[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_99":100},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","d9df7itngnwlv9wnkfo6xx1m7","revision",2,"title","Lennox International提交2026年第三季度及九个月未经审计业绩：销售额增长，净利润与摊薄每股收益下降","originalTitle","10-Q - LENNOX INTERNATIONAL INC (0001069202) (Filer)","summary","Lennox International在截至2026年9月30日的第三季度净销售额为15.725亿美元，同比增长10.2%；净利润为2.212亿美元，低于上年同期的2.599亿美元，摊薄每股收益为6.41美元，低于7.38美元。","reason","第三季度销售额增长，但营业利润、净利润和摊薄每股收益均低于上年同期；分部表现及成本压力有所分化。","source",{"_12":90,"_91":92,"_9":93,"_94":42,"_95":96,"_97":98},"links",{"_87":88,"_77":89},"publishedAt","2026-10-28T19:57:59.000Z","discoveredAt","2026-10-29T02:34:43.302Z","timelineAt","category","ai-products","tags",[83,84,85,86],"stockSymbols",[82],"score",67,"selected",true,"channel","news","story",{"_72":73,"_16":74},"x","readingMode","full","author","language","body",{"_64":76,"_77":-5,"_78":79,"_80":81},"outline",[],"relatedStories",[75],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":15,"_69":70,"_71":70},"hasTranslation","bodyLanguage","zh","factId","fMDxLHgwVCoo",{"_72":73,"_16":74},"reportCount","additionalSourceCount",0,"developmentCount","publicId","5e328ef7-c569-4bdc-ac76-5cb3be2b2c3f","Lennox公布2026年第三季度业绩",{"_72":73,"_16":74},"

美国

证券交易委员会

华盛顿特区 20549

_________________________________________________

10-Q 表

_________________________________________________


☒	根据《1934 年证券交易法》第 13 或 15(d) 条提交的季度报告

截至 2026 年 9 月 30 日的季度

或


☐	根据《1934 年证券交易法》第 13 或 15(d) 条提交的过渡期报告

过渡期：从 _____ 至 ______

委员会档案编号 001-15149

_________________________________________________

LENNOX INTERNATIONAL INC.

根据特拉华州法律注册成立

_________________________________________________

美国国税局雇主识别号：42-0991521

2140 LAKE PARK BLVD., RICHARDSON, 德克萨斯州，75080

(972) 497-5000

_________________________________________________

根据该法第 12(b) 条注册的证券：


各类别名称	交易代码	上市交易所名称
普通股，每股面值 $0.01	LII	纽约证券交易所

请勾选说明注册人是否 (1) 已在此前 12 个月内（或注册人须提交此类报告的较短期间内）提交《1934 年证券交易法》第 13 或 15(d) 条要求提交的所有报告，且 (2) 在过去 90 天内一直受此类申报要求约束。是 ☒ 否 ☐

请勾选说明注册人是否已在此前 12 个月内（或注册人须提交此类文件的较短期间内）以电子方式提交根据 S-T 条例第 405 条（本章 §232.405）要求提交的每个交互式数据文件。是 ☒ 否 ☐

请勾选说明注册人属于大型加速申报公司、加速申报公司、非加速申报公司、较小型申报公司还是新兴成长型公司。定义参见《交易法》规则 12b-2 中“大型加速申报公司”“加速申报公司”“较小型申报公司”和“新兴成长型公司”的定义。

大型加速申报公司

☒

加速申报公司

☐

非加速申报公司

☐

较小型申报公司

☐

新兴成长型公司

☐

如果属于新兴成长型公司，请勾选说明注册人是否选择不采用《交易法》第 13(a) 条规定的、遵守任何新制定或修订的财务会计准则的延长过渡期。 ☐

请勾选说明注册人是否为空壳公司（定义见《交易法》规则 12b-2）。是 ☐ 否 ☒

截至 2026 年 10 月 21 日，注册人每股面值 $0.01 的普通股流通股数为 34,208,431 股。

LENNOX INTERNATIONAL INC.

10-Q 表

截至 2026 年 9 月 30 日的三个月和九个月


		页码
第一部分	财务信息
	第 1 项财务报表
	合并资产负债表——2026年9月30日（未经审计）和2025年12月31日	1
	合并经营报表（未经审计）——截至2026年和2025年9月30日止三个月和九个月	2
	合并综合收益表（未经审计）——截至2026年和2025年9月30日止三个月和九个月	3
	合并股东权益变动表（未经审计）——截至2026年和2025年9月30日止三个月和九个月	4
	合并现金流量表（未经审计）——截至2026年和2025年9月30日止九个月	6
	合并财务报表附注（未经审计）	7
	第2项：管理层对财务状况和经营成果的讨论与分析	23
	第3项：有关市场风险的定量和定性披露	32
	第4项：控制和程序	33
第二部分	其他信息
	第1项：法律诉讼	33
	第1A项：风险因素	33
	第2项：未注册的股权证券销售及所得款项用途	34
	第5项：其他信息	34
	第6项：附件	35

第一部分 - 财务信息

第1项：财务报表

LENNOX INTERNATIONAL INC.及其子公司

合并资产负债表


（金额以百万计，股份数和面值除外）	截至2026年9月30日		截至2025年12月31日
	（未经审计）
资产
流动资产：
现金及现金等价物	$	43.3			$	34.2
短期投资	2.2			0.5
应收账款及票据净额，扣除2026年和2025年分别为$8.0和$8.5的备抵	881.3			578.8
存货净额	1,176.8			1,152.6

其他流动资产	121.9			137.7
流动资产总额	2,225.5			1,903.8
受限现金等价物	22.4			18.5
不动产、厂房及设备净额，扣除2026年和2025年分别为$1,106.1和$1,043.9的累计折旧	937.0			887.2
经营租赁使用权资产	429.5			356.3
商誉	590.3			497.2
无形资产净额，扣除2026年和2025年分别为$52.0和$38.3的累计摊销	336.5			273.0
递延所得税	12.3			12.9
其他资产净额	135.8			132.9
资产总额	$	4,689.3			$	4,081.8

负债和股东权益
流动负债：
应付账款	$	550.6			$	438.0
应计费用	418.4			374.2
应付所得税	5.6			46.4
商业票据	455.1			226.0
长期债务的流动部分	319.2			18.3
流动经营租赁负债	87.3			88.9

流动负债总额	1,836.2			1,191.8
长期债务	847.1			1,144.1
长期经营租赁负债	375.9			293.4

养老金	20.8			18.7
其他负债	292.4			270.7
负债总额	3,372.4			2,918.7
承诺和或有事项
股东权益：
优先股，面值$0.01，授权发行25,000,000股，未发行或未流通	—			—
普通股，面值$0.01，授权发行200,000,000股，已发行87,170,197股	0.9			0.9
额外实收资本	1,262.3			1,243.0
留存收益	5,361.9			4,891.1
累计其他综合损失	(71.4)			(48.5)
库存股，按成本计，2026年和2025年分别为52,962,480股和52,374,147股	(5,236.8)			(4,923.4)
股东权益总额	1,316.9			1,163.1
负债和股东权益总额	$	4,689.3			$	4,081.8

随附附注是这些合并财务报表不可分割的一部分。

LENNOX INTERNATIONAL INC. 及其子公司

合并经营报表

（未经审计）


（金额以百万计，每股数据除外）	截至9月30日的三个月		截至9月30日的九个月

	2026		2025		2026		2025
净销售额	$	1,572.5			$	1,426.8		$	4,252.9	$	4,000.3
销售成本	1,075.3			939.6			2,864.9		2,654.7
毛利	497.2			487.2			1,388.0		1,345.6
营业费用：
销售、一般及管理费用	177.3			161.6			545.6		506.2
损失（收益）及其他费用，净额	4.8			(0.7)			9.4		(0.6)
重组费用	8.2			—			8.2		—

此前资产处置的出售收益	(3.8)			—			(3.8)		—




权益法投资收益	(1.4)			(2.5)			(2.0)		(5.8)
营业收入	312.1			328.8			830.6		845.8
养老金结算	—			0.1			0.6		0.3
利息费用，净额	17.5			10.5			47.4		25.0
其他费用，净额	1.3			0.8			2.8		2.3
税前净利润	293.3			317.4			779.8		818.2
所得税费用	72.1			57.5			172.4		154.8
净利润	$	221.2			$	259.9		$	607.4	$	663.4




每股收益 – 基本(1)：	$	6.43			$	7.41		$	17.54	$	18.78



每股收益 – 摊薄(1)：	$	6.41			$	7.38		$	17.47	$	18.70

加权平均流通股数 - 基本	34.4			35.1			34.6		35.3
加权平均流通股数 - 摊薄	34.5			35.2			34.8		35.5

(1) 由于四舍五入，金额可能无法重新计算得出。

随附附注是这些合并财务报表不可分割的一部分。

LENNOX INTERNATIONAL INC. 及其子公司

合并综合收益表

（未经审计）


（金额以百万计）	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
净利润	$	221.2			$	259.9		$	607.4	$	663.4
其他综合收益（亏损）：
外币折算调整	(7.3)			1.0			(9.8)		21.1

养老金和退休后负债净变动	(0.5)			(0.4)			(2.1)		(1.1)
重新分类计入收益的养老金和退休后福利损失	0.5			0.4			1.5		1.2
养老金结算	—			0.1			0.6		0.3
权益法投资其他综合收益份额	0.3			(0.2)			0.3		(0.2)
现金流量套期工具公允价值净变动	1.2			5.8			15.8		22.6
重新分类计入收益的现金流量套期收益	(8.7)			(9.3)			(32.7)		(15.3)
税前其他综合（亏损）收益	(14.5)			(2.6)			(26.4)		28.6
税收优惠	1.7			2.0			3.5		3.1
税后其他综合（亏损）收益，净额	(12.8)			(0.6)			(22.9)		31.7
综合收益	$	208.4			$	259.3		$	584.5	$	695.1

随附附注是这些合并财务报表不可分割的一部分。

LENNOX INTERNATIONAL INC. 及其子公司

合并股东权益变动表

截至2026年和2025年9月30日的三个月和九个月

（未经审计）

（金额以百万计，每股数据除外）


	已发行普通股		额外实收资本		留存收益		累计其他综合亏损	按成本计量的库存股		股东权益总额
（截至2026年9月30日的三个月）			股数		金额
截至2026年6月30日的余额	$	0.9			$	1,255.3		$	5,185.1		$	(58.6)		52.6		$	(5,085.5)	$	1,297.2
净利润	—			—			221.2		—		—		—		221.2
股息，每股$1.36	—			—			(46.5)		—		—		—		(46.5)
外币折算调整	—			—			—		(7.3)		—		—		(7.3)

权益法投资其他综合收益份额	—			—			—		0.3		—		—		0.3
股份薪酬费用	—			2.7			—		—		—		—		2.7
员工购股计划及其他	—			1.7			2.1		—		—		—		3.8
现金流量套期变动	—			—			—		(5.8)		—		—		(5.8)
重新发行库存股作为普通股	—			2.6			—		—		—		0.3		2.9
购买库存股	—			—			—		—		0.4		(151.6)		(151.6)
截至2026年9月30日的余额	$	0.9			$	1,262.3		$	5,361.9		$	(71.4)		53.0		$	(5,236.8)	$	1,316.9


