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Side-by-side financial comparison of Axon Enterprise (AXON) and WATSCO INC (WSO). Click either name above to swap in a different company.
WATSCO INC is the larger business by last-quarter revenue ($1.6B vs $796.7M, roughly 2.0× Axon Enterprise). WATSCO INC runs the higher net margin — 4.5% vs 0.3%, a 4.2% gap on every dollar of revenue. On growth, Axon Enterprise posted the faster year-over-year revenue change (38.9% vs -10.0%). WATSCO INC produced more free cash flow last quarter ($388.5M vs $155.4M). Over the past eight quarters, Axon Enterprise's revenue compounded faster (31.5% CAGR vs 0.4%).
Axon Enterprise, Inc. is an American company based in Scottsdale, Arizona, that develops weapons and technology products for military, law enforcement, and civilians.
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.
AXON vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $796.7M | $1.6B |
| Net Profit | $2.7M | $71.7M |
| Gross Margin | 57.9% | 27.1% |
| Operating Margin | -6.3% | 6.4% |
| Net Margin | 0.3% | 4.5% |
| Revenue YoY | 38.9% | -10.0% |
| Net Profit YoY | -98.0% | -25.9% |
| EPS (diluted) | $0.02 | $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 | $796.7M | $1.6B | ||
| Q3 25 | $710.6M | $2.1B | ||
| Q2 25 | $668.5M | $2.1B | ||
| Q1 25 | $603.6M | $1.5B | ||
| Q4 24 | $573.4M | $1.8B | ||
| Q3 24 | $544.3M | $2.2B | ||
| Q2 24 | $504.1M | $2.1B | ||
| Q1 24 | $460.7M | $1.6B |
| Q4 25 | $2.7M | $71.7M | ||
| Q3 25 | $-2.2M | $161.6M | ||
| Q2 25 | $36.1M | $183.6M | ||
| Q1 25 | $88.0M | $80.1M | ||
| Q4 24 | $136.0M | $96.8M | ||
| Q3 24 | $67.0M | $171.0M | ||
| Q2 24 | $40.8M | $181.4M | ||
| Q1 24 | $133.2M | $87.0M |
| Q4 25 | 57.9% | 27.1% | ||
| Q3 25 | 60.1% | 27.5% | ||
| Q2 25 | 60.4% | 29.3% | ||
| Q1 25 | 60.6% | 28.1% | ||
| Q4 24 | 60.5% | 26.7% | ||
| Q3 24 | 60.8% | 26.2% | ||
| Q2 24 | 60.3% | 27.1% | ||
| Q1 24 | 56.4% | 27.5% |
| Q4 25 | -6.3% | 6.4% | ||
| Q3 25 | -0.3% | 11.4% | ||
| Q2 25 | -0.2% | 13.2% | ||
| Q1 25 | -1.5% | 7.3% | ||
| Q4 24 | -2.6% | 7.8% | ||
| Q3 24 | 4.4% | 11.6% | ||
| Q2 24 | 6.5% | 12.6% | ||
| Q1 24 | 3.5% | 8.1% |
| Q4 25 | 0.3% | 4.5% | ||
| Q3 25 | -0.3% | 7.8% | ||
| Q2 25 | 5.4% | 8.9% | ||
| Q1 25 | 14.6% | 5.2% | ||
| Q4 24 | 23.7% | 5.5% | ||
| Q3 24 | 12.3% | 7.9% | ||
| Q2 24 | 8.1% | 8.5% | ||
| Q1 24 | 28.9% | 5.6% |
| Q4 25 | $0.02 | $1.82 | ||
| Q3 25 | $-0.03 | $3.98 | ||
| Q2 25 | $0.44 | $4.52 | ||
| Q1 25 | $1.08 | $1.93 | ||
| Q4 24 | $1.68 | $2.42 | ||
| Q3 24 | $0.86 | $4.22 | ||
| Q2 24 | $0.53 | $4.49 | ||
| Q1 24 | $1.73 | $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 | $1.7B | $733.3M |
| Total DebtLower is stronger | $1.8B | $361.6M |
| Stockholders' EquityBook value | $3.2B | $2.8B |
| Total Assets | $7.0B | $4.4B |
| Debt / EquityLower = less leverage | 0.56× | 0.13× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7B | $733.3M | ||
