Watsco, Inc. (WSO-B) Income Statement
WSO-B 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsWSO-B revenue and net income
Where WSO-B's revenue goes
2025Each bar shows an amount and its share of revenue. WSO-B kept 6.9% of revenue as net income.
WSO-B profit margins
WSO-B growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −5.0% | −0.2% | +7.4% | +5.8% |
| Gross profit | −0.7% | +0.0% | +10.7% | +7.3% |
| Operating income | −11.4% | −5.9% | +11.5% | +7.5% |
| Net income | −7.3% | −6.1% | +13.0% | +11.1% |
| EPS (diluted) | −21.3% | −9.8% | +8.7% | +7.9% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
WSO-B quarterly EPS vs estimates
Watsco beat the analyst EPS estimate in 1 of the last 8 quarters.
WSO-B income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.24B | $7.62B | $7.28B | $7.27B | $6.28B | $5.05B | $4.77B | $4.55B | $4.34B | $4.22B |
| Cost of revenue | $5.21B | $5.57B | $5.29B | $5.24B | $4.61B | $3.83B | $3.61B | $3.43B | $3.28B | $3.19B |
| Gross profit | $2.03B | $2.04B | $1.99B | $2.03B | $1.67B | $1.22B | $1.16B | $1.12B | $1.07B | $1.03B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $1.34B | $1.26B | $1.19B | $1.22B | $1.06B | $833.1M | $800.3M | $757.5M | $715.7M | $689.0M |
| Total operating expenses | $1.34B | $1.26B | $1.20B | $1.22B | $1.06B | $833.1M | $800.3M | $757.5M | $715.7M | $689.0M |
| Operating income | $692.6M | $781.8M | $794.8M | $831.6M | $628.5M | $401.0M | $366.9M | $372.1M | $353.9M | $345.6M |
| Interest expense | — | $20.9M | $4.9M | $2.2M | $996,000 | $1.2M | $4.0M | $2.7M | $6.4M | $3.7M |
| Income before taxes | $737.7M | $802.6M | $789.9M | $829.4M | $627.5M | $399.8M | $362.9M | $369.3M | $347.5M | $341.9M |
| Income taxes | $150.1M | $166.9M | $155.8M | $125.7M | $128.8M | $76.6M | $67.1M | $72.8M | $90.2M | $105.9M |
| Net income | $497.0M | $536.3M | $536.3M | $601.2M | $418.9M | $269.6M | $245.9M | $242.9M | $208.2M | $182.8M |
| EBITDA | $781.4M | $792.1M | $803.7M | $863.3M | $656.7M | $426.9M | $391.4M | $394.2M | $375.9M | $365.7M |
| EPS (diluted) | $10.43 | $13.25 | $13.66 | $14.21 | $10.74 | $6.88 | $6.40 | $6.42 | $5.79 | $5.12 |
| Gross margin | 28.0% | 26.8% | 27.4% | 27.9% | 26.6% | 24.2% | 24.3% | 24.6% | 24.5% | 24.5% |
| Operating margin | 9.6% | 10.3% | 10.9% | 11.4% | 10.0% | 7.9% | 7.7% | 8.2% | 8.2% | 8.2% |
| Net margin | 6.9% | 7.0% | 7.4% | 8.3% | 6.7% | 5.3% | 5.2% | 5.3% | 4.8% | 4.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.10B | $1.53B | $1.58B | $2.07B | $2.06B | $1.53B | $1.75B | $2.16B | $2.14B | $1.56B | $1.60B | $2.13B |
| Cost of revenue | $1.53B | $1.11B | $1.15B | $1.47B | $1.46B | $1.10B | $1.29B | $1.59B | $1.56B | $1.13B | $1.19B | $1.56B |
| Gross profit | $578.9M | $427.6M | $428.4M | $594.8M | $603.5M | $429.6M | $468.1M | $566.2M | $579.8M | $430.6M | $414.4M | $566.9M |
| Sales, general & admin | $349.0M | $322.9M | $332.6M | $343.7M | $339.0M | $322.6M | $298.0M | $326.4M | $319.0M | $309.5M | $312.5M | $319.8M |
| Total operating expenses | $340.6M | $317.4M | $332.6M | $360.1M | $331.6M | $317.4M | $331.9M | $316.0M | $311.0M | $304.1M | $306.7M | $310.3M |
| Operating income | $238.4M | $110.2M | $95.8M | $234.8M | $271.9M | $112.2M | $136.2M | $250.2M | $268.8M | $126.5M | $107.7M | $256.6M |
| Interest income | $3.5M | $6.5M | — | — | $2.3M | $5.4M | — | — | — | — | — | — |
| Interest expense | — | — | — | — | — | — | $6.7M | $14.2M | — | $2.5M | $1.0M | $1.9M |
| Income before taxes | $241.9M | $116.6M | $107.4M | $238.5M | $274.2M | $117.6M | $142.9M | $257.0M | $273.7M | $129.0M | $108.7M | $254.7M |
| Income taxes | $50.6M | $23.7M | $20.3M | $49.3M | $57.4M | $23.1M | $27.7M | $55.4M | $59.1M | $24.7M | $11.0M | $54.1M |
| Net income | $163.3M | $79.1M | $71.7M | $161.6M | $183.6M | $80.1M | $96.8M | $171.0M | $181.4M | $87.0M | $82.5M | $171.0M |
| EBITDA | $252.8M | $127.7M | $118.5M | $249.5M | $285.1M | $117.8M | $140.1M | $250.3M | $283.7M | $131.0M | $118.4M | $265.4M |
| EPS (diluted) | — | $0.00 | $0.00 | $3.98 | $4.52 | $1.93 | $2.37 | $4.22 | $4.49 | $2.17 | $2.06 | $4.35 |
| Gross margin | 27.5% | 27.9% | 27.1% | 28.8% | 29.3% | 28.1% | 26.7% | 26.2% | 27.1% | 27.5% | 25.8% | 26.7% |
| Operating margin | 11.3% | 7.2% | 6.1% | 11.4% | 13.2% | 7.3% | 7.8% | 11.6% | 12.6% | 8.1% | 6.7% | 12.1% |
| Net margin | 7.8% | 5.2% | 4.5% | 7.8% | 8.9% | 5.2% | 5.5% | 7.9% | 8.5% | 5.6% | 5.1% | 8.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in WSO-B's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
WSO-B financial results
In fiscal year 2025 (ended December 31, 2025), Watsco reported revenue of $7.2 billion, down 5.0% from the year before. It had net income of $497.0 million (down 7.3%), a net profit margin of 6.9%. Diluted earnings per share came to $10.43. Over five years revenue grew at an average rate of 7.4% a year.
See the WSO-B stock overview for the latest quote and news, or the WSO-B chart for price history and technical indicators.
WSO-B income statement FAQ
What is Watsco's annual revenue?
Watsco reported total revenue of $7.2 billion for fiscal year 2025, which ended on December 31, 2025. That was down 5.0% from $7.6 billion the previous year.
Is Watsco profitable?
Yes. Watsco reported net income of $497.0 million in fiscal 2025, a net profit margin of 6.9%; its operating margin was 9.6%.
What is Watsco's gross margin?
Watsco's gross margin was 28.0% in fiscal 2025: for every $100 of revenue, Watsco kept $28 after the direct cost of its products and services.
How fast is Watsco growing?
Revenue grew 7.4% a year on average over the last five fiscal years, from $5.1 billion to $7.2 billion.
What are Watsco's earnings per share?
Watsco earned $10.43 per diluted share in fiscal 2025, compared with $13.25 a year earlier.
When does Watsco's fiscal year end?
Watsco's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.