	已发行普通股		额外实收资本		留存收益		累计其他综合亏损	库存股（按成本计）		股东权益总额
（截至2025年9月30日的三个月）			股数		金额
截至2025年6月30日的余额	$	0.9			$	1,228.3		$	4,579.6		$	(61.4)		52.0		$	(4,729.4)	$	1,018.0

净利润	—			—			259.9		—		—		—		259.9
股息，每股$1.30	—			—			(45.4)		—		—		—		(45.4)
外币折算调整	—			—			—		1.0		—		—		1.0

权益法投资其他综合收益份额	—			—			—		(0.2)		—		—		(0.2)
股份支付费用	—			6.3			—		—		—		—		6.3
员工股票购买计划及其他	—			0.4			—		—		—		—		0.4
现金流量套期变动	—			—			—		(1.4)		—		—		(1.4)
重新发行库存股作为普通股	—			1.1			—		—		—		0.2		1.3

购买库存股	—			—			—		—		0.1		(38.2)		(38.2)

截至2025年9月30日的余额	$	0.9			$	1,236.1		$	4,794.1		$	(62.0)		52.1		$	(4,767.4)	$	1,201.7

随附附注是这些合并财务报表不可分割的一部分。

LENNOX INTERNATIONAL INC.及其子公司

股东权益合并报表

截至2026年和2025年9月30日的三个月和九个月

（未经审计）

（除每股数据外，金额以百万计）


	已发行普通股		额外实收资本		留存收益		累计其他综合亏损	库存股（按成本计）		股东权益总额
（截至2026年9月30日的九个月）			股数		金额
截至2025年12月31日的余额	$	0.9			$	1,243.0		$	4,891.1		$	(48.5)		52.4		$	(4,923.4)	$	1,163.1

净利润	—			—			607.4		—		—		—		607.4
股息，每股$4.02	—			—			(138.7)		—		—		—		(138.7)
外币折算调整	—			—			—		(9.8)		—		—		(9.8)

权益法投资其他综合收益份额	—			—			—		0.3		—		—		0.3
股份支付费用	—			13.9			—		—		—		—		13.9
员工股票购买计划及其他	—			2.6			2.1		—		—		—		4.7
现金流量套期变动	—			—			—		(13.4)		—		—		(13.4)
重新发行库存股作为普通股	—			2.8			—		—		(0.1)		2.7		5.5
购买库存股	—			—			—		—		0.7		(316.1)		(316.1)
截至2026年9月30日的余额	$	0.9			$	1,262.3		$	5,361.9		$	(71.4)		53.0		$	(5,236.8)	$	1,316.9


	已发行普通股		额外实收资本		留存收益		累计其他综合亏损	库存股（按成本计）		股东权益总额
（截至2025年9月30日的九个月）			股数		金额
截至2024年12月31日的余额	$	0.9			$	1,213.3		$	4,262.7		$	(93.7)		51.6		$	(4,421.1)	$	962.1

净利润	—			—			663.4		—		—		—		663.4
股息，每股$3.75	—			—			(132.0)		—		—		—		(132.0)
外币折算调整	—			—			—		21.1		—		—		21.1

权益法投资其他综合收益份额	—			—			—		(0.2)		—		—		(0.2)
股份支付费用	—			20.8			—		—		—		—		20.8
员工股票购买计划及其他	—			0.4			—		—		—		—		0.4
现金流量套期变动	—			—			—		10.8		—		—		10.8
重新发行库存股作为普通股	—			1.6			—		—		(0.1)		2.3		3.9
购买库存股	—			—			—		—		0.6		(348.6)		(348.6)
截至2025年9月30日的余额	$	0.9			$	1,236.1		$	4,794.1		$	(62.0)		52.1		$	(4,767.4)	$	1,201.7

随附附注是这些合并财务报表不可分割的一部分。

LENNOX INTERNATIONAL INC.及其子公司

合并现金流量表

（未经审计）


（金额以百万计）	截至9月30日的九个月
	2026		2025
经营活动产生的现金流量：
净利润	$	607.4			$	663.4

将净利润调节为经营活动提供的净现金：
以前处置事项的出售收益	(3.8)			—




权益法投资收益	(2.0)			(5.8)
关联方股息	4.9			6.1

重组费用，扣除已支付现金	7.3			—
信用损失（收益）准备	3.7			(1.8)
衍生品合约未实现净损失	4.4			2.3
股票薪酬费用	15.4			21.2

折旧和摊销	96.4			79.4
递延所得税	9.1			28.5
养老金费用	2.9			3.2
养老金缴款	(0.7)			(6.1)

资产和负债变动，扣除收购和处置的影响：
应收账款和票据	(289.2)			(94.7)
存货	26.2			(310.2)
其他流动资产	4.3			(7.0)
应付账款	94.0			(16.7)
应计费用	27.4			(37.3)
应付和应收所得税，净额	(40.7)			27.7
租赁，净额	7.7			5.2
其他，净额	8.7			(5.7)


经营活动提供的净现金	583.4			351.7
投资活动产生的现金流：
处置不动产、厂房和设备所得款项	2.0			1.1
购置不动产、厂房和设备	(124.4)			(89.6)

收购，扣除现金	(209.9)			—

（购买）投资及其他所得款项	(1.8)			0.9

投资活动使用的净现金	(334.1)			(87.6)
筹资活动产生的现金流：
商业票据借款	1,311.0			677.1
偿还商业票据	(1,081.9)			(520.1)

偿还债务安排款项	(17.6)			(14.2)



偿还优先无担保票据	—			(300.0)
信贷额度借款	280.0			—
偿还信贷额度	(280.0)			—
支付递延融资成本	—			(1.7)
员工股票购买所得款项	5.8			4.0
回购普通股	(301.9)			(331.8)
为履行员工预扣税义务而回购普通股	(11.5)			(13.3)
支付现金股息	(137.5)			(127.4)
筹资活动使用的净现金	(233.6)			(627.4)
现金、现金等价物和受限现金增加（减少）	15.7			(363.3)

汇率变动对现金、现金等价物和受限现金等价物的影响	(2.7)			1.1
期初现金、现金等价物和受限现金	52.7			415.1
期末现金、现金等价物和受限现金	$	65.7			$	52.9

现金流信息补充披露：
已付利息	$	57.4			$	39.7
已付所得税（扣除退款）	$	198.2			$	91.5

随附附注是这些合并财务报表不可分割的组成部分。

LENNOX INTERNATIONAL INC.

合并财务报表附注

（未经审计）

1. 一般事项：

本季度报告 10-Q 表中提及的“我们”、“我们的”、“我方”、“LII”或“公司”，除非上下文另有要求，均指 Lennox International Inc. 及其子公司。

列报基础

随附的未经审计的 2026 年 9 月 30 日合并资产负债表、截至 2026 年和 2025 年 9 月 30 日止三个月和九个月的未经审计合并经营报表、综合收益表和股东权益表，以及截至 2026 年和 2025 年 9 月 30 日止九个月的未经审计合并现金流量表，应与我们截至 2025 年 12 月 31 日止年度的 10-K 表年度报告中所载经审计合并财务报表及其附注一并阅读。

所有列报的可比以前期间未经审计的合并财务报表均已追溯调整，以反映上一年度将某些存货的会计方法从后进先出法（“LIFO”）改为先进先出法（“FIFO”）的变更。

随附的未经审计合并财务报表按照中期财务信息公认会计原则（“GAAP”）以及 Form 10-Q 的说明和 Regulation S-X 第 10 条编制。随附的合并财务报表包含公允列报我们的财务状况、经营业绩和现金流量所需的所有重大调整，这些调整主要由正常的经常性调整构成。根据适用的规则和法规，通常包含在按照 GAAP 编制的财务报表中的某些信息和脚注披露已予以精简或省略，但我们认为，此处的披露足以确保所列信息不会产生误导。中期的经营业绩不一定能够代表全年可能取得的业绩。

我们的财政季度约为 13 周，但每个季度的天数可能因年度而异。我们的季度报告期通常于最接近 3 月、6 月和 9 月最后一天的星期六结束。无论 12 月 31 日是星期几，我们的第四季度和财政年度均于 12 月 31 日结束。为方便起见，构成各财政季度的 13 周期间以相应日历季度的最后一天表示。

估计的使用

编制财务报表要求我们对未来事件作出估计和假设。这些估计及其基础假设会影响所报告的资产和负债金额、或有资产和负债的披露，以及所报告的收入和费用金额。这些估计包括应收账款、存货、商誉、无形资产及其他长期资产的估值，或有事项、担保义务、赔偿，以及计算所得税、养老金和退休后医疗福利、自保和保修准备金、股票薪酬等所用的假设。这些估计和假设基于我们的最佳估计和判断。

我们持续根据历史经验及其他因素（包括当前经济环境）评估这些估计和假设。我们认为，在当前情况下，这些估计和假设是合理的，并将在事实和情况要求时进行调整。股市、外汇和大宗商品市场的波动加剧了此类估计和假设固有的不确定性。未来事件及其影响无法精确确定，实际结果可能与这些估计有重大差异。这些估计的变动将在未来期间反映于财务报表中。

2. 应报告的业务分部：

我们在供暖、通风、空调和制冷（“HVACR”）行业经营两个可报告业务部门。我们的部门主要按照所提供产品和服务的性质划分。下表介绍了各部门：

部门

产品或服务

服务市场

地理区域

家居舒适解决方案

炉具、空调、热泵、成套供暖和制冷系统、室内空气质量设备、舒适度控制产品、更换零部件和用品、热水器

住宅更换；
住宅零部件和用品；
住宅新建工程

美国
加拿大

建筑气候解决方案

单元式供暖和空调设备、应用系统、商用供暖和制冷设备的控制系统、安装和服务、商用可变制冷剂流量产品、底座、底座适配器、落箱式扩散器、HVAC回收和废旧设备处理服务、冷凝机组、冷风机、流体冷却器、风冷冷凝器、空气处理机组、工艺冷水机组、控制系统、压缩机机架、更换零部件和用品

轻型商用；
商用零部件和用品；
食品保鲜；非食品行业；冷藏仓储和轻工业

美国
加拿大

我们使用部门利润或亏损作为评估经营业绩和分配资本资源的主要盈利能力指标。我们将部门利润或亏损定义为随附合并经营报表中列示的部门持续经营收入或亏损（扣除利息和所得税前），但不包括某些项目。下表中的调节表详细列出了剔除的项目。

所有公司间销售及相关利润（以及任何其他公司间项目）均从部门业绩中抵销。所列期间没有重大公司间抵销。

首席经营决策者使用剔除某些项目后的经营部门利润或亏损，为各部门分配资源（包括员工、财务或资本资源），主要通过年度预算和预测流程进行。首席经营决策者每月在评估部门业绩并决定向各部门分配资源时，都会考虑部门利润或亏损的预算与实际差异。

我们的首席经营决策者是首席执行官 Alok Maskara。

各部门的关键财务信息如下（单位：百万）：


	家居舒适解决方案		建筑气候解决方案		合计
截至2026年9月30日的三个月
净销售额(1)	$	937.2			$	635.3		$	1,572.5
销售成本	669.7			404.7			1,074.4
销售、一般及行政费用	93.9			67.8			161.7
其他（收入）费用(2)	(2.1)			(3.7)			(5.8)
部门利润(3)	$	175.7			$	166.5		$	342.2

