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Watsco, Inc.

WSO.BNYSEIndustrialsIndustrial Distribution

$287.50Today:- (-)1Y −28.58%

As of Oct 15, 2026 close

Market cap
$11.84B
P/E (TTM)
24.89
Forward P/E
27.06
Dividend yield
5.53%
52-week range
$285.84$453.37
Volume (live)
-
Avg. volume (3M)
50

Watsco (WSO.B) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Watsco generated $569.61M of operating cash flow and spent $34.55M on capital expenditures. That left free cash flow of $535.06M, down 28.0% from $743.01M a year earlier, or 7.4% of revenue. It returned $477.42M to shareholders through $473.76M in dividends and $3.66M in share buybacks.

Watsco Cash Flow Statement Analysis

Values in millions USD

Income StatementBalance SheetCash FlowRatios
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Cash flow statement showing operating, investing, and financing activities for Watsco, Inc. (WSO.B) - Annual data in millions USD
BreakdownFY 2025FY 2024FY 2023FY 2022FY 2021
Period endingDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Operating Activities
Net Income587.59635.74634.14703.70498.74
Depreciation & Amortization43.7540.8235.0931.6828.13
Deferred Income Tax18.440.23-7.1813.475.94
Stock Based Compensation44.0943.7630.0035.5725.37
Change in Working Capital-102.0978.23-119.80-196.69-201.69
Change in Accounts Receivable83.43-85.56-36.04-60.15-130.41
Change in Inventory11.96-41.6864.62-259.86-243.66
Change in Accounts Payable-203.05197.77-162.04121.99182.82
Change in Other Working Capital5.587.7013.661.33-10.44
Other Operating Activities5.02-16.72-17.484.46-0.97
Net Cash from Operating Activities569.61773.10561.95571.96349.57
Investing Activities
Capital Expenditures-34.55-30.09-35.48-35.65-25.46
Acquisitions-19.20-5.17-6.67-0.05-129.46
Purchases of Investments-300.00-255.67-0.50--1.00
Sales/Maturities of Investments255.670.00--5.99
Other Investing Activities-0.50--3.35--1.00
Net Cash from Investing Activities-98.12-290.67-41.34-33.84-148.58
Financing Activities
Debt Repayment-5.97-21.43-60.45-35.64-2.04
Common Stock Issued46.48326.0915.1820.4221.01
Common Stock Repurchased-3.66-39.67-2.83-87.11-1.09
Dividends Paid-473.77-423.52-382.65-332.45-294.52
Other Financing Activities-131.20-6.03-73.86-69.18-40.96
Net Cash from Financing Activities-568.12-158.53-460.08-503.96-228.60
Summary
Effect of Forex Changes on Cash3.64-7.742.07-4.93-0.19
Net Change in Cash-92.99316.1662.6129.24-27.61
Cash at Beginning of Period526.27210.11147.51118.27146.07
Cash at End of Period433.28526.27210.11147.51118.27
Free Cash Flow535.06743.01526.48536.31324.10
Supplemental Disclosures
Interest Paid-0.9710.123.510.91
Income Taxes Paid-124.60188.44105.74124.98

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Watsco Cash Flow

What is Watsco's free cash flow?

Watsco generated free cash flow of $535.06M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $569.61M minus $34.55M of capital expenditures. That was down 28.0% from $743.01M a year earlier. Free cash flow equaled 7.4% of revenue.

How much does Watsco spend on capital expenditures?

Watsco spent $34.55M on capital expenditures in fiscal 2025, compared with $30.09M a year earlier. That equals 6.1% of operating cash flow.

Does Watsco pay dividends or buy back shares?

Yes. In fiscal 2025 Watsco returned $473.76M in dividends and $3.66M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition