Lennox International
LII · NYSEAir-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip · Fiscal year ends Dec 31
Lennox International reported revenue of $5.2B in the fiscal year ended Dec 2025, down 2.7% from the year before. Operating income was $1B, an operating margin of 20.0%, and net income was $806M. Operating cash flow of $758M less capital expenditure of $119M left free cash flow of $639M. Net debt was $1.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $4.2B | $4.7B | $5B | $5.3B | $5.2B |
| Cost of revenue | $3B | $3.4B | $3.4B | $3.6B | $3.5B |
| Gross profit | $1.2B | $1.3B | $1.5B | $1.8B | $1.7B |
| Research & development | $76M | $80M | $94M | $94M | $103M |
| Selling, general & admin | $599M | $627M | $706M | $731M | $681M |
| Operating income | $590M | $656M | $792M | $1B | $1B |
| Interest expense | $25M | $39M | $52M | $39M | $41M |
| Pre-tax income | $560M | $616M | $739M | $999M | $997M |
| Income tax | $96M | $119M | $148M | $188M | $191M |
| Net income | $464M | $497M | $591M | $811M | $806M |
| Diluted EPS | 12.39 | 13.88 | 16.58 | 22.66 | 22.79 |
| Diluted shares | 38M | 36M | 36M | 36M | 35M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $31M | $53M | $61M | $415M | $34M |
| Receivables | $508M | $609M | $595M | $661M | $579M |
| Inventory | $511M | $753M | $842M | $853M | $1.2B |
| Current assets | $1.2B | $1.5B | $1.6B | $2B | $1.9B |
| Net PP&E | $515M | $549M | $720M | $800M | $887M |
| Goodwill | $187M | $186M | $222M | $220M | $497M |
| Total assets | $2.2B | $2.6B | $2.9B | $3.6B | $4.1B |
| Payables | $402M | $427M | $375M | $490M | $438M |
| Deferred revenue | $10M | $10M | $5M | $5M | $11M |
| Current liabilities | $827M | $1.6B | $1B | $1.3B | $1.2B |
| Short-term debt | $11M | $711M | $12M | $315M | $18M |
| Long-term debt | $1.2B | $814M | $1.1B | $833M | $1.1B |
| Total liabilities | $2.4B | $2.8B | $2.5B | $2.7B | $2.9B |
| Shareholders' equity | −$269M | −$203M | $393M | $962M | $1.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $516M | $302M | $736M | $946M | $758M |
| Capital expenditure | $107M | $101M | $250M | $164M | $119M |
| Free cash flow | $409M | $201M | $486M | $782M | $639M |
| Depreciation & amortisation | $72M | $78M | $86M | $95M | $113M |
| Stock-based compensation | $24M | $22M | $30M | $29M | $29M |
| Acquisitions | – | $0 | $95M | −$2M | $545M |
| Share buybacks | $600M | $300M | $0 | $54M | $482M |
| Dividends paid | $127M | $142M | $153M | $160M | $173M |
| Dividend per share | 3.53 | 4.10 | 4.36 | 4.55 | 5.05 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 12.5% | 5.6% | 7.2% | −2.7% |
| Operating income growth (YoY) | – | 11.2% | 20.6% | 31.4% | 0.1% |
| EPS growth (YoY) | – | 12.0% | 19.5% | 36.7% | 0.6% |
| Gross margin | 28.3% | 27.2% | 31.1% | 33.3% | 33.4% |
| Operating margin | 14.1% | 13.9% | 15.9% | 19.5% | 20.0% |
| Net margin | 11.1% | 10.5% | 11.9% | 15.2% | 15.5% |
| Return on equityBlank when equity is negative | – | – | 150.4% | 84.3% | 69.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 43.9% | 67.5% | 41.1% | 45.1% | 36.0% |
| Free cash flow margin | 9.7% | 4.3% | 9.8% | 14.6% | 12.3% |
| Cash conversion (CFO ÷ net income) | 1.11x | 0.61x | 1.25x | 1.17x | 0.94x |
| Receivable days | 44 | 47 | 44 | 45 | 41 |
| Inventory days | 62 | 80 | 90 | 87 | 122 |
| Payable days | 49 | 45 | 40 | 50 | 46 |
| Interest cover | 23.6x | 17.0x | 15.3x | 26.9x | 25.5x |
| Debt ÷ equity | – | – | 2.94x | 1.19x | 1.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.2B | $1.5B | $1.1B | $733M | $1.1B |
| Current ratio | 1.42x | 0.94x | 1.55x | 1.55x | 1.60x |
Recent filings
More in Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip
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.