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Side-by-side financial comparison of AMERICAN FINANCIAL GROUP INC (AFG) and WATSCO INC (WSO). Click either name above to swap in a different company.
AMERICAN FINANCIAL GROUP INC is the larger business by last-quarter revenue ($2.1B vs $1.5B, roughly 1.3× WATSCO INC). AMERICAN FINANCIAL GROUP INC runs the higher net margin — 14.5% vs 6.1%, a 8.4% gap on every dollar of revenue. On growth, WATSCO INC posted the faster year-over-year revenue change (0.1% vs -4.0%). Over the past eight quarters, AMERICAN FINANCIAL GROUP INC's revenue compounded faster (4.0% CAGR vs -15.3%).
The Western Union Company is an American multinational financial services corporation headquartered in Denver, Colorado.
Watsco, Inc. is a distributor of air conditioning, heating and refrigeration equipment, and related parts and supplies (HVAC/R) in the United States. Watsco was founded more than 60 years ago as a manufacturer of parts, components, and tools used in the HVAC/R industry. In 1989, the company shifted from manufacturing to distribution, by acquiring Gemaire Distributors Inc., a South Florida-based Rheem distributor.
AFG vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.5B |
| Net Profit | $299.0M | $92.9M |
| Gross Margin | — | 27.9% |
| Operating Margin | 18.4% | 7.2% |
| Net Margin | 14.5% | 6.1% |
| Revenue YoY | -4.0% | 0.1% |
| Net Profit YoY | 17.3% | -1.7% |
| EPS (diluted) | $3.59 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $1.5B | ||
| Q4 25 | $2.1B | $1.6B | ||
| Q3 25 | $2.3B | $2.1B | ||
| Q2 25 | $1.9B | $2.1B | ||
| Q1 25 | $1.9B | $1.5B | ||
| Q4 24 | $2.1B | $1.8B | ||
| Q3 24 | $2.4B | $2.2B | ||
| Q2 24 | $1.9B | $2.1B |
| Q1 26 | — | $92.9M | ||
| Q4 25 | $299.0M | $71.7M | ||
| Q3 25 | $215.0M | $161.6M | ||
| Q2 25 | $174.0M | $183.6M | ||
| Q1 25 | $154.0M | $80.1M | ||
| Q4 24 | $255.0M | $96.8M | ||
| Q3 24 | $181.0M | $171.0M | ||
| Q2 24 | $209.0M | $181.4M |
| Q1 26 | — | 27.9% | ||
| Q4 25 | — | 27.1% | ||
| Q3 25 | — | 27.5% | ||
| Q2 25 | — | 29.3% | ||
| Q1 25 | — | 28.1% | ||
| Q4 24 | — | 26.7% | ||
| Q3 24 | — | 26.2% | ||
| Q2 24 | — | 27.1% |
| Q1 26 | — | 7.2% | ||
| Q4 25 | 18.4% | 6.4% | ||
| Q3 25 | 11.5% | 11.4% | ||
| Q2 25 | 11.9% | 13.2% | ||
| Q1 25 | 10.6% | 7.3% | ||
| Q4 24 | 14.9% | 7.8% | ||
| Q3 24 | 9.7% | 11.6% | ||
| Q2 24 | 14.3% | 12.6% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | 14.5% | 4.5% | ||
| Q3 25 | 9.2% | 7.8% | ||
| Q2 25 | 9.0% | 8.9% | ||
| Q1 25 | 8.3% | 5.2% | ||
| Q4 24 | 11.9% | 5.5% | ||
| Q3 24 | 7.6% | 7.9% | ||
| Q2 24 | 11.0% | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | $3.59 | $1.82 | ||
| Q3 25 | $2.58 | $3.98 | ||
| Q2 25 | $2.07 | $4.52 | ||
| Q1 25 | $1.84 | $1.93 | ||
