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A. O. Smith (AOS) investor relations material
A. O. Smith Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Q3 2025 sales reached $943M, up 4% year-over-year, with EPS up 15% to $0.94 and net earnings of $132M, driven by strong North America water heater and boiler sales, while China sales declined 12% in local currency and India grew 13%.
North America segment sales grew 6% with 110 bps margin expansion, led by commercial water heater and boiler volumes; Rest of World sales declined 1% due to China, partially offset by India and Pureit acquisition.
Gross profit margin improved to 38.7% in Q3 2025, reflecting successful pricing actions to offset higher input costs.
Acquisitions of Pureit in South Asia and Impact Water Products in North America expanded geographic reach and product offerings.
Continued focus on operational excellence, innovation, and portfolio management for future value creation.
Financial highlights
Q3 2025 net sales: $943M, up from $903M in Q3 2024; EPS: $0.94, up from $0.82; net earnings: $132M, up from $120.1M.
Free cash flow for the first nine months: $381M, up 35% year-over-year; operating cash flow: $434M, up 21%.
Cash balance at quarter end: $173M; net debt: $13M; leverage ratio: 9.2%.
Gross profit for Q3: $364.5M; gross margin: 38.7%.
Dividend increased 6% to $0.36/share, marking over 30 consecutive years of increases.
Outlook and guidance
2025 consolidated sales expected to be flat to up 1%; full-year EPS guidance narrowed to $3.70–$3.85.
Free cash flow for 2025 projected at $500M; CapEx expected at $75M.
China sales outlook lowered to ~10% decline in local currency; North America residential market projected flat to slightly down, commercial volumes to grow low single digits.
North America segment margin expected at 24–24.5%; Rest of World at ~8%.
Guidance excludes impacts from future acquisitions and China business assessment outcomes.
China business assessment: next steps?
NA residential demand mitigation strategy?
Capital allocation for future growth initiatives?
China market: competitive intensity impact?
NA residential market destocking risk?
Operational excellence value opportunity?
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Next A. O. Smith earnings date
Q4 202530 Jan, 2026
Next A. O. Smith earnings date
Q4 202530 Jan, 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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