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Side-by-side financial comparison of Cincinnati Financial (CINF) and WATSCO INC (WSO). Click either name above to swap in a different company.
Cincinnati Financial is the larger business by last-quarter revenue ($2.8B vs $1.6B, roughly 1.8× WATSCO INC). Cincinnati Financial runs the higher net margin — 9.6% vs 4.5%, a 5.0% gap on every dollar of revenue. On growth, Cincinnati Financial posted the faster year-over-year revenue change (-1.7% vs -10.0%). Over the past eight quarters, Cincinnati Financial's revenue compounded faster (5.2% CAGR vs 0.4%).
Cincinnati Financial Corporation offers property and casualty insurance, its main business, through The Cincinnati Insurance Company, The Cincinnati Indemnity Company and The Cincinnati Casualty Company. The company has 1.01% of the domestic property and casualty insurance premiums, which ranks it as the 20th largest insurance company by market share in the U.S.
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.
CINF vs WSO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.8B | $1.6B |
| Net Profit | $274.0M | $71.7M |
| Gross Margin | — | 27.1% |
| Operating Margin | — | 6.4% |
| Net Margin | 9.6% | 4.5% |
| Revenue YoY | -1.7% | -10.0% |
| Net Profit YoY | — | -25.9% |
| EPS (diluted) | — | $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.
| Q1 26 | $2.8B | — | ||
| Q4 25 | $3.1B | $1.6B | ||
| Q3 25 | $3.7B | $2.1B | ||
| Q2 25 | $3.2B | $2.1B | ||
| Q1 25 | $2.6B | $1.5B | ||
| Q4 24 | $2.5B | $1.8B | ||
| Q3 24 | $3.3B | $2.2B | ||
| Q2 24 | $2.5B | $2.1B |
| Q1 26 | $274.0M | — | ||
| Q4 25 | $676.0M | $71.7M | ||
| Q3 25 | $1.1B | $161.6M | ||
| Q2 25 | $685.0M | $183.6M | ||
| Q1 25 | $-90.0M | $80.1M | ||
| Q4 24 | $405.0M | $96.8M | ||
| Q3 24 | $820.0M | $171.0M | ||
| Q2 24 | $312.0M | $181.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 27.1% | ||
| Q3 25 | — | 27.5% | ||
| Q2 25 | — | 29.3% | ||
| Q1 25 | — | 28.1% | ||
| Q4 24 | — | 26.7% | ||
| Q3 24 | — | 26.2% | ||
| Q2 24 | — | 27.1% |
| Q1 26 | — | — | ||
| Q4 25 | 27.2% | 6.4% | ||
| Q3 25 | 37.9% | 11.4% | ||
| Q2 25 | 26.3% | 13.2% | ||
| Q1 25 | -5.0% | 7.3% | ||
| Q4 24 | 18.9% | 7.8% | ||
| Q3 24 | 31.3% | 11.6% | ||
| Q2 24 | 15.2% | 12.6% |
| Q1 26 | 9.6% | — | ||
| Q4 25 | 21.9% | 4.5% | ||
| Q3 25 | 30.1% | 7.8% | ||
| Q2 25 | 21.1% | 8.9% | ||
| Q1 25 | -3.5% | 5.2% | ||
| Q4 24 | 16.0% | 5.5% | ||
| Q3 24 | 24.7% | 7.9% | ||
| Q2 24 | 12.3% | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | $4.29 | $1.82 | ||
| Q3 25 | $7.11 | $3.98 | ||
| Q2 25 | $4.34 | $4.52 | ||
| Q1 25 | $-0.57 | $1.93 | ||
| Q4 24 | $2.57 | $2.42 | ||
| Q3 24 | $5.20 | $4.22 | ||
| Q2 24 | $1.98 | $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 | $1.2B | $733.3M |
| Total DebtLower is stronger | $816.0M | $361.6M |
| Stockholders' EquityBook value | $15.7B | $2.8B |
