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Side-by-side financial comparison of Bath & Body Works, Inc. (BBWI) and WATSCO INC (WSO). Click either name above to swap in a different company.
Bath & Body Works, Inc. is the larger business by last-quarter revenue ($1.6B vs $1.6B, roughly 1.0× WATSCO INC). Bath & Body Works, Inc. runs the higher net margin — 4.8% vs 4.5%, a 0.3% gap on every dollar of revenue. On growth, Bath & Body Works, Inc. posted the faster year-over-year revenue change (-1.0% vs -10.0%). WATSCO INC produced more free cash flow last quarter ($388.5M vs $-1.0M). Over the past eight quarters, WATSCO INC's revenue compounded faster (0.4% CAGR vs -26.0%).
Bath & Body Works, Inc. is an American specialty retail company based in Columbus, Ohio. It owns Bath & Body Works, posted $7.4 billion in revenue in 2023, and was listed as 481 on the 2024 Fortune 500 list of largest United States companies by revenue.
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.
BBWI vs WSO — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $1.6B |
| Net Profit | $77.0M | $71.7M |
| Gross Margin | 41.3% | 27.1% |
| Operating Margin | 10.1% | 6.4% |
| Net Margin | 4.8% | 4.5% |
| Revenue YoY | -1.0% | -10.0% |
| Net Profit YoY | -27.4% | -25.9% |
| EPS (diluted) | $0.37 | $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 | $1.6B | $1.6B | ||
| Q3 25 | $1.5B | $2.1B | ||
| Q2 25 | $1.4B | $2.1B | ||
| Q1 25 | $2.8B | $1.5B | ||
| Q4 24 | $1.6B | $1.8B | ||
| Q3 24 | $1.5B | $2.2B | ||
| Q2 24 | $1.4B | $2.1B | ||
| Q1 24 | $2.9B | $1.6B |
| Q4 25 | $77.0M | $71.7M | ||
| Q3 25 | $64.0M | $161.6M | ||
| Q2 25 | $105.0M | $183.6M | ||
| Q1 25 | $453.0M | $80.1M | ||
| Q4 24 | $106.0M | $96.8M | ||
| Q3 24 | $152.0M | $171.0M | ||
| Q2 24 | $87.0M | $181.4M | ||
| Q1 24 | $579.0M | $87.0M |
| Q4 25 | 41.3% | 27.1% | ||
| Q3 25 | 41.3% | 27.5% | ||
| Q2 25 | 45.4% | 29.3% | ||
| Q1 25 | 46.7% | 28.1% | ||
| Q4 24 | 43.5% | 26.7% | ||
| Q3 24 | 41.0% | 26.2% | ||
| Q2 24 | 43.8% | 27.1% | ||
| Q1 24 | 45.9% | 27.5% |
| Q4 25 | 10.1% | 6.4% | ||
| Q3 25 | 10.1% | 11.4% | ||
| Q2 25 | 14.7% | 13.2% | ||
| Q1 25 | 24.3% | 7.3% | ||
| Q4 24 | 13.5% | 7.8% | ||
| Q3 24 | 12.0% | 11.6% | ||
| Q2 24 | 13.5% | 12.6% | ||
| Q1 24 | 23.9% | 8.1% |
| Q4 25 | 4.8% | 4.5% | ||
| Q3 25 | 4.1% | 7.8% | ||
| Q2 25 | 7.4% | 8.9% | ||
| Q1 25 | 16.3% | 5.2% | ||
| Q4 24 | 6.6% | 5.5% | ||
| Q3 24 | 10.0% | 7.9% | ||
| Q2 24 | 6.3% | 8.5% | ||
| Q1 24 | 19.9% | 5.6% |
| Q4 25 | $0.37 | $1.82 | ||
| Q3 25 | $0.30 | $3.98 | ||
| Q2 25 | $0.49 | $4.52 | ||
| Q1 25 | $2.06 | $1.93 | ||
| Q4 24 | $0.49 | $2.42 | ||
| Q3 24 | $0.68 | $4.22 | ||
| Q2 24 | $0.38 | $4.49 | ||
| Q1 24 | $2.54 | $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 | $236.0M | $733.3M |
| Total DebtLower is stronger | $3.9B | $361.6M |
| Stockholders' EquityBook value | $-1.6B | $2.8B |
