Carrier Global Corporation (CARR) Q4 2025 Earnings Call

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WEBVTT 00:00:01.533 -- 00:00:06.720 Good morning and welcome to Carrier's fourth quarter 2025 earnings conference call. 00:00:06.720 -- 00:00:10.745 I would like to introduce your host for today's conference, Michael Redner, Vice President 00:00:10.745 -- 00:00:14.488 of Investor Relations. Please go ahead. 00:00:15.192 -- 00:00:19.778 Good morning and welcome to Carrier's fourth quarter 2025 earnings conference call. 00:00:19.778 -- 00:00:23.983 On the call with me today are David Gitlin, Chairman and Chief Executive Officer, and 00:00:23.983 -- 00:00:28.810 Patrick Gores, Chief Financial Officer. Except where otherwise noted, the company will 00:00:28.810 -- 00:00:33.699 speak to results from continuing operations excluding restructuring costs and certain 00:00:33.699 -- 00:00:38.664 significant non-recurring items. A reconciliation of these and other non-GAAP financial 00:00:38.664 -- 00:00:42.127 measures can be found in the appendix of the webcast. 00:00:42.127 -- 00:00:46.250 We also remind listeners that the presentation contains forward-looking statements, which 00:00:46.250 -- 00:00:51.275 are subject to risks and uncertainties. Carrier's SEC filings, including 00:00:51.275 -- 00:00:56.660 our Form 10-K and quarterly reports on Form 10-Q, provide details on important factors 00:00:56.660 -- 00:00:59.542 that could cause actual results to differ materially. 00:00:59.542 -- 00:01:01.726 With that, I'd like to turn the call over to Dave. 00:01:01.726 -- 00:01:05.109 Thanks, Mike, and good morning, everyone. 2025 00:01:05.109 -- 00:01:09.974 was an important year for Carrier. The short cycle residential and light commercial markets 00:01:09.974 -- 00:01:13.378 softened more than we expected in the second half of the year. 00:01:13.378 -- 00:01:18.143 We made mea...