WSO
$302.69+0.63%
as of close, Sep 30, 2026
☾ AH $302.69 +0.63%
Watsco Inc.Stock · Consumer DiscretionaryRussell 1000 0.02%US Stock Market 0.02%Russell 3000 0.02%MSCI World 0.01%MSCI ACWI 0.01%
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.
As-reported fiscal years.
| Line item | Trend | 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-5.0% | 7.62B+4.6% | 7.28B+0.1% | 7.27B+15.8% | 6.28B+24.2% | |
| 2.03B-0.7% | 2.04B+2.6% | 1.99B-1.9% | 2.03B+21.8% | 1.67B+36.4% | ||
| Cost of revenue | 5.21B-6.5% | 5.57B+5.3% | 5.29B+0.9% | 5.24B+13.7% | 4.61B+20.4% | |
| Selling, general & administrative | 1.34B+3.4% | 1.29B+5.7% | 1.22B+0.2% | 1.22B+15.4% | 1.06B+27.0% | |
| Amortization of intangibles | 5.34M-1.6% | 5.43M+25.6% | 4.32M-8.2% | 4.71M-15.3% | 5.56M-6.5% | |
| Provision for credit losses | 5.20M+21.4% | 4.29M-40.1% | 7.16M-16.2% | 8.54M+24.0% | 6.89M+156.3% | |
| Operating income | 720M-7.9% | 782M-1.6% | 795M-4.4% | 832M+32.3% | 629M+56.7% | |
| Net interest income | 17.3M-17.0% | 20.9M+524.2% | -4.92M-127.3% | -2.17M-117.4% | -996K+19.6% | |
| Equity-method income | 27.8M-9.0% | 30.5M+16.5% | 26.2M+15.5% | 22.7M+17.5% | 19.3M+71.3% | |
| Pre-tax income | 738M-8.1% | 803M+1.6% | 790M-4.8% | 829M+32.2% | 628M+57.0% | |
| Income tax | 150M-10.1% | 167M+7.2% | 156M+23.9% | 126M-2.4% | 129M+68.1% | |
| 497M-7.3% | 536M-0.0% | 536M-10.8% | 601M+43.5% | 419M+55.4% | ||
| Net income to non-controlling interest | 90.6M-8.9% | 99.5M+1.7% | 97.8M-4.6% | 103M+28.5% | 79.8M+48.9% | |
| Net income to common | 464M-7.0% | 499M-0.1% | 499M | — | 382M+54.9% | |
| $12.25-7.9% | $13.30-2.7% | $13.67-11.3% | $15.41+42.9% | $10.78+53.8% | ||
| EPS (basic) | $12.27-8.0% | $13.34-2.8% | $13.72-11.3% | $15.46+42.8% | $10.83+54.1% | |
| Weighted-avg shares (basic) | 37.8M+1.2% | 37.4M+2.7% | 36.4M | — | 35.2M+0.5% | |
| Weighted-avg shares (diluted) | 37.9M+1.0% | 37.5M+2.7% | 36.5M | — | 35.4M+0.8% | |
| Dividends per share | $11.70+10.9% | $10.55+7.7% | $9.80+14.6% | $8.55+12.1% | $7.63+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-4.1% | 3.08B+28.8% | 2.39B+4.1% | 2.30B+17.2% | 1.96B+32.1% | ||
| Cash & equivalents | 433M-17.7% | 526M+150.5% | 210M+42.4% | 148M+24.7% | 118M-19.0% | |
| Short-term investments | 300M+17.3% | 256M | 0.00 | — | — | |
| Accounts receivable | 796M-9.3% | 878M+10.0% | 798M+6.8% | 747M+7.0% | 698M+30.5% | |
| Inventory | 1.39B+0.1% | 1.39B+2.8% | 1.35B-1.7% | 1.37B+22.8% | 1.12B+42.8% | |
| Other current assets | 38.7M+11.7% | 34.7M-5.5% | 36.7M+8.1% | 34.0M+16.2% | 29.2M+34.0% | |
| 4.41B-1.4% | 4.48B+20.1% | 3.73B+6.9% | 3.49B+13.0% | 3.09B+24.2% | ||
| Property, plant & equipment | 136M-3.2% | 141M+3.2% | 136M+8.6% | 125M+13.0% | 111M+13.0% | |
| Operating lease right-of-use | 453M+8.0% | 419M+13.7% | 369M+16.2% | 317M+18.2% | 269M+28.4% | |
| Goodwill | 463M+2.4% | 452M-1.2% | 457M+6.1% | 431M-0.8% | 434M+5.2% | |
| Intangible assets | 210M+0.9% | 208M-4.4% | 218M+24.5% | 175M-6.3% | 187M+10.0% | |
| Other non-current assets | 13.6M+24.2% | 10.9M+1.7% | 10.7M+33.7% | 8.03M-12.6% | 9.19M-24.9% | |
| 718M-27.1% | 984M+38.2% | 712M-21.5% | 907M+24.7% | 727M+49.2% | ||
| Accounts payable | 350M-28.6% | 491M+32.9% | 369M-19.0% | 456M+25.2% | 364M+44.8% | |
| Accrued liabilities | 250M-34.6% | 383M+57.9% | 242M-20.1% | 303M+9.1% | 278M+69.8% | |
| Short-term & current debt | 117M+6.2% | 110M+10.0% | 100M+10.7% | 90.6M+7.2% | 84.5M+17.7% | |
| Current lease liability | 112M+8.0% | 104M+8.8% | 95.6M+9.7% | 87.1M+6.3% | 81.9M | |
| Long-term debt | 362M+7.2% | 337M+10.7% | 305M+25.0% | 244M-14.6% | 285M+97.6% | |
| Non-current lease liability | 351M+9.0% | 322M+16.2% | 277M+19.3% | 232M+24.1% | 187M | |
