Lennox International

What Lennox International does

Lennox International Inc. (NYSE: LII) is a global HVAC and refrigeration company founded in 1895 and headquartered in Richardson, Texas, with approximately 17,000 employees across the United States, Canada, Mexico, India, and China. The company designs, manufactures, and distributes heating, cooling, air quality, and refrigeration equipment through two operating segments: Home Comfort Solutions (residential HVAC equipment sold through a direct-to-dealer network) and Building Climate Solutions (commercial HVAC, parts and accessories, and National Account Services for multi-location building owners). Its product portfolio spans the Dave Lennox Signature Collection premium tier, core furnaces, air conditioners, heat pumps (including cold-climate models), packaged units, mini-splits, commercial VRF systems, smart thermostats (S40/M40/E40) with native Matter/Alexa/Google Assistant/Control4 integration, the PureAir S MERV-16 air purification system, the Smart Air Quality Monitor, and—newly added in March 2026—residential water heaters via an Ariston Group joint venture.

Lennox monetizes primarily through hardware sales via its direct-to-dealer distribution model, supplemented by its factory-owned distribution network, LennoxPros.com B2B platform, and recurring National Account Services revenue. Pricing is quote-based across premium, mid-range, and value tiers and is not publicly disclosed. Recent strategic activity includes the $550M acquisition of NSI Industries' HVAC division, the acquisitions of Duro Dyne and Supco (parts and accessories), the pending Heat Controller acquisition, and the Samsung ductless HVAC joint venture. The company achieved record full-year 2025 segment profit margins of 20.4% on approximately $5.1B in revenue, has raised its quarterly dividend for 16 consecutive years, and has set 2030 targets of $6.5B–$7.5B revenue, 22%–23% segment profit margins, and greater than 90% free cash flow conversion of net income.

Lennox faces material risks alongside its growth trajectory: it is one of seven defendants in U.S. HVAC price-fixing class action lawsuits alleging coordinated pricing from January 2020 onward, and revised Section 232 tariffs have raised effective tariff exposure on Mexican-built HVAC equipment from roughly 8% to 25%. Residential HVAC demand remains pressured by new construction weakness and channel destocking (Home Comfort revenue declined 10% year-over-year in both Q4 2025 and Q1 2026), while commercial momentum (Building Climate Solutions +38% in Q1 2026) is offsetting that softness. The 2026 guidance of approximately 8% revenue growth and EPS of $23.50–$25.00 reflects management's confidence in a moderate-growth recovery underpinned by commercial segment strength, parts and accessories expansion, and the water heating and ductless adjacencies.

Name

Lennox International

Legal name

Lennox International Inc.

Website

https://lennox.com

Company type

Public

Founded year

1895

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Lennox International (NYSE: LII), founded in 1895 and headquartered in Richardson, Texas, is a global HVAC and refrigeration company providing residential and commercial heating, cooling, air quality, smart thermostats, and—via JV—water heating products, sold primarily through a direct-to-dealer network and factory-owned distribution, with approximately $5.1B in 2025 revenue and 17,000 employees.

Ownership category

akta.pro rank

Product category

HVAC Equipment Manufacturing

NAICS

Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (33341), Automatic Environmental Control Manufacturing for Residential, Commercial, and Appliance Use (334512), Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (333415)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Auto Controls For Regulating Residential & Comml Environments (3822), Refrigeration & Service Industry Machinery (3580)

akta.pro primary industry

Refrigeration Components & Controls (Compressors, Valves, Sensors) (IMAHAKAH)

akta.pro secondary industries

Heat Exchangers, Coils & Hydronic HVAC Components (IMADANAF), Compressors, Refrigeration Components & Condensing Units (IMADANAG), HVAC, Water Heaters & Indoor Air Quality Distribution (CRAOAFAJ)

Keywords

• Residential HVAC equipment
• Commercial HVAC systems
• Heating and cooling
• Air purification systems
• Smart thermostats

