Lennox International (LII) financial statements
Lennox International reported revenue of $5.2B in fiscal 2025, up 4.0% a year over 9 years.
Net income was $806M and the operating margin 20.0%, against 11.8% in 2016.
Free cash flow was $639M, and the company returned $173M in dividends and $482M in net buybacks.
The diluted share count fell 20% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Lennox International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.6B | $3.8B | $3.9B | $3.8B | $3.6B | $4.2B | $4.7B | $5.0B | $5.3B | $5.2B |
| Cost of revenue | $2.6B | $2.7B | $2.8B | $2.7B | $2.6B | $3.0B | $3.4B | $3.4B | $3.6B | $3.5B |
| Gross profit | $1.1B | $1.1B | $1.1B | $1.1B | $1.0B | $1.2B | $1.3B | $1.5B | $1.8B | $1.7B |
| Research and development | $65M | $74M | $72M | $70M | $67M | $76M | $80M | $94M | $94M | $103M |
| Selling, general and admin | $621M | $638M | $608M | $586M | $556M | $599M | $627M | $706M | $731M | $681M |
| Operating income | $429M | $494M | $510M | $657M | $478M | $590M | $656M | $792M | $1.0B | $1.0B |
| Interest expense | $27M | $31M | $38M | $48M | $28M | $25M | $39M | $52M | $39M | $41M |
| Pre-tax income | $403M | $464M | $468M | $508M | $445M | $560M | $616M | $739M | $999M | $997M |
| Income tax | $124M | $157M | $108M | $99M | $88M | $96M | $119M | $148M | $188M | $191M |
| Net income | $278M | $306M | $359M | $409M | $356M | $464M | $497M | $591M | $811M | $806M |
| EPS (diluted) | $6.32 | $7.14 | $8.74 | $10.38 | $9.24 | $12.39 | $13.88 | $16.58 | $22.66 | $22.79 |
| Diluted shares | 44M | 43M | 41M | 39M | 39M | 38M | 36M | 36M | 36M | 35M |
| Gross margin | 29.6% | 29.3% | 28.6% | 28.4% | 28.6% | 28.3% | 27.2% | 31.1% | 33.3% | 33.4% |
| Operating margin | 11.8% | 12.9% | 13.1% | 17.3% | 13.2% | 14.1% | 13.9% | 15.9% | 19.5% | 20.0% |
| Net margin | 7.6% | 8.0% | 9.2% | 10.7% | 9.8% | 11.1% | 10.5% | 11.9% | 15.2% | 15.5% |
Balance sheet
Fiscal years, from Lennox International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $50M | $68M | $46M | $40M | $129M | $36M | $61M | $69M | $422M | $35M |
| Receivables | $470M | $506M | $473M | $478M | $448M | $508M | $608M | $595M | $661M | $579M |
| Inventory | $418M | $484M | $510M | $544M | $439M | $511M | $753M | $842M | $853M | $1.2B |
| Total current assets | $1.0B | $1.1B | $1.1B | $1.1B | $1.1B | $1.2B | $1.5B | $1.6B | $2.0B | $1.9B |
| Property, plant and equipment | $361M | $398M | $408M | $445M | $464M | $515M | $549M | $720M | $800M | $887M |
| Goodwill | $195M | $200M | $187M | $186M | $187M | $187M | $186M | $222M | $220M | $497M |
| Total assets | $1.8B | $1.9B | $1.8B | $2.0B | $2.0B | $2.2B | $2.6B | $2.9B | $3.6B | $4.1B |
| Total current liabilities | $889M | $654M | $1.0B | $1.0B | $701M | $827M | $1.6B | $1.0B | $1.3B | $1.2B |
| Long-term debt | $616M | $970M | $740M | $849M | $971M | $1.2B | $814M | $1.1B | $833M | $1.1B |
| Total liabilities | $1.7B | $1.8B | $2.0B | $2.2B | $2.0B | $2.4B | $2.8B | $2.5B | $2.7B | $2.9B |
| Shareholders' equity | $38M | $50M | -$150M | -$170M | -$17M | -$269M | -$203M | $393M | $962M | $1.2B |
| Net debt | $766M | $935M | $995M | $1.1B | $857M | $1.2B | $1.5B | $1.1B | $732M | $1.1B |
Cash flow
Fiscal years, from Lennox International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $374M | $325M | $496M | $396M | $612M | $516M | $302M | $736M | $946M | $758M |
| Capital spending | $84M | $98M | $95M | $106M | $78M | $107M | $101M | $250M | $164M | $119M |
| Free cash flow | $290M | $227M | $400M | $290M | $534M | $409M | $201M | $486M | $782M | $639M |
| Stock-based compensation | $32M | $25M | $26M | $21M | $24M | $24M | $22M | $30M | $28M | $29M |
| Dividends paid | $69M | $80M | $94M | $110M | $118M | $126M | $142M | $153M | $160M | $173M |
| Share buybacks (net) | -$300M | -$250M | -$450M | -$400M | -$100M | -$600M | -$300M | $0 | -$54M | -$482M |
| Net borrowing | $289M | -$202M | -$3M | -$12M | $589M | — | — | — | — | — |
| Free cash flow margin | 8.0% | 5.9% | 10.3% | 7.6% | 14.7% | 9.7% | 4.3% | 9.8% | 14.6% | 12.3% |
| Dividends per share | $1.57 | $1.86 | $2.28 | $2.80 | $3.06 | $3.37 | $3.97 | $4.30 | $4.48 | $4.89 |
Questions
What was Lennox International's revenue in 2025?
$5.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Lennox International generate?
$639M in fiscal 2025 (operating cash flow minus capital spending).
From Lennox International's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.