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Watsco
Watsco (WSO) investor relations material
Watsco Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary17 Feb, 2026
Executive summary
Achieved record gross margin and operating cash flow despite regulatory changes, industry volatility, and macroeconomic headwinds, including the transition to A2L refrigerants and supply chain disruptions since 2019.
Increased annual dividend by 10% to $13.20 per share, marking 52 consecutive years of dividend payments.
Maintained a debt-free balance sheet with $780 million in cash and investments, supporting ongoing investments in technology and growth.
Completed 12 acquisitions totaling over $1.6 billion in sales and acquired three distributors in key Sunbelt markets during 2025.
Continued to scale digital platforms, with e-commerce accounting for 35% of sales, $2.5 billion in e-commerce sales, and 73,000 contractors engaging digitally.
Financial highlights
Full-year 2025 revenues decreased 5% to $7.24 billion; gross profit decreased 1% to $2.03 billion.
Gross margin expanded 120 basis points to a record 28.0% in 2025, with a Q4 margin of 27.1%.
Operating income declined 8% to $720 million (operating margin 10.0% vs. 10.3% prior year); earnings per share were $12.25, down from $13.30 last year.
Operating cash flow was $570 million for the year and a record $400 million in Q4.
SG&A expenses dropped 2% in Q4, reflecting improved operating efficiency.
Outlook and guidance
Management expects a more conventional industry environment and improved growth prospects in 2026, with further opportunities to optimize inventory and operating efficiency.
Early 2026 sales down mid-single digits (~5%), partly due to severe weather, but not indicative of full-year trends.
Focus remains on driving sales growth, customer relationships, and leveraging new technology and AI for efficiency.
Q4 operating income decline despite margin gain
Technology's impact on operating efficiency
How will cash from inventory reduction be deployed
What is the expected impact of A2L normalization on unit volumes?
Detail gross margin drivers beyond pricing
What is the inventory turn target and strategy?
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Next Watsco earnings date
Q1 202622 Apr, 2026
Watsco
Next Watsco earnings date
Q1 202622 Apr, 2026
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Frequently asked questions
Watsco, Inc., distributes air conditioning, heating, and refrigeration equipment, and related parts and supplies in the United States, Canada, Mexico, and Puerto Rico. The company offers residential ducted and ductless air conditioners; gas, electric, and oil furnaces; commercial air conditioning and heating equipment systems; and other specialized equipment. It also distributes thermostats, insulation materials, refrigerants, ductwork products, tools and supplies, thermostat wire and cable products, installation materials, grills and registers, registers steel products, adapters/couplings/manifolds core removal tools/accessories line sets cables portable soda machines gas conversion kits condenser pads line sets portable soda machines gas conversion kits grainger condenser pads. Watsco, Inc. was founded in 1945 and is headquartered in Miami, Florida.
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