麻豆直播

Recent Acquisitions, Entrepreneurial Culture, Strong Balance Sheet and Technology Advantage Position Company for Growth

MIAMI, Oct. 27, 2026 (GLOBE NEWSWIRE) — 麻豆直播. (NYSE: WSO) announced its operating results for the quarter and nine months ended September 30, 2026.

麻豆直播 is the largest distributor in the highly fragmented North American HVAC/R market. Since entering distribution in 1989, 麻豆直播 has achieved a 17% compounded annual total shareholder return through a combination of organic growth, driven by the Company鈥檚 industry-leading technology platforms, and the acquisition of 74 market-leading businesses that have expanded scale, density, OEM relationships and customers.

麻豆直播 recently welcomed Jackson Supply Company and The Granite Group to the 麻豆直播 family. These legendary companies are expected to bolster annual revenue by approximately 10% and broaden 麻豆直播鈥檚 geographic reach, product mix, as well as end-market and customer mix. The Company鈥檚 philosophy is to build upon the success and legacies of successful businesses through investments in growth, continuity of leadership and culture, and through 麻豆直播鈥檚 equity culture to align and reward long-term growth. As importantly, Jackson Supply and Granite Group expand 麻豆直播鈥檚 community of talented leaders and provide future scale benefits to 麻豆直播鈥檚 technology platforms. Highlights of the Company鈥檚 recent acquisitions include:

• Jackson Supply Company, founded in 1972 with annual sales of approximately $230 million, was acquired in June 2026. Jackson is a diversified HVAC distributor providing HVAC equipment, parts and supplies to approximately 5,000 customers from 25 locations in high-growth Sunbelt markets.
• The Granite Group, founded in 1971 with annual sales of approximately $500 million, was acquired in October 2026. The Granite Group is a large and growing distributor of HVAC and plumbing products serving approximately 11,000 customers from 82 locations in the Northeast. The Granite Group marks the fourth business acquired by 麻豆直播 that serves dual-trade HVAC/plumbing contractors (currently 112 locations out of 麻豆直播鈥檚 804 locations offer both HVAC and plumbing products).

麻豆直播鈥檚 balance sheet remains solid, enabling incremental investments in growth and the Company鈥檚 industry-leading technology platforms. Today, more than 73,000 contractors and technicians engage with the Company digitally, empowering them to integrate 麻豆直播鈥檚 innovations into their daily operations. The Company is also introducing AI-driven initiatives to leverage 麻豆直播鈥檚 extensive data assets and enrich the customer experience. The Company believes its technology ecosystem offers a durable and widening competitive advantage. Importantly, digitally-enabled customers continue to outperform broader industry and customer metrics, strengthening 麻豆直播鈥檚 leadership position in the highly fragmented $74 billion HVAC/R distribution landscape.

Third Quarter Operating Performance

• Revenues increased 7% to a record $2.22 billion (4% increase on a same-store basis)
• Gross profit increased 3% to a record $586 million
• Gross profit margin of 26.4% (26.5% on a same-store basis) versus 27.5% last year
• SG&A increased 8%, including 30 new and acquired locations (5% increase on a same-store basis)
• Operating income decreased 4% to $225 million (operating margin of 10.1% versus 11.4% last year)
• Earnings per share decreased 5% to $3.77

Third Quarter Sales Trends (excluding acquisitions)

• 5% increase in HVAC equipment sales (67% of sales), reflecting a 7% increase in residential products and a 5% decline in commercial products
• 2% increase in sales of other HVAC products (29% of sales)
• 10% increase in commercial refrigeration products (4% of sales)

Third quarter sales performance reflects continued stabilization of residential end-markets following the prior year transition to new A2L products. Residential equipment sales grew 7%, including 5% unit growth and a 2% increase in average selling price. Same-store sales growth rates have steadily improved throughout the selling season with further momentum thus far in the fourth quarter. Third quarter sales also reflect $78 million in sales from the acquired locations of Jackson Supply, a 16% increase over the comparable prior-year period.

