HARDI Distributors Report 1.0% Revenue Decline in October

FOR IMMEDIATE RELEASE

Contact: Allison Greene, HARDI Marketing Director

Email: agreene@hardinet.org

Direct: 614.345.4328

HARDI Distributors Report 1.0% Revenue Decline in October

COLUMBUS, OH – Heating, Air-conditioning & Refrigeration Distributors International (HARDI) released its monthly TRENDS report, showing sales by HARDI distributors decreased by 1.0% during October 2025.

The annual sales growth for the 12 months through October 2025 is an increase of 3.5%.

“Heating season got off to a slow start with the 1% sales decline, but it was a difficult comparison,” said Brian Loftus, Macroeconomic and Residential Market Analyst at HARDI. “Five of our seven regions had double-digit sales growth during October of 2024 after the trail of damage left by hurricanes Helene and then Milton.”

The monthly sales survey also calculates distributor’s Days Sales Outstanding which is a measure of how quickly customers pay their bills. “The DSO for October was near 38 days. That is comparable to the pace we saw one year ago.” said Loftus. “The top line growth could inspire concerns about economic vitality, but that is offset by the steady payment timeline by HARDI customers.”

The annual sales growth rate of HARDI distributors has remained near 4% during 2025, or about flat in units, while monthly shipments declined by about 20% during June, July and August, before the 33% collapse during October. “Distributor inventories remain elevated after the flattish demand this year,” said Loftus. “The ordering pause has allowed the Sales-to-Inventory ratio to begin to recover, but it remains well below pre-Covid normal levels.”

HARDI members do not receive financial compensation in exchange for their monthly sales data and can discontinue their participation without prior notice or penalty. Participation is voluntary, and the depth of market coverage varies from region to region. An independent entity collects and compiles the data that can include products not directly associated with the HVACR industry.

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ABOUT HARDI

HARDI (Heating, Air-conditioning and Refrigeration Distributors International) is the single voice of wholesale distribution within the North American and Latin American HVACR markets.

A non-profit association, HARDI serves its members through government affairs and advocacy efforts, market intelligence and benchmarking, training programs, and world class events. HARDI proudly represents more than 490 distributor members and their 5,000 + branch locations, and close to 500 suppliers, manufacturer representatives and service vendors. HARDI Distributor members serve installation and service/replacement contractors in residential and commercial markets, as well as commercial/industrial and institutional maintenance staffs. HARDI Affiliate members market, distribute, and support heating, air-conditioning, and refrigeration equipment, parts and supplies.

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