Revenues for the fiscal year ended December 31, 2025, decreased by 5% to $7,239.3 million from $7,618.3 million in 2024. Same-store sales also declined by 5% in 2025 compared to 2024. HVAC equipment sales, representing 67% of revenues, decreased by 7%, with residential products down 7% and commercial products down 7%. Sales of ducted residential compressor-bearing systems saw an 18% decrease in unit volume, partially offset by an 8% increase in average selling price. Gross profit margin improved by 120 basis points to 28.0% in 2025 from 26.8% in 2024, driven by pricing and sales mix. Selling, general and administrative expenses increased by 3% to $1,337.9 million, reaching 18.5% of revenues in 2025. Net income attributable to Watsco, Inc. decreased by 7% to $497.0 million in 2025 from $536.3 million in 2024. Diluted earnings per share decreased to $12.25 in 2025 from $13.30 in 2024. The company completed three acquisitions in 2025: Southern Ice Equipment Distributors, Inc. ($30.0M annual sales), Hawkins HVAC Distributors, Inc. ($9.0M annual sales), and W.L. Lashley & Associates, Inc. ($8.0M annual sales). Watsco's Board of Directors approved an increase in the annual cash dividend to $13.20 per share from $12.00 per share, effective April 2026. The company transitioned inventory to new lower-GWP HVAC systems (A2L Systems) in late 2024 due to EPA regulations, which caused related disruptions and lower unit volumes.