Third quarter gross margin was impacted by customer mix (larger versus smaller customers), end-market mix (replacement versus residential new construction), the timing and lower magnitude OEM pricing actions in 2026 versus 2025 and the differing growth rate of equipment versus non-equipment products. The Company believes third quarter 2026 gross margin is also more in-line with historical seasonality and year to date gross margin levels are reflective of current market conditions (including more conventional OEM pricing actions). The Company further believes that its ongoing investments in technology, pricing optimization and non-equipment growth are supportive of long-term margin objectives.

Albert H. Nahmad, Chairman and CEO said: 鈥淭hird quarter results and early fourth quarter sales trends are indicative of continued improvement in end-market demand. We are encouraged to see residential unit volumes return to growth and steadily improve throughout the season. Our technology-enabled customers also continue to outperform the broader contractor community. Looking ahead, 麻豆直播 today is a meaningfully larger company, having added 107 locations and $730 million in annualized revenue to our network through the acquisitions of Jackson and Granite. Our long-range objectives for sales, margin and cash flow generation remain fully intact.鈥�

Mr. Nahmad added: 鈥淲e welcome Jackson Supply and The Granite Group to the 麻豆直播 family, both high-performing distributors in their respective markets. Jackson Supply had a terrific quarter as part of 麻豆直播, and we are excited that The Granite Group offers extended opportunities for us to expand into the growing community of HVAC and plumbing contractors. Both are wonderful companies that diversify our product mix, extend our reach and broaden our technology advantage. We look forward to supporting their ambitious growth plans.鈥�

Nine-Month Operating Performance

• Revenues increased 3% to $5.86 billion
• Gross profit decreased 1% to $1.59 billion (gross profit margin of 27.2% versus 28.3% last year)
• SG&A increased 4% (2% increase on a same-store basis)
• Operating income decreased 7% to $574 million (operating margin of 9.8% versus 10.9% last year)
• Earnings per share decreased 7% to $9.72
• Operating cash flow increased 79% to $304 million

Year to Date Sales Trends (excluding acquisitions)

• 2% increase in HVAC equipment sales (67% of sales), reflecting a 4% increase in residential products and a 4% decline in commercial products
• 1% increase in sales of other HVAC products (29% of sales)
• 14% increase in commercial refrigeration products (4% of sales)

Cash Flow, Dividends, Financial Strength and Liquidity
Operating cash flow increased 79% to $304 million for the nine-month period ended September 30, 2026 ($325 million during the third quarter versus $355 million last year). 麻豆直播鈥檚 objective is to maintain a healthy balance sheet and ample liquidity to fund virtually any strategic investment. The Company鈥檚 strong financial position has been key to delivering sustained long-term returns and enabling growth investments regardless of macroeconomic or industry conditions. 麻豆直播鈥檚 stated goal is to generate annual operating cash flow in excess of net income.

In April 2026, the Company increased its annual cash dividend by 10% to $13.20聽per share. 麻豆直播聽has paid dividends to shareholders for 52 consecutive years. The Company鈥檚 philosophy is to share cash flow through dividends while maintaining a conservative balance sheet with continued capacity to build its distribution network. Future changes in dividends are considered in light of investment opportunities, cash flow, general economic conditions and 麻豆直播鈥檚 overall financial condition.

In October 2026, 麻豆直播 announced that it signed a five-year $750 million unsecured senior revolving credit facility. The terms of the new agreement include increased borrowing capacity, covenant flexibility and greater sensitivity to the seasonal nature of our working capital requirements.

Innovation and Strategic Technology Initiatives
The Company鈥檚 continued investment in technology reflects a long-term strategic commitment to building capabilities that strengthen customer relationships, extend the Company鈥檚 competitive advantage, improve operating efficiency and support sustainable growth. 麻豆直播 has invested approximately $280 million in its digital platforms over the last five years (a current annual run rate of approximately $64 million). The breadth of those investments spans across customer-engagement and internal platforms to increase the speed and efficiency of our locations and emerging AI capabilities that help customers grow and deliver technical know-how quicker.

