Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.22B | $4.34B | $4.55B | $4.77B | $5.05B | $6.28B | $7.27B | $7.28B | $7.62B | $7.24B |
| Revenue growth | — | 2.9% | 4.7% | 4.9% | 6.0% | 24.2% | 15.8% | 0.1% | 4.6% | -5.0% |
| Gross profit | $1.03B | $1.07B | $1.12B | $1.16B | $1.22B | $1.67B | $2.03B | $1.99B | $2.04B | $2.03B |
| Gross margin | 24.5% | 24.5% | 24.6% | 24.3% | 24.2% | 26.6% | 27.9% | 27.4% | 26.8% | 28.0% |
| Operating income | $346M | $354M | $372M | $367M | $401M | $629M | $832M | $795M | $782M | $720M |
| Operating margin | 8.2% | 8.2% | 8.2% | 7.7% | 7.9% | 10.0% | 11.4% | 10.9% | 10.3% | 10.0% |
| Net income | $183M | $208M | $243M | $246M | $270M | $419M | $601M | $536M | $536M | $497M |
| Net margin | 4.3% | 4.8% | 5.3% | 5.2% | 5.3% | 6.7% | 8.3% | 7.4% | 7.0% | 6.9% |
| EPS (diluted) | $5.15 | $5.81 | $6.49 | $6.50 | $7.01 | $10.78 | $15.41 | $13.67 | $13.30 | $12.25 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $282M | $307M | $171M | $336M | $534M | $350M | $572M | $562M | $773M | $570M |
| Capital expenditures | $43.6M | $17.9M | $17.2M | $17.8M | $16.4M | $25.5M | $35.7M | $35.5M | $30.1M | $34.5M |
| Free cash flow | $238M | $289M | $153M | $318M | $518M | $324M | $536M | $526M | $743M | $535M |
| Dividends paid | $128M | $164M | $209M | $241M | $266M | $295M | $332M | $383M | $424M | $474M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $56.0M | $80.5M | $82.9M | $74.5M | $146M | $118M | $148M | $210M | $526M | $433M |
| Total assets | $1.87B | $2.05B | $2.16B | $2.56B | $2.48B | $3.09B | $3.49B | $3.73B | $4.48B | $4.41B |
| Shareholders' equity | $1.01B | $1.30B | $1.35B | $1.44B | $1.49B | $1.66B | $1.89B | $2.23B | $2.66B | $2.78B |
| Retained earnings | $550M | $595M | $628M | $633M | $636M | $761M | $1.03B | $1.18B | $1.30B | $1.32B |
| Shares (wtd avg diluted) | 32.6M | 32.9M | 34.4M | 34.7M | 35.2M | 35.4M | — | 36.5M | 37.5M | 37.9M |
Every figure is extracted from WATSCO INC’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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