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Side-by-side financial comparison of Toast, Inc. (TOST) and WATSCO INC (WSO). Click either name above to swap in a different company.
Toast, Inc. is the larger business by last-quarter revenue ($1.6B vs $1.5B, roughly 1.1× WATSCO INC). Toast, Inc. runs the higher net margin — 6.2% vs 6.1%, a 0.1% gap on every dollar of revenue. On growth, Toast, Inc. posted the faster year-over-year revenue change (22.0% vs 0.1%). Over the past eight quarters, Toast, Inc.'s revenue compounded faster (23.3% CAGR vs -15.3%).
Toast, Inc. is an American cloud-based restaurant management software company based in Boston, Massachusetts. The company provides an all-in-one point of sale (POS) system built on the Android operating system.
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.
TOST vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $1.5B |
| Net Profit | $101.0M | $92.9M |
| Gross Margin | 25.9% | 27.9% |
| Operating Margin | 5.2% | 7.2% |
| Net Margin | 6.2% | 6.1% |
| Revenue YoY | 22.0% | 0.1% |
| Net Profit YoY | 215.6% | -1.7% |
| EPS (diluted) | $0.18 | — |
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 | $1.6B | ||
| Q3 25 | $1.6B | $2.1B | ||
| Q2 25 | $1.6B | $2.1B | ||
| Q1 25 | $1.3B | $1.5B | ||
| Q4 24 | $1.3B | $1.8B | ||
| Q3 24 | $1.3B | $2.2B | ||
| Q2 24 | $1.2B | $2.1B |
| Q1 26 | — | $92.9M | ||
| Q4 25 | $101.0M | $71.7M | ||
| Q3 25 | $105.0M | $161.6M | ||
| Q2 25 | $80.0M | $183.6M | ||
| Q1 25 | $56.0M | $80.1M | ||
| Q4 24 | $32.0M | $96.8M | ||
| Q3 24 | $56.0M | $171.0M | ||
| Q2 24 | $14.0M | $181.4M |
| Q1 26 | — | 27.9% | ||
| Q4 25 | 25.9% | 27.1% | ||
| Q3 25 | 26.5% | 27.5% | ||
| Q2 25 | 25.3% | 29.3% | ||
| Q1 25 | 25.9% | 28.1% | ||
| Q4 24 | 24.9% | 26.7% | ||
| Q3 24 | 24.7% | 26.2% | ||
| Q2 24 | 23.0% | 27.1% |
| Q1 26 | — | 7.2% | ||
| Q4 25 | 5.2% | 6.4% | ||
| Q3 25 | 5.1% | 11.4% | ||
| Q2 25 | 5.2% | 13.2% | ||
| Q1 25 | 3.2% | 7.3% | ||
| Q4 24 | 2.5% | 7.8% | ||
| Q3 24 | 2.6% | 11.6% | ||
| Q2 24 | 0.4% | 12.6% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | 6.2% | 4.5% | ||
| Q3 25 | 6.4% | 7.8% | ||
| Q2 25 | 5.2% | 8.9% | ||
| Q1 25 | 4.2% | 5.2% | ||
| Q4 24 | 2.4% | 5.5% | ||
| Q3 24 | 4.3% | 7.9% | ||
| Q2 24 | 1.1% | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | $0.18 | $1.82 | ||
| Q3 25 | $0.16 | $3.98 | ||
| Q2 25 | $0.13 | $4.52 | ||
| Q1 25 | $0.09 | $1.93 | ||
| Q4 24 | $0.09 | $2.42 | ||
| Q3 24 | $0.07 | $4.22 | ||
| Q2 24 | $0.02 | $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 | $1.4B | $392.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | $3.2B |
| Total Assets | $3.1B | $4.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $392.7M | ||
| Q4 25 | $1.4B | $733.3M | ||
| Q3 25 | $1.4B | $524.3M | ||
| Q2 25 | $1.2B | $293.0M | ||
| Q1 25 | $1.0B | $431.8M | ||
| Q4 24 | $903.0M | $781.9M | ||
| Q3 24 | $761.0M | $550.0M | ||
| Q2 24 | $691.0M | $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 | $2.1B | $2.8B | ||
| Q3 25 | $2.0B | $2.8B | ||
| Q2 25 | $1.8B | $2.8B | ||
| Q1 25 | $1.7B | $2.7B | ||
| Q4 24 | $1.5B | $2.7B | ||
| Q3 24 | $1.4B | $2.7B | ||
| Q2 24 | $1.3B | $2.6B |
| Q1 26 | — | $4.6B | ||
| Q4 25 | $3.1B | $4.4B | ||
| Q3 25 | $3.0B | $4.6B | ||
| Q2 25 | $2.8B | $4.7B | ||
| Q1 25 | $2.6B | $4.5B | ||
| Q4 24 | $2.4B | $4.5B | ||
| Q3 24 | $2.2B | $4.5B | ||
| Q2 24 | $2.2B | $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 | $194.0M | — |
| Free Cash FlowOCF − Capex | $178.0M | — |
| FCF MarginFCF / Revenue | 10.9% | — |
| Capex IntensityCapex / Revenue | 1.0% | — |
| Cash ConversionOCF / Net Profit | 1.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | $608.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $194.0M | $399.8M | ||
| Q3 25 | $165.0M | $354.9M | ||
| Q2 25 | $223.0M | $-7.4M | ||
| Q1 25 | $79.0M | $-177.6M | ||
| Q4 24 | $147.0M | $378.9M | ||
| Q3 24 | $109.0M | $232.8M | ||
| Q2 24 | $124.0M | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | $178.0M | $388.5M | ||
| Q3 25 | $153.0M | $346.1M | ||
| Q2 25 | $208.0M | $-14.3M | ||
| Q1 25 | $69.0M | $-185.2M | ||
| Q4 24 | $134.0M | $370.9M | ||
| Q3 24 | $97.0M | $223.0M | ||
| Q2 24 | $108.0M | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | 10.9% | 24.6% | ||
| Q3 25 | 9.4% | 16.7% | ||
| Q2 25 | 13.4% | -0.7% | ||
| Q1 25 | 5.2% | -12.1% | ||
| Q4 24 | 10.0% | 21.1% | ||
| Q3 24 | 7.4% | 10.3% | ||
| Q2 24 | 8.7% | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.0% | 0.7% | ||
| Q3 25 | 0.7% | 0.4% | ||
| Q2 25 | 1.0% | 0.3% | ||
| Q1 25 | 0.7% | 0.5% | ||
| Q4 24 | 1.0% | 0.5% | ||
| Q3 24 | 0.9% | 0.5% | ||
| Q2 24 | 1.3% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.92× | 5.57× | ||
| Q3 25 | 1.57× | 2.20× | ||
| Q2 25 | 2.79× | -0.04× | ||
| Q1 25 | 1.41× | -2.22× | ||
| Q4 24 | 4.59× | 3.91× | ||
| Q3 24 | 1.95× | 1.36× | ||
| Q2 24 | 8.86× | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
WSO
Segment breakdown not available.
