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Side-by-side financial comparison of Air Products (APD) and WATSCO INC (WSO). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $1.6B, roughly 2.0× WATSCO INC). Air Products runs the higher net margin — 21.9% vs 4.5%, a 17.3% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs -10.0%). WATSCO INC produced more free cash flow last quarter ($388.5M vs $-350.5M). Over the past eight quarters, Air Products's revenue compounded faster (2.9% CAGR vs 0.4%).
Air Products and Chemicals, Inc. provides atmospheric gases, process and specialty gases, equipment, and services worldwide. The company produces atmospheric gases, including oxygen, nitrogen, and argon; process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, syngas; specialty gases; and equipment for the production or processing of gases comprising air separation units and non-cryogenic generators for customers in various industries, including refining, chemical, gasificati...
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.
APD vs WSO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $1.6B |
| Net Profit | $678.2M | $71.7M |
| Gross Margin | 32.1% | 27.1% |
| Operating Margin | 23.7% | 6.4% |
| Net Margin | 21.9% | 4.5% |
| Revenue YoY | 5.8% | -10.0% |
| Net Profit YoY | 9.8% | -25.9% |
| EPS (diluted) | $3.04 | $1.82 |
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.
| Q4 25 | $3.1B | $1.6B | ||
| Q3 25 | $3.2B | $2.1B | ||
| Q2 25 | $3.0B | $2.1B | ||
| Q1 25 | $2.9B | $1.5B | ||
| Q4 24 | $2.9B | $1.8B | ||
| Q3 24 | $3.2B | $2.2B | ||
| Q2 24 | $3.0B | $2.1B | ||
| Q1 24 | $2.9B | $1.6B |
| Q4 25 | $678.2M | $71.7M | ||
| Q3 25 | $4.9M | $161.6M | ||
| Q2 25 | $713.8M | $183.6M | ||
| Q1 25 | $-1.7B | $80.1M | ||
| Q4 24 | $617.4M | $96.8M | ||
| Q3 24 | $1.9B | $171.0M | ||
| Q2 24 | $696.6M | $181.4M | ||
| Q1 24 | $572.4M | $87.0M |
| Q4 25 | 32.1% | 27.1% | ||
| Q3 25 | 32.3% | 27.5% | ||
| Q2 25 | 32.5% | 29.3% | ||
| Q1 25 | 29.6% | 28.1% | ||
| Q4 24 | 31.2% | 26.7% | ||
| Q3 24 | 34.0% | 26.2% | ||
| Q2 24 | 32.8% | 27.1% | ||
| Q1 24 | 32.0% | 27.5% |
| Q4 25 | 23.7% | 6.4% | ||
| Q3 25 | 0.5% | 11.4% | ||
| Q2 25 | 26.2% | 13.2% | ||
| Q1 25 | -79.8% | 7.3% | ||
| Q4 24 | 22.0% | 7.8% | ||
| Q3 24 | 76.1% | 11.6% | ||
| Q2 24 | 24.7% | 12.6% | ||
| Q1 24 | 21.7% | 8.1% |
| Q4 25 | 21.9% | 4.5% | ||
| Q3 25 | 0.2% | 7.8% | ||
| Q2 25 | 23.6% | 8.9% | ||
| Q1 25 | -59.3% | 5.2% | ||
| Q4 24 | 21.1% | 5.5% | ||
| Q3 24 | 61.2% | 7.9% | ||
| Q2 24 | 23.3% | 8.5% | ||
| Q1 24 | 19.5% | 5.6% |
| Q4 25 | $3.04 | $1.82 | ||
| Q3 25 | $0.03 | $3.98 | ||
| Q2 25 | $3.20 | $4.52 | ||
| Q1 25 | $-7.77 | $1.93 | ||
| Q4 24 | $2.77 | $2.42 | ||
| Q3 24 | $8.75 | $4.22 | ||
| Q2 24 | $3.13 | $4.49 | ||
| Q1 24 | $2.57 | $2.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.0B | $733.3M |
| Total DebtLower is stronger | — | $361.6M |
| Stockholders' EquityBook value | $15.4B | $2.8B |
| Total Assets | $41.2B | $4.4B |
| Debt / EquityLower = less leverage | — | 0.13× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $733.3M | ||
| Q3 25 | $1.9B | $524.3M | ||
| Q2 25 | $2.3B | $293.0M | ||
| Q1 25 | $1.6B | $431.8M | ||
| Q4 24 | $2.0B | $781.9M | ||
| Q3 24 | $3.0B | $550.0M | ||
| Q2 24 | $2.4B | $424.9M | ||
| Q1 24 | $2.6B | $478.9M |
| Q4 25 | — | $361.6M | ||
| Q3 25 | — | $340.8M | ||
| Q2 25 | — | $338.7M | ||
| Q1 25 | — | $346.4M | ||
| Q4 24 | — | $337.2M | ||
| Q3 24 | — | $321.0M | ||
| Q2 24 | — | $307.1M | ||
| Q1 24 | — | $306.3M |
| Q4 25 | $15.4B | $2.8B | ||
| Q3 25 | $15.0B | $2.8B | ||
| Q2 25 | $15.5B | $2.8B | ||
| Q1 25 | $14.7B | $2.7B | ||
| Q4 24 | $16.7B | $2.7B | ||
| Q3 24 | $17.0B | $2.7B | ||
| Q2 24 | $15.1B | $2.6B | ||
| Q1 24 | $14.9B | $2.5B |
| Q4 25 | $41.2B | $4.4B | ||
| Q3 25 | $41.1B | $4.6B | ||
| Q2 25 | $41.7B | $4.7B | ||
| Q1 25 | $38.9B | $4.5B | ||
| Q4 24 | $40.0B | $4.5B | ||
| Q3 24 | $39.6B | $4.5B | ||
| Q2 24 | $37.0B | $4.4B | ||
| Q1 24 | $35.9B | $4.4B |
| Q4 25 | — | 0.13× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 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 | $900.7M | $399.8M |
| Free Cash FlowOCF − Capex | $-350.5M | $388.5M |
| FCF MarginFCF / Revenue | -11.3% | 24.6% |
| Capex IntensityCapex / Revenue | 40.3% | 0.7% |
| Cash ConversionOCF / Net Profit | 1.33× | 5.57× |
| TTM Free Cash FlowTrailing 4 quarters | — | $535.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $399.8M | ||
| Q3 25 | — | $354.9M | ||
| Q2 25 | $855.8M | $-7.4M | ||
| Q1 25 | $328.1M | $-177.6M | ||
| Q4 24 | $811.7M | $378.9M | ||
| Q3 24 | — | $232.8M | ||
| Q2 24 | $1.3B | $57.7M | ||
| Q1 24 | $801.7M | $103.7M |
| Q4 25 | $-350.5M | $388.5M | ||
| Q3 25 | — | $346.1M | ||
| Q2 25 | $-640.0M | $-14.3M | ||
| Q1 25 | $-1.6B | $-185.2M | ||
| Q4 24 | $-1.3B | $370.9M | ||
| Q3 24 | — | $223.0M | ||
| Q2 24 | $-345.2M | $51.3M | ||
| Q1 24 | $-867.7M | $97.9M |
| Q4 25 | -11.3% | 24.6% | ||
| Q3 25 | — | 16.7% | ||
| Q2 25 | -21.2% | -0.7% | ||
| Q1 25 | -53.6% | -12.1% | ||
| Q4 24 | -44.5% | 21.1% | ||
| Q3 24 | — | 10.3% | ||
| Q2 24 | -11.6% | 2.4% | ||
| Q1 24 | -29.6% | 6.3% |
| Q4 25 | 40.3% | 0.7% | ||
| Q3 25 | 47.9% | 0.4% | ||
| Q2 25 | 49.5% | 0.3% | ||
| Q1 25 | 64.9% | 0.5% | ||
| Q4 24 | 72.2% | 0.5% | ||
| Q3 24 | 65.1% | 0.5% | ||
| Q2 24 | 53.8% | 0.3% | ||
| Q1 24 | 57.0% | 0.4% |
| Q4 25 | 1.33× | 5.57× | ||
| Q3 25 | — | 2.20× | ||
| Q2 25 | 1.20× | -0.04× | ||
| Q1 25 | — | -2.22× | ||
| Q4 24 | 1.31× | 3.91× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | 1.81× | 0.32× | ||
| Q1 24 | 1.40× | 1.19× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APD
| Other | $1.6B | 53% |
| Onsite | $783.9M | 25% |
| Merchant | $557.8M | 18% |
| Saleof Equipment | $117.0M | 4% |
WSO
Segment breakdown not available.
