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Side-by-side financial comparison of WERNER ENTERPRISES INC (WERN) and WATSCO INC (WSO). Click either name above to swap in a different company.
WATSCO INC is the larger business by last-quarter revenue ($1.6B vs $808.6M, roughly 2.0× WERNER ENTERPRISES INC). WATSCO INC runs the higher net margin — 4.5% vs -0.5%, a 5.1% gap on every dollar of revenue. On growth, WERNER ENTERPRISES INC posted the faster year-over-year revenue change (13.6% vs -10.0%). Over the past eight quarters, WERNER ENTERPRISES INC's revenue compounded faster (4.3% CAGR vs 0.4%).
Werner Enterprises, Inc. is an American transportation and logistics company, serving the United States, Mexico and Canada. Werner Enterprises stated that it had 2023 revenues of $3.28 billion and over 14,000 employees and contractors.
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.
WERN vs WSO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $808.6M | $1.6B |
| Net Profit | $-4.3M | $71.7M |
| Gross Margin | — | 27.1% |
| Operating Margin | — | 6.4% |
| Net Margin | -0.5% | 4.5% |
| Revenue YoY | 13.6% | -10.0% |
| Net Profit YoY | 57.8% | -25.9% |
| EPS (diluted) | $-0.07 | $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 | $808.6M | — | ||
| Q4 25 | $719.9M | $1.6B | ||
| Q3 25 | $752.2M | $2.1B | ||
| Q2 25 | $734.1M | $2.1B | ||
| Q1 25 | $693.4M | $1.5B | ||
| Q4 24 | $736.6M | $1.8B | ||
| Q3 24 | $726.3M | $2.2B | ||
| Q2 24 | $742.7M | $2.1B |
| Q1 26 | $-4.3M | — | ||
| Q4 25 | $-27.8M | $71.7M | ||
| Q3 25 | $-20.6M | $161.6M | ||
| Q2 25 | $44.1M | $183.6M | ||
| Q1 25 | $-10.1M | $80.1M | ||
| Q4 24 | $11.9M | $96.8M | ||
| Q3 24 | $6.6M | $171.0M | ||
| Q2 24 | $9.5M | $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 | — | — | ||
| Q4 25 | -5.0% | 6.4% | ||
| Q3 25 | -1.7% | 11.4% | ||
| Q2 25 | 9.0% | 13.2% | ||
| Q1 25 | -0.8% | 7.3% | ||
| Q4 24 | 1.8% | 7.8% | ||
| Q3 24 | 2.4% | 11.6% | ||
| Q2 24 | 2.6% | 12.6% |
| Q1 26 | -0.5% | — | ||
| Q4 25 | -3.9% | 4.5% | ||
| Q3 25 | -2.7% | 7.8% | ||
| Q2 25 | 6.0% | 8.9% | ||
| Q1 25 | -1.5% | 5.2% | ||
| Q4 24 | 1.6% | 5.5% | ||
| Q3 24 | 0.9% | 7.9% | ||
| Q2 24 | 1.3% | 8.5% |
| Q1 26 | $-0.07 | — | ||
| Q4 25 | $-0.46 | $1.82 | ||
| Q3 25 | $-0.34 | $3.98 | ||
| Q2 25 | $0.72 | $4.52 | ||
| Q1 25 | $-0.16 | $1.93 | ||
| Q4 24 | $0.19 | $2.42 | ||
| Q3 24 | $0.11 | $4.22 | ||
| Q2 24 | $0.15 | $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 | $61.5M | $733.3M |
| Total DebtLower is stronger | $878.2M | $361.6M |
| Stockholders' EquityBook value | $1.4B | $2.8B |
