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A. O. Smith (AOS) investor relations material
A. O. Smith Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary24 Jul, 2025
Executive summary
Q2 2025 sales were $1.01 billion, down 1% year-over-year, with EPS up 1% to $1.07 per share and margin expansion driven by restructuring actions.
North America water heater sales fell 2%, boiler sales rose 6%, and water treatment sales increased slightly; China sales declined 11% in local currency.
Initiated a strategic assessment of the China business, considering restructuring, partnerships, or other alternatives.
Acquisitions of Pureit and Impact Water Products expanded presence in South Asia and North America, contributing $28M in H1 2025 sales.
Repurchased 3.8 million shares for $251 million in the first half, with a $400 million full-year target.
Financial highlights
Q2 2025 net sales: $1.01 billion, down 1% year-over-year; EPS: $1.07, up from $1.06 in Q2 2024.
Gross profit margin improved to 39.3% in Q2 2025 from 38.7% in Q2 2024.
Free cash flow for the first half of 2025 was $139.9 million, up from $119.1 million in 2024.
Net debt was $126 million; leverage ratio at 14.1%.
Interest expense increased to $4.6 million in Q2 2025 due to higher debt levels.
Outlook and guidance
2025 consolidated sales expected to increase 1%-3% over 2024, with full-year EPS guidance raised to $3.70–$3.90.
North America boiler sales forecast increased to 4%-6% growth; water treatment sales expected to decline ~5%.
China sales projected to decrease 5%-8% in local currency; operating margin in China expected at 8%-10%.
Free cash flow guidance for 2025 is $500–$525 million; capex expected at $90–$100 million.
Guidance excludes impacts from future acquisitions and China business assessment outcomes.
Assess strategic opportunities for China business.
Explain the muted pre-buy impact in North America.
What drives improved water treatment mix benefits?
Assess China business strategic options.
Explain North America price/cost dynamics.
Detail AOS's M&A pipeline actionability.
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Next A. O. Smith earnings date
Q3 202528 Oct, 2025
Next A. O. Smith earnings date
Q3 202528 Oct, 2025
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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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