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Side-by-side financial comparison of Global Business Travel Group, Inc. (GBTG) 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 $792.0M, roughly 1.9× Global Business Travel Group, Inc.). Global Business Travel Group, Inc. runs the higher net margin — 10.5% vs 6.1%, a 4.4% gap on every dollar of revenue. On growth, Global Business Travel Group, Inc. posted the faster year-over-year revenue change (34.0% vs 0.1%). Over the past eight quarters, Global Business Travel Group, Inc.'s revenue compounded faster (13.9% CAGR vs -15.3%).
A travel management company (TMC) is a travel agency which manages organizations' corporate or business travel programs. Such companies will often provide an end-user online booking tool, mobile application, program management, and consulting teams, executive travel services, meetings and events support, reporting functionality, duty of care, and more. Non-Profit travel management companies also provide services to manage complex visa requirements, pre-trip medical needs, remote area travel, ...
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.
GBTG vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $792.0M | $1.5B |
| Net Profit | $83.0M | $92.9M |
| Gross Margin | — | 27.9% |
| Operating Margin | 3.7% | 7.2% |
| Net Margin | 10.5% | 6.1% |
| Revenue YoY | 34.0% | 0.1% |
| Net Profit YoY | 692.9% | -1.7% |
| EPS (diluted) | $0.16 | — |
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 | $792.0M | $1.6B | ||
| Q3 25 | $674.0M | $2.1B | ||
| Q2 25 | $631.0M | $2.1B | ||
| Q1 25 | $621.0M | $1.5B | ||
| Q4 24 | $591.0M | $1.8B | ||
| Q3 24 | $597.0M | $2.2B | ||
| Q2 24 | $625.0M | $2.1B |
| Q1 26 | — | $92.9M | ||
| Q4 25 | $83.0M | $71.7M | ||
| Q3 25 | $-62.0M | $161.6M | ||
| Q2 25 | $15.0M | $183.6M | ||
| Q1 25 | $75.0M | $80.1M | ||
| Q4 24 | $-14.0M | $96.8M | ||
| Q3 24 | $-128.0M | $171.0M | ||
| Q2 24 | $27.0M | $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 | 3.7% | 6.4% | ||
| Q3 25 | 1.8% | 11.4% | ||
| Q2 25 | 5.4% | 13.2% | ||
| Q1 25 | 8.9% | 7.3% | ||
| Q4 24 | 5.1% | 7.8% | ||
| Q3 24 | 4.5% | 11.6% | ||
| Q2 24 | 6.7% | 12.6% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | 10.5% | 4.5% | ||
| Q3 25 | -9.2% | 7.8% | ||
| Q2 25 | 2.4% | 8.9% | ||
| Q1 25 | 12.1% | 5.2% | ||
| Q4 24 | -2.4% | 5.5% | ||
| Q3 24 | -21.4% | 7.9% | ||
| Q2 24 | 4.3% | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | $0.16 | $1.82 | ||
| Q3 25 | $-0.13 | $3.98 | ||
| Q2 25 | $0.03 | $4.52 | ||
| Q1 25 | $0.16 | $1.93 | ||
| Q4 24 | $-0.04 | $2.42 | ||
| Q3 24 | $-0.28 | $4.22 | ||
| Q2 24 | $0.06 | $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 | $434.0M | $392.7M |
| Total DebtLower is stronger | $1.4B | — |
| Stockholders' EquityBook value | $1.6B | $3.2B |
| Total Assets | $4.9B | $4.6B |
