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Side-by-side financial comparison of GRAPHIC PACKAGING HOLDING CO (GPK) and WATSCO INC (WSO). Click either name above to swap in a different company.
GRAPHIC PACKAGING HOLDING CO is the larger business by last-quarter revenue ($2.1B vs $1.5B, roughly 1.4× WATSCO INC). WATSCO INC runs the higher net margin — 6.1% vs 3.4%, a 2.7% gap on every dollar of revenue. On growth, GRAPHIC PACKAGING HOLDING CO posted the faster year-over-year revenue change (0.2% vs 0.1%). Over the past eight quarters, GRAPHIC PACKAGING HOLDING CO's revenue compounded faster (-3.5% CAGR vs -15.3%).
Graphic Packaging International is a Fortune 500 corporation based in Atlanta, Georgia, United States. It designs and manufactures packaging solutions for commercial products. GPI manufactures paperboard and folding cartons for a wide range of popular consumer goods, particularly beverages and packaged food. The company operates paperboard mills in Kalamazoo, Michigan; Macon, Georgia; Middletown, Ohio; Prosperity, South Carolina; Texarkana, Texas; and West Monroe, Louisiana, that use recycled...
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.
GPK vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.5B |
| Net Profit | $71.0M | $92.9M |
| Gross Margin | 14.1% | 27.9% |
| Operating Margin | 7.4% | 7.2% |
| Net Margin | 3.4% | 6.1% |
| Revenue YoY | 0.2% | 0.1% |
| Net Profit YoY | -48.6% | -1.7% |
| EPS (diluted) | $0.24 | — |
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 | $2.1B | $1.6B | ||
| Q3 25 | $2.2B | $2.1B | ||
| Q2 25 | $2.2B | $2.1B | ||
| Q1 25 | $2.1B | $1.5B | ||
| Q4 24 | $2.1B | $1.8B | ||
| Q3 24 | $2.2B | $2.2B | ||
| Q2 24 | $2.2B | $2.1B |
| Q1 26 | — | $92.9M | ||
| Q4 25 | $71.0M | $71.7M | ||
| Q3 25 | $142.0M | $161.6M | ||
| Q2 25 | $104.0M | $183.6M | ||
| Q1 25 | $127.0M | $80.1M | ||
| Q4 24 | $138.0M | $96.8M | ||
| Q3 24 | $165.0M | $171.0M | ||
| Q2 24 | $190.0M | $181.4M |
| Q1 26 | — | 27.9% | ||
| Q4 25 | 14.1% | 27.1% | ||
| Q3 25 | 19.6% | 27.5% | ||
| Q2 25 | 18.7% | 29.3% | ||
| Q1 25 | 20.6% | 28.1% | ||
| Q4 24 | 21.4% | 26.7% | ||
| Q3 24 | 22.3% | 26.2% | ||
| Q2 24 | 21.2% | 27.1% |
| Q1 26 | — | 7.2% | ||
| Q4 25 | 7.4% | 6.4% | ||
| Q3 25 | 10.7% | 11.4% | ||
| Q2 25 | 8.8% | 13.2% | ||
| Q1 25 | 10.5% | 7.3% | ||
| Q4 24 | 11.4% | 7.8% | ||
| Q3 24 | 12.6% | 11.6% | ||
| Q2 24 | 14.5% | 12.6% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | 3.4% | 4.5% | ||
| Q3 25 | 6.5% | 7.8% | ||
| Q2 25 | 4.7% | 8.9% | ||
| Q1 25 | 6.0% | 5.2% | ||
| Q4 24 | 6.6% | 5.5% | ||
| Q3 24 | 7.5% | 7.9% | ||
| Q2 24 | 8.5% | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | $0.24 | $1.82 | ||
| Q3 25 | $0.48 | $3.98 | ||
| Q2 25 | $0.34 | $4.52 | ||
| Q1 25 | $0.42 | $1.93 | ||
| Q4 24 | $0.46 | $2.42 | ||
| Q3 24 | $0.55 | $4.22 | ||
| Q2 24 | $0.62 | $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 | $261.0M | $392.7M |
| Total DebtLower is stronger | $5.0B | — |
| Stockholders' EquityBook value | $3.3B | $3.2B |
| Total Assets | $11.8B | $4.6B |
| Debt / EquityLower = less leverage | 1.51× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $392.7M | ||
| Q4 25 | $261.0M | $733.3M | ||
| Q3 25 | $120.0M | $524.3M | ||
| Q2 25 | $120.0M | $293.0M | ||
| Q1 25 | $129.0M | $431.8M | ||
| Q4 24 | $157.0M | $781.9M | ||
| Q3 24 | $126.0M | $550.0M | ||
| Q2 24 | $125.0M | $424.9M |
| Q1 26 | — | — | ||
| Q4 25 | $5.0B | $361.6M | ||
| Q3 25 | $5.5B | $340.8M | ||
| Q2 25 | $5.4B | $338.7M | ||
| Q1 25 | $5.7B | $346.4M | ||
| Q4 24 | $5.1B | $337.2M | ||
| Q3 24 | $5.4B | $321.0M | ||
| Q2 24 | $4.9B | $307.1M |
| Q1 26 | — | $3.2B | ||
| Q4 25 | $3.3B | $2.8B | ||
| Q3 25 | $3.3B | $2.8B | ||
| Q2 25 | $3.2B | $2.8B | ||
| Q1 25 | $3.2B | $2.7B | ||
| Q4 24 | $3.0B | $2.7B | ||
| Q3 24 | $3.0B | $2.7B | ||
| Q2 24 | $2.8B | $2.6B |
| Q1 26 | — | $4.6B | ||
| Q4 25 | $11.8B | $4.4B | ||
| Q3 25 | $11.9B | $4.6B | ||
| Q2 25 | $11.8B | $4.7B | ||
| Q1 25 | $11.5B | $4.5B | ||
| Q4 24 | $11.1B | $4.5B | ||
| Q3 24 | $11.2B | $4.5B | ||
| Q2 24 | $10.8B | $4.4B |
| Q1 26 | — | — | ||
| Q4 25 | 1.51× | 0.13× | ||
| Q3 25 | 1.67× | 0.12× | ||
| Q2 25 | 1.68× | 0.12× | ||
| Q1 25 | 1.80× | 0.13× | ||
| Q4 24 | 1.71× | 0.13× | ||
| Q3 24 | 1.79× | 0.12× | ||
| Q2 24 | 1.75× | 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 | $521.0M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 7.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $521.0M | $399.8M | ||
| Q3 25 | $227.0M | $354.9M | ||
| Q2 25 | $267.0M | $-7.4M | ||
| Q1 25 | $-174.0M | $-177.6M | ||
| Q4 24 | $489.0M | $378.9M | ||
| Q3 24 | $187.0M | $232.8M | ||
| Q2 24 | $161.0M | $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 | 7.34× | 5.57× | ||
| Q3 25 | 1.60× | 2.20× | ||
| Q2 25 | 2.57× | -0.04× | ||
| Q1 25 | -1.37× | -2.22× | ||
| Q4 24 | 3.54× | 3.91× | ||
| Q3 24 | 1.13× | 1.36× | ||
| Q2 24 | 0.85× | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GPK
| Americas Paperboard Packaging | $1.4B | 68% |
| Other | $667.0M | 32% |
WSO
Segment breakdown not available.
