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LIILennox International

Industrials · HVAC Equipment · NYSE

We are a global leader in energy-efficient climate-control solutions. 10-K, Item 1

Employees
12,900
Headquarters
Richardson, TX
CEO
Alok Maskara
Next results
around Jan 27, 2027
Compare with peers → Embed
All key numbers (42, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)21.56Sales (ttm)5.4BNet income (ttm)749.8MSales growth-2.7%EPS growth+0.6%Sales Q/Q+10.2%
Free cash flow835.7MGross margin32.6%Oper. margin18.8%Net margin13.8%FCF margin15.3%ROE56.9%
ROA16.0%R&D / sales2.0%Dividend5.05Debt/Eq1.23Curr. ratio1.21Cash43.3M
Op. cash flow (ttm)989.3MEBITDA1.2BEBITDA margin22.2%Net debt1.6BQuick ratio0.58Interest cover25.46
ROIC28.7%Payout ratio22.2%Tax rate19.2%Stock pay / sales0.6%Shares out.34.2MShares Y/Y-1.1%
Book / share38.50Cash / share1.27Sales / share159.26Asset turnover1.16Inventory turns3.00Days sales out.41
Sales 3Y CAGR+3.3%Sales 5Y CAGR+7.4%EPS 3Y CAGR+18.0%EPS 5Y CAGR+19.8%Employees12,900Sales / employee422K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Revenue growth slowed to -2.7%+7.2% → -2.7% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

LII against Industrials peers

Ten years, side by side → · All 83 →
GrowthProfitBalanceCleanInsiders
LIIPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth
-2.7%75th of 82 · median +4.8%
Net margin
13.8%35th of 82 · median 13.0%
Return on equity
56.9%7th of 77 · median 24.9%
Free cash flow margin
15.3%31st of 79 · median 13.0%
Debt / equity (less is better)
1.2358th of 72 · median 0.72
LII and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
LII Lennox International$5.4B -2.7%32.6%13.8%56.9%15.3%1.23
VLTO Veralto$5.8B +6.0%60.2%17.3%31.0%18.8%0.98
ODFL Old Dominion$5.8B -5.5%-20.1%24.9%20.3%0.00
SNA Snap-on$5.3B +0.9%-19.2%16.6%-0.20
CPRT Copart$4.7B +0.4%-31.8%16.3%27.2%-
GNRC Generac$4.6B -2.0%39.9%6.5%10.0%9.0%0.44

From $4.2B of sales to $464.0M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $1.2BRevenue to Cost of revenue: $3.0BGross profit to Operating profit: $590.3MGross profit to Operating expenses: $598.1MOperating profit to Net profit: $464.0MOperating profit to Tax & other: $126.3MOperating expenses to R&D: $76.1MOperating expenses to Sales, admin & other: $522.0M Revenue: $4.2B Revenue$4.2B +15% Y/Y Gross profit: $1.2B · 28% margin Gross profit$1.2B28% margin +14% Y/Y Cost of revenue: $3.0B · 72% of revenue Cost of revenue$3.0B72% of revenue Operating profit: $590.3M · 14% margin Operating profit$590.3M14% margin +23% Y/Y Operating expenses: $598.1M · 14% of revenue Operating expenses$598.1M14% of revenue Net profit: $464.0M · 11% margin Net profit$464.0M11% margin +30% Y/Y Tax & other: $126.3M · 3% of revenue Tax & other$126.3M3% of revenue R&D: $76.1M · 2% of revenue R&D$76.1M2% of revenue Sales, admin & other: $522.0M · 12% of revenue Sales, admin & other$522.0M12% of revenue

