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Side-by-side financial comparison of Invesco (IVZ) and WATSCO INC (WSO). Click either name above to swap in a different company.
Invesco is the larger business by last-quarter revenue ($1.7B vs $1.5B, roughly 1.1× WATSCO INC). WATSCO INC runs the higher net margin — 6.1% vs -58.9%, a 64.9% gap on every dollar of revenue. On growth, Invesco posted the faster year-over-year revenue change (6.2% vs 0.1%). Over the past eight quarters, Invesco's revenue compounded faster (7.1% CAGR vs -15.3%).
Invesco Ltd. is an American independent investment management company headquartered in Atlanta, Georgia, with branch offices in 20 countries. Its common stock is a constituent of the S&P 500 and trades on the New York Stock Exchange. Invesco operates under the Invesco, Invesco Perpetual, and Powershares brand names.
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.
IVZ vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.7B | $1.5B |
| Net Profit | $-995.9M | $92.9M |
| Gross Margin | — | 27.9% |
| Operating Margin | -86.2% | 7.2% |
| Net Margin | -58.9% | 6.1% |
| Revenue YoY | 6.2% | 0.1% |
| Net Profit YoY | -575.8% | -1.7% |
| EPS (diluted) | $-2.61 | — |
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 | $1.7B | $1.6B | ||
| Q3 25 | $1.6B | $2.1B | ||
| Q2 25 | $1.5B | $2.1B | ||
| Q1 25 | $1.5B | $1.5B | ||
| Q4 24 | $1.6B | $1.8B | ||
| Q3 24 | $1.5B | $2.2B | ||
| Q2 24 | $1.5B | $2.1B |
| Q1 26 | — | $92.9M | ||
| Q4 25 | $-995.9M | $71.7M | ||
| Q3 25 | $356.4M | $161.6M | ||
| Q2 25 | $197.4M | $183.6M | ||
| Q1 25 | $171.1M | $80.1M | ||
| Q4 24 | $209.3M | $96.8M | ||
| Q3 24 | $55.0M | $171.0M | ||
| Q2 24 | $132.2M | $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 | -86.2% | 6.4% | ||
| Q3 25 | 16.5% | 11.4% | ||
| Q2 25 | 14.1% | 13.2% | ||
| Q1 25 | 18.1% | 7.3% | ||
| Q4 24 | 19.6% | 7.8% | ||
| Q3 24 | 6.6% | 11.6% | ||
| Q2 24 | 13.9% | 12.6% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | -58.9% | 4.5% | ||
| Q3 25 | 21.7% | 7.8% | ||
| Q2 25 | 13.0% | 8.9% | ||
| Q1 25 | 11.2% | 5.2% | ||
| Q4 24 | 13.1% | 5.5% | ||
| Q3 24 | 3.6% | 7.9% | ||
| Q2 24 | 8.9% | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | $-2.61 | $1.82 | ||
| Q3 25 | $0.66 | $3.98 | ||
| Q2 25 | $-0.03 | $4.52 | ||
| Q1 25 | $0.38 | $1.93 | ||
| Q4 24 | $0.46 | $2.42 | ||
| Q3 24 | $0.12 | $4.22 | ||
| Q2 24 | $0.29 | $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 | $1.0B | $392.7M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $12.2B | $3.2B |
| Total Assets | $27.1B | $4.6B |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $392.7M | ||
| Q4 25 | $1.0B | $733.3M | ||
| Q3 25 | $973.1M | $524.3M | ||
| Q2 25 | $922.7M | $293.0M | ||
