AOS financial statements

The full income statement, balance sheet, and cash-flow statement for A. O. Smith (AOS), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	3.83B YoY+0.3%	3.82B YoY-0.9%	3.85B YoY+2.6%	3.75B YoY+6.1%	3.54B YoY+22.2%
	1.49B YoY+2.1%	1.46B YoY-1.9%	1.48B YoY+11.7%	1.33B YoY+1.4%	1.31B YoY+18.3%
Cost of revenue	2.34B YoY-0.8%	2.36B YoY-0.3%	2.37B YoY-2.3%	2.42B YoY+8.8%	2.23B YoY+24.7%
Research & development	95.0M YoY-6.6%	102M YoY+4.3%	97.5M YoY+9.6%	89.0M YoY-5.5%	94.2M YoY+16.7%
Selling, general & administrative	759M YoY+2.7%	739M YoY+1.6%	727M YoY+8.4%	671M YoY-4.3%	701M YoY+6.2%
Restructuring	0.00 YoY-100.0%	17.6M	—	0.00	0.00 YoY-100.0%
Amortization of intangibles	14.8M YoY+16.5%	12.7M YoY+0.8%	12.6M YoY-1.6%	12.8M YoY+4.1%	12.3M YoY-15.2%
Operating income	729M YoY+3.0%	708M YoY-5.1%	746M YoY+105.9%	362M YoY-46.9%	682M YoY+35.5%
Interest expense	13.5M YoY+101.5%	6.70M YoY-44.2%	12.0M YoY+27.7%	9.40M YoY+118.6%	4.30M YoY-41.1%
Other non-operating income	600K YoY-92.9%	8.50M YoY+23.2%	6.90M YoY+101.6%	-426M YoY-2186.3%	20.4M YoY+85.5%
Pre-tax income	715M YoY+2.0%	701M YoY-4.4%	734M YoY+227.9%	224M YoY-64.2%	626M YoY+40.9%
Income tax	169M YoY+0.9%	167M YoY-5.4%	177M YoY+1574.2%	-12.0M YoY-108.7%	139M YoY+39.9%
Net income	546M YoY+2.4%	534M YoY-4.1%	557M YoY+136.1%	236M YoY-51.6%	487M YoY+41.2%
	$3.85 YoY+6.1%	$3.63 YoY-1.6%	$3.69 YoY+144.4%	$1.51 YoY-50.0%	$3.02 YoY+42.5%
EPS (basic)	$3.87 YoY+6.0%	$3.65 YoY-1.6%	$3.71 YoY+144.1%	$1.52 YoY-50.2%	$3.05 YoY+43.2%
	141M YoY-3.4%	146M YoY-2.6%	150M YoY-3.1%	155M YoY-3.2%	160M YoY-1.0%
	142M YoY-3.5%	147M YoY-2.6%	151M YoY-3.1%	156M YoY-3.4%	161M YoY-0.8%
Dividends per share	$1.38 YoY+6.2%	$1.30 YoY+6.6%	$1.22 YoY+7.0%	$1.14 YoY+7.5%	$1.06 YoY+8.2%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.29B YoY-7.3%	1.39B YoY-7.2%	1.50B YoY-8.2%	1.63B YoY-6.8%	1.75B YoY+8.3%
Cash & equivalents	175M YoY-27.2%	240M YoY-29.5%	340M YoY-13.1%	391M YoY-11.8%	443M YoY-22.6%
Short-term investments	18.7M YoY-48.8%	36.5M YoY+55.3%	23.5M YoY-74.1%	90.6M YoY-51.8%	188M YoY+61.5%
Cash & short-term investments	193M YoY-30.0%	276M YoY-24.0%	363M YoY-24.6%	482M YoY-23.7%	631M
Accounts receivable	582M YoY+7.6%	541M YoY-9.2%	596M YoY+2.5%	581M YoY-8.4%	634M YoY+8.4%
Inventory	479M YoY-9.9%	532M YoY+7.0%	497M YoY-3.7%	516M YoY+15.3%	448M YoY+49.2%
