Watsco (WSO)

NYSE Industrials Trading Companies & Distributors S&P MidCap 400

$304.34

-6.80 (-2.19%)

Close of Nov 06, 2026 · end-of-day data

Source: Watsco's 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 06, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$4.22B	$4.34B	$4.55B	$4.77B	$5.05B	$6.28B	$7.27B	$7.28B	$7.62B	$7.24B
Cost of revenue	$3.19B	$3.28B	$3.43B	$3.61B	$3.83B	$4.61B	$5.24B	$5.29B	$5.57B	$5.21B
Gross profit	$1.03B	$1.07B	$1.12B	$1.16B	$1.22B	$1.67B	$2.03B	$1.99B	$2.04B	$2.03B
Selling, general & admin	$688.95M	$715.67M	$757.45M	$800.33M	$833.05M	$1.06B	$1.22B	$1.22B	$1.29B	$1.34B
Operating income	$345.63M	$353.87M	$372.08M	$366.88M	$401.03M	$628.53M	$831.58M	$794.81M	$781.77M	$720.35M
Pre-tax income	$341.92M	$347.51M	$369.34M	$362.85M	$399.80M	$627.53M	$829.41M	$789.89M	$802.64M	$737.68M
Income tax	$105.94M	$90.22M	$72.81M	$67.08M	$76.62M	$128.80M	$125.72M	$155.75M	$166.90M	$150.09M
Net income	$182.81M	$208.22M	$242.93M	$245.95M	$269.58M	$418.94M	$601.17M	$536.34M	$536.29M	$496.99M
EBITDA	$365.70M	$375.91M	$394.18M	$391.40M	$426.94M	$656.65M	$863.26M	$829.90M	$822.60M	$764.10M
EPS (basic)	$5.16	$5.81	$6.50	$6.51	$7.03	$10.83	$15.46	$13.72	$13.34	$12.27
EPS (diluted)	$5.15	$5.81	$6.49	$6.50	$7.01	$10.78	$15.41	$13.67	$13.30	$12.25
Diluted shares	32.62M	32.86M	34.37M	34.68M	35.15M	35.42M	—	36.53M	37.51M	37.90M
Gross margin	24.5%	24.5%	24.6%	24.3%	24.2%	26.6%	27.9%	27.4%	26.8%	28.0%
Operating margin	8.2%	8.2%	8.2%	7.7%	7.9%	10.0%	11.4%	10.9%	10.3%	10.0%
Net margin	4.3%	4.8%	5.3%	5.2%	5.3%	6.7%	8.3%	7.4%	7.0%	6.9%

Balance sheet

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$56.01M	$80.50M	$82.89M	$74.45M	$146.07M	$118.27M	$147.50M	$210.11M	$526.27M	$433.28M
Short-term investments	—	—	—	—	—	—	—	$0	$255.67M	$300.00M
Receivables	$475.97M	$478.13M	$501.91M	$533.81M	$535.29M	$698.46M	$747.11M	$797.83M	$877.93M	$796.18M
Inventory	$685.01M	$761.31M	$837.13M	$920.79M	$781.30M	$1.12B	$1.37B	$1.35B	$1.39B	$1.39B
Total current assets	$1.24B	$1.34B	$1.44B	$1.55B	$1.48B	$1.96B	$2.30B	$2.39B	$3.08B	$2.95B
Goodwill	$379.74M	$382.73M	$411.22M	$412.49M	$412.49M	$434.02M	$430.71M	$457.15M	$451.86M	$462.51M
Total assets	$1.87B	$2.05B	$2.16B	$2.56B	$2.48B	$3.09B	$3.49B	$3.73B	$4.48B	$4.41B
Total current liabilities	$314.89M	$416.48M	$357.57M	$461.72M	$487.14M	$726.72M	$906.52M	$712.01M	$983.90M	$717.74M
Short-term debt	$200.00K	$244.00K	$246.00K	$69.42M	$71.80M	$84.50M	$90.60M	$100.27M	$110.27M	$117.15M
Long-term debt	$235.64M	$22.09M	$135.75M	$311.98M	$144.34M	$285.21M	$243.53M	$304.53M	$337.19M	$361.63M
Total debt	$235.84M	$22.33M	$136.00M	$381.40M	$216.14M	$369.71M	$334.13M	$404.79M	$447.46M	$478.79M
Total liabilities	$868.82M	$748.92M	$813.18M	$1.12B	$997.67M	$1.42B	$1.60B	$1.50B	$1.82B	$1.63B
Shareholders' equity	$1.01B	$1.30B	$1.35B	$1.44B	$1.49B	$1.66B	$1.89B	$2.23B	$2.66B	$2.78B

