Jun 2026 (Q2 FY26) — Jul 29, 2026
Watsco Q2 FY26 — Stabilizing Markets Drive Revenue Growth and Digital Adoption
Read the full callWatsco (WSO) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Watsco earnings: last reported Wed, 29 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 | 2,105 | +2.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 11.3 | −1.9 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 163 | −11.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
4 of 4 judged targets kept · 2 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| New sales platform for large national/institutional customers (launched as SupplySync.com) | Launch in 2026 | Jun 2025 | SupplySync.com, our newest platform to serve the growing segment of large institutional customers launched in the second quarter to great fanfare. | Achieved |
| OnCall Air annual gross merchandise value | Exceed $2 billion in 2026 | Mar 2026 | generating $1.9 billion of gross merchandise value, a 15% increase over the comparable period. | On Track |
2 of WATSCO INC's 6 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 4 more targets are in the full ledger.
Claimed
- Residential HVAC equipment grew 5% with gains in both unit volume and pricing.
- E-commerce sales grew 13%, reaching 37% of total sales over the last 12 months.
- Operating cash flow for the 6-month period improved by $168 million.
- Acquired Jackson Supply, adding $230 million in annual sales and 25 Sunbelt locations.
- Increased annual dividend by 10% to $13.20 per share, marking 52 consecutive years of dividends.
Qualified
- Gross margin declined to 27.5% from 29.3% last year, primarily due to more moderate OEM pricing actions in 2026 compared to aggressive actions in 2025.
- New construction in Southern states (Florida, Texas) is experiencing a slowdown.
- Field inventory was about $100 million ahead of what was anticipated, though overall field stock is down $200 million.
- Commercial HVAC (VRF segment) was down 8% due to A2L transition disruptions.
Price
$299.5 +1.49% · +$4.41
Performance −18.2% 1Y
1Y: $366.36 on 14 Oct 2025 → $299.5. High $456.86 (27 Apr 2026), low $279.9 (9 Oct 2026).
- Previous close
- $295.09
- 52-week range
- $279.9 – $456.86
- One year
- −16.72%
Overview
- Symbol
- WSO
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
4 of 4 judged targets kept · 2 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| New sales platform for large national/institutional customers (launched as SupplySync.com) | Launch in 2026 | Jun 2025 | SupplySync.com, our newest platform to serve the growing segment of large institutional customers launched in the second quarter to great fanfare. | Achieved |
| OnCall Air annual gross merchandise value | Exceed $2 billion in 2026 | Mar 2026 | generating $1.9 billion of gross merchandise value, a 15% increase over the comparable period. | On Track |
Claimed
- Residential HVAC equipment grew 5% with gains in both unit volume and pricing.
- E-commerce sales grew 13%, reaching 37% of total sales over the last 12 months.
- Operating cash flow for the 6-month period improved by $168 million.
- Acquired Jackson Supply, adding $230 million in annual sales and 25 Sunbelt locations.
- Increased annual dividend by 10% to $13.20 per share, marking 52 consecutive years of dividends.
Qualified
- Gross margin declined to 27.5% from 29.3% last year, primarily due to more moderate OEM pricing actions in 2026 compared to aggressive actions in 2025.
- New construction in Southern states (Florida, Texas) is experiencing a slowdown.
- Field inventory was about $100 million ahead of what was anticipated, though overall field stock is down $200 million.
- Commercial HVAC (VRF segment) was down 8% due to A2L transition disruptions.
