Watsco Inc. (WSO) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$4.39	$4	-8.9%	—	—	—
Q4 26	$1.68	$1.87	+11.3%	—	—	—
Q3 26	$1.89	$1.68	-11.1%	—	—	—
Q2 26	$4.29	$3.98	-7.2%	—	—	—
Q1 26	$4.83	$4.52	-6.4%	—	—	—
Q4 25	$2.25	$1.93	-14.2%	—	—	—
Q3 25	$2.2	$2.37	+7.7%	—	—	—
Q2 25	$4.74	$4.22	-11.0%	—	—	—
Q1 25	$4.73	$4.49	-5.1%	—	—	—
Q4 24	$2.27	$2.17	-4.4%	—	—	—
Q3 24	$2.4	$2.06	-14.2%	—	—	—
Q2 24	$4.27	$4.35	+1.9%	—	—	—
Q1 24	$4.93	$4.42	-10.3%	—	—	—
Q4 23	$2.39	$2.83	+18.4%	—	—	—
Q3 23	$2.15	$3.55	+65.1%	—	—	—
Q2 23	$4.46	$4.03	-9.6%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$11.4	—	—	$7.2B	—
FY24	—	$12.4	—	—	$7.6B	—
FY23	—	$12.6	—	—	$7.3B	—
FY22	—	$14.2	—	—	$7.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$4.2B	$4.3B	$4.5B	$4.8B	$5.1B	$6.3B	$7.3B	$7.3B	$7.6B	$7.2B
YoY change	+2.61%	+2.87%	+4.71%	+4.92%	+5.97%	+24.2%	+15.8%	+0.13%	+4.59%	-4.98%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	4.2B	4.3B	4.5B	4.8B	5.1B	6.3B	7.3B	7.3B	7.6B	7.2B
Cost of revenue	3.2B	3.3B	3.4B	3.6B	3.8B	4.6B	5.2B	5.3B	5.6B	5.2B
Gross profit	1B	1.1B	1.1B	1.2B	1.2B	1.7B	2B	2B	2B	2B
Gross margin	24.5%	24.5%	24.6%	24.3%	24.2%	26.6%	27.9%	27.4%	26.8%	28%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	689M	715.7M	757.5M	800.3M	833.1M	1.1B	1.2B	1.2B	1.3B	1.3B
Operating expenses	689M	711.8M	748.2M	790.1M	833.1M	1.1B	1.2B	1.2B	1.3B	1.3B
Operating income	345.6M	350M	362.8M	356.6M	389.8M	609.2M	808.9M	768.6M	751.3M	692.6M
Operating margin	8.19%	8.06%	7.98%	7.48%	7.71%	9.7%	11.1%	10.6%	9.86%	9.57%
Non-operating income, net	—	3.9M	9.3M	10.3M	11.3M	19.3M	22.7M	26.2M	30.5M	27.8M
Pretax income	341.9M	347.5M	369.3M	362.9M	399.8M	627.5M	829.4M	789.9M	802.6M	737.7M
Income tax	105.9M	90.2M	72.8M	67.1M	76.6M	128.8M	125.7M	155.8M	166.9M	150.1M
Net income	236M	257.3M	296.5M	295.8M	323.2M	498.7M	703.7M	634.1M	635.7M	587.6M
Net margin	5.59%	5.93%	6.52%	6.2%	6.39%	7.94%	9.67%	8.71%	8.34%	8.12%
EBITDA	365.7M	375.9M	394.2M	391.4M	426.9M	656.7M	863.3M	829.9M	792.1M	736.3M
EPS	4.73	5.12	5.96	5.9	6.39	9.83	14.2	12.6	12.4	11.4
Diluted EPS	4.73	5.12	5.96	5.9	6.39	9.83	14.2	12.6	12.4	11.4