| Operating lease liability (total) | 463M+8.7% | 426M+14.3% | 373M+16.7% | 319M+18.7% | 269M | |
| Finance lease liability (total) | 15.9M-26.9% | 21.8M+28.9% | 16.9M+13.6% | 14.9M+26.4% | 11.8M+84.3% | |
| Finance lease liability | 11.0M-28.8% | 15.5M+26.7% | 12.2M+7.3% | 11.4M+23.9% | 9.19M+91.0% | |
| 2.78B+4.7% | 2.66B+19.2% | 2.23B+18.0% | 1.89B+13.5% | 1.66B+12.0% | ||
| Preferred stock | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Additional paid-in capital | 1.56B+6.2% | 1.47B+27.6% | 1.15B+18.5% | 973M-3.1% | 1.00B+5.6% | |
| Retained earnings | 1.32B+1.8% | 1.30B+9.5% | 1.18B+14.9% | 1.03B+35.3% | 761M+19.6% | |
| Treasury stock | 73.2M-0.3% | 73.5M-15.2% | 86.6M-0.9% | 87.4M+0.0% | 87.4M+0.0% | |
| Accumulated other comprehensive income | -50.3M+16.0% | -59.9M-41.5% | -42.3M+11.3% | -47.7M-39.6% | -34.2M+2.0% | |
| Non-controlling interest | 441M+8.2% | 407M+5.4% | 386M+7.6% | 359M+8.0% | 332M+13.4% | |
| Total equity incl. non-controlling | 3.22B+5.2% | 3.06B+17.1% | 2.62B+16.4% | 2.25B+12.6% | 2.00B+12.2% | |
| Total liabilities & equity | 4.41B-1.4% | 4.48B+20.1% | 3.73B+6.9% | 3.49B+13.0% | 3.09B+24.2% | |
| Common shares outstanding | 44.6M+0.5% | 44.4M+0.4% | 44.3M+1.5% | 43.6M-0.1% | 43.7M+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-26.3% | 773M+37.6% | 562M-1.8% | 572M+63.6% | 350M-34.6% | ||
| Depreciation & amortization | 43.8M+7.2% | 40.8M+16.3% | 35.1M+10.8% | 31.7M+12.6% | 28.1M+8.6% | |
| Intangible amortization | 5.34M-1.6% | 5.43M+25.6% | 4.32M-8.2% | 4.71M-15.3% | 5.56M-6.5% | |
| Share-based compensation | 35.3M+0.9% | 35.0M+16.7% | 30.0M+4.1% | 28.8M+13.6% | 25.4M+14.6% | |
| Deferred income taxes | 18.4M+7951.1% | 229K+103.2% | -7.18M-153.3% | 13.5M+126.7% | 5.94M+14747.5% | |
| Change in receivables | -83.4M-197.5% | 85.6M+137.4% | 36.0M-40.1% | 60.2M-53.9% | 130M+3564.3% | |
| Change in inventory | -12.0M-128.7% | 41.7M+164.5% | -64.6M-124.9% | 260M+6.6% | 244M+274.1% | |
| Change in payables | — | — | — | — | 183M+438.7% | |
| -98.1M+66.2% | -291M-603.1% | -41.3M-22.2% | -33.8M+77.2% | -149M-809.2% | ||
| Capital expenditure | 34.5M+14.8% | 30.1M-15.2% | 35.5M-0.5% | 35.7M+40.0% | 25.5M+54.9% | |
| Free cash flow | 535M-28.0% | 743M+41.1% | 526M-1.8% | 536M+65.5% | 324M-37.4% | |
| Acquisitions | 19.2M+271.1% | 5.17M+35.3% | 3.82M+8031.9% | 47.0K-100.0% | 129M | |
| Proceeds from sale of PP&E | 457K+74.4% | 262K-79.9% | 1.31M-29.9% | 1.86M+37.4% | 1.36M+1342.6% | |
| -568M-258.4% | -159M+65.5% | -460M+8.7% | -504M-120.5% | -229M+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 | 0.00-100.0% | 20.4M-2.8% | 21.0M+9.1% | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 474M+11.9% | 424M+10.7% | 383M+15.1% | 332M+12.9% | 295M+10.8% | |
| FX effect on cash | — | — | — | — | -186K-109.0% | |
| Net change in cash | -93.0M-129.4% | 316M+405.0% | 62.6M+114.1% | 29.2M+205.2% | -27.8M-138.8% | |
| Interest paid | 697K-28.1% | 969K-90.4% | 10.1M+188.6% | 3.50M+283.9% | 913K-50.5% | |
| Income taxes paid | 165M+32.2% | 125M-33.9% | 188M+78.2% | 106M-15.4% | 125M+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-28.6% | 21.1B | — | — | 13.7B+39.0% | |
| P/E | 30.3×-22.9% | 39.3×+41.2% | 27.8×+20.2% | 23.1×-29.1% | 32.6×-10.6% | |
| P/S | 2.1×-24.8% | 2.8× | — | — | 2.2×+11.9% | |
| P/B | 5.4×-31.8% | 7.9× | — | — | 8.2×+24.1% | |
| P/FCF | 28.1×-0.8% | 28.3× | — | — | 42.2×+122.1% | |
| Earnings yield | 3.3%+29.7% | 2.5%-29.2% | 3.6%-16.8% | 4.3%+41.0% | 3.1%+11.8% | |
| FCF yield | 3.6%+0.8% | 3.5% | — | — | 2.4%-55.0% | |
| Dividend yield | 3.5%+56.0% | 2.2%-2.7% | 2.3%-33.3% | 3.4%+40.7% | 2.4%-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.