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Side-by-side financial comparison of BXP, Inc. (BXP) and WATSCO INC (WSO). Click either name above to swap in a different company.
WATSCO INC is the larger business by last-quarter revenue ($1.5B vs $872.1M, roughly 1.8× BXP, Inc.). BXP, Inc. runs the higher net margin — 15.3% vs 6.1%, a 9.2% gap on every dollar of revenue. On growth, BXP, Inc. posted the faster year-over-year revenue change (0.8% vs 0.1%). Over the past eight quarters, BXP, Inc.'s revenue compounded faster (1.3% CAGR vs -15.3%).
BXP Inc., operating as Boston Properties, is a leading U.S. real estate investment trust focused on owning, managing and developing high-quality Class A commercial office properties across major U.S. metro markets, serving diverse corporate, tech and professional service tenants.
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.
BXP vs WSO — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $872.1M | $1.5B |
| Net Profit | $133.0M | $92.9M |
| Gross Margin | — | 27.9% |
| Operating Margin | — | 7.2% |
| Net Margin | 15.3% | 6.1% |
| Revenue YoY | 0.8% | 0.1% |
| Net Profit YoY | 53.0% | -1.7% |
| EPS (diluted) | $1.69 | — |
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 | $872.1M | $1.5B | ||
| Q4 25 | $877.1M | $1.6B | ||
| Q3 25 | $871.5M | $2.1B | ||
| Q2 25 | $868.5M | $2.1B | ||
| Q1 25 | $865.2M | $1.5B | ||
| Q4 24 | $858.6M | $1.8B | ||
| Q3 24 | $859.2M | $2.2B | ||
| Q2 24 | $850.5M | $2.1B |
| Q1 26 | $133.0M | $92.9M | ||
| Q4 25 | $248.4M | $71.7M | ||
| Q3 25 | $-121.7M | $161.6M | ||
| Q2 25 | $89.0M | $183.6M | ||
| Q1 25 | $61.2M | $80.1M | ||
| Q4 24 | $-228.9M | $96.8M | ||
| Q3 24 | $83.6M | $171.0M | ||
| Q2 24 | $79.6M | $181.4M |
| Q1 26 | — | 27.9% | ||
| Q4 25 | 58.8% | 27.1% | ||
| Q3 25 | 59.3% | 27.5% | ||
| Q2 25 | 59.2% | 29.3% | ||
| Q1 25 | 59.2% | 28.1% | ||
| Q4 24 | 59.7% | 26.7% | ||
| Q3 24 | 59.5% | 26.2% | ||
| Q2 24 | 59.8% | 27.1% |
| Q1 26 | — | 7.2% | ||
| Q4 25 | — | 6.4% | ||
| Q3 25 | — | 11.4% | ||
| Q2 25 | — | 13.2% | ||
| Q1 25 | — | 7.3% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | — | 11.6% | ||
| Q2 24 | — | 12.6% |
| Q1 26 | 15.3% | 6.1% | ||
| Q4 25 | 28.3% | 4.5% | ||
| Q3 25 | -14.0% | 7.8% | ||
| Q2 25 | 10.2% | 8.9% | ||
| Q1 25 | 7.1% | 5.2% | ||
| Q4 24 | -26.7% | 5.5% | ||
| Q3 24 | 9.7% | 7.9% | ||
| Q2 24 | 9.4% | 8.5% |
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $1.82 | ||
| Q3 25 | $-0.77 | $3.98 | ||
| Q2 25 | $0.56 | $4.52 | ||
| Q1 25 | $0.39 | $1.93 | ||
| Q4 24 | $-1.46 | $2.42 | ||
| Q3 24 | $0.53 | $4.22 | ||
| Q2 24 | $0.51 | $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 | $512.8M | $392.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $7.7B | $3.2B |
| Total Assets | $25.1B | $4.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $512.8M | $392.7M | ||
| Q4 25 | $1.5B | $733.3M | ||
| Q3 25 | $861.1M | $524.3M | ||
| Q2 25 | $447.0M | $293.0M | ||
| Q1 25 | $398.1M | $431.8M | ||
| Q4 24 | $1.3B | $781.9M | ||
| Q3 24 | $1.4B | $550.0M | ||
| Q2 24 | $685.4M | $424.9M |
| Q1 26 | — | — | ||
| 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 26 | $7.7B | $3.2B | ||
| Q4 25 | $5.1B | $2.8B | ||
| Q3 25 | $5.0B | $2.8B | ||
| Q2 25 | $5.3B | $2.8B | ||
| Q1 25 | $5.3B | $2.7B | ||
| Q4 24 | $5.4B | $2.7B | ||
| Q3 24 | $5.8B | $2.7B | ||
| Q2 24 | $5.8B | $2.6B |
| Q1 26 | $25.1B | $4.6B | ||
| Q4 25 | $26.2B | $4.4B | ||
| Q3 25 | $26.0B | $4.6B | ||
| Q2 25 | $25.6B | $4.7B | ||
| Q1 25 | $25.4B | $4.5B | ||
| Q4 24 | $26.1B | $4.5B | ||
| Q3 24 | $26.4B | $4.5B | ||
| Q2 24 | $25.5B | $4.4B |
| Q1 26 | — | — | ||
| 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× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BXP
| Lease | $818.2M | 94% |
| Parking and other | $30.8M | 4% |
| Development and management services | $9.2M | 1% |
WSO
Segment breakdown not available.
