ADDED
The registrant s common stock outstanding as of February 24, 2026 composed (i) 34,944,441 shares of Common stock, excluding 4,066,929 treasury shares, and (ii) 5,658,445 shares of Class B common stock.
AND SUBSIDIARIES Form 10-K For the Fiscal Year Ended December 31, 2025 IN DEX Page PART I Item 1.
At December 31, 2025, we operated from 695 locations in 43 U.S.
States, Canada, Mexico and Puerto Rico with additional market coverage on an export basis to portions of Latin America and the Caribbean, through which we serve more than 130,000 active contractors that service the replacement and new construction markets.
Our revenues in HVAC/R distribution have increased from $64.1 million in 1989 to $7.2 billion in 2025, resulting from our strategic acquisition of companies with established market positions and subsequent building of revenues and profit through a combination of additional locations, introduction of new products, expansion with industry Original Equipment Manufacturers ( OEMs ) and vendors, technology innovation, and other initiatives.
The estimated annual market on an installed basis, which adds the contractor s value to the market size, for residential HVAC/R products is approximately $156.0 billion according to the April 2025 IBIS World Industry Report for Heating and Air Conditioning Contractors in the U.S.
( Daikin ), a subsidiary of Daikin Industries, Ltd.; Rheem Manufacturing Company ( Rheem ); Trane Technologies plc ( Trane ); York Residential Light Commercial Products, part of the Bosch Home Comfort Group ( Bosch ); Lennox International Inc.
Additionally, we sell a variety of non-equipment products including parts, supplies, ductwork, air movement products, insulation, tools, installation supplies, thermostats, and air quality products, to name a few.
Culture and Business Strategy Watsco began its HVAC/R distribution strategy in 1989 and has grown by using a buy and build philosophy, resulting in substantial long-term growth in revenues and profits.
With this digital evolution in mind, our efforts have addressed how we serve customers, how we can improve internal processes and practices, and how we compile and use data and analytics to enhance long-term performance.
REMOVED
7262(b)) by the registered public accounting firm that prepared or issued its audit report.
The registrant s common stock outstanding as of February 25, 2025 composed (i) 34,803,110 shares of Common stock, excluding 4,066,976 treasury shares, and (ii) 5,602,300 shares of Class B common stock, excluding 6,772 treasury shares.
AND SUBSIDIARIES Form 10-K For the Fiscal Year Ended December 31, 2024 INDEX Page PART I Item 1.
We assume no obligation to update forward-looking information or the discussion of such risks and uncertainties to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information, except as required by applicable law.
At December 31, 2024, we operated from 690 locations in 43 U.S.
Our revenues in HVAC/R distribution have increased from $64.1 million in 1989 to $7.6 billion in 2024, resulting from our strategic acquisition of companies with established market positions and subsequent building of revenues and profit through a combination of additional locations, introduction of new products, and other initiatives.
Our website address is included in this report only as an inactive textual reference.
The estimated annual market on an installed basis, which adds the contractor s value to the market size, for residential HVAC/R products is approximately $134.0 billion according to the October 2024 IBIS World Industry Report for Heating and Air Conditioning Contractors in the U.S.
( Daikin ), a subsidiary of Daikin Industries, Ltd.; Rheem Manufacturing Company ( Rheem ); Trane Technologies plc ( Trane ); York International Corporation, a subsidiary of Bosch Group; Lennox International Inc.
The residential replacement market has increased in size and importance over the past several years as a result of the aging of the installed base of residential central air conditioners and furnaces, the introduction of new higher energy efficient models to address both regulatory mandates as well as consumer optionality, the remodeling and expansion of existing homes, the addition of central air conditioning to homes that previously had only heating products, and consumers overall unwillingness to live without air conditioning or heating products.