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Stock research / United States / WSO · Wholesale-Hardware & Plumbing & Heating Equipment & Supplies · NYSE

Watsco Inc. (WSO)

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Watsco Inc. (WSO) reported revenue of $2.1 billion for Q2 FY2026, the quarter ended 30 June 2026, up 2.1% on the same quarter a year earlier. Net income was $163 million, down 11.0% on the year, and diluted earnings per share $4.00. The figures are the company's own, from the 10-Q it filed with the SEC on 7 August 2026.

Revenue$2.1 billionup 2.1%
Net income$163 milliondown 11.0%
Diluted EPS$4.00
QuarterQ2 FY2026ended 30 June 2026

Watsco (WSO) in brief

Watsco (WSO) reported revenue of $7.2 billion for fiscal 2025, the year ended 31 December 2025, down 5.0% on the year before.
Read moreNet income was $497 million and diluted earnings per share $12.25. Revenue was $7.6 billion in fiscal 2024, $7.3 billion in fiscal 2023, $7.3 billion in fiscal 2022 and $6.3 billion in fiscal 2021. Net income in the same years was $536 million, $536 million, $601 million and $419 million. Over the twelve months to 30 June 2026, Watsco reported revenue of $7.3 billion and net income of $476 million. Revenue grew 7.4% a year, compounded, over the five years to fiscal 2025. Watsco declared $11.70 a share in dividends over the last four quarters. At 30 June 2026 it carried $120 million of debt and $364 million of cash. At the close of 8 October 2026 the market cap of Watsco was $10.8 billion, 24.2 times its earnings over the last twelve months.

Ratios

From the filings

ROE15.9%
ROCE22.0%
Operating margin9.4%
Net margin6.5%
FCF margin9.6%
Interest covern/a
Debt to equity0.04
Cash conversion1.54
Share count, 1 yearn/a
Sales CAGR, 3 years-0.2%
Profit CAGR, 3 years-6.1%
EPS, TTM$11.67

At the close of 8 October 2026

Price$282.23
Market cap$10.8 billion
Stock P/E24.18
Price to book3.60
EV / EBITDA14.45
Dividend yield4.1%
Market cap / sales1.48
52-week high$456.86
52-week low$282.23
Price, 1 year-28.8%
Price CAGR, 3 years-10.7%
Price CAGR, 5 years0.6%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest daily close from SimFin. Debt to equity here stands on the borrowing lines of Watsco Inc.'s balance sheet, added together, finance leases inside them only where the company puts them there; operating leases are a separate line. Nothing here is a valuation or a view.
WSOgreeksoup.ai
Daily closes to 8 October 2026, adjusted for splits; prices from SimFin.
Read moreDay by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on WSO

Filings15 in twelve months: 9 current reports (8-K), about 4 results of operations; 4 regulation fd disclosure; 3 unregistered sale of equity; 1 shareholder vote
Planned insider salesno Form 144 notice in twelve months
Options tapeput/call 0.19 by open interest at the 8 October 2026 close; the straddle prices a 4.3% move to 16 October 2026
13F holders10 of the followed funds hold it; largest Capital Research Global Investors; 9 Schedule 13D or 13G filings in twelve months
Insider trading0 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest4.0 million shares short, 9.57 days to cover at 15 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue2,1271,6031,5652,1392,1601,7541,5312,0622,0671,5791,5332,105
Cost of revenue1,5601,1891,1341,5601,5941,2861,1011,4591,4981,1501,1051,526
Gross profit567414431580566468430603569428428579
Gross margin27%26%28%27%26%27%28%29%28%27%28%28%
SG&A320312310319326338323339344333323349
Operating income257108127269250136112272235102110238
Operating margin12%7%8%13%12%8%7%13%11%6%7%11%
Pre-tax income255109129274257143118274238107117242
Tax rate21%10%19%22%22%19%20%21%21%19%20%21%
Net income17182.587.018117196.880.118416271.779.1163
Net margin8%5%6%8%8%6%5%9%8%5%5%8%
Diluted EPS$4.35$2.06$2.17$4.49$4.22$2.37$1.93$4.52$3.98$1.82$1.87$4.00
Operating cash flow35329910457.7233379-178-7.4355400-18.9-2.5
Capital expenditure9.710.05.86.49.88.07.56.88.911.37.09.0
Free cash flow34328997.951.3223371-185-14.3346388-25.9-11.5
Dividends paid95.796.596.8109109109109121122122122134
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 12 fiscal years and the trailing twelve months