| Q1 25 | $821.7M | $431.8M | ||
| Q4 24 | $986.5M | $781.9M | ||
| Q3 24 | $1.0B | $550.0M | ||
| Q2 24 | $878.5M | $424.9M |
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | $361.6M | ||
| Q3 25 | $1.6B | $340.8M | ||
| Q2 25 | $1.9B | $338.7M | ||
| Q1 25 | $964.8M | $346.4M | ||
| Q4 24 | $890.6M | $337.2M | ||
| Q3 24 | $890.3M | $321.0M | ||
| Q2 24 | $890.1M | $307.1M |
| Q1 26 | — | $3.2B | ||
| Q4 25 | $12.2B | $2.8B | ||
| Q3 25 | $14.0B | $2.8B | ||
| Q2 25 | $13.9B | $2.8B | ||
| Q1 25 | $14.7B | $2.7B | ||
| Q4 24 | $14.6B | $2.7B | ||
| Q3 24 | $14.8B | $2.7B | ||
| Q2 24 | $14.6B | $2.6B |
| Q1 26 | — | $4.6B | ||
| Q4 25 | $27.1B | $4.4B | ||
| Q3 25 | $28.4B | $4.6B | ||
| Q2 25 | $28.5B | $4.7B | ||
| Q1 25 | $28.1B | $4.5B | ||
| Q4 24 | $27.0B | $4.5B | ||
| Q3 24 | $27.5B | $4.5B | ||
| Q2 24 | $27.2B | $4.4B |
| Q1 26 | — | — | ||
| Q4 25 | 0.15× | 0.13× | ||
| Q3 25 | 0.12× | 0.12× | ||
| Q2 25 | 0.14× | 0.12× | ||
| Q1 25 | 0.07× | 0.13× | ||
| Q4 24 | 0.06× | 0.13× | ||
| Q3 24 | 0.06× | 0.12× | ||
| Q2 24 | 0.06× | 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 | $455.8M | — |
| Free Cash FlowOCF − Capex | $432.2M | — |
| FCF MarginFCF / Revenue | 25.5% | — |
| Capex IntensityCapex / Revenue | 1.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.4B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $455.8M | $399.8M | ||
| Q3 25 | $606.2M | $354.9M | ||
| Q2 25 | $547.9M | $-7.4M | ||
| Q1 25 | $-84.6M | $-177.6M | ||
| Q4 24 | $316.9M | $378.9M | ||
| Q3 24 | $438.4M | $232.8M | ||
| Q2 24 | $489.1M | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | $432.2M | $388.5M | ||
| Q3 25 | $586.4M | $346.1M | ||
| Q2 25 | $530.4M | $-14.3M | ||
| Q1 25 | $-108.0M | $-185.2M | ||
| Q4 24 | $309.9M | $370.9M | ||
| Q3 24 | $410.0M | $223.0M | ||
| Q2 24 | $462.4M | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | 25.5% | 24.6% | ||
| Q3 25 | 35.7% | 16.7% | ||
| Q2 25 | 35.0% | -0.7% | ||
| Q1 25 | -7.1% | -12.1% | ||
| Q4 24 | 19.5% | 21.1% | ||
| Q3 24 | 27.1% | 10.3% | ||
| Q2 24 | 31.2% | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.4% | 0.7% | ||
| Q3 25 | 1.2% | 0.4% | ||
| Q2 25 | 1.2% | 0.3% | ||
| Q1 25 | 1.5% | 0.5% | ||
| Q4 24 | 0.4% | 0.5% | ||
| Q3 24 | 1.9% | 0.5% | ||
| Q2 24 | 1.8% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 5.57× | ||
| Q3 25 | 1.70× | 2.20× | ||
| Q2 25 | 2.78× | -0.04× | ||
| Q1 25 | -0.49× | -2.22× | ||
| Q4 24 | 1.51× | 3.91× | ||
| Q3 24 | 7.97× | 1.36× | ||
| Q2 24 | 3.70× | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IVZ
| Investment Advice | $1.2B | 73% |
| Distribution And Shareholder Service | $382.7M | 23% |
| Financial Service Other | $51.0M | 3% |
| Investment Performance | $28.9M | 2% |
WSO
Segment breakdown not available.