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.1B	1.6B	1.6B	2.1B	2.2B	1.8B	1.5B	2.1B	2.1B	1.6B	1.5B	2.1B
Cost of revenue	1.6B	1.2B	1.1B	1.6B	1.6B	1.3B	1.1B	1.5B	1.5B	1.2B	1.1B	1.5B
Gross profit	566.9M	414.4M	430.6M	579.8M	566.2M	468.1M	429.6M	603.5M	568.9M	428.4M	427.6M	578.9M
Gross margin	26.7%	25.8%	27.5%	27.1%	26.2%	26.7%	28.1%	29.3%	27.5%	27.1%	27.9%	27.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	319.8M	312.5M	309.5M	319M	326.4M	338.5M	322.6M	339M	343.7M	332.6M	322.9M	349M
Operating expenses	310.3M	312.5M	309.5M	311M	326.4M	338.5M	322.6M	331.6M	343.7M	332.6M	322.9M	340.6M
Operating income	256.6M	81.6M	121.1M	268.8M	239.9M	129.6M	107M	271.9M	225.3M	95.8M	104.7M	238.4M
Operating margin	12.1%	5.09%	7.74%	12.6%	11.1%	7.39%	6.99%	13.2%	10.9%	6.07%	6.83%	11.3%
Non-operating income, net	—	—	5.5M	—	10.4M	6.6M	5.1M	—	9.5M	5.7M	5.5M	—
Pretax income	254.7M	108.7M	129M	273.7M	257M	142.9M	117.6M	274.2M	238.5M	107.4M	116.6M	241.9M
Income tax	54.1M	11M	24.7M	59.1M	55.4M	27.7M	23.1M	57.4M	49.3M	20.3M	23.7M	50.6M
Net income	200.6M	97.7M	104.3M	214.7M	201.6M	115.2M	94.5M	216.8M	189.2M	87M	92.9M	191.3M
Net margin	9.43%	6.1%	6.66%	10%	9.34%	6.57%	6.17%	10.5%	9.15%	5.51%	6.06%	9.09%
EBITDA	265.4M	117.4M	131M	278.8M	250.3M	140.1M	117.8M	282.8M	236.3M	106.9M	115.7M	249.3M
EPS	4.04	1.92	2.17	4.19	3.94	2.21	1.8	4.23	3.72	1.57	1.75	3.71
Diluted EPS	4.04	1.92	2.17	4.19	3.94	2.21	1.8	4.23	3.72	1.57	1.75	3.71

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	5.3B	6.3B	5.2B	6.9B	8.7B	12.2B	9.7B	16.9B	19.1B	13.7B	12.9B
Enterprise value	5.4B	6.3B	5.3B	7.2B	8.8B	12.4B	9.9B	17.1B	18.8B	13.4B	12.8B
Shares outstanding	35.5M	37.2M	37.5M	38.2M	38.6M	38.8M	38.8M	39.5M	40.4M	40.6M	40.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	22.3	24.6	17.6	23.3	27	24.4	13.8	26.7	30.1	23.3	27.6
P/S	1.25	1.46	1.15	1.44	1.73	1.94	1.33	2.32	2.51	1.89	1.8
P/B	4.2	4.08	3.25	4.02	4.91	6.09	4.3	6.47	6.24	4.24	4.09
EV/EBITDA	14.9	16.7	13.4	18.4	20.6	18.9	11.5	20.6	23.7	18.2	18.2
EV/Sales	1.29	1.44	1.16	1.51	1.74	1.98	1.36	2.35	2.47	1.85	1.76
Earnings yield	4.48%	4.06%	5.69%	4.29%	3.7%	4.1%	7.27%	3.75%	3.32%	4.3%	3.63%
FCF yield	4.53%	4.56%	2.94%	4.62%	5.93%	2.67%	5.54%	3.11%	3.89%	3.91%	3.74%
PEG	—	—	—	—	—	—	—	—	—	—	-2.21

