Financials

Lennox International Inc. financials

LII Building Products

Lennox International Inc., founded in 1895 and headquartered in Richardson, Texas, United States, manufactures high-efficiency HVAC, refrigeration, and climate control systems for both residential and commercial markets. The company earns revenue from diversified product sales and comprehensive after-market services, supported by a robust distribution network. Under the leadership of CEO Edward J. Doherty since 2019, Lennox maintains an estimated 12% market share in North America by focusing on innovation and energy efficiency. Looking forward, the firm is investing in smart technology and sustainability initiatives while addressing challenges such as raw material cost fluctuations.

Snapshot

Lennox International Inc. reported $5.20B in revenue in fiscal 2025, up -2.7% year over year, with an operating margin of 20.0%.

Revenue (FY2025): $5.20B
YoY growth: +-2.7%
Operating margin: 20.0%
Direction: Expanding

Financial statements

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Total Revenues	5,195,300	5,341,300	4,981,900	4,718,400
Cost of Sales	3,460,500	3,563,800	3,432,700	3,433,700
Gross Profit	1,734,800	1,777,500	1,549,200	1,284,700
Selling, General & Administrative Expenses	681,400	730,600	705,500	627,200
Other Operating Expenses	13,700	3,500	80,400	6,400
Operating Profit	1,041,500	1,040,400	791,500	656,200
Interest and Investment Income	—	—	—	5,100
Interest Expense	(40,900)	(38,700)	(51,700)	(38,700)
Non-Operating Income	(3,000)	(1,500)	700	(2,100)
Total Non-Operating Income	(43,900)	(40,200)	(51,000)	(35,700)
Income Before Provision for Income Taxes	996,800	999,400	738,900	615,800
Provision for Income Taxes	191,000	188,300	147,700	118,700
Consolidated Net Income	805,800	811,100	591,200	497,100
Net Income Attributable to Common Shareholders	805,800	811,100	591,200	497,100
Basic EPS	22.89	22.78	16.65	13.92
Diluted EPS	22.79	22.66	16.58	13.88
Basic Weighted Average Shares Outstanding	35,200	35,600	35,500	35,700
Diluted Weighted Average Shares Outstanding	35,400	35,800	35,700	35,800
Shares Outstanding	34,796	35,596	35,582	35,470

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Cash and Cash Equivalents	34,200	415,100	60,700	52,600
Short-Term Investments	500	7,200	8,400	8,500
Total Cash and Cash Equivalents	34,700	422,300	69,100	61,100
Accounts Receivable	578,800	661,100	594,600	608,500
Total Trade Receivables	578,800	661,100	594,600	608,500
Inventories	1,152,600	853,000	699,100	753,000
Other Current Assets	156,200	96,000	70,700	73,900
Total Current Assets	1,903,800	2,032,400	1,433,500	1,496,500
Net Property, Plant & Equipment	1,243,500	1,127,300	934,000	768,800
Net Intangible Assets	273,000	45,100	—	—
Goodwill	497,200	220,000	222,100	186,300
Other Long-Term Assets	145,800	195,200	208,700	116,000
Total Assets	4,081,800	3,620,000	2,798,300	2,567,600
Accounts Payable	438,000	490,000	374,700	427,300
Accrued Expenses	374,200	435,400	416,100	376,900
Short-Term Debt	226,000	—	150,000	—
Current Portion of Long-Term Debt	18,300	314,500	12,100	710,600
Current Portion of Leases	88,900	73,400	57,500	63,300
Other Current Liabilities	—	46,400	4,200	17,600
Total Current Liabilities	1,191,800	1,313,300	1,014,600	1,595,700
Long-Term Debt	1,144,100	833,100	1,143,100	814,200
Leases	293,400	267,600	164,600	161,800
Other Long-Term Liabilities	289,400	243,900	190,700	199,000
Total Long-Term Liabilities	1,726,900	1,344,600	1,498,400	1,175,000
Total Liabilities	2,918,700	2,657,900	2,513,000	2,770,700
Common Stock	900	900	900	900
Treasury Stock	(4,923,400)	(4,421,100)	(4,349,500)	(4,339,200)
Additional Paid-in Capital	1,243,000	1,213,300	1,184,600	1,155,200
Accumulated Other Comprehensive Income	(48,500)	(93,700)	(56,900)	(90,600)
Retained Earnings	4,891,100	4,262,700	3,506,200	3,070,600
Total Common Shareholders' Equity	1,163,100	962,100	285,300	(203,100)
Total Shareholders' Equity	1,163,100	962,100	285,300	(203,100)
Total Liabilities and Shareholders' Equity	4,081,800	3,620,000	2,798,300	2,567,600

