WATSCO INC WSO

Industrials SIC 5070 - Wholesale-Hardware & Plumbing & Heating Equipment & Supplies NAICS Wholesale Trade › Merchant Wholesalers, Durable Goods › Hardware, and Plumbing and Heating Equipment and Supplies Merchant Wholesalers derived NYSE

Watsco, Inc. and its subsidiaries (collectively, "Watsco," the "Company", or "we," "us," or "our") was incorporated in Florida in 1956 and is the largest distributor of air conditioning, heating and refrigeration equipment and related parts and supplies ("HVAC/R") in the HVAC/R distribution industry in North America. At December 31, 2025, we operated from 695 locations in 43 U.S. States, Canada, Mexico and Puerto Rico with additional market coverage on an export basis to portions of Latin America and the Caribbean, through which we serve more than 130,000 active contractors that service the replacement and new construction markets. Our revenues in HVAC/R distribution have increased from $64.1 million in 1989 to $7.2 billion in 2025, resulting from our strategic acquisition of companies with established market positions and subsequent building of revenues and profit through a combination of additional locations, introduction of new products, expansion with industry Original Equipment Manufacturers ("OEMs") and vendors, technology innovation, and other initiatives.

Last close 322.98 2026-10-23
Market cap $12.33B estimated share count
52-week range 277.34 - 459.00

Valuation FY2025 figures against the last close

P/S1.7x
P/E26.4x
P/FCF23.0x
EV/EBITDA16.1x
Dividend yield3.8%
Diluted EPS12.25

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Latin America and the Caribbean
  • Canada
Revenue by geography, 3 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 6.6B (90.6%) 91% United States Latin America and the Caribbean, FY2025: 344.3M (4.8%) 5% Canada, FY2025: 338.1M (4.7%) 5% Canada FY2024 United States, FY2024: 6.9B (90.1%) 90% Latin America and the Caribbean, FY2024: 401.9M (5.3%) 5% Canada, FY2024: 355.8M (4.7%) 5% FY2023 United States, FY2023: 6.5B (89.8%) 90% Latin America and the Caribbean, FY2023: 368.5M (5.1%) 5% Canada, FY2023: 374.7M (5.1%) 5%
Region FY2025FY2024FY2023
United States $6.56B $6.86B $6.54B
Latin America and the Caribbean $344.3M $401.9M $368.5M
Canada $338.1M $355.8M $374.7M