• 麻豆直播鈥檚 HVAC Pro+ Mobile Apps and E-Commerce platform have transformed the customer-experience by providing contractors with a seamless digital experience, including sourcing products, accessing technical help, real-time inventory, pricing, product information and more. These tools empower 24/7 self-service that benefit from advanced analytics, AI, technical knowledge and product recommendations. The result is a frictionless buying experience, increased convenience and higher customer satisfaction, which drives greater loyalty and repeat business with lower costs to serve. E-commerce sales increased 12% during the nine-month period ended September 30, 2026 (10% increase during the third quarter), outpacing overall revenue growth, and reached $2.75 billion for the 12-months ended September 30, 2026 (37% of revenues).
• 翱苍颁补濒濒础颈谤庐 is 麻豆直播鈥檚 digital sales platform enabling contractors to engage, present and quote solutions to homeowners. The gross merchandise value (GMV) of products sold through 翱苍颁补濒濒础颈谤庐 reached $1.6 billion for the nine-months ended September 30, 2026, a 14% increase over the same period last year. For the 12-months ended September 30, 2026, contractors presented approximately 351,000 quotes and generated $2.0 billion GMV, a 14% increase versus the prior comparable 12-month period.
• 麻豆直播鈥檚 pricing optimization platform聽has contributed to the Company鈥檚 gross margin performance since its launch in 2020. The platform is designed to manage and optimize the vast number of pricing records across our business. Examples include the sophisticated pricing rules and strategies for specific products, across various geographic markets and for a variety of customer segments. This data-driven approach also enables聽麻豆直播聽to react swiftly to changing market conditions and efficiently administer the multitude of vendor cost changes to sustain market pricing and underlying gross margins.
• Artificial Intelligence (AI) tools are gaining traction to further enhance the customer-experience, drive efficiency and extend our competitive advantage. These tools leverage 麻豆直播鈥檚 industry leading data sets around customers, products and vendors that have been curated over the last 15 years. Highlights include:
  • 麻豆直播鈥檚 AI platform is anchored by 鈥淎sk.麻豆直播鈥�, an聽internally focused聽AI engine designed to enhance productivity, decision-making and customer service. The platform integrates robust HVAC knowledge and streamlines processes for more than 2,700 current internal users. The platform鈥檚 rapid adoption and consistent engagement highlight its potential, providing opportunities to achieve efficiency gains and further enhance customer satisfaction at scale.
  • Complementing its internal platform,聽麻豆直播聽has developed 鈥淎L.watsco鈥�, a聽customer-facing聽AI model that delivers HVAC expertise directly to customers and partners. AL.watsco is trained on 麻豆直播鈥檚 extensive pools of data, enabling it to provide accurate, real-time answers and recommendations on a vast array of HVAC products and solutions. The potential is to deliver highly customized, data driven customer service at scale, enhance customer loyalty and engagement and attract new customers to 麻豆直播鈥檚 ecosystem.

• SupplySync is an innovative platform targeting the institutional channel聽for HVAC/R products. In recent years, large institutional customers have emerged, offering an incremental growth opportunity by further leveraging our market-leading scale, product depth, customer-facing technologies and financial strength.聽麻豆直播聽has launched a pilot program for SupplySync, which offers enterprise-wide solutions to institutional customers designed to deliver a seamless experience across sales, marketing, pricing, product assortment and order management. SupplySync is designed to provide a new level of service and expertise to institutional customers in a single platform across multiple markets and product categories.
• Initiatives to enhance sales of non-equipment products and enhance gross margins聽were launched in 2026. The Company estimates that 40% of the products sold in the HVAC/R marketplace represent non-equipment products. For the 12 months ended聽September 30, 2026, 麻豆直播鈥檚 non-equipment purchases were approximately聽$1.7 billion聽from more than 1,500 vendors (30% of total purchases).聽麻豆直播聽is leveraging its product and pricing data to optimize and streamline sourcing across its supplier network. The Company is also investing in advanced logistics and distribution capabilities designed to improve inventory service levels, improve attachment rates, drive operating efficiency, enhance margins and increase inventory turns.

