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WSO on NYSE

Watsco

Logo: Watsco, Public domain, via Wikimedia Commons5

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. 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 Its shares trade on NYSE under the symbol WSO.1 Wikipedia text CC BY-SA 4.0

Price unavailable

Last updated Oct 21, 2026.

Overview

$7.2BRevenue, fiscal 20256
$497.0MNet income, fiscal 20256

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  • TickerWSO on NYSE1
  • Industryheating, ventilation, and air conditioning1
  • HeadquartersMiami1
  • Websitewww.watsco.com
  • Incorporated inFL7
  • Business address2665 S Bayshore Dr, Ste 901, Coconut Grove, Fl 331337
  • Filer categoryLarge accelerated filer7
  • Legal formProfit Corporation4
  • LEI549300F1Y3LN5BX5WN754
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O Corporation Service Company, 32301-2525 Tallahassee, United States4
  • Registered withFlorida Division of Corporations, 1945934

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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 margin6
10.0%Operating margin6
6.9%Net margin6
-5.0%Revenue growth, 20256
17.9%Return on equity6
$535.1MFree cash flow6

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$6.6B691%down 4% from 2024
  2. Latin America and Caribbean$344.3M65%down 14% from 2024
  3. Canada$338.1M65%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.6

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.6

Financial statements

Revenue9101112136$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 profit9101112136$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 income9101112136$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 income9101112136$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.6

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

Compare Watsco with another company

Corporate structure

Watsco sits at the top of its group. 22 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Watsco

  • Watsco Tallahassee, Florida, United States
    • Acme Refrigeration LLC Subsidiary · Delaware, United States
    • Alert Labs Inc. Subsidiary · Ontario, Canada
    • Baker Distributing Company LLC Subsidiary · Delaware, United States
    • Boreal International Corporation Subsidiary · Florida, United States
    • Carrier (Puerto Rico), Inc. Subsidiary · Delaware, United States
    • Carrier Enterprise Canada, L.P. Subsidiary · Ontario, Canada
    • Carrier Enterprise Mexico S. de R.L. de C.V. Subsidiary · Mexico
    • Carrier Enterprise Northeast, LLC Subsidiary · Delaware, United States
    • Carrier Enterprise Servicios Mexico S. de R.L. de C.V. Subsidiary · Mexico
    • Carrier Enterprise, LLC Subsidiary · Delaware, United States
    • Carrier InterAmerica Corporation Subsidiary · Delaware, United States
    • East Coast Metal Distributors LLC Subsidiary · Delaware, United States
    • Expert TTL Solutions S. de R.L. de C.V. Subsidiary · Mexico
    • Gateway Supply LLC Subsidiary · Delaware, United States
    • Gemaire Distributors LLC Subsidiary · Delaware, United States
    • Heating & Cooling Supply LLC Subsidiary · California, United States
    • Homans Associates II LLC Subsidiary · Delaware, United States
    • N&S Supply LLC Subsidiary · Delaware, United States
    • Peirce-Phelps LLC Subsidiary · Delaware, United States
    • TEC Distribution LLC Subsidiary · Delaware, United States
    • Tradewinds Distributing Company, LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Watsco reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$410.0M6 Dec 31, 2025$390.0M6 Dec 31, 2024+5.1%
Accumulated depreciation$274.0M6 Dec 31, 2025$249.5M6 Dec 31, 2024+9.8%
Property and equipment, net$136.0M6 Dec 31, 2025$140.5M6 Dec 31, 2024−3.2%
Finance-lease assets$15.3M6 Dec 31, 2025$21.0M6 Dec 31, 2024−27.2%
Operating-lease assets (leased space)$452.5M6 Dec 31, 2025$419.1M6 Dec 31, 2024+8.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$433.3M6 Dec 31, 2025$526.3M6 Dec 31, 2024−17.7%
Marketable securities, current$300.0M6 Dec 31, 2025$255.7M6 Dec 31, 2024+17.3%
Stakes in other companies (equity method)$185.2M6 Dec 31, 2025$168.6M6 Dec 31, 2024+9.9%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$462.5M6 Dec 31, 2025$451.9M6 Dec 31, 2024+2.4%
Intangible assets, net (excluding goodwill)$210.4M6 Dec 31, 2025$208.5M6 Dec 31, 2024+0.9%
Indefinite-lived intangibles (excluding goodwill)$171.9M6 Dec 31, 2025$165.9M6 Dec 31, 2024+3.6%
Accumulated amortization-$77.3M6 Dec 31, 2025-$70.4M6 Dec 31, 2024−9.9%
Finite-lived intangibles, net$38.5M6 Dec 31, 2025$42.6M6 Dec 31, 2024−9.6%

Inventory

ItemLatestA year beforeChange
Inventory, total$1.4B6 Dec 31, 2025$1.4B6 Dec 31, 2024+0.1%

Properties, in its own words

Our main properties include warehousing and distribution facilities, trucks, and administrative office space.

Warehousing and Distribution Facilities

The rest of Item 2

At December 31, 2025, we operated 695 warehousing and distribution facilities across 43 U.S. states, Canada, Mexico, and Puerto Rico, having an aggregate of approximately 16.8 million square feet of space, of which approximately 16.6 million square feet is leased. The majority of these leases are for terms of three to five years. We believe that our facilities are sufficient to meet our present operating needs.

Trucks

At December 31, 2025, we operated 873 ground transport vehicles, including delivery and pick-up trucks, vans, and tractors. Of this number, 604 trucks were leased, and the others were owned. We believe that the present size of our truck fleet is adequate to support our operations.

Administrative Facilities

Senior management and support staff are located at various administrative offices in approximately 0.4 million square feet of space.

Item 2 of the 10-K filed Feb 27, 2026.19

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

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Acme Refrigeration LLC Delaware8
  • Alert Labs Inc. Ontario, Canada8
  • Baker Distributing Company LLC Delaware8
  • Boreal International Corporation Florida8
  • Carrier (Puerto Rico), Inc. Delaware8
  • Carrier Enterprise Canada, L.P. Ontario, Canada8
  • Carrier Enterprise Mexico S. de R.L. de C.V. Mexico8
  • Carrier Enterprise Northeast, LLC Delaware8
  • Carrier Enterprise Servicios Mexico S. de R.L. de C.V. Mexico8
  • Carrier Enterprise, LLC Delaware8
  • Carrier InterAmerica Corporation Delaware8
  • East Coast Metal Distributors LLC Delaware8
  • Expert TTL Solutions S. de R.L. de C.V. Mexico8
  • Gateway Supply LLC Delaware8
  • Gemaire Distributors LLC Delaware8
  • Heating & Cooling Supply LLC California8
  • Homans Associates II LLC Delaware8
  • N&S Supply LLC Delaware8
  • Peirce-Phelps LLC Delaware8
  • TEC Distribution LLC Delaware8
  • Tradewinds Distributing Company, LLC Delaware8

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 14, 20268-K Financial statements and exhibits44
  2. Oct 14, 20268-K Unregistered sale of shares45
  3. Sep 17, 20268-K Unregistered sale of shares46
  4. Jul 29, 20268-K Results of operations; Regulation FD disclosure47
  5. Jun 4, 20268-K Financial statements and exhibits48
  6. Jun 4, 20268-K Unregistered sale of shares49
  7. Jun 3, 20268-K Shareholder vote50
  8. Apr 29, 20268-K Unregistered sale of shares51
  9. Apr 28, 20268-K Results of operations; Regulation FD disclosure52
  10. Feb 17, 20268-K Results of operations; Regulation FD disclosure53
  11. Oct 29, 20258-K Results of operations; Regulation FD disclosure54
  12. Jul 30, 20258-K Results of operations; Regulation FD disclosure55
  13. Jan 6, 2006New chief executive Albert H. Nahmad becomes CEO20

Calendar

Coming up

  1. Oct 27, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $3.98 a share, on Oct 29, 2025.56

When it reported results

  1. Jul 29, 2026Reported quarterly or annual results47
  2. Apr 28, 2026Reported quarterly or annual results52
  3. Feb 17, 2026Reported quarterly or annual results53
  4. Oct 29, 2025Reported quarterly or annual results54
  5. Jul 30, 2025Reported quarterly or annual results55
  6. Apr 23, 2025Reported quarterly or annual results57
  7. Feb 18, 2025Reported quarterly or annual results58
  8. Oct 23, 2024Reported quarterly or annual results59

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

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 five years, summarized. The full record is on SEC EDGAR.