| Total Assets | $3.3B | $4.4B |
| Debt / EquityLower = less leverage | 0.65× | 0.13× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $61.5M | — | ||
| Q4 25 | $59.9M | $733.3M | ||
| Q3 25 | $51.0M | $524.3M | ||
| Q2 25 | $51.4M | $293.0M | ||
| Q1 25 | $52.0M | $431.8M | ||
| Q4 24 | $40.8M | $781.9M | ||
| Q3 24 | $54.7M | $550.0M | ||
| Q2 24 | $70.4M | $424.9M |
| Q1 26 | $878.2M | — | ||
| Q4 25 | $752.0M | $361.6M | ||
| Q3 25 | $725.0M | $340.8M | ||
| Q2 25 | $725.0M | $338.7M | ||
| Q1 25 | $640.0M | $346.4M | ||
| Q4 24 | $650.0M | $337.2M | ||
| Q3 24 | $690.0M | $321.0M | ||
| Q2 24 | $670.0M | $307.1M |
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.4B | $2.8B | ||
| Q3 25 | $1.4B | $2.8B | ||
| Q2 25 | $1.4B | $2.8B | ||
| Q1 25 | $1.4B | $2.7B | ||
| Q4 24 | $1.5B | $2.7B | ||
| Q3 24 | $1.4B | $2.7B | ||
| Q2 24 | $1.5B | $2.6B |
| Q1 26 | $3.3B | — | ||
| Q4 25 | $2.9B | $4.4B | ||
| Q3 25 | $3.0B | $4.6B | ||
| Q2 25 | $2.9B | $4.7B | ||
| Q1 25 | $3.0B | $4.5B | ||
| Q4 24 | $3.1B | $4.5B | ||
| Q3 24 | $3.1B | $4.5B | ||
| Q2 24 | $3.1B | $4.4B |
| Q1 26 | 0.65× | — | ||
| Q4 25 | 0.55× | 0.13× | ||
| Q3 25 | 0.52× | 0.12× | ||
| Q2 25 | 0.51× | 0.12× | ||
| Q1 25 | 0.45× | 0.13× | ||
| Q4 24 | 0.45× | 0.13× | ||
| Q3 24 | 0.48× | 0.12× | ||
| Q2 24 | 0.46× | 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 | 0.2% | 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 | $62.3M | $399.8M | ||
| Q3 25 | $44.1M | $354.9M | ||
| Q2 25 | $46.0M | $-7.4M | ||
| Q1 25 | $29.4M | $-177.6M | ||
| Q4 24 | $71.0M | $378.9M | ||
| Q3 24 | $61.0M | $232.8M | ||
| Q2 24 | $109.1M | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | $-23.5M | $388.5M | ||
| Q3 25 | $-8.6M | $346.1M | ||
| Q2 25 | $-42.3M | $-14.3M | ||
| Q1 25 | $5.9M | $-185.2M | ||
| Q4 24 | $-9.8M | $370.9M | ||
| Q3 24 | $-73.4M | $223.0M | ||
| Q2 24 | $-31.2M | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | -3.3% | 24.6% | ||
| Q3 25 | -1.1% | 16.7% | ||
| Q2 25 | -5.8% | -0.7% | ||
| Q1 25 | 0.8% | -12.1% | ||
| Q4 24 | -1.3% | 21.1% | ||
| Q3 24 | -10.1% | 10.3% | ||
| Q2 24 | -4.2% | 2.4% |
| Q1 26 | 0.2% | — | ||
| Q4 25 | 11.9% | 0.7% | ||
| Q3 25 | 7.0% | 0.4% | ||
| Q2 25 | 12.0% | 0.3% | ||
| Q1 25 | 3.4% | 0.5% | ||
| Q4 24 | 11.0% | 0.5% | ||
| Q3 24 | 18.5% | 0.5% | ||
| Q2 24 | 18.9% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 5.57× | ||
| Q3 25 | — | 2.20× | ||
| Q2 25 | 1.04× | -0.04× | ||
| Q1 25 | — | -2.22× | ||
| Q4 24 | 5.97× | 3.91× | ||
| Q3 24 | 9.30× | 1.36× | ||
| Q2 24 | 11.52× | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
