LII · 10-K filed 17 Feb 2026 · year to 31 Dec 2025

Lennox International

30 named things its latest annual report says its results depend on, each in the company's own words. 20 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Direct-to-dealer network (independent dealers)

earns from · a substantial portion of our revenuenamed as a risk

We rely on our direct sales channel for a substantial portion of our revenue.Risk factors (Item 1A)

Suppliers

Compressor manufacturing joint venture

depends on

We own a minority equity interest in a joint venture that manufactures compressors for our residential and commercial heating and cooling and refrigeration businesses to help provide the necessary supply to meet customer needs.Business (Item 1)

Partners and platforms

Samsung

depends on · 49.9% interest

We own a 49.9% interest in a joint venture with Samsung that distributes Samsung ductless AC and heat pump products in the U.S. and Canada as well as "Lennox powered by Samsung" branded products through Lennox Stores and direct-to-dealer network.Business (Item 1)

Also named by BBY, INTC, RMBS, TSLA

Ariston Group

49.9% interest

We own a 49.9% interest in a joint venture with Ariston Group that will manufacture and distribute water heaters through Lennox Stores and our direct-to-dealer network.Business (Item 1)

Also named by CARR

Other companies

Marshalltown, Iowa union

approximately 26% of our core workforce locations were unionizednamed as a risk

In addition, as of December 31, 2025, approximately 26% of our core workforce locations were unionized.Risk factors (Item 1A)

Product warranty liability

$167.2 millionnamed as a risk

Our product warranty liability was $167.2 million as of December 31, 2025.Risk factors (Item 1A)

U.S. construction industry

earns fromnamed as a risk

Our business is affected by the performance of the U.S. construction industry.Risk factors (Item 1A)

Also named by CINF, GGG, MGRC, RLI, STLD

Duro Dyne and Supco

named as a risk

For example, in 2025, we completed the acquisition of Duro Dyne and Supco.Risk factors (Item 1A)

Competitors

Carrier Global Corporation

competes with

Heating & Cooling Products - Carrier Global Corporation (Carrier, ICP Commercial); Trane Technologies plc (Trane); Paloma Industries, Inc. (Rheem, Ruud); CSW Industrials, Inc.; Daikin Industries, Ltd. (Goodman, McQuay); and AAON, Inc.Business (Item 1)

Also named by JCI, OTIS, WSO

Trane Technologies plc

competes with

Also named by JCI

Daikin Industries, Ltd.

competes with

Also named by JCI

Paloma Industries, Inc. (Rheem)

competes with

AAON, Inc.

competes with

Places

Mexico

operates in · approximately 3,200 employees

As of December 31, 2025, we employed approximately 12,900 people, primarily in the U.S. (approximately 8,500 employees) and Mexico (approximately 3,200 employees).Business (Item 1)

Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more

United States

earns from · approximately 7% of our total net sales

Net sales outside of the U.S. comprised approximately 7% of our total net sales in 2025.Risk factors (Item 1A)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

Hazards

Weather (cooler summers / warmer winters)

named as a risk

Cooler than normal summers depress our sales of replacement air conditioning and refrigeration products and services.Risk factors (Item 1A)

Also named by AAP, CLX, CPRT, DASH, DECK, ENB, GVA, LYV and 4 more

Asbestos-related claims

named as a risk

Estimates related to our claims and lawsuits, including estimates for asbestos-related claims and related insurance recoveries, involve numerous uncertainties.Risk factors (Item 1A)

Also named by EL

Single-location production facilities

concentrated innamed as a risk

We manufacture many of our products at single-location production facilities.Risk factors (Item 1A)

Commodities and inputs

Steel

exposed to its pricenamed as a risk

We depend on raw materials, such as steel, copper and aluminum, and components purchased from third parties to manufacture our products.Risk factors (Item 1A)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Copper

exposed to its pricenamed as a risk

We depend on raw materials, such as steel, copper and aluminum, and components purchased from third parties to manufacture our products.Risk factors (Item 1A)

Also named by AAON, AGX, AMKR, APG, APH, APLD, BMI, BWA and 58 more

Aluminum

exposed to its pricenamed as a risk

We depend on raw materials, such as steel, copper and aluminum, and components purchased from third parties to manufacture our products.Risk factors (Item 1A)

Also named by AAON, ACHR, ALSN, AYI, BA, BALL, BF/B, BWA and 59 more

Hydrofluorocarbons (HFCs)

subject tonamed as a risk

Further, we may face adverse reputational risks due to our products and manufacturing operations consuming energy or using refrigerants and hydroflurocarbons.Risk factors (Item 1A)

Compressors

depends on

Compressors, motors and controls constitute our most significant component purchases, while steel, aluminum and copper account for the bulk of our raw material purchases.Business (Item 1)

Also named by AAON

Regulators

U.S. Environmental Protection Agency (EPA)

subject tonamed as a risk

In 2020, in response to a global agreement to reduce greenhouse gasses, the bipartisan American Innovation and Manufacturing Act gave the U.S. Environmental Protection Agency (“EPA”) authority to regulate HFCs and begin the phase down of refrigerants with a higher global warming potential (“GWP”).Business (Item 1)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

U.S. Department of Energy

subject to

The U.S. Department of Energy has numerous active energy conservation rulemakings that impact residential and commercial heating, air conditioning and refrigeration equipment.Business (Item 1)

Also named by AAON, AMRC, AOS, BWXT, CDE, CDRE, CEG, CLF and 16 more

Laws and programs

OECD Pillar Two

subject to · 15%named as a risk

Our effective tax rate for 2025 incorporates our estimated Pillar Two tax liability.Risk factors (Item 1A)

Also named by APO, BAM, BAX, BF/B, CHRW, COHR, CPNG, CRM and 45 more

American Innovation and Manufacturing Act

subject to · GWP of 700 or lessnamed as a risk

Transition to refrigerants with a GWP of 700 or less for most commercial and residential HVAC products became effective January 1, 2025.Business (Item 1)

U.S.-Mexico-Canada Agreement (USMCA)

subject tonamed as a risk

The USMCA is subject to review and renewal in 2026, and there can be no assurance that any newly negotiated terms in the USMCA will not adversely affect our business or operations.Risk factors (Item 1A)

Also named by GM, GNRC, R, STZ

U.S. tariffs on imports from Canada and Mexico

subject tonamed as a risk

In addition, the U.S. presidential administration has imposed increased tariffs on imports from Canada and Mexico for goods not covered by the USMCA.Risk factors (Item 1A)

Also named by PHM, TOL, WCN

Comprehensive Environmental Response, Compensation and Liability Act (Superfund)

subject to

In the past, we have received notices that we are a potentially responsible party along with other potentially responsible parties in Superfund proceedings under the Comprehensive Environmental Response, Compensation and Liability Act for cleanup of hazardous substances at certain sites to which the potentially responsible parties are alleged to have sent waste.Business (Item 1)

Also named by ALSN, AME, BRK/B, BWA, CLH, CMI, DD, GIS and 10 more