Lennox International (LII) FY2025 results: revenue $5.2 billion, down 2.7% on the year

Lennox designs, makes and sells heating, ventilation, air conditioning and refrigeration equipment, sold through several channels under several brand names. It was founded in 1895 in Marshalltown, Iowa by Dave Lennox, who ran a machine repair business for railroads and patented a riveted steel coal-fired furnace. There are two segments. Home Comfort Solutions took $3,343.4 million of net sales in 2025 and Building Climate Solutions $1,851.9 million, $5,195.3 million in total.

Home Comfort Solutions

Furnaces, air conditioners, heat pumps, packaged heating and cooling systems, indoor air quality equipment, comfort controls, replacement parts and supplies, for both replacement and new-build residential work in North America, at a range of designs, efficiency levels and price points. The brands are Lennox, Dave Lennox Signature Collection, Armstrong Air, Ducane, AirEase, Concord, MagicPak, ADP Advanced Distributor Products, Allied, Supco, LINEBACKER, Elite Series, Merit Series, Comfort Sync, Healthy Climate, iComfort, ComfortSense and Lennox Stores. The filing states the point of keeping a broad line under multiple brands is to reach different market segments and multiple distribution channels.

Building Climate Solutions

Unitary heating and air conditioning equipment for commercial buildings, applied systems, controls, variable refrigerant flow products, curbs and adapters, drop box diffusers, and the installation and service of commercial heating and cooling equipment, plus an HVAC recycling and salvage service. The refrigeration side supplies condensing units, unit coolers, fluid coolers, air cooled condensers, air handlers, process chillers, controls and compressorised racks. Brands here include Model L, CORE, Enlight, Xion, Energence, Prodigy, Strategos, Raider, Lennox VRF, Lennox National Account Services, Allied Commercial, Duro Dyne, Dyna-Tite, DuroZone, AES Industries, AES Mechanical, AES Recycle, Heatcraft Worldwide Refrigeration, Bohn, MAGNA, Larkin, Climate Control, Chandler Refrigeration, IntelliGen and Interlink.

Three ways to market

Products reach buyers through direct sales, distributors and company-owned parts and supplies stores, with dedicated sales forces and manufacturers' representatives across the segments and brands. In North American residential heating and cooling there are three distinct routes: the Lennox brands go through a company-owned process straight to the independent dealers who install them; Armstrong Air, Ducane, Air-Ease, Concord, MagicPak, ADP Advanced Distributor Products, Duro Dyne and Supco go through independent distributors who sell on to installing contractors; and product is also sold through Lennox Stores.

Joint ventures

The company owns 49.9 percent of a joint venture with Samsung that distributes Samsung ductless air conditioning and heat pump products in the U.S. and Canada, along with Lennox powered by Samsung branded products sold through Lennox Stores and the direct-to-dealer network; the results land in whichever segment matches the product type. It also holds a minority stake in a joint venture that makes compressors for its residential, commercial and refrigeration businesses.

Making it, and the shape of the year

Manufacturing is in North America, using lean manufacturing and Six Sigma methods, and plants exposed to seasonal demand make a mix of heating, cooling and refrigeration products so production and the workforce stay steadier; temporary staff are hired when demand moves. Buying runs through a central strategic sourcing group that consolidates purchases across segments; compressors, motors and controls are the largest component purchases and steel, aluminium and copper the bulk of raw materials. The market itself follows the weather: the industry ships roughly twice as many units in June as in December, cooling equipment is a substantial part of the annual market, and between the heating season from roughly November to February and the cooling season from roughly May to August sit the shoulder seasons when distributors switch their buying. That pushes the company's sales somewhat higher in the second and third quarters.

Competition and people

The named competitive factors are product availability, reliability, energy efficiency, product performance, service and price, with their relative weight varying by application; Carrier Global and Trane Technologies are among the named competitors in residential heating and cooling. The company employed approximately 12,900 people at the end of 2025, approximately 8,500 in the U.S. and approximately 3,200 in Mexico, of whom approximately 5,400 were salaried and 7,500 hourly, with the hourly count moved up and down to match demand. Approximately 3,400 employees, including at international sites, are represented by unions, and the Marshalltown, Iowa union ratified a five-year labour agreement on 1 November 2021.

From Lennox International's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 17 February 2026: read the full 10-K.