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	24.5%	24.5%	24.6%	24.3%	24.2%	26.6%	27.9%	27.4%	26.8%	28%	27.5%
Operating margin	8.19%	8.06%	7.98%	7.48%	7.71%	9.7%	11.1%	10.6%	9.86%	9.57%	10.9%
Net margin	5.59%	5.93%	6.52%	6.2%	6.39%	7.94%	9.67%	8.71%	8.34%	8.12%	6.53%
ROE	18.9%	16.6%	18.5%	17.2%	18.2%	25%	31.3%	24.2%	20.7%	18.2%	16.7%
ROA	12.6%	12.6%	13.7%	11.6%	13%	16.2%	20.2%	17%	14.2%	13.3%	8.37%
ROIC	16.7%	17.4%	17.6%	14.4%	17%	21.5%	27.5%	22%	21.8%	18.6%	14.9%
Return on tangible assets	29.6%	26.8%	27.4%	21.3%	24.5%	27%	30.9%	26.7%	20.1%	19.1%	15.8%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.94	3.21	4.03	3.35	3.05	2.7	2.54	3.36	3.13	4.12	3.2
Quick ratio	1.76	1.38	1.69	1.36	1.44	1.16	1.02	1.47	1.72	2.18	1.45
Debt / equity	0.19	0.01	0.08	0.22	0.12	0.19	0.17	0.15	0.15	0.15	0.15
Debt / assets	0.13	0.01	0.06	0.15	0.09	0.12	0.11	0.11	0.1	0.11	0.11
Net debt / EBITDA	0.49	-0.15	0.13	0.78	0.16	0.38	0.28	0.23	-0.42	-0.35	0.1
Interest coverage	93.1	55.6	135.8	91	323.7	631.1	384.1	161.5	—	—	—
Effective tax rate	31%	26%	19.7%	18.5%	19.2%	20.5%	15.2%	19.7%	20.8%	20.3%	20.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	118.8	116.6	121.4	124.7	131.1	161.7	187.5	184.4	188.8	178.4	191.9
EPS (basic)	4.73	5.12	5.96	5.9	6.39	9.83	14.2	12.6	12.4	11.4	11.4
EPS (diluted)	4.73	5.12	5.96	5.9	6.39	9.83	14.2	12.6	12.4	11.4	11.5
Book value per share	35.2	41.7	42.8	44.8	46.1	51.4	57.9	66.3	75.9	79.4	77.6
FCF per share	6.7	7.75	4.09	8.31	13.4	8.34	13.8	13.3	18.4	13.2	16.9
Cash per share	1.58	2.16	2.21	1.95	3.79	3.04	3.8	5.32	19.4	18.1	12
Capex per share	0.02	0	0.01	0.04	0	0.03	0.05	0.03	0.01	0.85	0.88

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.02%	0%	0.01%	0.03%	0%	0.02%	0.03%	0.02%	0%	0.48%	0.5%
Capex / operating cash flow	0.32%	0.08%	0.1%	0.41%	0.02%	0.38%	0.32%	0.23%	0.03%	6.07%	4.93%
Payout ratio	54.1%	63.8%	70.6%	81.6%	82.2%	59.1%	47.2%	60.3%	66.6%	80.6%	105.4%
Dividend yield	2.42%	2.59%	4.01%	3.5%	3.04%	2.42%	3.44%	2.26%	2.21%	3.47%	4.28%

Yield

4.28%

trailing twelve months

Frequency

Quarterly

Last dividend

$3.30

ex-dividend Jul 16, 2026

Payout ratio

105%

of earnings

Dividend growth

12 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 16, 2026	$3.30
Apr 16, 2026	$3.30
Jan 16, 2026	$3.00