| Q3 25 | $2.4B | $524.3M | ||
| Q2 25 | $2.1B | $293.0M | ||
| Q1 25 | $2.2B | $431.8M | ||
| Q4 24 | $788.1M | $781.9M | ||
| Q3 24 | $1.0B | $550.0M | ||
| Q2 24 | $968.9M | $424.9M | ||
| Q1 24 | $964.1M | $478.9M |
| Q4 25 | $1.8B | $361.6M | ||
| Q3 25 | $2.0B | $340.8M | ||
| Q2 25 | $2.0B | $338.7M | ||
| Q1 25 | $2.0B | $346.4M | ||
| Q4 24 | $680.3M | $337.2M | ||
| Q3 24 | — | $321.0M | ||
| Q2 24 | — | $307.1M | ||
| Q1 24 | — | $306.3M |
| Q4 25 | $3.2B | $2.8B | ||
| Q3 25 | $3.0B | $2.8B | ||
| Q2 25 | $2.7B | $2.8B | ||
| Q1 25 | $2.6B | $2.7B | ||
| Q4 24 | $2.3B | $2.7B | ||
| Q3 24 | $2.1B | $2.7B | ||
| Q2 24 | $1.9B | $2.6B | ||
| Q1 24 | $1.8B | $2.5B |
| Q4 25 | $7.0B | $4.4B | ||
| Q3 25 | $6.7B | $4.6B | ||
| Q2 25 | $6.2B | $4.7B | ||
| Q1 25 | $6.1B | $4.5B | ||
| Q4 24 | $4.5B | $4.5B | ||
| Q3 24 | $4.0B | $4.5B | ||
| Q2 24 | $3.7B | $4.4B | ||
| Q1 24 | $3.6B | $4.4B |
| Q4 25 | 0.56× | 0.13× | ||
| Q3 25 | 0.66× | 0.12× | ||
| Q2 25 | 0.73× | 0.12× | ||
| Q1 25 | 0.79× | 0.13× | ||
| Q4 24 | 0.29× | 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 | $217.2M | $399.8M |
| Free Cash FlowOCF − Capex | $155.4M | $388.5M |
| FCF MarginFCF / Revenue | 19.5% | 24.6% |
| Capex IntensityCapex / Revenue | 7.8% | 0.7% |
| Cash ConversionOCF / Net Profit | 79.14× | 5.57× |
| TTM Free Cash FlowTrailing 4 quarters | $75.1M | $535.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $217.2M | $399.8M | ||
| Q3 25 | $60.0M | $354.9M | ||
| Q2 25 | $-91.7M | $-7.4M | ||
| Q1 25 | $25.8M | $-177.6M | ||
| Q4 24 | $250.2M | $378.9M | ||
| Q3 24 | $91.3M | $232.8M | ||
| Q2 24 | $82.8M | $57.7M | ||
| Q1 24 | $-15.9M | $103.7M |
| Q4 25 | $155.4M | $388.5M | ||
| Q3 25 | $33.4M | $346.1M | ||
| Q2 25 | $-114.7M | $-14.3M | ||
| Q1 25 | $932.0K | $-185.2M | ||
| Q4 24 | $225.4M | $370.9M | ||
| Q3 24 | $64.8M | $223.0M | ||
| Q2 24 | $71.4M | $51.3M | ||
| Q1 24 | $-32.1M | $97.9M |
| Q4 25 | 19.5% | 24.6% | ||
| Q3 25 | 4.7% | 16.7% | ||
| Q2 25 | -17.2% | -0.7% | ||
| Q1 25 | 0.2% | -12.1% | ||
| Q4 24 | 39.3% | 21.1% | ||
| Q3 24 | 11.9% | 10.3% | ||
| Q2 24 | 14.2% | 2.4% | ||
| Q1 24 | -7.0% | 6.3% |
| Q4 25 | 7.8% | 0.7% | ||
| Q3 25 | 3.7% | 0.4% | ||
| Q2 25 | 3.4% | 0.3% | ||
| Q1 25 | 4.1% | 0.5% | ||
| Q4 24 | 4.3% | 0.5% | ||
| Q3 24 | 4.9% | 0.5% | ||
| Q2 24 | 2.2% | 0.3% | ||
| Q1 24 | 3.5% | 0.4% |
| Q4 25 | 79.14× | 5.57× | ||
| Q3 25 | — | 2.20× | ||
| Q2 25 | -2.54× | -0.04× | ||
| Q1 25 | 0.29× | -2.22× | ||
| Q4 24 | 1.84× | 3.91× | ||
| Q3 24 | 1.36× | 1.36× | ||
| Q2 24 | 2.03× | 0.32× | ||
| Q1 24 | -0.12× | 1.19× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AXON
| Software And Sensors Segment | $342.5M | 43% |
| TASER Devices Professional | $264.2M | 33% |
| Personal Sensors | $109.1M | 14% |
| Platform Solutions | $80.9M | 10% |
WSO
Segment breakdown not available.
