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Side-by-side financial comparison of Expeditors International (EXPD) and WATSCO INC (WSO). Click either name above to swap in a different company.
Expeditors International is the larger business by last-quarter revenue ($2.9B vs $1.6B, roughly 1.8× WATSCO INC). Expeditors International runs the higher net margin — 7.0% vs 4.5%, a 2.5% gap on every dollar of revenue. On growth, Expeditors International posted the faster year-over-year revenue change (-3.3% vs -10.0%). WATSCO INC produced more free cash flow last quarter ($388.5M vs $270.3M). Over the past eight quarters, Expeditors International's revenue compounded faster (13.8% CAGR vs 0.4%).
Expeditors International of Washington, Inc. is an American Fortune 500 service-based logistics company with headquarters in Bellevue, Washington. Expeditors generates highly optimized and customized supply chain solutions for clients with unified technology systems integrated through a global network of over 340+ locations in 100+ countries on six continents.
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.
EXPD vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.9B | $1.6B |
| Net Profit | $200.7M | $71.7M |
| Gross Margin | — | 27.1% |
| Operating Margin | 8.8% | 6.4% |
| Net Margin | 7.0% | 4.5% |
| Revenue YoY | -3.3% | -10.0% |
| Net Profit YoY | -14.9% | -25.9% |
| EPS (diluted) | $1.50 | $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 | $2.9B | $2.1B | ||
| Q2 25 | $2.7B | $2.1B | ||
| Q1 25 | $2.7B | $1.5B | ||
| Q4 24 | $3.0B | $1.8B | ||
| Q3 24 | $3.0B | $2.2B | ||
| Q2 24 | $2.4B | $2.1B | ||
| Q1 24 | $2.2B | $1.6B |
| Q4 25 | $200.7M | $71.7M | ||
| Q3 25 | $222.3M | $161.6M | ||
| Q2 25 | $183.6M | $183.6M | ||
| Q1 25 | $203.8M | $80.1M | ||
| Q4 24 | $235.9M | $96.8M | ||
| Q3 24 | $229.6M | $171.0M | ||
| Q2 24 | $175.5M | $181.4M | ||
| Q1 24 | $169.2M | $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 | 8.8% | 6.4% | ||
| Q3 25 | 10.0% | 11.4% | ||
| Q2 25 | 9.3% | 13.2% | ||
| Q1 25 | 10.0% | 7.3% | ||
| Q4 24 | 10.2% | 7.8% | ||
| Q3 24 | 10.1% | 11.6% | ||
| Q2 24 | 9.2% | 12.6% | ||
| Q1 24 | 9.7% | 8.1% |
| Q4 25 | 7.0% | 4.5% | ||
| Q3 25 | 7.7% | 7.8% | ||
| Q2 25 | 6.9% | 8.9% | ||
| Q1 25 | 7.6% | 5.2% | ||
| Q4 24 | 8.0% | 5.5% | ||
| Q3 24 | 7.7% | 7.9% | ||
| Q2 24 | 7.2% | 8.5% | ||
| Q1 24 | 7.7% | 5.6% |
| Q4 25 | $1.50 | $1.82 | ||
| Q3 25 | $1.64 | $3.98 | ||
| Q2 25 | $1.34 | $4.52 | ||
| Q1 25 | $1.47 | $1.93 | ||
| Q4 24 | $1.68 | $2.42 | ||
| Q3 24 | $1.63 | $4.22 | ||
| Q2 24 | $1.24 | $4.49 | ||
| Q1 24 | $1.17 | $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 | $1.3B | $733.3M |
| Total DebtLower is stronger | — | $361.6M |
| Stockholders' EquityBook value | $2.4B | $2.8B |
