WSO financial statements

The full income statement, balance sheet, and cash-flow statement for Watsco Inc. (WSO), 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.

Shares outstanding (point-in-time)

2023-12 44.3M2024-09 37.7M2024-12 44.4M2025-03 37.9M2025-06 37.9M2025-09 37.9M2025-12 44.6M2026-03 38.0M2026-06 38.2M-13.7% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-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	7.24B YoY-5.0%	7.62B YoY+4.6%	7.28B YoY+0.1%	7.27B YoY+15.8%	6.28B YoY+24.2%
	2.03B YoY-0.7%	2.04B YoY+2.6%	1.99B YoY-1.9%	2.03B YoY+21.8%	1.67B YoY+36.4%
Cost of revenue	5.21B YoY-6.5%	5.57B YoY+5.3%	5.29B YoY+0.9%	5.24B YoY+13.7%	4.61B YoY+20.4%
Selling, general & administrative	1.34B YoY+3.4%	1.29B YoY+5.7%	1.22B YoY+0.2%	1.22B YoY+15.4%	1.06B YoY+27.0%
Amortization of intangibles	5.34M YoY-1.6%	5.43M YoY+25.6%	4.32M YoY-8.2%	4.71M YoY-15.3%	5.56M YoY-6.5%
Provision for credit losses	5.20M YoY+21.4%	4.29M YoY-40.1%	7.16M YoY-16.2%	8.54M YoY+24.0%	6.89M YoY+156.3%
Operating income	720M YoY-7.9%	782M YoY-1.6%	795M YoY-4.4%	832M YoY+32.3%	629M YoY+56.7%
Net interest income	17.3M YoY-17.0%	20.9M YoY+524.2%	-4.92M YoY-127.3%	-2.17M YoY-117.4%	-996K YoY+19.6%
Equity-method income	27.8M YoY-9.0%	30.5M YoY+16.5%	26.2M YoY+15.5%	22.7M YoY+17.5%	19.3M YoY+71.3%
Pre-tax income	738M YoY-8.1%	803M YoY+1.6%	790M YoY-4.8%	829M YoY+32.2%	628M YoY+57.0%
Income tax	150M YoY-10.1%	167M YoY+7.2%	156M YoY+23.9%	126M YoY-2.4%	129M YoY+68.1%
	497M YoY-7.3%	536M YoY-0.0%	536M YoY-10.8%	601M YoY+43.5%	419M YoY+55.4%
Net income to non-controlling interest	90.6M YoY-8.9%	99.5M YoY+1.7%	97.8M YoY-4.6%	103M YoY+28.5%	79.8M YoY+48.9%
Net income to common	464M YoY-7.0%	499M YoY-0.1%	499M	—	382M YoY+54.9%
	$12.25 YoY-7.9%	$13.30 YoY-2.7%	$13.67 YoY-11.3%	$15.41 YoY+42.9%	$10.78 YoY+53.8%
EPS (basic)	$12.27 YoY-8.0%	$13.34 YoY-2.8%	$13.72 YoY-11.3%	$15.46 YoY+42.8%	$10.83 YoY+54.1%
	37.8M YoY+1.2%	37.4M YoY+2.7%	36.4M	—	35.2M YoY+0.5%
	37.9M YoY+1.0%	37.5M YoY+2.7%	36.5M	—	35.4M YoY+0.8%
Dividends per share	$11.70 YoY+10.9%	$10.55 YoY+7.7%	$9.80 YoY+14.6%	$8.55 YoY+12.1%	$7.63 YoY+10.1%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.95B YoY-4.1%	3.08B YoY+28.8%	2.39B YoY+4.1%	2.30B YoY+17.2%	1.96B YoY+32.1%
Cash & equivalents	433M YoY-17.7%	526M YoY+150.5%	210M YoY+42.4%	148M YoY+24.7%	118M YoY-19.0%
Short-term investments	300M YoY+17.3%	256M	0.00	—	—
Accounts receivable	796M YoY-9.3%	878M YoY+10.0%	798M YoY+6.8%	747M YoY+7.0%	698M YoY+30.5%
Inventory	1.39B YoY+0.1%	1.39B YoY+2.8%	1.35B YoY-1.7%	1.37B YoY+22.8%	1.12B YoY+42.8%
