Watsco Inc (WSO) financial statements: income statement, balance sheet and cash flow
Watsco Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Watsco Inc reported revenue of $7.2B (-5.0% year on year) and net income of $587.6M (-7.6% year on year).
Income statement
Watsco Inc income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Revenues
$7.2B
$7.6B
$7.3B
$7.3B
Cost of sales
$5.2B
$5.6B
$5.3B
$5.2B
Gross profit
$2.0B
$2.0B
$2.0B
$2.0B
Selling, general and administrative expenses
$1.3B
$1.3B
$1.2B
$1.2B
Other income
$27.8M
$30.5M
$26.2M
$22.7M
Operating income
$720.3M
$781.8M
$794.8M
$831.6M
Interest (income) expense, net
($17.3M)
($20.9M)
$4.9M
$2.2M
Income before income taxes
$737.7M
$802.6M
$789.9M
$829.4M
Income taxes
$150.1M
$166.9M
$155.8M
$125.7M
Net income
$587.6M
$635.7M
$634.1M
$703.7M
Less: net income attributable to non-controlling interest
$90.6M
$99.5M
$97.8M
$102.5M
Net income attributable to Watsco, Inc.
$497.0M
$536.3M
$536.3M
$601.2M
Basic
$12.27
$13.34
$13.72
$15.46
Diluted
$12.25
$13.30
$13.67
$15.41
Watsco Inc income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Revenues
$2.1B
$1.5B
$2.1B
$2.1B
Cost of sales
$1.5B
$1.1B
$1.5B
$1.5B
Gross profit
$578.9M
$427.6M
$568.9M
$603.5M
Selling, general and administrative expenses
$349.0M
$322.9M
$343.7M
$339.0M
Other income
$8.4M
$5.5M
$9.5M
$7.4M
Operating income
$238.4M
$110.2M
$234.8M
$271.9M
Interest income, net
$3.5M
$6.5M
$3.7M
$2.3M
Income before income taxes
$241.9M
$116.6M
$238.5M
$274.2M
Income taxes
$50.6M
$23.7M
$49.3M
$57.4M
Net income
$191.3M
$92.9M
$189.2M
$216.8M
Less: net income attributable to non-controlling interest
$28.0M
$13.9M
$27.7M
$33.2M
Net income attributable to Watsco, Inc.
$163.3M
$79.1M
$161.6M
$183.6M
Basic
$4.00
$1.87
$3.98
$4.53
Diluted
$4.00
$1.87
$3.98
$4.52
Balance sheet
Watsco Inc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$433.3M
$526.3M
$210.1M
$147.5M
Short-term cash investments
$300.0M
$255.7M
—
—
Accounts receivable, net
$796.2M
$877.9M
$797.8M
$747.1M
Inventories, net
$1.4B
$1.4B
$1.3B
$1.4B
Other current assets
$38.7M
$34.7M
$36.7M
$34.0M
Total current assets
$3.0B
$3.1B
$2.4B
$2.3B
Property and equipment, net
$136.0M
$140.5M
$136.2M
$125.4M
Operating lease right-of-use assets
$452.5M
$419.1M
$368.7M
$317.3M
Goodwill
$462.5M
$451.9M
$457.1M
$430.7M
Intangible assets, net
$210.4M
$208.5M
$218.1M
$175.2M
Investment in unconsolidated entity
$185.2M
$168.6M
$146.2M
$132.8M
Other assets
$13.6M
$10.9M
$10.7M
$8.0M
Total assets
$4.4B
$4.5B
$3.7B
$3.5B
Current portion of lease liabilities
$117.2M
$110.3M
$100.3M
$90.6M
Accounts payable
$350.4M
$490.9M
$369.4M
$456.1M
Accrued expenses and other current liabilities
$250.2M
$382.7M
$242.4M
$303.4M
Total current liabilities
$717.7M
$983.9M
$712.0M
$906.5M
Borrowings under revolving credit agreement
$0
$0
$15.4M
$0
Operating lease liabilities, net of current portion
$350.6M
$321.7M
$276.9M
$232.1M
Finance lease liabilities, net of current portion
$11.0M
$15.5M
$12.2M
$11.4M
Total long-term obligations
$361.6M
$337.2M
$304.5M
$243.5M
Deferred income taxes and other liabilities
$113.4M
$94.2M
$96.5M
$89.9M
Common stock
$22.3M
$22.2M
$22.1M
$21.8M
Preferred stock, $0.50 par value, 10,000,000 shares authorized; no shares issued
0
0
0
0
Paid-in capital
$1.6B
$1.5B
$1.2B
$973.1M
Accumulated other comprehensive loss, net of tax
($50.3M)
($59.9M)
($42.3M)
($47.7M)
Retained earnings
$1.3B
$1.3B
