WSO Financials Watsco Inc

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 30 h ago Overview →

Growth & profitability

Revenue has grown 7.4% per year over the past 5 years.
Net income has grown faster than revenue (16.9% vs 7.4% per year).
Operating margin has expanded, at 10.0% in the latest year.
Free cash flow has grown 0.7% per year over the past 5 years.

Financial health

Total debt has grown slower than revenue (-8.1% vs 7.4% per year).

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 80.6% of earnings and 88.5% of free cash flow.
The dividend has grown 12.3% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$7.2B	$588M	28.0%	10.0%	$535M	—	$433M
2024	$7.6B	$636M	26.8%	10.3%	$743M	—	$526M
2023	$7.3B	$634M	27.4%	10.9%	$526M	—	$210M
2022	$7.3B	$704M	27.9%	11.4%	$536M	—	$148M
2021	$6.3B	$499M	26.6%	10.0%	$324M	—	$118M
2020	$5.1B	$270M	24.2%	7.9%	$518M	—	$146M
2019	$4.8B	$246M	24.3%	7.7%	$318M	—	$74M
2018	$4.5B	$243M	24.6%	8.2%	$153M	—	$83M
2017	$4.3B	$208M	24.5%	8.2%	$289M	—	$80M
2016	$4.2B	$183M	24.5%	8.2%	$238M	—	$56M
2015	$4.1B	$173M	24.5%	8.2%	—	$246M	$35M
2014	$3.9B	$151M	24.2%	7.8%	—	$304M	$24M
2013	$3.7B	$128M	24.0%	7.2%	$136M	$231M	$19M
2012	$3.4B	$103M	23.7%	6.6%	$161M	$316M	$74M
2011	$3.0B	$90M	24.5%	6.7%	$48M	—	$16M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Mar '26	$1.5B	$79M	27.9%	7.2%	-$26M	—	$393M
Dec '25	$1.6B	$72M	27.1%	6.4%	$388M	—	$433M
Sep '25	$2.1B	$162M	27.5%	11.4%	$346M	—	$324M
Jun '25	$2.1B	$184M	29.3%	13.2%	-$14M	—	$293M
Mar '25	$1.5B	$80M	28.1%	7.3%	-$185M	—	$432M
Dec '24	$1.8B	$97M	26.7%	7.8%	$371M	—	$526M
Sep '24	$2.2B	$171M	26.2%	11.6%	$223M	—	$294M
Jun '24	$2.1B	$181M	27.1%	12.6%	$51M	—	$225M
Mar '24	$1.6B	$87M	27.5%	8.1%	$98M	—	$279M
Dec '23	$1.6B	$83M	25.8%	6.7%	$289M	—	$210M
Sep '23	$2.1B	$171M	26.7%	12.1%	$343M	—	$175M
Jun '23	$2.0B	$173M	28.1%	13.3%	-$50M	—	$163M
Mar '23	$1.6B	$110M	28.9%	10.6%	-$55M	—	$141M
Dec '22	$1.6B	$138M	27.4%	8.7%	$204M	—	$148M
Sep '22	$2.0B	$158M	27.1%	11.6%	$278M	—	$130M
Jun '22	$2.1B	$193M	27.9%	13.5%	$164M	—	$129M
Mar '22	$1.5B	$113M	29.6%	11.2%	-$110M	—	$111M
Dec '21	$1.5B	$79M	27.3%	8.1%	$21M	—	$118M
Sep '21	$1.8B	$141M	27.1%	11.6%	$232M	—	$137M
Jun '21	$1.8B	$144M	25.8%	11.7%	$113M	—	$97M

Valuation over time

How the market has priced WSO against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 17.2× (Mar '23) to 26.6× (Jun '26).
The price-to-sales ratio has risen from 1.7× (Mar '23) to 2.2× (Jun '26).
The dividend yield has risen from 2.8% (Mar '23) to 3.0% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is WSO growing its revenue and profit?

Over the past 5 years, Watsco Inc's revenue has grown 7.4% per year, and net income grown 16.9% per year. These are computed facts, not advice.

How much debt does WSO have?

As of FY2025, Watsco Inc reported — of total debt against $433M of cash.

What is WSO's profit margin?

In FY2025, gross margin was 28.0%, operating margin 10.0%, and net margin 8.1%.

What is WSO's P/E ratio?

As of Jun '26, Watsco Inc traded at a price-to-earnings ratio of about 26.6× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.