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Side-by-side financial comparison of ICON PLC (ICLR) and WATSCO INC (WSO). Click either name above to swap in a different company.
ICON PLC is the larger business by last-quarter revenue ($2.0B vs $1.5B, roughly 1.3× WATSCO INC). WATSCO INC runs the higher net margin — 6.1% vs 0.1%, a 5.9% gap on every dollar of revenue. On growth, ICON PLC posted the faster year-over-year revenue change (0.6% vs 0.1%). Over the past eight quarters, ICON PLC's revenue compounded faster (0.6% CAGR vs -15.3%).
ICON plc is an Irish headquartered multinational healthcare intelligence and clinical research organisation. As of February 2025 had approximately 41,900 employees in 55 countries.
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.
ICLR vs WSO — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.0B | $1.5B |
| Net Profit | $2.4M | $92.9M |
| Gross Margin | — | 27.9% |
| Operating Margin | 4.2% | 7.2% |
| Net Margin | 0.1% | 6.1% |
| Revenue YoY | 0.6% | 0.1% |
| Net Profit YoY | -98.8% | -1.7% |
| EPS (diluted) | $0.03 | — |
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 | — | $1.6B | ||
| Q3 25 | $2.0B | $2.1B | ||
| Q2 25 | $2.0B | $2.1B | ||
| Q1 25 | $2.0B | $1.5B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | $2.0B | $2.2B | ||
| Q2 24 | $2.1B | $2.1B |
| Q1 26 | — | $92.9M | ||
| Q4 25 | — | $71.7M | ||
| Q3 25 | $2.4M | $161.6M | ||
| Q2 25 | $183.0M | $183.6M | ||
| Q1 25 | $154.2M | $80.1M | ||
| Q4 24 | — | $96.8M | ||
| Q3 24 | $197.1M | $171.0M | ||
| Q2 24 | $146.9M | $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 | — | 6.4% | ||
| Q3 25 | 4.2% | 11.4% | ||
| Q2 25 | 10.4% | 13.2% | ||
| Q1 25 | 11.0% | 7.3% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | 14.1% | 11.6% | ||
| Q2 24 | 10.8% | 12.6% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | — | 4.5% | ||
| Q3 25 | 0.1% | 7.8% | ||
| Q2 25 | 9.1% | 8.9% | ||
| Q1 25 | 7.7% | 5.2% | ||
| Q4 24 | — | 5.5% | ||
| Q3 24 | 9.7% | 7.9% | ||
| Q2 24 | 6.9% | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.82 | ||
| Q3 25 | $0.03 | $3.98 | ||
| Q2 25 | $2.30 | $4.52 | ||
| Q1 25 | $1.90 | $1.93 | ||
| Q4 24 | — | $2.42 | ||
| Q3 24 | $2.36 | $4.22 | ||
| Q2 24 | $1.76 | $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 | $468.9M | $392.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.3B | $3.2B |
| Total Assets | $16.5B | $4.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $392.7M | ||
| Q4 25 | — | $733.3M | ||
| Q3 25 | $468.9M | $524.3M | ||
| Q2 25 | $390.4M | $293.0M | ||
| Q1 25 | $526.7M | $431.8M | ||
| Q4 24 | — | $781.9M | ||
| Q3 24 | $695.5M | $550.0M | ||
| Q2 24 | $506.6M | $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 | — | $2.8B | ||
| Q3 25 | $9.3B | $2.8B | ||
| Q2 25 | $9.6B | $2.8B | ||
| Q1 25 | $9.5B | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | $9.8B | $2.7B | ||
| Q2 24 | $9.6B | $2.6B |
| Q1 26 | — | $4.6B | ||
| Q4 25 | — | $4.4B | ||
| Q3 25 | $16.5B | $4.6B | ||
| Q2 25 | $16.6B | $4.7B | ||
| Q1 25 | $16.7B | $4.5B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | $17.2B | $4.5B | ||
| Q2 24 | $17.0B | $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 | $387.6M | — |
| Free Cash FlowOCF − Capex | $333.9M | — |
| FCF MarginFCF / Revenue | 16.3% | — |
| Capex IntensityCapex / Revenue | 2.6% | — |
| Cash ConversionOCF / Net Profit | 164.59× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.0B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $399.8M | ||
| Q3 25 | $387.6M | $354.9M | ||
| Q2 25 | $146.2M | $-7.4M | ||
| Q1 25 | $268.2M | $-177.6M | ||
| Q4 24 | — | $378.9M | ||
| Q3 24 | $402.7M | $232.8M | ||
| Q2 24 | $218.6M | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $388.5M | ||
| Q3 25 | $333.9M | $346.1M | ||
| Q2 25 | $113.9M | $-14.3M | ||
| Q1 25 | $239.3M | $-185.2M | ||
| Q4 24 | — | $370.9M | ||
| Q3 24 | $359.3M | $223.0M | ||
| Q2 24 | $182.3M | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 24.6% | ||
| Q3 25 | 16.3% | 16.7% | ||
| Q2 25 | 5.6% | -0.7% | ||
| Q1 25 | 12.0% | -12.1% | ||
| Q4 24 | — | 21.1% | ||
| Q3 24 | 17.7% | 10.3% | ||
| Q2 24 | 8.6% | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.7% | ||
| Q3 25 | 2.6% | 0.4% | ||
| Q2 25 | 1.6% | 0.3% | ||
| Q1 25 | 1.4% | 0.5% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | 2.1% | 0.5% | ||
| Q2 24 | 1.7% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 5.57× | ||
| Q3 25 | 164.59× | 2.20× | ||
| Q2 25 | 0.80× | -0.04× | ||
| Q1 25 | 1.74× | -2.22× | ||
| Q4 24 | — | 3.91× | ||
| Q3 24 | 2.04× | 1.36× | ||
| Q2 24 | 1.49× | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ICLR
| Other Customers | $681.3M | 33% |
| Clients1125 | $549.4M | 27% |
| Clients15 | $503.3M | 25% |
| Clients610 | $308.8M | 15% |
WSO
Segment breakdown not available.
