--- title: "Wesco | 10-K: FY2025 Revenue Beats Estimate at USD 23.51 B" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/275950315.md" datetime: "2026-02-13T22:10:24.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/275950315.md) - [en](https://longbridge.com/en/news/275950315.md) - [zh-HK](https://longbridge.com/zh-HK/news/275950315.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/275950315.md) | [English](https://longbridge.com/en/news/275950315.md) # Wesco | 10-K: FY2025 Revenue Beats Estimate at USD 23.51 B Revenue: As of FY2025, the actual value is USD 23.51 B, beating the estimate of USD 23.47 B. EPS: As of FY2025, the actual value is USD 13.05, missing the estimate of USD 13.49. EBIT: As of FY2025, the actual value is USD 1.223 B. ### Outlook / Guidance WESCO International, Inc. expects to prioritize excess liquidity towards debt reduction, dividend payments, share repurchases, digital transformation, and potential acquisitions and integration activities. The company anticipates maintaining sufficient liquidity through its credit facilities and cash balances, believing that cash from operations and financing will cover operational and business needs for at least the next twelve months. ### Segment Revenue #### Electrical & Electronic Solutions (EES) Net sales for EES were $9.0 billion in 2025, an increase of 6.7% from $8.4 billion in 2024. Organic sales grew by 7.5%, driven by approximately 4% volume growth in OEM and construction businesses and a 4% positive impact from price changes. #### Communications & Security Solutions (CSS) CSS net sales reached $9.1 billion in 2025, an 18.3% increase from $7.7 billion in 2024, including a 1.9% favorable impact from the Ascent acquisition. Organic sales grew by 16.7%, primarily due to 15% volume growth in data center solutions and security solutions, and a 1% positive impact from price changes. #### Utility & Broadband Solutions (UBS) UBS net sales decreased by 4.9% to $5.5 billion in 2025 from $5.7 billion in 2024, including a -3.3% unfavorable impact from the divestiture of the WIS business. Organic sales declined by -1.0%, mainly due to volume declines in the Utility business from reduced public power activity, partially offset by growth in the Broadband business from network investments. ### Operational Metrics #### Net Income Net income attributable to common stockholders was $645.8 million in 2025, compared to $660.2 million in 2024. Adjusted net income attributable to common stockholders was $638.9 million in 2025, up from $618.6 million in 2024. #### Cost of Goods Sold Cost of goods sold increased by $1.4 billion to $18.5 billion in 2025 from $17.1 billion in 2024. As a percentage of net sales, it increased to 78.9% in 2025 from 78.4% in 2024, primarily due to a decrease in gross margin across all three segments. #### Selling, General and Administrative (SG&A) Expenses SG&A expenses rose by 7.1% to $3.5 billion in 2025 from $3.3 billion in 2024. Adjusted SG&A expenses were $3,506.2 million (14.9% of net sales) in 2025 compared to $3,246.5 million (14.9% of net sales) in 2024. This increase was primarily due to higher salaries, commissions and incentives, facility operating costs, transportation costs, and IT costs. #### Depreciation and Amortization Depreciation and amortization increased by $14.4 million to $197.6 million in 2025 from $183.2 million in 2024, mainly due to depreciation from IT asset additions. #### Interest Expense, net Net interest expense was $386.7 million in 2025, up $21.8 million (6.0%) from $364.9 million in 2024, driven by the issuance of 6.375% Senior Notes due 2033 and higher expense from adjustments for uncertain tax positions. #### Other Income, net Other non-operating income was $9.6 million in 2025, a significant decrease from $92.7 million in 2024, which included a $122.2 million gain on the sale of the WIS business. In 2025, WESCO International, Inc. recognized $4.5 million from fair value adjustments of a contingent consideration liability and a net foreign currency exchange loss of -$0.3 million, an improvement from a -$25.5 million net loss in 2024. Adjusted other (income) expense, net, was -$9.9 million in 2025, compared to $23.4 million in 2024. #### Income Taxes The provision for income taxes was $213.4 million in 2025, down from $231.6 million in 2024, with effective tax rates of 24.9% and 24.4%, respectively. #### Adjusted EBITDA Overall Adjusted EBITDA increased by 1.8% to $1,536.5 million in 2025 from $1,509.1 million in 2024. - **EES Adjusted EBITDA**: Increased by 2.5% to $717.6 million in 2025 from $699.8 million in 2024, with the adjusted EBITDA margin decreasing to 8.0% from 8.3% due to an unfavorable change in product mix. - **CSS Adjusted EBITDA**: Increased by 25.1% to $799.4 million in 2025 from $638.8 million in 2024, with the adjusted EBITDA margin increasing to 8.8% from 8.3%. - **UBS Adjusted EBITDA**: Decreased by 12.5% to $562.8 million in 2025 from $643.4 million in 2024, with the adjusted EBITDA margin decreasing to 10.3% from 11.2%. ### Cash Flow #### Operating Activities Net cash provided by operating activities decreased to $125.0 million in 2025 from $1,101.2 million in 2024, a $976.2 million decrease, primarily due to a -$507.3 million impact from changes in trade accounts receivable and a -$428.1 million impact from changes in inventories. #### Investing Activities Net cash used in investing activities was -$140.7 million in 2025, compared to $40.4 million provided in 2024. Capital expenditures were $99.8 million in 2025, up from $94.7 million in 2024. Investing activities in 2025 also included -$36.3 million for the acquisition of Industrial Software Solutions. #### Financing Activities Net cash used in financing activities was -$92.7 million in 2025, compared to -$928.3 million in 2024. Key activities in 2025 included $800 million from the issuance of 2033 Notes, net borrowings of $54.8 million on the Revolving Credit Facility, net repayments of -$150.0 million on the Receivables Facility, and -$14.0 million in debt issuance costs. WESCO International, Inc. also paid -$540.3 million to redeem Series A Preferred Stock, -$75.0 million for common stock repurchases, and dividends of -$88.4 million for common stock and -$27.3 million for Series A Preferred Stock. ### Unique Metrics #### Liquidity and Capital Resources As of December 31, 2025, WESCO International, Inc. had $581.5 million outstanding and $1,107.9 million in available borrowing capacity on its Revolving Credit Facility, and $1,300.0 million outstanding and $250.0 million of available borrowing capacity under its Receivables Facility. Combined with $282.1 million in cash, total liquidity was approximately $1.6 billion. The financial leverage ratio was 3.4x as of December 31, 2025, compared to 2.9x as of December 31, 2024. #### Material Cash Requirements As of December 31, 2025, total material cash requirements were $8,406.0 million, comprising $5,829.4 million in debt, $1,461.8 million in interest on indebtedness, $1,101.1 million in non-cancelable operating leases, and $13.7 million in transition tax installments. #### Undistributed Foreign Earnings As of December 31, 2025, WESCO International, Inc. had $2,109.2 million in undistributed earnings from foreign subsidiaries, with a remaining liability for the transition tax of $13.7 million. An estimated $116.6 million in additional taxes would be payable if all previously undistributed foreign earnings were remitted. ### 相關股票 - [Wesco (WCC.US)](https://longbridge.com/zh-HK/quote/WCC.US.md) ## 相關資訊與研究 - [Top Wesco Executive Makes Bold Insider Move With Fresh Stock Purchase](https://longbridge.com/zh-HK/news/281601388.md) - [Assessing WESCO International (WCC) Valuation After Raised 2025 Guidance And Expanding Data Center Revenue](https://longbridge.com/zh-HK/news/280029234.md) - [Is WESCO International (WCC) Still Attractive After Recent Pullback In Share Price](https://longbridge.com/zh-HK/news/278992258.md) - [Wealth First Promoters Confirm 74% Stake With No Encumbrance in FY26](https://longbridge.com/zh-HK/news/281530653.md) - [Examining the Future: WESCO Intl's Earnings Outlook](https://longbridge.com/zh-HK/news/275338107.md)