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Side-by-side financial comparison of Air Products (APD) and Bausch Health Companies Inc. (BHC). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.2B vs $2.8B, roughly 1.1× Bausch Health Companies Inc.). Air Products runs the higher net margin — 22.9% vs -3.7%, a 26.5% gap on every dollar of revenue. On growth, Bausch Health Companies Inc. posted the faster year-over-year revenue change (9.3% vs 8.8%). Over the past eight quarters, Bausch Health Companies Inc.'s revenue compounded faster (14.0% CAGR vs 3.1%).
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...
Bausch Health Companies Inc. is a global, diversified American-Canadian pharmaceutical company. Its global corporate headquarters are located in Laval, Quebec, Canada, and its U.S. headquarters are in Bridgewater, New Jersey. It develops, manufactures and markets a range of pharmaceutical products in gastroenterology, hepatology, neurology, dermatology, dentistry, medical aesthetics, and international pharmaceuticals. Bausch Health manufactures and markets branded pharmaceuticals, generic ph...
APD vs BHC — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.2B | $2.8B |
| Net Profit | $724.8M | $-103.0M |
| Gross Margin | 31.1% | — |
| Operating Margin | — | 17.0% |
| Net Margin | 22.9% | -3.7% |
| Revenue YoY | 8.8% | 9.3% |
| Net Profit YoY | 166.6% | -205.1% |
| EPS (diluted) | $3.19 | $-0.30 |
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 | $2.8B | ||
| Q3 25 | $3.2B | $2.7B | ||
| Q2 25 | $3.0B | $2.5B | ||
| Q1 25 | $2.9B | $2.3B | ||
| Q4 24 | $2.9B | $2.6B | ||
| Q3 24 | $3.2B | $2.5B | ||
| Q2 24 | $3.0B | $2.4B |
| Q1 26 | $724.8M | — | ||
| Q4 25 | $678.2M | $-103.0M | ||
| Q3 25 | $4.9M | $179.0M | ||
| Q2 25 | $713.8M | $148.0M | ||
| Q1 25 | $-1.7B | $-58.0M | ||
| Q4 24 | $617.4M | $98.0M | ||
| Q3 24 | $1.9B | $-85.0M | ||
| Q2 24 | $696.6M | $10.0M |
| Q1 26 | 31.1% | — | ||
| Q4 25 | 32.1% | — | ||
| Q3 25 | 32.3% | — | ||
| Q2 25 | 32.5% | — | ||
| Q1 25 | 29.6% | — | ||
| Q4 24 | 31.2% | — | ||
| Q3 24 | 34.0% | — | ||
| Q2 24 | 32.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | 23.7% | 17.0% | ||
| Q3 25 | 0.5% | 23.1% | ||
| Q2 25 | 26.2% | 17.5% | ||
| Q1 25 | -79.8% | 12.2% | ||
| Q4 24 | 22.0% | 21.8% | ||
| Q3 24 | 76.1% | 12.7% | ||
| Q2 24 | 24.7% | 16.2% |
| Q1 26 | 22.9% | — | ||
| Q4 25 | 21.9% | -3.7% | ||
| Q3 25 | 0.2% | 6.7% | ||
| Q2 25 | 23.6% | 5.8% | ||
| Q1 25 | -59.3% | -2.6% | ||
| Q4 24 | 21.1% | 3.8% | ||
| Q3 24 | 61.2% | -3.4% | ||
| Q2 24 | 23.3% | 0.4% |
| Q1 26 | $3.19 | — | ||
| Q4 25 | $3.04 | $-0.30 | ||
| Q3 25 | $0.03 | $0.48 | ||
| Q2 25 | $3.20 | $0.40 | ||
| Q1 25 | $-7.77 | $-0.16 | ||
| Q4 24 | $2.77 | $0.24 | ||
| Q3 24 | $8.75 | $-0.23 | ||
