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Side-by-side financial comparison of UGI CORP (UGI) and WATSCO INC (WSO). Click either name above to swap in a different company.
UGI CORP is the larger business by last-quarter revenue ($2.7B vs $1.6B, roughly 1.7× WATSCO INC). UGI CORP runs the higher net margin — 19.4% vs 4.5%, a 14.8% gap on every dollar of revenue. On growth, UGI CORP posted the faster year-over-year revenue change (0.7% vs -10.0%). Over the past eight quarters, UGI CORP's revenue compounded faster (40.9% CAGR vs 0.4%).
UGI Corporation is a natural gas and electric power distribution company headquartered in King of Prussia, Pennsylvania, with extensive operations in the United States and Europe.
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.
UGI vs WSO — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.7B | $1.6B |
| Net Profit | $520.0M | $71.7M |
| Gross Margin | — | 27.1% |
| Operating Margin | 9.3% | 6.4% |
| Net Margin | 19.4% | 4.5% |
| Revenue YoY | 0.7% | -10.0% |
| Net Profit YoY | -2.4% | -25.9% |
| EPS (diluted) | $2.33 | $1.82 |
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 | $2.7B | — | ||
| Q4 25 | $2.1B | $1.6B | ||
| Q3 25 | $1.2B | $2.1B | ||
| Q2 25 | $1.4B | $2.1B | ||
| Q1 25 | $2.6B | $1.5B | ||
| Q4 24 | $2.0B | $1.8B | ||
| Q3 24 | $1.2B | $2.2B | ||
| Q2 24 | $1.4B | $2.1B |
| Q1 26 | $520.0M | — | ||
| Q4 25 | $297.0M | $71.7M | ||
| Q3 25 | $-13.0M | $161.6M | ||
| Q2 25 | $-163.0M | $183.6M | ||
| Q1 25 | $479.0M | $80.1M | ||
| Q4 24 | $375.0M | $96.8M | ||
| Q3 24 | $-273.0M | $171.0M | ||
| Q2 24 | $-48.0M | $181.4M |
| Q1 26 | — | — | ||
| 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 | 9.3% | — | ||
| Q4 25 | 22.0% | 6.4% | ||
| Q3 25 | 1.1% | 11.4% | ||
| Q2 25 | -6.8% | 13.2% | ||
| Q1 25 | 26.6% | 7.3% | ||
| Q4 24 | 24.5% | 7.8% | ||
| Q3 24 | -20.4% | 11.6% | ||
| Q2 24 | 5.0% | 12.6% |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 14.4% | 4.5% | ||
| Q3 25 | -1.1% | 7.8% | ||
| Q2 25 | -12.0% | 8.9% | ||
| Q1 25 | 18.2% | 5.2% | ||
| Q4 24 | 18.9% | 5.5% | ||
| Q3 24 | -22.6% | 7.9% | ||
| Q2 24 | -3.6% | 8.5% |
| Q1 26 | $2.33 | — | ||
| Q4 25 | $1.34 | $1.82 | ||
| Q3 25 | $-0.08 | $3.98 | ||
| Q2 25 | $-0.76 | $4.52 | ||
| Q1 25 | $2.19 | $1.93 | ||
| Q4 24 | $1.74 | $2.42 | ||
| Q3 24 | $-1.26 | $4.22 | ||
| Q2 24 | $-0.23 | $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 | — | $733.3M |
| Total DebtLower is stronger | — | $361.6M |
| Stockholders' EquityBook value | — | $2.8B |
| Total Assets | — | $4.4B |
| Debt / EquityLower = less leverage | — | 0.13× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $251.0M | $733.3M | ||
| Q3 25 | $335.0M | $524.3M | ||
