LENNOX INTERNATIONAL INC LII
We are a global leader in energy-efficient climate-control solutions. We design, manufacture and market a broad range of products for the heating, ventilation, air conditioning and refrigeration ("HVACR") markets. We have leveraged our expertise to become an industry leader known for innovation, quality and reliability. Our products and services are sold through multiple distribution channels under various brand names. The Company was founded in 1895, in Marshalltown, Iowa, by Dave Lennox, the owner of a machine repair business for railroads. He designed and patented a riveted steel coal-fired furnace, which led to numerous advancements in heating, cooling and climate control solutions.
Our two business segments, Home Comfort Solutions and Building Climate Solutions, the key products, services and well-known product and brand names within each segment and net sales in 2025 by segment are shown in the table below. Segment financial data for 2025, 2024 and 2023, including financial information about foreign and domestic operations, is included in Note 3 of the Notes to our Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary Data" and is incorporated herein by reference.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.20B | $5.34B | $4.98B | $4.72B | $4.19B | $3.63B | $3.81B | $3.88B | $3.84B | $3.64B |
| Cost of revenue | $3.46B | $3.56B | $3.43B | $3.43B | $3.01B | $2.59B | $2.73B | $2.77B | $2.71B | $2.57B |
| Gross profit | $1.73B | $1.78B | $1.55B | $1.28B | $1.19B | $1.04B | $1.08B | $1.11B | $1.13B | $1.08B |
| R&D | $103.4M | $93.6M | $94.0M | $80.3M | $76.1M | $66.8M | $69.9M | $72.2M | $73.6M | $64.6M |
| SG&A | $681.4M | $730.6M | $705.5M | $627.2M | $598.9M | $555.9M | $585.9M | $608.2M | $637.7M | $621.0M |
| Operating income | $1.04B | $1.04B | $791.5M | $656.2M | $590.3M | $478.5M | $656.9M | $509.9M | $494.5M | $429.4M |
| Interest expense | $40.9M | $38.7M | $51.7M | $38.7M | $25.0M | $28.3M | $47.5M | $38.3M | $30.6M | $27.0M |
| Pre-tax income | $996.8M | $999.4M | $738.9M | $615.8M | $560.1M | $445.2M | $507.9M | $467.9M | $464.0M | $402.7M |
| Income tax | $191.0M | $188.3M | $147.7M | $118.7M | $96.1M | $88.1M | $99.1M | $107.6M | $156.9M | $124.1M |
| Net income | $805.8M | $811.1M | $591.2M | $497.1M | $464.0M | $356.3M | $408.7M | $359.0M | $305.7M | $277.8M |
| EPS, basic | 22.89 | 22.78 | 16.65 | 13.92 | 12.47 | 9.30 | 10.49 | 8.84 | 7.25 | 6.39 |
| EPS, diluted | 22.79 | 22.66 | 16.58 | 13.88 | 12.39 | 9.24 | 10.38 | 8.74 | 7.14 | 6.32 |
| Shares, diluted (wtd. avg.) | $35.4M | $35.8M | $35.7M | $35.8M | $37.5M | $38.6M | $39.4M | $41.1M | $42.8M | $44.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $34.2M | $415.1M | $60.7M | $52.6M | $31.0M | $123.9M | $37.3M | $46.3M | $68.2M | $50.2M |
| Short-term investments | $500.0K | $7.2M | $8.4M | $8.5M | $5.5M | $5.1M | $2.9M | $0 | — | — |
| Receivables | $578.8M | $661.1M | $594.6M | $608.5M | $508.3M | $448.3M | $477.8M | $472.7M | $506.5M | $469.8M |
| Inventory | $1.15B | $853.0M | $841.8M | $753.0M | $510.9M | $439.4M | $544.1M | $509.8M | $484.2M | $418.5M |
| Total current assets | $1.90B | $2.03B | $1.58B | $1.50B | $1.18B | $1.09B | $1.12B | $1.09B | $1.14B | $1.01B |
| Property, plant and equipment | $887.2M | $800.1M | $720.4M | $548.9M | $515.1M | $464.3M | $445.4M | $408.3M | $397.8M | $361.4M |
| Goodwill | $497.2M | $220.0M | $222.1M | $186.3M | $186.6M | $186.9M | $186.5M | $186.6M | $200.5M | $195.1M |
| Other intangibles | $273.0M | $45.1M | — | — | — | — | — | — | $8.6M | $7.3M |
| Total assets | $4.08B | $3.62B | $2.94B | $2.57B | $2.17B | $2.03B | $2.03B | $1.82B | $1.89B | $1.76B |
| Accounts payable | $438.0M | $490.0M | $374.7M | $427.3M | $402.1M | $340.3M | $372.4M | $433.3M | $348.6M | $361.2M |
| Short-term debt | $18.3M | $314.5M | $12.1M | $710.6M | $11.3M | $9.9M | $321.9M | $300.8M | $32.6M | $200.1M |
| Total current liabilities | $1.19B | $1.31B | $1.01B | $1.60B | $827.1M | $701.3M | $1.00B | $1.01B | $654.5M | $888.6M |
| Total liabilities | $2.92B | $2.66B | $2.55B | $2.77B | $2.44B | $2.05B | $2.21B | $1.97B | $1.84B | $1.72B |
| Retained earnings | $4.89B | $4.26B | $3.61B | $3.07B | $2.72B | $2.39B | $2.15B | $1.85B | $1.58B | $1.35B |
| Total equity | $1.16B | $962.1M | $393.0M | -$203.1M | -$269.0M | -$17.1M | -$170.2M | -$149.6M | $50.1M | $38.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $757.6M | $945.7M | $736.2M | $302.3M | $515.5M | $612.4M | $396.1M | $495.5M | $325.1M | $373.9M |
| Stock-based compensation | $29.1M | $28.5M | $30.1M | $21.8M | $24.3M | $24.3M | $21.3M | $26.3M | $24.9M | $31.7M |
| Capital expenditure | $118.8M | $163.6M | $250.2M | $101.1M | $106.8M | $78.5M | $105.6M | $95.2M | $98.3M | $84.3M |
| Investing cash flow | -$655.6M | -$174.4M | -$319.7M | -$103.0M | -$106.4M | -$79.7M | $15.9M | $30.5M | -$98.1M | -$84.1M |
| Financing cash flow | -$465.7M | -$418.6M | -$406.2M | -$174.1M | -$498.7M | -$441.8M | -$423.4M | -$537.8M | -$218.3M | -$274.6M |
| Dividends paid | $173.0M | $160.3M | $153.4M | $142.0M | $126.5M | $118.1M | $110.5M | $93.9M | $79.7M | $69.0M |
| Buybacks | $482.3M | $53.6M | $0 | $300.0M | $600.0M | $100.0M | $400.0M | $450.2M | $250.0M | $300.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001069202-26-000046.
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