Watsco SEC Filings

Watsco Inc. Executive Vice President Barry S. Logan reported an administrative restructuring-type transaction involving 19 shares of Common stock at $336.95 per share. The shares are held indirectly through the Watsco, Inc. Profit Sharing Retirement Plan and Trust, bringing that indirect Common stock position to 1,802 shares.

Separately, Logan holds 30,000 shares of Common Stock directly and 113,037 shares of Class B Common stock directly, which are convertible into Common Stock on a one-for-one basis with no expiration date. Of the Class B shares, 70,000 are fully held and 43,037 remain subject to vesting restrictions, underscoring that the reported activity represents a small structural adjustment within a substantially larger overall stake.

Watsco, Inc. president Aaron J. Nahmad reported an “other” transaction involving 25 shares of common stock at $336.95 per share, classified as a restructuring event. The 25 shares are held indirectly, with ownership described in a profit sharing retirement plan and trust.

After this activity, he indirectly holds 526 shares of common stock, directly holds 1,408 shares, and an additional 1,150 common shares are held indirectly by his spouse. He also holds Class B common stock, including 64,237 and 305,993 shares directly and 16,020 shares indirectly, which is convertible into common stock on a one-for-one basis with no expiration date.

Watsco Inc. Chairman and CEO Albert H. Nahmad reported an other-type restructuring transaction involving 25 shares of common stock at $336.95 per share, held indirectly through the company’s Profit Sharing Retirement Plan and Trust, leaving 92 common shares indirectly held in that plan.

The filing also updates his Class B common stock positions, showing direct ownership of 160,385 shares and indirect holdings of 440,000; 902,006; 2,577,411; and 206,976 shares through limited partnerships and various trusts he effectively controls. The Class B shares are convertible into common stock on a one-for-one basis with no expiration date.

Watsco, Inc. presents its annual report detailing its role as the largest HVAC/R distributor in North America, generating $7.2 billion in 2025 revenue through 695 locations across 43 U.S. states, Canada, Mexico and Puerto Rico.

The company serves over 130,000 contractors with equipment, parts and supplies, and relies heavily on key suppliers: its top ten provide 85% of purchases, including 62% from Carrier and 8% from Rheem. Joint ventures with Carrier contributed 53% of 2025 revenue, underscoring both growth and concentration risk. Watsco highlights technology investments, climate and refrigerant regulations, loss of U.S. IRA HVAC tax credits after 2025, and a long-running acquisition strategy as central to its business model.

Watsco, Inc. reported mixed 2025 results in a tough HVAC/R market while raising its shareholder payout. Full-year revenues were $7.24 billion, down 5%, and diluted EPS was $12.25 versus $13.30, but gross margin expanded to a record 28.0% as pricing and technology initiatives took hold.

The company generated strong cash flow, with $570 million from operations for 2025 and a record $400 million in the fourth quarter, supported by cutting inventory about 30% from a $2.1 billion peak to $1.4 billion at year-end. Watsco ended 2025 with $780 million in cash and investments and no debt, and its board approved a 10% increase in the annual dividend to $13.20 per share on both Common and Class B shares, marking the 52nd consecutive year of dividends. Management highlighted continued investment in digital and AI-driven platforms, with e-commerce sales of about $2.5 billion (35% of total sales) and OnCallAir® generating $1.8 billion in gross merchandise value during 2025.

Watsco, Inc. reported mixed 2025 results in a tough HVAC/R market while raising its shareholder payout. Full-year revenues were $7.24 billion, down 5%, and diluted EPS was $12.25 versus $13.30, but gross margin expanded to a record 28.0% as pricing and technology initiatives took hold.

The company generated strong cash flow, with $570 million from operations for 2025 and a record $400 million in the fourth quarter, supported by cutting inventory about 30% from a $2.1 billion peak to $1.4 billion at year-end. Watsco ended 2025 with $780 million in cash and investments and no debt, and its board approved a 10% increase in the annual dividend to $13.20 per share on both Common and Class B shares, marking the 52nd consecutive year of dividends. Management highlighted continued investment in digital and AI-driven platforms, with e-commerce sales of about $2.5 billion (35% of total sales) and OnCallAir® generating $1.8 billion in gross merchandise value during 2025.

Capital International Investors, a division of Capital Research and Management Company and related investment management entities, reports a significant ownership stake in Watsco, Inc. common stock. As of 12/31/2025, it is deemed to beneficially own 4,704,748 shares, representing 13.5% of the company’s 34,923,800 shares believed outstanding.

The group has sole voting power over 4,659,912 shares and sole dispositive power over 4,704,748 shares, with no shared voting or dispositive power. It certifies that the shares were acquired and are held in the ordinary course of business, not to change or influence control of Watsco.

FMR LLC filed an amended Schedule 13G reporting beneficial ownership of 1,966,899.30 shares of Watsco Inc. common stock, representing 5.6% of the class as of the event date. FMR LLC reports sole dispositive power over these shares and limited sole voting power over a portion of them.

Abigail P. Johnson is also listed as a reporting person with the same 1,966,899.30 shares of beneficial ownership and 5.6% of the class, with sole dispositive power and no voting power. The filing states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Watsco Inc.

Watsco, Inc. president and director Aaron J. Nahmad reported a stock award of 13,955 shares of Class B common stock on January 7, 2026. The award, granted at $338.85 per share under a Watsco restricted stock agreement, increases his Class B holdings reported in this filing.

The Class B common stock is convertible into Watsco common stock at any time on a one-for-one basis and has no expiration date. Following the reported transaction, Nahmad directly holds 305,993 shares of Class B common stock in one line item and 64,237 shares in another, along with 1,408 shares of common stock held directly, 501 shares of common stock held through the Watsco Profit Sharing Retirement Plan and Trust, and 1,150 shares of common stock held indirectly by his spouse.

Watsco Inc director Ana Lopez-Blazquez reported an insider transaction involving company stock. On 12/12/2025, she exercised a stock option for 1,000 shares of Watsco common stock at $250.84 per share (transaction code M) and disposed of 707 shares at $354.61 per share (transaction code F) on the same date.

After these transactions, she directly owned 293 shares of Watsco common stock. She also held stock options covering 2,000 additional shares with an exercise price of $327.18 per share, expiring on 06/01/2028. The report was filed on Form 4 by a single reporting person in her role as a director.