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Side-by-side financial comparison of CrossAmerica Partners LP (CAPL) 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 $866.3M, roughly 1.8× CrossAmerica Partners LP). WATSCO INC runs the higher net margin — 6.1% vs 1.2%, a 4.9% gap on every dollar of revenue. On growth, WATSCO INC posted the faster year-over-year revenue change (0.1% vs -8.3%). Over the past eight quarters, CrossAmerica Partners LP's revenue compounded faster (-4.1% CAGR vs -15.3%).
TowerBrook Capital Partners, L.P. is an investment management firm headquartered in London and New York City. TowerBrook spun out of Soros Fund Management in 2005 and became known for acquiring majority stakes in companies such as Jimmy Choo. Managing $25+ billion in a number of private equity funds and structured opportunities funds, TowerBrook listed 110 investments on its website as of 2025.
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.
CAPL vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $866.3M | $1.5B |
| Net Profit | $10.2M | $92.9M |
| Gross Margin | 12.4% | 27.9% |
| Operating Margin | 3.0% | 7.2% |
| Net Margin | 1.2% | 6.1% |
| Revenue YoY | -8.3% | 0.1% |
| Net Profit YoY | -39.6% | -1.7% |
| EPS (diluted) | $0.24 | — |
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 | — | $1.5B | ||
| Q4 25 | $866.3M | $1.6B | ||
| Q3 25 | $971.8M | $2.1B | ||
| Q2 25 | $961.9M | $2.1B | ||
| Q1 25 | $862.5M | $1.5B | ||
| Q4 24 | $944.2M | $1.8B | ||
| Q3 24 | $1.1B | $2.2B | ||
| Q2 24 | $1.1B | $2.1B |
| Q1 26 | — | $92.9M | ||
| Q4 25 | $10.2M | $71.7M | ||
| Q3 25 | $13.6M | $161.6M | ||
| Q2 25 | $25.2M | $183.6M | ||
| Q1 25 | $-7.1M | $80.1M | ||
| Q4 24 | $16.9M | $96.8M | ||
| Q3 24 | $10.7M | $171.0M | ||
| Q2 24 | $12.4M | $181.4M |
| Q1 26 | — | 27.9% | ||
| Q4 25 | 12.4% | 27.1% | ||
| Q3 25 | 10.8% | 27.5% | ||
| Q2 25 | 10.5% | 29.3% | ||
| Q1 25 | 10.4% | 28.1% | ||
| Q4 24 | 10.7% | 26.7% | ||
| Q3 24 | 10.3% | 26.2% | ||
| Q2 24 | 9.2% | 27.1% |
| Q1 26 | — | 7.2% | ||
| Q4 25 | 3.0% | 6.4% | ||
| Q3 25 | 2.9% | 11.4% | ||
| Q2 25 | 4.3% | 13.2% | ||
| Q1 25 | 0.2% | 7.3% | ||
| Q4 24 | 3.0% | 7.8% | ||
| Q3 24 | 2.5% | 11.6% | ||
| Q2 24 | 2.5% | 12.6% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | 1.2% | 4.5% | ||
| Q3 25 | 1.4% | 7.8% | ||
| Q2 25 | 2.6% | 8.9% | ||
| Q1 25 | -0.8% | 5.2% | ||
| Q4 24 | 1.8% | 5.5% | ||
| Q3 24 | 1.0% | 7.9% | ||
| Q2 24 | 1.1% | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | $0.24 | $1.82 | ||
| Q3 25 | $0.34 | $3.98 | ||
| Q2 25 | $0.64 | $4.52 | ||
| Q1 25 | $-0.20 | $1.93 | ||
| Q4 24 | $0.42 | $2.42 | ||
| Q3 24 | $0.27 | $4.22 | ||
| Q2 24 | $0.31 | $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 | $3.1M | $392.7M |
