The earnings release, today's presentation, and the webcast archive link for today's call are available on our investor relations website at investor.lennox.com. It was a year marked by regulatory changes, softer demand, and broad market headwinds, yet the team remained resilient and delivered solid results. Most notably, we achieved full-year margins above 20% for the first time in our history. Let's turn to slide three for an overview of our fourth quarter and full year financials.
Revenue was down 11% in the quarter due to weak residential and commercial end markets. Our segment margin was 17.7% in the quarter, driven by volume decline and expected absorption headwinds. Full year revenue was down 3%, driven by volume headwinds from destocking and softer end markets. However, the team still delivered a record 20.4% segment margin, despite tariff impacts and other inflationary pressures.
Operating cash flow was $758 million, down from last year due to temporarily inflated inventory levels. Overall, 2025 was a complex and challenging year, and I'm proud of the team delivering $23.16 in adjusted earnings per share. On the commercial side, we successfully ramped our emergency replacement growth initiative in several metro regions, while the light commercial HVAC industry declined for 17 consecutive months by December 2025. Our internal growth initiatives, such as parts and services growth, commercial emergency replacement coverage, and ductless product penetration, are also expected to accelerate our growth this year.
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