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WATSCO INC

WSO Clue Score56
United States Fiscal year ends December CIK 0000105016
$279.90 -0.83% Close, 9 Oct 2026
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Price $279.90 +1.93% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue4,220.7Operating income345.6Net income182.8EPS, diluted5.15Fiscal year 2017Revenue4,342.0 +2.9%Operating income353.9Net income208.2 +13.9%EPS, diluted5.81 +12.8%Fiscal year 2018Revenue4,546.7 +4.7%Operating income372.1Net income242.9 +16.7%EPS, diluted6.49 +11.7%Fiscal year 2019Revenue4,770.4 +4.9%Operating income366.9Net income246.0 +1.2%EPS, diluted6.50 +0.2%Fiscal year 2020Revenue5,054.9 +6.0%Operating income401.0Net income269.6 +9.6%EPS, diluted7.01 +7.8%Fiscal year 2021Revenue6,280.2 +24.2%Operating income628.5Net income418.9 +55.4%EPS, diluted10.78 +53.8%Fiscal year 2022Revenue7,274.3 +15.8%Operating income831.6Net income601.2 +43.5%EPS, diluted15.41 +42.9%Fiscal year 2023Revenue7,283.8 +0.1%Operating income794.8Net income536.3 −10.8%EPS, diluted13.67 −11.3%Fiscal year 2024Revenue7,618.3 +4.6%Operating income781.8Net income536.3 −0.0%EPS, diluted13.30 −2.7%Fiscal year 2025Revenue7,239.3 −5.0%Operating income720.3Net income497.0 −7.3%EPS, diluted12.25 −7.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 4,220.7 4,342.0 4,546.7 4,770.4 5,054.9 6,280.2 7,274.3 7,283.8 7,618.3 7,239.3
Growth +2.9% +4.7% +4.9% +6.0% +24.2% +15.8% +0.1% +4.6% −5.0%
Operating income 345.6 353.9 372.1 366.9 401.0 628.5 831.6 794.8 781.8 720.3
Net income 182.8 208.2 242.9 246.0 269.6 418.9 601.2 536.3 536.3 497.0
Growth +13.9% +16.7% +1.2% +9.6% +55.4% +43.5% −10.8% −0.0% −7.3%
EPS, diluted 5.15 5.81 6.49 6.50 7.01 10.78 15.41 13.67 13.30 12.25
Growth +12.8% +11.7% +0.2% +7.8% +53.8% +42.9% −11.3% −2.7% −7.9%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin24.5%Operating margin8.2%Net margin4.3%Free cash flow margin5.6%Fiscal year 2017Gross margin24.5%Operating margin8.2%Net margin4.8%Free cash flow margin6.6%Fiscal year 2018Gross margin24.6%Operating margin8.2%Net margin5.3%Free cash flow margin3.4%Fiscal year 2019Gross margin24.3%Operating margin7.7%Net margin5.2%Free cash flow margin6.7%Fiscal year 2020Gross margin24.2%Operating margin7.9%Net margin5.3%Free cash flow margin10.2%Fiscal year 2021Gross margin26.6%Operating margin10.0%Net margin6.7%Free cash flow margin5.2%Fiscal year 2022Gross margin27.9%Operating margin11.4%Net margin8.3%Free cash flow margin7.4%Fiscal year 2023Gross margin27.4%Operating margin10.9%Net margin7.4%Free cash flow margin7.2%Fiscal year 2024Gross margin26.8%Operating margin10.3%Net margin7.0%Free cash flow margin9.8%Fiscal year 2025Gross margin28.0%Operating margin10.0%Net margin6.9%Free cash flow margin7.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
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%
Free cash flow margin 5.6% 6.6% 3.4% 6.7% 10.2% 5.2% 7.4% 7.2% 9.8% 7.4%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow281.7Capital expenditure−43.6Free cash flow238.2Dividends paid−127.6Fiscal year 2017Operating cash flow306.5Capital expenditure−17.9Free cash flow288.6 +21.2%Dividends paid−164.1Fiscal year 2018Operating cash flow170.6Capital expenditure−17.2Free cash flow153.4 −46.9%Dividends paid−209.2Fiscal year 2019Operating cash flow335.8Capital expenditure−17.8Free cash flow318.0 +107.3%Dividends paid−241.4Fiscal year 2020Operating cash flow534.4Capital expenditure−16.4Free cash flow517.9 +62.9%Dividends paid−265.7Fiscal year 2021Operating cash flow349.6Capital expenditure−25.5Free cash flow324.1 −37.4%Dividends paid−294.5Fiscal year 2022Operating cash flow572.0Capital expenditure−35.7Free cash flow536.3 +65.5%Dividends paid−332.4Fiscal year 2023Operating cash flow562.0Capital expenditure−35.5Free cash flow526.5 −1.8%Dividends paid−382.6Fiscal year 2024Operating cash flow773.1Capital expenditure−30.1Free cash flow743.0 +41.1%Dividends paid−423.5Fiscal year 2025Operating cash flow569.6Capital expenditure−34.6Free cash flow535.1 −28.0%Dividends paid−473.8
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 281.7 306.5 170.6 335.8 534.4 349.6 572.0 562.0 773.1 569.6
Capital expenditure −43.6 −17.9 −17.2 −17.8 −16.4 −25.5 −35.7 −35.5 −30.1 −34.6
Free cash flow 238.2 288.6 153.4 318.0 517.9 324.1 536.3 526.5 743.0 535.1
Growth +21.2% −46.9% +107.3% +62.9% −37.4% +65.5% −1.8% +41.1% −28.0%
Dividends paid −127.6 −164.1 −209.2 −241.4 −265.7 −294.5 −332.4 −382.6 −423.5 −473.8