Swipe sideways for the whole flow →

From $4.7B of sales to $497.1M of profit

FY2022, from the 10-K income statement and revenue by segment
Residential Heating And Cooling to Revenue: $3.2BCommercial Heating And Cooling to Revenue: $1.3BRefrigeration to Revenue: $233.7MRevenue to Gross profit: $1.3BRevenue to Cost of revenue: $3.4BGross profit to Operating profit: $656.2MGross profit to Operating expenses: $628.5MOperating profit to Net profit: $497.1MOperating profit to Tax & other: $159.1MOperating expenses to R&D: $80.3MOperating expenses to Sales, admin & other: $548.2M Residential Heating And Cooling: $3.2B · 68% Residential Heating And…$3.2B68% Commercial Heating And Cooling: $1.3B · 27% Commercial Heating And…$1.3B27% Refrigeration: $233.7M · 5% Refrigeration$233.7M5% Revenue: $4.7B Revenue$4.7B +13% Y/Y Gross profit: $1.3B · 27% margin Gross profit$1.3B27% margin +8% Y/Y Cost of revenue: $3.4B · 73% of revenue Cost of revenue$3.4B73% of revenue Operating profit: $656.2M · 14% margin Operating profit$656.2M14% margin +11% Y/Y Operating expenses: $628.5M · 13% of revenue Operating expenses$628.5M13% of revenue Net profit: $497.1M · 11% margin Net profit$497.1M11% margin +7% Y/Y Tax & other: $159.1M · 3% of revenue Tax & other$159.1M3% of revenue R&D: $80.3M · 2% of revenue R&D$80.3M2% of revenue Sales, admin & other: $548.2M · 12% of revenue Sales, admin & other$548.2M12% of revenue

Swipe sideways for the whole flow →

From $5.0B of sales to $591.2M of profit

FY2023, from the 10-K income statement and revenue by segment
Residential Heating And Cooling to Revenue: $3.2BCommercial Heating And Cooling to Revenue: $1.5BRefrigeration to Revenue: $247.6MRevenue to Gross profit: $1.5BRevenue to Cost of revenue: $3.4BGross profit to Operating profit: $791.5MGross profit to Operating expenses: $757.7MOperating profit to Net profit: $591.2MOperating profit to Tax & other: $200.3MOperating expenses to R&D: $94.0MOperating expenses to Sales, admin & other: $663.7M Residential Heating And Cooling: $3.2B · 65% Residential Heating And…$3.2B65% Commercial Heating And Cooling: $1.5B · 30% Commercial Heating And…$1.5B30% Refrigeration: $247.6M · 5% Refrigeration$247.6M5% Revenue: $5.0B Revenue$5.0B +6% Y/Y Gross profit: $1.5B · 31% margin Gross profit$1.5B31% margin +21% Y/Y Cost of revenue: $3.4B · 69% of revenue Cost of revenue$3.4B69% of revenue Operating profit: $791.5M · 16% margin Operating profit$791.5M16% margin +21% Y/Y Operating expenses: $757.7M · 15% of revenue Operating expenses$757.7M15% of revenue Net profit: $591.2M · 12% margin Net profit$591.2M12% margin +19% Y/Y Tax & other: $200.3M · 4% of revenue Tax & other$200.3M4% of revenue R&D: $94.0M · 2% of revenue R&D$94.0M2% of revenue Sales, admin & other: $663.7M · 13% of revenue Sales, admin & other$663.7M13% of revenue

Swipe sideways for the whole flow →

From $5.3B of sales to $811.1M of profit

FY2024, from the 10-K income statement and revenue by segment
Residential Heating And Cooling to Revenue: $3.6BCommercial Heating And Cooling to Revenue: $1.8BRevenue to Gross profit: $1.8BRevenue to Cost of revenue: $3.6BGross profit to Operating profit: $1.0BGross profit to Operating expenses: $737.1MOperating profit to Net profit: $811.1MOperating profit to Tax & other: $229.3MOperating expenses to R&D: $93.6MOperating expenses to Sales, admin & other: $643.5M Residential Heating And Cooling: $3.6B · 67% Residential Heating And…$3.6B67% Commercial Heating And Cooling: $1.8B · 33% Commercial Heating And…$1.8B33% Revenue: $5.3B Revenue$5.3B +7% Y/Y Gross profit: $1.8B · 33% margin Gross profit$1.8B33% margin +15% Y/Y Cost of revenue: $3.6B · 67% of revenue Cost of revenue$3.6B67% of revenue Operating profit: $1.0B · 19% margin Operating profit$1.0B19% margin +31% Y/Y Operating expenses: $737.1M · 14% of revenue Operating expenses$737.1M14% of revenue Net profit: $811.1M · 15% margin Net profit$811.1M15% margin +37% Y/Y Tax & other: $229.3M · 4% of revenue Tax & other$229.3M4% of revenue R&D: $93.6M · 2% of revenue R&D$93.6M2% of revenue Sales, admin & other: $643.5M · 12% of revenue Sales, admin & other$643.5M12% of revenue

