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Side-by-side financial comparison of Air Products (APD) and Bath & Body Works, Inc. (BBWI). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.2B vs $1.6B, roughly 2.0× Bath & Body Works, Inc.). Air Products runs the higher net margin — 22.9% vs 4.8%, a 18.0% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (8.8% vs -1.0%). Over the past eight quarters, Air Products's revenue compounded faster (3.1% CAGR vs -26.0%).
Air Products and Chemicals, Inc. provides atmospheric gases, process and specialty gases, equipment, and services worldwide. The company produces atmospheric gases, including oxygen, nitrogen, and argon; process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, syngas; specialty gases; and equipment for the production or processing of gases comprising air separation units and non-cryogenic generators for customers in various industries, including refining, chemical, gasificati...
Bath & Body Works, Inc. is an American specialty retail company based in Columbus, Ohio. It owns Bath & Body Works, posted $7.4 billion in revenue in 2023, and was listed as 481 on the 2024 Fortune 500 list of largest United States companies by revenue.
APD vs BBWI — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.2B | $1.6B |
| Net Profit | $724.8M | $77.0M |
| Gross Margin | 31.1% | 41.3% |
| Operating Margin | — | 10.1% |
| Net Margin | 22.9% | 4.8% |
| Revenue YoY | 8.8% | -1.0% |
| Net Profit YoY | 166.6% | -27.4% |
| EPS (diluted) | $3.19 | $0.37 |
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 | $3.2B | — | ||
| Q4 25 | $3.1B | $1.6B | ||
| Q3 25 | $3.2B | $1.5B | ||
| Q2 25 | $3.0B | $1.4B | ||
| Q1 25 | $2.9B | $2.8B | ||
| Q4 24 | $2.9B | $1.6B | ||
| Q3 24 | $3.2B | $1.5B | ||
| Q2 24 | $3.0B | $1.4B |
| Q1 26 | $724.8M | — | ||
| Q4 25 | $678.2M | $77.0M | ||
| Q3 25 | $4.9M | $64.0M | ||
| Q2 25 | $713.8M | $105.0M | ||
| Q1 25 | $-1.7B | $453.0M | ||
| Q4 24 | $617.4M | $106.0M | ||
| Q3 24 | $1.9B | $152.0M | ||
| Q2 24 | $696.6M | $87.0M |
| Q1 26 | 31.1% | — | ||
| Q4 25 | 32.1% | 41.3% | ||
| Q3 25 | 32.3% | 41.3% | ||
| Q2 25 | 32.5% | 45.4% | ||
| Q1 25 | 29.6% | 46.7% | ||
| Q4 24 | 31.2% | 43.5% | ||
| Q3 24 | 34.0% | 41.0% | ||
| Q2 24 | 32.8% | 43.8% |
| Q1 26 | — | — | ||
| Q4 25 | 23.7% | 10.1% | ||
| Q3 25 | 0.5% | 10.1% | ||
| Q2 25 | 26.2% | 14.7% | ||
| Q1 25 | -79.8% | 24.3% | ||
| Q4 24 | 22.0% | 13.5% | ||
| Q3 24 | 76.1% | 12.0% | ||
| Q2 24 | 24.7% | 13.5% |
| Q1 26 | 22.9% | — | ||
| Q4 25 | 21.9% | 4.8% | ||
| Q3 25 | 0.2% | 4.1% | ||
| Q2 25 | 23.6% | 7.4% | ||
| Q1 25 | -59.3% | 16.3% | ||
| Q4 24 | 21.1% | 6.6% | ||
| Q3 24 | 61.2% | 10.0% | ||
| Q2 24 | 23.3% | 6.3% |
| Q1 26 | $3.19 | — | ||
| Q4 25 | $3.04 | $0.37 | ||
| Q3 25 | $0.03 | $0.30 | ||
| Q2 25 | $3.20 | $0.49 | ||
| Q1 25 | $-7.77 | $2.06 | ||
| Q4 24 | $2.77 | $0.49 | ||
| Q3 24 | $8.75 | $0.68 | ||
