WATSCO, INC.
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.24B | $7.62B | $7.28B | $7.27B | $6.28B | $5.05B | $4.77B | $4.55B |
| Cost of Revenue | $5.21B | $5.57B | $5.29B | $5.24B | $4.61B | $3.83B | $3.61B | $3.43B |
| Gross Profit | $2.03B | $2.04B | $1.99B | $2.03B | $1.67B | $1.22B | $1.16B | $1.12B |
| Gross Margin | 28.0% | 26.8% | 27.4% | 27.9% | 26.6% | 24.2% | 24.3% | 24.6% |
| Operating Expenses | ||||||||
| Research & Development | — | — | — | — | — | — | — | — |
| SG&A Expense | $1.34B | $1.29B | $1.22B | $1.22B | $1.06B | $833.1M | $800.3M | $757.5M |
| Operating Income | $720.3M | $781.8M | $794.8M | $831.6M | $628.5M | $401.0M | $366.9M | $372.1M |
| Operating Margin | 10.0% | 10.3% | 10.9% | 11.4% | 10.0% | 7.9% | 7.7% | 8.2% |
| Interest Expense | — | — | — | — | — | — | — | — |
| Pretax Income | $737.7M | $802.6M | $789.9M | $829.4M | $627.5M | $399.8M | $362.9M | $369.3M |
| Income Tax Expense | $150.1M | $166.9M | $155.8M | $125.7M | $128.8M | $76.6M | $67.1M | $72.8M |
| Net Income | $497.0M | $536.3M | $536.3M | $601.2M | $418.9M | $269.6M | $246.0M | $242.9M |
| Net Margin | 6.9% | 7.0% | 7.4% | 8.3% | 6.7% | 5.3% | 5.2% | 5.3% |
| EPS (Basic) | $12.27 | $13.34 | $13.72 | $15.46 | $10.83 | $7.03 | $6.51 | $6.50 |
| EPS (Diluted) | $12.25 | $13.30 | $13.67 | $15.41 | $10.78 | $7.01 | $6.50 | $6.49 |
| Shares Outstanding (Basic) | 37.8M | 37.4M | 36.4M | — | 35.2M | 35.1M | 34.6M | 34.3M |
| Shares Outstanding (Diluted) | 37.9M | 37.5M | 36.5M | — | 35.4M | 35.2M | 34.7M | 34.4M |
| Dividends Per Share | $11.70 | $10.55 | $9.80 | $8.55 | $7.63 | $6.93 | $6.40 | $5.60 |