A. O. Smith Corporation cash flow statement AOS

Annual Quarterly

In fiscal 2025, which ended Dec 31, 2025, A. O. Smith Corporation generated $616.8 million of cash from operations. It spent $70.8 million on capital expenditures. That left free cash flow of $546.0 million. The company returned $195.7 million in dividends and $400.8 million in share buybacks to shareholders.

USD in millions, except per-share amounts and ratios. The percent under a figure is the change from the year before.

Line	FY 2026 Sep 30, 2026	FY 2025 Dec 31, 2025	FY 2023 Dec 31, 2023	FY 2022 Dec 31, 2022	FY 2021 Dec 31, 2021	FY 2020 Dec 31, 2020	FY 2019 Dec 31, 2019	FY 2018 Dec 31, 2018	FY 2016 Dec 31, 2016	FY 2015 Dec 31, 2015	FY 2014 Dec 31, 2014
Operating
Depreciation and amortization	95	85	78 +1.8%	77 -1.3%	78 -2.6%	80 +2.2%	78 +8.9%	72 +2.6%	65 +3.3%	63 +5.4%	60 +0.2%
Operating cash flow	612	617	670 +71.3%	391 -38.9%	641 +14.1%	562 +23.2%	456 +1.6%	449	447 +27.0%	352 +33.2%	264 -5.6%
Investing
Capital expenditures	51	71	73 +3.3%	70 -6.4%	75 +32.2%	57 -11.8%	64 -24.4%	85 -9.6%	81 +11.0%	73 -15.6%	86 -11.9%
Investing cash flow	-500	-53	-24 -397.5%	8 +102.3%	-350 -3065.3%	12 -65.2%	34 +366.9%	-13	—	—	—
Financing
Debt issued	—	1,087	—	151 +80.4%	84 +33.4%	—	63	—	—	—	—
Debt repaid	—	1,125	—	—	—	171	—	—	—	—	—
Dividends paid	199	196	184 +3.6%	177 +4.2%	170 +7.2%	159 +6.4%	149 +14.7%	130 +34.3%	84 +24.2%	68 +24.6%	54 +27.7%
Stock buybacks	326	401	306 -24.0%	404 +10.1%	366 +546.4%	57 -80.3%	288 +42.0%	203 +45.7%	135 +5.5%	128 +23.4%	104 +40.8%
Financing cash flow	-34	-633	-685 -58.9%	-431 -2.3%	-421 -12.3%	-375 +0.3%	-376 +28.2%	-523	—	—	—
Change in cash
Effect of exchange rate	4	4	-13	—	—	—	—	—	—	—	—
Net change in cash	82	-65	-51 +1.5%	-52 +59.9%	-130 -165.2%	199	—	—	—	—	—
Free cash flow	562	546	598 +86.1%	321 -43.3%	566 +12.0%	505 +29.0%	392 +7.7%	364	366 +31.1%	279 +56.8%	178 -2.2%
Per share
Free cash flow per share	4.06	3.85	3.96 +92.0%	2.06 -41.3%	3.51 +12.9%	3.11 +32.2%	2.35 +11.3%	2.11	2.07 +32.8%	1.56 +59.4%	0.98 -50.1%
Dividend per share	1.44	1.38	1.22 +7.0%	1.14 +7.5%	1.06 +8.2%	0.98 +8.9%	0.90 +18.4%	0.76 +35.7%	0.48 +26.3%	0.38 +26.7%	0.30 -34.8%
Shareholder returns
Returned to shareholders	525	596	490	581	537	215	437	333	219	196	158
Share of free cash flow	93.52%	109.25%	81.98%	180.85%	94.81%	42.63%	111.51%	91.48%	59.96%	70.22%	88.93%
Ratios
Free cash flow margin	14.77%	14.26%	15.51%	8.55%	15.99%	17.45%	13.09%	11.41%	—	—	—
Capital expenditures to revenue	1.34%	1.85%	1.88%	1.87%	2.12%	1.96%	2.15%	2.67%	—	—	—
Cash conversion	1.24x	1.13x	1.20x	1.66x	1.32x	1.63x	1.23x	1.01x	1.37x	1.24x	1.27x

How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and ratios. Capital expenditures, debt repaid, dividends, and buybacks are positive amounts. Investing and financing cash flow keep the filing sign, so an outflow is negative. Free cash flow is operating cash flow minus capital expenditures. The first column is the trailing twelve months through the latest quarter. Returned to shareholders is dividends plus buybacks. Free cash flow margin, capital expenditures, and stock-based compensation are divided by revenue. Cash conversion is operating cash flow divided by net income. More on our methodology.

Company profile

Industry: Household Appliances (SIC 3630)
Listed as: AOS (NYSE)
Fiscal year ends: December 31
Incorporated in: DE
Headquarters: Milwaukee, WI
SEC filer status: Large accelerated filer
SEC CIK: 91142

Other Household Appliances companies

All 7 Household Appliances companies

Source: SEC EDGAR filings. This is company-reported data, not investment advice.