截至2025年9月30日的三个月
净销售额(1)	$	912.9			$	513.9		$	1,426.8
销售成本	621.7			316.9			938.6
销售、一般及行政费用	81.1			58.0			139.1
其他（收入）费用(2)	(5.2)			(1.3)			(6.5)
部门利润(3)	$	215.3			$	140.3		$	355.6


	家居舒适解决方案		建筑气候解决方案		合计
截至2026年9月30日的九个月
净销售额(1)	$	2,522.8			$	1,730.1		$	4,252.9
销售成本	1,763.5			1,099.6			2,863.1
销售、一般及管理费用	279.1			217.4			496.5
其他（收入）费用(2)	(3.8)			(4.3)			(8.1)
分部利润(3)	$	484.0			$	417.4		$	901.4

截至2025年9月30日的九个月
净销售额(1)	$	2,643.6			$	1,356.7		$	4,000.3
销售成本	1,793.3			859.5			2,652.8
销售、一般及管理费用	270.9			179.5			450.4
其他（收入）费用(2)	(11.8)			(2.0)			(13.8)
分部利润(3)	$	591.2			$	319.7		$	910.9

(1) 在合并层面，对于所列任何期间，来自单一客户交易的收入均未达到或超过合并净销售额的10%。

(2) 其他（收入）费用主要包括权益法投资收益以及（收益）损失和其他费用净额。

(3) 我们将分部利润定义为随附合并经营报表中列示的分部营业收入，但不包括：

•重组费用，

•以前处置事项的出售损失（收益），

•特别诉讼费用，以及

•收购成本。

分部利润与营业收入以及税前净收入的调节如下（单位：百万）：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
分部利润总额(1)	$	342.2			$	355.6		$	901.4	$	910.9
与营业收入的调节：
公司及其他费用(3)	(18.9)			(26.8)			(59.6)		(65.1)
分部利润总额（含未分配的公司及其他费用）	323.3			328.8			841.8		845.8
重组费用	8.2			—			8.2		—
以前处置事项的出售收益	(3.8)			—			(3.8)		—
特别诉讼费用(2)	3.0			—			3.0		—

收购成本(2)	3.8			—			3.8		—

营业收入	312.1			328.8			830.6		845.8
与税前净收入的调节：
养老金结算	—			0.1			0.6		0.3
利息费用净额	17.5			10.5			47.4		25.0
其他费用净额	1.3			0.8			2.8		2.3
税前净收入	$	293.3			$	317.4		$	779.8	$	818.2

(1) 我们将分部利润定义为随附合并经营报表中列示的分部营业收入（亏损），但不包括：

•重组费用，

•以前处置事项的出售收益，

•特别诉讼费用，以及

•收购成本。

(2) 计入随附合并经营报表中的损失（收益）及其他费用净额。

(3) 公司及其他费用包括与公司行政职能相关的未分配公司成本，例如税务、资金管理、会计、内部审计、法律和人力资源。

截至以下日期的分部总资产如下（单位：百万）：


	2026年9月30日		2025年12月31日
总资产：
家庭舒适解决方案	$	2,375.2			$	1,971.0
建筑气候解决方案	1,904.7			1,746.4
可报告分部资产总额	$	4,279.9			$	3,717.4
公司及其他	409.4			364.4
总资产	$	4,689.3			$	4,081.8

公司及其他部门的资产主要包括现金、不动产、厂房和设备、短期投资以及递延所得税资产。经营部门记录的资产代表与这些部门直接相关的资产。

各部门的资本支出如下（单位：百万）：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
资本支出：
家居舒适解决方案	$	9.3			$	7.2		$	34.5	$	30.4
建筑气候解决方案	8.7			22.0			32.6		34.5
可报告部门资本支出总额	$	18.0			$	29.2		$	67.1	$	64.9
公司及其他	15.2			6.4			57.3		24.7
资本支出总额	$	33.2			$	35.6		$	124.4	$	89.6

各部门的折旧和摊销费用如下（单位：百万）：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
折旧和摊销：
家居舒适解决方案	$	14.4			$	11.5		$	38.3	$	33.4
建筑气候解决方案	12.7			8.6			36.6		24.5
可报告部门折旧和摊销总额	$	27.1			$	20.1		$	74.9	$	57.9
公司及其他	7.5			6.9			21.5		21.5
折旧和摊销总额	$	34.6			$	27.0		$	96.4	$	79.4

权益法投资收益如下（单位：百万）：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
权益法投资收益（亏损）：
家居舒适解决方案	$	0.4			$	2.4		$	1.2	$	4.8
建筑气候解决方案	0.8			0.3			0.6		1.1
可报告部门权益法投资收益总额	$	1.2			$	2.7		$	1.8	$	5.9
公司及其他	0.2			(0.2)			0.2		(0.1)
权益法投资收益总额	$	1.4			$	2.5		$	2.0	$	5.8

地理信息

根据经营所在地，按我们运营所在的各主要地理区域列示的不动产、厂房和设备净额如下（单位：百万），截至：


	2026年9月30日		2025年12月31日
不动产、厂房和设备净额：
美国	$	665.5			$	607.4
墨西哥	262.7			269.2
加拿大	3.8			4.2
其他国际地区	5.0			6.4
不动产、厂房和设备净额总额	$	937.0			$	887.2

3. 每股收益：

基本每股收益的计算方法为净利润除以该期间已发行普通股的加权平均股数。稀释每股收益的计算方法为净利润除以加权平均股数与假设已发行的等值股份之和（如具有稀释性），这些股份来自我们的股份支付计划。

基本和稀释每股收益的计算如下（单位：百万，每股数据除外）：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
净利润	$	221.2			$	259.9		$	607.4	$	663.4



已发行普通股加权平均股数——基本	34.4			35.1			34.6		35.3
加：股份支付产生的潜在稀释性证券影响	0.1			0.1			0.2		0.2
已发行普通股加权平均股数——稀释	34.5			35.2			34.8		35.5




每股收益——基本(1)：	$	6.43			$	7.41		$	17.54	$	18.78




每股收益——稀释(1)：	$	6.41			$	7.38		$	17.47	$	18.70

(1) 由于四舍五入，金额可能无法重新计算。

截至2026年和2025年9月30日止的三个月和九个月内，没有重大股票增值权或限制性股票单位未纳入稀释后每股收益的计算，因为假设行使此类权利会产生反稀释作用。

4. 承诺和或有事项：

租赁

我们在协议开始时确定其是否为租赁。经营租赁在我们的合并资产负债表中列为经营租赁使用权资产、流动经营租赁负债和长期经营租赁负债。融资租赁在我们的合并资产负债表中列为不动产、厂房及设备、长期债务的流动部分和长期债务。对于租期为12个月或更短的租赁，我们不确认使用权资产和租赁负债。我们不将非租赁组成部分与其相关的租赁组成部分分开，而是将合并后的租赁和非租赁组成部分作为单一租赁组成部分进行会计处理。

我们的许多租赁协议都包含续租选择权；但是，除非在租赁开始时或发生触发事件时确定我们合理确信会续租，否则我们不对续租期间确认使用权资产或租赁负债。我们的一些租赁协议包含租金递增条款（包括基于指数的递增）、免租期、资本改良资金或其他租赁优惠。我们根据租赁安排的固定组成部分，按直线法确认最低租金费用。我们从最初取得租赁资产之日起，在租赁期内摊销该费用。可变租赁组成部分指金额并非固定且不与指数或利率挂钩的部分，并在发生时确认。根据我们与第三方签订的某些服务协议，我们控制第三方服务提供商提供服务时使用的特定空间或基础资产。这些安排符合《会计准则汇编》（“ASC”）842 对租赁的定义，因此按照 ASC 842 进行会计处理。

在确定使用权资产和租赁负债时，我们对每份租赁协议中的最低租赁付款额采用折现率。ASC 842 要求我们采用承租人在类似经济环境下，以抵押方式借入与租赁付款额相等的金额、期限相近的借款所需支付的利率。当我们无法轻易确定租赁协议中的内含折现率时，我们采用增量借款利率。为估算不同期限（从1年到30年）的特定增量借款利率，我们根据与自身信用质量相符的可比市场收益率曲线，对公开发行的债务工具进行了校准。

我们根据不可撤销经营租赁租用某些不动产和动产。约 82% 的我们的使用权资产和租赁负债与房地产租赁有关，其余部分主要与 IT 设备、车队车辆以及制造和配送设备租赁有关。

产品保修和产品相关或有事项

我们为部分产品向客户提供保修，并根据故障率、成本经验及其他因素，记录预计未来保修相关成本的负债。我们定期审查用于确定产品保修负债的假设，并在必要时根据经验变化，在未来期间调整负债。

随附合并资产负债表中，预计产品保修成本负债列示于以下项目（单位：百万），截至：


	2026年9月30日		2025年12月31日
应计费用	$	56.1			$	53.1
其他负债	120.5			114.1
保修负债总额	$	176.6			$	167.2

截至2026年9月30日的九个月内，产品保修负债变动如下（单位：百万）：



截至2025年12月31日的保修负债总额	$	167.2
已支付的保修索赔	(42.8)
新保修签发产生的变动	46.1
与既有负债相关的估计变动	6.5
外币折算汇率变动及其他	(0.4)

截至2026年9月30日的保修负债总额	$	176.6

诉讼

反垄断集体诉讼

2026年3月20日，包括本公司在内的七家暖通空调设备制造商（及其若干关联公司）在密歇根东区美国地区法院被列为被告。该诉状代表拟议集体诉讼成员提起，指控被告违反经修订的1890年《谢尔曼反托拉斯法》第1条及若干州法律。2026年4月，又有多起基于类似指控的集体诉讼在同一法院提起。这些案件合并为“In re HVAC Equipment Antitrust Litigation”，案号为2:26-cv-10949（密歇根东区）。2026年7月10日，原告提交了三份修订后的合并集体诉讼诉状。

诉状指称被告串谋固定、提高、维持和/或稳定暖通空调设备价格。拟议集体诉讼成员的范围包括：在2020年1月1日至今期间，于美国购买由一名或多名被告制造、供住宅或商业建筑最终使用的暖通空调设备的所有人士。诉状代表拟议集体诉讼成员要求赔偿金额未具体说明的损失、获得禁令救济并支付律师费。

本公司对这些指控不予认可，并计划积极为自身辩护。在反垄断诉讼的现阶段，本公司无法合理估计可能损失（如有）的范围，也无法估计本诉讼的时间、结果或后果。本诉讼若出现不利结果，可能对本公司的业务、财务状况、经营业绩或现金流产生重大不利影响。

其他诉讼

我们还涉及若干与业务运营相关的其他索赔和诉讼。我们为此类索赔和诉讼维持保险保障，并根据类似事项的经验及已知具体事实，记录预计成本，包括和解其他索赔和诉讼的成本。

管理层认为，这些索赔、诉讼以及任何受到威胁的诉讼均不会对我们的财务状况、经营业绩或现金流产生重大不利影响。然而，索赔和诉讼存在不确定性，其最终结果可能会对我们某一特定期间的经营业绩产生不利影响。

