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Watsco, Inc. Financial Performance Overview

Revenues

• Watsco’s revenues increased by 5% in 2024 compared to 2023, reaching $7.62 billion.
• The increase was driven by $147.9 million from acquired locations and $13.0 million from new locations opened, partially offset by a $11.6 million decrease from closed locations.
• On a same-store basis, revenues increased 3% in 2024.
• HVAC equipment sales, which make up 70% of total sales, increased 5% driven by a 5% increase in residential products and a 7% increase in commercial HVAC equipment.

Gross Profit

• Gross profit increased 3% to $2.04 billion in 2024.
• Gross margin declined 60 basis points to 26.8% primarily due to sales mix, less beneficial pricing actions from HVAC equipment suppliers, and lower sales margins related to supply chain disruptions for one of Watsco’s OEM partners.

Selling, General & Administrative (SG&A) Expenses

• SG&A expenses increased 6% to $1.29 billion in 2024.
• As a percentage of revenues, SG&A increased to 17.0% from 16.8% in 2023, primarily due to higher salaries, commissions, and facility/healthcare costs.

Operating Income

• Operating income decreased 2% to $781.8 million in 2024.
• Operating margin declined to 10.3% from 10.9% in 2023 on a same-store basis.

Net Income Attributable to Watsco, Inc.

• Net income attributable to Watsco, Inc. remained flat at $536.3 million in 2024 as higher gross profit and interest income were offset by higher SG&A expenses and income taxes.

Liquidity and Capital Resources

• Watsco had $526.3 million in cash and cash equivalents and $255.7 million in short-term investments as of December 31, 2024.
• The company has a $600 million revolving credit facility, of which there was no outstanding balance at the end of 2024.
• Watsco generated $773.1 million in cash flow from operations in 2024, up from $562.0 million in 2023.
• The company paid $10.55 per share in dividends in 2024 and increased the annual dividend to $12.00 per share effective April 2025.

Overall, Watsco delivered solid financial performance in 2024 with revenue growth, though profitability was impacted by margin pressures. The company maintains a strong liquidity position to fund operations, investments, and shareholder returns.