| Q2 24 | $3.13 | $0.38 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $236.0M |
| Total DebtLower is stronger | $17.4M | $3.9B |
| Stockholders' EquityBook value | $18.1M | $-1.6B |
| Total Assets | $41.6M | $5.0B |
| Debt / EquityLower = less leverage | 0.96× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $236.0M | ||
| Q3 25 | $1.9B | $364.0M | ||
| Q2 25 | $2.3B | $636.0M | ||
| Q1 25 | $1.6B | $674.0M | ||
| Q4 24 | $2.0B | $191.0M | ||
| Q3 24 | $3.0B | $514.0M | ||
| Q2 24 | $2.4B | $855.0M |
| Q1 26 | $17.4M | — | ||
| Q4 25 | — | $3.9B | ||
| Q3 25 | — | $3.9B | ||
| Q2 25 | — | $3.9B | ||
| Q1 25 | — | $3.9B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | — | $4.2B | ||
| Q2 24 | — | $4.3B |
| Q1 26 | $18.1M | — | ||
| Q4 25 | $15.4B | $-1.6B | ||
| Q3 25 | $15.0B | $-1.5B | ||
| Q2 25 | $15.5B | $-1.5B | ||
| Q1 25 | $14.7B | $-1.4B | ||
| Q4 24 | $16.7B | $-1.7B | ||
| Q3 24 | $17.0B | $-1.7B | ||
| Q2 24 | $15.1B | $-1.7B |
| Q1 26 | $41.6M | — | ||
| Q4 25 | $41.2B | $5.0B | ||
| Q3 25 | $41.1B | $4.8B | ||
| Q2 25 | $41.7B | $4.9B | ||
| Q1 25 | $38.9B | $4.9B | ||
| Q4 24 | $40.0B | $5.0B | ||
| Q3 24 | $39.6B | $4.9B | ||
| Q2 24 | $37.0B | $5.2B |
| Q1 26 | 0.96× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $80.0M |
| Free Cash FlowOCF − Capex | — | $-1.0M |
| FCF MarginFCF / Revenue | — | -0.1% |
| Capex IntensityCapex / Revenue | 56.4% | 5.1% |
| Cash ConversionOCF / Net Profit | — | 1.04× |
| TTM Free Cash FlowTrailing 4 quarters | — | $946.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $900.7M | $80.0M | ||
| Q3 25 | — | $-43.0M | ||
| Q2 25 | $855.8M | $188.0M | ||
| Q1 25 | $328.1M | $955.0M | ||
| Q4 24 | $811.7M | $-99.0M | ||
| Q3 24 | — | $-46.0M | ||
| Q2 24 | $1.3B | $76.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-350.5M | $-1.0M | ||
| Q3 25 | — | $-99.0M | ||
| Q2 25 | $-640.0M | $151.0M | ||
| Q1 25 | $-1.6B | $895.0M | ||
| Q4 24 | $-1.3B | $-164.0M | ||
| Q3 24 | — | $-101.0M | ||
| Q2 24 | $-345.2M | $30.0M |
| Q1 26 | — | — | ||
| Q4 25 | -11.3% | -0.1% | ||
| Q3 25 | — | -6.4% | ||
| Q2 25 | -21.2% | 10.6% | ||
| Q1 25 | -53.6% | 32.1% | ||
| Q4 24 | -44.5% | -10.2% | ||
| Q3 24 | — | -6.6% | ||
| Q2 24 | -11.6% | 2.2% |
| Q1 26 | 56.4% | — | ||
| Q4 25 | 40.3% | 5.1% | ||
| Q3 25 | 47.9% | 3.6% | ||
| Q2 25 | 49.5% | 2.6% | ||
| Q1 25 | 64.9% | 2.2% | ||
| Q4 24 | 72.2% | 4.0% | ||
| Q3 24 | 65.1% | 3.6% | ||
| Q2 24 | 53.8% | 3.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.33× | 1.04× | ||
| Q3 25 | — | -0.67× | ||
| Q2 25 | 1.20× | 1.79× | ||
| Q1 25 | — | 2.11× | ||
| Q4 24 | 1.31× | -0.93× | ||
| Q3 24 | — | -0.30× | ||
| Q2 24 | 1.81× | 0.87× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APD
Segment breakdown not available.
BBWI
| Bath Body Works Stores | $1.2B | 77% |
| Bath Body Works Direct | $299.0M | 19% |
| Bath Body Works International | $73.0M | 5% |