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.1B	$1.6B	$1.6B	$2.1B	$2.2B	$1.8B	$1.5B	$2.1B	$2.1B	$1.6B	$1.5B	$2.1B
YoY change	+4.47%	+1.39%	+0.93%	+6.8%	+1.56%	+9.4%	-2.17%	-3.59%	-4.31%	-9.99%	+0.13%	+2.06%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	56M	80.5M	82.9M	74.5M	146.1M	118.3M	147.5M	210.1M	781.9M	733.3M
Receivables	476M	478.1M	501.9M	533.8M	535.3M	698.5M	747.1M	797.8M	877.9M	796.2M
Inventory	685M	761.3M	837.1M	920.8M	781.3M	1.1B	1.4B	1.3B	1.4B	1.4B
Total current assets	1.2B	1.3B	1.4B	1.5B	1.5B	2B	2.3B	2.4B	3.1B	3B
Property, plant & equipment	19.4M	16.7M	15.7M	240M	226.5M	293.7M	349.7M	404.9M	456.3M	477.6M
Goodwill & intangibles	1.1B	1.1B	1.1B	1.2B	1.2B	1.2B	1.2B	1.4B	1.3B	1.3B
Total assets	1.9B	2B	2.2B	2.6B	2.5B	3.1B	3.5B	3.7B	4.5B	4.4B
Accounts payable	185.5M	230.5M	200.2M	239.7M	251.6M	364.2M	456.1M	369.4M	490.9M	350.4M
Short-term debt	200K	244K	246K	69.4M	71.8M	84.5M	147M	100.3M	110.3M	117.2M
Total current liabilities	314.9M	416.5M	357.6M	461.7M	487.1M	726.7M	906.5M	712M	983.9M	717.7M
Long-term debt	235.6M	22.1M	135.8M	312M	144.3M	285.2M	243.5M	304.5M	337.2M	361.6M
Total liabilities	622.9M	495.9M	559.3M	841.4M	704.6M	1.1B	1.2B	1.1B	1.4B	1.2B
Shareholders' equity	1.3B	1.6B	1.6B	1.7B	1.8B	2B	2.2B	2.6B	3.1B	3.2B
Total debt	235.8M	22.3M	136M	381.4M	216.1M	369.7M	390.5M	404.8M	447.5M	478.8M
Net debt	179.8M	-58.2M	53.1M	306.9M	70.1M	251.4M	243M	194.7M	-78.8M	45.5M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	175M	210.1M	478.9M	424.9M	550M	781.9M	431.8M	293M	524.3M	733.3M	592.7M	464.2M
Receivables	949.3M	797.8M	832.1M	1B	944.5M	877.9M	794.3M	1B	941.9M	796.2M	839.2M	1.1B
Inventory	1.5B	1.3B	1.7B	1.6B	1.6B	1.4B	1.8B	2B	1.6B	1.4B	1.7B	1.9B
Total current assets	2.7B	2.4B	3B	3B	3.1B	3.1B	3B	3.3B	3.1B	3B	3.2B	3.5B
Property, plant & equipment	497M	404.9M	521.9M	523.1M	541.3M	456.3M	570.8M	563.2M	565.8M	477.6M	594M	656.2M
Goodwill & intangibles	1.3B	1.4B	1.3B	1.3B	1.3B	1.3B	1.3B	1.4B	1.3B	1.3B	1.3B	1.5B
Total assets	4B	3.7B	4.4B	4.4B	4.5B	4.5B	4.5B	4.7B	4.6B	4.4B	4.6B	5.1B
Accounts payable	509.3M	369.4M	687.6M	564.1M	549.4M	490.9M	545.6M	678.1M	411.4M	350.4M	587.4M	660.3M
Short-term debt	98.5M	100.3M	102.9M	104.4M	107.4M	110.3M	113.3M	115.4M	116.7M	117.2M	117.7M	119.7M
Total current liabilities	887.6M	712M	1B	945.2M	933.1M	983.9M	925.1M	1.1B	812.1M	717.7M	951.9M	1.1B
Long-term debt	390.3M	304.5M	306.3M	307.1M	321M	337.2M	346.4M	338.7M	340.8M	361.6M	368.5M	415.5M
