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Watsco Inc cash flow statement

In fiscal 2025, Watsco Inc's operations generated $570m of cash; it spent $34.5m on capital projects, leaving free cash flow of $535m. It returned $474m in dividends.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations8815361173150145223282307171336534350572562773570733
Depreciation and amortisation91112161818192022222526283235414444
Stock-based pay55781011131213161722252930353534
Capital spending6814121522244418171816253635303536
Free cash flow8214448161136123199238289153318518324536526743535697
Free cash flow after stock pay7713941153126112187226275138301496299507496708500663
Dividends paid576673256407099128164209241266295332383424474499
Shares issued1065524665713192120————

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Watsco Inc's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Watsco Inc.