A. O. Smith Corporation FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $3.8B |
| Gross margin | 38.8% |
| Operating income | $728.6M |
| Net income | $546.2M |
| Diluted EPS | $3.85 |
| Cash & equivalents | $174.5M |
| Total assets | $3.1B |
| Long-term debt | $155.0M |
Key takeaway
2025 net sales were roughly flat at $3,830.2 million, with pricing actions and stronger commercial water heater/boiler volumes offsetting weaker residential and China sales.
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Beneath the surface
Cash of $174.5 million plus $18.7 million in marketable securities ($193.2M) is roughly comparable to total long-term debt of $155 million, but the pending $470 million Leonard Valve acquisition funded via a new term loan (closed January 2026) will materially increase leverage right after this filing period.
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