SMITH A O CORP

Listed Company

AOSCIK 0000091142NYSELarge AcceleratedHousehold AppliancesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$3.83B

Net Income

$546.20M

Total Assets

$3.14B

Equity

$1.86B

Shares Out

75.73M

Op. Cash Flow

$616.80M

Business

SMITH A O CORP manufactures and markets water heating, hydronic heating and water treatment products for residential and commercial end markets. It offers comprehensive lines of gas and electric water heaters (tank, tankless, heat pump, solar, condensing), boilers, heat pumps, tanks, expansion and pool heaters, and whole-home and point-of-use water treatment and filtration systems, plus related parts and kitchen products in select markets. The company operates two reporting segments: North America and Rest of World. Products are sold through wholesale plumbing distributors, retail and MRO channels, e-commerce, dealer and contractor networks, and extensive points of sale in China, India and other international markets.

Summary from filing dated 2025-02-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	3,830	3,818	3,853	3,754	3,539
Cost of products sold	2,343	2,362	2,368	2,424	2,228
Gross profit	1,487	1,456	1,485	1,330	1,311
Selling, general and administrative expenses	759	739	727	671	701
Restructuring and impairment expenses	0	18	19	0	0
Interest expense	14	7	12	9	4
Other income, net	−600,000	−9	−7	426	−20
Earnings before provision for income taxes	715	701	734	224	626
Provision for income taxes	169	167	177	−12	139
Net Earnings	546	534	557	236	487
Net Earnings Per Share of Common Stock (in dollars per share)	3.87	3.65	3.71	1.52	3.05
Diluted Net Earnings Per Share of Common Stock (in dollars per share)	3.85	3.63	3.69	1.51	3.02

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	175	240	340	391	443
Marketable securities	19	37	24	91	188
Receivables	582	541	596	581	634
Inventories	479	532	497	516	448
Other current assets	37	43	44	54	39
Total Current Assets	1,292	1,393	1,500	1,634	1,753
Net property, plant and equipment	635	629	598	591	607
Goodwill	711	762	633	620	628
Other intangibles	362	321	337	348	365
Operating lease assets	46	33	37	30	33
Other assets	97	103	109	111	90
Total Assets	3,143	3,240	3,214	3,332	3,474
Trade payables	504	589	600	626	746
Accrued payroll and benefits	94	79	92	76	113
Accrued liabilities	148	153	177	159	182
Product warranties	75	67	65	64	71
Long-term debt due within one year	42	10	10	10	7
Total Current Liabilities	863	897	945	934	1,119
Long-term debt	113	183	117	335	190
Product warranties	135	123	123	119	114
Pension liabilities	7	11	11	10	16
Long-term operating lease liabilities	37	24	28	22	22
Other liabilities	130	118	146	165	182
Total Liabilities	1,285	1,357	1,370	1,585	1,642
Commitments and contingencies	0	0	0	0	0
Preferred Stock	0	0	0	0	0
Capital in excess of par value	614	601	578	556	545
Retained earnings	3,952	3,601	3,258	2,885	2,827
Accumulated other comprehensive loss	−99	−112	−84	−82	−331
Treasury stock at cost	−2,904	−2,502	−2,203	−1,906	−1,503
Total Stockholders Equity	1,858	1,884	1,844	1,748	1,832
Total Liabilities and Stockholders Equity	3,143	3,240	3,214	3,332	3,474

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	85	79	78	77	78
Stock based compensation expense	14	15	12	11	12
Deferred income taxes	9	−5	−4	0	0
Non-cash impairments	0	5	16	0	0
Pension settlement income	0	0	−900,000	417	0
Pension settlement non-cash taxes	0	0	200,000	−168	—
Current assets and liabilities	−56	−23	20	−194	91
Noncurrent assets and liabilities	19	−23	−7	12	−27
Cash Provided by Operating Activities	617	582	670	391	641
Capital expenditures	−71	−108	−73	−70	−75
Acquisitions	0	−146	−17	−8	−208
Investments in marketable securities	−43	−74	−63	−92	−185
Net proceeds from sales of marketable securities	61	61	128	178	118
Cash Used in Investing Activities	−53	−267	−24	8	−350
Proceeds from debt	1,087	1,100	688	151	84
Repayments of debt	−1,125	−1,030	−906	—	—
Common stock repurchases	−401	−306	−307	−404	−367
Net proceeds from stock option activity	1	18	23	−700,000	32
Dividends paid	−196	−190	−184	−177	−170
Cash Used in Financing Activities	−633	−408	−685	−431	−421
Effect of exchange rate changes on cash and cash equivalents	4	−7	−13	−21	0
Net decrease in cash and cash equivalents	−65	−100	−51	−52	−130

Filings

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