$1.2B
$1.0B
Treasury stock, at cost, 4,066,949 and 4,066,978 shares of Common stock at December 31, 2025 and 2024, respectively and 20,712 shares of Class B common stock at December 31, 2024
-73.2M
-73.5M
-86.6M
-87.4M
Total Watsco, Inc. shareholders' equity
$2.8B
$2.7B
$2.2B
$1.9B
Non-controlling interest
$440.7M
$407.2M
$386.4M
$359.0M
Total shareholders' equity
$3.2B
$3.1B
$2.6B
$2.2B
Total liabilities and shareholders' equity
$4.4B
$4.5B
$3.7B
$3.5B
Watsco Inc balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$364.2M
$392.7M
$324.3M
$293.0M
Short-term cash investments
$100.0M
$200.0M
$200.0M
$0
Accounts receivable, net
$1.1B
$839.2M
$941.9M
$1.0B
Inventories, net
$1.9B
$1.7B
$1.6B
$2.0B
Other current assets
$38.7M
$34.1M
$48.0M
$38.2M
Total current assets
$3.5B
$3.2B
$3.1B
$3.3B
Property and equipment, net
$146.9M
$133.3M
$135.4M
$137.3M
Operating lease right-of-use assets
$509.3M
$460.7M
$430.4M
$425.9M
Goodwill
$559.7M
$461.4M
$465.1M
$466.2M
Intangible assets, net
$205.3M
$207.9M
$207.0M
$209.8M
Investment in unconsolidated entity
$193.9M
$190.7M
$187.4M
$177.9M
Other assets
$15.6M
$14.3M
$13.5M
$12.8M
Total assets
$5.1B
$4.6B
$4.6B
$4.7B
Current portion of lease liabilities
$119.7M
$117.7M
$116.7M
$115.4M
Accounts payable
$660.3M
$587.4M
$411.4M
$678.1M
Accrued expenses and other current liabilities
$299.8M
$246.7M
$284.0M
$277.4M
Total current liabilities
$1.1B
$951.9M
$812.1M
$1.1B
Operating lease liabilities, net of current portion
$406.5M
$358.5M
$328.2M
$324.6M
Finance lease liabilities, net of current portion
$9.1M
$10.0M
$12.6M
$14.1M
Total long-term obligations
$415.5M
$368.5M
$340.8M
$338.7M
Deferred income taxes and other liabilities
$116.2M
$114.2M
$100.1M
$98.1M
Common stock
$22.6M
$22.4M
$22.3M
$22.3M
Preferred stock, $0.50 par value
$0
$0
$0
$0
Paid-in capital
$1.8B
$1.6B
$1.6B
$1.5B
Accumulated other comprehensive loss, net of tax
($57.1M)
($53.5M)
($53.5M)
($49.4M)
Retained earnings
$1.3B
$1.3B
$1.4B
$1.3B
Treasury stock, at cost
($73.2M)
($73.2M)
($73.2M)
($73.2M)
Total Watsco, Inc. shareholders' equity
$3.0B
$2.8B
$2.8B
$2.8B
Non-controlling interest
$478.8M
$452.8M
$486.8M
$461.4M
Total shareholders' equity
$3.5B
$3.2B
$3.3B
$3.2B
Total liabilities and shareholders' equity
$5.1B
$4.6B
$4.6B
$4.7B
Cash flow statement
Watsco Inc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$587.6M
$635.7M
$634.1M
$703.7M
Depreciation and amortization
$43.8M
$40.8M
$35.1M
$31.7M
Share-based compensation
$35.3M
$35.0M
$30.0M
$28.8M
Non-cash contribution to 401(k) plan
$8.7M
$8.7M
$8.9M
$6.7M
Deferred income tax provision (benefit)
$18.4M
$229.0K
($7.2M)
$13.5M
Provision for doubtful accounts
$5.2M
$4.3M
$7.2M
$8.5M
Loss (gain) on sale of property and equipment
$407.0K
$536.0K
($143.0K)
($1.6M)
Other income from investment in unconsolidated entity
($27.8M)
($30.5M)
($26.2M)
($22.7M)
Accounts receivable, net
$83.4M
($85.6M)
($36.0M)
($60.2M)
Inventories, net
$12.0M
($41.7M)
$64.6M
($259.9M)
Accounts payable and other liabilities
($203.1M)
$197.8M
($162.0M)
$122.0M
Other, net
$5.6M
$7.7M
$13.7M
$1.3M
Net cash provided by operating activities
$569.6M
$773.1M
$562.0M
$572.0M
Purchases of short-term cash investments
($300.0M)
($255.7M)
—
—
Capital expenditures
($34.5M)
($30.1M)
($35.5M)
($35.7M)
Business acquisitions, net of cash acquired
($19.2M)
($5.2M)
($3.8M)
($47.0K)
Other investments
($500.0K)
$0
($500.0K)
$0
Investment in unconsolidated entity
