HARDI Distributors Report 2.9% Revenue Decline in November

FOR IMMEDIATE RELEASE

Contact: Allison Greene, HARDI Marketing Director

Email: agreene@hardinet.org

Direct: 614.345.4328

HARDI Distributors Report 2.9% Revenue Decline in November

COLUMBUS, OH – Heating, Air-conditioning & Refrigeration Distributors International (HARDI) released its monthly TRENDS report, showing sales by HARDI distributors decreased by 2.9% during November 2025.

The annual sales growth for the 12 months through November 2025 is an increase of 3.8%.

“Heating season is off to a slow start with the 1% sales decline during October and then a 2.9% decline during November,” said Brian Loftus, Macroeconomic and Residential Market Analyst at HARDI. “October was a difficult comparison and November had one less billing day. We estimate there was sales growth of 2.3% during November.”

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 November was less than 40 days. That is comparable to the pace we saw one year ago.” said Loftus. “While the recent sales results may raise concerns about the market health, we are pleased to see the DSO remains steady at a healthy rate.”

The annual sales growth rate of HARDI distributors remained near 4% during 2025, after price increases in the 5% area. “Unit demand has been flat-to-down this year along with flat existing home sales and an uncooperative cooling season in much of the country,” said Loftus. “We are encouraged to see the sales-to-inventory ratio improving in most of our regions despite the sluggish demand.”

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 570 distributor members and their 5,000+ branch locations, and close to 600 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 staff. HARDI Affiliate members market, distribute, and support heating, air-conditioning, and refrigeration equipment, parts, and supplies.

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