Gilman Hill Raises Carrier Stake as Data Center Orders Surge Over 300%
Gilman Hill has increased its stake in Carrier Global, a Florida-based heating and cooling company with 111 years of history and operations in about 150 countries. In the latest quarter, Carrier's data center orders grew more than 300% year over year, while its Americas residential HVAC sales rose 9% in the second quarter of 2026. The company reported 2025 sales of $21.7 billion, with nearly 30% from parts and services.
Carrier Global, a heating and cooling company headquartered in Florida with a 111-year history, is one of the largest such firms globally, operating in about 150 countries and employing approximately 47,000 people. Its product portfolio spans residential HVAC systems, heat pumps, and large commercial building cooling systems. The company ranks first in the Americas residential HVAC market and third in the commercial HVAC market.
In 2025, Carrier Global generated sales of $21.7 billion, with nearly 30% coming from parts and services. Since spinning off from United Technologies in 2020, the company has shifted its focus toward climate and energy solutions through the acquisition of European heating firm Viessmann and the divestiture of its fire and security and commercial refrigeration businesses, while also advancing cost reductions and share buybacks.
Driven by data center cooling demand, Carrier's data center orders surged more than 300% year over year in the latest quarter. In the second quarter of 2026, the company's Americas residential HVAC sales rose 9% year over year, following an extended period of inventory adjustments. Its commercial HVAC business continued to gain share in key markets, supported by demand for replacing aging systems.