Watsco, Inc. (WSO-B) Balance Sheet
WSO-B balance sheet, 2025
December 31, 2025 · U.S. dollars$4.46B assets = $1.23B liabilities + $3.22B equity
Both columns are drawn to the same scale: what WSO-B owns equals what it owes plus shareholders’ equity. Hover a block for its value.
WSO-B financial health
Descriptive bands, not a rating. Fiscal 2025.
WSO-B balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.87B2016 | $4.46B2025 | +10.1%/yr | |
| Total liabilities | $622.9M2016 | $1.23B2025 | +7.9%/yr | |
| Shareholders’ equity | $1.01B2016 | $2.78B2025 | +12.0%/yr | |
| Cash & short-term investments | $56.0M2016 | $733.3M2025 | +33.1%/yr | |
| Total debt | $235.8M2016 | $478.8M2025 | +8.2%/yr | |
| Net cash (debt) | −$179.8M2016 | $254.5M2025 | +$434.3M | |
| Working capital | $925.3M2016 | $2.24B2025 | +$1.3B | |
| Current ratio | 3.942016 | 4.122025 | +0.18 | |
| Debt / equity | 0.232016 | 0.172025 | −0.06 |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
WSO-B assets
WSO-B liabilities and equity
WSO-B debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
WSO-B balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $733.3M | $781.9M | $210.1M | $147.5M | $118.3M | $146.1M | $74.5M | $82.9M | $80.5M | $56.0M |
| Cash & equivalents | $433.3M | $526.3M | $210.1M | $147.5M | $118.3M | $146.1M | $74.5M | $82.9M | $80.5M | $56.0M |
| Short-term investments | $300.0M | $255.7M | $0 | — | — | — | — | $0 | $0 | $0 |
| Receivables | $796.2M | $877.9M | $797.8M | $747.1M | $698.5M | $535.3M | $533.8M | $501.9M | $478.1M | $476.0M |
| Inventory | $1.39B | $1.39B | $1.35B | $1.37B | $1.12B | $793.9M | $920.8M | $837.1M | $761.3M | $685.0M |
| Other current assets | $38.7M | $34.7M | $36.7M | $34.0M | $29.2M | $21.8M | $17.7M | $19.9M | $17.5M | $23.2M |
| Total current assets | $2.95B | $3.08B | $2.39B | $2.30B | $1.96B | $1.50B | $1.55B | $1.44B | $1.34B | $1.24B |
| Property, plant & equipment (net) | $588.6M | $559.7M | $505.0M | $442.7M | $379.5M | $307.4M | $321.9M | $91.0M | $91.2M | $90.5M |
| Goodwill & intangible assets | $672.9M | $660.3M | $675.3M | $605.9M | $620.9M | $582.4M | $583.2M | $539.8M | $543.8M | $538.3M |
| Long-term investments | $185.2M | $168.6M | $146.2M | $132.8M | $114.8M | $97.8M | $94.8M | $80.4M | $332,000 | $281,000 |
| Other non-current assets | $54.5M | $63.7M | $10.7M | $8.0M | $9.2M | $12.2M | $9.5M | $7.9M | $74.2M | $5.4M |
| Total assets | $4.46B | $4.53B | $3.73B | $3.49B | $3.09B | $2.50B | $2.56B | $2.16B | $2.05B | $1.87B |
| Liabilities | ||||||||||
| Accounts payable | $350.4M | $490.9M | $369.4M | $456.1M | $364.2M | $251.6M | $239.7M | $200.2M | $230.5M | $185.5M |
| Short-term debt | $117.2M | $110.3M | $100.3M | $147.0M | $84.5M | $71.8M | $69.4M | $246,000 | $244,000 | $200,000 |
| Deferred revenue | — | — | — | — | — | $104.6M | $83.2M | $156.8M | $185.5M | $129.0M |
| Total current liabilities | $717.7M | $983.9M | $712.0M | $906.5M | $726.7M | $499.7M | $461.7M | $357.6M | $416.5M | $314.9M |
| Long-term debt | $0 | $0 | $15.4M | $243.5M | $285.2M | $144.3M | $157.7M | $0 | $0 | $0 |
| Lease obligations | $478.8M | $447.5M | $289.1M | $232.1M | $187.0M | $139.5M | $154.3M | $0 | $0 | $0 |
| Other long-term liabilities | $515.9M | $484.1M | $385.6M | $89.9M | $76.5M | $73.1M | $222.0M | $201.8M | $79.4M | $308.0M |
| Total liabilities | $1.23B | $1.47B | $1.11B | $1.24B | $1.09B | $717.2M | $841.4M | $559.3M | $495.9M | $622.9M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $22.3M | $22.2M | $22.1M | $21.8M | $21.8M | $21.7M | $21.5M | $21.2M | $21.1M | $21.0M |
| Retained earnings (deficit) | $1.32B | $1.30B | $1.18B | $1.03B | $760.8M | $636.4M | $632.5M | $628.0M | $594.6M | $550.5M |