Insider trades

9 open-market trades by officers, directors and large owners since October 2021: 0 buys and 9 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 10, 2025Custer John MichaelDirectorSale2,200$448.27$986.2KForm 4
Mar 5, 2025ALVAREZ CESAR LDirectorSale2,100$499.65$1.0MForm 4
Dec 18, 2024LOGAN BARRY SExecutive Vice PresidentSale10,998$508.21$5.6MForm 4
May 10, 2024LOGAN BARRY SExecutive Vice PresidentSale774$473.85$366.8KForm 4
May 9, 2024Macdonald John AlexanderDirectorSale5,334$466.41$2.5MForm 4
Dec 12, 2023ALVAREZ CESAR LDirectorSale5,000$412.34$2.1MForm 4
May 22, 2023ALVAREZ CESAR LDirectorSale4,000$332.64$1.3MForm 4
May 27, 2022ALVAREZ CESAR LDirectorSale4,000$253.55$1.0MForm 4
Mar 23, 2022Keeley Brian E.DirectorSale11,000$299.69$3.3MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Aaron J. NahmadPresident44$600.0K$5.5M68
2025Albert H. NahmadChief Executive Officer85$600.0K$833.6K68
2025Barry S. LoganExecutive Vice President63$435.0K$449.0K68
2025Ana M. MenendezChief Financial Officer61$350.0K$358.8K68
2024Aaron J. NahmadPresident44$600.0K$10.0M68
2024Albert H. NahmadChief Executive Officer85$600.0K$6.4M68
2024Barry S. LoganExecutive Vice President63$435.0K$448.0K68
2024Ana M. MenendezChief Financial Officer61$350.0K$358.6K68
2023Aaron J. NahmadPresident44$600.0K$13.1M68
2023Albert H. NahmadChief Executive Officer85$600.0K$11.1M68
2023Barry S. LoganExecutive Vice President63$435.0K$449.5K68
2023Ana M. MenendezChief Financial Officer61$350.0K$358.2K68

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).

SEC filer profile

How Watsco is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARWATSCO INC2
  • CIK0000105016
  • Employer ID (EIN)59-077822219
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company19
  • Incorporated inFlorida19
  • Fiscal year endsDecember 312
  • Industry code (SIC)5070 Wholesale-Hardware & Plumbing & Heating Equipment & Supplies2
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance2
  • Business address2665 S Bayshore Dr, Ste 901, Coconut Grove, FL 331332
  • Mailing address2665 South Bayshore Dr, Ste 901, Coconut Grove, FL 331332
  • Phone305-714-41002
  • Shares outstanding34,944,441 Common Stock shares; 5,658,445 Common Class B shares as of Feb 24, 202619
  • Public float$15.6B as of Jun 30, 202519
  • AuditorDeloitte & Touche LLP, Miami, FL PCAOB ID 34; it also attests to the company’s internal control over financial reporting19
  • On EDGAR sinceFeb 14, 19942
  • Filings1,259 in all: 4 (367), 5 (249), 8-K (190), SC 13G/A (103), 10-Q (95), SC 13G (49), DEF 14A (32), 10-K (24)2
    All 41 form types

    3 (22), UPLOAD (19), CORRESP (11), S-8 (11), 424B5 (9), 424B7 (8), 10-K405 (7), 8-K/A (7), 144 (6), S-3ASR (6), SCHEDULE 13G/A (6), ARS (4), CT ORDER (4), PRE 14A (4), SCHEDULE 13G (4), 10-K/A (2), S-3 (2), S-3/A (2), SC TO-T/A (2), 25 (1), 4/A (1), 424B1 (1), 424B4 (1), 8-A12B (1), CERTNYS (1), DEF 14C (1), DEFR14A (1), FWP (1), PRE 14C (1), S-3MEF (1), SC 13D (1), SC TO-C (1), SC TO-T (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Proxy statement (DEF 14A) Apr 24, 2026
    Latest 8-K (8-K) Oct 14, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, $0.50 par valueWSONew York Stock Exchange
Class B common stock, $0.50 par valueWSOBNew York Stock Exchange

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).19

Risk factors and legal proceedings

The risks Watsco names in Item 1A of its 10-K filed Feb 27, 2026: 2 risks under these headings, as written.19

  • Business Risk Factors
  • Risks Related to our Common Stock

Legal proceedings

Information with respect to this item may be found in Note 18 to our audited consolidated financial statements included in this Annual Report on Form 10-K under the caption “Litigation, Claims, and Assessments,” which information is incorporated by reference in this Item 3 of Part I of this Annual Report on Form 10-K.

The opening of Item 3, Legal Proceedings.19

Sources

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