WATSCO INCWSOEarnings & Financial Report
Watsco, Inc. is a distributor of air conditioning, heating and refrigeration equipment, and related parts and supplies (HVAC/R) in the United States. Watsco was founded more than 60 years ago as a manufacturer of parts, components, and tools used in the HVAC/R industry. In 1989, the company shifted from manufacturing to distribution, by acquiring Gemaire Distributors Inc., a South Florida-based Rheem distributor.
Revenue
$2.1B
Gross Profit
$603.5M
Operating Profit
$271.9M
Net Profit
$183.6M
Gross Margin
29.3%
Operating Margin
13.2%
Net Margin
8.9%
YoY Growth
-3.6%
EPS
$4.52
Financial Flow
WATSCO INC Q2 2025 Financial Summary
WATSCO INC reported revenue of $2.1B (down 3.6% YoY) for Q2 2025, with a net profit of $183.6M (up 1.2% YoY) (8.9% margin). Cost of goods sold was $1.5B, operating expenses totaled $331.6M.
Key Financial Metrics
| Total Revenue | $2.1B |
|---|---|
| Net Profit | $183.6M |
| Gross Margin | 29.3% |
| Operating Margin | 13.2% |
| Report Period | Q2 2025 |
WATSCO INC Annual Revenue by Year
WATSCO INC annual revenue history includes year-by-year totals (for example, 2025 revenue was $7.2B).
| Year | Annual Revenue |
|---|---|
| 2025 | $7.2B |
| 2024 | $7.6B |
| 2023 | $7.3B |
| 2022 | $7.3B |
WATSCO INC Quarterly Revenue & Net Profit History
WATSCO INC results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 2025 | $1.6B | -10.0% | $71.7M | 4.5% |
| Q3 2025 | $2.1B | -4.3% | $161.6M | 7.8% |
| Q2 2025 | $2.1B | -3.6% | $183.6M | 8.9% |
| Q1 2025 | $1.5B | -2.2% | $80.1M | 5.2% |
| Q4 2024 | $1.8B | +9.4% | $96.8M | 5.5% |
| Q3 2024 | $2.2B | +1.6% | $171.0M | 7.9% |
| Q2 2024 | $2.1B | +6.8% | $181.4M | 8.5% |
| Q1 2024 | $1.6B | +0.9% | $87.0M | 5.6% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.56B | $2.14B | $2.16B | $1.75B | $1.53B | $2.06B | $2.07B | $1.58B |
| YoY Growth | 0.9% | 6.8% | 1.6% | 9.4% | -2.2% | -3.6% | -4.3% | -10.0% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $4.36B | $4.40B | $4.52B | $4.48B | $4.45B | $4.73B | $4.55B | $4.41B |
| Liabilities | $1.83B | $1.78B | $1.82B | $1.82B | $1.79B | $1.97B | $1.74B | $1.63B |
| Equity | $2.53B | $2.61B | $2.70B | $2.66B | $2.67B | $2.76B | $2.81B | $2.78B |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $103.7M | $57.7M | $232.8M | $378.9M | $-177.6M | $-7.4M | $354.9M | $399.8M |