| Treasury stock | — | — | — | −$87.4M | −$87.4M | −$87.4M | — | $0 | $0 | $0 |
| Accumulated other comprehensive income | −$50.3M | −$59.9M | −$42.3M | −$47.7M | −$34.2M | −$34.9M | −$39.0M | −$46.0M | −$34.2M | −$43.5M |
| Minority interest | $440.7M | $407.2M | $386.4M | $359.0M | $332.5M | $293.1M | — | $0 | $0 | $0 |
| Total shareholders' equity | $2.78B | $2.66B | $2.23B | $2.25B | $2.00B | $1.78B | $1.44B | $1.35B | $1.30B | $1.01B |
| Key figures | ||||||||||
| Total debt | $478.8M | $447.5M | $404.8M | $390.5M | $369.7M | $216.1M | $381.4M | $136.0M | $22.3M | $235.8M |
| Net cash (debt) | $254.5M | $334.5M | −$194.7M | −$243.0M | −$251.4M | −$70.1M | −$306.9M | −$53.1M | $58.2M | −$179.8M |
| Working capital | $2.24B | $2.10B | $1.68B | $1.39B | $1.23B | $997.3M | $1.09B | $1.08B | $920.9M | $925.3M |
| Tangible book value | $2.11B | $2.00B | $1.55B | $1.64B | $1.38B | $1.20B | $852.2M | $808.0M | $754.2M | $467.5M |
| Current ratio | 4.12 | 3.13 | 3.36 | 2.54 | 2.70 | 3.00 | 3.35 | 4.03 | 3.21 | 3.94 |
| Quick ratio | 2.13 | 1.69 | 1.42 | 0.99 | 1.12 | 1.36 | 1.32 | 1.64 | 1.34 | 1.69 |
| Debt / equity | 0.17 | 0.17 | 0.18 | 0.17 | 0.19 | 0.12 | 0.27 | 0.10 | 0.02 | 0.23 |
| Equity / assets | 62.4% | 58.6% | 59.8% | 64.5% | 64.7% | 71.3% | 56.2% | 62.4% | 63.4% | 53.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $464.2M | $592.7M | $733.3M | $524.3M | $293.0M | $431.8M | $781.9M | $550.0M | $424.9M | $478.9M | $210.1M | $175.0M |
| Cash & equivalents | $364.2M | $392.7M | $433.3M | $324.3M | $293.0M | $431.8M | $526.3M | $294.4M | $224.9M | $278.9M | $210.1M | $175.0M |
| Short-term investments | $100.0M | $200.0M | $300.0M | $200.0M | $0 | $0 | $255.7M | $255.7M | $200.0M | $200.0M | $0 | — |
| Receivables | $1.06B | $839.2M | $796.2M | $941.9M | $1.02B | $794.3M | $877.9M | $944.5M | $1.00B | $832.1M | $797.8M | $949.3M |
| Inventory | $1.89B | $1.72B | $1.39B | $1.60B | $1.95B | $1.78B | $1.39B | $1.60B | $1.57B | $1.66B | $1.35B | $1.55B |
| Other current assets | $38.7M | $34.1M | $38.7M | $48.0M | $38.2M | $33.1M | $34.7M | $41.7M | $34.7M | $31.8M | $36.7M | $56.5M |
| Total current assets | $3.45B | $3.18B | $2.95B | $3.12B | $3.30B | $3.04B | $3.08B | $3.13B | $3.03B | $3.00B | $2.39B | $2.73B |
| Property, plant & equipment (net) | $656.2M | $594.0M | $588.6M | $565.8M | $563.2M | $570.8M | $559.7M | $541.3M | $523.1M | $521.9M | $505.0M | $497.0M |
| Goodwill & intangible assets | $764.9M | $669.3M | $672.9M | $672.1M | $676.0M | $662.2M | $660.3M | $670.6M | $669.9M | $673.5M | $675.3M | $664.0M |
| Long-term investments | $193.9M | $190.7M | $185.2M | $187.4M | $177.9M | $173.8M | $168.6M | $162.0M | $156.9M | $151.7M | $146.2M | $137.6M |
| Other non-current assets | $15.6M | $14.3M | $54.5M | $13.5M | $12.8M | $12.2M | $63.7M | $10.6M | $11.0M | $11.6M | $10.7M | $9.9M |
| Total assets | $5.08B | $4.65B | $4.46B | $4.55B | $4.73B | $4.45B | $4.53B | $4.52B | $4.40B | $4.36B | $3.73B | $4.04B |
| Liabilities | ||||||||||||
| Accounts payable | $660.3M | $834.2M | $350.4M | $411.4M | $678.1M | $545.6M | $490.9M | $549.4M | $564.1M | $687.6M | $369.4M | $509.3M |
| Short-term debt | $119.7M | $117.7M | $117.2M | $116.7M | $115.4M | $113.3M | $110.3M | $107.4M | $104.4M | $102.9M | $100.3M | $98.5M |
| Deferred revenue | — | — | — | — | — | — | — | −$933.1M | −$276.7M | −$102.9M | — | −$509.3M |
| Total current liabilities | $1.08B | $951.9M | $717.7M | $812.1M | $1.07B | $925.1M | $983.9M | $933.1M | $945.2M | $1.03B | $712.0M | $887.6M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $15.4M | $105.6M |