| Q4 24 | $3.03 | $2.42 | ||
| Q3 24 | $2.16 | $4.22 | ||
| Q2 24 | $2.49 | $4.49 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.7B | $392.7M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $4.8B | $3.2B |
| Total Assets | $32.6B | $4.6B |
| Debt / EquityLower = less leverage | 0.38× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $392.7M | ||
| Q4 25 | $1.7B | $733.3M | ||
| Q3 25 | $1.8B | $524.3M | ||
| Q2 25 | $1.3B | $293.0M | ||
| Q1 25 | $1.3B | $431.8M | ||
| Q4 24 | $1.4B | $781.9M | ||
| Q3 24 | $1.3B | $550.0M | ||
| Q2 24 | $1.1B | $424.9M |
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | $361.6M | ||
| Q3 25 | $1.8B | $340.8M | ||
| Q2 25 | $1.5B | $338.7M | ||
| Q1 25 | $1.5B | $346.4M | ||
| Q4 24 | $1.5B | $337.2M | ||
| Q3 24 | $1.5B | $321.0M | ||
| Q2 24 | $1.5B | $307.1M |
| Q1 26 | — | $3.2B | ||
| Q4 25 | $4.8B | $2.8B | ||
| Q3 25 | $4.7B | $2.8B | ||
| Q2 25 | $4.5B | $2.8B | ||
| Q1 25 | $4.4B | $2.7B | ||
| Q4 24 | $4.5B | $2.7B | ||
| Q3 24 | $4.7B | $2.7B | ||
| Q2 24 | $4.4B | $2.6B |
| Q1 26 | — | $4.6B | ||
| Q4 25 | $32.6B | $4.4B | ||
| Q3 25 | $33.8B | $4.6B | ||
| Q2 25 | $30.7B | $4.7B | ||
| Q1 25 | $30.3B | $4.5B | ||
| Q4 24 | $30.8B | $4.5B | ||
| Q3 24 | $32.6B | $4.5B | ||
| Q2 24 | $29.9B | $4.4B |
| Q1 26 | — | — | ||
| Q4 25 | 0.38× | 0.13× | ||
| Q3 25 | 0.38× | 0.12× | ||
| Q2 25 | 0.33× | 0.12× | ||
| Q1 25 | 0.34× | 0.13× | ||
| Q4 24 | 0.33× | 0.13× | ||
| Q3 24 | 0.31× | 0.12× | ||
| Q2 24 | 0.34× | 0.12× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $784.0M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 2.62× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $784.0M | $399.8M | ||
| Q3 25 | $216.0M | $354.9M | ||
| Q2 25 | $191.0M | $-7.4M | ||
| Q1 25 | $342.0M | $-177.6M | ||
| Q4 24 | $674.0M | $378.9M | ||
| Q3 24 | $459.0M | $232.8M | ||
| Q2 24 | $-88.0M | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $388.5M | ||
| Q3 25 | — | $346.1M | ||
| Q2 25 | — | $-14.3M | ||
| Q1 25 | — | $-185.2M | ||
| Q4 24 | — | $370.9M | ||
| Q3 24 | — | $223.0M | ||
| Q2 24 | — | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 24.6% | ||
| Q3 25 | — | 16.7% | ||
| Q2 25 | — | -0.7% | ||
| Q1 25 | — | -12.1% | ||
| Q4 24 | — | 21.1% | ||
| Q3 24 | — | 10.3% | ||
| Q2 24 | — | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.7% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 2.62× | 5.57× | ||
| Q3 25 | 1.00× | 2.20× | ||
| Q2 25 | 1.10× | -0.04× | ||
| Q1 25 | 2.22× | -2.22× | ||
| Q4 24 | 2.64× | 3.91× | ||
| Q3 24 | 2.54× | 1.36× | ||
| Q2 24 | -0.42× | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AFG
| Property And Casualty Insurance | $2.0B | 96% |
| Other | $83.0M | 4% |
WSO
Segment breakdown not available.