The full ledger
Open WATSCO INC’s full ledger
A free account opens 5 company ledgers a month. All 6 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 28, 2026
Watsco Q1 FY26 — Stability Returns, Jackson Supply Acquisition, and E-commerce Growth
Read the full callEvery analysed call
Watsco earnings calls (WSO)
Financials
What the filings say
Net profit, year on year: −11% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,160 | 1,754 | 1,531 | 2,062 | 2,067 | 1,579 | 1,533 | 2,105 |
| Operating profit | 250 | 136 | 112 | 272 | 235 | 102 | 110 | 238 |
| Operating margin | 11.6% | 7.8% | 7.3% | 13.2% | 11.4% | 6.4% | 7.2% | 11.3% |
| Profit before tax | 257 | 143 | 118 | 274 | 238 | 107 | 117 | 242 |
| Tax rate | 21.5% | 19.4% | 19.6% | 20.9% | 20.7% | 18.9% | 20.3% | 20.9% |
| Net profit | 171 | 97 | 80 | 184 | 162 | 72 | 79 | 163 |
| EPS ($ per share) | 4.24 | — | 1.93 | 4.53 | 3.98 | — | 1.87 | 4 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Reserves | 628 | 633 | 636 | 761 | 1,030 | 1,183 | 1,296 | 1,319 |
| Total liabilities | 559 | 841 | 705 | 1,088 | 1,240 | 1,113 | 1,415 | 1,193 |
| Fixed assets | 91 | 99 | 98 | 111 | 125 | 136 | 141 | 136 |
| Investments | — | — | — | — | — | 0 | 256 | 300 |
| Total assets | 2,161 | 2,556 | 2,484 | 3,086 | 3,488 | 3,729 | 4,480 | 4,415 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 171 | 336 | 534 | 350 | 572 | 562 | 773 | 570 |
| Cash from investing | -26 | -81 | -16 | -149 | -34 | -41 | -291 | -98 |
| Cash from financing | -140 | -264 | -448 | -229 | -504 | -460 | -159 | -568 |
| Net cash flow | 2 | -8 | 72 | -28 | 29 | 63 | 316 | -93 |
| Capital expenditure | -17 | -18 | -16 | -25 | -36 | -35 | -30 | -35 |
| Free cash flow | 153 | 318 | 518 | 324 | 536 | 526 | 743 | 535 |
Insider filings
9 filings between Dec 5, 2025 and Oct 9, 2026.
Open market
decisions to buy or sellNobody bought or sold WSO on the open market in this window. The filings below are 2 awards, 1 option exercise, 1 tax withheld, 4 other filings and 1 gift.
Compensation
not trading decisions- 2
- Award — granted as compensation
- 1
- Option exercise — converted options into shares
- 1
- Tax withheld — shares kept back by the company to cover tax
Latest filings (24)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 9, 2026 | LOGAN BARRY S Executive Vice President | Award | 3,573 | $1.00M |
| Oct 9, 2026 | Nahmad Aaron J President | Award | 16,078 | $4.50M |
| Mar 11, 2026 | LOGAN BARRY S Executive Vice President | Other | 19 | $6.4K |
| Mar 11, 2026 | MENENDEZ ANA M CFO / Treasurer | Other | 25 | $8.4K |
| Mar 11, 2026 | NAHMAD ALBERT H Chairman and CEO | Other | 25 | $8.4K |
| Mar 11, 2026 | Nahmad Aaron J President | Other | 25 | $8.4K |
| Dec 12, 2025 | Lopez-Blazquez Ana Director | Tax withheld | 707 | $250.7K |
| Dec 12, 2025 | Lopez-Blazquez Ana Director | Option exercise | 1,000 | $250.8K |
| Dec 5, 2025 | Dickins Denise Director | Gift | 269 | $0 |
| Jun 10, 2025 | Custer John Michael Director | Sale | 2,200 | $986.2K |
| May 12, 2025 | Dickins Denise Director | Tax withheld | 1,624 | $787.4K |
| May 12, 2025 | Dickins Denise Director | Option exercise | 4,500 | $787.8K |
| Mar 13, 2025 | MENENDEZ ANA M CFO / Treasurer | Other | 18 | $8.5K |
| Mar 13, 2025 | LOGAN BARRY S Executive Vice President | Other | 13 | $6.2K |
| Mar 13, 2025 | Nahmad Aaron J President | Other | 18 | $8.5K |
| Mar 13, 2025 | NAHMAD ALBERT H Chairman and CEO | Other | 18 | $8.5K |
| Mar 5, 2025 | ALVAREZ CESAR L Director | Option exercise | 1,421 | $248.8K |
| Mar 5, 2025 | ALVAREZ CESAR L Director | Sale | 1,421 | $710.5K |
| Mar 5, 2025 | ALVAREZ CESAR L Director | Option exercise | 400 | $70.0K |
| Mar 5, 2025 | ALVAREZ CESAR L Director | Option exercise | 679 | $118.9K |
| Mar 5, 2025 | ALVAREZ CESAR L Director | Sale | 679 | $338.8K |
| Dec 18, 2024 | LOGAN BARRY S Executive Vice President | Sale | 10,998 | $5.59M |
| Dec 14, 2024 | LOGAN BARRY S Executive Vice President | Tax withheld | 71,702 | $36.55M |
| Sep 3, 2024 | Dickins Denise Director | Gift | 60 | $0 |
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.
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