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Watsco Income Statement 2025-2007 | WSO
Brief overview of revenue and earnings at Watsco
The conclusions below are based on five years of reported results. Revenue at Watsco moved from 5.1 billion dollars in 2020 to 7.2 billion dollars in 2025. The cumulative result was +43.2%, corresponding to roughly 7.4% per year. Revenue advanced gradually over the five-year period.
At the gross-profit level, the result moved from 1.2 billion dollars to 2 billion dollars, a change of +66%. Revenue outpaced cost of revenue, allowing more sales to flow into gross profit. Gross profit as a share of revenue changed from 24.2% to 28%. Improving gross profitability strengthens the quality of revenue growth.
EBITDA changed from $427 million to $764 million (+79%). The operating result outpaced sales and points to improving efficiency. The EBITDA share of revenue changed from 8.4% to 10.6%. The company improved its ability to convert sales into EBITDA.
The net result moved from $270 million to $588 million, or +118%. Profit outpaced sales and strengthened the quality of growth.
Financial takeaway
The results point to consistent and sustainable progress. The positive side is supported by positive operating leverage, improving gross profitability and net-income growth. The next reporting periods will show whether revenue, margins, and final profitability can strengthen.
Annual Income Statement Watsco
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
16.4 B | 17.6 B | 11.9 B | - | - | - | 6.8 B | 5.44 B | 6.69 B | 5.42 B | 4.1 B | 3.81 B | 3.3 B | 2.61 B | 2.29 B | 1.71 B | 1.46 B | - | - |
Shares |
37.8 M | 37.4 M | 36.4 M | - | - | - | 38.2 M | 37.5 M | 37.2 M | 35.5 M | 35.3 M | 35 M | 34.7 M | 34.5 M | 33 M | 30.5 M | 28.2 M | - | - |
Historical Prices |
434 | 472 | 327 | 301 | 271 | 235 | 146 | 128 | 143 | 124 | 104 | 93.4 | 76.7 | 59.9 | 49.6 | 56.3 | 51.9 | 45.5 | 63.5 |
Net Income |
588 M | 636 M | 634 M | 704 M | 419 M | 270 M | 246 M | 243 M | 208 M | 183 M | 173 M | 151 M | 128 M | 103 M | 90.4 M | 80.8 M | 43.3 M | 60.4 M | - |
Revenue |
7.24 B | 7.62 B | 7.28 B | 7.27 B | 6.28 B | 5.05 B | 4.77 B | 4.55 B | 4.34 B | 4.22 B | 4.11 B | 3.94 B | 3.74 B | 3.43 B | 2.98 B | 2.84 B | 2 B | 1.7 B | - |
Cost of Revenue |
5.21 B | 5.57 B | 5.29 B | 5.24 B | 4.61 B | 3.83 B | 3.61 B | 3.43 B | 3.28 B | 3.19 B | 3.11 B | 2.99 B | 2.84 B | 2.62 B | 2.25 B | 2.17 B | 1.52 B | 1.26 B | - |
Gross Profit |
2.03 B | 2.04 B | 1.99 B | 2.03 B | 1.67 B | 1.22 B | 1.16 B | 1.12 B | 1.07 B | 1.03 B | 1.01 B | 956 M | 899 M | 814 M | 728 M | 673 M | 481 M | 442 M | - |
Operating Income |