FY2014FY2015 †FY2016FY2017FY2018 †FY2019 †FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue3,9454,1134,2214,3424,5474,7705,0556,2807,2747,2847,6187,2397,284
Cost of revenue2,9883,1063,1863,2763,4263,6133,8324,6135,2445,2925,5745,2095,280
Gross profit9561,0071,0351,0661,1201,1571,2231,6682,0301,9922,0452,0302,004
Gross margin24.2%24.5%24.5%24.5%24.6%24.3%24.2%26.6%27.9%27.4%26.8%28.0%27.5%
Selling, general and administrative6516716897167578008331,0581,2211,2241,2931,3381,348
Operating income306337346354372367401629832795782720685
Operating margin7.8%8.2%8.2%8.2%8.2%7.7%7.9%10.0%11.4%10.9%10.3%10.0%9.4%
Interest expense5.25.5n/an/an/an/an/an/an/an/an/an/an/a
Pre-tax income301331342348369363400628829790803738704
Income tax91.810510690.272.867.176.6129126156167150144
Effective tax rate30.6%31.6%31.0%26.0%19.7%18.5%19.2%20.5%15.2%19.7%20.8%20.3%20.4%
Net income151173183208243246270419601536536497476
Net margin3.8%4.2%4.3%4.8%5.3%5.2%5.3%6.7%8.3%7.4%7.0%6.9%6.5%
Diluted EPS$4.32$4.90$5.15$5.81$6.49$6.50$7.01$10.78$15.41$13.67$13.30$12.25$11.67
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree 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. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by region

FY2023FY2024FY2025Share
latest year
United States6,5416,8616,55790.6%
Latin America and Caribbean3684023444.8%
Canada3753563384.7%
United StatesLatin America and CaribbeanCanada
7,284FY20237,618FY20247,239FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2014FY2015 †FY2016FY2017FY2018 †FY2019 †FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow145223282307171336534350572562773570733
Capital expenditure21.523.743.617.917.217.816.425.535.735.530.134.536.1
Free cash flow123199238289153318518324536526743535697
Free cash flow margin3.1%4.8%5.6%6.6%3.4%6.7%10.2%5.2%7.4%7.2%9.8%7.4%9.6%
Cash from investingn/an/a-42.8-81.3-26.3-81.0-16.3-149-33.8-41.3-291-98.1-129
Cash from financingn/an/a-218-202-140-264-448-229-504-460-159-568-531
Depreciation and amortisation17.919.120.122.022.124.525.928.131.735.140.843.844.0
Share-based compensation11.512.612.313.315.517.022.125.428.830.035.035.334.4
Dividends paid69.998.5128164209241266295332383424474499
Dividend per share$2.00$2.80$3.60$4.60$5.60$6.40$6.92$7.62$8.55$9.80$10.55$11.70n/a
Diluted shares, weighted32m32m33m33m34m35m35m35mn/a37m38m38m38m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014FY2015 †FY2016FY2017FY2018 †FY2019 †FY2020FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity8849571,0061,2981,3481,4351,4871,6651,8892,2302,6572,7812,994
Non-controlling interest248246246253254279293332359386407441479
Debt30424623622.1136312144285244305337362120
Operating lease liabilitiesn/an/an/an/an/a154n/a187232277322351406
Finance lease liabilitiesn/an/an/an/an/a2.04.89.211.412.215.511.09.1
Other liabilities3553393874744243735556077535197414691,076
Total liabilities and equity1,7911,7881,8752,0472,1612,5562,4843,0863,4883,7294,4804,4155,085
Owned
Fixed assets53.562.790.591.291.098.598.2111125136141136147
Goodwill387378380383411412412434431457452463560
Intangible assets186160159161148172170187175218208210205
Investmentsn/an/an/an/an/an/an/an/an/a0.0256300100
Cash and equivalents24.435.256.080.582.974.5146118148210526433364
Receivables4344514764785025345356987477988787961,061
Inventory6786746857618379217811,1151,3701,3471,3851,3861,890
Other assets27.126.728.991.989.0344341422492562633690757
Total assets1,7911,7881,8752,0472,1612,5562,4843,0863,4883,7294,4804,4155,085
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded5.8%7.4%-0.2%-3.0%
Profit growth, compounded11.1%13.0%-6.1%-10.5%
Return on equity, average20.7%23.8%20.7%17.9%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Wholesale

