WSO-BMEDIUM SIGNALFINANCIAL10-K

WSO-B experienced a significant decline in operating cash flow (-26.3%) and cash position (-17.7%) despite modest operational expansion, indicating potential working capital or margin pressures.

The substantial decline in operating cash flow generation alongside reduced cash holdings suggests the company may be facing working capital challenges or margin compression despite growing from 690 to 695 locations. The 27% reduction in current liabilities could indicate debt paydown or operational deleveraging, but this doesn't fully offset concerns about cash generation deterioration.

Comparing 2026-02-27 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

WSO-B's financial profile shows mixed signals with operating cash flow declining significantly by 26.3% to $569.6M and cash reserves falling 17.7% to $433.3M, suggesting potential operational efficiency challenges. The notable 27.1% decrease in current liabilities from $983.9M to $717.7M indicates successful debt reduction or working capital optimization. Overall, while the balance sheet strengthening through liability reduction is positive, the substantial deterioration in cash generation capabilities raises questions about underlying business performance and warrants close monitoring of margin trends and working capital management.

FINANCIAL STATEMENT CHANGES
Current Liabilities
Balance Sheet
-27.1%
$983.9M→$717.7M

Current liabilities reduced — improved short-term financial position and working capital health.

Operating Cash Flow
Cash Flow
-26.3%
$773.1M→$569.6M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

Cash & Equivalents
Balance Sheet
-17.7%
$526.3M→$433.3M

Cash decreased 17.7% — monitor burn rate and upcoming capital needs.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-28
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.
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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.
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