Short answer
Pool Corporation (POOL) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $5.3B (−0.4% year over year) and net income of $406M.
- Top risk flagged: Top 3 suppliers (Pentair 20%, Zodiac 12%, Hayward 11%) represent 43% of product costs: direct-to-retail bypass risk
FY2025 key financial metrics · XBRL
- Revenue
- $5.3B
- −0.4% YoY
- Net income
- $406M
- −6.4% YoY
- Operating margin
- 11.0%
- −0.7 pp YoY
- Gross margin
- 29.7%
- +0.1 pp YoY
- EPS (diluted)
- $10.85
- −4.0% YoY
- ROE
- 34.3%
- +0.2 pp YoY
- Operating cash flow
- $366M
- −44.5% YoY
Source: XBRL data from the Pool Corporation (POOL) FY2025 10-K on SEC EDGAR. USD.
Pool Corporation FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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