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10-K annual report · filed Feb 10, 2026

A. O. Smith (AOS) FY2025 10-K Annual Report

AOS overviewOriginal on SEC EDGAR
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A. O. Smith (AOS) filed its fiscal 2025 10-K annual report with the SEC on Feb 10, 2026. It reported revenue of $3.8B (+0.3% year over year) and net income of $546M.

  • Top risk flagged: Foreign currency risk with $93.3 million in forward contracts, potential $9.3 million gain/loss from 10% currency fluctuations

FY2025 key financial metrics · XBRL

Revenue
$3.8B
+0.3% YoY
Net income
$546M
+2.4% YoY
Operating margin
19.0%
+0.5 pp YoY
Gross margin
38.8%
+0.7 pp YoY
EPS (diluted)
$3.85
+6.1% YoY
ROE
29.4%
+1.1 pp YoY
Operating cash flow
$617M
+6.0% YoY

Source: XBRL data from the A. O. Smith (AOS) FY2025 10-K on SEC EDGAR. USD.

A. O. Smith FY2025 10-K analysis

AI summary of each section, grounded in the filing text

Management Discussion & Analysis

  • Revenue $3,830.2M in 2025, up $12.1M vs $3,818.1M in 2024; growth from price increases, commercial water heaters, boilers, and Pureit acquisition ($54M)
  • Gross profit margin 38.8% in 2025 vs 38.1% in 2024; North America margin 24.4% vs 24.0%, Rest of World margin 8.7% vs 7.0%
  • North America segment best performer: $2,984.2M sales, $727.9M earnings, 24.4% margin; Rest of World worst: $880.4M sales, $76.4M earnings, 8.7% margin
  • Operating cash flow $616.8M up from $581.8M; free cash flow $546.0M vs $473.8M; share repurchases $400.8M (5.9M shares); dividends $1.38/share (+6%); capex $70.8M down from $108.0M
  • 2026 outlook: sales growth 2-5%, earnings per share $3.85-$4.15; risks include China demand softness and tariff changes; Leonard Valve acquisition $470M funded by term loan

Risk Factors

  • Foreign currency risk with $93.3 million in forward contracts, potential $9.3 million gain/loss from 10% currency fluctuations
  • Exposure to geopolitical conflicts in Ukraine and the Middle East impacting international trade and tariffs
  • Supply chain risk from potential delays or cost increases in commodities, components, parts, and accessories
  • Competitive pressures from new technologies and competitors challenging current product lines
  • Risk of major customer default or bankruptcy causing substantial revenue loss

Generated from the filing text; verify against the original. How to read a 10-K

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