On this page of StockholderLetter.com we present the latest annual shareholder letter from CSW INDUSTRIALS, INC. — ticker symbol CSWI. Reading current and past CSWI letters to shareholders can bring important insights into the investment thesis.
2026 Proxy Statement and Annual Report ACCELERATING GROWTH. DELIVERING RESULTS.
The acquisition of MARS Parts bXVWd X^ cQN[ gNc the largest in CSW s history. When combined with the acquisition of Aspen Manufacturing (below), CSW now `b_fXRSc N ]_bS PN[N^QSR `b_ReQd _ SbX^V dWNd S^NP[Sc `b_fXRS us to perform well as the HVAC/R repair versus replace changes through economic cycles. product mix change
Driving Sustainable Growth and Long-Term Shareholder Value, with a Focus on Disciplined Capital Allocation 5FJ <^RecdbXN[c Xc N RXfSbcX SR X^RecdbXN[ Vb_gdW Q_]`N^i gXdW X^Recdbi [SNRX^V operations in three segments: Contractor Solutions, Specialized Reliability Solutions, and Engineered Building Solutions. CONTRACTOR SOLUTIONS SPECIALIZED RELIABILITY SOLUTIONS ENGINEERED BUILDING SOLUTIONS CSW provides niche, value-added products with two essential commonalities: performance and reliability. The primary end markets we serve with our well-known brands include: HVAC/R, plumbing, electrical, general industrial, arcWitecturally speci ed building products, energy, mining, and rail transportation.
8L C7E8BE@3A57 REVENUES ADJUSTED EBITDA ADJUSTED EPS OPERATING CASH FLOW $1.1b $270m $10.38 $150m +23.2% +18.3% -11.1% REVENUE (in millions) ADJUSTED EBITDA (in millions) $1,082.5 $878.3 2025 2024 2023 2022 OPERATING CASH FLOW (in millions) 2025 2024 $200.0 2023 2022 2025 2024 $133.3 2022 CSW $121.5 2023 $174.1 5-YEAR TOTAL SHAREHOLDER RETURN F C F]N[[5N` <^RecdbXN[c Russell 2000 140% 120% 100% 93.6% 80% 66.1% 40% 20.3% 20% 0% -20% -40% 2021 2022 2023 2024 2025
 • shareholder letter icon 7/16/2026 Letter Continued (Full PDF)
 • stockholder letter icon 7/14/2023 CSWI Stockholder Letter
 • stockholder letter icon 7/1/2024 CSWI Stockholder Letter
 • stockholder letter icon 7/17/2025 CSWI Stockholder Letter
 • stockholder letter icon More "Miscellaneous" Category Stockholder Letters


CSWI Shareholder/Stockholder Letter Transcript:

2026 Proxy Statement
and Annual Report
ACCELERATING
GROWTH.
DELIVERING
RESULTS.

The acquisition of MARS Parts   bXVWd   X^   cQN[   
 gNc 
the largest in CSW   s history. When combined with the
acquisition of Aspen Manufacturing (below), CSW now
`b_fXRSc N ]_bS PN[N^QSR `b_ReQd _  SbX^V dWNd S^NP[Sc 
`b_fXRS
us to perform well as the HVAC/R repair versus replace
changes through economic cycles.
product mix change

Driving Sustainable Growth and
Long-Term Shareholder Value, with
a Focus on Disciplined Capital Allocation
5FJ <^RecdbXN[c Xc N RXfSbcX  SR X^RecdbXN[ Vb_gdW Q_]`N^i gXdW X^Recdbi  [SNRX^V 
operations in three segments: Contractor Solutions, Specialized Reliability Solutions,
and Engineered Building Solutions.
CONTRACTOR SOLUTIONS
SPECIALIZED RELIABILITY SOLUTIONS
ENGINEERED BUILDING SOLUTIONS
CSW provides niche, value-added products with two essential commonalities: performance and reliability.
The primary end markets we serve with our well-known brands include: HVAC/R, plumbing, electrical, general
industrial, arcWitecturally  speci  ed building products, energy, mining, and rail transportation.

8L   
 C7E8BE@3A57
REVENUES
ADJUSTED EBITDA
ADJUSTED EPS
OPERATING CASH FLOW
$1.1b
$270m
$10.38
$150m
+23.2%
+18.3%

-11.1%
REVENUE
(in millions)
ADJUSTED EBITDA
(in millions)
$1,082.5

$878.3
2025

2024
2023

2022
OPERATING CASH FLOW
(in millions)


2025

2024
$200.0

2023

2022



2025

2024

$133.3

2022
CSW

$121.5
2023
$174.1
5-YEAR TOTAL SHAREHOLDER RETURN


F  C F]N[[5N`     <^RecdbXN[c
Russell 2000
140%
120%
100%
93.6%
80%
66.1%
40%
20.3%
20%
0%
-20%
-40%
2021
2022
2023
2024
2025


shareholder letter icon 7/16/2026 Letter Continued (Full PDF)
 

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