TTM
18.5%
YoY change
+0.23pp
Trough year (1991)
2.2%
Peak year (2023)
19.7%
Latest annual
19.0%
Operating Margin history chart for A. O. Smith (AOS) from 1985 to 2025
Latest: 19.0%
Operating Margin change chart for A. O. Smith (AOS) from 1985 to 2025
Latest: +0.23pp
Operating Margin history table for A. O. Smith (AOS) from 1985 to 2025
| 2025 | 19.0% | +0.23pp | ||
| 2024 | 18.8% | -0.88pp | ||
| 2023 | 19.7% | +2.11pp | ||
| 2022 | 17.5% | +0.32pp | ||
| 2021 | 17.2% | +1.81pp | ||
| 2020 | 15.4% | -0.19pp | ||
| 2019 | 15.6% | -1.71pp | ||
| 2018 | 17.3% | -0.06pp | ||
| 2017 | 17.4% | +0.23pp | ||
| 2016 | 17.1% | +1.41pp | ||
| 2015 | 15.7% | +3.54pp | ||
| 2014 | 12.2% | +0.62pp | ||
| 2013 | 11.6% | +1.18pp | ||
| 2012 | 10.4% | +2.22pp | ||
| 2011 | 8.2% | +4.34pp | ||
| 2010 | 3.8% | -2.68pp | ||
| 2009 | 6.5% | +0.44pp | ||
| 2008 | 6.1% | -0.43pp | ||
| 2007 | 6.5% | +0.03pp | ||
| 2006 | 6.5% | +0.54pp | ||
| 2005 | 5.9% | +2.17pp | ||
| 2004 | 3.8% | -2.27pp | ||
| 2003 | 6.0% | -0.32pp | ||
| 2002 | 6.4% | +2.04pp | ||
| 2001 | 4.3% | -2.70pp | ||
| 2000 | 7.0% | -1.99pp | ||
| 1999 | 9.0% | -1.04pp | ||
| 1998 | 10.0% | +0.65pp | ||
| 1997 | 9.4% | +1.76pp | ||
| 1996 | 7.6% | -8.18pp | ||
| 1995 | 15.8% | -0.02pp | ||
| 1994 | 15.8% | +8.95pp | ||
| 1993 | 6.9% | +1.43pp | ||
| 1992 | 5.4% | +3.21pp | ||
| 1991 | 2.2% | -3.49pp | ||
| 1990 | 5.7% | +2.71pp | ||
| 1989 | 3.0% | -1.18pp | ||
| 1988 | 4.2% | +0.94pp | ||
| 1987 | 3.3% | -2.34pp | ||
| 1986 | 5.6% | -0.25pp | ||
| 1985 | 5.9% | — |
- 202519.0%+0.23pp
- 202418.8%-0.88pp
- 202319.7%+2.11pp
- 202217.5%+0.32pp
- 202117.2%+1.81pp
- 202015.4%-0.19pp
- 201915.6%-1.71pp
- 201817.3%-0.06pp
- 201717.4%+0.23pp
- 201617.1%+1.41pp
- 201515.7%+3.54pp
- 201412.2%+0.62pp
- 201311.6%+1.18pp
- 201210.4%+2.22pp
- 20118.2%+4.34pp
- 20103.8%-2.68pp
- 20096.5%+0.44pp
- 20086.1%-0.43pp
- 20076.5%+0.03pp
- 20066.5%+0.54pp
- 20055.9%+2.17pp
- 20043.8%-2.27pp
- 20036.0%-0.32pp
- 20026.4%+2.04pp
- 20014.3%-2.70pp
- 20007.0%-1.99pp
- 19999.0%-1.04pp
- 199810.0%+0.65pp
- 19979.4%+1.76pp
- 19967.6%-8.18pp
- 199515.8%-0.02pp
- 199415.8%+8.95pp
- 19936.9%+1.43pp
- 19925.4%+3.21pp
- 19912.2%-3.49pp
- 19905.7%+2.71pp
- 19893.0%-1.18pp
- 19884.2%+0.94pp
- 19873.3%-2.34pp
- 19865.6%-0.25pp
- 19855.9%—
Operating Margin values are taken from A. O. Smith's reported income statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
About Operating Margin at A. O. Smith (AOS)
According to A. O. Smith's latest reported financial statements, the company's latest reported operating margin is 18.5%. Operating margin is operating income divided by revenue — the share of each sales dollar left after cost of goods sold and operating expenses (SG&A, R&D), but before interest and taxes. It isolates how profitable the core business is before financing and tax decisions, so it is comparable across companies with different capital structures.
Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .
The 2025 reading of A. O. Smith (AOS) operating margin is 19.01% – expanded 0.2 percentage points year-over-year.
2023 marks the peak operating margin at 19.66%, with the historical low of 2.24% recorded in 1991.
A. O. Smith Operating Margin by Year
A. O. Smith Operating Margin 2025: 19.0%
A. O. Smith operating margin in 2025 was 19.01%, expanded 0.2 percentage points from 2024.
A. O. Smith Operating Margin 2024: 18.8%
2024's operating margin for A. O. Smith came in at 18.77%, contracted 0.9 percentage points from 2023.
A. O. Smith Operating Margin 2023: 19.7%
A. O. Smith posted operating margin of 19.66% in 2023, expanded 2.1 percentage points from 2022. This figure represents the highest annual value in the available history.
A. O. Smith Operating Margin 2022: 17.5%
In 2022, A. O. Smith reported operating margin of 17.55%, expanded 0.3 percentage points from 2021.
A. O. Smith Operating Margin 2021: 17.2%
A. O. Smith operating margin in 2021 was 17.22%.
See more financial history for A. O. Smith (AOS).
Sector peers by Operating Margin
Industrials peers of A. O. Smith (AOS), ranked by their latest operating margin
| 40.1% | |
| 18.5% | |
| 18.1% | |
| 17.9% | |
| 16.6% | |
| 14.9% | |
| 10.9% | |
| -5.9% |
- 40.1%
- 18.5%
- 17.9%
- 16.6%
- 10.9%
- -5.9%
Frequently asked questions
A. O. Smith (AOS) Key Financials
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