| Total Assets | $4.9B | $4.4B |
| Debt / EquityLower = less leverage | — | 0.13× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $733.3M | ||
| Q3 25 | $1.2B | $524.3M | ||
| Q2 25 | $1.2B | $293.0M | ||
| Q1 25 | $1.3B | $431.8M | ||
| Q4 24 | $1.1B | $781.9M | ||
| Q3 24 | $1.3B | $550.0M | ||
| Q2 24 | $1.3B | $424.9M | ||
| Q1 24 | $1.4B | $478.9M |
| 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 24 | — | $306.3M |
| Q4 25 | $2.4B | $2.8B | ||
| Q3 25 | $2.3B | $2.8B | ||
| Q2 25 | $2.2B | $2.8B | ||
| Q1 25 | $2.3B | $2.7B | ||
| Q4 24 | $2.2B | $2.7B | ||
| Q3 24 | $2.4B | $2.7B | ||
| Q2 24 | $2.2B | $2.6B | ||
| Q1 24 | $2.2B | $2.5B |
| Q4 25 | $4.9B | $4.4B | ||
| Q3 25 | $4.8B | $4.6B | ||
| Q2 25 | $4.8B | $4.7B | ||
| Q1 25 | $4.8B | $4.5B | ||
| Q4 24 | $4.8B | $4.5B | ||
| Q3 24 | $5.2B | $4.5B | ||
| Q2 24 | $4.8B | $4.4B | ||
| Q1 24 | $4.5B | $4.4B |
| 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× | ||
| Q1 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 | $283.3M | $399.8M |
| Free Cash FlowOCF − Capex | $270.3M | $388.5M |
| FCF MarginFCF / Revenue | 9.5% | 24.6% |
| Capex IntensityCapex / Revenue | 0.5% | 0.7% |
| Cash ConversionOCF / Net Profit | 1.41× | 5.57× |
| TTM Free Cash FlowTrailing 4 quarters | $953.4M | $535.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $283.3M | $399.8M | ||
| Q3 25 | $201.4M | $354.9M | ||
| Q2 25 | $179.2M | $-7.4M | ||
| Q1 25 | $342.6M | $-177.6M | ||
| Q4 24 | $249.7M | $378.9M | ||
| Q3 24 | $90.0M | $232.8M | ||
| Q2 24 | $126.8M | $57.7M | ||
| Q1 24 | $256.9M | $103.7M |
| Q4 25 | $270.3M | $388.5M | ||
| Q3 25 | $190.3M | $346.1M | ||
| Q2 25 | $163.3M | $-14.3M | ||
| Q1 25 | $329.5M | $-185.2M | ||
| Q4 24 | $239.7M | $370.9M | ||
| Q3 24 | $77.7M | $223.0M | ||
| Q2 24 | $118.8M | $51.3M | ||
| Q1 24 | $246.7M | $97.9M |
| Q4 25 | 9.5% | 24.6% | ||
| Q3 25 | 6.6% | 16.7% | ||
| Q2 25 | 6.2% | -0.7% | ||
| Q1 25 | 12.4% | -12.1% | ||
| Q4 24 | 8.1% | 21.1% | ||
| Q3 24 | 2.6% | 10.3% | ||
| Q2 24 | 4.9% | 2.4% | ||
| Q1 24 | 11.2% | 6.3% |
| Q4 25 | 0.5% | 0.7% | ||
| Q3 25 | 0.4% | 0.4% | ||
| Q2 25 | 0.6% | 0.3% | ||
| Q1 25 | 0.5% | 0.5% | ||
| Q4 24 | 0.3% | 0.5% | ||
| Q3 24 | 0.4% | 0.5% | ||
| Q2 24 | 0.3% | 0.3% | ||
| Q1 24 | 0.5% | 0.4% |
| Q4 25 | 1.41× | 5.57× | ||
| Q3 25 | 0.91× | 2.20× | ||
| Q2 25 | 0.98× | -0.04× | ||
| Q1 25 | 1.68× | -2.22× | ||
| Q4 24 | 1.06× | 3.91× | ||
| Q3 24 | 0.39× | 1.36× | ||
| Q2 24 | 0.72× | 0.32× | ||
| Q1 24 | 1.52× | 1.19× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EXPD
| Customs Brokerage And Other Services | $1.1B | 40% |
| Airfreight Services | $1.1B | 39% |
| Ocean Freight And Ocean Services | $611.4M | 21% |
WSO
Segment breakdown not available.
