Adjusted net income was $42 million, with adjusted EPS increasing 59% year-over-year to $1.33.
Adjusted operating cash flow in Q2 was $58.3 million, demonstrating strong free cash flow generation despite seasonal net cash used by operating activities.
Interest expense improved significantly due to debt refinancing and paydown, with cash interest expense down 29% year-over-year in Q2.
Total backlog at quarter-end was $11.3 billion, excluding the $4.3 billion T-6 award and recent contract extensions.
V2X reported Q2 2025 revenue of $1.08 billion with adjusted EBITDA of $82 million, representing a 7.6% margin.
Year-to-date revenue was $2.94 billion, with adjusted EBITDA of $149.4 million and a margin of 7.1%.
Adjusted EPS of $0.92 in Q2 was better than expected due to higher sales and stronger productivity.
Adjusted operating margin expanded by 130 basis points, about half due to the absence of commercial refrigeration and the rest from productivity, mix up, and price.
Adjusted operating margins expanded by 130 basis points to 19.1%, and adjusted EPS increased by 26%.
Carrier delivered 6% organic growth in Q2 2025 with 45% growth in commercial HVAC in the Americas and 13% total company aftermarket growth.
Free cash flow for the first half was about $1 billion, with a plan for $3 billion in share buybacks for the year.
Free cash flow of $568 million in Q2 was stronger than expected.
Q2 adjusted operating profit was $1.2 billion, up 10% year-over-year, driven by organic sales growth and strong productivity.
Reported sales were $6.1 billion with a 1 point tailwind from foreign currency translation and a 4% net headwind from acquisitions and divestitures.
Segment highlights: CSA segment had 14% organic sales growth with 27% adjusted operating margin, CSE segment was flat with strong heat pump growth in Germany, CS Asia Pacific segment had a 4% organic sales decline, and CST segment had a 1% organic sales decline but margin expansion of 340 basis points.
Total company organic orders were down high teens due to tough comparisons, but excluding CSA residential, orders were up mid-single digits.
Dafinchi