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 Aug 9, 2026, 10:12 UTC 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

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
2025	$7.2B	$588M	28.0%	10.0%	21.1%	13.3%	$535M	—	$433M
2024	$7.6B	$636M	26.8%	10.3%	23.9%	14.2%	$743M	—	$526M
2023	$7.3B	$634M	27.4%	10.9%	28.4%	17.0%	$526M	—	$210M
2022	$7.3B	$704M	27.9%	11.4%	37.2%	20.2%	$536M	—	$148M
2021	$6.3B	$499M	26.6%	10.0%	30.0%	16.2%	$324M	—	$118M
2020	$5.1B	$270M	24.2%	7.9%	18.1%	10.9%	$518M	—	$146M
2019	$4.8B	$246M	24.3%	7.7%	17.1%	9.6%	$318M	—	$74M
2018	$4.5B	$243M	24.6%	8.2%	18.0%	11.2%	$153M	—	$83M
2017	$4.3B	$208M	24.5%	8.2%	16.0%	10.2%	$289M	—	$80M
2016	$4.2B	$183M	24.5%	8.2%	18.2%	9.8%	$238M	—	$56M
2015	$4.1B	$173M	24.5%	8.2%	18.1%	9.7%	—	$246M	$35M
2014	$3.9B	$151M	24.2%	7.8%	17.1%	8.5%	—	$304M	$24M
2013	$3.7B	$128M	24.0%	7.2%	15.2%	7.7%	$136M	$231M	$19M
2012	$3.4B	$103M	23.7%	6.6%	13.8%	6.1%	$161M	$316M	$74M
2011	$3.0B	$90M	24.5%	6.7%	11.3%	7.1%	$48M	—	$16M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
Jun '26	$2.1B	$163M	27.5%	11.3%	5.5%	3.2%	-$12M	—	$364M
Mar '26	$1.5B	$79M	27.9%	7.2%	2.9%	1.7%	-$26M	—	$393M
Dec '25	$1.6B	$72M	27.1%	6.4%	2.6%	1.6%	$388M	—	$433M
Sep '25	$2.1B	$162M	27.5%	11.4%	5.7%	3.5%	$346M	—	$324M
Jun '25	$2.1B	$184M	29.3%	13.2%	6.7%	3.9%	-$14M	—	$293M
Mar '25	$1.5B	$80M	28.1%	7.3%	3.0%	1.8%	-$185M	—	$432M
Dec '24	$1.8B	$97M	26.7%	7.8%	3.6%	2.2%	$371M	—	$526M
Sep '24	$2.2B	$171M	26.2%	11.6%	6.3%	3.8%	$223M	—	$294M
Jun '24	$2.1B	$181M	27.1%	12.6%	6.9%	4.1%	$51M	—	$225M
Mar '24	$1.6B	$87M	27.5%	8.1%	3.4%	2.0%	$98M	—	$279M
Dec '23	$1.6B	$83M	25.8%	6.7%	3.7%	2.2%	$289M	—	$210M
Sep '23	$2.1B	$171M	26.7%	12.1%	7.7%	4.2%	$343M	—	$175M
Jun '23	$2.0B	$173M	28.1%	13.3%	8.5%	4.2%	-$50M	—	$163M
Mar '23	$1.6B	$110M	28.9%	10.6%	5.7%	2.9%	-$55M	—	$141M
Dec '22	$1.6B	$138M	27.4%	8.7%	7.3%	3.9%	$204M	—	$148M
Sep '22	$2.0B	$158M	27.1%	11.6%	8.3%	4.4%	$278M	—	$130M
Jun '22	$2.1B	$193M	27.9%	13.5%	10.5%	5.1%	$164M	—	$129M
Mar '22	$1.5B	$113M	29.6%	11.2%	6.6%	3.3%	-$110M	—	$111M
Dec '21	$1.5B	$79M	27.3%	8.1%	4.7%	2.6%	$21M	—	$118M
Sep '21	$1.8B	$141M	27.1%	11.6%	8.6%	4.6%	$232M	—	$137M

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 20.2× (Nov '26).
The price-to-sales ratio has fallen from 1.7× (Mar '23) to 1.6× (Nov '26).
The dividend yield has risen from 2.7% (Mar '23) to 4.0% (Nov '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?

Watsco Inc's P/E (TTM) is 24.94 as of the 2026-11-03 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the WSO stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 20.2× as of Nov '26) can differ. 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), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.