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Watsco (WSO) is a Industrials company in the Russell 1000. Latest news and coverage below.
Watsco revenue & net income history (FY2016–FY2025)
| FY2016Dec 2016 | FY2017Dec 2017 | FY2018Dec 2018 | FY2019Dec 2019 | FY2020Dec 2020 | FY2021Dec 2021 | FY2022Dec 2022 | FY2023Dec 2023 | FY2024Dec 2024 | FY2025Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $4.22B | $4.34B | $4.55B | $4.77B | $5.05B | $6.28B | $7.27B | $7.28B | $7.62B | $7.24B |
| Growth (year over year) | +2.6% | +2.9% | +4.7% | +4.9% | +6.0% | +24.2% | +15.8% | +0.1% | +4.6% | −5.0% |
| Gross profit | $1.03B | $1.07B | $1.12B | $1.16B | $1.22B | $1.67B | $2.03B | $1.99B | $2.04B | $2.03B |
| Gross margin | 24.5% | 24.5% | 24.6% | 24.3% | 24.2% | 26.6% | 27.9% | 27.4% | 26.8% | 28.0% |
| Operating income | $345.6M | $353.9M | $372.1M | $366.9M | $401.0M | $628.5M | $831.6M | $794.8M | $781.8M | $720.3M |
| Operating margin | 8.2% | 8.2% | 8.2% | 7.7% | 7.9% | 10.0% | 11.4% | 10.9% | 10.3% | 10.0% |
| Net income | $182.8M | $208.2M | $242.9M | $245.9M | $269.6M | $418.9M | $601.2M | $536.3M | $536.3M | $497.0M |
| Net margin | 4.3% | 4.8% | 5.3% | 5.2% | 5.3% | 6.7% | 8.3% | 7.4% | 7.0% | 6.9% |
| EPS (diluted) | $5.15 | $5.81 | $6.49 | $6.50 | $7.01 | $10.78 | $15.41 | $13.67 | $13.30 | $12.25 |
| Balance sheet | ||||||||||
| Cash and equivalents | $56.0M | $80.5M | $82.9M | $74.5M | $146.1M | $118.3M | $147.5M | $210.1M | $526.3M | $433.3M |
| Total assets | $1.87B | $2.05B | $2.16B | $2.56B | $2.48B | $3.09B | $3.49B | $3.73B | $4.48B | $4.41B |
| Total liabilities | $622.9M | $495.9M | $559.3M | $841.4M | $704.6M | $1.09B | $1.24B | $1.11B | $1.42B | $1.19B |
| Long-term debt | $235.6M | $22.1M | $135.8M | $312.0M | $144.3M | $285.2M | $243.5M | $304.5M | $337.2M | $361.6M |
| Shareholders' equity | $1.01B | $1.30B | $1.35B | $1.44B | $1.49B | $1.66B | $1.89B | $2.23B | $2.66B | $2.78B |
| Cash flow | ||||||||||
| Operating cash flow | $281.7M | $306.5M | $170.6M | $335.8M | $534.4M | $349.6M | $572.0M | $562.0M | $773.1M | $569.6M |
| Capital expenditure | $43.6M | $17.9M | $17.2M | $17.8M | $16.4M | $25.5M | $35.7M | $35.5M | $30.1M | $34.5M |
| Free cash flow | $238.2M | $288.6M | $153.4M | $318.0M | $517.9M | $324.1M | $536.3M | $526.5M | $743.0M | $535.1M |
| Dividends paid | $127.6M | $164.1M | $209.2M | $241.4M | $265.7M | $294.5M | $332.4M | $382.6M | $423.5M | $473.8M |
| Q3 FY24Sep 2024 | Q4 FY24†Dec 2024 | Q1 FY25Mar 2025 | Q2 FY25Jun 2025 | Q3 FY25Sep 2025 | Q4 FY25†Dec 2025 | Q1 FY26Mar 2026 | Q2 FY26Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $2.16B | $1.75B | $1.53B | $2.06B | $2.07B | $1.58B | $1.53B | $2.10B |
| Growth (year over year) | +1.6% | +9.4% | −2.2% | −3.6% | −4.3% | −10.0% | +0.1% | +2.1% |
| Gross profit | $566.2M | $468.1M | $429.6M | $603.5M | $568.9M | $428.4M | $427.6M | $578.9M |
| Gross margin | 26.2% | 26.7% | 28.1% | 29.3% | 27.5% | 27.1% | 27.9% | 27.5% |
| Operating income | $250.2M | $136.2M | $112.2M | $271.9M | $234.8M | $101.5M | $110.2M | $238.4M |
| Operating margin | 11.6% | 7.8% | 7.3% | 13.2% | 11.4% | 6.4% | 7.2% | 11.3% |
| Net income | $171.0M | $96.8M | $80.1M | $183.6M | $161.6M | $71.7M | $79.1M | $163.3M |
| Net margin | 7.9% | 5.5% | 5.2% | 8.9% | 7.8% | 4.5% | 5.2% | 7.8% |
| EPS (diluted) | $4.22 | $2.42 | $1.93 | $4.52 | $3.98 | $1.82 | $1.87 | $4.00 |
| Balance sheet | ||||||||
| Cash and equivalents | $294.4M | $526.3M | $431.8M | $293.0M | $324.3M | $433.3M | $392.7M | $364.2M |
| Total assets | $4.52B | $4.48B | $4.45B | $4.73B | $4.55B | $4.41B | $4.65B | $5.08B |
| Total liabilities | $1.36B | $1.42B | $1.37B | $1.51B | $1.25B | $1.19B | $1.43B | $1.61B |
| Long-term debt | $321.0M | $337.2M | $346.4M | $338.7M | $340.8M | $361.6M | $368.5M | — |
| Shareholders' equity | $2.70B | $2.66B | $2.67B | $2.76B | $2.81B | $2.78B | $2.76B | $2.99B |
| Cash flow | ||||||||
| Operating cash flow | $232.8M | $378.9M | −$177.6M | −$7.45M | $354.9M | $399.8M | −$18.9M | −$2.54M |
| Capital expenditure | $9.80M | $8.03M | $7.54M | $6.84M | $8.88M | $11.3M | $6.96M | $8.99M |
| Free cash flow | $223.0M | $370.9M | −$185.2M | −$14.3M | $346.1M | $388.5M | −$25.9M | −$11.5M |
| Dividends paid | $108.9M | $109.0M | $109.0M | $121.5M | $121.6M | $121.7M | $121.8M | $134.1M |
From Watsco's 10-K and 10-Q filings with the SEC; its fiscal year ends in December. Each period shows the latest figure the company has reported for it, including restatements. † Quarter derived from the company's year-to-date or full-year totals. Filings on SEC EDGAR →
About Watsco
Watsco, Inc. is a distributor of air conditioning, heating and refrigeration equipment, and related parts and supplies (HVAC/R) in the United States. Watsco was founded more than 60 years ago as a manufacturer of parts, components, and tools used in the HVAC/R industry. In 1989, the company shifted from manufacturing to distribution, by acquiring Gemaire Distributors Inc., a South Florida-based Rheem distributor.
- Headquarters
- Coconut Grove, Florida From SEC filings, Oct 2026
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