Swipe sideways for the whole flow →

From $5.2B of sales to $805.8M of profit

FY2025, from the 10-K income statement and revenue by segment
Residential Heating And Cooling to Revenue: $3.3BCommercial Heating And Cooling to Revenue: $1.9BRevenue to Gross profit: $1.7BRevenue to Cost of revenue: $3.5BGross profit to Operating profit: $1.0BGross profit to Operating expenses: $693.3MOperating profit to Net profit: $805.8MOperating profit to Tax & other: $235.7MOperating expenses to R&D: $103.4MOperating expenses to Sales, admin & other: $589.9M Residential Heating And Cooling: $3.3B · 64% Residential Heating And…$3.3B64% Commercial Heating And Cooling: $1.9B · 36% Commercial Heating And…$1.9B36% Revenue: $5.2B Revenue$5.2B −3% Y/Y Gross profit: $1.7B · 33% margin Gross profit$1.7B33% margin −2% Y/Y Cost of revenue: $3.5B · 67% of revenue Cost of revenue$3.5B67% of revenue Operating profit: $1.0B · 20% margin Operating profit$1.0B20% margin +0% Y/Y Operating expenses: $693.3M · 13% of revenue Operating expenses$693.3M13% of revenue Net profit: $805.8M · 16% margin Net profit$805.8M16% margin −1% Y/Y Tax & other: $235.7M · 5% of revenue Tax & other$235.7M5% of revenue R&D: $103.4M · 2% of revenue R&D$103.4M2% of revenue Sales, admin & other: $589.9M · 11% of revenue Sales, admin & other$589.9M11% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

4 of 4
  • ✓
    Net margin above the peer median13.8% vs 13.0%
  • ✓
    Gross margin up over 5 years28.6% → 33.4%
  • ✓
    Return on equity above 15%56.9%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 7.6% → 15.5%

Balance sheet

3 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 25.5× interest expense
  • !
    Debt larger than equityDebt / equity 1.23 on the latest balance sheet (peer median 0.72)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.21
  • ✓
    Net debt under 3 years of free cash flow$1.6B net debt, 1.9 years
Debt / equity at each year end, FY2016 to FY2025: 22.85 → 1.19
What the debt is made of ↓

Cash and shareholders

3 of 4
  • ✓
    Free cash flow positive in every one of 10 years$638.8M last year
  • ✓
    Share count down over 5 years−8.3%
  • ✓
    Dividend per share up over 5 years$3.08 → $5.05
  • !
    Cash from operations below net income$757.6M vs $805.8M
Free cash flow, FY2016 to FY2025: 289.6M → 638.8M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025
Debt: $1.6B Debt$1.6B Long-term debt: $847.1M · 52% Long-term debt$847.1M · 52% Due within a year: $319.2M · 20% Due within a year$319.2M · 20% Commercial paper: $455.1M · 28% Commercial paper$455.1M · 28% Year 2: $600.0M · 37% Year 2$600.0M · 37% Year 3: $500.0M · 31% Year 3$500.0M · 31%

The debt note's own lines, 2023-09-30

Line, as the company names itKindRateFixed or floatingAmount
2028 Notes (Senior Notes)Notes and bonds5.50%not stated$500.0M