| Lease obligations | $535.3M | $486.2M | $478.8M | $457.5M | $454.1M | $459.7M | $447.5M | $428.4M | $411.5M | $409.2M | $289.1M | $370.7M |
| Other long-term liabilities | $531.7M | $482.7M | $515.9M | $440.9M | $436.8M | $441.4M | $484.1M | $422.5M | $406.0M | $403.4M | $385.6M | $380.1M |
| Total liabilities | $1.61B | $1.43B | $1.23B | $1.25B | $1.51B | $1.37B | $1.47B | $1.36B | $1.35B | $1.43B | $1.11B | $1.37B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $22.6M | $22.4M | $22.3M | $22.3M | $22.3M | $22.3M | $22.2M | $22.2M | $22.2M | $22.2M | $22.1M | $22.1M |
| Retained earnings (deficit) | $1.31B | $1.28B | $1.32B | $1.37B | $1.33B | $1.27B | $1.30B | $1.31B | $1.25B | $1.17B | $1.18B | $1.20B |
| Accumulated other comprehensive income | −$57.1M | −$53.5M | −$50.3M | −$53.5M | −$49.4M | −$59.7M | −$59.9M | −$46.9M | −$50.2M | −$47.9M | −$42.3M | −$47.4M |
| Minority interest | $478.8M | $452.8M | $440.7M | $486.8M | $461.4M | — | — | — | — | — | — | — |
| Total shareholders' equity | $2.99B | $2.76B | $2.78B | $2.81B | $2.76B | $2.67B | $2.66B | $2.70B | $2.61B | $2.53B | $2.23B | $2.22B |
| Key figures | ||||||||||||
| Total debt | $535.3M | $476.2M | $478.8M | $785.7M | $454.1M | $459.7M | $447.5M | $428.4M | $411.5M | $409.2M | $404.8M | $488.8M |
| Net cash (debt) | −$71.1M | $116.5M | $254.5M | −$261.4M | −$161.1M | −$27.9M | $334.5M | $121.7M | $13.3M | $69.7M | −$194.7M | −$313.8M |
| Working capital | $2.37B | $2.23B | $2.24B | $2.30B | $2.23B | $2.11B | $2.10B | $2.20B | $2.09B | $1.97B | $1.68B | $1.84B |
| Tangible book value | $2.23B | $2.09B | $2.11B | $2.14B | $2.08B | $2.00B | $2.00B | $2.03B | $1.94B | $1.85B | $1.55B | $1.56B |
| Current ratio | 3.20 | 3.34 | 4.12 | 3.84 | 3.08 | 3.28 | 3.13 | 3.36 | 3.21 | 2.92 | 3.36 | 3.08 |
| Quick ratio | 1.41 | 1.50 | 2.13 | 1.81 | 1.22 | 1.33 | 1.69 | 1.60 | 1.51 | 1.28 | 1.42 | 1.27 |
| Debt / equity | 0.18 | 0.17 | 0.17 | 0.28 | 0.16 | 0.17 | 0.17 | 0.16 | 0.16 | 0.16 | 0.18 | 0.22 |
| Equity / assets | 58.9% | 59.4% | 62.4% | 61.8% | 58.4% | 59.8% | 58.6% | 59.7% | 59.4% | 58.0% | 59.8% | 55.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
WSO-B financial position
At the end of fiscal 2025 (December 31, 2025), Watsco had total assets of $4.5 billion (down 1.7% from a year earlier), total liabilities of $1.2 billion and shareholders' equity of $2.8 billion. It held $733.3 million in cash and short-term investments against $478.8 million of debt, a net cash position of $254.5 million. Its current ratio was 4.12. In the latest quarter (ended June 30, 2026) total assets were $5.1 billion and equity $3.0 billion.
Related: WSO-B income statement, WSO-B cash flow statement, WSO-B key metrics. See the WSO-B stock overview for the latest quote and news.
WSO-B balance sheet FAQ
What are Watsco's total assets?
Watsco reported total assets of $4.5 billion at the end of fiscal 2025 (December 31, 2025), compared with $4.5 billion a year earlier.
How much debt does Watsco have?
Watsco had $478.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.17.
How much cash does Watsco have?
Watsco held $733.3 million in cash and short-term investments at the end of fiscal 2025; with $478.8 million of debt that is net cash of $254.5 million.
What is Watsco's book value?
Watsco's shareholders' equity (book value) was $2.8 billion at the end of fiscal 2025.
What is Watsco's current ratio?
Watsco had current assets of $3.0 billion and current liabilities of $717.7 million, a current ratio of 4.12 (it can cover its short-term obligations).
How much goodwill does Watsco have?
Watsco carried $672.9 million of goodwill and intangible assets, 15.1% of total assets, at the end of fiscal 2025.