| Total Assets | $41.2B | $4.4B |
| Debt / EquityLower = less leverage | 0.05× | 0.13× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.2B | — | ||
| Q4 25 | $148.0M | $733.3M | ||
| Q3 25 | $1.6B | $524.3M | ||
| Q2 25 | $1.1B | $293.0M | ||
| Q1 25 | $1.1B | $431.8M | ||
| Q4 24 | $1.3B | $781.9M | ||
| Q3 24 | $1.8B | $550.0M | ||
| Q2 24 | $771.0M | $424.9M |
| Q1 26 | $816.0M | — | ||
| Q4 25 | $861.0M | $361.6M | ||
| Q3 25 | $858.0M | $340.8M | ||
| Q2 25 | $859.0M | $338.7M | ||
| Q1 25 | $853.0M | $346.4M | ||
| Q4 24 | $850.0M | $337.2M | ||
| Q3 24 | $849.0M | $321.0M | ||
| Q2 24 | $849.0M | $307.1M |
| Q1 26 | $15.7B | — | ||
| Q4 25 | $15.9B | $2.8B | ||
| Q3 25 | $15.4B | $2.8B | ||
| Q2 25 | $14.3B | $2.8B | ||
| Q1 25 | $13.7B | $2.7B | ||
| Q4 24 | $13.9B | $2.7B | ||
| Q3 24 | $13.8B | $2.7B | ||
| Q2 24 | $12.8B | $2.6B |
| Q1 26 | $41.2B | — | ||
| Q4 25 | $41.0B | $4.4B | ||
| Q3 25 | $40.6B | $4.6B | ||
| Q2 25 | $38.8B | $4.7B | ||
| Q1 25 | $37.3B | $4.5B | ||
| Q4 24 | $36.5B | $4.5B | ||
| Q3 24 | $37.0B | $4.5B | ||
| Q2 24 | $34.8B | $4.4B |
| Q1 26 | 0.05× | — | ||
| Q4 25 | 0.05× | 0.13× | ||
| Q3 25 | 0.06× | 0.12× | ||
| Q2 25 | 0.06× | 0.12× | ||
| Q1 25 | 0.06× | 0.13× | ||
| Q4 24 | 0.06× | 0.13× | ||
| Q3 24 | 0.06× | 0.12× | ||
| Q2 24 | 0.07× | 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 | — | $399.8M |
| Free Cash FlowOCF − Capex | — | $388.5M |
| FCF MarginFCF / Revenue | — | 24.6% |
| Capex IntensityCapex / Revenue | — | 0.7% |
| Cash ConversionOCF / Net Profit | — | 5.57× |
| TTM Free Cash FlowTrailing 4 quarters | — | $535.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $947.0M | $399.8M | ||
| Q3 25 | $1.1B | $354.9M | ||
| Q2 25 | $741.0M | $-7.4M | ||
| Q1 25 | $310.0M | $-177.6M | ||
| Q4 24 | $642.0M | $378.9M | ||
| Q3 24 | $912.0M | $232.8M | ||
| Q2 24 | $742.0M | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | $939.0M | $388.5M | ||
| Q3 25 | $1.1B | $346.1M | ||
| Q2 25 | $737.0M | $-14.3M | ||
| Q1 25 | $307.0M | $-185.2M | ||
| Q4 24 | $638.0M | $370.9M | ||
| Q3 24 | $906.0M | $223.0M | ||
| Q2 24 | $737.0M | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | 30.4% | 24.6% | ||
| Q3 25 | 29.8% | 16.7% | ||
| Q2 25 | 22.7% | -0.7% | ||
| Q1 25 | 12.0% | -12.1% | ||
| Q4 24 | 25.1% | 21.1% | ||
| Q3 24 | 27.3% | 10.3% | ||
| Q2 24 | 29.0% | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.3% | 0.7% | ||
| Q3 25 | 0.1% | 0.4% | ||
| Q2 25 | 0.1% | 0.3% | ||
| Q1 25 | 0.1% | 0.5% | ||
| Q4 24 | 0.2% | 0.5% | ||
| Q3 24 | 0.2% | 0.5% | ||
| Q2 24 | 0.2% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.40× | 5.57× | ||
| Q3 25 | 0.99× | 2.20× | ||
| Q2 25 | 1.08× | -0.04× | ||
| Q1 25 | — | -2.22× | ||
| Q4 24 | 1.59× | 3.91× | ||
| Q3 24 | 1.11× | 1.36× | ||
| Q2 24 | 2.38× | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