| Debt / EquityLower = less leverage | 0.88× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $392.7M | ||
| Q4 25 | $434.0M | $733.3M | ||
| Q3 25 | $427.0M | $524.3M | ||
| Q2 25 | $601.0M | $293.0M | ||
| Q1 25 | $552.0M | $431.8M | ||
| Q4 24 | $536.0M | $781.9M | ||
| Q3 24 | $524.0M | $550.0M | ||
| Q2 24 | $515.0M | $424.9M |
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | $361.6M | ||
| Q3 25 | $1.4B | $340.8M | ||
| Q2 25 | $1.4B | $338.7M | ||
| Q1 25 | $1.4B | $346.4M | ||
| Q4 24 | $1.4B | $337.2M | ||
| Q3 24 | $1.4B | $321.0M | ||
| Q2 24 | — | $307.1M |
| Q1 26 | — | $3.2B | ||
| Q4 25 | $1.6B | $2.8B | ||
| Q3 25 | $1.5B | $2.8B | ||
| Q2 25 | $1.2B | $2.8B | ||
| Q1 25 | $1.1B | $2.7B | ||
| Q4 24 | $1.1B | $2.7B | ||
| Q3 24 | $1.1B | $2.7B | ||
| Q2 24 | $1.2B | $2.6B |
| Q1 26 | — | $4.6B | ||
| Q4 25 | $4.9B | $4.4B | ||
| Q3 25 | $4.8B | $4.6B | ||
| Q2 25 | $3.9B | $4.7B | ||
| Q1 25 | $3.8B | $4.5B | ||
| Q4 24 | $3.6B | $4.5B | ||
| Q3 24 | $3.8B | $4.5B | ||
| Q2 24 | $3.8B | $4.4B |
| Q1 26 | — | — | ||
| Q4 25 | 0.88× | 0.13× | ||
| Q3 25 | 0.91× | 0.12× | ||
| Q2 25 | 1.15× | 0.12× | ||
| Q1 25 | 1.23× | 0.13× | ||
| Q4 24 | 1.32× | 0.13× | ||
| Q3 24 | 1.26× | 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 | $52.0M | — |
| Free Cash FlowOCF − Capex | $13.0M | — |
| FCF MarginFCF / Revenue | 1.6% | — |
| Capex IntensityCapex / Revenue | 4.9% | — |
| Cash ConversionOCF / Net Profit | 0.63× | — |
| TTM Free Cash FlowTrailing 4 quarters | $104.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $52.0M | $399.8M | ||
| Q3 25 | $71.0M | $354.9M | ||
| Q2 25 | $57.0M | $-7.4M | ||
| Q1 25 | $53.0M | $-177.6M | ||
| Q4 24 | $65.0M | $378.9M | ||
| Q3 24 | $85.0M | $232.8M | ||
| Q2 24 | $73.0M | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | $13.0M | $388.5M | ||
| Q3 25 | $38.0M | $346.1M | ||
| Q2 25 | $27.0M | $-14.3M | ||
| Q1 25 | $26.0M | $-185.2M | ||
| Q4 24 | $33.0M | $370.9M | ||
| Q3 24 | $59.0M | $223.0M | ||
| Q2 24 | $49.0M | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | 1.6% | 24.6% | ||
| Q3 25 | 5.6% | 16.7% | ||
| Q2 25 | 4.3% | -0.7% | ||
| Q1 25 | 4.2% | -12.1% | ||
| Q4 24 | 5.6% | 21.1% | ||
| Q3 24 | 9.9% | 10.3% | ||
| Q2 24 | 7.8% | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | 4.9% | 0.7% | ||
| Q3 25 | 4.9% | 0.4% | ||
| Q2 25 | 4.8% | 0.3% | ||
| Q1 25 | 4.3% | 0.5% | ||
| Q4 24 | 5.4% | 0.5% | ||
| Q3 24 | 4.4% | 0.5% | ||
| Q2 24 | 3.8% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 0.63× | 5.57× | ||
| Q3 25 | — | 2.20× | ||
| Q2 25 | 3.80× | -0.04× | ||
| Q1 25 | 0.71× | -2.22× | ||
| Q4 24 | — | 3.91× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | 2.70× | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GBTG
| Travel | $620.0M | 78% |
| Other | $172.0M | 22% |
WSO
Segment breakdown not available.
