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Side-by-side financial comparison of Cushman & Wakefield Ltd. (CWK) and WATSCO INC (WSO). Click either name above to swap in a different company.
Cushman & Wakefield Ltd. is the larger business by last-quarter revenue ($2.9B vs $1.6B, roughly 1.8× WATSCO INC). WATSCO INC runs the higher net margin — 4.5% vs -0.8%, a 5.3% gap on every dollar of revenue. On growth, Cushman & Wakefield Ltd. posted the faster year-over-year revenue change (10.8% vs -10.0%). WATSCO INC produced more free cash flow last quarter ($388.5M vs $234.3M). Over the past eight quarters, Cushman & Wakefield Ltd.'s revenue compounded faster (15.5% CAGR vs 0.4%).
Cushman & Wakefield Inc. is an American global commercial real estate and property management services firm. The company's corporate headquarters is located in Chicago, Illinois. It is named after co-founders J. Clydesdale Cushman and Bernard Wakefield.
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.
CWK vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.9B | $1.6B |
| Net Profit | $-22.4M | $71.7M |
| Gross Margin | — | 27.1% |
| Operating Margin | 6.1% | 6.4% |
| Net Margin | -0.8% | 4.5% |
| Revenue YoY | 10.8% | -10.0% |
| Net Profit YoY | -119.8% | -25.9% |
| EPS (diluted) | $-0.10 | $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 | $2.9B | $1.6B | ||
| Q3 25 | $2.6B | $2.1B | ||
| Q2 25 | $2.5B | $2.1B | ||
| Q1 25 | $2.3B | $1.5B | ||
| Q4 24 | $2.6B | $1.8B | ||
| Q3 24 | $2.3B | $2.2B | ||
| Q2 24 | $2.3B | $2.1B | ||
| Q1 24 | $2.2B | $1.6B |
| Q4 25 | $-22.4M | $71.7M | ||
| Q3 25 | $51.4M | $161.6M | ||
| Q2 25 | $57.3M | $183.6M | ||
| Q1 25 | $1.9M | $80.1M | ||
| Q4 24 | $112.9M | $96.8M | ||
| Q3 24 | $33.7M | $171.0M | ||
| Q2 24 | $13.5M | $181.4M | ||
| Q1 24 | $-28.8M | $87.0M |
| 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 24 | — | 27.5% |
| Q4 25 | 6.1% | 6.4% | ||
| Q3 25 | 4.1% | 11.4% | ||
| Q2 25 | 4.9% | 13.2% | ||
| Q1 25 | 2.0% | 7.3% | ||
| Q4 24 | 6.6% | 7.8% | ||
| Q3 24 | 3.2% | 11.6% | ||
| Q2 24 | 3.1% | 12.6% | ||
| Q1 24 | 0.9% | 8.1% |
| Q4 25 | -0.8% | 4.5% | ||
| Q3 25 | 2.0% | 7.8% | ||
| Q2 25 | 2.3% | 8.9% | ||
| Q1 25 | 0.1% | 5.2% | ||
| Q4 24 | 4.3% | 5.5% | ||
| Q3 24 | 1.4% | 7.9% | ||
| Q2 24 | 0.6% | 8.5% | ||
| Q1 24 | -1.3% | 5.6% |
| Q4 25 | $-0.10 | $1.82 | ||
| Q3 25 | $0.22 | $3.98 | ||
| Q2 25 | $0.25 | $4.52 | ||
| Q1 25 | $0.01 | $1.93 | ||
| Q4 24 | $0.49 | $2.42 | ||
| Q3 24 | $0.14 | $4.22 | ||
| Q2 24 | $0.06 | $4.49 | ||
| Q1 24 | $-0.13 | $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 | $784.2M | $733.3M |
| Total DebtLower is stronger | $2.7B | $361.6M |
| Stockholders' EquityBook value | $2.0B | $2.8B |
| Total Assets | $7.7B | $4.4B |
| Debt / EquityLower = less leverage | 1.40× | 0.13× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $784.2M | $733.3M | ||
