Housing and Building Products HVAC

Home Comfort $3.34B, down 7% from $3.58B. Building Climate $1.85B, up 5% from $1.76B. Group $5.20B. Residential HVAC is the larger, weaker pile.

2025: United States $4.82B, Canada $0.37B. Home Comfort US $3.10B. Building Climate US $1.72B. No Europe or China revenue line in the 10-K note.

Water heaters, not furnaces. North America $2.98B. Rest of World $0.88B, mostly China, where third-party sales fell 12% in local currency. Consolidated $3.83B after eliminations.

Carrier $21.75B. Trane $21.32B. Lennox $5.20B. Carrier and Trane are not on the locked first-pass roster. Commercial, applied, and transport sit inside those $21B figures.

2025 actual $1.0B, a doubling versus 2024. Q2 2026 outlook about $2.0B, not an actual. Inside commercial HVAC, not a Lennox line.

CSA Residential was about +20% in Q1 2025, then about -38% in Q4 2025, then +9% in Q2 2026. Commercial stayed strong until Q2 2026 (-8%).

Enterprise backlog ran $7.1B to $7.8B through 2025, then $10.7B at Q1 2026 and $12.1B at Q2 2026. Q1 includes about $1B of acquired Stellar Energy backlog.

Q2 2026 bookings $7.82B, a record, up 39% reported and 37% organic. Quarterly bookings, not FMP product revenue.