Disclosure

12 Months Ended

Dec. 31, 2025

Feb. 06, 2025

USD ($)

$ / shares

Award Timing MNPI Disclosure

Generally, equity grants to executives have been approved at regularly scheduled Committee or Board meetings, except for special

situations such as new hire grants. Since we became a public company in 2020, our annual grants to executives (including in 2025)

have been approved at the first regularly scheduled meeting of the Committee and Board, respectively, during the applicable year,

which are scheduled long in advance. We do not time material nonpublic information (“MNPI”) disclosure for purposes of affecting

the value of executive compensation. The Board and Committee do not take MNPI into account when determining the timing and

terms of awards.

The following table presents information regarding SARs issued to our NEOs in fiscal year 2025 during any period beginning four

business days before the filing of a periodic report or current report disclosing material nonpublic information and ending one

business day after the filing or furnishing of such report with the SEC. Mr. Gierges is not included in the table as he did not receive

a 2025 annual award in February.


NAME	Grant Date	Number of Securities Underlying the Award	Exercise Price of the Award ($)	Grant Date Fair Value of the Award ($)	Percentage Change in the Closing Market Price of the Securities Underlying the Award Between the Trading Day Ending Immediately Prior to the Disclosure of Material Nonpublic Information and the Trading Day Beginning Immediately Following the Disclosure of the Material Nonpublic Information (%)
D. Gitlin	06-Feb-2025	321,970	65.21	5,747,165	(3.97)%
P. Goris	06-Feb-2025	97,405	65.21	1,738,679	(3.97)%
G. Pandya	06-Feb-2025	66,965	65.21	1,195,325	(3.97)%
E. Dryden	06-Feb-2025	57,310	65.21	1,022,984	(3.97)%

Award Timing Method

The Board and Committee do not take MNPI into account when determining the timing and terms of awards.

Award Timing Predetermined

true

Award Timing MNPI Considered

false

Award Timing, How MNPI Considered

We do not time material nonpublic information (“MNPI”) disclosure for purposes of affecting the value of executive compensation.

MNPI Disclosure Timed for Compensation Value

false

Awards Close in Time to MNPI Disclosures, Table


NAME	Grant Date	Number of Securities Underlying the Award	Exercise Price of the Award ($)	Grant Date Fair Value of the Award ($)	Percentage Change in the Closing Market Price of the Securities Underlying the Award Between the Trading Day Ending Immediately Prior to the Disclosure of Material Nonpublic Information and the Trading Day Beginning Immediately Following the Disclosure of the Material Nonpublic Information (%)
D. Gitlin	06-Feb-2025	321,970	65.21	5,747,165	(3.97)%
P. Goris	06-Feb-2025	97,405	65.21	1,738,679	(3.97)%
G. Pandya	06-Feb-2025	66,965	65.21	1,195,325	(3.97)%
E. Dryden	06-Feb-2025	57,310	65.21	1,022,984	(3.97)%

D. Gitlin [Member]

D. Gitlin

321,970

$ 65.21

$ 5,747,165

(0.0397)

P. Goris [Member]

P. Goris

97,405

$ 65.21

$ 1,738,679

(0.0397)

G. Pandya [Member]

G. Pandya

66,965

$ 65.21

$ 1,195,325

(0.0397)

E. Dryden [Member]

E. Dryden

57,310

$ 65.21

$ 1,022,984