5. 股票回购：

董事会已授权回购总额为 $5.0 billion 的普通股（统称“股票回购计划”），其中包括 2025 年 5 月授权的 $1.0 billion 股票回购额度。根据业务、市场、适用法律要求及其他考量，我们可通过公开市场交易和私下协商交易不时回购股票。我们也可能按照已签订的 Rule 10b5-1 交易计划进行此类回购；该计划允许我们在内幕交易法或自行实施的交易限制通常禁止回购普通股时进行回购。股票回购计划不要求回购特定数量的股票，且可随时终止。截至 2026 年 9 月 30 日，股票回购计划下尚有 $707.7 million 可用于回购。

截至 2026 年 9 月 30 日的三个月和九个月内，我们分别回购了 354,046 股和 653,673 股，含费用的总成本分别为 $150.0 million 和 $301.9 million。

6. 收入确认：

下表按地理区域列示各业务分部的收入细分情况，以提供收入主要来源的信息。有关可报告业务分部以及各分部销售的产品和服务的更多信息，请参阅附注 2。


（金额以百万计）	截至 2026 年 9 月 30 日的三个月
主要地理市场	家居舒适解决方案		建筑气候解决方案				合并
美国	$	871.9			$	593.4			$	1,465.3
加拿大	65.3			41.9				107.2

总计	$	937.2			$	635.3			$	1,572.5


（金额以百万计）	截至 2025 年 9 月 30 日的三个月
主要地理市场	家居舒适解决方案		建筑气候解决方案				合并
美国	$	850.1			$	478.3			$	1,328.4
加拿大	62.8			35.6				98.4

总计	$	912.9			$	513.9			$	1,426.8


（金额以百万计）	截至 2026 年 9 月 30 日的九个月
主要地理市场	家居舒适解决方案		建筑气候解决方案				合并
美国	$	2,351.3			$	1,605.3			$	3,956.6
加拿大	171.5			124.8				296.3

总计	$	2,522.8			$	1,730.1			$	4,252.9


（金额以百万计）	截至 2025 年 9 月 30 日的九个月
主要地理市场	家居舒适解决方案		建筑气候解决方案				合并
美国	$	2,458.9			$	1,266.6			$	3,725.5
加拿大	184.7			90.1				274.8

总计	$	2,643.6			$	1,356.7			$	4,000.3

家居舒适解决方案 - 我们生产和销售种类广泛的炉具、空调、热泵、成套供暖和制冷系统、用于改善室内空气质量的设备及配件、舒适度控制产品、替换零件和用品以及相关产品，面向北美住宅替换和新建市场。这些产品以多个品牌名称销售，销售方式包括直接销售给由独立安装经销商组成的网络（包括通过我们的 Lennox 门店网络），或销售给独立分销商。截至2026年和2025年9月30日止三个月，直接销售分别占收入的70% 和75%，独立分销商销售占其余部分。截至2026年和2025年9月30日止九个月，直接销售分别占收入的72% 和74%，独立分销商销售占其余部分。鉴于我们业务的性质，客户产品订单在某一时点履行，而非在一段时间内履行。

建筑气候解决方案 - 在北美，我们生产和销售用于低层办公楼、餐厅、零售中心、教堂和学校等轻型商用场所的单体供暖和制冷设备。这些产品主要通过商业承包商分销，并直接销售给计划更换、紧急更换和新建市场中的全国性客户。我们以 Heatcraft Worldwide Refrigeration 名义生产和销售商用制冷市场设备。我们的产品用于食品零售、餐饮服务、冷藏以及非食品制冷市场。我们向分销商、安装承包商、工程设计公司、原始设备制造商和最终用户销售这些产品。我们还为美国和加拿大的 HVAC 全国性客户提供安装、服务和预防性维护；生产屋顶基座、基座转接件和落箱式扩散器；提供 HVAC 回收和拆解服务；并专注于多户住宅中已过期机械资产的 HVAC 更换。服务合同相关收入根据所提供服务的相对公允价值，在提供服务时确认。截至2026年和2025年9月30日止三个月，设备销售占收入的82%，而80%，其余收入来自我们的服务业务。截至2026年和2025年9月30日止九个月，设备销售占收入的83%，而80%，其余收入来自我们的服务业务。

合同负债 - 我们的合同负债包括预收款和递延收入。净合同负债如下（单位：百万），截至：


	2026年9月30日		2025年12月31日
合同资产	$	1.7			$	1.7
合同负债 - 流动	(11.9)			(10.5)
合同负债 - 非流动	(11.1)			(10.3)
合计	$	(21.3)			$	(19.1)

在截至 2026 年 9 月 30 日的三个月内，我们确认的收入为名义金额；在截至 2025 年 9 月 30 日的三个月内，我们确认了 5.4 million 美元；在截至 2026 年和 2025 年 9 月 30 日的九个月内，我们分别确认了与 2026 年和 2025 年 1 月 1 日合同负债相关的 3.0 million 美元和 8.5 million 美元收入。2026 年和 2025 年确认的应收款项及合同资产减值损失均微不足道。

7. 其他财务报表详情：

存货：

截至以下日期的存货构成如下（单位：百万）：


	2026 年 9 月 30 日		2025 年 12 月 31 日
产成品	$	738.3			$	719.1
在制品	10.2			7.5
原材料及零部件(1)	428.3			426.0
存货总额，净额	$	1,176.8			$	1,152.6

(1) 原材料及零部件包括生产材料和维修零部件。

商誉：

下表汇总了 2026 年商誉账面金额总额及按分部划分的变动情况（单位：百万）：


	截至 2025 年 12 月 31 日的余额		商誉调整(1)		企业收购产生的商誉 (2)		截至 2026 年 9 月 30 日的余额
家庭舒适解决方案	$	87.0			$	(0.8)		$	88.2	$	174.4
建筑气候解决方案	410.2			5.7			—		415.9


商誉总额	$	497.2			$	4.9		$	88.2	$	590.3

(1) 如附注 13 所述，对 Duro Dyne 和 Supco 购买价分摊的更新导致商誉增加 4.9 million 美元。

(2) 2026 年 7 月 13 日，我们完成了对 Dusk Acquisition II Corporation 及其子公司 Heat Controller, LLC 和 Aitons Equipment ULC（统称“Heat Controller”）的收购。此次收购确认了 88.2 million 美元商誉，并计入家庭舒适解决方案报告分部。有关 Heat Controller 收购的更多信息，请参阅附注 13。

我们全年监控各报告单位是否出现减值迹象，以确定事实或情况的变化是否需要重新评估商誉。截至 2026 年 9 月 30 日止九个月及所列任何期间，我们均未记录任何商誉减值。

衍生工具：

使用衍生工具的目标与策略

大宗商品价格风险 - 我们采用现金流套期保值计划，以降低生产过程中使用的金属大宗商品价格波动带来的风险。我们的套期保值计划包括使用期货合约锁定价格，因此，金属大宗商品价格下跌时我们会遭受衍生工具损失，价格上涨时则会获得收益。我们采用美元成本平均策略，在近期对较高比例的大宗商品价格敞口进行套期保值，在未来日期对较低比例进行套期保值。该策略既能防范近期价格波动，也使我们能够随着时间推移应对市场价格变动。

利率风险 - 我们的部分债务可能按浮动利率计息，因此我们支付的利息现金金额存在波动。为降低部分此类风险，我们可能会采用利率互换对冲策略，以消除利息支付现金流的波动。目前我们尚未对冲利率风险。

外汇风险 - 外汇汇率变动会影响以外币计价的资产和负债的美元价值，从而带来一定程度的风险。为减轻汇率变动对某些短期交易的影响，我们会定期签订外汇远期合约。

现金流量套期

我们指定为现金流量套期的外汇远期合约和商品期货合约预计将于2028年3月前到期。现金流量套期产生的未实现收益或损失计入累计其他综合损失（“AOCL”），并根据结算日的商品和外汇价格，预计在未来18个月内重新分类计入收益。截至以下日期，我们在AOCL中记录的与现金流量套期相关的金额如下（单位：百万）：


	2026年9月30日		2025年12月31日
未结算合约未实现净收益	$	(6.4)			$	(23.3)
所得税费用	1.9			5.4
计入AOCL的未实现净收益（扣除税款）(1)	$	(4.5)			$	(17.9)

(1)假设商品价格和外汇汇率保持不变，我们预计将在未来12个月内将截至2026年9月30日的衍生工具收益530万美元重新分类计入收益。

股票薪酬：

我们根据Lennox International Inc. 2019年股权与激励计划（该计划可能不时修订和重述）授予各种长期激励奖励，包括绩效股票单位、限制性股票单位和股票增值权。与持续经营业务相关的股票薪酬费用计入随附的合并经营报表中的销售、一般及管理费用，具体如下（单位：百万）：


	截至9月30日止三个月		截至9月30日止九个月
	2026		2025	2026		2025
股票薪酬费用	$	2.7		$	6.3		$	13.9	$	20.8

8. 养老金福利计划：

养老金福利的定期净福利成本构成如下（单位：百万）：


	截至9月30日止三个月		截至9月30日止九个月
	2026		2025		2026		2025
服务成本	$	0.2			$	0.2		$	0.5	$	0.8
利息成本	2.0			2.2			5.9		6.3
计划资产预期回报	(1.7)			(1.8)			(5.0)		(5.4)
前期服务成本摊销	—			—			(0.1)		(0.1)
已确认精算损失	0.5			0.4			1.6		1.3

结算和缩减	—			0.1			0.6		0.3
定期净福利成本	$	1.0			$	1.1		$	3.5	$	3.2

9. 所得税：

截至2026年9月30日，我们的未确认税收优惠总额约为540万美元。如予确认，其中540万美元将通过合并经营报表列报。

截至2026年9月30日止三个月，我们的有效税率为24.6%，而截至2025年9月30日止三个月为18.1%。税率上升主要是由于高税率司法管辖区的收入增加。

美国国税局目前正在审计我们2021年和2022年美国联邦所得税申报表的某些方面，包括跨境交易。此外，美国各州和地方税务审计以及其他外国税务审计仍在进行，涉及2019至2024财年。对于2019年之前的年度，我们通常已不再受美国联邦、州和地方税务机关或非美国税务机关的所得税审查。我们认为，我们在纳税申报表中采取的立场从技术角度看更有可能经得起审查，并且已为这些审计计提了充足准备金。然而，正在进行的审计最终解决时，可能产生超过准备金的和解金额或判决金额，这些金额可能对我们的财务状况、经营业绩和现金流产生重大不利影响。

10. 信用额度和融资安排：

下表汇总了截至以下日期我们未偿债务义务及其在随附合并资产负债表中的分类（单位：百万）：



	2026年9月30日		2025年12月31日

商业票据	$	455.1			$	226.0


长期债务的流动部分：

融资租赁义务	$	19.6			$	18.3
优先无担保票据	300.0			—

债务发行成本	(0.4)			—
长期债务流动部分合计	$	319.2			$	18.3
长期债务：

融资租赁义务	$	51.5			$	50.6
定期贷款	300.0			300.0
优先无担保票据	500.0			800.0
债务发行成本	(4.4)			(6.5)
长期债务合计	$	847.1			$	1,144.1
债务合计	$	1,621.4			$	1,388.4

