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Side-by-side financial comparison of FIRST HORIZON CORP (FHN) 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 $888.0M, roughly 1.7× FIRST HORIZON CORP). FIRST HORIZON CORP runs the higher net margin — 29.4% vs 6.1%, a 23.3% gap on every dollar of revenue. On growth, FIRST HORIZON CORP posted the faster year-over-year revenue change (21.8% vs 0.1%). Over the past eight quarters, FIRST HORIZON CORP's revenue compounded faster (20.0% CAGR vs -15.3%).
First Horizon Corporation, formerly First Tennessee Bank, is a financial services company, founded in 1864, and based in Memphis, Tennessee. Through its banking subsidiary First Horizon Bank, it provides financial services through locations in 12 states across the Southeast, a region in which it is the fourth largest regional bank.
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.
FHN vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $888.0M | $1.5B |
| Net Profit | $261.0M | $92.9M |
| Gross Margin | — | 27.9% |
| Operating Margin | 38.5% | 7.2% |
| Net Margin | 29.4% | 6.1% |
| Revenue YoY | 21.8% | 0.1% |
| Net Profit YoY | 57.2% | -1.7% |
| EPS (diluted) | $0.51 | — |
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 | $888.0M | $1.6B | ||
| Q3 25 | $889.0M | $2.1B | ||
| Q2 25 | $830.0M | $2.1B | ||
| Q1 25 | $812.0M | $1.5B | ||
| Q4 24 | $729.0M | $1.8B | ||
| Q3 24 | $827.0M | $2.2B | ||
| Q2 24 | — | $2.1B |
| Q1 26 | — | $92.9M | ||
| Q4 25 | $261.0M | $71.7M | ||
| Q3 25 | $262.0M | $161.6M | ||
| Q2 25 | $241.0M | $183.6M | ||
| Q1 25 | $218.0M | $80.1M | ||
| Q4 24 | $166.0M | $96.8M | ||
| Q3 24 | $218.0M | $171.0M | ||
| Q2 24 | — | $181.4M |
| Q1 26 | — | 27.9% | ||
| 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 | — | 7.2% | ||
| Q4 25 | 38.5% | 6.4% | ||
| Q3 25 | 38.7% | 11.4% | ||
| Q2 25 | 37.2% | 13.2% | ||
| Q1 25 | 35.1% | 7.3% | ||
| Q4 24 | 28.8% | 7.8% | ||
| Q3 24 | 34.0% | 11.6% | ||
| Q2 24 | — | 12.6% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | 29.4% | 4.5% | ||
| Q3 25 | 29.5% | 7.8% | ||
| Q2 25 | 29.0% | 8.9% | ||
| Q1 25 | 26.8% | 5.2% | ||
| Q4 24 | 22.8% | 5.5% | ||
| Q3 24 | 26.4% | 7.9% | ||
| Q2 24 | — | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | $0.51 | $1.82 | ||
| Q3 25 | $0.50 | $3.98 | ||
| Q2 25 | $0.45 | $4.52 | ||
| Q1 25 | $0.41 | $1.93 | ||
| Q4 24 | $0.29 | $2.42 | ||
| Q3 24 | $0.40 | $4.22 | ||
| Q2 24 | — | $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 | — | $392.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $8.8B | $3.2B |
| Total Assets | $83.9B | $4.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $392.7M | ||
| Q4 25 | — | $733.3M | ||
| Q3 25 | — | $524.3M | ||
| Q2 25 | — | $293.0M | ||
| Q1 25 | — | $431.8M | ||
| Q4 24 | — | $781.9M | ||
| Q3 24 | — | $550.0M | ||
| Q2 24 | — | $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 | $8.8B | $2.8B | ||
| Q3 25 | $8.9B | $2.8B | ||
| Q2 25 | $9.0B | $2.8B | ||
| Q1 25 | $8.7B | $2.7B | ||
| Q4 24 | $8.8B | $2.7B | ||
| Q3 24 | $9.0B | $2.7B | ||
| Q2 24 | — | $2.6B |
| Q1 26 | — | $4.6B | ||
| Q4 25 | $83.9B | $4.4B | ||
| Q3 25 | $83.2B | $4.6B | ||
| Q2 25 | $82.1B | $4.7B | ||
| Q1 25 | $81.5B | $4.5B | ||
| Q4 24 | $82.2B | $4.5B | ||
| Q3 24 | $82.6B | $4.5B | ||
| Q2 24 | — | $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 | $396.0M | — |
| Free Cash FlowOCF − Capex | $389.0M | — |
| FCF MarginFCF / Revenue | 43.8% | — |
| Capex IntensityCapex / Revenue | 0.8% | — |
| Cash ConversionOCF / Net Profit | 1.52× | — |
| TTM Free Cash FlowTrailing 4 quarters | $595.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $396.0M | $399.8M | ||
| Q3 25 | $-200.0M | $354.9M | ||
| Q2 25 | $83.0M | $-7.4M | ||
| Q1 25 | $349.0M | $-177.6M | ||
| Q4 24 | $191.0M | $378.9M | ||
| Q3 24 | $389.0M | $232.8M | ||
| Q2 24 | — | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | $389.0M | $388.5M | ||
| Q3 25 | $-208.0M | $346.1M | ||
| Q2 25 | $74.0M | $-14.3M | ||
| Q1 25 | $340.0M | $-185.2M | ||
| Q4 24 | $174.0M | $370.9M | ||
| Q3 24 | $383.0M | $223.0M | ||
| Q2 24 | — | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | 43.8% | 24.6% | ||
| Q3 25 | -23.4% | 16.7% | ||
| Q2 25 | 8.9% | -0.7% | ||
| Q1 25 | 41.9% | -12.1% | ||
| Q4 24 | 23.9% | 21.1% | ||
| Q3 24 | 46.3% | 10.3% | ||
| Q2 24 | — | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.8% | 0.7% | ||
| Q3 25 | 0.9% | 0.4% | ||
| Q2 25 | 1.1% | 0.3% | ||
| Q1 25 | 1.1% | 0.5% | ||
| Q4 24 | 2.3% | 0.5% | ||
| Q3 24 | 0.7% | 0.5% | ||
| Q2 24 | — | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.52× | 5.57× | ||
| Q3 25 | -0.76× | 2.20× | ||
| Q2 25 | 0.34× | -0.04× | ||
| Q1 25 | 1.60× | -2.22× | ||
| Q4 24 | 1.15× | 3.91× | ||
| Q3 24 | 1.78× | 1.36× | ||
| Q2 24 | — | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FHN
| Commercial Consumer And Wealth Segment | $776.0M | 87% |
| Other | $88.0M | 10% |
| Corporate | $24.0M | 3% |
WSO
Segment breakdown not available.
