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A. O. Smith
A. O. Smith (AOS) investor relations material
A. O. Smith Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Achieved record diluted EPS of $3.85 in 2025, up 6% year-over-year, with net earnings of $546.2 million on $3.8 billion in sales, driven by profitability improvements and margin expansion in both segments.
Fourth quarter 2025 net sales were $913 million (flat year-over-year), with adjusted EPS up 6% to $0.90, reflecting strong pricing and cost management.
Strategic focus on portfolio management, innovation, and operational excellence, with growth platforms in boilers, water treatment, and India positioned for 2026.
Completed Leonard Valve acquisition, expanding the water management platform and expected to contribute $70 million in 2026 sales.
Financial highlights
Free cash flow for 2025 was $546 million (+15%), representing 100% of net earnings, aided by lower capex and a one-time tax benefit.
North America segment sales were $3 billion, with segment earnings of $728 million (+2%) and margin of 24.4% (+20 bps); Rest of World sales were $880 million, down 4%, with India up 13% and Pureit contributing $54 million.
Returned $597 million to shareholders via dividends and share repurchases; $401 million in share repurchases in 2025.
Cash and marketable securities totaled $193 million at year-end, with a net cash position of $38 million and a leverage ratio of 7.7%.
Outlook and guidance
2026 EPS guidance: $3.85–$4.15 (midpoint +4% over 2025); sales expected to increase 2%–5% to $3.9–$4.02 billion.
Free cash flow projected at $525–$575 million; capex expected at $70–$100 million.
North America segment margin expected at 24%–24.5%; Rest of World at 8%–10%.
$200 million in share repurchases planned for 2026; 5 million additional shares authorized.
Leonard Valve projected to contribute $70 million in 2026 sales.
China business assessment timeline
Tariff mitigation strategies for 2026
Acquisition focus beyond water heating
Water treatment margin path to NA segment average?
China H2 growth confidence drivers?
Wholesale residential channel competitive intensity?
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Next A. O. Smith earnings date
Q1 202628 Apr, 2026
A. O. Smith
Next A. O. Smith earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
A. O. Smith Corporation is a leading North American manufacturer of residential and commercial gas and electric water heaters, hot water storage tanks, boilers, water treatment products, and thermal energy solutions for residential and light commercial use. The company's non-gas business unit, Energy Solutions, markets several different tankless water heater models and a variety of other products including solar photovoltaic systems, flash steam generators, tankless hot water dispensers, pool heaters and pool water conditioning systems that use solar energy. A. O. Smith Corporation is based in Milwaukee, Wisconsin.
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