MARKETS / NYSE / WSO-B

NYSE · WHOLESALE-HARDWARE & PLUMBING & HEATING EQUIPMENT & SUPPLIES · LARGE CAP

Watsco Inc. WSO-B

18 fiscal years on record · USD · FY2025 reported · SEC filings only

12 YEARS OF DIVIDEND GROWTH

Revenue

$7.2B

▼ 5.0% YoY

Net income

$497.0M

▼ 7.3% YoY

Free cash flow

$535.1M

▼ 28.0% YoY

In brief

What this company does

Watsco, Inc. distributes air conditioning, heating and refrigeration equipment and related parts and supplies. At December 31, 2025, it operated from 695 locations in 43 U.S. states, Canada, Mexico, and Puerto Rico, serving more than 130,000 active contractors that service the replacement and new construction markets. Its revenues in HVAC/R distribution increased from $64.1 million in 1989 to $7.2 billion in 2025. Since 1989, it has acquired 72 HVAC/R distribution businesses, some of which are now primary operating subsidiaries. As of December 31, 2025, it employed approximately 6,950 full-time and 100 part-time employees, or approximately 7,050 employees in total, substantially all of whom were non-union employees. Watsco, Inc. was incorporated in Florida in 1956.

Written from the business description in WATSCO INC's annual report to the U.S. Securities and Exchange Commission, filed 27 February 2026. Every sentence was checked against that document before publication.

Growth

USD 7.2B

Revenue, FY2025 · full 18-year series below

Revenue $B Net income $B

FY2025 · Revenue 7.2 · Net income 0.5

Compound annual growth

Revenue

−0.2%

+7.4%

+5.8%

+6.4%

Net income

−6.1%

+13.0%

+11.1%

+12.9%

EPS, diluted

−7.4%

+11.8%

+9.6%

+11.2%

Dividend / share

+11.0%

+11.1%

+15.4%

+12.3%

Returned to shareholders

+12.5%

+12.3%

+17.0%

+14.0%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +7.4% a year over five years — but profit grew faster: net income at +13.0%, earnings per share at +11.8%.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

8 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 10.0% · Net 8.1%

ROE

FY2025 · ROE 18.3%

Gross margin28.0%

Operating margin10.0%

Net margin8.1%

Return on assets13.2%

EBITDAUSD 764.1M

Each USD of equity produced 18 cents of profit this year.

Cash & shareholders

USD 473.8M

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2025 · FCF 535.1

Net buybacks $M Dividends $M

FY2025 · Dividends 473.8 · Net buybacks —

Dividends paidUSD 473.8M

Net buybacks—

Share of profit95.3%

Consecutive raises12 years

USD 473.8M in dividends — 95% of the year's profit went back to shareholders.

Total assetsUSD 4.4B

EquityUSD 2.8B

CashUSD 433.3M

Gross debtUSD 361.6M

Net debtUSD -71.6M

Current ratio4.12×

The company holds more cash than debt.

The 18-year record

18 fiscal years

Every figure from documents filed with the SEC · USD

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue $B	7.2	7.6	7.3	7.3	6.3	5.1	4.8	4.5	4.3	4.2	4.1	3.9	3.7	3.4	3.0	2.8	2.0	1.7
Operating income $B	0.7	0.8	0.8	0.8	0.6	0.4	0.4	0.4	0.4	0.3	0.3	0.3	0.3	0.2	0.2	0.2	0.1	0.1
EBITDA $B	0.8	0.8	0.8	0.9	0.7	0.4	0.4	0.4	0.4	0.4	0.4	0.3	0.3	0.2	0.2	0.2	0.1	0.1
Income tax $B	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0
Net income $B	0.5	0.5	0.5	0.6	0.4	0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.0	0.1
Free cash flow $B	0.5	0.7	0.5	0.5	0.3	0.5	0.3	0.2	0.3	0.2	0.2	0.1	0.1	0.2	0.0	0.1	0.1	0.1
EPS, diluted $	12.25	·	·	·	·	·	6.50	6.49	5.81	5.15	4.90	4.32	3.68	2.70	2.74	2.49	1.40	2.09
Dividend / sh $	11.70	10.55	9.80	8.55	7.62	6.92	6.40	5.60	4.60	3.60	2.80	2.00	1.15	7.48	2.23	2.04	1.89	1.75
Payout %	95	79	71	55	70	99	98	86	79	70	57	46	31	248	81	82	132	82
ROE %	18.3	21.9	26.0	33.8	26.6	18.5	17.7	18.4	18.1	18.6	18.8	17.6	16.1	13.3	11.5	10.8	5.9	·
Shares out B	·	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.00	0.00	0.00	·	·	·	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 82 reconciliationsAUDITED

Reconciled in 18 of 19 fiscal years. 13 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityWholesale-Hardware & Plumbing & Heating Equipment & Supplies

Listed onNYSE

Incorporated inFlorida

Fiscal year endsDecember 31

Data on record since2008