| Q3 25 | $634.4M | $524.3M | ||
| Q2 25 | $618.2M | $293.0M | ||
| Q1 25 | $623.2M | $431.8M | ||
| Q4 24 | $793.3M | $781.9M | ||
| Q3 24 | $775.4M | $550.0M | ||
| Q2 24 | $567.3M | $424.9M | ||
| Q1 24 | $553.5M | $478.9M |
| Q4 25 | $2.7B | $361.6M | ||
| Q3 25 | $2.8B | $340.8M | ||
| Q2 25 | $3.0B | $338.7M | ||
| Q1 25 | $3.0B | $346.4M | ||
| Q4 24 | $3.0B | $337.2M | ||
| Q3 24 | $3.1B | $321.0M | ||
| Q2 24 | $3.1B | $307.1M | ||
| Q1 24 | $3.2B | $306.3M |
| Q4 25 | $2.0B | $2.8B | ||
| Q3 25 | $2.0B | $2.8B | ||
| Q2 25 | $1.9B | $2.8B | ||
| Q1 25 | $1.8B | $2.7B | ||
| Q4 24 | $1.8B | $2.7B | ||
| Q3 24 | $1.7B | $2.7B | ||
| Q2 24 | $1.6B | $2.6B | ||
| Q1 24 | $1.6B | $2.5B |
| Q4 25 | $7.7B | $4.4B | ||
| Q3 25 | $7.7B | $4.6B | ||
| Q2 25 | $7.6B | $4.7B | ||
| Q1 25 | $7.4B | $4.5B | ||
| Q4 24 | $7.5B | $4.5B | ||
| Q3 24 | $7.5B | $4.5B | ||
| Q2 24 | $7.3B | $4.4B | ||
| Q1 24 | $7.5B | $4.4B |
| Q4 25 | 1.40× | 0.13× | ||
| Q3 25 | 1.45× | 0.12× | ||
| Q2 25 | 1.57× | 0.12× | ||
| Q1 25 | 1.70× | 0.13× | ||
| Q4 24 | 1.73× | 0.13× | ||
| Q3 24 | 1.81× | 0.12× | ||
| Q2 24 | 1.91× | 0.12× | ||
| Q1 24 | 1.96× | 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 | $257.3M | $399.8M |
| Free Cash FlowOCF − Capex | $234.3M | $388.5M |
| FCF MarginFCF / Revenue | 8.0% | 24.6% |
| Capex IntensityCapex / Revenue | 0.8% | 0.7% |
| Cash ConversionOCF / Net Profit | — | 5.57× |
| TTM Free Cash FlowTrailing 4 quarters | $293.0M | $535.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $257.3M | $399.8M | ||
| Q3 25 | $235.5M | $354.9M | ||
| Q2 25 | $9.6M | $-7.4M | ||
| Q1 25 | $-162.0M | $-177.6M | ||
| Q4 24 | $115.2M | $378.9M | ||
| Q3 24 | $196.1M | $232.8M | ||
| Q2 24 | $21.8M | $57.7M | ||
| Q1 24 | $-125.1M | $103.7M |
| Q4 25 | $234.3M | $388.5M | ||
| Q3 25 | $225.0M | $346.1M | ||
| Q2 25 | $300.0K | $-14.3M | ||
| Q1 25 | $-166.6M | $-185.2M | ||
| Q4 24 | $105.9M | $370.9M | ||
| Q3 24 | $186.7M | $223.0M | ||
| Q2 24 | $10.0M | $51.3M | ||
| Q1 24 | $-135.6M | $97.9M |
| Q4 25 | 8.0% | 24.6% | ||
| Q3 25 | 8.6% | 16.7% | ||
| Q2 25 | 0.0% | -0.7% | ||
| Q1 25 | -7.3% | -12.1% | ||
| Q4 24 | 4.0% | 21.1% | ||
| Q3 24 | 8.0% | 10.3% | ||
| Q2 24 | 0.4% | 2.4% | ||
| Q1 24 | -6.2% | 6.3% |
| Q4 25 | 0.8% | 0.7% | ||
| Q3 25 | 0.4% | 0.4% | ||
| Q2 25 | 0.4% | 0.3% | ||
| Q1 25 | 0.2% | 0.5% | ||
| Q4 24 | 0.4% | 0.5% | ||
| Q3 24 | 0.4% | 0.5% | ||
| Q2 24 | 0.5% | 0.3% | ||
| Q1 24 | 0.5% | 0.4% |
| Q4 25 | — | 5.57× | ||
| Q3 25 | 4.58× | 2.20× | ||
| Q2 25 | 0.17× | -0.04× | ||
| Q1 25 | -85.26× | -2.22× | ||
| Q4 24 | 1.02× | 3.91× | ||
| Q3 24 | 5.82× | 1.36× | ||
| Q2 24 | 1.61× | 0.32× | ||
| Q1 24 | — | 1.19× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CWK
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.8B | 61% |
| Other | $1.1B | 39% |
WSO
Segment breakdown not available.
