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Lennox International (LII) investor relations material
Lennox International Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary22 Oct, 2025
Executive summary
Q3 2025 revenue declined 5% year-over-year to $1.4 billion, driven by challenging macroeconomic conditions, refrigerant transition impacts, and a 16% drop in sales volumes, partially offset by an 11% increase in mix and pricing.
Adjusted EPS reached a Q3 record of $6.98, up 4% year-over-year, with net income at $246 million and segment profit margin up 150 basis points to 21.7%.
Operating income rose 2% to $310 million, while operating cash flow for Q3 was $301 million, down from the prior year due to elevated inventory.
Recent acquisitions (DuroDyne and Supco) are expected to be EPS accretive in 2026, expanding the parts and accessories portfolio and providing cost synergies.
Share repurchases totaled $350 million year-to-date, with $1.16 billion remaining under authorization as of September 30, 2025.
Financial highlights
Home Comfort Solutions (HCS) revenue fell 12% to $913 million, with segment profit down 10% to $203 million; Building Climate Solutions (BCS) revenue rose 10% to $514 million, with segment profit up 27% to $134 million.
Total Q3 2025 net sales were $1.43 billion, down 5% year-over-year; segment profit was $310 million, up 2%.
Gross profit margin for Q3 2025 increased 20 bps to 32.8% year-over-year, driven by favorable mix and pricing, offset by higher product and freight costs.
Operating cash flow for the first nine months of 2025 was $352 million, down from $613 million in the prior year, mainly due to less favorable working capital changes.
Effective tax rate for Q3 2025 was 17.7%, down from 18.7% in Q3 2024, due to higher income in low-tax jurisdictions.
Outlook and guidance
Full-year 2025 revenue is expected to decline 1%, with adjusted EPS guidance revised to $22.75–$23.25 and free cash flow guidance at ~$550 million.
Revenue guidance for 2025 reflects a 5% decline, with HCS down high single digits and BCS down low single digits.
Inventory normalization and market recovery are anticipated by Q2 2026, with growth expected to resume in 2026.
Pricing is expected to offset inflationary pressures, and the "One Big Beautiful Bill Act" will provide material 2025 cash tax savings.
Management expects a more normalized operating environment in 2026 and beyond.
What drives HCS repair vs. replacement shift?
Acquisition strategy for 2026 and beyond
Plan to reduce elevated inventory levels?
When will channel destocking normalize?
Quantify DuroDyne/Supco 2026 EPS accretion.
Describe 2026 industry pricing discipline outlook.
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Next Lennox International earnings date
Q4 202530 Jan, 2026
Next Lennox International earnings date
Q4 202530 Jan, 2026
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Frequently asked questions
Lennox International Inc., designs, manufactures, and markets a range of products for the heating, ventilation, air conditioning, and refrigeration markets. The company’s products include air conditioners for residential, light commercial, and heavy-duty applications, heat exchangers for commercial HVAC systems, exhaust fans for residential and light commercial use, hybrid heat pumps for residential and light commercial use, mechanical room ventilation systems for HVAC systems, gas furnaces and boilers for residential heating applications and water heaters. It also offers replacement parts; home heating system services; installation services; installation kits; service agreements; financing programs; financing options; wireless controls software; furniture; thermostat controls that regulate the temperature of air entering or leaving an HVAC unit to provide proportional heating or cooling within individual rooms or zones of a building without manual adjustment. Lennox International Inc. is based in Richardson, Texas.
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