| Total DebtLower is stronger | $687.2M | — |
| Stockholders' EquityBook value | — | $3.2B |
| Total Assets | $964.7M | $4.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $392.7M | ||
| Q4 25 | $3.1M | $733.3M | ||
| Q3 25 | $5.8M | $524.3M | ||
| Q2 25 | $9.7M | $293.0M | ||
| Q1 25 | $6.7M | $431.8M | ||
| Q4 24 | $3.4M | $781.9M | ||
| Q3 24 | $7.8M | $550.0M | ||
| Q2 24 | $5.5M | $424.9M |
| Q1 26 | — | — | ||
| Q4 25 | $687.2M | $361.6M | ||
| Q3 25 | $700.8M | $340.8M | ||
| Q2 25 | $722.7M | $338.7M | ||
| Q1 25 | $774.1M | $346.4M | ||
| Q4 24 | $763.9M | $337.2M | ||
| Q3 24 | $769.2M | $321.0M | ||
| Q2 24 | $786.7M | $307.1M |
| Q1 26 | — | $3.2B | ||
| Q4 25 | — | $2.8B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | — | $2.8B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.6B |
| Q1 26 | — | $4.6B | ||
| Q4 25 | $964.7M | $4.4B | ||
| Q3 25 | $998.9M | $4.6B | ||
| Q2 25 | $1.0B | $4.7B | ||
| Q1 25 | $1.1B | $4.5B | ||
| Q4 24 | $1.1B | $4.5B | ||
| Q3 24 | $1.1B | $4.5B | ||
| Q2 24 | $1.2B | $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× |
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 | $29.4M | — |
| Free Cash FlowOCF − Capex | $22.4M | — |
| FCF MarginFCF / Revenue | 2.6% | — |
| Capex IntensityCapex / Revenue | 0.8% | — |
| Cash ConversionOCF / Net Profit | 2.89× | — |
| TTM Free Cash FlowTrailing 4 quarters | $55.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $29.4M | $399.8M | ||
| Q3 25 | $24.4M | $354.9M | ||
| Q2 25 | $22.6M | $-7.4M | ||
| Q1 25 | $15.0M | $-177.6M | ||
| Q4 24 | $11.1M | $378.9M | ||
| Q3 24 | $41.9M | $232.8M | ||
| Q2 24 | $28.9M | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | $22.4M | $388.5M | ||
| Q3 25 | $17.7M | $346.1M | ||
| Q2 25 | $10.8M | $-14.3M | ||
| Q1 25 | $4.9M | $-185.2M | ||
| Q4 24 | $3.9M | $370.9M | ||
| Q3 24 | $34.2M | $223.0M | ||
| Q2 24 | $23.6M | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 24.6% | ||
| Q3 25 | 1.8% | 16.7% | ||
| Q2 25 | 1.1% | -0.7% | ||
| Q1 25 | 0.6% | -12.1% | ||
| Q4 24 | 0.4% | 21.1% | ||
| Q3 24 | 3.2% | 10.3% | ||
| Q2 24 | 2.1% | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.8% | 0.7% | ||
| Q3 25 | 0.7% | 0.4% | ||
| Q2 25 | 1.2% | 0.3% | ||
| Q1 25 | 1.2% | 0.5% | ||
| Q4 24 | 0.8% | 0.5% | ||
| Q3 24 | 0.7% | 0.5% | ||
| Q2 24 | 0.5% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 2.89× | 5.57× | ||
| Q3 25 | 1.79× | 2.20× | ||
| Q2 25 | 0.90× | -0.04× | ||
| Q1 25 | — | -2.22× | ||
| Q4 24 | 0.66× | 3.91× | ||
| Q3 24 | 3.92× | 1.36× | ||
| Q2 24 | 2.33× | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CAPL
| Retail Segment | $505.3M | 58% |
| Wholesale | $360.9M | 42% |
| Other | $1.2M | 0% |
WSO
Segment breakdown not available.