720 M | 782 M | 795 M | 832 M | 629 M | 401 M | 367 M | 372 M | 354 M | 346 M | 337 M | 306 M | 271 M | 225 M | 199 M | 166 M | 81.1 M | 98.6 M | - |
Interest Expense |
17.3 M | 20.9 M | -4.92 M | -2.16 M | -996 K | -1.24 M | -4.03 M | -2.74 M | -6.36 M | -3.71 M | 5.55 M | 5.21 M | 5.83 M | 4.66 M | 4.46 M | 3.49 M | 2.73 M | - | - |
EBITDA |
764 M | 823 M | 830 M | 863 M | 657 M | 427 M | 391 M | 394 M | 376 M | 366 M | 356 M | 324 M | 289 M | 241 M | 211 M | 176 M | 89.6 M | 106 M | - |
Operating Expenses |
- | - | - | - | - | - | 790 M | 748 M | 712 M | 689 M | 671 M | 651 M | 628 M | 589 M | 529 M | - | - | - | - |
General and Administrative Expenses |
1.34 B | 1.29 B | 1.22 B | 1.22 B | 1.06 B | 833 M | 800 M | 757 M | 716 M | 689 M | 671 M | 651 M | 628 M | 589 M | 529 M | 508 M | 400 M | 343 M | - |
All numbers in USD currency
Quarterly Income Statement Watsco
| 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q3 | 2010-Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
37.9 M | 37.9 M | - | - | 37.6 M | - | - | - | - | - | - | - | - | - | - | - | 35.2 M | 35.2 M | - | 35.1 M | 35 M | 35 M | - | 34.8 M | 34.4 M | 34.4 M | - | 34.3 M | 34.3 M | 34.3 M | - | 32.7 M | 32.7 M | 32.6 M | - | 32.6 M | 32.6 M | 32.5 M | - | 32.5 M | 32.4 M | 32.4 M | - | 32.3 M | 32.3 M | 32.2 M | - | 32.2 M | 32.2 M | 32.2 M | - | 32.1 M | 31.7 M | 30.8 M | - | 30.7 M | 30.7 M | 30.6 M | - | - |
Net Income |
79.1 M | 162 M | 184 M | 80.1 M | 171 M | 181 M | 87 M | 171 M | 173 M | 130 M | - | 158 M | 193 M | 135 M | - | 141 M | 172 M | 66.1 M | 46 M | 106 M | 86.6 M | 30.5 M | 37.3 M | 83.5 M | 90.2 M | 35 M | 39.6 M | 79.2 M | 90 M | 34.2 M | 43.3 M | 65 M | 73.8 M | 26.2 M | 29.6 M | 63.1 M | 64.6 M | 25.5 M | 26.5 M | 58 M | 65.4 M | 23 M | 24.1 M | 54.5 M | 56.1 M | 16.8 M | 17.3 M | 45.7 M | 51.3 M | 13.4 M | 14.8 M | 41 M | 39.1 M | 8.47 M | 13.4 M | 33.5 M | 36 M | 7.5 M | 31.4 M | 35 M |
Revenue |
1.53 B | 2.07 B | 2.06 B | 1.53 B | 2.16 B | 2.14 B | 1.56 B | 2.13 B | 2 B | 1.55 B | - | 2.04 B | 2.13 B | 1.52 B | - | 1.78 B | 1.85 B | 1.14 B | 1.15 B | 1.54 B | 1.36 B | 1.01 B | 1.07 B | 1.39 B | 1.37 B | 931 M | 991 M | 1.3 B | 1.33 B | 927 M | 964 M | 1.23 B | 1.28 B | 872 M | 914 M | 1.24 B | 1.21 B | 851 M | 904 M | 1.18 B | 1.22 B | 809 M | 877 M | 1.13 B | 1.17 B | 763 M | 827 M | 1.08 B | 1.12 B | 714 M | 766 M | 1.02 B | 1.01 B | 634 M | 646 M | 914 M | 884 M | 534 M | 813 M | 865 M |
Cost of Revenue |
1.11 B | 1.5 B | 1.46 B | 1.1 B | 1.59 B | 1.56 B | 1.13 B | 1.56 B | 1.44 B | 1.1 B | - | 1.48 B | 1.54 B | 1.07 B | - | 1.3 B | 1.37 B | 841 M | - | 1.16 B | 1.04 B | 761 M | - | 1.06 B | 1.04 B | 698 M | - | 977 M | 1.01 B | 696 M | - | 934 M | 966 M | 654 M | - | 939 M | 923 M | 639 M | - | 891 M | 928 M | 605 M | - | 860 M | 891 M | 574 M | - | 823 M | 854 M | 538 M | - | 778 M | 773 M | 483 M | - | 695 M | 670 M | 399 M | 617 M | 664 M |
Gross Profit |
428 M | 569 M | 603 M | 430 M | 566 M | 580 M | 431 M | 567 M | 563 M | 448 M | - | 551 M | 596 M | 450 M | - | 483 M | 478 M | 295 M | 282 M | 374 M | 319 M | 248 M | 261 M | 335 M | 328 M | 234 M | 250 M | 319 M | 321 M | 231 M | 241 M | 296 M | 310 M | 219 M | 228 M | 302 M | 292 M | 212 M | 222 M | 286 M | 295 M | 204 M | 214 M | 275 M | 279 M | 188 M | 199 M | 259 M | 267 M | 175 M | 183 M | 243 M | 238 M | 151 M | 161 M | 219 M | 213 M | 135 M | 196 M | 201 M |
Operating Income |
110 M | 235 M | 272 M | 112 M | 250 M | 269 M | 127 M | 257 M | 266 M | 165 M | - | 236 M | 287 M | 171 M | - | 207 M | 217 M | 81.9 M | - | 157 M | 129 M | 45.2 M | - | 125 M | 134 M | 55.1 M | - | 122 M | 137 M | 53.9 M | - | 114 M | 129 M | 48.7 M | - | 119 M | 118 M | 50.7 M | - | 111 M | 125 M | 47 M | - | 105 M | 113 M | 35.6 M | - | 95.5 M | 105 M | 30.6 M | - | 85.7 M | 85.9 M | 19.9 M | - | 74.3 M | 75.5 M | 16.7 M | 64 M | 70.9 M |
Interest Expense |
6.46 M | 3.73 M | 2.33 M | 5.42 M | 6.77 M | 4.91 M | 2.47 M | -1.89 M | -3.42 M | -615 K | - | -483 K | -1.11 M | -558 K | - | -221 K | -448 K | -88 K | - | -108 K | -283 K | -790 K | - | -1.43 M | 1.21 M | -776 K | - | -1.05 M | 763 K | -565 K | - | -2.12 M | -1.65 M | -1.26 M | - | 996 K | 1.05 M | 986 K | - | 1.52 M | 1.63 M | 1.38 M | - | 1.53 M | 1.25 M | 1.01 M | - | 1.78 M | 1.69 M | 1.18 M | - | 1.18 M | 1.35 M | 888 K | - | 1.35 M | 997 K | 822 K | - | - |
EBITDA |
121 M | - | 294 M | 123 M | - | 289 M | 136 M | 282 M | - | 173 M | - | 260 M | 287 M | 179 M | - | 228 M | 217 M | 88.8 M | - | 176 M | 142 M | 51.7 M | - | 143 M | 146 M | 60.9 M | - | 139 M | 148 M | 59.5 M | - | 131 M | 140 M | 54.1 M | - | 134 M | 128 M | 55.6 M | - | 125 M | 134 M | 51.6 M | - | 119 M | 122 M | 40 M | - | 109 M | 114 M | 34.9 M | - | 97 M | 92.7 M | 23 M | - | 82.9 M | 81 M | 19.3 M | 71.7 M | 76.1 M |
General and Administrative Expenses |
323 M | 344 M | 339 M | 323 M | 326 M | 319 M | 310 M | 320 M | 304 M | 287 M | - | 322 M | 315 M | 283 M | - | 282 M | 267 M | 218 M | - | 221 M | 194 M | 203 M | - | 213 M | 197 M | 180 M | - | 200 M | 187 M | 179 M | - | 184 M | 181 M | 170 M | - | 183 M | 174 M | 162 M | - | 175 M | 170 M | 157 M | - | 170 M | 166 M | 153 M | - | 163 M | 162 M | 145 M | - | 157 M | 153 M | 131 M | - | 145 M | 138 M | 118 M | 132 M | 130 M |
All numbers in USD currency
The income statement is one of the three key financial reports of a company Watsco (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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