Cash flow

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	$281.73M	$306.52M	$170.56M	$335.77M	$534.38M	$349.57M	$571.96M	$561.95M	$773.10M	$569.61M
Capital expenditures	$43.58M	$17.88M	$17.15M	$17.80M	$16.44M	$25.46M	$35.65M	$35.48M	$30.09M	$34.55M
Free cash flow	$238.15M	$288.64M	$153.40M	$317.97M	$517.94M	$324.10M	$536.31M	$526.48M	$743.01M	$535.06M
Investing cash flow	-$42.83M	-$81.31M	-$26.31M	-$81.04M	-$16.34M	-$148.58M	-$33.84M	-$41.34M	-$290.67M	-$98.12M
Financing cash flow	-$217.89M	-$202.15M	-$139.60M	-$264.02M	-$448.49M	-$228.60M	-$503.96M	-$460.08M	-$158.53M	-$568.12M
Dividends paid	$127.60M	$164.15M	$209.22M	$241.41M	$265.71M	$294.52M	$332.45M	$382.65M	$423.52M	$473.76M
Stock-based compensation	$12.32M	$13.29M	$15.51M	$17.03M	$22.13M	$25.36M	$28.82M	$30.00M	$35.02M	$35.34M
Depreciation & amortization	$20.07M	$22.03M	$22.09M	$24.51M	$25.91M	$28.13M	$31.68M	$35.09M	$40.82M	$43.75M

Income statement

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	$1.60B	$1.56B	$2.14B	$2.16B	$1.75B	$1.53B	$2.06B	$2.07B	$1.58B	$1.53B	$2.10B	$2.22B
Cost of revenue	$1.19B	$1.13B	$1.56B	$1.59B	$1.29B	$1.10B	$1.46B	$1.50B	$1.15B	$1.11B	$1.53B	$1.63B
Gross profit	$414.42M	$430.62M	$579.76M	$566.24M	$468.08M	$429.62M	$603.49M	$568.91M	$428.44M	$427.56M	$578.93M	$586.29M
Selling, general & admin	$312.46M	$309.55M	$319.03M	$326.37M	$338.49M	$322.58M	$339.00M	$343.65M	$332.64M	$322.85M	$348.99M	$370.75M
Operating income	$107.75M	$126.54M	$268.80M	$250.25M	$136.19M	$112.19M	$271.87M	$234.76M	$101.53M	$110.18M	$238.37M	$225.21M
Pre-tax income	$108.75M	$129.01M	$273.72M	$257.02M	$142.90M	$117.61M	$274.20M	$238.50M	$107.38M	$116.64M	$241.87M	$229.80M
Income tax	$11.01M	$24.75M	$59.06M	$55.37M	$27.72M	$23.07M	$57.43M	$49.27M	$20.33M	$23.70M	$50.57M	$46.96M
Net income	$82.55M	$87.00M	$181.41M	$171.03M	$96.84M	$80.06M	$183.61M	$161.57M	$71.75M	$79.07M	$163.34M	$155.37M
EBITDA	$117.43M	$136.42M	$278.81M	$260.69M	$146.68M	$122.97M	$282.78M	$245.75M	$112.60M	$121.20M	$249.30M	$237.24M
EPS (basic)	$2.08	$2.17	$4.50	$4.24	$2.39	$1.93	$4.53	$3.98	$1.77	$1.87	$4.00	$3.77
EPS (diluted)	$2.07	$2.17	$4.49	$4.22	$2.38	$1.93	$4.52	$3.98	$1.77	$1.87	$4.00	$3.77
Diluted shares	—	—	—	37.67M	76.48K	37.85M	37.90M	37.92M	9.26K	37.96M	38.19M	38.56M
Gross margin	25.8%	27.5%	27.1%	26.2%	26.7%	28.1%	29.3%	27.5%	27.1%	27.9%	27.5%	26.4%
Operating margin	6.7%	8.1%	12.6%	11.6%	7.8%	7.3%	13.2%	11.4%	6.4%	7.2%	11.3%	10.1%
Net margin	5.1%	5.6%	8.5%	7.9%	5.5%	5.2%	8.9%	7.8%	4.5%	5.2%	7.8%	7.0%

