Company file · LII
Lennox International
Lennox International's revenue fell 2.7% in FY2025, to $5.2B, and net income fell 0.7% to $806M
Revenue fell 2.7% to $5.2B in FY2025, from $5.3B in FY2024. Net income fell 0.7% to $806M. Residential Heating and Cooling was the largest segment, at 64% of revenue.
Key facts
Lennox International (NYSE: LII) reported revenue of $5.2B for fiscal 2025, the year ended Dec 31, 2025, down 2.7% from fiscal 2024. Net income was $806M, down 0.7%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $1.6B, up 10.2% from the same quarter a year earlier, and net income was $221M. The largest piece by segment was Residential Heating and Cooling, at 64% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 17, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026).
Source: 10-K FY2025, filed Feb 17, 2026
Source: 10-Q filed Apr 29, 2026 · 10-Q filed Jul 29, 2026 · 10-Q filed Oct 28, 2026
How it makes money
By segment, FY2025
- LineAmountSharevs FY2024
- Residential Heating and Cooling$3.3B64%−6.5%
- Commercial Heating and Cooling$1.9B36%+5.0%
Source: 10-K FY2025, XBRL breakdown
By segment in FY2025: Residential Heating and Cooling (64%) and Commercial Heating and Cooling (36%), as shares of total revenue. Total revenue was $5.2B.
Source: 10-K FY2025
By region, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Lennox International 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026
By segment
Source: Lennox International 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026
The bull case and the bear case
The bull case
- Diluted shares fell 1.1% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $1.6B, up 10.2% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Commercial Heating and Cooling revenue grew 5.0% in FY2025 to $1.9B. 10-K, FY2025
The bear case
- Revenue fell 2.7% in FY2025 to $5.2B, from $5.3B a year earlier. 10-K, FY2025
- Net income fell 0.7% in FY2025 to $806M, from $811M. 10-K, FY2025
- Operating cash flow fell 19.9% in FY2025 to $758M. 10-K, FY2025
- Total debt rose 21.0% in FY2025 to $1.4B. 10-K, FY2025
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Lennox International is in the building products industry, part of the industrials sector. The SEC files it under Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip.
Lennox International reports 2 segments: Residential Heating and Cooling and Commercial Heating and Cooling.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the building products industry. They are not a summary of Lennox International’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Economic cyclesDemand for equipment and services rises and falls with business investment.
- Costs and supplyMaterial, labor and supplier problems can raise costs or delay delivery.
- Trade and tariffsTariffs and trade policy affect costs and sales.
- Contracts and backlogLarge projects and government contracts can be delayed, cut or repriced.
- Regulation and liabilitySafety, environmental and product-liability rules can raise costs.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $5.0B | $5.3B | $5.2B |
| Net income | $591M | $811M | $806M |
| Operating cash flow | $736M | $946M | $758M |
| Cash & equivalents (year end) | $61M | $415M | $34M |
| Total debt (year end) | $1.3B | $1.1B | $1.4B |
| Diluted shares | 36M | 36M | 35M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Debt and finance lease obligations, including the part due within one year, at carrying value, as the company totals it.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Net debt and net cash
- Debt-to-equity ratio
- The cash flow statement
- Risk factors (Item 1A)
- Return on invested capital (ROIC)
- Margin accounts
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 28, 2026 | Sep 30, 2026 |
| 10-Q | Jul 29, 2026 | Jun 30, 2026 |
| 10-Q | Apr 29, 2026 | Mar 31, 2026 |
| DEF 14A | Apr 8, 2026 | May 21, 2026 |
| 10-K | Feb 17, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Lennox International
How does Lennox International make money?
Lennox International's revenue was $5.2B in fiscal 2025. By segment in FY2025: Residential Heating and Cooling (64%) and Commercial Heating and Cooling (36%), as shares of total revenue. Total revenue was $5.2B. Source: 10-K for fiscal 2025, filed Feb 17, 2026.
What was Lennox International's revenue in fiscal 2025?
$5.2B of revenue for the fiscal year ended Dec 31, 2025, down 2.7% from $5.3B in fiscal 2024. Fiscal 2023 was $5.0B. Source: 10-K for fiscal 2025, filed Feb 17, 2026.
Is Lennox International profitable?
Lennox International reported net income of $806M for fiscal 2025, down 0.7% from $811M in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $221M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 17, 2026.
What did Lennox International report in its latest quarterly filing?
Revenue was $1.6B in the quarter ended Sep 30, 2026, up 10.2% from $1.4B a year earlier. Net income was $221M, down 14.9% from $260M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026.
How much cash and debt does Lennox International have?
Lennox International had $43M in cash and cash equivalents and $1.6B of total debt on Sep 30, 2026. Total debt here is debt and finance lease obligations, including the part due within one year, at carrying value, as the company totals it. Source: 10-Q filed Oct 28, 2026.
What are the main risks Lennox International faces?
Lennox International's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 17, 2026. Risks that are common among companies in the building products industry include Economic cycles; costs and supply; trade and tariffs; contracts and backlog; regulation and liability. The first: Demand for equipment and services rises and falls with business investment. Source: 10-K, Item 1A Risk Factors.
Where do these Lennox International numbers come from?
From Lennox International's own SEC filings: the 10-K for fiscal 2025 (filed Feb 17, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Lennox International
- Viking Global Investors: 1,590,959 shares, reported value $911.5M at Jun 30, 2026 (+1.2% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Millennium Management: 683,440 shares, reported value $391.6M at Jun 30, 2026 (+273.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 355,166 shares, reported value $203.5M at Jun 30, 2026 (−44.9% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Bridgewater Associates: 63,229 shares, reported value $36.2M at Jun 30, 2026 (+1,169.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Two Sigma Investments: 5,876 shares, reported value $3.4M at Jun 30, 2026 (−37.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in LII
- The editor holds no position in Lennox International (LII). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell LII from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 10, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold LII, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Lennox InternationalLII | FY2025 | $5.2B | −2.7% | $806M |
| Trane TechnologiesTT | FY2025 | $21.3B | +7.5% | $2.9B |
| Johnson ControlsJCI | FY2025 | $23.6B | +2.8% | $3.3B |
| Carrier GlobalCARR | FY2025 | $21.7B | −3.3% | $1.5B |
| AllegionALLE | FY2025 | $4.1B | +7.8% | $644M |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.