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash56.0Shareholders’ equity1,005.8Fiscal year 2017Cash80.5Shareholders’ equity1,298.0Fiscal year 2018Cash82.9Shareholders’ equity1,347.8Fiscal year 2019Cash74.5Shareholders’ equity1,435.4Fiscal year 2020Cash146.1Shareholders’ equity1,486.7Fiscal year 2021Cash118.3Shareholders’ equity1,664.9Fiscal year 2022Cash147.5Shareholders’ equity1,889.2Fiscal year 2023Cash210.1Shareholders’ equity2,229.8Fiscal year 2024Cash526.3Shareholders’ equity2,657.0Fiscal year 2025Cash433.3Shareholders’ equity2,781.4
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 56.0 80.5 82.9 74.5 146.1 118.3 147.5 210.1 526.3 433.3
Shareholders’ equity 1,005.8 1,298.0 1,347.8 1,435.4 1,486.7 1,664.9 1,889.2 2,229.8 2,657.0 2,781.4

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
4,220.7 4,342.0 4,546.7 4,770.4 5,054.9 6,280.2 7,274.3 7,283.8 7,618.3 7,239.3
Growth +2.9% +4.7% +4.9% +6.0% +24.2% +15.8% +0.1% +4.6% −5.0%
3,186.1 3,276.3 3,426.4 3,613.4 3,832.1 4,612.6 5,244.1 5,291.6 5,573.6 5,208.8
1,034.6 1,065.7 1,120.3 1,157.0 1,222.8 1,667.5 2,030.3 1,992.1 2,044.7 2,030.5
Growth +3.0% +5.1% +3.3% +5.7% +36.4% +21.8% −1.9% +2.6% −0.7%
689.0 715.7 757.5 800.3 833.1 1,058.3 1,221.4 1,223.5 1,293.4 1,337.9
345.6 353.9 372.1 366.9 401.0 628.5 831.6 794.8 781.8 720.3
Growth +2.4% +5.1% −1.4% +9.3% +56.7% +32.3% −4.4% −1.6% −7.9%
341.9 347.5 369.3 362.9 399.8 627.5 829.4 789.9 802.6 737.7
105.9 90.2 72.8 67.1 76.6 128.8 125.7 155.8 166.9 150.1
182.8 208.2 242.9 246.0 269.6 418.9 601.2 536.3 536.3 497.0
Growth +13.9% +16.7% +1.2% +9.6% +55.4% +43.5% −10.8% −0.0% −7.3%
Per share
5.16 5.81 6.50 6.51 7.03 10.83 15.46 13.72 13.34 12.27
5.15 5.81 6.49 6.50 7.01 10.78 15.41 13.67 13.30 12.25
Growth +12.8% +11.7% +0.2% +7.8% +53.8% +42.9% −11.3% −2.7% −7.9%
32.6 32.8 34.3 34.6 35.1 35.2 n/a 36.4 37.4 37.8
32.6 32.9 34.4 34.7 35.2 35.4 n/a 36.5 37.5 37.9
Growth +0.8% +4.6% +0.9% +1.4% +0.8% +2.7% +1.0%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 7.4% a year over five years, and earnings per share grew 11.8% a year.
  • The diluted share count rose 9.3% in five years, which is dilution.
  • Operating margin is up 2.0 points on five years ago, at 10.0%.
  • Profitable in every one of the 10 years on file.