Headquarters

HQ city

Richardson

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Home Comfort Solutions (Residential HVAC Equipment): Revenue from manufacturing and distributing residential HVAC equipment including furnaces, air conditioners, heat pumps, packaged units, and boilers through a direct dealer network. Segment revenue declined 10% in Q1 2026 and 10% in Q4 2025 year-over-year, driven by residential new construction weakness and channel destocking.
2. Building Climate Solutions (Commercial HVAC Equipment): Revenue from commercial HVAC products including rooftop units, VRF systems, split systems, and commercial controls. Exceptional 38% revenue growth in Q1 2026 (with 63% profit increase) driven by acquisitions (Duro Dyne, Supco) and improved channel conditions. 26% organic sales growth in Q1 2026.
3. Parts and Accessories: Revenue from HVAC parts, supplies, and accessories through Duro Dyne and Supco acquisitions, sold via LennoxPros.com dealer platform. Expansion of parts and accessories distribution supports recurring revenue from the existing dealer base.
4. Water Heating (New Segment): Entry into North American residential water heating market through Ariston Group joint venture, with dealer orders beginning March 16, 2026. Complements HVAC product lineup for whole-home comfort ecosystem.
5. Service and Maintenance (National Account Services): Preventative maintenance, service, and energy management for multi-location building owners through Lennox National Account Services (NAS).

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels7 records

Core offering

Lennox International designs, manufactures, and distributes climate control solutions for the heating, ventilation, air conditioning (HVAC), and refrigeration markets across residential and commercial applications. The product portfolio includes furnaces, air conditioners, heat pumps, packaged units, mini-split systems, commercial VRF systems, smart thermostats, indoor air quality products, and refrigeration equipment, sold through a direct-to-dealer network and factory-owned distribution in North America.

Product overview

Lennox International (NYSE: LII) is a leading worldwide provider of climate control solutions for residential and commercial air conditioning, heating, and refrigeration. The company's product portfolio is organized around two primary segments: Home Comfort Solutions (residential) and Building Climate Solutions (commercial). On the residential side, the core offering centers on the Ultimate Comfort System platform — a unified whole-home comfort system combining the Dave Lennox Signature Collection premium product tier (furnaces, air conditioners, heat pumps including cold-climate models, packaged units, air handlers, boilers, and mini-split systems) with smart thermostats (S40, M40, E40) serving as the central control hub. The ecosystem extends through smart accessories including the Smart Room Sensor, Smart Air Quality Monitor, and Wireless Extender, as well as add-on modules like the PureAir S Air Purification System, iHarmony Zoning System, and humidity/ventilation/filtration products. A March 2026 Ariston joint venture added water heaters (Power Vent, Heat Pump, Top Connect) to the residential lineup. All smart thermostats integrate natively with Amazon Alexa, Google Assistant, Control4, and Matter protocol. The Lennox Home App provides mobile control and monitoring. On the commercial side, products include Variable Refrigerant Flow (VRF) systems, ComfortSense commercial thermostats, and the CORE Unit Controller with CORE Service App. Lennox operates a factory-owned distribution network and National Account Services for multi-location commercial building owners, while LennoxPros.com serves as the dealer B2B platform.

Differentiator

Problem solved

Functional benefit

Brands

• Dave Lennox Signature Collection: Premium product line featuring high-end HVAC systems including the SL22KLV Cold Climate Heat Pump (GOOD DESIGN Award winner) and SLP99VK Gas Furnace
• Ultimate Comfort System
• Lennox Premier Dealers
• Healthy Climate Solutions
• iComfort
• PureAir S
• Comfort-Aire
• Century
• Feel The Love