| Total Assets | $5.0B | $4.4B |
| Debt / EquityLower = less leverage | — | 0.13× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $236.0M | $733.3M | ||
| Q3 25 | $364.0M | $524.3M | ||
| Q2 25 | $636.0M | $293.0M | ||
| Q1 25 | $674.0M | $431.8M | ||
| Q4 24 | $191.0M | $781.9M | ||
| Q3 24 | $514.0M | $550.0M | ||
| Q2 24 | $855.0M | $424.9M | ||
| Q1 24 | $1.1B | $478.9M |
| Q4 25 | $3.9B | $361.6M | ||
| Q3 25 | $3.9B | $340.8M | ||
| Q2 25 | $3.9B | $338.7M | ||
| Q1 25 | $3.9B | $346.4M | ||
| Q4 24 | $4.2B | $337.2M | ||
| Q3 24 | $4.2B | $321.0M | ||
| Q2 24 | $4.3B | $307.1M | ||
| Q1 24 | $4.4B | $306.3M |
| Q4 25 | $-1.6B | $2.8B | ||
| Q3 25 | $-1.5B | $2.8B | ||
| Q2 25 | $-1.5B | $2.8B | ||
| Q1 25 | $-1.4B | $2.7B | ||
| Q4 24 | $-1.7B | $2.7B | ||
| Q3 24 | $-1.7B | $2.7B | ||
| Q2 24 | $-1.7B | $2.6B | ||
| Q1 24 | $-1.6B | $2.5B |
| Q4 25 | $5.0B | $4.4B | ||
| Q3 25 | $4.8B | $4.6B | ||
| Q2 25 | $4.9B | $4.7B | ||
| Q1 25 | $4.9B | $4.5B | ||
| Q4 24 | $5.0B | $4.5B | ||
| Q3 24 | $4.9B | $4.5B | ||
| Q2 24 | $5.2B | $4.4B | ||
| Q1 24 | $5.5B | $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 | $80.0M | $399.8M |
| Free Cash FlowOCF − Capex | $-1.0M | $388.5M |
| FCF MarginFCF / Revenue | -0.1% | 24.6% |
| Capex IntensityCapex / Revenue | 5.1% | 0.7% |
| Cash ConversionOCF / Net Profit | 1.04× | 5.57× |
| TTM Free Cash FlowTrailing 4 quarters | $946.0M | $535.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $80.0M | $399.8M | ||
| Q3 25 | $-43.0M | $354.9M | ||
| Q2 25 | $188.0M | $-7.4M | ||
| Q1 25 | $955.0M | $-177.6M | ||
| Q4 24 | $-99.0M | $378.9M | ||
| Q3 24 | $-46.0M | $232.8M | ||
| Q2 24 | $76.0M | $57.7M | ||
| Q1 24 | $926.0M | $103.7M |
| Q4 25 | $-1.0M | $388.5M | ||
| Q3 25 | $-99.0M | $346.1M | ||
| Q2 25 | $151.0M | $-14.3M | ||
| Q1 25 | $895.0M | $-185.2M | ||
| Q4 24 | $-164.0M | $370.9M | ||
| Q3 24 | $-101.0M | $223.0M | ||
| Q2 24 | $30.0M | $51.3M | ||
| Q1 24 | $878.0M | $97.9M |
| Q4 25 | -0.1% | 24.6% | ||
| Q3 25 | -6.4% | 16.7% | ||
| Q2 25 | 10.6% | -0.7% | ||
| Q1 25 | 32.1% | -12.1% | ||
| Q4 24 | -10.2% | 21.1% | ||
| Q3 24 | -6.6% | 10.3% | ||
| Q2 24 | 2.2% | 2.4% | ||
| Q1 24 | 30.2% | 6.3% |
| Q4 25 | 5.1% | 0.7% | ||
| Q3 25 | 3.6% | 0.4% | ||
| Q2 25 | 2.6% | 0.3% | ||
| Q1 25 | 2.2% | 0.5% | ||
| Q4 24 | 4.0% | 0.5% | ||
| Q3 24 | 3.6% | 0.5% | ||
| Q2 24 | 3.3% | 0.3% | ||
| Q1 24 | 1.6% | 0.4% |
| Q4 25 | 1.04× | 5.57× | ||
| Q3 25 | -0.67× | 2.20× | ||
| Q2 25 | 1.79× | -0.04× | ||
| Q1 25 | 2.11× | -2.22× | ||
| Q4 24 | -0.93× | 3.91× | ||
| Q3 24 | -0.30× | 1.36× | ||
| Q2 24 | 0.87× | 0.32× | ||
| Q1 24 | 1.60× | 1.19× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BBWI
| Bath Body Works Stores | $1.2B | 77% |
| Bath Body Works Direct | $299.0M | 19% |
| Bath Body Works International | $73.0M | 5% |
WSO
Segment breakdown not available.