As the company reported it, from the “Revenues - Summary of Disaggregated Revenue (Detail)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $7.24B$7.62B$7.28B$7.27B$6.28B$5.05B$4.77B$4.55B$4.34B$4.22B
Cost of revenue $5.21B$5.57B$5.29B$5.24B$4.61B$3.83B$3.61B$3.43B$3.28B$3.19B
Gross profit $2.03B$2.04B$1.99B$2.03B$1.67B$1.22B$1.16B$1.12B$1.07B$1.03B
SG&A $1.34B$1.29B$1.22B$1.22B$1.06B$833.1M$800.3M$757.5M$715.7M$689.0M
Operating income $720.3M$781.8M$794.8M$831.6M$628.5M$401.0M$366.9M$372.1M$353.9M$345.6M
Interest expense $17.3M$20.9M$4.9M$2.2M$996.0K$1.2M$4.0M$2.7M$6.4M$3.7M
Pre-tax income $737.7M$802.6M$789.9M$829.4M$627.5M$399.8M$362.9M$369.3M$347.5M$341.9M
Income tax $150.1M$166.9M$155.8M$125.7M$128.8M$76.6M$67.1M$72.8M$90.2M$105.9M
Net income $587.6M$635.7M$634.1M$703.7M$498.7M$269.6M$245.9M$242.9M$208.2M$182.8M
EPS, basic 12.2713.3413.7215.4610.837.036.516.505.815.16
EPS, diluted 12.2513.3013.6715.4110.787.016.506.495.815.15
Shares, diluted (wtd. avg.) 37.9M37.5M36.5M—35.4M35.2M34.7M34.4M32.9M32.6M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $433.3M$526.3M$210.1M$147.5M$118.3M$146.1M$74.5M$82.9M$80.5M$56.0M
Short-term investments $300.0M$255.7M$0———————
Receivables $796.2M$877.9M$797.8M$747.1M$698.5M$535.3M$533.8M$501.9M$478.1M$476.0M
Inventory $1.39B$1.39B$1.35B$1.37B$1.12B$781.3M$920.8M$837.1M$761.3M$685.0M
Total current assets $2.95B$3.08B$2.39B$2.30B$1.96B$1.48B$1.55B$1.44B$1.34B$1.24B
Property, plant and equipment $136.0M$140.5M$136.2M$125.4M$111.0M$98.2M$98.5M$91.0M$91.2M$90.5M
Goodwill $462.5M$451.9M$457.1M$430.7M$434.0M$412.5M$412.5M$411.2M$382.7M$379.7M
Other intangibles $210.4M$208.5M$218.1M$175.2M$186.9M$169.9M$172.0M$147.9M$161.1M$158.6M
Total assets $4.41B$4.48B$3.73B$3.49B$3.09B$2.48B$2.56B$2.16B$2.05B$1.87B
Accounts payable $350.4M$490.9M$369.4M$456.1M$364.2M$251.6M$239.7M$200.2M$230.5M$185.5M
Total current liabilities $717.7M$983.9M$712.0M$906.5M$726.7M$487.1M$461.7M$357.6M$416.5M$314.9M
Retained earnings $1.32B$1.30B$1.18B$1.03B$760.8M$636.4M$632.5M$628.0M$594.6M$550.5M
Total equity $2.78B$2.66B$2.62B$2.25B$2.00B$1.78B$1.71B$1.60B$1.55B$1.25B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $569.6M$773.1M$562.0M$572.0M$349.6M$534.4M$335.8M$170.6M$306.5M$281.7M
Depreciation and amortisation $43.8M$40.8M$35.1M$31.7M$28.1M$25.9M$24.5M$22.1M$22.0M$20.1M
Stock-based compensation $35.3M$35.0M$30.0M$28.8M$25.4M$22.1M$17.0M$15.5M$13.3M$12.3M
Capital expenditure $34.5M$30.1M$35.5M$35.7M$25.5M$16.4M$17.8M$17.2M$17.9M$43.6M
Investing cash flow -$98.1M-$290.7M-$41.3M-$33.8M-$148.6M-$16.3M-$81.0M-$26.3M-$81.3M-$42.8M
Financing cash flow -$568.1M-$158.5M-$460.1M-$504.0M-$228.6M-$448.5M-$264.0M-$139.6M-$202.1M-$217.9M
Dividends paid $473.8M$423.5M$382.6M$332.4M$294.5M$265.7M$241.4M$209.2M$164.1M$127.6M

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 0001193125-26-174970.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 2B 4B 6B 8B Revenue, FY2016: 4.2B Gross profit, FY2016: 1B Net income, FY2016: 182.8M Revenue, FY2017: 4.3B Gross profit, FY2017: 1.1B Net income, FY2017: 208.2M Revenue, FY2018: 4.5B Gross profit, FY2018: 1.1B Net income, FY2018: 242.9M Revenue, FY2019: 4.8B Gross profit, FY2019: 1.2B Net income, FY2019: 245.9M Revenue, FY2020: 5.1B Gross profit, FY2020: 1.2B Net income, FY2020: 269.6M Revenue, FY2021: 6.3B Gross profit, FY2021: 1.7B Net income, FY2021: 498.7M Revenue, FY2022: 7.3B Gross profit, FY2022: 2B Net income, FY2022: 703.7M Revenue, FY2023: 7.3B Gross profit, FY2023: 2B Net income, FY2023: 634.1M Revenue, FY2024: 7.6B Gross profit, FY2024: 2B Net income, FY2024: 635.7M Revenue, FY2025: 7.2B Gross profit, FY2025: 2B Net income, FY2025: 587.6M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $4.22B $4.34B $4.55B $4.77B $5.05B $6.28B $7.27B $7.28B $7.62B $7.24B
Gross profit $1.03B $1.07B $1.12B $1.16B $1.22B $1.67B $2.03B $1.99B $2.04B $2.03B
Net income $182.8M $208.2M $242.9M $245.9M $269.6M $498.7M $703.7M $634.1M $635.7M $587.6M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Unregistered share sale Item 3.02
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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