From the debt note in the 10-K's XBRL (0001069202-26-000028), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 5.2B Net income 805.8M
FY2016 revenue 3.6B · Revenues, 0001069202-19-000008 FY2016 net income 277.8M · NetIncomeLoss, 0001069202-19-000008 3.6B FY2016 FY2017 revenue 3.8B · Revenues, 0001069202-20-000004 FY2017 net income 305.7M · NetIncomeLoss, 0001069202-20-000004 3.8B FY2017 FY2018 revenue 3.9B · Revenues, 0001069202-21-000007 FY2018 net income 359.0M · NetIncomeLoss, 0001069202-21-000007 3.9B FY2018 FY2019 revenue 3.8B · Revenues, 0001628280-22-002664 FY2019 net income 408.7M · NetIncomeLoss, 0001628280-22-002664 3.8B FY2019 FY2020 revenue 3.6B · Revenues, 0001628280-23-004257 FY2020 net income 356.3M · NetIncomeLoss, 0001628280-23-004257 3.6B FY2020 FY2021 revenue 4.2B · Revenues, 0001628280-24-004446 FY2021 net income 464.0M · NetIncomeLoss, 0001628280-24-004446 4.2B FY2021 FY2022 revenue 4.7B · Revenues, 0001628280-25-004859 FY2022 net income 497.1M · NetIncomeLoss, 0001628280-25-004859 4.7B FY2022 FY2023 revenue 5.0B · Revenues, 0001069202-26-000028 FY2023 net income 591.2M · NetIncomeLoss, 0001069202-26-000028 5.0B FY2023 FY2024 revenue 5.3B · Revenues, 0001069202-26-000028 FY2024 net income 811.1M · NetIncomeLoss, 0001069202-26-000028 5.3B FY2024 FY2025 revenue 5.2B · Revenues, 0001069202-26-000028 FY2025 net income 805.8M · NetIncomeLoss, 0001069202-26-000028 5.2B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

LII's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Revenue5.2B
FY2016: 3.6BFY2017: 3.8BFY2018: 3.9BFY2019: 3.8BFY2020: 3.6BFY2021: 4.2BFY2022: 4.7BFY2023: 5.0BFY2024: 5.3BFY2025: 5.2B FY2017FY2019FY2021FY2023FY2025
Net income805.8M
FY2016: 277.8MFY2017: 305.7MFY2018: 359.0MFY2019: 408.7MFY2020: 356.3MFY2021: 464.0MFY2022: 497.1MFY2023: 591.2MFY2024: 811.1MFY2025: 805.8M FY2017FY2019FY2021FY2023FY2025
Free cash flow638.8M
FY2016: 289.6MFY2017: 226.8MFY2018: 400.3MFY2019: 290.5MFY2020: 533.9MFY2021: 408.7MFY2022: 201.2MFY2023: 486.0MFY2024: 782.1MFY2025: 638.8M FY2017FY2019FY2021FY2023FY2025
EPS (diluted)22.79
FY2016: 6.32FY2017: 7.14FY2018: 8.74FY2019: 10.38FY2020: 9.24FY2021: 12.39FY2022: 13.88FY2023: 16.58FY2024: 22.66FY2025: 22.79 FY2017FY2019FY2021FY2023FY2025
Dividend per share5.05
FY2016: 1.65FY2017: 1.96FY2018: 2.43FY2019: 2.95FY2020: 3.08FY2021: 3.53FY2022: 4.10FY2023: 4.36FY2024: 4.55FY2025: 5.05 FY2017FY2019FY2021FY2023FY2025
Diluted shares35.4M
FY2016: 44.0MFY2017: 42.8MFY2018: 41.1MFY2019: 39.4MFY2020: 38.6MFY2021: 37.5MFY2022: 35.8MFY2023: 35.7MFY2024: 35.8MFY2025: 35.4M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Residential Heating And Cooling 3.3B64.4% -6.5%
Commercial Heating And Cooling 1.9B35.6% +5.0%
Refrigeration 00.0% -

10-K 0001069202-26-000028, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
United States 4.8B92.8% -4.0%
Canada 373.4M7.2% +16.9%

