Watsco annual gross margin
2008
2009
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2011
2012
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2015
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2018
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2021
2022
2023
2024
2025
Watsco Gross Margin Growth & History (WSO)
Watsco's gross margin was 28.05% for fiscal 2025.
View full Watsco company overviewWatsco annual gross margin history
| Fiscal year | Period ended | Gross margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 28.05% | +1.21 pp |
| 2024 | 2024-12-31 | 26.84% | −0.51 pp |
| 2023 | 2023-12-31 | 27.35% | −0.56 pp |
| 2022 | 2022-12-31 | 27.91% | +1.36 pp |
| 2021 | 2021-12-31 | 26.55% | +2.36 pp |
| 2020 | 2020-12-31 | 24.19% | −0.06 pp |
| 2019 | 2019-12-31 | 24.25% | −0.39 pp |
| 2018 | 2018-12-31 | 24.64% | +0.10 pp |
| 2017 | 2017-12-31 | 24.54% | +0.03 pp |
| 2016 | 2016-12-31 | 24.51% | +0.02 pp |
| 2015 | 2015-12-31 | 24.49% | +0.24 pp |
| 2014 | 2014-12-31 | 24.25% | +0.22 pp |
| 2013 | 2013-12-31 | 24.02% | +0.29 pp |
| 2012 | 2012-12-31 | 23.73% | −0.73 pp |
| 2011 | 2011-12-31 | 24.46% | +0.79 pp |
| 2010 | 2010-12-31 | 23.67% | −0.35 pp |
| 2009 | 2009-12-31 | 24.02% | −1.98 pp |
| 2008 | 2008-12-31 | 26.00% | — |
Watsco quarterly gross margin
Q2.09
Q3.09
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Q2.10
Q3.10
Q4.10
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Q2.11
Q3.11
Q4.11
Q1.12
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Q2.13
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Q4.16
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Q2.18
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Q4.19
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Q2.20
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Q2.21
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Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Gross margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 27.50% | −1.76 pp |
| Q1 2026 | 2026-03-31 | 27.89% | −0.17 pp |
| Q4 2025 | 2025-12-31 | 27.14% | +0.45 pp |
| Q3 2025 | 2025-09-30 | 27.52% | +1.31 pp |
| Q2 2025 | 2025-06-30 | 29.26% | +2.16 pp |
| Q1 2025 | 2025-03-31 | 28.06% | +0.54 pp |
| Q4 2024 | 2024-12-31 | 26.69% | +0.84 pp |
| Q3 2024 | 2024-09-30 | 26.21% | −0.44 pp |
| Q2 2024 | 2024-06-30 | 27.10% | −0.99 pp |
| Q1 2024 | 2024-03-31 | 27.52% | −1.39 pp |
| Q4 2023 | 2023-12-31 | 25.85% | −1.57 pp |
| Q3 2023 | 2023-09-30 | 26.66% | −0.40 pp |
| Q2 2023 | 2023-06-30 | 28.09% | +0.18 pp |
| Q1 2023 | 2023-03-31 | 28.90% | −0.66 pp |
| Q4 2022 | 2022-12-31 | 27.42% | +0.16 pp |
| Q3 2022 | 2022-09-30 | 27.06% | −0.02 pp |
| Q2 2022 | 2022-06-30 | 27.91% | +2.07 pp |
| Q1 2022 | 2022-03-31 | 29.56% | +3.61 pp |
| Q4 2021 | 2021-12-31 | 27.26% | +2.82 pp |
| Q3 2021 | 2021-09-30 | 27.08% | +2.75 pp |
| Q2 2021 | 2021-06-30 | 25.84% | +2.29 pp |
| Q1 2021 | 2021-03-31 | 25.95% | +1.39 pp |
| Q4 2020 | 2020-12-31 | 24.44% | +0.15 pp |
| Q3 2020 | 2020-09-30 | 24.32% | +0.33 pp |
| Q2 2020 | 2020-06-30 | 23.55% | −0.36 pp |
| Q1 2020 | 2020-03-31 | 24.56% | −0.54 pp |
| Q4 2019 | 2019-12-31 | 24.30% | −0.89 pp |
| Q3 2019 | 2019-09-30 | 23.99% | −0.62 pp |
| Q2 2019 | 2019-06-30 | 23.91% | −0.16 pp |
| Q1 2019 | 2019-03-31 | 25.10% | +0.19 pp |
| Q4 2018 | 2018-12-31 | 25.18% | +0.20 pp |
| Q3 2018 | 2018-09-30 | 24.61% | +0.55 pp |
| Q2 2018 | 2018-06-30 | 24.07% | −0.25 pp |
| Q1 2018 | 2018-03-31 | 24.91% | −0.15 pp |
| Q4 2017 | 2017-12-31 | 24.98% | +0.02 pp |
| Q3 2017 | 2017-09-30 | 24.06% | −0.28 pp |
| Q2 2017 | 2017-06-30 | 24.32% | +0.29 pp |
| Q1 2017 | 2017-03-31 | 25.06% | +0.11 pp |
| Q4 2016 | 2016-12-31 | 24.96% | +0.40 pp |
| Q3 2016 | 2016-09-30 | 24.35% | +0.06 pp |
| Q2 2016 | 2016-06-30 | 24.03% | −0.10 pp |
| Q1 2016 | 2016-03-31 | 24.95% | −0.29 pp |
| Q4 2015 | 2015-12-31 | 24.57% | +0.13 pp |
| Q3 2015 | 2015-09-30 | 24.29% | +0.08 pp |
| Q2 2015 | 2015-06-30 | 24.13% | +0.27 pp |
| Q1 2015 | 2015-03-31 | 25.25% | +0.58 pp |
| Q4 2014 | 2014-12-31 | 24.44% | +0.45 pp |
| Q3 2014 | 2014-09-30 | 24.21% | +0.31 pp |
| Q2 2014 | 2014-06-30 | 23.87% | +0.06 pp |
| Q1 2014 | 2014-03-31 | 24.66% | +0.08 pp |
| Q4 2013 | 2013-12-31 | 24.00% | +0.12 pp |
| Q3 2013 | 2013-09-30 | 23.90% | +0.15 pp |
| Q2 2013 | 2013-06-30 | 23.80% | +0.23 pp |
| Q1 2013 | 2013-03-31 | 24.58% | +0.81 pp |
| Q4 2012 | 2012-12-31 | 23.88% | −1.01 pp |
| Q3 2012 | 2012-09-30 | 23.75% | −0.25 pp |
| Q2 2012 | 2012-06-30 | 23.57% | −0.56 pp |
| Q1 2012 | 2012-03-31 | 23.78% | −1.49 pp |
| Q4 2011 | 2011-12-31 | 24.88% | +1.45 pp |
| Q3 2011 | 2011-09-30 | 24.00% | −0.05 pp |
| Q2 2011 | 2011-06-30 | 24.13% | +0.88 pp |
| Q1 2011 | 2011-03-31 | 25.26% | +1.21 pp |
| Q4 2010 | 2010-12-31 | 23.44% | +0.25 pp |
| Q3 2010 | 2010-09-30 | 24.06% | −0.88 pp |
| Q2 2010 | 2010-06-30 | 23.25% | — |
| Q1 2010 | 2010-03-31 | 24.05% | — |
| Q3 2009 | 2009-09-30 | 23.19% | — |
| Q2 2009 | 2009-06-30 | 24.94% | — |
Watsco gross margin trends
Over the last five reported fiscal years, Watsco's gross margin increased from 24.19% to 28.05%, a change of +3.86 percentage points. The latest reported quarter, Q2 2026, shows 27.50%.
About the metric
What gross margin means
Gross margin measures the percentage of revenue remaining after the direct costs of producing goods or services. It helps show how efficiently a company turns sales into gross profit before operating expenses.
Calculation and source
How gross margin is calculated
TickerStat calculates gross margin as SEC-reported gross profit divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Watsco filings at SEC.gov ↗