商业票据计划

我们使用商业票据计划（“该计划”），可依据经修订的《1933年证券法》第4(a)(2)条所规定的注册豁免，发行短期无担保商业票据（“CP票据”）。该计划下的可用金额可不时借入、偿还并再次借入，任何时候该计划下未偿CP票据的总票面金额或本金金额不得超过$500.0 million。CP票据自发行日起的期限最长为397天，与我们的所有其他无担保、非次级债务享有同等受偿顺位。发行CP票据所得净款通常用于一般公司用途。我们的循环信贷额度为偿还该计划下未偿CP票据提供流动性后备。截至2026年9月 30日，该计划下未偿CP票据为$455.1 million。

截至以下日期，该计划的加权平均借款利率如下：


	2026年9月30日		2025年12月31日
加权平均借款利率	4.22	%		3.98	%

长期债务

定期贷款

2025年10月16日，我们与 Wells Fargo Bank, National Association（作为行政代理）及其他贷款方签订了定期信贷协议（“定期信贷协议”）。根据定期信贷协议，我们借入了 $300.0 million，并将所得净款项用于偿还现有信贷协议（定义见下文）项下的借款。定期信贷协议将于 2027年10月16日到期。定期信贷协议项下的贷款利率由我们选择，年利率为：(i) 基于适用计息期担保隔夜融资利率的前瞻性期限利率（“Term SOFR”），加上根据我们的长期无担保债务评级而在每年 0.90% 至 1.025% 之间浮动的适用利差；或 (ii) 以下三者中的最高者：Wells Fargo Bank, National Association 的最优惠利率、联邦基金利率加 0.50%，以及当日有效的一个月期 Term SOFR 加 1.00%，再加上根据我们的长期无担保债务评级而在每年 0.00% 至 0.025% 之间浮动的适用利差。定期信贷协议包含惯常的契约和违约事件，其内容与我们信贷协议中的现有契约和违约事件基本相似。

截至以下日期，我们在定期信贷协议项下的加权平均借款利率如下：


	2026年9月30日		2025年12月31日
加权平均借款利率	4.56	%		4.90	%

信贷协议

2025年5月9日，我们与 JPMorgan Chase Bank, N.A.（作为行政代理）及其他贷款方签订了修订及重述协议（“信贷协议”），以修订我们现有的无担保循环信贷额度。信贷协议将我们的循环承诺总额从 $1.1 billion 降至 $1.0 billion，并允许我们根据请求将循环承诺增加最多 $350 million，但须遵守信贷协议的条款和条件。信贷协议还将循环承诺的到期日从 2026年7月延长至 2030年5月。截至 2026年9月30日，我们没有未偿借款，备用信用证项下的承诺额为 $1.7 million。在遵守契约限制的前提下，考虑到我们计划项下的未偿借款后，未来可供借款的金额为 $543.2 million。信贷协议项下的可用额度会因计划项下的借款而减少。信贷协议包含最高 $65.0 million 的周转贷款子额度。根据我们可依据信贷协议提出的两次一年期延期选择权，贷款方可延长信贷协议的到期日。

截至以下日期，我们在信贷协议项下的加权平均借款利率如下：


	2026年9月30日		2025年12月31日
加权平均借款利率	—	%		—	%

信贷协议和定期信贷协议（统称“信贷额度”）由我们的某些子公司（“担保子公司”）提供担保，并包含适用于我们及子公司的惯常契约，包括对债务、留置权、股息、股票回购、合并以及出售全部或绝大部分资产的限制。此外，各信贷额度均包含一项财务契约，要求我们在每个财季最后一天维持，在连续四个

在之前的财政季度中，总净杠杆率不超过 3.50 比 1.00（或者，由我们选择，在重大收购后最多两次提高至 4.00 比 1.00）。

我们的信贷安排包含惯常的违约事件，包括未支付本金或其他款项、陈述和保证存在重大不准确、违反契约、某些其他债务或应收账款证券化违约（交叉违约）、某些自愿和非自愿破产事件，以及发生控制权变更。如果发生以下情况，我们的信贷安排可能构成交叉违约：

•我们未能在到期时支付任何其他超过 $75.0 million 的债务或应收账款证券化的本金或利息；或

•我们未履行或遵守本金总额超过 $75.0 million 的任何其他债务的任何条款，或存在任何其他条件，使持有人有权在规定到期日之前宣布该债务到期应付。

我们的每项主要债务协议均包含相关条款，规定一项协议项下的违约将导致其他协议项下发生违约（交叉违约）。如果我们的信贷安排或优先无担保票据发生交叉违约，其对我们流动性的影响可能比单一债务工具或租赁承诺违约所造成的影响更广泛。

If any event of default occurs and is continuing, the administrative agent, or lenders with a majority of the aggregate commitments may require the administrative agent to terminate our right to borrow under our Credit Agreement and accelerate amounts due under our Credit Facilities (except for a bankruptcy event of default, in which case such amounts will automatically become due and payable and the lenders’ commitments will automatically terminate).

We are currently in compliance with all covenant requirements.

Senior Unsecured Notes

In September 2023, we issued $500.0 million of senior unsecured notes, which will mature in September 2028 (the \"2028 Notes\") with interest being paid semi-annually in March and September at 5.50%. In July 2020, we issued $300.0 million of senior unsecured notes, which will mature on August 1, 2027 (the \"2027 Notes,\" and collectively with the 2028 Notes, the \"Notes\") with interest being paid semi-annually in February and August at 1.70% per annum. On August 1, 2025, we repaid upon maturity $300.0 million of senior unsecured notes originally issued in 2020.

In the event of a credit rating downgrade below investment grade resulting from a change of control, holders of our senior unsecured notes will have the right to require us to repurchase all or a portion of the senior unsecured notes at a repurchase price equal to 101% of the principal amount of the notes, plus accrued and unpaid interest, if any. The Notes are guaranteed, on a senior unsecured basis, by the Guarantor Subsidiaries. The indenture governing the Notes contains covenants that, among other things, limit our ability and the ability of the Guarantor Subsidiaries to: create or incur certain liens; enter into certain sale and leaseback transactions; and enter into certain mergers, consolidations and transfers of substantially all of our assets. The indenture also contains a cross default provision which is triggered if we default on other debt of at least $75.0 million in principal which is then accelerated, and such acceleration is not rescinded within 30 days of the notice date. We are currently in compliance with all covenant requirements.

11. Comprehensive Income (Loss):

The following table provides information on items reclassified from AOCL to Net income in the accompanying Consolidated Statements of Operations (in millions):


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,		Affected Line Item(s) in the Consolidated Statements of Operations
	2026		2025		2026		2025
Gains (Losses) on Cash Flow Hedges:
Derivatives contracts	$	8.7			$	9.3		$	32.7	$	15.3	Cost of goods sold; Losses (gains) and other expenses, net
Income tax expense	(2.1)			(2.1)			(7.6)		(3.5)	Provision for income taxes
Net of tax	$	6.6			$	7.2		$	25.1	$	11.8

Defined Benefit Plan items:
Pension and post-retirement benefit costs	$	(0.5)			$	(0.4)		$	(1.5)	$	(1.2)	Other expense, net
Pension settlements	—			(0.1)			(0.6)		(0.3)	Pension settlements
Income tax benefit	0.1			0.1			0.5		0.4	Provision for income taxes
Net of tax	$	(0.4)			$	(0.4)		$	(1.6)	$	(1.1)






Total reclassifications from AOCL	$	6.2			$	6.8		$	23.5	$	10.7

The following table provides information on changes in AOCL, by component (net of tax), for the nine months ended September 30, 2026 (in millions):


	Gains (Losses) on Cash Flow Hedges		Share of Equity Method Investments Other Comprehensive Income		Defined Benefit Pension Plan Items		Foreign Currency Translation Adjustments	Total AOCL
Balance as of December 31, 2025	$	17.9			$	0.2		$	(46.8)	$	(19.8)	$	(48.5)
Other comprehensive income (loss) before reclassifications	11.7			0.3			(1.6)		(9.8)	0.6
Amounts reclassified from AOCL	(25.1)			—			1.6		—	(23.5)
Net other comprehensive (loss) income	(13.4)			0.3			—		(9.8)	(22.9)
Balance as of September 30, 2026	$	4.5			$	0.5		$	(46.8)	$	(29.6)	$	(71.4)

12. Fair Value Measurements:

Fair Value Hierarchy

The methodologies used to determine the fair value of our financial assets and liabilities as of September 30, 2026 were the same as those used as of December 31, 2025.

Assets and Liabilities Carried at Fair Value on a Recurring Basis

Derivatives were classified as Level 2 and primarily valued using estimated future cash flows based on observed prices from exchange-traded derivatives. We also considered the counterparty's creditworthiness, or our own creditworthiness, as appropriate. Adjustments were recorded to reflect the risk of credit default, however, they were insignificant to the overall value of the derivatives. Refer to Note 7 for more information related to our derivative instruments.

Other Fair Value Disclosures

The carrying amounts of Cash and cash equivalents, Short-term investments, Accounts and notes receivable, net, Accounts payable, and other short-term debt facilities approximate fair value due to the short maturities of these instruments. The

carrying amount of our Credit Facilities in Long-term debt and CP Notes also approximates fair value due to their variable-rate characteristics.

The fair value of our senior unsecured notes in Long-term debt, classified as Level 2, was based on the amount of future cash flows using current market rates for debt instruments of similar maturities and credit risk. The following table presents their fair value (in millions) as of:


	September 30, 2026		December 31, 2025
Senior unsecured notes	$	795.0		$	817.4

13. Acquisitions:

Heat Controller

In July 2026, we acquired 100% of the outstanding shares of common stock of Dusk Acquisition II Corporation and its subsidiaries Heat Controller, LLC and Aitons Equipment ULC (collectively, \"Heat Controller\"). Heat Controller serves distributors across North America and strengthens the Company's ability to serve small and mid-size HVAC distributors by expanding access to differentiated equipment offerings while creating new opportunities to broaden our share in the North American HVAC market. Excluding cash received at the closing, the total cash consideration paid was $215.3 million.

The purchase price was allocated to the assets acquired and liabilities assumed based on management’s estimate of their respective fair values at the date of acquisition. Goodwill was calculated as the excess of the consideration transferred over the net assets recognized and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The factors contributing to the recognition of goodwill were the assembled workforce and strategic benefits that are expected to be realized from the acquisition.

The purchase price allocation is preliminary and subject to revision as additional information about the fair value of assets acquired and liabilities assumed becomes available. Under the terms of the purchase agreement, a final working capital adjustment is due in the fourth quarter of 2026. The preliminary allocation of the purchase price as of the acquisition date was as follows:


(Amounts in millions)	Amount
Total consideration paid	$	215.3

Cash and cash equivalents	6.7
Accounts receivable, net	20.6
Inventory, net	59.2
Other current assets	2.0
Property, plant and equipment	1.2
Right-of-use assets from operating leases	10.5
Other assets, net	0.4
Intangible assets acquired	74.6
Accounts payable	(26.8)
Accrued expenses	(4.0)
Current operating lease liabilities	(2.1)
Long-term operating lease liabilities	(8.4)
Other liabilities	(6.8)
Total net assets acquired	$	127.1

Goodwill as of acquisition date	$	88.2

The purchase price allocation includes $74.6 million of acquired identifiable intangible assets, all of which have finite lives. The fair value of the identifiable intangible assets has been estimated using the income approach through a discounted cash flow

analysis. The estimates are based on inputs that are not observable in the market, and therefore represent non-recurring Level 3 inputs.The determination of the useful lives is based upon various industry studies, historical acquisition experience, and economic factors.