10-K 0001069202-26-000028, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue3.6B3.8B3.9B3.8B3.6B4.2B4.7B5.0B5.3B5.2B
Cost of revenue2.6B2.7B2.8B2.7B2.6B3.0B3.4B3.4B3.6B3.5B
Gross profit1.1B1.1B1.1B1.1B1.0B1.2B1.3B1.5B1.8B1.7B
R&D64.6M73.6M72.2M69.9M66.8M76.1M80.3M94.0M93.6M103.4M
SG&A621.0M637.7M608.2M585.9M555.9M598.9M627.2M705.5M730.6M681.4M
Operating income429.4M494.5M509.9M656.9M478.5M590.3M656.2M791.5M1.0B1.0B
Interest expense27.0M30.6M38.3M47.5M28.3M25.0M38.7M51.7M38.7M40.9M
Pretax income402.7M464.0M467.9M507.9M445.2M560.1M615.8M738.9M999.4M996.8M
Income tax124.1M156.9M107.6M99.1M88.1M96.1M118.7M147.7M188.3M191.0M
Net income277.8M305.7M359.0M408.7M356.3M464.0M497.1M591.2M811.1M805.8M
EPS (diluted)6.327.148.7410.389.2412.3913.8816.5822.6622.79
Diluted shares44.0M42.8M41.1M39.4M38.6M37.5M35.8M35.7M35.8M35.4M
Depreciation & amortization58.1M64.6M66.0M71.1M72.6M72.4M77.9M86.0M95.1M112.5M
EBITDA487.5M559.1M575.9M728.0M551.1M662.7M734.1M877.5M1.1B1.2B
Gross margin29.6%29.3%28.6%28.4%28.6%28.3%27.2%31.1%33.3%33.4%
Operating margin11.8%12.9%13.1%17.3%13.2%14.1%13.9%15.9%19.5%20.0%
Net margin7.6%8.0%9.2%10.7%9.8%11.1%10.5%11.9%15.2%15.5%
Revenue growth-+5.4%+1.2%-2.0%-4.5%+15.4%+12.5%+5.6%+7.2%-2.7%
EPS growth-+13.0%+22.4%+18.8%-11.0%+34.1%+12.0%+19.5%+36.7%+0.6%

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow373.9M325.1M495.5M396.1M612.4M515.5M302.3M736.2M945.7M757.6M
Capital spending84.3M98.3M95.2M105.6M78.5M106.8M101.1M250.2M163.6M118.8M
Free cash flow289.6M226.8M400.3M290.5M533.9M408.7M201.2M486.0M782.1M638.8M
Stock-based pay (added back)31.7M24.9M26.3M21.3M24.3M24.3M21.8M30.1M28.5M29.1M
Dividends paid69.0M79.7M93.9M110.5M118.1M126.5M142.0M153.4M160.3M173.0M
Buybacks300.0M250.0M450.2M400.0M100.0M600.0M300.0M053.6M482.3M
Acquisitions-----0094.9M-1.8M545.0M
Debt raised350.0M000600.0M-----
Debt repaid58.8M200.9M3.0M6.4M10.8M-----
Investing cash flow-84.1M-98.1M30.5M15.9M-79.7M-106.4M-103.0M-319.7M-174.4M-655.6M
Financing cash flow-274.6M-218.3M-537.8M-423.4M-441.8M-498.7M-174.1M-406.2M-418.6M-465.7M
Dividend per share1.651.962.432.953.083.534.104.364.555.05

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)31.7M24.9M26.3M21.3M24.3M24.3M21.8M30.1M28.5M29.1M
Stock-based pay / revenue0.9%0.6%0.7%0.6%0.7%0.6%0.5%0.6%0.5%0.6%
Operating lease cost---59.7M62.7M62.2M67.7M74.1M83.3M96.1M
Operating lease cash paid---58.1M61.6M61.8M66.0M70.5M76.6M90.6M
Finance lease principal paid---6.4M10.8M12.3M13.6M15.8M17.3M21.8M
Right-of-use assets--0181.6M194.4M196.1M219.9M213.6M327.2M356.3M
Operating lease liabilities--0183.7M197.8M199.8M225.1M222.1M341.0M382.3M
Finance lease liabilities-----40.3M39.5M44.8M54.4M68.9M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on LII in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/LII/export.csv") into a cell.