Total liabilities	1.4B	1.1B	1.4B	1.4B	1.4B	1.4B	1.4B	1.5B	1.3B	1.2B	1.4B	1.6B
Shareholders' equity	2.7B	2.6B	2.9B	3B	3.2B	3.1B	3.1B	3.2B	3.3B	3.2B	3.2B	3.5B
Total debt	488.8M	404.8M	409.2M	411.5M	428.4M	447.5M	459.7M	454.1M	457.5M	478.8M	486.2M	535.3M
Net debt	313.8M	194.7M	130.3M	186.7M	134M	-78.8M	27.9M	161.1M	133.2M	45.5M	93.5M	171.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	236M	257.3M	296.5M	295.8M	323.2M	498.7M	703.7M	634.1M	635.7M	587.6M
Depreciation & amortization	20.1M	22M	22.1M	24.5M	25.9M	28.1M	31.7M	35.1M	40.8M	43.8M
Stock-based compensation	12.3M	13.3M	15.5M	17M	22.1M	25.4M	28.8M	30M	35M	35.3M
Change in working capital	-38.7M	-76M	-110.8M	-207K	167.1M	-201.7M	-196.7M	-119.8M	78.2M	-102.1M
Operating cash flow	230.3M	205.9M	231.6M	338.4M	538.4M	356.5M	581M	572.3M	790M	569.6M
Capital expenditure	744K	168K	228K	1.4M	94K	1.4M	1.9M	1.3M	262K	-34.5M
Investing cash flow	744K	-63.4M	-9.2M	-63.2M	94K	-123.1M	1.8M	-5.9M	-260.6M	-98.6M
Dividends paid	-127.6M	-164.1M	-209.2M	-241.4M	-265.7M	-294.5M	-332.4M	-382.6M	-423.5M	-473.8M
Share repurchases	-4M	-4.7M	-3.8M	-1.5M	-2.3M	-1.1M	-87.1M	-2.8M	-39.7M	-3.7M
Financing cash flow	-227.9M	-415.6M	-161.4M	-243.5M	-448.5M	-160.6M	-557M	-489.2M	-189.6M	-592.9M
Net change in cash	3.1M	-273.2M	61.1M	31.6M	90M	72.7M	25.8M	77.2M	339.9M	-121.9M
Free cash flow	238.2M	288.6M	153.4M	318M	517.9M	324.1M	536.3M	526.5M	743M	535.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	200.6M	97.7M	104.3M	214.7M	201.6M	115.2M	94.5M	216.8M	189.2M	87M	92.9M	191.3M
Depreciation & amortization	—	—	—	—	—	—	—	—	11M	11.1M	11M	10.9M
Stock-based compensation	—	—	—	—	—	—	—	—	9.1M	8.7M	8.1M	8.6M
Change in working capital	—	—	—	—	—	—	—	—	151M	282.9M	-137.5M	-207.5M
Operating cash flow	200.6M	97.7M	104.3M	214.7M	201.6M	115.2M	94.5M	216.8M	354.9M	399.8M	-18.9M	-2.5M
Capital expenditure	—	—	—	—	—	—	—	—	-8.9M	-11.3M	-7M	-9M
Investing cash flow	—	—	—	—	—	—	—	—	-208.8M	-111.7M	93M	98.7M
Dividends paid	—	—	—	—	—	—	—	—	-121.6M	-121.7M	-121.8M	-134.1M
Share repurchases	—	—	—	—	—	—	—	—	-3.7M	0	-590K	-813K
Financing cash flow	—	—	—	—	—	—	—	—	-119.1M	-185.5M	-114M	-131.9M
Net change in cash	200.6M	97.7M	104.3M	214.7M	201.6M	115.2M	94.5M	216.8M	27M	102.6M	-39.8M	-35.7M
Free cash flow	—	—	—	—	—	—	—	—	346.1M	388.5M	-25.9M	-11.5M

Date	Ratio
Aug 17, 1998	3:2
Jun 17, 1996	3:2
May 16, 1995	3:2
Apr 9, 1992	105:100

Watsco Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history