(Amount in millions)

Gross Carrying Amount

Useful Life

Amortization Method

Customer relationships

59.0

10 years

Straight-line

Trade names

15.6

20 years

Straight-line

Total

74.6

Subsequent to the purchase of Heat Controller, we recognized net sales of approximately $29.5 million and the acquired business contributed approximately $1.2 million to the Home Comfort Solutions segment profit from the date of acquisition through September 30, 2026. Estimated tax deductible goodwill of $31.5 million was generated as a result of the acquisition.

Duro Dyne and Supco

In October 2025, we completed the acquisition of Duro Dyne and Supco, a robust portfolio of HVAC parts and supplies that complement our existing residential and commercial offerings. Under the terms of the purchase agreement, a final working capital adjustment was completed in the first quarter of 2026. This working capital adjustment resulted in a $2.3 million increase in the purchase price. Additionally, during the first quarter of 2026 we made certain purchase price adjustments. The following table details the purchase price adjustments that were made through the third quarter of 2026 (in millions):


	December 31, 2025		Adjustment		September 30, 2026
Net tangible assets acquired	$	39.1			$	(2.6)		$	36.5
Intangible assets acquired(1)	235.0			—			235.0
Goodwill	277.2			4.9			282.1
Total investment	$	551.3			$	2.3		$	553.6

(1) The intangible assets acquired were estimated using the income approach through a discounted cash flow analysis. The estimates are based on inputs that are not observable in the market, and therefore represent non-recurring Level 3 inputs.

The valuation of assets acquired and liabilities assumed in connection with the Duro Dyne and Supco acquisition was finalized in the third quarter of 2026.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934 (the \"Exchange Act\"), as amended, that are based on information currently available to management as well as management’s assumptions and beliefs as of the date such statements were made. All statements, other than statements of historical fact, included in this Quarterly Report on Form 10-Q constitute forward-looking statements, including but not limited to statements identified by forward-looking terminology, such as the words “may,” “will,” “should,” “plan,” “anticipate,” “believe,” “intend,” “estimate,” and “expect” and similar expressions. Such statements reflect our current views with respect to future events, based on what we believe are reasonable assumptions; however, such statements are subject to certain risks and uncertainties.

In addition to the specific uncertainties discussed elsewhere in this Quarterly Report on Form 10-Q, the risk factors set forth in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, and those set forth in Part II, “Item 1A. Risk Factors” of this report, if any, may affect our performance and results of operations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ materially from those in the forward-looking statements. We disclaim any intention or obligation to update or review any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by law.

Business Overview

We operate in two reportable business segments of the HVACR industry, Home Comfort Solutions and Building Climate Solutions. For more detailed information regarding our reportable segments, see Note 2 in the Notes to the Consolidated Financial Statements.

Our fiscal quarterly periods are comprised of approximately 13 weeks, but the number of days per quarter may vary year-over-year. Our quarterly reporting periods usually end on the Saturday closest to the last day of March, June, and September. Our fourth quarter and fiscal year ends on December 31, regardless of the day of the week on which December 31 falls. For convenience, throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations, the 13-week periods comprising each fiscal quarter are denoted by the last day of the respective calendar quarter.

We sell our products and services through a combination of direct sales, distributors and company-owned stores. The demand for our products and services is seasonal and can be significantly impacted by the weather. Warmer than normal summer temperatures generate demand for replacement air conditioning and refrigeration products and services, and colder than normal winter temperatures have a similar effect on heating products and services. Conversely, cooler than normal summers and warmer than normal winters depress the demand for HVACR products and services. In addition to weather, demand for our products and services is influenced by national and regional economic and demographic factors, such as interest rates, the availability of financing, regional population and employment trends, new construction, general economic conditions, and consumer spending habits and confidence. A substantial portion of the sales in each of our business segments is attributable to replacement business, with the balance comprised of new construction business.

The principal elements of cost of goods sold are components, raw materials, factory overhead, labor, estimated costs of warranty expense, and freight and distribution costs. The principal raw materials used in our manufacturing processes are steel, aluminum and copper. In recent years, pricing volatility for these commodities and related components has impacted us and the HVACR industry in general. We seek to mitigate the impact of certain commodity price volatility and tariffs through a combination of pricing actions, vendor contracts, improved production efficiency, and cost reduction initiatives. We also partially mitigate volatility in the prices of these commodities by entering into futures contracts and fixed forward contracts.

Financial Overview

Results for the third quarter of 2026 were mixed as our Home Comfort Solutions segment faced volume headwinds and higher product costs due to inflation, including tariff related impacts. Overall our net sales increased 10% and our segment profit decreased $13 million as compared to prior year. For our Home Comfort Solutions segment, net sales increased 3% and segment profit decreased $40 million. For our Building Climate Solutions segment, net sales increased 24% and segment profit increased $26 million.

Financial Highlights

•Net sales of $1,572 million in the third quarter of 2026 reflected a 10% increase as compared to the same period in 2025.

•Operating income in the third quarter of 2026 decreased $17 million to $312 million as lower sales volumes, higher product costs, and restructuring costs were partially offset by favorable price.

•Net income for the third quarter of 2026 was $221 million.

•Diluted earnings per share was $6.41 per share in the third quarter of 2026 as compared to $7.38 per share in the same period in 2025.

•For the nine months ended September 30, 2026, we returned $138 million to shareholders through dividend payments and repurchased $302 million of common stock through our share repurchase program.

Recent Developments

Throughout 2025 and 2026, the U.S. government implemented new tariff measures under various authorities, including the International Emergency Economic Powers Act (\"IEEPA\"), Section 232 of the Trade Expansion Act of 1962, and Sections 122 and 301 of the Trade Act of 1974.

In February 2026, the U.S. Supreme Court ruled against tariffs imposed under IEEPA, and U.S. Customs and Border Protection is now processing valid court-ordered IEEPA refunds. The ruling did not repeal Section 232 tariffs on steel, copper, and aluminum or Section 301 tariffs on covered HVAC imports.

Following this ruling, the U.S. presidential administration imposed a temporary surcharge under Section 122, which applied a 10% global tariff on most imported products, effective through July 24, 2026. The temporary surcharge was replaced by a new Section 301 forced labor tariffs framework of 10% or 12.5%, covering imports from 60 trading partners. Section 232 articles and qualifying USMCA goods are excluded from this new framework. Section 232 tariffs also continued to evolve, with modifications implemented in April and June 2026. The Company continues to evaluate tariff mitigation strategies.

Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025 - Consolidated Results

The following table provides a summary of our financial results, including information presented as a percentage of net sales:


	For the Three Months Ended September 30,
	Dollars (in millions)		Percent Change Fav/(Unfav)		Percent of Sales
	2026		2025		2026		2025
Net sales	$	1,572.5			$	1,426.8		10.2	%	100.0	%	100.0	%
Cost of goods sold	1,075.3			939.6			(14.4)		68.4		65.9
Gross profit	497.2			487.2			2.1		31.6		34.1
Selling, general and administrative expenses	177.3			161.6			(9.7)		11.3		11.3
Losses (gains) and other expenses, net	4.8			(0.7)			785.7		0.3		—
Restructuring charges	8.2			—			100.0		0.5		—
Gain on sale from previous dispositions	(3.8)			—			100.0		(0.2)		—


Income from equity method investments	(1.4)			(2.5)			(44.0)		(0.1)		(0.2)
Operating income	$	312.1			$	328.8		(5.1)	%	19.8	%	23.0	%

Net Sales

Net sales for the third quarter of 2026 increased 10% as compared to the same period in 2025 primarily due to a 2% increase from higher sales volumes, a 2% increase from favorable mix and price and a 6% increase in sales volumes from completed acquisitions.

Gross Profit

Gross profit margins in the third quarter of 2026 decreased 250 basis points (\"bps\") to 31.6% as compared to 34.1% in the same period in 2025. Gross margins decreased 300 bps from higher product costs, due to inflation, including tariff related impacts and lower factory absorption, and 50 bps from higher fuel costs, inflation on distribution, and ongoing investments, which were partially offset by 80 bps from favorable mix and price and 20 bps from sales volumes from completed acquisitions.

Selling, General and Administrative Expenses

Selling, general and administrative expenses (\"SG&A\") increased $15 million to $177 million in the third quarter of 2026 as compared to $162 million in the same period in 2025, primarily attributable to higher discretionary and employee-related costs, the acquisition of Duro Dyne and Supco in the fourth quarter of 2025 and the acquisition of Heat Controller in the third quarter of 2026. As a percentage of net sales, SG&A was flat at 11.3%.

Losses (Gains) and Other Expenses, Net

Losses (gains) and other expenses, net for the third quarter of 2026 and 2025 included the following (in millions):


	For the Three Months Ended September 30,
	2026		2025

Foreign currency exchange losses (gains)	$	0.2			$	(3.2)
(Gain) loss on disposal of fixed assets	(0.5)			0.4
Other operating income	(4.1)			—
Acquisition costs	3.8			—
Special litigation charges	5.4			2.1


Losses (gains) and other expenses, net (pre-tax)	$	4.8			$	(0.7)

Income from Equity Method Investments

Investments over which we do not exercise control but have significant influence are accounted for using the equity method of accounting. Income from equity method investments was de minimis in the third quarter of 2026 and 2025.

Interest Expense, net

Interest expense, net increased to $18 million in the third quarter of 2026 from $11 million in the same period in 2025 primarily due to increased borrowings on our commercial paper facility and our Term Credit Agreement entered into in October of 2025.

Income Taxes

Our effective tax rate was 24.6% for the third quarter of 2026 as compared to 18.1% in the same period in 2025. The increase in the rate is primarily due to higher income in higher tax jurisdictions.

Third Quarter of 2026 Compared to Third Quarter of 2025 - Results by Segment

Home Comfort Solutions

The following table presents our Home Comfort Solutions segment's net sales and profit for the third quarter of 2026 and 2025 (dollars in millions):


	For the Three Months Ended September 30,
	2026		2025		Difference		% Change
Net sales	$	937.2			$	912.9		$	24.3	3	%
Profit	$	175.7			$	215.3		$	(39.6)	(18)	%
% of net sales	18.7	%		23.6	%

Net sales increased 3% in the third quarter of 2026 as compared to the same period in 2025 primarily due to a 4% increase in sales volumes from completed acquisitions and a 2% increase from favorable mix and price, which were partially offset by a 3% decrease in sales volumes.

Segment profit in the third quarter of 2026 decreased $40 million as compared to the same period in 2025, primarily due to $32 million from higher product costs due to inflation, including tariff related impacts and lower factory absorption, $12 million from reduced sales volumes, and $15 million from higher fuel costs, inflation on SG&A and distribution, and ongoing investments. These impacts were partially offset by a $13 million benefit from favorable mix and price, and $6 million from completed acquisitions.

Building Climate Solutions

The following table presents our Building Climate Solutions segment's net sales and profit for the third quarter of 2026 and 2025 (dollars in millions):


	For the Three Months Ended September 30,
	2026		2025		Difference		% Change
Net sales	$	635.3			$	513.9		$	121.4	24	%
Profit	$	166.5			$	140.3		$	26.2	19	%
% of net sales	26.2	%		27.3	%

Net sales increased 24% in the third quarter of 2026 as compared to the same period in 2025 primarily due to a 13% increase in sales volumes, a 9% increase in sales volumes from completed acquisitions, and a 2% increase from favorable mix and price.

