Heating, Air-conditioning & Refrigeration Distributors International released its monthly TRENDS report, showing sales by HARDI distributors decreased by 1% 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.”
For more information, visit hardinet.org.
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