A. O. Smith (AOS) FY2024 results: revenue $3.8 billion, down 0.9% on the year

A. O. Smith Corp. (AOS) reported revenue of $3.8 billion for fiscal 2024, the year ended 31 December 2024, down 0.9% on the year before. Net income was $534 million, down 4.1%, and diluted earnings per share $3.63. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2026.

Revenue

$3.8 billion

-0.9% on the year

FY2017FY2024

Operating margin

18.5%

19.3% a year earlier

FY2017FY2024

Net income

$534 million

-4.1% on the year

FY2017FY2024

Diluted EPS

$3.63

-1.6% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	3,818	3,853	3,754	-0.9%
Cost of revenue	2,362	2,368	2,424	-0.3%
Gross profit	1,456	1,485	1,330	-1.9%
Gross margin	38.1%	38.5%	35.4%
Research and development	102	97.5	89.0	+4.3%
Selling, general and administrative	739	727	671	+1.6%
Operating income	708	746	362	-5.1%
Operating margin	18.5%	19.3%	9.6%
Interest expense	6.7	12.0	9.4	-44.2%
Pre-tax income	701	734	224	-4.4%
Income tax	167	177	-12.0	-5.4%
Effective tax rate	23.9%	24.1%	-5.4%
Net income	534	557	236	-4.1%
Net margin	14.0%	14.4%	6.3%
Diluted EPS	$3.63	$3.69	$1.51	-1.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	582	670	391	-13.2%
Capital expenditure	108	72.6	70.3	+48.8%
Free cash flow	474	598	321	-20.7%
Free cash flow margin	12.4%	15.5%	8.6%
Cash from investing	-267	-24.1	8.1
Cash from financing	-408	-685	-431
Depreciation and amortisation	78.8	78.3	76.9	+0.6%
Share-based compensation	14.9	11.5	11.1	+29.6%
Buybacks	306	306	404	-0.2%
Dividends paid	190	184	177	+3.8%
Dividend per share	$1.30	$1.22	$1.14	+6.6%
Diluted shares, weighted	147m	151m	156m	-2.6%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,884	1,844	1,748	+2.1%
Debt	193	127	344	+51.8%
Operating lease liabilities	23.5	27.9	22.4	-15.8%
Other liabilities	1,140	1,214	1,218	-6.1%
Total liabilities and equity	3,240	3,214	3,332	+0.8%
Fixed assets	629	598	591	+5.2%
Goodwill	762	633	620	+20.3%
Intangible assets	321	337	348	-4.6%
Investments	36.5	23.5	90.6	+55.3%
Cash and equivalents	240	340	391	-29.5%
Receivables	541	596	581	-9.2%
Inventory	532	497	516	+7.0%
Other assets	179	190	195	-5.6%
Total assets	3,240	3,214	3,332	+0.8%

10-K for the year ended 31 December 2024, filed 10 February 2026: the filing.