Jun 2026 (Q2 FY26) — Jul 30, 2026
A. O. Smith Q2 FY26 — North America Growth and Increased Share Repurchase Offset China Weakness
Read the full callSmith A O (AOS) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Smith A O earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,004 | −0.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 16.5 | −3.9 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 125 | −17.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
16 of 26 judged targets kept · 31 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| EPS | $3.85 to $4.15 per share | Dec 2025 | As a result, we now expect full year sales growth of approximately 2% to 3% and adjusted EPS of $3.70 to $3.85 per share compared with our prior outlook of 2% to 4% sales growth and adjusted EPS of $3.70 to $4 per share. | Revised Down |
| China sales growth | decrease mid-single digits | Dec 2025 | We also continue to expect our China sales to decline at a low double-digit rate in local currency. | On Track |
| North America segment margin | 24% to 24.5% | Dec 2024 | Ghosted |
10 of SMITH A O CORP's 57 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 54 more targets are in the full ledger.
Claimed
- North America sales increased 5% to $821 million, with organic growth of 3%.
- Boiler business sales increased 21% in the quarter, contributing to 12% growth in the first half of the year.
- Free cash flow increased 67% in H1 2026 to $233 million.
- The 2026 share repurchase target was increased 50% to $300 million.
Qualified
- China sales decreased 28% in local currency due to continued weak consumer demand.
- North America adjusted segment margin decreased 100 basis points to 24.4% due to higher steel and other input costs.
- Residential water heater industry demand remained softer than anticipated, now expected down low single digits for the full year.
- Steel inflation and tariffs are expected to be a headwind in the second half, leading to Q3 EPS being lower than both Q2 and Q4.
Price
$58.68 −0.91% · −$0.54
Performance −15.8% 1Y
1Y: $69.71 on 17 Oct 2025 → $58.68. High $80.47 (10 Feb 2026), low $55.34 (7 Oct 2026).
- Previous close
- $59.22
- 52-week range
- $55.34 – $80.47
- One year
- −15.94%
Overview
- Symbol
- AOS
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
16 of 26 judged targets kept · 31 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| EPS | $3.85 to $4.15 per share | Dec 2025 | As a result, we now expect full year sales growth of approximately 2% to 3% and adjusted EPS of $3.70 to $3.85 per share compared with our prior outlook of 2% to 4% sales growth and adjusted EPS of $3.70 to $4 per share. | Revised Down |
| China sales growth | decrease mid-single digits | Dec 2025 | We also continue to expect our China sales to decline at a low double-digit rate in local currency. | On Track |
| North America segment margin | 24% to 24.5% | Dec 2024 | Ghosted |
Claimed
- North America sales increased 5% to $821 million, with organic growth of 3%.
- Boiler business sales increased 21% in the quarter, contributing to 12% growth in the first half of the year.
- Free cash flow increased 67% in H1 2026 to $233 million.
- The 2026 share repurchase target was increased 50% to $300 million.
Qualified
- China sales decreased 28% in local currency due to continued weak consumer demand.
- North America adjusted segment margin decreased 100 basis points to 24.4% due to higher steel and other input costs.
- Residential water heater industry demand remained softer than anticipated, now expected down low single digits for the full year.
- Steel inflation and tariffs are expected to be a headwind in the second half, leading to Q3 EPS being lower than both Q2 and Q4.
