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Side-by-side financial comparison of EPAM Systems (EPAM) 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 $1.4B, roughly 1.1× EPAM Systems). EPAM Systems runs the higher net margin — 7.8% vs 6.1%, a 1.7% gap on every dollar of revenue. On growth, EPAM Systems posted the faster year-over-year revenue change (12.8% vs 0.1%). Over the past eight quarters, EPAM Systems's revenue compounded faster (9.9% CAGR vs -15.3%).
EPAM Systems, Inc. is an American company that specializes in software engineering services, digital platform engineering, and digital product design, operating out of Newtown, Pennsylvania. EPAM is a founding member of the MACH Alliance.
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.
EPAM vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $1.5B |
| Net Profit | $109.4M | $92.9M |
| Gross Margin | 30.1% | 27.9% |
| Operating Margin | 10.6% | 7.2% |
| Net Margin | 7.8% | 6.1% |
| Revenue YoY | 12.8% | 0.1% |
| Net Profit YoY | 5.9% | -1.7% |
| EPS (diluted) | $1.97 | — |
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 | $1.4B | $1.6B | ||
| Q3 25 | $1.4B | $2.1B | ||
| Q2 25 | $1.4B | $2.1B | ||
| Q1 25 | $1.3B | $1.5B | ||
| Q4 24 | $1.2B | $1.8B | ||
| Q3 24 | $1.2B | $2.2B | ||
| Q2 24 | $1.1B | $2.1B |
| Q1 26 | — | $92.9M | ||
| Q4 25 | $109.4M | $71.7M | ||
| Q3 25 | $106.8M | $161.6M | ||
| Q2 25 | $88.0M | $183.6M | ||
| Q1 25 | $73.5M | $80.1M | ||
| Q4 24 | $103.3M | $96.8M | ||
| Q3 24 | $136.3M | $171.0M | ||
| Q2 24 | $98.6M | $181.4M |
| Q1 26 | — | 27.9% | ||
| Q4 25 | 30.1% | 27.1% | ||
| Q3 25 | 29.5% | 27.5% | ||
| Q2 25 | 28.8% | 29.3% | ||
| Q1 25 | 26.9% | 28.1% | ||
| Q4 24 | 30.4% | 26.7% | ||
| Q3 24 | 34.6% | 26.2% | ||
| Q2 24 | 29.3% | 27.1% |
| Q1 26 | — | 7.2% | ||
| Q4 25 | 10.6% | 6.4% | ||
| Q3 25 | 10.4% | 11.4% | ||
| Q2 25 | 9.3% | 13.2% | ||
| Q1 25 | 7.6% | 7.3% | ||
| Q4 24 | 10.9% | 7.8% | ||
| Q3 24 | 15.2% | 11.6% | ||
| Q2 24 | 10.5% | 12.6% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | 7.8% | 4.5% | ||
| Q3 25 | 7.7% | 7.8% | ||
| Q2 25 | 6.5% | 8.9% | ||
| Q1 25 | 5.6% | 5.2% | ||
| Q4 24 | 8.3% | 5.5% | ||
| Q3 24 | 11.7% | 7.9% | ||
| Q2 24 | 8.6% | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | $1.97 | $1.82 | ||
| Q3 25 | $1.91 | $3.98 | ||
| Q2 25 | $1.56 | $4.52 | ||
| Q1 25 | $1.28 | $1.93 | ||
| Q4 24 | $1.80 | $2.42 | ||
| Q3 24 | $2.37 | $4.22 | ||
| Q2 24 | $1.70 | $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 | $1.3B | $392.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.7B | $3.2B |
| Total Assets | $4.9B | $4.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $392.7M | ||
| Q4 25 | $1.3B | $733.3M | ||
| Q3 25 | $1.2B | $524.3M | ||
| Q2 25 | $1.0B | $293.0M | ||
| Q1 25 | $1.2B | $431.8M | ||
| Q4 24 | $1.3B | $781.9M | ||
| Q3 24 | $2.1B | $550.0M | ||
| Q2 24 | $1.8B | $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 | — | $3.2B | ||
| Q4 25 | $3.7B | $2.8B | ||
| Q3 25 | $3.7B | $2.8B | ||
| Q2 25 | $3.7B | $2.8B | ||
| Q1 25 | $3.6B | $2.7B | ||
| Q4 24 | $3.6B | $2.7B | ||
| Q3 24 | $3.6B | $2.7B | ||
| Q2 24 | $3.4B | $2.6B |
| Q1 26 | — | $4.6B | ||
| Q4 25 | $4.9B | $4.4B | ||
| Q3 25 | $4.8B | $4.6B | ||
| Q2 25 | $4.7B | $4.7B | ||
| Q1 25 | $4.7B | $4.5B | ||
| Q4 24 | $4.8B | $4.5B | ||
| Q3 24 | $4.5B | $4.5B | ||
| Q2 24 | $4.2B | $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 | $282.9M | — |
| Free Cash FlowOCF − Capex | $268.1M | — |
| FCF MarginFCF / Revenue | 19.0% | — |
| Capex IntensityCapex / Revenue | 1.1% | — |
| Cash ConversionOCF / Net Profit | 2.59× | — |
| TTM Free Cash FlowTrailing 4 quarters | $612.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $282.9M | $399.8M | ||
| Q3 25 | $294.7M | $354.9M | ||
| Q2 25 | $53.2M | $-7.4M | ||
| Q1 25 | $24.2M | $-177.6M | ||
| Q4 24 | $130.3M | $378.9M | ||
| Q3 24 | $242.0M | $232.8M | ||
| Q2 24 | $57.0M | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | $268.1M | $388.5M | ||
| Q3 25 | $286.4M | $346.1M | ||
| Q2 25 | $43.4M | $-14.3M | ||
| Q1 25 | $14.8M | $-185.2M | ||
| Q4 24 | $114.5M | $370.9M | ||
| Q3 24 | $237.0M | $223.0M | ||
| Q2 24 | $52.3M | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | 19.0% | 24.6% | ||
| Q3 25 | 20.5% | 16.7% | ||
| Q2 25 | 3.2% | -0.7% | ||
| Q1 25 | 1.1% | -12.1% | ||
| Q4 24 | 9.2% | 21.1% | ||
| Q3 24 | 20.3% | 10.3% | ||
| Q2 24 | 4.6% | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | 0.7% | ||
| Q3 25 | 0.6% | 0.4% | ||
| Q2 25 | 0.7% | 0.3% | ||
| Q1 25 | 0.7% | 0.5% | ||
| Q4 24 | 1.3% | 0.5% | ||
| Q3 24 | 0.4% | 0.5% | ||
| Q2 24 | 0.4% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 2.59× | 5.57× | ||
| Q3 25 | 2.76× | 2.20× | ||
| Q2 25 | 0.60× | -0.04× | ||
| Q1 25 | 0.33× | -2.22× | ||
| Q4 24 | 1.26× | 3.91× | ||
| Q3 24 | 1.77× | 1.36× | ||
| Q2 24 | 0.58× | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