Products and services

• Ultimate Comfort System Integrated whole-home comfort platform combining premium Dave Lennox Signature Collection products into a unified system that delivers consistent, clean air through intelligent coordination, centered on the S40 Smart Thermostat. For homeowners seeking premium whole-home comfort solutions, sold and installed through Lennox dealers.
• Residential Heating and Cooling Equipment Core residential HVAC product lines including gas and electric furnaces, air conditioners, heat pumps (including cold-climate models), packaged units, air handlers, boilers, and garage heaters. Available across multiple efficiency tiers from standard to premium Dave Lennox Signature Collection. Sold through Lennox dealers for residential installation.
• Mini-Split Systems Ductless HVAC systems providing targeted heating and cooling for specific zones without ductwork. For residential applications requiring room-by-room climate control, distributed through the Samsung-Lennox joint venture and Lennox dealer network.
• Lennox Smart Thermostats Suite of smart thermostats including the S40 flagship model with 7-inch HD color touchscreen, M40, and E40 models. Features include Schedule IQ, Smart Away geo-fencing, Feels Like temperature, advanced diagnostics, and integration with Amazon Alexa, Google Assistant, Control4, and Matter. For homeowners with Lennox HVAC systems.
• Indoor Air Quality Products Range of products for humidity control, whole-home ventilation, advanced air filtration, and air purification including the PureAir S system with hospital-grade MERV-16 filtration. Removes over 99% of viruses including COVID-19, bacteria, and allergens. For residential customers seeking improved indoor air quality.
• Residential Water Heaters Residential water heaters offered in Power Vent, Heat Pump, and Top Connect models through a joint venture with Ariston Group. Complements Lennox's HVAC lineup for whole-home comfort solutions. Distributed through Lennox's residential dealer network across the U.S. and Canada with dealer orders starting March 16, 2026.
• Variable Refrigerant Flow (VRF) Systems Commercial HVAC systems providing tailored climate control for diverse building types including offices, schools, apartments, and retail spaces. Features low sound levels and precise temperature control for multiple zones. For commercial building owners, contractors, and facility managers.
• ComfortSense Commercial Thermostats Commercial-grade thermostat line including the 8500 Series designed to optimize performance of Lennox rooftop HVAC equipment. Features advanced controls, application flexibility, and energy efficiency for commercial building management. For commercial contractors and facility managers.
• National Account Services Multi-location building owner service offering providing preventative maintenance, service, and energy management for commercial HVAC equipment nationwide through Lennox's factory-owned distribution network. Serves commercial real estate portfolios with facilities across the U.S. and Canada.
• LennoxPros.com Dedicated B2B digital platform for Lennox dealers to access product catalogs, order parts and supplies (including those from acquired brands Duro Dyne, Supco, and NSI HVAC division), view technical documentation, and manage HVAC business operations. Primary trade customer engagement channel for the dealer network across North America.
• Dave Lennox Signature Collection SL22KLV Cold Climate Heat Pump Premium cold climate heat pump engineered to deliver dependable, energy-efficient comfort in demanding winter environments, maintaining reliable operation in temperatures as low as -20°F. Awarded the GOOD DESIGN Award from The Chicago Athenaeum. For residential homeowners in cold climate regions.
• Dave Lennox Signature Collection SLP99VK Gas Furnace Premium gas furnace with up to 99% efficiency and an integrated Refrigerant Detection System (RDS) that eliminates the need for a separate installation kit. Dual-fuel compatible and works with the Lennox S40 Smart Thermostat and PureAir S Air Purification System. For residential installations.

Quantifiable outcome

• PureAir S removes over 99% of viruses including COVID-19 from the air (MERV-16 filtration)
• +8 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability7 records

Feature10 records

Partnerships

Seven partnerships are on record, tiered major, core and minor.