A.J. Nahmad, 麻豆直播鈥檚 President, added: 鈥淲e believe that the growth in e-commerce, 翱苍颁补濒濒础颈谤庐 and overall digital engagement across our network reflects the value these tools deliver to our customers. We have also progressed nicely with the various initiatives introduced at last year鈥檚 investor day, including the formal launch of SupplySync and the early scaling of the other initiatives. Our focus remains on advancing these unique capabilities 鈥� with AI enabling better and faster speed to market 鈥� in ways that help our customers grow.鈥�

Use of Non-GAAP Financial Information and References to 鈥淯nit鈥� Data
In this release, the Company discloses non-GAAP measures on a 鈥渟ame-store basis鈥�, which exclude the effects of locations closed, acquired, or locations opened, in each case during the immediately preceding 12 months, unless such locations are within close geographical proximity to existing locations. The Company believes that this information provides greater comparability regarding its ongoing operating performance. These measures should not be considered an alternative to measurements presented in accordance with U.S. GAAP.

In addition, the Company references 鈥渦nit鈥� data, a key performance measure, in analyzing its results. For purposes of this analysis, a 鈥渦nit鈥� is a compressor-bearing air conditioning unit or heat pump (also generally referred to as 鈥渙utdoor units鈥�), a standard industry convention consistent with data published by the Air-Conditioning Heating and Refrigeration Institute (AHRI). More information is available at .

Third Quarter Earnings Conference Call Information
Date and time: October 27, 2026 at 10:00 a.m. (EDT)
Webcast: (a replay will be available on the Company鈥檚 website)
Dial-in number: United States (844) 883-3908 / International (412) 317-9254

About 麻豆直播
麻豆直播聽is the largest distributor in the highly fragmented聽North American HVAC/R market. 麻豆直播鈥檚 solid financial position and culture of innovation has enabled investments in long-term growth, including the Company鈥檚 industry-leading technology platforms. Today, more than 73,000 contractors, installers and technicians engage digitally with the Company, resulting in improved growth and lower attrition. The Company is now advancing AI-driven initiatives to leverage its extensive data assets to enhance the customer experience and improve efficiencies. These investments position聽麻豆直播聽to capture market share as contractors increasingly adopt digital tools and incorporate data-driven solutions in their businesses.

This document includes certain 鈥渇orward-looking statements鈥� within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results and the related assumptions underlying our expected results. These forward-looking statements are distinguished by use of words such as 鈥渨ill,鈥� 鈥渨ould,鈥� 鈥渁nticipate,鈥� 鈥渆xpect,鈥� 鈥渂elieve,鈥� 鈥渄esigned,鈥� 鈥減lan,鈥� or 鈥渋ntend,鈥� the negative of these terms, and similar references to future periods. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in economic, business, competitive market, new housing starts and completions, capital spending in commercial construction, consumer spending and debt levels, regulatory and other factors, including, without limitation, the effects of supplier concentration, competitive conditions within 麻豆直播鈥檚 industry, the seasonal nature of sales of 麻豆直播鈥檚 products, the ability of the Company to expand its business, insurance coverage risks and final GAAP adjustments. Detailed information about these factors and additional important factors can be found in the documents that 麻豆直播 files with the Securities and Exchange Commission, such as Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements speak only as of the date the statements were made. 麻豆直播 assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except as required by applicable law.

Barry S. Logan
Executive Vice President
(305) 714-4102
e-mail: blogan@watsco.com

Source: 麻豆直播.