WSO on NYSE

Watsco

Logo: Watsco, Public domain, via Wikimedia Commons4

American industrial company

Watsco, Inc. is a distributor of air conditioning, heating and refrigeration equipment, and related parts and supplies (HVAC/R) in the United States.3 From Wikipedia, CC BY-SA 4.0

Price unavailable

Last updated Oct 18, 2026.

Overview

$7.2BRevenue, fiscal 20255
$497.0MNet income, fiscal 20255

Compare with Ferguson Enterprises, Lennox International or Comfort Systems USA, or pick any stock.

  • TickerWSO on NYSE1
  • Industryheating, ventilation, and air conditioning1
  • HeadquartersMiami1
  • Websitewww.watsco.com
  • Incorporated inFL6
  • Business address2665 S Bayshore Dr, Ste 901, Coconut Grove, Fl 331336
  • Filer categoryLarge accelerated filer6

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Watsco, Inc. is a distributor of air conditioning, heating and refrigeration equipment, and related parts and supplies (HVAC/R) in the United States. Watsco was founded more than 60 years ago as a manufacturer of parts, components, and tools used in the HVAC/R industry. In 1989, the company shifted from manufacturing to distribution, by acquiring Gemaire Distributors Inc., a South Florida-based Rheem distributor.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

28.0%Gross margin5
10.0%Operating margin5
6.9%Net margin5
-5.0%Revenue growth, 20255
17.9%Return on equity5
$535.1MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Regions

United States brought in 91% of the revenue Watsco broke down this way in fiscal 2025.

  1. United States$6.6B591%down 4% from 2024
  2. Latin America and Caribbean$344.3M55%down 14% from 2024
  3. Canada$338.1M55%down 5% from 2024
Regions by year
Regions202320242025
United States$6.5B$6.9B$6.6B
Latin America and Caribbean$368.5M$401.9M$344.3M
Canada$374.7M$355.8M$338.1M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue72¢$5.2B
  • Selling, general and admin18¢$1.3B
  • Other costs1¢$45.5M
  • Income tax2¢$150.1M
  • Profit7¢$497.0M

Out of $7.2B in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Capital spending6¢$34.5M
  • Dividends paid83¢$473.8M
  • Kept or used elsewhere11¢$61.3M

Out of $569.6M of cash from operations.5

Financial statements

Revenue78910115$7.2B in 2025+59% since 2018
0$2.0B$4.0B$6.0B$8.0B2018: $4.5B$4.5B20182019: $4.8B$4.8B2019+5%2020: $5.1B$5.1B2020+6%2021: $6.3B$6.3B2021+24%2022: $7.3B$7.3B2022+16%2023: $7.3B$7.3B2023+0%2024: $7.6B$7.6B2024+5%2025: $7.2B$7.2B2025−5%
Gross profit78910115$2.0B in 2025+81% since 2018
0$1.0B$2.0B$3.0B2018: $1.1B$1.1B20182019: $1.2B$1.2B2019+3%2020: $1.2B$1.2B2020+6%2021: $1.7B$1.7B2021+36%2022: $2.0B$2.0B2022+22%2023: $2.0B$2.0B2023−2%2024: $2.0B$2.0B2024+3%2025: $2.0B$2.0B2025−1%
Operating income78910115$720.3M in 2025+94% since 2018
0$250.0M$500.0M$750.0M$1.0B2018: $372.1M$372.1M20182019: $366.9M$366.9M2019−1%2020: $401.0M$401.0M2020+9%2021: $628.5M$628.5M2021+57%2022: $831.6M$831.6M2022+32%2023: $794.8M$794.8M2023−4%2024: $781.8M$781.8M2024−2%2025: $720.3M$720.3M2025−8%
Net income78910115$497.0M in 2025+105% since 2018
0$200.0M$400.0M$600.0M$800.0M2018: $242.9M$242.9M20182019: $245.9M$245.9M2019+1%2020: $269.6M$269.6M2020+10%2021: $418.9M$418.9M2021+55%2022: $601.2M$601.2M2022+43%2023: $536.3M$536.3M2023−11%2024: $536.3M$536.3M2024−0%2025: $497.0M$497.0M2025−7%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Revenues$7.2B$7.6B$7.3B
Cost of sales$5.2B$5.6B$5.3B
Gross profit$2.0B$2.0B$2.0B
Selling, general and administrative expenses$1.3B$1.3B$1.2B
Other income$27.8M$30.5M$26.2M
Operating income$720.3M$781.8M$794.8M
Interest (income) expense, net-$17.3M-$20.9M$4.9M
Income before income taxes$737.7M$802.6M$789.9M
Income taxes$150.1M$166.9M$155.8M
Net income$587.6M$635.7M$634.1M
Less: net income attributable to non-controlling interest$90.6M$99.5M$97.8M
Net income attributable to Watsco, Inc.$497.0M$536.3M$536.3M
Basic$12.27$13.34$13.72
Diluted$12.25$13.30$13.67

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Leadership

Who has led Watsco, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Albert H. Nahmad2006–now

Chair

  1. Albert H. Nahmad2006–now

President

  1. Aaron J. Nahmad2016–now

Chief financial officer

  1. Ana M. Menendez2006–now
2010201520202025
Board members and other officers (21)

Products and brands

  • heating, ventilation, and air conditioning

Listed on Wikidata.1

Timeline

  1. Jan 6, 2006New chief executive Albert H. Nahmad becomes CEO17

Filings

241 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 41 major events, 124 insider forms, 23 large holders, 33 other. The latest 20:

  1. Oct 14, 20268-K/A EDGAR
  2. Oct 14, 20268-K EDGAR
  3. Oct 14, 2026424B7 EDGAR
  4. Oct 13, 20264 EDGAR
  5. Oct 13, 20264 EDGAR
  6. Sep 17, 20268-K EDGAR
  7. Aug 7, 202610-Q EDGAR
  8. Jul 29, 20268-K EDGAR
  9. Jun 4, 20268-K/A EDGAR
  10. Jun 4, 20268-K EDGAR
  11. Jun 4, 2026424B7 EDGAR
  12. Jun 3, 20268-K EDGAR
  13. May 14, 2026SCHEDULE 13G/A EDGAR
  14. May 14, 2026SCHEDULE 13G EDGAR
  15. May 8, 202610-Q EDGAR
  16. Apr 30, 2026SCHEDULE 13G EDGAR
  17. Apr 29, 2026SCHEDULE 13G EDGAR
  18. Apr 29, 20268-K EDGAR
  19. Apr 28, 20268-K EDGAR
  20. Apr 24, 2026ARS EDGAR

The 241 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 23 such filings since October 2021, the latest 10:

  1. May 14, 2026SCHEDULE 13G/A
  2. May 14, 2026SCHEDULE 13G
  3. Apr 30, 2026SCHEDULE 13G
  4. Apr 29, 2026SCHEDULE 13G
  5. Mar 27, 2026SCHEDULE 13G/A
  6. Feb 13, 2026SCHEDULE 13G/A
  7. Feb 5, 2026SCHEDULE 13G/A
  8. Nov 6, 2025SCHEDULE 13G/A
  9. Nov 6, 2025SCHEDULE 13G
  10. Aug 6, 2025SCHEDULE 13G/A

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.4,192,919$1.7B0.0%+102,864
Capital International Investors3,485,525$1.5B0.3%+8,294
Capital Research Global Investors1,902,230$792.7M0.1%+3,627
Vanguard Portfolio Management LLC1,770,531$737.8M0.0%+19,477
Fmr LLC1,705,273$710.6M0.0%−185,049
Vanguard Capital Management LLC1,579,210$658.1M0.0%+11,711
Charles Schwab Investment Management Inc1,459,768$607.9M0.1%+119,367
State Street Corp1,323,011$551.3M0.0%+49,070
Kayne Anderson Rudnick Investment Management LLC1,134,361$472.7M1.5%−194,844
Baillie Gifford & Co1,129,536$470.7M0.4%−7,722
Morgan Stanley902,406$376.1M0.0%+11,414
Geode Capital Management, LLC659,265$274.2M0.0%+5,235
Markel Group Inc.597,750$249.1M1.9%+15,581
Blair William & Co/il564,024$235.0M0.6%−18,676
DAVENPORT & Co LLC530,366$220.1M1.1%−14,912
Wells Fargo & Company/mn398,839$166.2M0.0%−22,349
Raymond James Financial Inc386,397$161.0M0.0%−40,508
UBS Group AG360,182$150.1M0.0%−2,945
Norges Bank340,450$141.9M0.0%New
Capital World Investors339,018$141.3M0.0%No change
Goldman Sachs Group Inc333,871$139.1M0.0%−226,801
Northern Trust Corp333,627$139.0M0.0%+8,321
Hamlin Capital Management, LLC304,324$126.8M2.9%−33,011
Captrust Financial Advisors299,013$124.6M0.2%−31,870
Bank Of America Corp /de/286,256$119.3M0.0%+46,650

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

9 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Sep 23, 2025Val T. HoyleDemocratic, HouseSale$1,001 - $15,000+40.7%Report
Aug 13, 2025Lisa C. McClainRepublican, HouseSale$1,001 - $15,000+50.4%Report
Jun 17, 2025Lisa C. McClainRepublican, HouseBuy$1,001 - $15,000−58.6%Report
Oct 29, 2024Val T. HoyleDemocratic, HouseBuy$1,001 - $15,000−69.4%Report
Sep 8, 2023Lois FrankelDemocratic, HouseSale$1,001 - $15,000+87.5%Report
Jun 28, 2023Lois FrankelDemocratic, HousePartial sale$1,001 - $15,000+97.3%Report
Jul 24, 2020Lois FrankelDemocratic, HousePartial sale$1,001 - $15,000+108.8%Report
Mar 4, 2020Lois FrankelDemocratic, HouseBuy$1,001 - $15,000−78.1%Report
Mar 3, 2020Lois FrankelDemocratic, HouseBuy$1,001 - $15,000−74.9%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

The numbers on this page point here. Each one links to the record it came from.

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