Segment profit in the third quarter of 2026 increased $26 million as compared to the same period in 2025 primarily due to $24 million profit benefit from higher sales volumes, $13 million profit benefit from sales volumes from completed acquisitions, and $8 million from favorable mix and price, which were partially offset by $14 million in higher product costs due to inflation, including tariff related impacts and $5 million from other costs.

Year-to-Date through September 30, 2026 Compared to Year-to-Date through September 30, 2025 - Consolidated Results

The following table provides a summary of our financial results, including information presented as a percentage of net sales:


	For the Nine Months Ended September 30,
	Dollars (in millions)		Percent Change Fav/(Unfav)		Percent of Sales
	2026		2025		2026		2025
Net sales	$	4,252.9			$	4,000.3		6.3	%	100.0	%	100.0	%
Cost of goods sold	2,864.9			2,654.7			(7.9)		67.4		66.4
Gross profit	1,388.0			1,345.6			3.2		32.6		33.6
Selling, general and administrative expenses	545.6			506.2			(7.8)		12.8		12.7
Losses (gains) and other expenses, net	9.4			(0.6)			1,666.7		0.2		—
Restructuring charges	8.2			—			100.0		0.2		—
Gain on sale from previous dispositions	(3.8)			—			100.0		(0.1)		—


Income from equity method investments	(2.0)			(5.8)			(65.5)		—		(0.1)
Operating income	$	830.6			$	845.8		(1.8)	%	19.5	%	21.1	%

Net Sales

Net sales increased 6% for the nine months ended September 30, 2026 as compared to the same period in 2025, primarily due to a 5% increase in sales volumes from completed acquisitions and a 4% increase from favorable mix and price, which were partially offset by a 3% decrease in sales volumes.

Gross Profit

Gross profit margins for the nine months ended September 30, 2026 decreased 100 bps to 32.6% as compared to 33.6% in the same period in 2025. Gross margins decreased 220 bps from higher product costs, due to inflation, including tariff related impacts and lower factory absorption, net of $30 million in tariff refunds, 40 bps from higher fuel costs, inflation on distribution, and ongoing investments, and 10 bps from miscellaneous costs, which were partially offset by 140 bps from favorable mix and price and 30 bps from completed acquisitions.

Selling, General and Administrative Expenses

SG&A increased $39 million to $546 million for the nine months ended September 30, 2026 as compared to $506 million in the same period in 2025 primarily due to higher discretionary and employee-related costs and the acquisition of Duro Dyne and Supco in the fourth quarter of 2025 and the acquisition of Heat Controller in the third quarter of 2026. As a percentage of net sales, SG&A increased 10 bps to 12.8% from 12.7%.

Losses (Gains) and Other Expenses, Net

Losses (gains) and other expenses, net for the nine months ended September 30, 2026 and 2025 included the following (in millions):


	For the Nine Months Ended September 30,
	2026		2025

Foreign currency exchange losses (gains)	$	0.3			$	(6.6)
(Gain) loss on disposal of fixed assets	(1.9)			0.1
Other operating income	(2.0)			(0.2)

Acquisition costs	3.8			—
Special litigation charges	9.2			6.1


Losses (gains) and other expenses, net (pre-tax)	$	9.4			$	(0.6)

Income from Equity Method Investments

Investments over which we do not exercise control but have significant influence are accounted for using the equity method of accounting. Income from equity method investments decreased to $2 million for the nine months ended September 30, 2026 as compared to $6 million in the same period in 2025.

Interest Expense, net

Interest expense, net increased $22 million for the nine months ended September 30, 2026 to $47 million as compared to $25 million in the same period in 2025 primarily due to increased borrowings on our commercial paper facility and our term loan agreement entered into in October of 2025.

Income Taxes

Our effective tax rate was 22.1% for the nine months ended September 30, 2026 as compared to 18.9% in the same period in 2025. The increase in the rate was primarily due to higher income in higher tax jurisdictions.

Year-to-Date through September 30, 2026 Compared to Year-to-Date through September 30, 2025 - Results by Segment

Home Comfort Solutions

The following table presents our Home Comfort Solutions segment's net sales and profit for the nine months ended September 30, 2026 and 2025 (dollars in millions):


	For the Nine Months Ended September 30,
	2026		2025		Difference		% Change
Net sales	$	2,522.8			$	2,643.6		$	(120.8)	(5)	%
Profit	$	484.0			$	591.2		$	(107.2)	(18)	%
% of net sales	19.2	%		22.4	%

Net sales decreased 5% for the nine months ended September 30, 2026 as compared to the same period in 2025 primarily due to a 12% decrease in sales volumes which was partially offset by a 4% increase from favorable mix and price and a 3% increase in sales volumes from completed acquisitions.

Segment profit for the first nine months of 2026 decreased by $107 million as compared to the same period in 2025, primarily due to lower sales volumes, which resulted in $116 million profit headwind, $57 million from higher product costs due to inflation, including tariff related impacts and lower factory absorption, net of $25 million in tariff refunds, $14 million from higher fuel costs, inflation across SG&A and distribution, and ongoing investments, and $12 million from miscellaneous costs. These impacts were partially offset by a $78 million benefit from favorable mix and price and $14 million from completed acquisitions.

Building Climate Solutions

The following table presents our Building Climate Solutions segment's net sales and profit for the nine months ended September 30, 2026 and 2025 (dollars in millions):


	For the Nine Months Ended September 30,
	2026		2025		Difference		% Change
Net sales	$	1,730.1			$	1,356.7		$	373.4	28	%
Profit	$	417.4			$	319.7		$	97.7	31	%
% of net sales	24.1	%		23.6	%

Net sales increased 28% for the nine months ended September 30, 2026 as compared to the same period in 2025 primarily due to a 14% increase in sales volumes, a 10% increase in sales volumes from completed acquisitions, and 4% from favorable mix and price.

Segment profit for the first nine months of 2026 increased $98 million as compared to the same period in 2025 primarily due to $72 million profit benefit from higher sales volumes, $46 million increase from favorable mix and price, and $32 million profit benefit from sales volumes from completed acquisitions, which were partially offset by $30 million from higher product costs due to inflation, including tariff related impacts and lower factory absorption, net of $5 million in tariff refunds, $19 million from higher fuel costs, inflation across SG&A and distribution, and ongoing investments, and $3 million from miscellaneous costs.

Liquidity and Capital Resources

Our working capital and capital expenditure requirements are generally met through internally generated funds, bank lines of credit and a commercial paper program (as described below). Working capital needs are generally greater in the first and second quarters due to the seasonal nature of our business cycle.

Statement of Cash Flows

The following table summarizes our cash flow activity for the nine months ended September 30, 2026 and 2025 (in millions):


	For the Nine Months Ended September 30,
	2026		2025
Net cash provided by operating activities	$	583.4			$	351.7
Net cash used in investing activities	(334.1)			(87.6)
Net cash used in financing activities	(233.6)			(627.4)

Net Cash Provided By Operating Activities - The change in net cash provided by operating activities for the nine months ended September 30, 2026 compared to the net cash provided by operating activities for the same period in 2025 is primarily due to favorable working capital changes.

Net Cash Used In Investing Activities - Net cash used in investing activities increased $247 million for the nine months ended September 30, 2026, as compared to the same period of 2025 primarily due to $210 million, excluding cash acquired, related to our acquisition of Heat Controller as well as the final settlement of the working capital adjustment for the Duro Dyne and Supco acquisition. Capital expenditures were $124 million for the nine months ended September 30, 2026 compared to $90 million in the same period of 2025. The increase in capital expenditures was primarily driven by strategic investments in land and buildings that will support future product innovation centers.

Net Cash Used In Financing Activities - Net cash used in financing activities for the nine months ended September 30, 2026 decreased to $234 million as compared to $627 million used during the same period of 2025. The change was primarily due to changes in net borrowings and repayments of long-term debt and repurchases of common stock through our share repurchase program. We repurchased $302 million of shares for the nine months ended September 30, 2026 and returned $138 million to shareholders through dividend payments.

Debt Position

The following table details our lines of credit and financing arrangements as of September 30, 2026 (in millions):


	Outstanding Borrowings






Commercial paper:	$	455.1

Current maturities of long-term debt:

Finance lease obligations	$	19.6
Senior unsecured notes	300.0

Debt issuance costs	(0.4)
Total current maturities of long-term debt	$	319.2
Long-term debt:

Finance lease obligations	$	51.5
Term Loan	300.0
Senior unsecured notes	500.0
Debt issuance costs	(4.4)
Total long-term debt	$	847.1
Total debt	$	1,621.4

Commercial Paper Program

We utilize a commercial paper program (the \"Program\") pursuant to which we may issue short-term, unsecured commercial paper notes (the \"CP Notes\") under the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. Amounts available under the Program may be borrowed, repaid, and re-borrowed from time to time, with the aggregate face or principal amount of the CP Notes outstanding under the Program at any time not to exceed $500.0 million. The CP Notes have maturities of up to 397 days from the date of issue and rank pari passu with all of our other unsecured and unsubordinated indebtedness. The net proceeds from issuances of the CP Notes are typically used for general corporate purposes. Our revolving credit facility serves as a liquidity backstop for the repayment of CP Notes outstanding under the Program. There were $455.1 million CP Notes outstanding under the Program as of September 30, 2026.

Credit Agreement

On May 9, 2025, we entered into an Amendment and Restatement Agreement (the \"Credit Agreement\") to our existing unsecured revolving credit facility with JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto. The Credit Agreement decreased our total revolving commitments from $1.1 billion to $1.0 billion with an option to increase the revolving commitments by up to $350 million at our request, subject to the terms and conditions of the Credit Agreement. The Credit Agreement also extended the maturity date of the revolving commitments from July 2026 to May 2030. We had no outstanding borrowings and $1.7 million committed to standby letters of credit as of September 30, 2026. Subject to covenant limitations, $543.2 million was available for future borrowings after taking into consideration outstanding borrowings under our Program. Availability under the Credit Agreement is reduced by borrowings under the Program. The Credit Agreement includes a subfacility for swingline loans up to $65.0 million. Maturity of the Credit Agreement may be extended by the lenders pursuant to two one-year extension options that we may request under the Credit Agreement.

Term Loan

On October 16, 2025, we entered into a Term Credit Agreement (the “Term Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, and the other lenders party thereto. We borrowed $300.0 million pursuant to the Term Credit Agreement and used the net proceeds to repay existing borrowings under the Credit Agreement. The Term Credit Agreement matures on October 16, 2027. Loans under the Term Credit Agreement bear interest at our election at a rate per annum equal to (i) a forward-looking term rate based on the secured overnight financing rate for the applicable interest period (\"Term SOFR\"), plus an applicable margin ranging between 0.90% and 1.025% per annum depending on our long-term unsecured debt rating, or (ii) the highest of the Wells Fargo Bank, National Association prime rate, the Federal Funds rate plus

0.50%, and Term SOFR for a one month tenor in effect on such day plus 1.00%, plus an applicable margin ranging between 0.00% and 0.025% per annum depending on our long-term unsecured debt rating.

