Watsco Q1 revenue falls 2% to $1.53 billion; EPS $1.93 versus $2.17 a year earlier
Watsco reported first-quarter 2025 results for the quarter ended March 31, 2025, with revenues down 2% to $1.53 billion and diluted EPS of $1.93 versus $2.17 a year earlier. The company said the decline reflects early stages of a large-scale product transition to A2L refrigerant systems, and operating cash flow was a use of $178 million, which the company attributed to inventory investments and the timing of vendor payments.
Key points
- Revenues decreased 2% to $1.53 billion; gross profit of $430 million was flat versus last year
- Gross profit margin improved 60 basis points to 28.1%; operating income was $112 million versus $127 million a year earlier
- Diluted EPS was $1.93 versus $2.17 for the prior year
- Operating cash flow was a use of $178 million; the company held $432 million of cash and no outstanding debt at March 31, 2025
The filing
Written by AI on Nov 8, 2026, 1:12 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 23, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.