Heating, Air-conditioning & Refrigeration Distributors International (HARDI) released its monthly TRENDS report, showing sales by HARDI distributors increased by 2.4% during December 2025. 

The annual sales growth for the 12 months through December 2025 is an increase of 2.8%.

“It was nice to see 2.4% sales growth during December against a challenging prior year, but that growth was helped by one more billing day than last year,” said Brian Loftus, macroeconomic and residential market analyst at HARDI.  “We estimate for the month sales would have declined by 2.3% with the same number of billing days.” 

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 December was less than 39 days which is close to the 38 days one year ago.” said Loftus.  “The recent DSO for December is a bit quicker than the 43 days during December for 2021, 2022 and 2023.” 

“The modest sales growth is consistent with the depressed existing home sales, weak consumer confidence, and struggling ABI index,” said Loftus.  “Hopefully inflationary pressure can ease this year and we can see some benefits from the six rate cuts.”