The Term Credit Agreement contains customary covenants and events of default that are substantially similar to the existing covenants and events of default in our Credit Agreement.

Senior Unsecured Notes

In the event of a credit rating downgrade below investment grade resulting from a change of control, holders of our senior unsecured notes will have the right to require us to repurchase all or a portion of the senior unsecured notes at a repurchase price equal to 101% of the principal amount of the notes, plus accrued and unpaid interest, if any. All the Notes are guaranteed, on a senior unsecured basis, by certain of our subsidiaries that guarantee indebtedness under our Credit Agreement (the \"Guarantor Subsidiaries\"). The indenture governing the Notes contains covenants that, among other things, limit our ability and the ability of the Guarantor Subsidiaries to: create or incur certain liens; enter into certain sale and leaseback transactions; and enter into certain mergers, consolidations and transfers of substantially all of our assets. The indenture also contains a cross default provision which is triggered if we default on other debt of at least $75.0 million in principal which is then accelerated, and such acceleration is not rescinded within 30 days of the notice date. We are currently in compliance with all covenant requirements.

Financial Leverage

We periodically review our capital structure to ensure the appropriate levels of leverage and liquidity. We may access the capital markets, as necessary, based on business needs and to take advantage of favorable interest rate environments or other market conditions. We also evaluate our debt-to-capital and debt-to-EBITDA ratios to determine, among other considerations, the appropriate targets for capital expenditures and share repurchases under our share repurchase programs. Our debt-to-total-capital ratio increased to 55% at September 30, 2026, as compared to 54% at December 31, 2025.

As of September 30, 2026, our senior credit ratings were Baa1 with a stable outlook, and BBB with a stable outlook, by Moody's Investors Service, Inc. (\"Moody's\") and Standard & Poor's Rating Group (\"S&P\"), respectively. The security ratings are not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating. Our goal is to maintain investment grade ratings from Moody's and S&P to help ensure the capital markets remain available to us.

Liquidity

We believe our cash and cash equivalents of $43.3 million, future cash generated from operations and available borrowing capacity are sufficient to fund operations, planned capital expenditures, future contractual obligations, potential share repurchases and dividends, and other needs in the foreseeable future. Included in our cash and cash equivalents of $43.3 million as of September 30, 2026 was $19.8 million of cash held in foreign locations. Our cash held in foreign locations is used for investing and operating activities in those locations, and we generally do not have the need or intent to repatriate those funds to the United States. An actual repatriation in the future from our non-U.S. subsidiaries could be subject to foreign withholding taxes and U.S. state taxes.

Guarantees Related to Our Debt Obligations

Our senior unsecured notes were issued by Lennox International Inc. (\"Parent\") and are unconditionally guaranteed by the Guarantor Subsidiaries (and together with Lennox International Inc., the “Obligor Group”). The Guarantor Subsidiaries are

100% owned and consolidated, all guarantees are full and unconditional, and all guarantees are joint and several.

Summarized financial information is presented below for the Obligor Group on a combined basis after elimination of intercompany transactions and balances within the Obligor Group and equity in the earnings from and investments in any non-Guarantor Subsidiary. The revenue amounts presented in the summarized financial information include substantially all of our consolidated revenue, and there is no intercompany revenue from the non-Guarantor Subsidiaries. This summarized financial information has been prepared and presented pursuant to Regulation S-X Rule 13-01 and is not intended to present the financial position or results of operations of the Obligor Group in accordance with U.S. GAAP.

The following combined Parent and Guarantor Subsidiaries financial information is presented as of September 30, 2026 and December 31, 2025 and for the nine months ended September 30, 2026 (in millions):


	September 30, 2026		December 31, 2025
Current assets	$	1,946.5			$	1,676.4
Non-current assets	1,991.6			1,824.9
Current liabilities	1,599.7			1,000.7
Non-current liabilities	1,468.9			1,689.4
Amounts due to non-Guarantor Subsidiaries	(530.5)			(463.7)

	Nine months ended September 30, 2026		For the Year Ended December 31, 2025
Net sales	$	4,094.3			$	5,113.8
Gross profit	1,143.0			1,324.4
Net income	364.8			406.3

Off Balance Sheet Arrangements

We have no off-balance sheet arrangements that we believe may have a material current or future effect on our financial condition, liquidity or results of operations.

Commitments and Contingencies

For information regarding our commitments and contingencies, see Note 4 in the Notes to the Consolidated Financial Statements.

Recent Accounting Pronouncements

There were no recent accounting pronouncements that are expected to have a material impact on our financial statements and disclosures.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

For quantitative and qualitative disclosures about market risk affecting LII, see \"Quantitative and Qualitative Disclosures About Market Risk\" in Item 7A of Part II of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Our exposure to market risk has not changed materially since December 31, 2025.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

As required by Rule 13a-15 under the Exchange Act, we carried out an evaluation, under the supervision and with the participation of our current management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of September 30, 2026, our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the applicable rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Part II - Other Information

Item 1. Legal Proceedings

Antitrust Class Actions

On March 20, 2026, seven HVAC equipment manufacturers (and certain of their affiliated companies), including the Company, were named as defendants in a complaint filed in the U.S. District Court for the Eastern District of Michigan on behalf of a putative class that alleges violations of Section 1 of the Sherman Antitrust Act of 1890, as amended, and certain state laws. Additional class action complaints were filed in April 2026 in the same court, based on similar allegations. The cases were consolidated under the caption In re HVAC Equipment Antitrust Litigation, No. 2:26-cv-10949 (E.D. Mich.). On July 10, 2026, the plaintiffs filed three amended, consolidated class-action complaints.

The complaints allege that the defendants conspired to fix, raise, maintain, and/or stabilize prices of HVAC equipment. The alleged class is defined as including all persons who purchased HVAC equipment in the U.S. during the period from January 1, 2020 to the present which was manufactured by one or more defendants for end use in a residential or commercial building. The complaints seek to recover an unspecified amount of damages, injunctive relief, and attorneys’ fees on behalf of the putative class.

The Company disputes these allegations and plans to vigorously defend itself. At this stage of the antitrust litigation, the Company cannot reasonably estimate the range of possible loss, if any, or the timing, outcome, or consequence of this litigation. An adverse outcome in this litigation could have a material adverse impact on the Company’s business, financial position, results of operations, or cash flows.

Other Claims

We are involved in a number of other claims and lawsuits incidental to the operation of our businesses. Where appropriate, insurance coverages are maintained and estimated costs are recorded for such claims and lawsuits. It is management's opinion that none of these other claims or lawsuits will have a material adverse effect, individually or in the aggregate, on our financial position, results of operations or cash flows.

Item 1A. Risk Factors

In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, which could materially affect our business, financial condition or results of operations. There have been no material changes to our risk factors from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

In the third quarter of 2026, we purchased shares of our common stock as follows:


	Total Number of Shares Purchased	Average Price Paid per Share (including fees)		Total Number of Shares Purchased As Part of Publicly Announced Plans		Approximate Dollar Value of Shares that may yet be Purchased under our Share Repurchase Plans (in millions) (1)


July 1 through July 31	—		$	—			—	$	857.7
August 1 through August 31	224,574		$	445.30			224,574	$	757.7
September 1 through September 30	129,472		$	386.18			129,472	$	707.7
	354,046				354,046

(1) Since the inception of the Company’s share repurchase program in 2008, the Board has authorized share repurchases in an amount not to exceed $5.0 billion (the \"Share Repurchase Plans\"). The Share Repurchase Plans do not have an expiration date. See Note 5 in the Notes to the Consolidated Financial Statements for further details.

Item 5. Other Information

Rule 10b5-1 Plan Elections

John W. Norris, III, a director, adopted a prearranged stock trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act on August 20, 2026. Mr. Norris’ plan provides for the sale of up to 35,000 shares of the Company's common stock between November 19, 2026 and August 15, 2027.

This trading plan was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act and the Company's policies regarding transactions in the Company's securities.

Item 6. Exhibits


3.1	Restated Certificate of Incorporation of Lennox International Inc. (“LII”) (filed as Exhibit 3.1 to LII's Annual Report on Form 10-K filed on February 15, 2022 and incorporated herein by reference).
3.2	Amended and Restated Bylaws of LII (filed as Exhibit 3.2 to LII's Annual Report on Form 10-K filed on February 15, 2022 and incorporated herein by reference).
4.1	Indenture, dated as of May 3, 2010, between LII and U.S. Bank National Association, as trustee (filed as Exhibit 4.3 to LII’s Post-Effective Amendment No. 1 to Registration Statement on S-3 filed on May 3, 2010 and incorporated herein by reference).
4.2	Ninth Supplemental Indenture, dated as of July 30, 2020, among LII, each existing Guarantor under the Indenture, dated as of May 3, 2010, as subsequently supplemented, and U.S. Bank National Association, as trustee (filed as Exhibit 4.2 to LII’s Current Report on Form 8-K filed on July 30, 2020 and incorporated herein by reference).
4.3	Form of 1.700% Notes due 2027 (filed as Exhibit B in Exhibit 4.2 to LII’s Current Report on Form 8-K filed on July 30, 2020 and incorporated herein by reference).
4.4	Tenth Supplemental Indenture, dated as of July 14, 2021, among LII, each existing Guarantor under the Indenture, dated as of May 3, 2010, as subsequently supplemented, and U.S. Bank National Association, as trustee (filed as Exhibit 4.7 to LII's Annual Report on Form 10-K filed on February 15, 2022 and incorporated herein by reference).
4.5	Eleventh Supplemental Indenture, dated as of September 15, 2023, among LII, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee (filed as Exhibit 4.2 to LII's Current Report on Form 8-K filed on September 15, 2023 and incorporated herein by reference).
4.6	Form of 5.500% Notes due 2028 (filed as Exhibit A in Exhibit 4.2 to LII's Current Report on Form 8-K filed on September 15, 2023 and incorporated herein by reference).
4.7	Twelfth Supplemental Indenture, dated as of April 30, 2026, among LII, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee (filed as Exhibit 4.7 to LII's Quarterly Report on Form 10-Q filed on July 29, 2026 and incorporated herein by reference).
10.1	Form of Long-Term Incentive Award Agreement for U.S. Employees - Vice President and Above (for use under the LII 2019 Equity and Incentive Plan) (Sept . 2026 version) (filed as Exhibit 10.1 to LII's Current Report on Form 8-K filed on September 18, 2026 and incorporated herein by reference).
22.1	List of Guarantor Subsidiaries (filed as Exhibit 22.1 to LII's Quarterly Report on F orm 10-Q filed on July 29, 2026 and incorporated herein by reference).
31.1	Certification of the principal executive officer (filed herewith).
31.2	Certification of the principal financial officer (filed herewith).
32.1	Certification of the principal executive officer and the principal financial officer pursuant to 18 U.S.C. Section 1350 (furnished herewith).
101	INS Inline XBRL Instance Document
101	SCH Inline XBRL Taxonomy Extension Schema Document
101	CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document
101	LAB Inline XBRL Taxonomy Extension Label Linkbase Document
101	PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document
101	DEF Inline XBRL Taxonomy Extension Definition Linkbase Document
104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

LENNOX INTERNATIONAL INC.

By: /s/ Michael P. Quenzer

Michael P. Quenzer

Chief Financial Officer

(on behalf of registrant and as principal financial officer)

Date: October 28, 2026

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