A. O. Smith Corporation is a leading global manufacturer of residential and commercial water heaters, boilers, and water treatment products. Headquartered in Milwaukee, Wisconsin, the company operates primarily in North America, China, India, and Europe. It is known for its prominent market share in North American water heating and its strategic expansion into water purification solutions.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
3,830,200
3,818,100
3,852,800
3,753,900
Cost of Sales
2,342,800
2,362,000
2,368,000
2,424,300
Gross Profit
1,487,400
1,456,100
1,484,800
1,329,600
Selling, General & Administrative Expenses
759,400
739,300
727,400
670,900
Other Operating Expenses
—
17,600
18,800
—
Operating Profit
728,000
699,200
738,600
658,700
Interest Expense
(13,500)
(6,700)
(12,000)
(9,400)
Non-Operating Income
600
8,500
6,900
(425,600)
Total Non-Operating Income
(12,900)
1,800
(5,100)
(435,000)
Income Before Provision for Income Taxes
715,100
701,000
733,500
223,700
Provision for Income Taxes
168,900
167,400
176,900
(12,000)
Consolidated Net Income
546,200
533,600
556,600
235,700
Net Income Attributable to Common Shareholders
546,200
533,600
556,600
235,700
Basic EPS
3.87
3.65
3.71
1.52
Diluted EPS
3.85
3.63
3.69
1.51
Basic Weighted Average Shares Outstanding
141,030
145,998
149,953
154,786
Diluted Weighted Average Shares Outstanding
141,915
147,084
151,016
155,779
Shares Outstanding
138,543
144,320
147,527
151,179
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
174,500
239,600
339,900
391,200
Short-Term Investments
18,700
36,500
23,500
90,600
Total Cash and Cash Equivalents
193,200
276,100
363,400
481,800
Accounts Receivable
582,300
541,400
596,000
581,200
Total Trade Receivables
582,300
541,400
596,000
581,200
Inventories
479,300
532,100
497,400
516,400
Other Current Assets
36,700
43,300
43,500
54,300
Total Current Assets
1,291,500
1,392,900
1,500,300
1,633,700
Net Property, Plant & Equipment
681,400
661,500
634,800
620,500
Net Intangible Assets
362,300
321,100
336,700
347,900
Goodwill
710,600
761,700
633,400
619,700
Other Long-Term Assets
97,000
102,800
108,700
110,500
Total Assets
3,142,800
3,240,000
3,213,900
3,332,300
Accounts Payable
504,100
588,700
600,400
625,800
Accrued Expenses
241,100
231,500
269,600
234,800
Current Portion of Long-Term Debt
42,300
10,000
10,000
10,000
Other Current Liabilities
75,000
67,000
65,300
63,600
Total Current Liabilities
862,500
897,200
945,300
934,200
Long-Term Debt
112,700
183,200
117,300
334,500
Leases
37,100
23,500
27,900
22,400
Other Long-Term Liabilities
272,500
252,600
279,000
293,500
Total Long-Term Liabilities
422,300
459,300
424,200
650,400
Total Liabilities
1,284,800
1,356,500
1,369,500
1,584,600
Common Stock
294,700
294,800
294,800
294,900
Treasury Stock
(2,904,300)
(2,502,000)
(2,202,500)
(1,905,700)
Additional Paid-in Capital
614,400
601,300
578,200
555,900
Accumulated Other Comprehensive Income
(98,600)
(111,900)
(84,200)
(82,400)
Retained Earnings
3,951,800
3,601,300
3,258,100
2,885,000
Total Common Shareholders' Equity
1,858,000
1,883,500
1,844,400
1,747,700
Total Shareholders' Equity
1,858,000
1,883,500
1,844,400
1,747,700
Total Liabilities and Shareholders' Equity
3,142,800
3,240,000
3,213,900
3,332,300
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
546,200
533,600
556,600
235,700
Depreciation & Amortization
85,100
78,800
78,300
76,900
Share-Based Compensation Expense
13,800
14,900
11,500
11,100
Other Adjustments
8,900
100
11,100
249,600
Changes in Other Operating Activities
(37,200)
(45,600)
12,800
(181,900)
Cash from Operating Activities
616,800
581,800
670,300
391,400
Capital Expenditure
(70,800)
(108,000)
(72,600)
(70,300)
Purchases of Investments
(42,700)
(73,700)
(63,100)
(91,600)
Proceeds from Sale of Investments
60,500
60,500
128,400
178,000
Payments for Business Acquisitions
—
(145,900)
(16,800)
(8,000)
Cash from Investing Activities
(53,000)
(267,100)
(24,100)
8,100
Issuance of Long-Term Debt
1,087,300
1,100,100
688,000
150,600
Repayments of Long-Term Debt
(1,124,900)
(1,030,400)
(906,100)
—
Net Issuance / (Repayments) of Long-Term Debt
(37,600)
69,700
(218,100)
150,600
Issuance of Common Shares
1,000
18,100
23,400
(700)
Repurchases of Common Shares
(400,800)
(305,800)
(306,500)
(403,500)
Net Issuance / (Repurchases) of Common Shares
(399,800)
(287,700)
(283,100)
(404,200)
Common Share Dividends Paid
(195,700)
(190,400)
(183,500)
(177,200)
Cash from Financing Activities
(633,100)
(408,400)
(684,700)
(430,800)
Effect of Exchange Rate Changes on Cash and Cash Equivalents
4,200
(6,600)
(12,800)
(20,800)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash