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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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 cuts 2026 EPS guidance on China weakness, Q1 earnings fall 11%
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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 Oct 29, 2026 (period ending Sep 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 September 30, 2026 | Three months ended September 30, 2025 | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|---|---|
| Net sales | 940.5 | 942.5 | 2,890.4 | 2,917.7 |
| Cost of products sold | 575.8 | 578.0 | 1,772.2 | 1,780.7 |
| Gross profit | 364.7 | 364.5 | 1,118.2 | 1,137.0 |
| Selling, general and administrative expenses | 189.5 | 188.9 | 591.1 | 572.8 |
| Restructuring and impairment expenses | — | — | 22.6 | — |
| Interest expense | 7.7 | 3.6 | 22.9 | 11.1 |
| Other expense (income), net | 0.8 | 0.2 | 2.2 | (1.4) |
| Earnings before provision for income taxes | 166.7 | 171.8 | 479.4 | 554.5 |
| Provision for income taxes | 40.4 | 39.8 | 110.2 | 133.7 |
| Net Earnings | 126.3 | 132.0 | 369.2 | 420.8 |
| Basic Net Earnings Per Share of Common Stock | 0.93 | 0.94 | 2.70 | 2.97 |
| Diluted Net Earnings Per Share of Common Stock | 0.93 | 0.94 | 2.68 | 2.95 |
| Dividends Per Share of Common Stock | 0.36 | 0.34 | 1.08 | 1.02 |
Condensed Consolidated Balance Sheets (Unaudited)
(dollars in millions, except for shares)
| Description | (unaudited) September 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Current Assets | ||
| Cash and cash equivalents | 234.5 | 174.5 |
| Marketable securities | — | 18.7 |
| Receivables | 612.9 | 582.3 |
| Inventories | 509.3 | 479.3 |
| Other current assets | 54.3 | 36.7 |
| Total Current Assets | 1,411.0 | 1,291.5 |
| Property, plant and equipment | 1,602.4 | 1,564.5 |
| Less accumulated depreciation | (987.9) | (929.4) |
| Net property, plant and equipment | 614.5 | 635.1 |
| Goodwill | 913.9 | 710.6 |
| Other intangibles | 582.3 | 362.3 |
| Operating lease assets | 51.3 | 46.3 |
| Other assets | 82.0 | 97.0 |
| Total Assets | 3,655.0 | 3,142.8 |
| Liabilities | ||
| Current Liabilities | ||
| Trade payables | 516.6 | 504.1 |
| Accrued payroll and benefits | 79.6 | 93.6 |
| Accrued liabilities | 153.6 | 147.5 |
| Product warranties | 71.2 | 75.0 |
| Debt due within one year | 41.0 | 42.3 |
| Total Current Liabilities | 862.0 | 862.5 |
| Long-term debt | 632.1 | 112.7 |
| Product warranties | 142.7 | 134.7 |
| Long-term operating lease liabilities | 41.7 | 37.1 |
| Other liabilities | 153.4 | 137.8 |
| Total Liabilities | 1,831.9 | 1,284.8 |
| Stockholders’ Equity | ||
| Class A Common Stock (shares issued, 25,991,271 and 25,993,539 as of September 30, 2026 and December 31, 2025, respectively) | 130.0 | 130.0 |
| Common Stock (shares issued 164,716,323 and 164,714,053 as of September 30, 2026 and December 31, 2025, respectively) | 164.7 | 164.7 |
| Capital in excess of par value | 626.4 | 614.4 |
| Retained earnings | 4,172.0 | 3,951.8 |
| Accumulated other comprehensive loss | (104.4) | (98.6) |
| Treasury stock at cost | (3,165.6) | (2,904.3) |
| Total Stockholders’ Equity | 1,823.1 | 1,858.0 |
| Total Liabilities and Stockholders’ Equity | 3,655.0 | 3,142.8 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(dollars in millions)
| Description | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|
| Operating Activities | ||
| Net earnings | 369.2 | 420.8 |
| Adjustments to reconcile net earnings to cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 72.5 | 62.8 |
| Share-based compensation expense | 12.7 | 11.3 |
| Deferred income taxes | 26.0 | 9.7 |
| Non-cash impairment | 12.4 | — |
| Net changes in operating assets and liabilities: | ||
| Current assets and liabilities | (79.6) | (83.6) |
| Noncurrent assets and liabilities | 16.2 | 12.7 |
| Cash Provided by Operating Activities | 429.4 | 433.7 |
| Investing Activities | ||
| Capital expenditures | (33.2) | (53.2) |
| Acquisition of business | (469.5) | — |
| Investments in marketable securities | — | (42.7) |
| Net proceeds from sale of marketable securities | 18.7 | 59.2 |
| Cash Used in Investing Activities | (484.0) | (36.7) |
| Financing Activities | ||
| Proceeds from debt | 995.1 | 670.4 |
| Repayments of debt | (473.9) | (677.2) |
| Common stock repurchases | (260.6) | (335.4) |
| Net payments from stock option activity | 0.3 | 0.7 |
| Dividends paid | (148.7) | (145.1) |
| Cash Provided by (Used in) Financing Activities | 112.2 | (486.6) |
| Effect of exchange rate changes on cash and cash equivalents | 2.4 | 2.7 |
| Net increase (decrease) in cash and cash equivalents | 60.0 | (86.9) |
| Cash and cash equivalents beginning of period | 174.5 | 239.6 |
| Cash and Cash Equivalents End of Period | 234.5 | 152.7 |
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 ↗