NYSE: AOS
SMITH A O CORPCIK 0000091142 · SIC 3630 · Household Appliances
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AOS Q2: revenue $1.00B, net income $124.9M. Revenue flat, operating income -19.4% on China weakness, margin pressure, and restructuring
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A. O. Smith CEO Stephen Shafer to add Chairman role as Kevin Wheeler retires July 1
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A. O. Smith names Carrie Anderson CFO, effective July 1, replacing retiring Charles Lauber
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A. O. Smith cuts 2026 EPS guidance on China weakness, Q1 earnings fall 11%
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AOS: revenue $945.6M, net income $118.0M. AOS lowers 2026 EPS guidance 6% on China weakness, cuts buybacks 50% after acquisition
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A.O. Smith board rejects director resignation after majority-withheld vote
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Latest financial statements
From 10-Q filed Jul 30, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Earnings (Unaudited)
(dollars in millions, except for per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Net sales | 1,004.3 | 1,011.3 | 1,949.9 | 1,975.2 |
| Cost of products sold | 616.5 | 614.2 | 1,196.4 | 1,202.7 |
| Gross profit | 387.8 | 397.1 | 753.5 | 772.5 |
| Selling, general and administrative expenses | 197.7 | 191.3 | 401.6 | 383.9 |
| Restructuring and impairment expenses | 22.6 | — | 22.6 | — |
| Interest expense | 8.1 | 4.6 | 15.2 | 7.5 |
| Other expense (income), net | 1.4 | (0.4) | 1.4 | (1.6) |
| Earnings before provision for income taxes | 158.0 | 201.6 | 312.7 | 382.7 |
| Provision for income taxes | 33.1 | 49.4 | 69.8 | 93.9 |
| Net Earnings | 124.9 | 152.2 | 242.9 | 288.8 |
| Basic Net Earnings Per Share of Common Stock | 0.91 | 1.07 | 1.76 | 2.03 |
| Diluted Net Earnings Per Share of Common Stock | 0.91 | 1.07 | 1.75 | 2.01 |
| Dividends Per Share of Common Stock | 0.36 | 0.34 | 0.72 | 0.68 |
Condensed Consolidated Balance Sheets (Unaudited)
(dollars in millions, except for shares)
| Description | (unaudited) June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Current Assets | ||
| Cash and cash equivalents | 181.3 | 174.5 |
| Marketable securities | — | 18.7 |
| Receivables | 669.8 | 582.3 |
| Inventories | 482.7 | 479.3 |
| Other current assets | 55.5 | 36.7 |
| Total Current Assets | 1,389.3 | 1,291.5 |
| Property, plant and equipment | 1,589.3 | 1,564.5 |
| Less accumulated depreciation | (970.3) | (929.4) |
| Net property, plant and equipment | 619.0 | 635.1 |
| Goodwill | 915.2 | 710.6 |
| Other intangibles | 589.0 | 362.3 |
| Operating lease assets | 49.7 | 46.3 |
| Other assets | 82.3 | 97.0 |
| Total Assets | 3,644.5 | 3,142.8 |
| Liabilities | ||
| Current Liabilities | ||
| Trade payables | 525.7 | 504.1 |
| Accrued payroll and benefits | 74.0 | 93.6 |
| Accrued liabilities | 160.9 | 147.5 |
| Product warranties | 71.6 | 75.0 |
| Debt due within one year | 39.5 | 42.3 |
| Total Current Liabilities | 871.7 | 862.5 |
| Long-term debt | 598.0 | 112.7 |
| Product warranties | 142.0 | 134.7 |
| Long-term operating lease liabilities | 39.2 | 37.1 |
| Other liabilities | 151.7 | 137.8 |
| Total Liabilities | 1,802.6 | 1,284.8 |
| Stockholders’ Equity | ||
| Class A Common Stock (shares issued, 25,991,739 and 25,993,539 as of June 30, 2026 and December 31, 2025, respectively) | 130.0 | 130.0 |
| Common Stock (shares issued 164,715,855 and 164,714,053 as of June 30, 2026 and December 31, 2025, respectively) | 164.7 | 164.7 |
| Capital in excess of par value | 623.1 | 614.4 |
| Retained earnings | 4,094.9 | 3,951.8 |
| Accumulated other comprehensive loss | (104.2) | (98.6) |
| Treasury stock at cost | (3,066.6) | (2,904.3) |
| Total Stockholders’ Equity | 1,841.9 | 1,858.0 |
| Total Liabilities and Stockholders’ Equity | 3,644.5 | 3,142.8 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(dollars in millions)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Operating Activities | ||
| Net earnings | 242.9 | 288.8 |
| Adjustments to reconcile net earnings to cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 48.5 | 41.2 |
| Share-based compensation expense | 9.3 | 8.6 |
| Deferred income taxes | 25.1 | (9.1) |
| Non-cash impairment | 12.4 | — |
| Net changes in operating assets and liabilities: | ||
| Current assets and liabilities | (97.1) | (159.0) |
| Noncurrent assets and liabilities | 12.7 | 7.8 |
| Cash Provided by Operating Activities | 253.8 | 178.3 |
| Investing Activities | ||
| Capital expenditures | (20.5) | (38.4) |
| Acquisition of business | (470.0) | — |
| Investments in marketable securities | — | (22.6) |
| Net proceeds from sale of marketable securities | 18.7 | 59.2 |
| Cash Used in Investing Activities | (471.8) | (1.8) |
| Financing Activities | ||
| Proceeds from debt | 819.0 | 611.3 |
| Repayments of debt | (333.2) | (503.1) |
| Common stock repurchases | (162.4) | (251.3) |
| Net payments from stock option activity | — | (0.5) |
| Dividends paid | (99.8) | (97.5) |
| Cash Provided by (Used in) Financing Activities | 223.6 | (241.1) |
| Effect of exchange rate changes on cash and cash equivalents | 1.2 | 2.9 |
| Net increase (decrease) in cash and cash equivalents | 6.8 | (61.7) |
| Cash and cash equivalents beginning of period | 174.5 | 239.6 |
| Cash and Cash Equivalents End of Period | 181.3 | 177.9 |
Amounts as printed on the EDGAR/iXBRL face — (dollars in millions, except for per share data); (dollars in millions, except for shares); (dollars in millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