| Q2 25 | $350.0M | $293.0M | ||
| Q1 25 | $426.0M | $431.8M | ||
| Q4 24 | $240.0M | $781.9M | ||
| Q3 24 | $213.0M | $550.0M | ||
| Q2 24 | $183.0M | $424.9M |
| Q1 26 | — | — | ||
| Q4 25 | $6.0B | $361.6M | ||
| Q3 25 | $6.5B | $340.8M | ||
| Q2 25 | $5.7B | $338.7M | ||
| Q1 25 | $6.6B | $346.4M | ||
| Q4 24 | $6.6B | $337.2M | ||
| Q3 24 | $6.4B | $321.0M | ||
| Q2 24 | $6.3B | $307.1M |
| Q1 26 | — | — | ||
| Q4 25 | $5.0B | $2.8B | ||
| Q3 25 | $4.8B | $2.8B | ||
| Q2 25 | $4.9B | $2.8B | ||
| Q1 25 | $5.0B | $2.7B | ||
| Q4 24 | $4.6B | $2.7B | ||
| Q3 24 | $4.3B | $2.7B | ||
| Q2 24 | $4.7B | $2.6B |
| Q1 26 | — | — | ||
| Q4 25 | $15.8B | $4.4B | ||
| Q3 25 | $15.5B | $4.6B | ||
| Q2 25 | $15.4B | $4.7B | ||
| Q1 25 | $15.7B | $4.5B | ||
| Q4 24 | $15.4B | $4.5B | ||
| Q3 24 | $15.1B | $4.5B | ||
| Q2 24 | $15.1B | $4.4B |
| Q1 26 | — | — | ||
| Q4 25 | 1.19× | 0.13× | ||
| Q3 25 | 1.37× | 0.12× | ||
| Q2 25 | 1.17× | 0.12× | ||
| Q1 25 | 1.32× | 0.13× | ||
| Q4 24 | 1.44× | 0.13× | ||
| Q3 24 | 1.48× | 0.12× | ||
| Q2 24 | 1.34× | 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 | — | $399.8M |
| Free Cash FlowOCF − Capex | — | $388.5M |
| FCF MarginFCF / Revenue | — | 24.6% |
| Capex IntensityCapex / Revenue | 4.7% | 0.7% |
| Cash ConversionOCF / Net Profit | — | 5.57× |
| TTM Free Cash FlowTrailing 4 quarters | — | $535.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $66.0M | $399.8M | ||
| Q3 25 | $90.0M | $354.9M | ||
| Q2 25 | $289.0M | $-7.4M | ||
| Q1 25 | $684.0M | $-177.6M | ||
| Q4 24 | $164.0M | $378.9M | ||
| Q3 24 | $151.0M | $232.8M | ||
| Q2 24 | $390.0M | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | $-155.0M | $388.5M | ||
| Q3 25 | $-168.0M | $346.1M | ||
| Q2 25 | $67.0M | $-14.3M | ||
| Q1 25 | $538.0M | $-185.2M | ||
| Q4 24 | $-47.0M | $370.9M | ||
| Q3 24 | $-115.0M | $223.0M | ||
| Q2 24 | $185.0M | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | -7.5% | 24.6% | ||
| Q3 25 | -14.4% | 16.7% | ||
| Q2 25 | 4.9% | -0.7% | ||
| Q1 25 | 20.4% | -12.1% | ||
| Q4 24 | -2.4% | 21.1% | ||
| Q3 24 | -9.5% | 10.3% | ||
| Q2 24 | 13.7% | 2.4% |
| Q1 26 | 4.7% | — | ||
| Q4 25 | 10.7% | 0.7% | ||
| Q3 25 | 22.1% | 0.4% | ||
| Q2 25 | 16.3% | 0.3% | ||
| Q1 25 | 5.5% | 0.5% | ||
| Q4 24 | 10.6% | 0.5% | ||
| Q3 24 | 22.0% | 0.5% | ||
| Q2 24 | 15.2% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 0.22× | 5.57× | ||
| Q3 25 | — | 2.20× | ||
| Q2 25 | — | -0.04× | ||
| Q1 25 | 1.43× | -2.22× | ||
| Q4 24 | 0.44× | 3.91× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
UGI
| Utilities | $880.0M | 33% |
| AmeriGas Propane | $759.0M | 28% |
| UGI International | $621.0M | 23% |
| Other | $425.0M | 16% |
WSO
Segment breakdown not available.