The full ledger
Open SMITH A O CORP’s full ledger
A free account opens 5 company ledgers a month. All 57 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
A. O. Smith Q1 FY26 — Strong Free Cash Flow Despite Challenging Markets
Read the full callEvery analysed call
Smith A O earnings calls (AOS)
Financials
What the filings say
Net profit, year on year: −18% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 903 | 912 | 964 | 1,011 | 943 | 913 | 946 | 1,004 |
| Operating profit | 158 | 148 | 184 | 206 | 175 | 163 | 162 | 166 |
| Operating margin | 17.5% | 16.2% | 19.1% | 20.4% | 18.6% | 17.9% | 17.1% | 16.5% |
| Interest | 2 | 2 | 3 | 5 | 4 | 2 | 7 | 8 |
| Profit before tax | 157 | 145 | 181 | 202 | 172 | 161 | 155 | 158 |
| Tax rate | 23.3% | 24.4% | 24.6% | 24.5% | 23.2% | 21.9% | 23.7% | 20.9% |
| Net profit | 120 | 110 | 137 | 152 | 132 | 125 | 118 | 125 |
| EPS ($ per share) | 0.82 | — | 0.95 | 1.07 | 0.94 | — | 0.85 | 0.91 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 165 | 165 | — | — | — | — | — | — |
| Reserves | 2,103 | 2,323 | 2,510 | 2,827 | 2,885 | 3,258 | 3,601 | 3,952 |
| Total liabilities | 1,355 | 1,391 | 1,312 | 1,642 | 1,585 | 1,370 | 1,357 | 1,285 |
| Fixed assets | 540 | 545 | 541 | 607 | 591 | 598 | 629 | 635 |
| Investments | 385 | 177 | 117 | 188 | 91 | 24 | 37 | 19 |
| Total assets | 3,072 | 3,058 | 3,161 | 3,474 | 3,332 | 3,214 | 3,240 | 3,143 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 449 | 456 | 562 | 641 | 391 | 670 | 582 | 617 |
| Cash from investing | -13 | 34 | 12 | -350 | 8 | -24 | -267 | -53 |
| Cash from financing | -523 | -376 | -375 | -421 | -431 | -685 | -408 | -633 |
| Net cash flow | -87 | 114 | 199 | -130 | -52 | -51 | -100 | -65 |
| Capital expenditure | -85 | -64 | -57 | -75 | -70 | -73 | -108 | -71 |
| Free cash flow | 364 | 392 | 505 | 566 | 321 | 598 | 474 | 546 |
AOS revenue by segment
Rest Of World shrank from 23% to 19% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| North America | 78% | 73% | 77% | 77% | 78% | 78% | 79% | 81% | +5.5% |
| Rest Of World | 23% | 23% | 23% | 23% | 22% | 22% | 21% | 19% | -20.8% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- CN 15% ↓ 4 pt
- All Other Rest Of World 4%
As AOS cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
29 filings between Dec 1, 2025 and Apr 13, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$82.1K
1 sale by 1 insider
Compensation
not trading decisions- 11
- Award — granted as compensation
- 7
- Option exercise — converted options into shares
- 8
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Schuh Darrell W. | — | $82.1K | Mar 4, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Apr 13, 2026 | MARTIN LOIS M Director | Award | 2,262 | $150.0K |
| Apr 13, 2026 | SMITH MARK D Director | Award | 2,262 | $150.0K |
| Apr 13, 2026 | Kadri Ilham Director | Award | 2,262 | $150.0K |
| Apr 13, 2026 | MAPES CHRISTOPHER L Director | Award | 2,262 | $150.0K |
| Apr 13, 2026 | Fister Todd W Director | Award | 2,262 | $150.0K |
| Mar 4, 2026 | Schuh Darrell W. SVP; President & GM Lochinvar | Sale | 1,104 | $82.1K |
| Feb 23, 2026 | Carver Samuel M. SVP - Global Operations | Gift | 1,144 | — |
| Feb 13, 2026 | Schuh Darrell W. SVP; President & GM Lochinvar | Tax withheld | 356 | $28.4K |
| Feb 13, 2026 | Lauber Charles T EVP & CFO | Tax withheld | 4,447 | $355.2K |
| Feb 13, 2026 | O'Brien Stephen D. SVP; Pres & General Mngr NAWH | Option exercise | 2,905 | $0 |
| Feb 13, 2026 | O'Brien Stephen D. SVP; Pres & General Mngr NAWH | Tax withheld | 1,144 | $0 |
| Feb 13, 2026 | O'Brien Stephen D. SVP; Pres & General Mngr NAWH | Award | 791 | $0 |
| Feb 13, 2026 | Otchere Benjamin A Vice President and Controller | Option exercise | 1,460 | $0 |
| Feb 13, 2026 | Otchere Benjamin A Vice President and Controller | Tax withheld | 545 | $43.5K |
| Feb 13, 2026 | STERN JAMES F Exec VP, Corp Dev, Strat & Sec | Option exercise | 6,850 | $0 |
| Feb 13, 2026 | STERN JAMES F Exec VP, Corp Dev, Strat & Sec | Tax withheld | 3,220 | $257.2K |
| Feb 13, 2026 | STERN JAMES F Exec VP, Corp Dev, Strat & Sec | Award | 1,633 | $130.5K |
| Feb 13, 2026 | Wheeler Kevin J. Executive Chairman | Option exercise | 36,045 | $0 |
| Feb 13, 2026 | Wheeler Kevin J. Executive Chairman | Tax withheld | 16,942 | $1.35M |
| Feb 13, 2026 | Wheeler Kevin J. Executive Chairman | Award | 8,598 | $686.9K |
| Feb 13, 2026 | Lauber Charles T EVP & CFO | Award | 2,254 | $180.1K |
| Feb 13, 2026 | Carver Samuel M. SVP - Global Operations | Option exercise | 2,605 | $0 |
| Feb 13, 2026 | Carver Samuel M. SVP - Global Operations | Tax withheld | 1,026 | $82.0K |
| Feb 13, 2026 | Carver Samuel M. SVP - Global Operations | Award | 709 | $56.6K |
| Feb 13, 2026 | Karge Douglas Samuel SVP - President NA Water Treat | Option exercise | 1,415 | $0 |
| Feb 13, 2026 | Karge Douglas Samuel SVP - President NA Water Treat | Tax withheld | 666 | $53.2K |
| Feb 13, 2026 | Karge Douglas Samuel SVP - President NA Water Treat | Award | 338 | $27.0K |
| Feb 13, 2026 | Lauber Charles T EVP & CFO | Option exercise | 9,460 | $0 |
| Dec 1, 2025 | STERN JAMES F Exec VP, Corp Dev, Strat & Sec | Gift | 2,500 | $0 |
| Aug 7, 2025 | STERN JAMES F Exec VP, General Counsel & Sec | Sale | 17,434 | $1.24M |
| Jul 31, 2025 | Lauber Charles T EVP & CFO | Option exercise | 2,933 | $92.9K |
| Jul 31, 2025 | Lauber Charles T EVP & CFO | Tax withheld | 2,074 | $146.8K |
| Jul 30, 2025 | Wheeler Kevin J. Executive Chairman | Sale | 22,200 | $1.58M |
| Jul 30, 2025 | Wheeler Kevin J. Executive Chairman | Option exercise | 22,200 | $703.1K |
| Jul 29, 2025 | SMITH MARK D Director | Sale | 2,400 | $171.3K |
| Jun 4, 2025 | STERN JAMES F Exec VP, General Counsel & Sec | Gift | 1,186 | $0 |
| Apr 8, 2025 | Fister Todd W Director | Award | 2,468 | $150.0K |
| Apr 8, 2025 | Kadri Ilham Director | Award | 2,468 | $150.0K |
| Apr 8, 2025 | MAPES CHRISTOPHER L Director | Award | 2,468 | $150.0K |
| Apr 8, 2025 | MARTIN LOIS M Director | Award | 2,468 | $150.0K |
| Apr 8, 2025 | SMITH MARK D Director | Award | 2,468 | $150.0K |
| Apr 1, 2025 | O'Brien Stephen D. SVP; Pres & General Mngr NAWH | Option exercise | 1,930 | $0 |
| Apr 1, 2025 | O'Brien Stephen D. SVP; Pres & General Mngr NAWH | Tax withheld | 760 | $49.6K |
| Feb 27, 2025 | Carver Samuel M. SVP - Global Operations | Sale | 3,460 | $230.1K |
| Feb 21, 2025 | Carver Samuel M. SVP - Global Operations | Gift | 369 | $0 |
| Feb 7, 2025 | Otchere Benjamin A Vice President and Controller | Tax withheld | 247 | $16.2K |
| Feb 7, 2025 | Scheppele Stephanie Melissa SVP - CIO | Option exercise | 1,535 | $0 |
| Feb 7, 2025 | Scheppele Stephanie Melissa SVP - CIO | Tax withheld | 686 | $45.0K |
| Feb 7, 2025 | Carver Samuel M. SVP - Global Operations | Option exercise | 1,335 | $0 |
| Feb 7, 2025 | Carver Samuel M. SVP - Global Operations | Tax withheld | 597 | $39.2K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
Your own record
Start an Inve Case for SMITH A O CORP
Free account. Everything above stays public.
Write why you follow SMITH A O CORP and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading