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Side-by-side financial comparison of Baxter International (BAX) and WATSCO INC (WSO). Click either name above to swap in a different company.
Baxter International is the larger business by last-quarter revenue ($2.7B vs $1.5B, roughly 1.8× WATSCO INC). WATSCO INC runs the higher net margin — 6.1% vs -0.6%, a 6.6% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (3.0% vs 0.1%). Over the past eight quarters, WATSCO INC's revenue compounded faster (-15.3% CAGR vs -15.8%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
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.
BAX vs WSO — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.7B | $1.5B |
| Net Profit | $-15.0M | $92.9M |
| Gross Margin | 33.0% | 27.9% |
| Operating Margin | 2.4% | 7.2% |
| Net Margin | -0.6% | 6.1% |
| Revenue YoY | 3.0% | 0.1% |
| Net Profit YoY | — | -1.7% |
| EPS (diluted) | $-0.03 | — |
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 | $2.7B | $1.5B | ||
| Q4 25 | $3.0B | $1.6B | ||
| Q3 25 | $2.8B | $2.1B | ||
| Q2 25 | $2.8B | $2.1B | ||
| Q1 25 | $2.6B | $1.5B | ||
| Q4 24 | $533.0M | $1.8B | ||
| Q3 24 | $2.7B | $2.2B | ||
| Q2 24 | $3.8B | $2.1B |
| Q1 26 | $-15.0M | $92.9M | ||
| Q4 25 | $-1.1B | $71.7M | ||
| Q3 25 | $-46.0M | $161.6M | ||
| Q2 25 | $91.0M | $183.6M | ||
| Q1 25 | $126.0M | $80.1M | ||
| Q4 24 | $-512.0M | $96.8M | ||
| Q3 24 | $140.0M | $171.0M | ||
| Q2 24 | $-314.0M | $181.4M |
| Q1 26 | 33.0% | 27.9% | ||
| Q4 25 | 19.4% | 27.1% | ||
| Q3 25 | 33.5% | 27.5% | ||
| Q2 25 | 35.3% | 29.3% | ||
| Q1 25 | 32.8% | 28.1% | ||
| Q4 24 | 25.0% | 26.7% | ||
| Q3 24 | 38.3% | 26.2% | ||
| Q2 24 | 37.5% | 27.1% |
| Q1 26 | 2.4% | 7.2% | ||
| Q4 25 | -24.5% | 6.4% | ||
| Q3 25 | 6.1% | 11.4% | ||
| Q2 25 | 6.8% | 13.2% | ||
| Q1 25 | 2.2% | 7.3% | ||
| Q4 24 | -25.5% | 7.8% | ||
| Q3 24 | 5.7% | 11.6% | ||
| Q2 24 | -5.0% | 12.6% |
| Q1 26 | -0.6% | 6.1% | ||
| Q4 25 | -37.9% | 4.5% | ||
| Q3 25 | -1.6% | 7.8% | ||
| Q2 25 | 3.2% | 8.9% | ||
| Q1 25 | 4.8% | 5.2% | ||
| Q4 24 | -96.1% | 5.5% | ||
| Q3 24 | 5.2% | 7.9% | ||
| Q2 24 | -8.2% | 8.5% |
| Q1 26 | $-0.03 | — | ||
| Q4 25 | $-2.21 | $1.82 | ||
| Q3 25 | $-0.09 | $3.98 | ||
| Q2 25 | $0.18 | $4.52 | ||
| Q1 25 | $0.25 | $1.93 | ||
| Q4 24 | $-0.99 | $2.42 | ||
| Q3 24 | $0.27 | $4.22 | ||
| Q2 24 | $-0.62 | $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 | — | $392.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $3.2B |
| Total Assets | — | $4.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $392.7M | ||
| Q4 25 | $2.0B | $733.3M | ||
| Q3 25 | $1.7B | $524.3M | ||
| Q2 25 | $1.7B | $293.0M | ||
| Q1 25 | $2.3B | $431.8M | ||
| Q4 24 | $1.8B | $781.9M | ||
| Q3 24 | $1.4B | $550.0M | ||
| Q2 24 | $2.1B | $424.9M |
| Q1 26 | — | — | ||
| Q4 25 | $9.5B | $361.6M | ||
| Q3 25 | — | $340.8M | ||
| Q2 25 | — | $338.7M | ||
| Q1 25 | — | $346.4M | ||
| Q4 24 | $10.4B | $337.2M | ||
| Q3 24 | $10.4B | $321.0M | ||
| Q2 24 | $10.4B | $307.1M |
| Q1 26 | — | $3.2B | ||
| Q4 25 | $6.1B | $2.8B | ||
| Q3 25 | $7.2B | $2.8B | ||
| Q2 25 | $7.3B | $2.8B | ||
| Q1 25 | $7.1B | $2.7B | ||
| Q4 24 | $7.0B | $2.7B | ||
| Q3 24 | $7.9B | $2.7B | ||
| Q2 24 | $7.6B | $2.6B |
| Q1 26 | — | $4.6B | ||
| Q4 25 | $20.1B | $4.4B | ||
| Q3 25 | $21.1B | $4.6B | ||
| Q2 25 | $21.0B | $4.7B | ||
| Q1 25 | $21.3B | $4.5B | ||
| Q4 24 | $25.8B | $4.5B | ||
| Q3 24 | $26.7B | $4.5B | ||
| Q2 24 | $26.3B | $4.4B |
| Q1 26 | — | — | ||
| Q4 25 | 1.55× | 0.13× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | 1.49× | 0.13× | ||
| Q3 24 | 1.33× | 0.12× | ||
| Q2 24 | 1.37× | 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 | — | — |
| Free Cash FlowOCF − Capex | $76.0M | — |
| FCF MarginFCF / Revenue | 2.8% | — |
| Capex IntensityCapex / Revenue | 5.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $584.0M | $399.8M | ||
| Q3 25 | $237.0M | $354.9M | ||
| Q2 25 | $217.0M | $-7.4M | ||
| Q1 25 | $-193.0M | $-177.6M | ||
| Q4 24 | $488.0M | $378.9M | ||
| Q3 24 | $253.0M | $232.8M | ||
| Q2 24 | $115.0M | $57.7M |
| Q1 26 | $76.0M | — | ||
| 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 | 2.8% | — | ||
| 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 | 5.1% | — | ||
| 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 | — | 5.57× | ||
| Q3 25 | — | 2.20× | ||
| Q2 25 | 2.38× | -0.04× | ||
| Q1 25 | -1.53× | -2.22× | ||
| Q4 24 | — | 3.91× | ||
| Q3 24 | 1.81× | 1.36× | ||
| Q2 24 | — | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
