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Furnishings, fixtures & appliances · Consumer Cyclical · Fiscal year ends Dec 31
Smith A O reported revenue of $3.8B in the fiscal year ended Dec 2025, up 0.3% from the year before. Operating income was $729M, an operating margin of 19.0%, and net income was $546M. Operating cash flow of $617M less capital expenditure of $71M left free cash flow of $546M. It held more cash than debt (net cash $20M).
Ranks among the 4 furnishings, fixtures & appliances companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 3,539 | 3,754 | 3,853 | 3,818 | 3,830 |
| Cost of revenue | 2,228 | 2,424 | 2,368 | 2,362 | 2,343 |
| Gross profit | 1,311 | 1,330 | 1,485 | 1,456 | 1,487 |
| Research & development | 94.2 | 89.0 | 97.5 | 102 | 95.0 |
| Selling, general & admin | 701 | 671 | 727 | 739 | 759 |
| Operating income | 682 | 362 | 746 | 708 | 729 |
| Interest expense | 4.3 | 9.4 | 12.0 | 6.7 | 13.5 |
| Pre-tax income | 626 | 224 | 734 | 701 | 715 |
| Income tax | 139 | −12.0 | 177 | 167 | 169 |
| Net income | 487 | 236 | 557 | 534 | 546 |
| Diluted EPS | 3.02 | 1.51 | 3.69 | 3.63 | 3.85 |
| Diluted shares | 161 | 156 | 151 | 147 | 142 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 443 | 391 | 340 | 240 | 175 |
| Receivables | 634 | 581 | 596 | 541 | 582 |
| Inventory | 448 | 516 | 497 | 532 | 479 |
| Current assets | 1,753 | 1,634 | 1,500 | 1,393 | 1,292 |
| Net PP&E | 607 | 591 | 598 | 629 | 635 |
| Goodwill | 628 | 620 | 633 | 762 | 711 |
| Total assets | 3,474 | 3,332 | 3,214 | 3,240 | 3,143 |
| Payables | 746 | 626 | 600 | 589 | 504 |
| Deferred revenue | 155 | 85.7 | 59.7 | 54.4 | 34.2 |
| Current liabilities | 1,119 | 934 | 945 | 897 | 863 |
| Short-term debt | 6.8 | 10.0 | 10.0 | 10.0 | 42.3 |
| Long-term debt | 190 | 335 | 117 | 183 | 113 |
| Total liabilities | 1,642 | 1,585 | 1,370 | 1,357 | 1,285 |
| Shareholders' equity | 1,832 | 1,748 | 1,844 | 1,884 | 1,858 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 641 | 391 | 670 | 582 | 617 |
| Capital expenditure | 75.1 | 70.3 | 72.6 | 108 | 70.8 |
| Free cash flow | 566 | 321 | 598 | 474 | 546 |
| Depreciation & amortisation | 77.9 | 76.9 | 78.3 | 78.8 | 85.1 |
| Stock-based compensation | 11.9 | 11.1 | 11.5 | 14.9 | 13.8 |
| Acquisitions | 208 | 8.0 | 16.8 | 146 | 0.0 |
| Share buybacks | 367 | 404 | 307 | 306 | 401 |
| Dividends paid | 170 | 177 | 184 | 190 | 196 |
| Dividend per share | 1.06 | 1.14 | 1.22 | 1.30 | 1.38 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.1% | 2.6% | −0.9% | 0.3% |
| Operating income growth (YoY) | – | −46.9% | 105.9% | −5.1% | 3.0% |
| EPS growth (YoY) | – | −50.0% | 144.4% | −1.6% | 6.1% |
| Gross margin | 37.0% | 35.4% | 38.5% | 38.1% | 38.8% |
| Operating margin | 19.3% | 9.6% | 19.3% | 18.5% | 19.0% |
| Net margin | 13.8% | 6.3% | 14.4% | 14.0% | 14.3% |
| Return on equityBlank when equity is negative | 26.6% | 13.5% | 30.2% | 28.3% | 29.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 29.0% | 15.1% | 32.9% | 30.2% | 32.0% |
| Free cash flow margin | 16.0% | 8.6% | 15.5% | 12.4% | 14.3% |
| Cash conversion (CFO ÷ net income) | 1.32x | 1.66x | 1.20x | 1.09x | 1.13x |
| Receivable days | 65 | 57 | 56 | 52 | 55 |
| Inventory days | 73 | 78 | 77 | 82 | 75 |
| Payable days | 122 | 94 | 93 | 91 | 79 |
| Interest cover | 159x | 38.5x | 62.1x | 106x | 54.0x |
| Debt ÷ equity | 0.11x | 0.20x | 0.07x | 0.10x | 0.08x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −247 | −46.7 | −213 | −46.4 | −19.5 |
| Current ratio | 1.57x | 1.75x | 1.59x | 1.55x | 1.50x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.