Other current assets	38.7M YoY+11.7%	34.7M YoY-5.5%	36.7M YoY+8.1%	34.0M YoY+16.2%	29.2M YoY+34.0%
	4.41B YoY-1.4%	4.48B YoY+20.1%	3.73B YoY+6.9%	3.49B YoY+13.0%	3.09B YoY+24.2%
Property, plant & equipment	136M YoY-3.2%	141M YoY+3.2%	136M YoY+8.6%	125M YoY+13.0%	111M YoY+13.0%
Operating lease right-of-use	453M YoY+8.0%	419M YoY+13.7%	369M YoY+16.2%	317M YoY+18.2%	269M YoY+28.4%
Goodwill	463M YoY+2.4%	452M YoY-1.2%	457M YoY+6.1%	431M YoY-0.8%	434M YoY+5.2%
Intangible assets	210M YoY+0.9%	208M YoY-4.4%	218M YoY+24.5%	175M YoY-6.3%	187M YoY+10.0%
Other non-current assets	13.6M YoY+24.2%	10.9M YoY+1.7%	10.7M YoY+33.7%	8.03M YoY-12.6%	9.19M YoY-24.9%
	718M YoY-27.1%	984M YoY+38.2%	712M YoY-21.5%	907M YoY+24.7%	727M YoY+49.2%
Accounts payable	350M YoY-28.6%	491M YoY+32.9%	369M YoY-19.0%	456M YoY+25.2%	364M YoY+44.8%
Accrued liabilities	250M YoY-34.6%	383M YoY+57.9%	242M YoY-20.1%	303M YoY+9.1%	278M YoY+69.8%
Short-term & current debt	117M YoY+6.2%	110M YoY+10.0%	100M YoY+10.7%	90.6M YoY+7.2%	84.5M YoY+17.7%
Current lease liability	112M YoY+8.0%	104M YoY+8.8%	95.6M YoY+9.7%	87.1M YoY+6.3%	81.9M
Long-term debt	362M YoY+7.2%	337M YoY+10.7%	305M YoY+25.0%	244M YoY-14.6%	285M YoY+97.6%
Non-current lease liability	351M YoY+9.0%	322M YoY+16.2%	277M YoY+19.3%	232M YoY+24.1%	187M
Operating lease liability (total)	463M YoY+8.7%	426M YoY+14.3%	373M YoY+16.7%	319M YoY+18.7%	269M
Finance lease liability (total)	15.9M YoY-26.9%	21.8M YoY+28.9%	16.9M YoY+13.6%	14.9M YoY+26.4%	11.8M YoY+84.3%
Finance lease liability	11.0M YoY-28.8%	15.5M YoY+26.7%	12.2M YoY+7.3%	11.4M YoY+23.9%	9.19M YoY+91.0%
	2.78B YoY+4.7%	2.66B YoY+19.2%	2.23B YoY+18.0%	1.89B YoY+13.5%	1.66B YoY+12.0%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Additional paid-in capital	1.56B YoY+6.2%	1.47B YoY+27.6%	1.15B YoY+18.5%	973M YoY-3.1%	1.00B YoY+5.6%
Retained earnings	1.32B YoY+1.8%	1.30B YoY+9.5%	1.18B YoY+14.9%	1.03B YoY+35.3%	761M YoY+19.6%
Treasury stock	73.2M YoY-0.3%	73.5M YoY-15.2%	86.6M YoY-0.9%	87.4M YoY+0.0%	87.4M YoY+0.0%
Accumulated other comprehensive income	-50.3M YoY+16.0%	-59.9M YoY-41.5%	-42.3M YoY+11.3%	-47.7M YoY-39.6%	-34.2M YoY+2.0%
Non-controlling interest	441M YoY+8.2%	407M YoY+5.4%	386M YoY+7.6%	359M YoY+8.0%	332M YoY+13.4%
Total equity incl. non-controlling	3.22B YoY+5.2%	3.06B YoY+17.1%	2.62B YoY+16.4%	2.25B YoY+12.6%	2.00B YoY+12.2%
Total liabilities & equity	4.41B YoY-1.4%	4.48B YoY+20.1%	3.73B YoY+6.9%	3.49B YoY+13.0%	3.09B YoY+24.2%
