Watsco Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	7,239	7,618	7,284	7,274	6,280
Revenue Growth (YoY)	-4.98%	4.59%	0.13%	15.83%	24.24%
Cost of Revenue	5,209	5,574	5,292	5,244	4,613
Gross Profit	2,030	2,045	1,992	2,030	1,668
Selling, General & Admin	1,338	1,256	1,186	1,189	1,030
Amortization of Goodwill & Intangibles	-	5.43	4.32	4.71	5.56
Operating Expenses	1,338	1,297	1,221	1,220	1,058
Operating Income	692.58	748.04	771.42	809.82	609.47
Interest Expense	-	-	-4.92	-2.17	-1
Interest & Investment Income	17.33	20.87	-	-	-
Earnings From Equity Investments	27.77	30.5	26.18	22.67	19.3
Currency Exchange Gain (Loss)	-	3.23	-2.79	-0.92	-0.24
Pretax Income	737.68	802.64	789.89	829.41	627.53
Income Tax Expense	150.09	166.9	155.75	125.72	128.8
Earnings From Continuing Operations	587.59	635.74	634.14	703.7	498.74
Minority Interest in Earnings	-90.59	-99.45	-97.8	-102.53	-79.79
Net Income	496.99	536.29	536.34	601.17	418.95
Preferred Dividends & Other Adjustments	-	37.39	36.97	51.37	37.27
Net Income to Common	496.99	498.89	499.37	549.8	381.67
Net Income Growth	-7.33%	-0.01%	-10.78%	43.49%	55.41%
Shares Outstanding (Basic)	38	37	36	36	35
Shares Outstanding (Diluted)	38	38	37	36	35
Shares Change (YoY)	1.04%	2.68%	2.38%	0.73%	0.78%
EPS (Basic)	13.11	13.34	13.72	15.46	10.83
EPS (Diluted)	12.25	13.30	13.67	15.41	10.78
EPS Growth	-7.92%	-2.70%	-11.29%	43.00%	53.72%
Free Cash Flow	535.52	743.01	526.48	536.31	324.1
Free Cash Flow Per Share	14.13	19.81	14.41	15.03	9.15
Dividend Per Share	11.700	10.550	9.800	8.550	7.625
Dividend Growth	10.90%	7.65%	14.62%	12.13%	10.11%
Gross Margin	28.05%	26.84%	27.35%	27.91%	26.55%
Operating Margin	9.57%	9.82%	10.59%	11.13%	9.71%
Profit Margin	6.87%	6.55%	6.86%	7.56%	6.08%
Free Cash Flow Margin	7.40%	9.75%	7.23%	7.37%	5.16%
EBITDA	736.33	788.86	806.51	841.51	637.59
EBITDA Margin	10.17%	10.36%	11.07%	11.57%	10.15%
D&A For EBITDA	43.75	40.82	35.09	31.68	28.13
EBIT	692.58	748.04	771.42	809.82	609.47
EBIT Margin	9.57%	9.82%	10.59%	11.13%	9.71%
Effective Tax Rate	20.35%	20.79%	19.72%	15.16%	20.52%
Advertising Expenses	-	25.34	28.24	25.88	21.55

Source: S&P Global Market Intelligence. Standard template. Financial Sources.