$0
$0
($2.8M)
—
Proceeds from sale of property and equipment
$457.0K
$262.0K
$1.3M
$1.9M
Proceeds from maturities of short-term cash investments
$255.7M
—
—
—
Net cash used in investing activities
($98.1M)
($290.7M)
($41.3M)
($33.8M)
Dividends on common stock
($473.8M)
($423.5M)
($382.6M)
($332.4M)
Distributions to non-controlling interest
($132.2M)
$0
($73.6M)
($69.2M)
Net repayments of finance lease liabilities
($6.0M)
($6.0M)
($4.0M)
($3.0M)
Repurchases of common stock to satisfy employee withholding tax obligations
($3.7M)
($39.7M)
($2.8M)
($87.1M)
Net (repayments) proceeds under current revolving credit agreement
$0
($15.4M)
$15.4M
($32.6M)
Net proceeds from the sale of Common stock
$0
$281.8M
$15.2M
—
Net repayments under prior revolving credit agreement
$0
$0
—
—
Payment of fees related to revolving credit agreement
$0
$0
($844.0K)
$0
Proceeds from non-controlling interest for investment
$0
$0
$570.0K
—
Proceeds from dividend reinvestment plan
$21.7M
$13.2M
—
—
Proceeds from issuances of Common stock under employee related plans
24.8M
31.1M
29.1M
—
Net cash used in financing activities
($568.1M)
($158.5M)
($460.1M)
($504.0M)
Effect of foreign exchange rate changes on cash and cash equivalents
$3.6M
($7.7M)
$2.1M
($4.9M)
Net (decrease) increase in cash and cash equivalents
($93.0M)
$316.2M
$62.6M
$29.2M
Cash and cash equivalents at beginning of year
$526.3M
$210.1M
$147.5M
$118.3M
Cash and cash equivalents at end of year
$433.3M
$526.3M
$210.1M
$147.5M
Watsco Inc cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$284.2M
$92.9M
$500.5M
$311.3M
Depreciation and amortization
$21.9M
$11.0M
$32.7M
$21.7M
Non-cash contribution to 401(k) plan
$9.3M
$9.3M
$8.7M
$8.7M
Share-based compensation
$16.7M
$8.1M
$26.7M
$17.6M
Provision for doubtful accounts
$2.4M
$1.8M
$2.5M
$704.0K
Other income from investment in unconsolidated entity
($13.9M)
($5.5M)
($22.0M)
($12.5M)
Other, net
$2.9M
$968.0K
—
—
Accounts receivable, net
($244.6M)
($45.5M)
($60.2M)
($131.1M)
Inventories, net
($444.0M)
($330.4M)
($204.5M)
($553.0M)
Accounts payable and other liabilities
$339.2M
$234.7M
($108.3M)
$149.8M
Other, net
$4.4M
$3.7M
($11.9M)
($1.6M)
Net cash used in operating activities
($21.4M)
($18.9M)
$169.8M
($185.1M)
Proceeds from maturities of short-term cash investments
$300.0M
$200.0M
$255.7M
—
Business acquisitions, net of cash acquired
$7.7M
$0
($19.3M)
($19.4M)
Proceeds from sale of property and equipment
$52.0K
$100.0K
$370.0K
$344.0K
Capital expenditures
($15.9M)
($7.0M)
($23.3M)
($14.4M)
Purchases of short-term cash investments
($100.0M)
($100.0M)
($200.0M)
—
Net cash provided by investing activities
$191.8M
$93.1M
$13.5M
$222.3M
Dividends on common stock
($255.9M)
($121.8M)
($352.1M)
($230.5M)
Net repayments of finance lease liabilities
($2.4M)
($1.2M)
($4.6M)
($3.1M)
Repurchases of common stock to satisfy employee withholding tax obligations
($1.4M)
($590.0K)
($3.7M)
$0
Distributions to non-controlling interest
$0
$0
($69.8M)
($69.8M)
Proceeds from non-controlling interest for investment in W.L. Lashley & Associates, Inc.
$0
$0
$999.0K
$999.0K
Proceeds from dividend reinvestment plan
$8.1M
$3.9M
$21.7M
$14.1M
Proceeds from issuances of Common stock under employee related plans
14.3M
5.8M
19.7M
14.1M
Net cash used in financing activities
($237.4M)
($114.0M)
($387.8M)
($274.2M)
Effect of foreign exchange rate changes on cash and cash equivalents