• Platinum EquitymajorOthers · 18 June 2026Platinum Equity signed a definitive agreement to sell Heat Controller to Lennox International Inc., expected to close later in 2026 pending regulatory approvals. Heat Controller, headquartered in Jackson, Michigan, serves HVAC distributors across North America through Comfort-Aire and Century brands. Platinum Equity acquired Heat Controller as part of its MARS investment in July 2024.
• Ariston GroupcoreTechnology or Integration · 3 March 2026Lennox entered the North American residential water heating market through a joint venture with Ariston Group, with dealer orders beginning March 16, 2026. The partnership combines Lennox's residential dealer network with Ariston's global water heating technology expertise, offering Power Vent, Heat Pump, and Top Connect water heaters for whole-home comfort solutions.
• Duro DynemajorTechnology or Integration · 14 January 2026Lennox acquired Duro Dyne to expand parts and accessories product access and improve supply reliability for its dealer network. Duro Dyne is a manufacturer and supplier of HVAC components strengthening Lennox's parts distribution capabilities.
• SupcomajorTechnology or Integration · 14 January 2026Lennox acquired Supco to expand its parts and accessories distribution, improving product access and fulfillment for the dealer network across North America.
• Sentinel Capital PartnersmajorOthers · 16 October 2025Sentinel Capital Partners sold NSI Industries' HVAC division to Lennox International for approximately $550 million. The divestiture repositioned NSI as a pure-play electrical products platform while expanding Lennox's HVAC equipment and parts/accessories business with brands including Bridgeport, Polaris, and Tork.
• HomeServe South JerseyminorGTM or Marketing Partner · 7 October 2025HomeServe South Jersey partnered with Lennox to donate a free HVAC system to a senior citizen in Stratford, NJ as part of the Feel The Love campaign. HomeServe provided labor while Lennox donated the equipment, demonstrating community engagement through dealer partnerships.
• Samsung ElectronicscoreTechnology or Integration · 11 November 2024Samsung Electronics and Lennox announced a strategic HVAC joint venture in North America, operational in late 2024, to develop intelligent climate solutions. The partnership combines Samsung's technology expertise with Lennox's established market presence, focusing on ductless HVAC products and smart home integration. Products distributed through both Samsung and Lennox dealer channels.

Scale indicators15 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Daikin: Global HVAC leader and major U.S. competitor with strong ductless/VRF position. Daikin's Goodman and Daikin-branded residential systems directly compete with Lennox, and Daikin is named in the price-fixing class actions.
• Rheem Manufacturing: Competing HVAC and water heating manufacturer. Rheem directly overlaps with Lennox in residential HVAC and now competes with the Ariston water heating JV; also a named defendant in the price-fixing litigation.
• Bosch Home Comfort (Thermotechnology): Residential and light commercial HVAC competitor named in the same federal price-fixing lawsuits as Lennox. Bosch competes directly in furnaces, heat pumps, and ducted systems in the North American market.
• Trane Technologies: Direct competitor in residential and commercial HVAC, named alongside Lennox in the price-fixing lawsuits. Trane is a comparable full-line HVAC OEM serving similar residential dealers and commercial contractors across North America.
• Carrier Global: Direct competitor across residential, light commercial, and commercial HVAC with a global footprint. Carrier competes head-to-head with Lennox in ducted residential systems, rooftop units, and VRF, and is also a named defendant in the HVAC price-fixing litigation.
• AAON: Commercial HVAC OEM specializing in high-efficiency rooftop units and air-handling equipment. AAON directly competes with Lennox's Building Climate Solutions commercial offering and is named alongside Lennox in the price-fixing lawsuits.
• Mitsubishi Electric Trane HVAC US: Joint venture between Mitsubishi Electric and Trane focused on ductless and VRF systems. Directly competes with Lennox's ductless offering and the Samsung-Lennox JV that was specifically formed to compete in this segment.

Broad incumbents

• Johnson Controls: Broader building solutions provider with significant HVAC and building controls exposure. While a broader incumbent across fire/security/HVAC, JCI competes with Lennox in commercial HVAC equipment and controls (including YORK and Hitachi-badged products).

Emerging players

• Modine Manufacturing: Manufacturer of commercial/industrial HVAC, data center cooling, and refrigeration. Modine is an emerging commercial competitor with growing overlap in high-efficiency commercial cooling, including data center and refrigeration adjacencies where Lennox's Heatcraft subsidiary operates.
• Rinnai: Residential water heating and tankless heating specialist. As Lennox enters residential water heating via the Ariston JV, Rinnai becomes a more directly comparable peer in the dealer-channel water heating category Lennox is targeting.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/lennoxair
• YouTubeyoutube.com/channel/UCBRbjhSvpgT_qjQcGsHX_cQ
• Facebookfacebook.com/Lennox
• LinkedInlinkedin.com/company/7614
• Instagraminstagram.com/lennoxair

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries21 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A5 records

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lennox International