Balance sheet

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Cash & equivalents	$210.11M	$278.86M	$224.85M	$294.35M	$526.27M	$431.82M	$292.98M	$324.35M	$433.28M	$392.68M	$364.19M	$498.70M
Short-term investments	$0	$200.00M	$200.00M	$255.67M	$255.67M	$0	$0	$200.00M	$300.00M	$200.00M	$100.00M	$150.00M
Receivables	$797.83M	$832.12M	$1.00B	$944.50M	$877.93M	$794.31M	$1.02B	$941.88M	$796.18M	$839.24M	$1.06B	$1.01B
Inventory	$1.35B	$1.66B	$1.57B	$1.60B	$1.39B	$1.78B	$1.95B	$1.60B	$1.39B	$1.72B	$1.89B	$1.84B
Total current assets	$2.39B	$3.00B	$3.03B	$3.13B	$3.08B	$3.04B	$3.30B	$3.12B	$2.95B	$3.18B	$3.45B	$3.55B
Goodwill	$457.15M	$459.44M	$458.35M	$458.83M	$451.86M	$454.87M	$466.17M	$465.06M	$462.51M	$461.36M	$559.69M	$518.87M
Total assets	$3.73B	$4.36B	$4.40B	$4.52B	$4.48B	$4.45B	$4.73B	$4.55B	$4.41B	$4.65B	$5.08B	$5.23B
Total current liabilities	$712.01M	$1.03B	$945.17M	$933.15M	$983.90M	$925.14M	$1.07B	$812.14M	$717.74M	$951.87M	$1.08B	$1.13B
Short-term debt	$100.27M	$102.90M	$104.41M	$107.37M	$110.27M	$113.32M	$115.42M	$116.70M	$117.15M	$117.71M	$119.72M	$124.45M
Long-term debt	$304.53M	$306.31M	$307.12M	$320.99M	$337.19M	$346.37M	$338.67M	$340.81M	$361.63M	$368.51M	—	—
Total debt	$404.79M	$409.21M	$411.53M	$428.36M	$447.46M	$459.69M	$454.09M	$457.51M	$478.79M	$486.23M	$119.72M	$124.45M
Total liabilities	$1.50B	$1.83B	$1.78B	$1.82B	$1.82B	$1.79B	$1.97B	$1.74B	$1.63B	$1.89B	$2.09B	$2.20B
Shareholders' equity	$2.23B	$2.53B	$2.61B	$2.70B	$2.66B	$2.67B	$2.76B	$2.81B	$2.78B	$2.76B	$2.99B	$3.03B

Cash flow

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Operating cash flow	$298.61M	$103.71M	$57.73M	$232.76M	$378.90M	-$177.64M	-$7.45M	$354.94M	$399.77M	-$18.91M	-$2.54M	$325.10M
Capital expenditures	$9.98M	$5.84M	$6.42M	$9.80M	$8.03M	$7.54M	$6.84M	$8.88M	$11.29M	$6.96M	$8.99M	$9.73M
Free cash flow	$288.64M	$97.86M	$51.32M	$222.97M	$370.87M	-$185.19M	-$14.28M	$346.06M	$388.47M	-$25.87M	-$11.52M	$315.37M
Investing cash flow	-$13.29M	-$210.97M	-$6.35M	-$65.40M	-$7.95M	$244.56M	-$22.30M	-$208.77M	-$111.60M	$93.14M	$98.63M	-$59.72M
Financing cash flow	-$252.44M	$178.40M	-$104.59M	-$98.87M	-$133.47M	-$161.68M	-$112.55M	-$113.57M	-$180.31M	-$113.97M	-$123.39M	-$131.40M
Dividends paid	$96.52M	$96.77M	$108.80M	$108.92M	$109.03M	$109.04M	$121.46M	$121.59M	$121.68M	$121.78M	$134.15M	$136.09M
Stock-based compensation	$9.21M	$8.13M	$8.39M	$8.55M	$9.96M	$8.80M	$8.81M	$9.07M	$8.66M	$8.08M	$8.63M	$9.12M
Depreciation & amortization	$9.68M	$9.88M	$10.01M	$10.44M	$10.49M	$10.78M	$10.91M	$10.99M	$11.07M	$11.02M	$10.92M	$12.03M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.