Watsco, Inc. (WSO) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and welcome to the Watsco fourth quarter 2025 earnings conference call. All participants will be in listen only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch tone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the call over to Albert Namid. Please go ahead. Good morning, everyone. Welcome to our fourth quarter earnings call. This is Al Namid, Chairman and CEO, and with me is AJ Namid, President, Paul Johnston, Barry Logan, and Rick Gomez. Before we start, a cautionary statement as always. This conference call is forward-looking statements as defined by SEC laws and regulations that are made pursuant to the safe harbor provisions of these various laws. Ultimate results may differ materially in the forward-looking statements. As we all know, 2025 marked a year of significant regulatory change to next-generation equipment containing A2L refrigerants. This transition follows several busy, volatile years beginning after 2019. We navigated through the COVID, supply chain disruptions, steer and energy rated transitions, refrigerant changes, and now the conversion to new ATL equipment. It has certainly been an adventure, and we look forward to a simpler operating environment this year. Through it all, Wattsco achieved terrific results and created immense value for our shareholder. We grew our scale and market share, and we added 12 business acquisitions representing over $1.6 billion in sales. As announced today, we boosted our annual dividends by 10% to $13.20. This marks Wasco's 52nd c...