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Side-by-side financial comparison of Trade Desk (The) (TTD) 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 $846.8M, roughly 1.8× Trade Desk (The)). Trade Desk (The) runs the higher net margin — 22.1% vs 6.1%, a 16.0% gap on every dollar of revenue. On growth, Trade Desk (The) posted the faster year-over-year revenue change (14.3% vs 0.1%). Over the past eight quarters, Trade Desk (The)'s revenue compounded faster (31.3% CAGR vs -15.3%).
The Trade Desk, Inc. is an American multinational technology company that specializes in real-time programmatic marketing automation technologies, products, and services, designed to personalize digital content delivery to users.
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.
TTD vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $846.8M | $1.5B |
| Net Profit | $186.9M | $92.9M |
| Gross Margin | 80.7% | 27.9% |
| Operating Margin | 30.3% | 7.2% |
| Net Margin | 22.1% | 6.1% |
| Revenue YoY | 14.3% | 0.1% |
| Net Profit YoY | 2.6% | -1.7% |
| EPS (diluted) | $0.39 | — |
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 | $846.8M | $1.6B | ||
| Q3 25 | $739.4M | $2.1B | ||
| Q2 25 | $694.0M | $2.1B | ||
| Q1 25 | $616.0M | $1.5B | ||
| Q4 24 | $741.0M | $1.8B | ||
| Q3 24 | $628.0M | $2.2B | ||
| Q2 24 | $584.5M | $2.1B |
| Q1 26 | — | $92.9M | ||
| Q4 25 | $186.9M | $71.7M | ||
| Q3 25 | $115.5M | $161.6M | ||
| Q2 25 | $90.1M | $183.6M | ||
| Q1 25 | $50.7M | $80.1M | ||
| Q4 24 | $182.2M | $96.8M | ||
| Q3 24 | $94.2M | $171.0M | ||
| Q2 24 | $85.0M | $181.4M |
| Q1 26 | — | 27.9% | ||
| Q4 25 | 80.7% | 27.1% | ||
| Q3 25 | 78.1% | 27.5% | ||
| Q2 25 | 78.2% | 29.3% | ||
| Q1 25 | 76.8% | 28.1% | ||
| Q4 24 | 81.7% | 26.7% | ||
| Q3 24 | 80.5% | 26.2% | ||
| Q2 24 | 81.1% | 27.1% |
| Q1 26 | — | 7.2% | ||
| Q4 25 | 30.3% | 6.4% | ||
| Q3 25 | 21.8% | 11.4% | ||
| Q2 25 | 16.8% | 13.2% | ||
| Q1 25 | 8.8% | 7.3% | ||
| Q4 24 | 26.4% | 7.8% | ||
| Q3 24 | 17.3% | 11.6% | ||
| Q2 24 | 16.2% | 12.6% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | 22.1% | 4.5% | ||
| Q3 25 | 15.6% | 7.8% | ||
| Q2 25 | 13.0% | 8.9% | ||
| Q1 25 | 8.2% | 5.2% | ||
| Q4 24 | 24.6% | 5.5% | ||
| Q3 24 | 15.0% | 7.9% | ||
| Q2 24 | 14.5% | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | $0.39 | $1.82 | ||
| Q3 25 | $0.23 | $3.98 | ||
| Q2 25 | $0.18 | $4.52 | ||
| Q1 25 | $0.10 | $1.93 | ||
| Q4 24 | $0.36 | $2.42 | ||
| Q3 24 | $0.19 | $4.22 | ||
| Q2 24 | $0.17 | $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 | $1.3B | $392.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $3.2B |
| Total Assets | $6.2B | $4.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $392.7M | ||
| Q4 25 | $1.3B | $733.3M | ||
| Q3 25 | $1.4B | $524.3M | ||
| Q2 25 | $1.7B | $293.0M | ||
| Q1 25 | $1.7B | $431.8M | ||
| Q4 24 | $1.9B | $781.9M | ||
| Q3 24 | $1.7B | $550.0M | ||
| Q2 24 | $1.5B | $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 | $2.5B | $2.8B | ||
| Q3 25 | $2.6B | $2.8B | ||
| Q2 25 | $2.7B | $2.8B | ||
| Q1 25 | $2.7B | $2.7B | ||
| Q4 24 | $2.9B | $2.7B | ||
| Q3 24 | $2.6B | $2.7B | ||
| Q2 24 | $2.4B | $2.6B |
| Q1 26 | — | $4.6B | ||
| Q4 25 | $6.2B | $4.4B | ||
| Q3 25 | $5.9B | $4.6B | ||
| Q2 25 | $6.0B | $4.7B | ||
| Q1 25 | $5.7B | $4.5B | ||
| Q4 24 | $6.1B | $4.5B | ||
| Q3 24 | $5.5B | $4.5B | ||
| Q2 24 | $5.2B | $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 | $311.6M | — |
| Free Cash FlowOCF − Capex | $285.3M | — |
| FCF MarginFCF / Revenue | 33.7% | — |
| Capex IntensityCapex / Revenue | 3.1% | — |
| Cash ConversionOCF / Net Profit | 1.67× | — |
| TTM Free Cash FlowTrailing 4 quarters | $795.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $311.6M | $399.8M | ||
| Q3 25 | $224.7M | $354.9M | ||
| Q2 25 | $165.0M | $-7.4M | ||
| Q1 25 | $291.4M | $-177.6M | ||
| Q4 24 | $199.4M | $378.9M | ||
| Q3 24 | $273.3M | $232.8M | ||
| Q2 24 | $81.3M | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | $285.3M | $388.5M | ||
| Q3 25 | $158.3M | $346.1M | ||
| Q2 25 | $119.8M | $-14.3M | ||
| Q1 25 | $232.3M | $-185.2M | ||
| Q4 24 | $179.2M | $370.9M | ||
| Q3 24 | $224.6M | $223.0M | ||
| Q2 24 | $59.1M | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | 33.7% | 24.6% | ||
| Q3 25 | 21.4% | 16.7% | ||
| Q2 25 | 17.3% | -0.7% | ||
| Q1 25 | 37.7% | -12.1% | ||
| Q4 24 | 24.2% | 21.1% | ||
| Q3 24 | 35.8% | 10.3% | ||
| Q2 24 | 10.1% | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | 3.1% | 0.7% | ||
| Q3 25 | 9.0% | 0.4% | ||
| Q2 25 | 6.5% | 0.3% | ||
| Q1 25 | 9.6% | 0.5% | ||
| Q4 24 | 2.7% | 0.5% | ||
| Q3 24 | 7.8% | 0.5% | ||
| Q2 24 | 3.8% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.67× | 5.57× | ||
| Q3 25 | 1.94× | 2.20× | ||
| Q2 25 | 1.83× | -0.04× | ||
| Q1 25 | 5.75× | -2.22× | ||
| Q4 24 | 1.09× | 3.91× | ||
| Q3 24 | 2.90× | 1.36× | ||
| Q2 24 | 0.96× | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TTD
| Other | $427.2M | 50% |
| Non Us | $419.6M | 50% |
WSO
Segment breakdown not available.
