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Side-by-side financial comparison of Digital Realty (DLR) and WATSCO INC (WSO). Click either name above to swap in a different company.
Digital Realty is the larger business by last-quarter revenue ($1.6B vs $1.6B, roughly 1.0× WATSCO INC). Digital Realty runs the higher net margin — 6.0% vs 4.5%, a 1.5% gap on every dollar of revenue. On growth, Digital Realty posted the faster year-over-year revenue change (16.1% vs -10.0%). Over the past eight quarters, Digital Realty's revenue compounded faster (9.8% CAGR vs 0.4%).
Digital Realty is a real estate investment trust that owns, operates and invests in carrier-neutral data centers across the world. The company offers data center, colocation, and interconnection services.
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.
DLR vs WSO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $1.6B |
| Net Profit | $98.6M | $71.7M |
| Gross Margin | — | 27.1% |
| Operating Margin | 6.9% | 6.4% |
| Net Margin | 6.0% | 4.5% |
| Revenue YoY | 16.1% | -10.0% |
| Net Profit YoY | -10.3% | -25.9% |
| EPS (diluted) | $0.22 | $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 | $1.6B | — | ||
| Q4 25 | $1.6B | $1.6B | ||
| Q3 25 | $1.6B | $2.1B | ||
| Q2 25 | $1.5B | $2.1B | ||
| Q1 25 | $1.4B | $1.5B | ||
| Q4 24 | $1.4B | $1.8B | ||
| Q3 24 | $1.4B | $2.2B | ||
| Q2 24 | $1.4B | $2.1B |
| Q1 26 | $98.6M | — | ||
| Q4 25 | $98.6M | $71.7M | ||
| Q3 25 | $67.8M | $161.6M | ||
| Q2 25 | $1.0B | $183.6M | ||
| Q1 25 | $110.0M | $80.1M | ||
| Q4 24 | $189.6M | $96.8M | ||
| Q3 24 | $51.2M | $171.0M | ||
| Q2 24 | $80.2M | $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 | 6.9% | — | ||
| Q4 25 | 6.9% | 6.4% | ||
| Q3 25 | 8.8% | 11.4% | ||
| Q2 25 | 14.2% | 13.2% | ||
| Q1 25 | 13.9% | 7.3% | ||
| Q4 24 | 10.1% | 7.8% | ||
| Q3 24 | 11.8% | 11.6% | ||
| Q2 24 | 0.7% | 12.6% |
| Q1 26 | 6.0% | — | ||
| Q4 25 | 6.0% | 4.5% | ||
| Q3 25 | 4.3% | 7.8% | ||
| Q2 25 | 69.1% | 8.9% | ||
| Q1 25 | 7.8% | 5.2% | ||
| Q4 24 | 13.2% | 5.5% | ||
| Q3 24 | 3.6% | 7.9% | ||
| Q2 24 | 5.9% | 8.5% |
| Q1 26 | $0.22 | — | ||
| Q4 25 | $0.22 | $1.82 | ||
| Q3 25 | $0.15 | $3.98 | ||
| Q2 25 | $2.94 | $4.52 | ||
| Q1 25 | $0.27 | $1.93 | ||
| Q4 24 | $0.50 | $2.42 | ||
| Q3 24 | $0.09 | $4.22 | ||
| Q2 24 | $0.20 | $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 | $3.5B | $733.3M |
| Total DebtLower is stronger | — | $361.6M |
| Stockholders' EquityBook value | $22.9B | $2.8B |
| Total Assets | $49.4B | $4.4B |
| Debt / EquityLower = less leverage | — | 0.13× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.5B | — | ||
| Q4 25 | $3.5B | $733.3M | ||
| Q3 25 | $3.3B | $524.3M | ||
| Q2 25 | $3.6B | $293.0M | ||
| Q1 25 | $2.3B | $431.8M | ||
| Q4 24 | $3.9B | $781.9M | ||
| Q3 24 | $2.2B | $550.0M | ||
| Q2 24 | $2.3B | $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 | $22.9B | — | ||
| Q4 25 | $22.9B | $2.8B | ||
| Q3 25 | $23.0B | $2.8B | ||
| Q2 25 | $22.9B | $2.8B | ||
| Q1 25 | $21.3B | $2.7B | ||
| Q4 24 | $21.3B | $2.7B | ||
| Q3 24 | $21.2B | $2.7B | ||
| Q2 24 | $20.5B | $2.6B |
| Q1 26 | $49.4B | — | ||
| Q4 25 | $49.4B | $4.4B | ||
| Q3 25 | $48.7B | $4.6B | ||
| Q2 25 | $48.7B | $4.7B | ||
| Q1 25 | $45.1B | $4.5B | ||
| Q4 24 | $45.3B | $4.5B | ||
| Q3 24 | $45.3B | $4.5B | ||
| Q2 24 | $43.6B | $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 | — | $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 | $719.0M | $399.8M | ||
| Q3 25 | $652.9M | $354.9M | ||
| Q2 25 | $641.2M | $-7.4M | ||
| Q1 25 | $399.1M | $-177.6M | ||
| Q4 24 | $769.5M | $378.9M | ||
| Q3 24 | $566.5M | $232.8M | ||
| Q2 24 | $573.2M | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $388.5M | ||
| Q3 25 | — | $346.1M | ||
| Q2 25 | — | $-14.3M | ||
| Q1 25 | — | $-185.2M | ||
| Q4 24 | — | $370.9M | ||
| Q3 24 | — | $223.0M | ||
| Q2 24 | — | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 24.6% | ||
| Q3 25 | — | 16.7% | ||
| Q2 25 | — | -0.7% | ||
| Q1 25 | — | -12.1% | ||
| Q4 24 | — | 21.1% | ||
| Q3 24 | — | 10.3% | ||
| Q2 24 | — | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.7% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 7.29× | 5.57× | ||
| Q3 25 | 9.63× | 2.20× | ||
| Q2 25 | 0.62× | -0.04× | ||
| Q1 25 | 3.63× | -2.22× | ||
| Q4 24 | 4.06× | 3.91× | ||
| Q3 24 | 11.07× | 1.36× | ||
| Q2 24 | 7.15× | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