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Ferguson Enterprises Inc. FERG$41.9 billion24.0528.5%8.2%3.4%0.721.6%
Genuine Parts Co. GPC$17.7 billion512.680.7%3.7%5.5%0.883.2%
Wesco International Inc. WCC$17.3 billion24.6013.6%5.4%12.5%1.13n/a
Performance Food Group Co. PFGC$14.8 billion41.367.3%1.3%7.2%1.02n/a
Applied Industrial Technologies Inc. AIT$12.2 billion30.3022.3%11.1%8.8%0.140.6%
Arrow Electronics, Inc. ARW$11.5 billion14.4911.6%3.4%26.1%0.29n/a
Watsco Inc. WSO$10.8 billion24.1815.9%9.4%-3.0%0.044.1%
Dominos Pizza Inc. DPZ$10.2 billion17.78n/a19.6%6.2%n/a2.3%
Henry Schein Inc. HSIC$9.5 billion24.6712.8%5.0%6.5%0.73n/a
Avnet Inc. AVT$8.2 billion24.956.7%2.6%24.5%0.641.4%
Core & Main, Inc. CNM$7.8 billion16.6122.6%9.6%-0.5%1.20n/a
MSC Industrial Direct Co. Inc. MSM$7.2 billion31.1416.3%8.5%4.4%0.361.7%
All 22 in Wholesale
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Mckesson Corp. MCK$108.5 billion24.89n/a1.6%8.8%n/a0.3%
TE Connectivity plc TEL$62.0 billion21.0122.8%19.7%16.5%0.421.3%
Cencora, Inc. COR$61.3 billion23.8786.0%0.9%5.1%3.840.7%
W.W. Grainger, Inc. GWW$59.8 billion32.3545.3%14.6%7.8%0.580.7%
Cardinal Health Inc. CAH$55.6 billion33.01n/a1.0%14.2%n/a0.9%
Ferguson Enterprises Inc. FERG$41.9 billion24.0528.5%8.2%3.4%0.721.6%
Sysco Corp. SYY$37.5 billion21.3765.9%3.7%3.9%4.622.8%
TD Synnex Corp. SNX$21.3 billion16.3014.3%2.7%24.1%0.390.7%
US Foods Holding Corp. USFD$21.0 billion29.8817.0%3.1%3.8%1.19n/a
Reliance, Inc. RS$20.3 billion23.0812.1%7.8%15.4%0.221.2%
Genuine Parts Co. GPC$17.7 billion512.680.7%3.7%5.5%0.883.2%
Wesco International Inc. WCC$17.3 billion24.6013.6%5.4%12.5%1.13n/a
Performance Food Group Co. PFGC$14.8 billion41.367.3%1.3%7.2%1.02n/a
Applied Industrial Technologies Inc. AIT$12.2 billion30.3022.3%11.1%8.8%0.140.6%
Arrow Electronics, Inc. ARW$11.5 billion14.4911.6%3.4%26.1%0.29n/a
Watsco Inc. WSO$10.8 billion24.1815.9%9.4%-3.0%0.044.1%
Dominos Pizza Inc. DPZ$10.2 billion17.78n/a19.6%6.2%n/a2.3%
Henry Schein Inc. HSIC$9.5 billion24.6712.8%5.0%6.5%0.73n/a
Avnet Inc. AVT$8.2 billion24.956.7%2.6%24.5%0.641.4%
Core & Main, Inc. CNM$7.8 billion16.6122.6%9.6%-0.5%1.20n/a
MSC Industrial Direct Co. Inc. MSM$7.2 billion31.1416.3%8.5%4.4%0.361.7%
Ashland Inc. ASH$3.2 billion62.012.7%7.4%-1.4%0.732.3%
1 company shares its SEC industry code (Wholesale-Hardware & Plumbing & Heating Equipment & Supplies); the rest are the names nearest in size in its wider industry, Wholesale, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 20267 August 2026EDGAR
10-Q31 March 20268 May 2026EDGAR
10-K31 December 202527 February 2026EDGAR
10-Q30 September 20257 November 2025EDGAR
10-Q30 June 20258 August 2025EDGAR
10-Q31 March 20259 May 2025EDGAR
10-K31 December 202428 February 2025EDGAR
10-Q30 September 20241 November 2024EDGAR
10-Q30 June 20242 August 2024EDGAR
10-Q31 March 20243 May 2024EDGAR

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