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A. O. Smith
A. O. Smith (AOS) investor relations material
A. O. Smith Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Achieved record diluted EPS of $3.85 in 2025, up 6% year-over-year, driven by profitability improvements and margin expansion in both North America and Rest of World segments, with net earnings up 2% to $546.2 million on $3.8 billion in sales.
Fourth quarter 2025 net sales were flat at $913 million, while adjusted EPS rose 6% to $0.90, reflecting strong pricing actions and cost management.
Strategic focus remains on portfolio management, innovation, and operational excellence, with growth platforms in boilers, water treatment, and India positioned for 2026.
Closed the Leonard Valve acquisition in January 2026, expanding the water management platform.
Financial highlights
2025 sales: $3.8 billion, with adjusted EPS of $3.85, up from $3.63 in 2024; net earnings (GAAP) were $546.2 million.
Free cash flow reached $546 million, up from $474 million in 2024, representing 100% of net earnings.
Returned $597 million to shareholders via dividends and share repurchases; 5.9 million shares repurchased in 2025.
North America segment margin: 24.4%, up 20 basis points; Rest of World margin: 8.7%, up 40 basis points.
Cash and marketable securities at year-end: $193 million; net cash position: $38 million; leverage ratio: 7.7%.
Outlook and guidance
2026 EPS guidance: $3.85–$4.15, with sales expected to increase 2%–5% to $3.9–$4.02 billion.
Free cash flow projected at $525–$575 million; capital expenditures expected at $70–$100 million.
North America segment margin expected at 24%–24.5%; Rest of World at 8%–10%.
Leonard Valve projected to contribute $70 million in 2026 sales.
Share repurchases projected at $200 million for 2026; projected 2026 diluted shares: 138 million.
China business assessment timeline
Tariff mitigation strategies for 2026
Acquisition focus beyond water heating
Water treatment margin path to NA segment average?
China H2 growth confidence drivers?
Wholesale residential channel competitive intensity?
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Next A. O. Smith earnings date
Q1 202628 Apr, 2026
A. O. Smith
Next A. O. Smith earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
A. O. Smith Corporation is a leading North American manufacturer of residential and commercial gas and electric water heaters, hot water storage tanks, boilers, water treatment products, and thermal energy solutions for residential and light commercial use. The company's non-gas business unit, Energy Solutions, markets several different tankless water heater models and a variety of other products including solar photovoltaic systems, flash steam generators, tankless hot water dispensers, pool heaters and pool water conditioning systems that use solar energy. A. O. Smith Corporation is based in Milwaukee, Wisconsin.
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