--- title: "A. O. Smith: Business Model" description: "A. O. Smith revenue by business segment and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained." canonical: https://www.getswoopr.com/stocks/companies/a-o-smith/business-model/ source: "Swoopr Investment: https://www.getswoopr.com" --- # A. O. Smith: Business Model & Revenue Engine ## Direct Answer A. O. Smith reports revenue across 2 business segments in its fiscal 2025 Form 10-K. North America is the largest, with $3.0 billion of revenue (77% of the total), followed by Rest of World at $866 million (23%). 68% of revenue came from the United States. ## How Does A. O. Smith Make Money? North America supplies 77% of revenue, so A. O. Smith's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, North America grew fastest (+0.5%) and Rest of World slowest (-2.7%), so the revenue mix tilts toward North America while that gap lasts. | Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change | | --- | --- | --- | --- | --- | | North America | $3.0 billion | $3.0 billion | 77.4% | 0.5% | | Rest of World | $866 million | $890 million | 22.6% | -2.7% | ![Bar chart of A. O. Smith revenue by segment for fiscal 2025: North America 77.4%, Rest of World 22.6%.](https://www.getswoopr.com/images/charts/a-o-smith-business-model-segment-mix.webp) *A. O. Smith revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.* ## Where Does A. O. Smith's Revenue Come From? Regions follow the definitions in the filing; most companies assign revenue by customer location. | Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change | | --- | --- | --- | --- | --- | | United States | $2.6 billion | $2.6 billion | 68.4% | 1.8% | | China | $673 million | $760 million | 17.6% | -11.5% | | Canada | $327 million | $331 million | 8.5% | -1.4% | | Other Foreign | $212 million | $153 million | 5.5% | 38.3% | ## What the Segment Figures Do Not Show The rows above add up to 100% of A. O. Smith's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin. ## Where These Numbers Come From Every figure on this page is a value A. O. Smith reported in the segment note and revenue disclosures of its Form 10-K filed February 10, 2026 (accession 0000091142-26-000008), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading. Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation. ## Frequently Asked Questions ### What are A. O. Smith's business segments? In its fiscal 2025 Form 10-K, A. O. Smith reports revenue for North America and Rest of World. ### Which part of A. O. Smith brings in the most revenue? North America, with $3.0 billion of revenue in fiscal 2025, or 77% of the total. ### How much of A. O. Smith's revenue comes from outside the United States? 32% in fiscal 2025, by the geographic breakdown A. O. Smith reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies. ## References - [SEC EDGAR: SMITH A O CORP Form 10-K filed February 10, 2026](https://www.sec.gov/Archives/edgar/data/91142/000009114226000008/aos-20251231.htm) - [SEC EDGAR: SMITH A O CORP annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=91142&type=10-K) - [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces) - [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets) ## Related Pages - [A. O. Smith company dossier](https://www.getswoopr.com/stocks/companies/a-o-smith/) - [A. O. Smith financial metrics](https://www.getswoopr.com/stocks/companies/a-o-smith/metrics/) - [A. O. 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