Lennox International Inc.
lennox.comWhat Do They Do?
Sells furnaces, air conditioners and indoor air quality products for homes, and heating, cooling and refrigeration equipment and services for commercial businesses.
10-K for FY2025, filed Feb 17, 2026Heating & Cooling Products. We manufacture and market a broad range of heat pumps, furnaces, air conditioners, packaged heating and cooling…View ↗
Heating and Cooling Products. In North America, we manufacture and sell unitary heating and cooling equipment used in light commercial…View ↗
National Account Services. National Account Services (“NAS”) provides installation, service and preventive maintenance for commercial HVAC…View ↗
Refrigeration Products. We manufacture and market equipment for the North American commercial refrigeration markets under the Heatcraft…View ↗
How Do They Make Money?
Residential equipment and parts are sold through dealers and distributors; product sales are generally paid for when goods ship, though some smaller operations are paid when customers receive and accept goods. Commercial service work is paid as performed.
10-K for FY2025, filed Feb 17, 2026Home Comfort Solutions - We manufacture and market a broad range of furnaces, air conditioners, heat pumps, packaged heating and cooling…View ↗
Our revenue recognition practices for the sale of goods depend upon the shipping terms for each transaction. Shipping terms are primarily…View ↗
Building Climate Solutions - In North America, we manufacture and sell unitary heating and cooling equipment used in light commercial…View ↗
For our businesses that provide services, revenue is recognized at the time services are completed. Our Building Climate Solutions segment…View ↗
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10-K for FY2025, filed Feb 17, 2026
FY2025 revenue by reportable segment ↗
$5.2B
-
10-K for FY2025, filed Feb 17, 2026
$5.2B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Residential Heating and Cooling
Sold outright
10-K for FY2025, filed Feb 17, 2026 |
64%
FY2022: 68%
|
Residential Heating and Cooling, FY2025
$3.3B Sources
|
Sold outright |
|
Commercial Heating and Cooling
|
36%
FY2022: 27%
|
Commercial Heating and Cooling, FY2025
$1.9B Sources
|
|
|
Refrigeration
Sold outright
|
0.0%
FY2022: 5.0%
|
Refrigeration, FY2025
$0 Sources
|
Sold outright |
Who Are Their Customers?
Home heating and cooling products go directly to independent installing dealers and through wholesale distributors; Lennox Stores also supply contractors. Commercial HVAC is sold through contractors or directly to national accounts, while refrigeration equipment goes to distributors and other business buyers.
10-K for FY2025, filed Feb 17, 2026The “Lennox” business and brands (“Dave Lennox Signature Collection,” “Elite Series,” “Merit Series,” “iComfort,” “ComfortSense” and…View ↗
The Allied Air Enterprise business and brands (“Armstrong Air,” “AirEase,” “Concord,” “Ducane,” “Allied,” and “MagicPak”) include a full…View ↗
Heating and Cooling Products. In North America, we manufacture and sell unitary heating and cooling equipment used in light commercial…View ↗
Refrigeration Products. We manufacture and market equipment for the North American commercial refrigeration markets under the Heatcraft…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 16 cents of every revenue dollar as net income in FY2025 and turned 12 cents into free cash flow.
10-K for FY2025, filed Feb 17, 2026
$1BView ↗
10-K for FY2025, filed Feb 17, 2026
$805.8MView ↗
10-K for FY2025, filed Feb 17, 2026
$638.8MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q3 FY2026, filed Oct 28, 2026
$221.2MView ↗
- ▼ −15%
- vs $259.9M in Q3 FY2025
10-Q for Q3 FY2026, filed Oct 28, 2026
Open tableView ↗
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Jul 29, 2026
Lennox lowered its earnings-per-share guidance range
The full-year 2026 earnings range fell to $23.00 to $24.00, from $23.50 to $25.00.
Sources
8-K, filed Jul 29, 2026
Earnings per share guidance has been updated to a range of $23.00 to $24.00 compared to the prior range of $23.50 to $25.00.View ↗
Growing. Revenue grew 24% in 4 years, from $4.2B in FY2021 to $5.2B in FY2025, about 5% a year.
European operations
The older report described manufacturing and selling commercial HVAC and refrigeration products in Europe; the latest report says the European operations were divested and describes its refrigeration business as serving North American markets.
10-K for FY2022, filed Feb 21, 2023
Who Do They Compete With?
Competes with Carrier Global, Trane Technologies, Paloma Industries, The Bosch Group, Daikin Industries, Madison Industries, CSW Industrials, AAON, Hussmann, Emerson Electric, GEA Group, Alfa Laval, Guntner, Kelvion - Profroid, Panasonic, Technotrans, and Deltatherm
10-K for FY2025, filed Feb 17, 2026Heating & Cooling Products - Carrier Global Corporation (Carrier, Bryant, Payne, Tempstar, Comfortmaker, Heil, Arcoaire, KeepRite, Day &…View ↗
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