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Net Income	805,800	811,100	591,200	497,100
Depreciation & Amortization	95,100	86,000	20,200	77,900
Share-Based Compensation Expense	28,500	30,100	112,500	21,800
Other Adjustments	(20,100)	(22,500)	68,900	(26,600)
Changes in Trade Receivables	108,900	(80,400)	(32,700)	(112,400)
Changes in Inventories	(228,200)	(15,600)	9,700	(249,300)
Changes in Accounts Payable	(74,200)	115,000	(29,200)	28,200
Changes in Accrued Expenses	(69,500)	30,400	65,000	13,700
Changes in Income Taxes Payable	58,600	(21,900)	(24,100)	56,400
Changes in Other Operating Activities	(7,800)	9,500	18,700	(4,500)
Cash from Operating Activities	757,600	945,700	736,200	302,300
Capital Expenditure	(118,800)	(163,600)	(250,200)	(101,100)
Proceeds from Sale of Property, Plant & Equipment	1,400	2,500	2,100	1,600
Proceeds from Sale of Investments	6,800	(7,400)	100	(3,500)
Payments for Business Acquisitions	(545,000)	1,800	(94,900)	—
Proceeds from Business Divestments	—	(7,700)	23,200	—
Cash from Investing Activities	(655,600)	(174,400)	(319,700)	(103,000)
Issuance of Short-Term Debt	1,568,800	424,100	150,000	—
Repayments of Short-Term Debt	(1,342,800)	(574,100)	—	—
Net Issuance / (Repayments) of Short-Term Debt	226,000	(150,000)	150,000	—
Issuance of Long-Term Debt	—	—	500,000	—
Repayments of Long-Term Debt	(318,900)	(194,300)	(2,797,400)	(2,671,900)
Net Issuance / (Repayments) of Long-Term Debt	(318,900)	(194,300)	(2,297,400)	(2,671,900)
Issuance of Common Shares	4,000	4,500	3,900	3,600
Repurchases of Common Shares	(501,500)	(75,200)	(14,900)	(308,300)
Net Issuance / (Repurchases) of Common Shares	(497,500)	(70,700)	(11,000)	(304,700)
Common Share Dividends Paid	(173,000)	(160,300)	(153,400)	(142,000)
Other Financing Activities	297,700	156,700	1,905,600	2,944,500
Cash from Financing Activities	(465,700)	(418,600)	(406,200)	(174,100)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	1,300	1,700	(2,200)	(3,600)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash	(362,400)	354,400	8,100	21,600

Key metrics

$16.90B

Market Cap

21.31x

P/E

3.25x

P/S

16.39x

EV/EBITDA

75.8%

Return on Equity

30.6%

Return on Invested Capital

1.60x

Current Ratio

1.0%

Dividend Yield

12.3%

Free Cash Flow Margin

Quarterly trend

Quarter	Revenue	YoY growth	Operating margin	Operating income
Q1 2026	$1.14B	+5.8%	14.4%	$164M
Q4 2025	$1.20B	+-11.2%	18.6%	$222M
Q3 2025	$1.43B	+-4.8%	21.7%	$310M
Q2 2025	$1.50B	+3.4%	23.6%	$354M
Q1 2025	$1.07B	—	15.7%	$168M
Q4 2024	$1.34B	—	18.6%	$250M
Q3 2024	$1.50B	—	20.2%	$303M
Q2 2024	$1.45B	—	22.1%	$320M

Margins

33.4%

Gross margin

20.0%

Operating margin

15.5%

Net margin

Snapshot

Financial statements

Key metrics

Quarterly trend

Margins

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