Other current assets	36.7M YoY-15.2%	43.3M YoY-0.5%	43.5M YoY-19.9%	54.3M YoY+38.9%	39.1M YoY-9.7%
	3.14B YoY-3.0%	3.24B YoY+0.8%	3.21B YoY-3.6%	3.33B YoY-4.1%	3.47B YoY+9.9%
Property, plant & equipment	635M YoY+1.0%	629M YoY+5.2%	598M YoY+1.2%	591M YoY-2.6%	607M YoY+12.1%
Operating lease right-of-use	46.3M YoY+41.2%	32.8M YoY-12.1%	37.3M YoY+25.2%	29.8M YoY-8.3%	32.5M YoY-21.9%
Goodwill	711M YoY-6.7%	762M YoY+20.3%	633M YoY+2.2%	620M YoY-1.3%	628M YoY+14.8%
Intangible assets	362M YoY+12.8%	321M YoY-4.6%	337M YoY-3.2%	348M YoY-4.6%	365M YoY+12.6%
Other non-current assets	97.0M YoY-5.6%	103M YoY-5.4%	109M YoY-1.6%	111M YoY+22.8%	90.0M YoY+1.0%
	863M YoY-3.9%	897M YoY-5.1%	945M YoY+1.2%	934M YoY-16.5%	1.12B YoY+26.2%
Accounts payable	504M YoY-14.4%	589M YoY-1.9%	600M YoY-4.1%	626M YoY-16.1%	746M YoY+25.3%
Accrued liabilities	148M YoY-3.6%	153M YoY-13.8%	177M YoY+11.5%	159M YoY-12.5%	182M YoY+12.3%
Deferred revenue	34.2M YoY-37.1%	54.4M YoY-8.9%	59.7M YoY-30.3%	85.7M YoY-44.8%	155M YoY+72.4%
Short-term & current debt	42.3M YoY+323.0%	10.0M YoY+0.0%	10.0M YoY+0.0%	10.0M YoY+47.1%	6.80M YoY+0.0%
Current lease liability	10.8M YoY-4.4%	11.3M YoY-2.6%	11.6M YoY+17.2%	9.90M YoY-15.4%	11.7M YoY+5.4%
	1.28B YoY-5.3%	1.36B YoY-0.9%	1.37B YoY-13.6%	1.58B YoY-3.5%	1.64B YoY+25.1%
Long-term debt	113M YoY-38.5%	183M YoY+56.2%	117M YoY-64.9%	335M YoY+76.1%	190M YoY+78.5%
Non-current lease liability	37.1M YoY+57.9%	23.5M YoY-15.8%	27.9M YoY+24.6%	22.4M YoY+0.4%	22.3M YoY-35.2%
Other non-current liabilities	138M YoY+16.6%	118M YoY-18.9%	146M YoY-11.5%	165M YoY-9.4%	182M YoY+2.6%
	1.86B YoY-1.4%	1.88B YoY+2.1%	1.84B YoY+5.5%	1.75B YoY-4.6%	1.83B YoY-0.9%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Additional paid-in capital	614M YoY+2.2%	601M YoY+4.0%	578M YoY+4.0%	556M YoY+2.0%	545M YoY+4.8%
Retained earnings	3.95B YoY+9.7%	3.60B YoY+10.5%	3.26B YoY+12.9%	2.88B YoY+2.1%	2.83B YoY+12.6%
Treasury stock	2.90B YoY+16.1%	2.50B YoY+13.6%	2.20B YoY+15.6%	1.91B YoY+26.8%	1.50B YoY+30.1%
Accumulated other comprehensive income	-98.6M YoY+11.9%	-112M YoY-32.9%	-84.2M YoY-2.2%	-82.4M YoY+75.1%	-331M YoY-3.2%
Total liabilities & equity	3.14B YoY-3.0%	3.24B YoY+0.8%	3.21B YoY-3.6%	3.33B YoY-4.1%	3.47B YoY+9.9%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	617M YoY+6.0%	582M YoY-13.2%	670M YoY+71.3%	391M YoY-38.9%	641M YoY+14.1%
Depreciation & amortization	85.1M YoY+8.0%	78.8M YoY+0.6%	78.3M YoY+1.8%	76.9M YoY-1.3%	77.9M YoY-2.6%
Change in receivables	36.4M YoY+174.3%	-49.0M YoY-398.8%	16.4M YoY+138.6%	-42.5M YoY-266.7%	25.5M YoY+666.7%
Change in inventory	-56.9M YoY-240.5%	40.5M YoY+323.8%	-18.1M YoY-121.9%	82.8M YoY-24.4%	110M YoY+3875.9%
Change in payables	-97.9M YoY-1559.3%	-5.90M YoY+72.4%	-21.4M YoY+76.1%	-89.4M YoY-162.6%	143M YoY+66.9%
	-53.0M YoY+80.2%	-267M YoY-1008.3%	-24.1M YoY-397.5%	8.10M YoY+102.3%	-350M YoY-3065.3%
Capital expenditure	70.8M YoY-34.4%	108M YoY+48.8%	72.6M YoY+3.3%	70.3M YoY-6.4%	75.1M YoY+32.2%
Free cash flow	546M YoY+15.2%	474M YoY-20.7%	598M YoY+86.1%	321M YoY-43.3%	566M YoY+12.0%
Acquisitions	0.00 YoY-100.0%	146M YoY+768.5%	16.8M YoY+110.0%	8.00M YoY-96.1%	208M
	-633M YoY-55.0%	-408M YoY+40.4%	-685M YoY-58.9%	-431M YoY-2.3%	-421M YoY-12.3%
Long-term debt issued	1.09B YoY-1.2%	1.10B YoY+59.9%	688M YoY+356.8%	151M YoY+80.4%	83.5M
Long-term debt repaid	1.12B YoY+9.2%	1.03B YoY+13.7%	906M	0.00	0.00 YoY-100.0%
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	401M YoY+31.1%	306M YoY-0.2%	307M YoY-24.0%	404M YoY+10.1%	367M YoY+546.4%
Dividends paid	196M YoY+2.8%	190M YoY+3.8%	184M YoY+3.6%	177M YoY+4.2%	170M YoY+7.2%
FX effect on cash	4.20M YoY+163.6%	-6.60M YoY+48.4%	-12.8M YoY+38.5%	-20.8M	0.00
Net change in cash	-65.1M YoY+35.1%	-100M YoY-95.5%	-51.3M YoY+1.5%	-52.1M YoY+59.9%	-130M YoY-165.2%
Interest paid	13.5M YoY+101.5%	6.70M YoY-45.5%	12.3M YoY+32.3%	9.30M YoY+121.4%	4.20M YoY-44.7%
Income taxes paid	165M YoY-12.0%	188M YoY-0.9%	190M YoY+8.0%	175M YoY+33.7%	131M YoY+15.0%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	9.49B YoY-5.4%	10.0B YoY-19.5%	12.5B YoY+40.4%	8.88B YoY-35.9%	13.8B YoY+55.4%
P/E	17.4× YoY-7.6%	18.8× YoY-54.9%	41.7× YoY+132.5%	17.9× YoY-37.0%	28.4× YoY+10.0%
P/S	2.5× YoY-5.7%	2.6× YoY-19.9%	3.3× YoY+40.9%	2.3× YoY-40.5%	3.9× YoY+27.1%
P/B	5.1× YoY-4.1%	5.3× YoY-19.6%	6.6× YoY+30.4%	5.1× YoY-32.8%	7.6× YoY+56.7%
P/FCF	17.4× YoY-17.9%	21.2× YoY-6.0%	22.5× YoY+1.0%	22.3× YoY-8.9%	24.5× YoY+38.7%
	5.8% YoY+8.2%	5.3% YoY+121.6%	2.4% YoY-57.0%	5.6% YoY+58.7%	3.5% YoY-9.1%
	5.8% YoY+21.8%	4.7% YoY+6.3%	4.4% YoY-1.0%	4.5% YoY+9.8%	4.1% YoY-27.9%
	2.1% YoY+8.3%	1.9% YoY+28.8%	1.5% YoY-25.7%	2.0% YoY+61.3%	1.2% YoY-30.9%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: AOS's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all AOS filings on SEC EDGAR → Not investment advice.