Pool Corporation (POOL) FY2025 10-K Annual Report
Pool Corporation (POOL) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Pool Corporation FY2025 10-K Analysis
Business Overview
- • World's largest wholesale distributor of pool supplies/equipment; ~125,000 customers, 456 sales centers across North America, Europe, Australia
- • NPT network rebranded from "National Pool Tile" to "National Pool Trends" (Nov 2025); designated 4 commercial warehouses nationally to target commercial pool market growth
- • New pool construction declined est. 3%-5% to ~60,000 units in 2025 due to cautious consumer spending and elevated financing costs
- • Tariff impact quantified at ~1% of the ~2%-3% total product cost inflation in 2025; top 3 suppliers (Pentair 20%, Zodiac 12%, Hayward 11%) concentrated at ~43% of COGS
- • ~6,000 employees at Dec 31, 2025; 61% of net sales and 78% of operating income generated in Q2-Q3 peak season
Management Discussion & Analysis
- • Revenue $5.29B in 2025 vs $5.31B in 2024, down ~$21.6M (~0%); maintenance products stable, discretionary volumes declined
- • Operating margin 11.0% vs 11.6%; operating income $580.2M vs $617.2M, down 6%; opex rose to 18.8% of sales vs 18.0%
- • Gross margin flat 29.7% vs 29.7%; ex-2024 import tax reversal benefit of 20bps, underlying 2025 gross margin improved ~20bps
- • Operating cash flow $365.9M vs $659.2M in 2024 (down $293.3M); dividends $184.9M; share repurchases $341.1M; capex+acquisitions $67.2M; total debt up $249.1M to $1.2B
- • 2026 guidance: EPS $10.85–$11.15, low single-digit sales growth, gross margin ~29.7%; key risks: tariffs, higher interest rates, consumer discretionary weakness, weather
Risk Factors
- • Top 3 suppliers (Pentair 20%, Zodiac 12%, Hayward 11%) represent 43% of product costs — direct-to-retail bypass risk
- • Tariff exposure on imported products with variable duty rates set by U.S. Department of Commerce, creating cost and compliance uncertainty
- • 61% of net sales and 78% of operating income concentrated in Q2-Q3; hurricane disruptions (Francine, Helene, Milton) caused 2024 shortfalls
- • Four states (CA, FL, TX, AZ) represent ~53% of net sales — high competitor density in all four markets
- • Variable-rate debt on syndicated credit, term, and receivables facilities with partial swap coverage; rates remain elevated post-Fed cuts
Pool Corporation FY2025 Key Financial MetricsXBRL
Revenue
$5.3B
▼ -0.4% YoY
Net Income
$406M
▼ -6.4% YoY
Gross Margin
29.7%
▲ +7bp YoY
Operating Margin
11.0%
▼ -65bp YoY
Net Margin
7.7%
▼ -49bp YoY
ROE
34.3%
▲ +18bp YoY
Total Assets
$3.6B
▲ +7.7% YoY
EPS (Diluted)
$10.85
▼ -4.0% YoY
Operating Cash Flow
$366M
▼ -44.5% YoY
Source: XBRL data from Pool Corporation FY2025 10-K filing on SEC EDGAR. All figures in USD.
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