NYSE : WSO
Watsco, Inc. — Financial statements
Industrials · Industrial Distribution · United States
Last price 303.56 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 11.71B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Watsco, Inc. (WSO) reported revenue of 7.44B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 7.44B | 7.24B | 7.62B | 7.28B | 7.27B | 6.28B |
| Cost of Revenue | 5.42B | 5.21B | 5.57B | 5.29B | 5.24B | 4.61B |
| Gross Profit | 2.02B | 2.03B | 2.04B | 1.99B | 2.03B | 1.67B |
| Selling, General & Admin | 1.33B | 1.29B | 1.26B | 1.19B | 1.19B | 1.03B |
| Amortization of Goodwill & Intangibles | 5.34M | 5.34M | 5.43M | 4.32M | 4.71M | 5.56M |
| Operating Expenses | 1.37B | 1.34B | 1.30B | 1.22B | 1.22B | 1.06B |
| Operating Income | 647.54M | 694.14M | 748.04M | 771.42M | 809.82M | 609.47M |
| Interest Expense | -4.92M | -2.17M | -996.00K | |||
| Interest & Investment Income | 20.40M | 17.33M | 20.87M | |||
| Earnings From Equity Investments | 29.31M | 27.77M | 30.50M | 26.18M | 22.67M | 19.30M |
| Currency Exchange Gain (Loss) | -1.56M | -1.56M | 3.23M | -2.79M | -917.00K | -237.00K |
| Pretax Income | 695.69M | 737.68M | 802.64M | 789.89M | 829.41M | 627.53M |
| Income Tax Expense | 141.56M | 150.09M | 166.90M | 155.75M | 125.72M | 128.80M |
| Earnings From Continuing Operations | 554.14M | 587.59M | 635.74M | 634.14M | 703.70M | 498.74M |
| Minority Interest in Earnings | -84.61M | -90.59M | -99.45M | -97.80M | -102.53M | -79.79M |
| Net Income | 469.52M | 496.99M | 536.29M | 536.34M | 601.17M | 418.94M |
| Preferred Dividends & Other Adjustments | 32.81M | 32.81M | 37.39M | 36.97M | 51.37M | 37.27M |
| Net Income to Common | 436.71M | 464.18M | 498.89M | 499.37M | 549.80M | 381.67M |
| Shares Outstanding (Basic) | 38.10M | 37.84M | 37.39M | 36.41M | 35.56M | 35.24M |
| Shares Outstanding (Diluted) | 38.16M | 37.90M | 37.51M | 36.53M | 35.68M | 35.42M |
| EPS (Basic) | 11.46 | 12.27 | 13.34 | 13.72 | 15.46 | 10.83 |
| EPS (Diluted) | 11.46 | 12.25 | 13.30 | 13.67 | 15.41 | 10.78 |
| Free Cash Flow | 666.15M | 535.06M | 743.01M | 526.48M | 536.31M | 324.10M |
| Free Cash Flow Per Share | 17.46 | 14.12 | 19.81 | 14.41 | 15.03 | 9.15 |
| Dividend Per Share | 12.60 | 11.70 | 10.55 | 9.80 | 8.55 | 7.62 |
| Gross Margin | 27.18% | 28.05% | 26.84% | 27.35% | 27.91% | 26.55% |
| Operating Margin | 8.71% | 9.59% | 9.82% | 10.59% | 11.13% | 9.71% |
| Profit Margin | 5.87% | 6.41% | 6.55% | 6.86% | 7.56% | 6.08% |
| Free Cash Flow Margin | 8.96% | 7.39% | 9.75% | 7.23% | 7.37% | 5.16% |
| EBITDA | 692.59M | 737.89M | 788.86M | 806.51M | 841.51M | 637.59M |
| EBITDA Margin | 9.31% | 10.19% | 10.36% | 11.07% | 11.57% | 10.15% |
| D&A For EBITDA | 45.05M | 43.75M | 40.82M | 35.09M | 31.68M | 28.13M |
| EBIT | 647.54M | 694.14M | 748.04M | 771.42M | 809.82M | 609.47M |
| EBIT Margin | 8.71% | 9.59% | 9.82% | 10.59% | 11.13% | 9.71% |
| Effective Tax Rate | 20.35% | 20.35% | 20.79% | 19.72% | 15.16% | 20.52% |
| Advertising Expenses | 24.09M | 25.34M | 28.24M | 25.88M | 21.55M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 498.70M | 433.28M | 526.27M | 210.11M | 147.50M | 118.27M |
| Short-Term Investments | 150.00M | 300.00M | 255.67M | |||
| Cash & Short-Term Investments | 648.70M | 733.28M | 781.94M | 210.11M | 147.50M | 118.27M |
| Receivables | 1.01B | 796.18M | 877.93M | 797.83M | 747.11M | 698.46M |
| Inventory | 1.84B | 1.39B | 1.39B | 1.35B | 1.37B | 1.12B |
| Other Current Assets | 51.90M | 38.73M | 34.67M | 36.70M | 33.95M | 29.21M |
| Total Current Assets | 3.55B | 2.95B | 3.08B | 2.39B | 2.30B | 1.96B |
| Property, Plant & Equipment | 682.25M | 588.56M | 559.67M | 504.98M | 442.74M | 379.55M |
| Long-Term Investments | 190.20M | 171.19M | 148.78M | 134.48M | 117.60M | |
| Goodwill | 462.51M | 451.86M | 457.15M | 430.71M | 434.02M | |
| Other Intangible Assets | 1.00B | 210.43M | 208.47M | 218.15M | 175.19M | 186.90M |
| Other Long-Term Assets | 8.60M | 8.35M | 8.20M | 6.36M | 6.40M | |
| Total Assets | 5.23B | 4.41B | 4.48B | 3.73B | 3.49B | 3.09B |
| Accounts Payable | 1.00B | 350.43M | 490.88M | 369.40M | 456.13M | 364.19M |
| Accrued Expenses | 231.46M | 361.46M | 220.96M | 282.37M | 261.32M | |
| Current Portion of Long-Term Debt | 56.40M | |||||
| Current Portion of Leases | 124.45M | 117.15M | 110.27M | 100.27M | 90.60M | 84.50M |
| Other Current Liabilities | 18.71M | 21.29M | 21.39M | 21.02M | 16.71M | |
| Total Current Liabilities | 1.13B | 717.74M | 983.90M | 712.01M | 906.52M | 726.72M |
| Long-Term Debt | 15.40M | 89.00M | ||||
| Long-Term Leases | 429.27M | 361.63M | 337.19M | 289.13M | 243.53M | 196.21M |
| Long-Term Deferred Tax Liabilities | 142.52M | 105.20M | 86.30M | 87.86M | 81.36M | 68.65M |
| Other Long-Term Liabilities | 8.16M | 7.89M | 8.59M | 8.52M | 7.86M | |
| Total Liabilities | 1.70B | 1.19B | 1.42B | 1.11B | 1.24B | 1.09B |
| Common Stock | 3.03B | 22.32M | 22.22M | 22.13M | 21.81M | 21.84M |
| Additional Paid-In Capital | 1.56B | 1.47B | 1.15B | 973.06M | 1.00B | |
| Retained Earnings | 1.32B | 1.30B | 1.18B | 1.03B | 760.80M | |
| Treasury Stock | -73.23M | -73.48M | -86.63M | -87.44M | -87.44M | |
| Comprehensive Income & Other | -50.30M | -59.89M | -42.33M | -47.71M | -34.18M | |
| Total Common Equity | 3.03B | 2.78B | 2.66B | 2.23B | 1.89B | 1.66B |
| Minority Interest | 506.40M | 440.69M | 407.25M | 386.35M | 359.04M | 332.47M |
| Shareholders' Equity | 3.54B | 3.22B | 3.06B | 2.62B | 2.25B | 2.00B |
| Total Liabilities & Equity | 5.23B | 4.41B | 4.48B | 3.73B | 3.49B | 3.09B |
| Total Debt | 553.72M | 478.79M | 447.46M | 404.79M | 390.53M | 369.71M |
| Net Cash (Debt) | 94.98M | 254.50M | 334.48M | -194.68M | -243.02M | -251.45M |
| Net Cash Per Share | 2.49 | 6.71 | 8.92 | -5.33 | -6.81 | -7.10 |
| Filing Date Shares Outstanding | 38.56M | 37.94M | 37.78M | 36.76M | 36.24M | 35.41M |
| Total Common Shares Outstanding | 38.56M | 37.91M | 37.75M | 36.75M | 36.21M | 35.34M |
| Working Capital | 2.42B | 2.24B | 2.10B | 1.68B | 1.39B | 1.23B |
| Book Value Per Share | 78.56 | 73.36 | 70.39 | 60.67 | 52.18 | 47.11 |
| Tangible Book Value | 2.03B | 2.11B | 2.00B | 1.55B | 1.28B | 1.04B |
| Tangible Book Value Per Share | 52.61 | 55.61 | 52.90 | 42.30 | 35.44 | 29.54 |
| Land | 676.00K | 676.00K | 676.00K | 676.00K | 676.00K | |
| Buildings | 110.97M | 103.39M | 100.09M | 93.03M | 85.86M | |
| Machinery | 298.31M | 285.97M | 256.81M | 228.19M | 198.28M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 469.52M | 496.99M | 536.29M | 536.34M | 601.17M | 418.94M |
| Depreciation & Amortization | 45.05M | 43.75M | 40.82M | 35.09M | 31.68M | 28.13M |
| Loss (Gain) From Sale of Assets | 407.00K | 407.00K | 536.00K | -143.00K | -1.62M | 350.00K |
| Loss (Gain) on Equity Investments | -29.31M | -27.77M | -30.50M | -26.18M | -22.67M | -19.30M |
| Stock-Based Compensation | 43.75M | 44.09M | 43.76M | 38.86M | 35.57M | 30.52M |
| Provision & Write-off of Bad Debts | 7.92M | 5.20M | 4.29M | 7.16M | 8.54M | 6.89M |
| Other Operating Activities | 102.68M | 109.03M | 99.68M | 90.62M | 116.00M | 85.73M |
| Change in Accounts Receivable | -52.23M | 83.42M | -85.56M | -36.03M | -60.15M | -130.41M |
| Change in Inventory | -180.35M | 11.96M | -41.68M | 64.62M | -259.86M | -243.66M |
| Change in Accounts Payable | 287.97M | -203.05M | 197.76M | -162.04M | 121.99M | 182.82M |
| Change in Other Net Operating Assets | 8.01M | 5.58M | 7.70M | 13.66M | 1.33M | -10.44M |
| Operating Cash Flow | 703.42M | 569.61M | 773.10M | 561.95M | 571.96M | 349.57M |
| Capital Expenditures | -37.28M | -34.55M | -30.09M | -35.48M | -35.65M | -25.46M |
| Sale of Property, Plant & Equipment | 457.00K | 457.00K | 262.00K | 1.31M | 1.86M | 1.36M |
| Cash Acquisitions | 7.77M | -19.20M | -5.17M | -3.82M | -47.00K | -129.46M |
| Investment in Securities | 49.50M | -44.83M | -255.67M | -3.35M | 4.99M | |
| Investing Cash Flow | 20.45M | -98.12M | -290.67M | -41.34M | -33.84M | -148.58M |
| Long-Term Debt Issued | 15.40M | 89.00M | ||||
| Total Debt Issued | 15.40M | 89.00M | ||||
| Long-Term Debt Repaid | -5.97M | -21.43M | -60.45M | -35.64M | -2.04M | |
| Net Debt Issued (Repaid) | -5.97M | -5.97M | -21.43M | -45.05M | -35.64M | 86.96M |
| Issuance of Common Stock | 36.20M | 46.48M | 326.09M | 44.31M | 20.42M | 21.01M |
| Repurchase of Common Stock | -3.66M | -3.66M | -39.67M | -2.83M | -87.11M | -1.09M |
| Common Dividends Paid | -513.69M | -473.76M | -423.52M | -382.65M | -332.45M | -294.52M |
| Other Financing Activities | -61.95M | -131.20M | -73.86M | -69.18M | -40.96M | |
| Financing Cash Flow | -549.07M | -568.12M | -158.53M | -460.08M | -503.96M | -228.60M |
| Foreign Exchange Rate Adjustments | -448.00K | 3.64M | -7.74M | 2.07M | -4.93M | -186.00K |
| Net Cash Flow | 174.35M | -92.99M | 316.16M | 62.61M | 29.24M | -27.80M |
| Free Cash Flow | 666.15M | 535.06M | 743.01M | 526.48M | 536.31M | 324.10M |
| Free Cash Flow Margin | 8.96% | 7.39% | 9.75% | 7.23% | 7.37% | 5.16% |
| Free Cash Flow Per Share | 17.46 | 14.12 | 19.81 | 14.41 | 15.03 | 9.15 |
| Levered Free Cash Flow | 452.23M | 290.91M | 667.67M | 339.18M | 345.59M | 135.60M |
| Unlevered Free Cash Flow | 452.23M | 290.91M | 667.67M | 342.25M | 346.94M | 136.22M |
| Cash Interest Paid | 697.00K | 697.00K | 969.00K | 10.12M | 3.50M | 913.00K |
| Cash Income Tax Paid | 124.60M | 188.44M | 105.74M | 124.98M | ||
| Change in Working Capital | 63.40M | -102.09M | 78.23M | -119.80M | -196.69M | -201.69M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 11.87B | 12.79B | 18.18B | 15.74B | 8.81B | 11.05B |
| Enterprise Value | 11.77B | 13.21B | 18.52B | 16.49B | 9.43B | 11.57B |
| Last Close Price | 303.56 | 325.19 | 445.57 | 393.53 | 222.33 | 270.27 |
| PE Ratio | 26.82 | 27.56 | 36.44 | 31.51 | 16.03 | 28.96 |
| Forward PE | 24.57 | 26.43 | 33.09 | 28.91 | 18.29 | 29.35 |
| PS Ratio | 1.60 | 1.77 | 2.39 | 2.16 | 1.21 | 1.76 |
| PB Ratio | 3.86 | 3.97 | 5.93 | 6.01 | 3.92 | 5.53 |
| P/TBV Ratio | 5.85 | 6.07 | 9.11 | 10.12 | 6.87 | 10.59 |
| P/FCF Ratio | 17.82 | 23.91 | 24.47 | 29.89 | 16.44 | 34.10 |
| P/OCF Ratio | 16.88 | 22.46 | 23.51 | 28.00 | 15.41 | 31.62 |
| PEG Ratio | 3.02 | 3.02 | 3.20 | 2.20 | 2.94 | |
| EV/Sales Ratio | 1.58 | 1.82 | 2.43 | 2.26 | 1.30 | 1.84 |
| EV/EBITDA Ratio | 17.01 | 17.91 | 23.48 | 20.45 | 11.20 | 18.14 |
| EV/EBIT Ratio | 18.19 | 19.03 | 24.76 | 21.38 | 11.64 | 18.98 |
| EV/FCF Ratio | 17.68 | 24.69 | 24.93 | 31.32 | 17.58 | 35.69 |
| Debt / Equity Ratio | 0.16 | 0.15 | 0.15 | 0.15 | 0.17 | 0.18 |
| Debt / EBITDA Ratio | 0.65 | 0.54 | 0.48 | 0.44 | 0.41 | 0.50 |
| Debt / FCF Ratio | 0.83 | 0.90 | 0.60 | 0.77 | 0.73 | 1.14 |
| Net Debt / Equity Ratio | -0.03 | -0.08 | -0.11 | 0.07 | 0.11 | 0.13 |
| Net Debt / EBITDA Ratio | -0.14 | -0.34 | -0.42 | 0.24 | 0.29 | 0.39 |
| Net Debt / FCF Ratio | -0.14 | -0.48 | -0.45 | 0.37 | 0.45 | 0.78 |
| Asset Turnover | 1.52 | 1.63 | 1.86 | 2.02 | 2.21 | 2.25 |
| Inventory Turnover | 3.15 | 3.76 | 4.08 | 3.90 | 4.22 | 4.86 |
| Quick Ratio | 1.47 | 2.13 | 1.69 | 1.42 | 0.99 | 1.12 |
| Current Ratio | 3.15 | 4.12 | 3.13 | 3.36 | 2.54 | 2.70 |
| Return on Equity (ROE) | 16.21% | 18.69% | 22.38% | 26.07% | 33.15% | 26.41% |
| Return on Assets (ROA) | 8.27% | 9.75% | 11.39% | 13.36% | 15.40% | 13.68% |
| Return on Invested Capital (ROIC) | 14.77% | 19.41% | 21.39% | 23.36% | 28.99% | 23.64% |
| Return on Capital Employed (ROCE) | 15.80% | 18.80% | 21.40% | 25.60% | 31.40% | 25.80% |
| Earnings Yield | 3.73% | 3.89% | 2.95% | 3.41% | 6.82% | 3.79% |
| FCF Yield | 5.61% | 4.18% | 4.09% | 3.35% | 6.08% | 2.93% |
| Dividend Yield | 4.29% | 3.47% | 2.19% | 2.29% | 3.51% | 2.44% |
| Payout Ratio | 115.15% | 95.33% | 78.97% | 71.34% | 55.30% | 70.30% |
| Buyback Yield / Dilution | -0.82% | -1.04% | -2.68% | -2.38% | -0.73% | -0.78% |
| Total Shareholder Return | 3.49% | 2.43% | -0.49% | -0.09% | 2.78% | 1.66% |