WSOMEDIUM SIGNALFINANCIAL10-K

WSO experienced a significant decline in operating cash flow (-26.3%) and cash position (-17.7%) despite reducing current liabilities and expanding operations to 695 locations.

The substantial drop in operating cash flow combined with declining cash reserves suggests potential working capital challenges or margin pressure, even as the company continues its expansion strategy. The reduction in current liabilities partially offsets these concerns, but the cash flow decline warrants close monitoring of operational efficiency and liquidity management.

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

WSO's financial position shows mixed signals with operating cash flow declining significantly from $773.1M to $569.6M (-26.3%) and cash reserves dropping from $526.3M to $433.3M (-17.7%). However, the company strengthened its balance sheet by reducing current liabilities from $983.9M to $717.7M (-27.1%), suggesting improved short-term debt management. The overall picture indicates potential operational headwinds affecting cash generation despite better liability management, requiring investors to monitor whether this represents a temporary working capital shift or underlying margin pressure.

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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