	44.6M YoY+0.5%	44.4M YoY+0.4%	44.3M YoY+1.5%	43.6M YoY-0.1%	43.7M YoY+0.6%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	570M YoY-26.3%	773M YoY+37.6%	562M YoY-1.8%	572M YoY+63.6%	350M YoY-34.6%
Depreciation & amortization	43.8M YoY+7.2%	40.8M YoY+16.3%	35.1M YoY+10.8%	31.7M YoY+12.6%	28.1M YoY+8.6%
Intangible amortization	5.34M YoY-1.6%	5.43M YoY+25.6%	4.32M YoY-8.2%	4.71M YoY-15.3%	5.56M YoY-6.5%
Share-based compensation	35.3M YoY+0.9%	35.0M YoY+16.7%	30.0M YoY+4.1%	28.8M YoY+13.6%	25.4M YoY+14.6%
Deferred income taxes	18.4M YoY+7951.1%	229K YoY+103.2%	-7.18M YoY-153.3%	13.5M YoY+126.7%	5.94M YoY+14747.5%
Change in receivables	-83.4M YoY-197.5%	85.6M YoY+137.4%	36.0M YoY-40.1%	60.2M YoY-53.9%	130M YoY+3564.3%
Change in inventory	-12.0M YoY-128.7%	41.7M YoY+164.5%	-64.6M YoY-124.9%	260M YoY+6.6%	244M YoY+274.1%
Change in payables	—	—	—	—	183M YoY+438.7%
	-98.1M YoY+66.2%	-291M YoY-603.1%	-41.3M YoY-22.2%	-33.8M YoY+77.2%	-149M YoY-809.2%
Capital expenditure	34.5M YoY+14.8%	30.1M YoY-15.2%	35.5M YoY-0.5%	35.7M YoY+40.0%	25.5M YoY+54.9%
Free cash flow	535M YoY-28.0%	743M YoY+41.1%	526M YoY-1.8%	536M YoY+65.5%	324M YoY-37.4%
Acquisitions	19.2M YoY+271.1%	5.17M YoY+35.3%	3.82M YoY+8031.9%	47.0K YoY-100.0%	129M
Proceeds from sale of PP&E	457K YoY+74.4%	262K YoY-79.9%	1.31M YoY-29.9%	1.86M YoY+37.4%	1.36M YoY+1342.6%
	-568M YoY-258.4%	-159M YoY+65.5%	-460M YoY+8.7%	-504M YoY-120.5%	-229M YoY+49.0%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00 YoY-100.0%	20.4M YoY-2.8%	21.0M YoY+9.1%
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	474M YoY+11.9%	424M YoY+10.7%	383M YoY+15.1%	332M YoY+12.9%	295M YoY+10.8%
FX effect on cash	—	—	—	—	-186K YoY-109.0%
Net change in cash	-93.0M YoY-129.4%	316M YoY+405.0%	62.6M YoY+114.1%	29.2M YoY+205.2%	-27.8M YoY-138.8%
Interest paid	697K YoY-28.1%	969K YoY-90.4%	10.1M YoY+188.6%	3.50M YoY+283.9%	913K YoY-50.5%
Income taxes paid	165M YoY+32.2%	125M YoY-33.9%	188M YoY+78.2%	106M YoY-15.4%	125M YoY+76.3%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	15.0B YoY-28.6%	21.1B	—	—	13.7B YoY+39.0%
P/E	30.3× YoY-22.9%	39.3× YoY+41.2%	27.8× YoY+20.2%	23.1× YoY-29.1%	32.6× YoY-10.6%
P/S	2.1× YoY-24.8%	2.8×	—	—	2.2× YoY+11.9%
P/B	5.4× YoY-31.8%	7.9×	—	—	8.2× YoY+24.1%
P/FCF	28.1× YoY-0.8%	28.3×	—	—	42.2× YoY+122.1%
	3.3% YoY+29.7%	2.5% YoY-29.2%	3.6% YoY-16.8%	4.3% YoY+41.0%	3.1% YoY+11.8%
	3.6% YoY+0.8%	3.5%	—	—	2.4% YoY-55.0%
	3.5% YoY+56.0%	2.2% YoY-2.7%	2.3% YoY-33.3%	3.4% YoY+40.7%	2.4% YoY-20.3%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: WSO'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 WSO filings on SEC EDGAR → Not investment advice.