| Q2 24 | $3.13 | $0.03 |
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 |
| Total DebtLower is stronger | $17.4M | $20.8B |
| Stockholders' EquityBook value | $18.1M | $-554.0M |
| Total Assets | $41.6M | $26.4B |
| Debt / EquityLower = less leverage | 0.96× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $1.3B | ||
| Q3 25 | $1.9B | $1.3B | ||
| Q2 25 | $2.3B | $1.7B | ||
| Q1 25 | $1.6B | $1.1B | ||
| Q4 24 | $2.0B | $1.2B | ||
| Q3 24 | $3.0B | $719.0M | ||
| Q2 24 | $2.4B | $595.0M |
| Q1 26 | $17.4M | — | ||
| Q4 25 | — | $20.8B | ||
| Q3 25 | — | $21.0B | ||
| Q2 25 | — | $21.7B | ||
| Q1 25 | — | $21.5B | ||
| Q4 24 | — | $21.6B | ||
| Q3 24 | — | $21.5B | ||
| Q2 24 | — | $21.7B |
| Q1 26 | $18.1M | — | ||
| Q4 25 | $15.4B | $-554.0M | ||
| Q3 25 | $15.0B | $-565.0M | ||
| Q2 25 | $15.5B | $-764.0M | ||
| Q1 25 | $14.7B | $-1.2B | ||
| Q4 24 | $16.7B | $-1.3B | ||
| Q3 24 | $17.0B | $-1.2B | ||
| Q2 24 | $15.1B | $-1.2B |
| Q1 26 | $41.6M | — | ||
| Q4 25 | $41.2B | $26.4B | ||
| Q3 25 | $41.1B | $26.8B | ||
| Q2 25 | $41.7B | $27.3B | ||
| Q1 25 | $38.9B | $26.4B | ||
| Q4 24 | $40.0B | $26.5B | ||
| Q3 24 | $39.6B | $26.5B | ||
| Q2 24 | $37.0B | $26.5B |
| 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 | — | $495.0M |
| Free Cash FlowOCF − Capex | — | $403.0M |
| FCF MarginFCF / Revenue | — | 14.4% |
| Capex IntensityCapex / Revenue | 56.4% | 3.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.0B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $900.7M | $495.0M | ||
| Q3 25 | — | $405.0M | ||
| Q2 25 | $855.8M | $289.0M | ||
| Q1 25 | $328.1M | $211.0M | ||
| Q4 24 | $811.7M | $601.0M | ||
| Q3 24 | — | $405.0M | ||
| Q2 24 | $1.3B | $380.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-350.5M | $403.0M | ||
| Q3 25 | — | $314.0M | ||
| Q2 25 | $-640.0M | $190.0M | ||
| Q1 25 | $-1.6B | $96.0M | ||
| Q4 24 | $-1.3B | $495.0M | ||
| Q3 24 | — | $334.0M | ||
| Q2 24 | $-345.2M | $302.0M |
| Q1 26 | — | — | ||
| Q4 25 | -11.3% | 14.4% | ||
| Q3 25 | — | 11.7% | ||
| Q2 25 | -21.2% | 7.5% | ||
| Q1 25 | -53.6% | 4.2% | ||
| Q4 24 | -44.5% | 19.3% | ||
| Q3 24 | — | 13.3% | ||
| Q2 24 | -11.6% | 12.6% |
| Q1 26 | 56.4% | — | ||
| Q4 25 | 40.3% | 3.3% | ||
| Q3 25 | 47.9% | 3.4% | ||
| Q2 25 | 49.5% | 3.9% | ||
| Q1 25 | 64.9% | 5.1% | ||
| Q4 24 | 72.2% | 4.1% | ||
| Q3 24 | 65.1% | 2.8% | ||
| Q2 24 | 53.8% | 3.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | 2.26× | ||
| Q2 25 | 1.20× | 1.95× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.31× | 6.13× | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.81× | 38.00× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APD
Segment breakdown not available.
BHC
| Bausch Lomb | $1.4B | 50% |
| Salix Segment | $693.0M | 25% |
| International Rx | $306.0M | 11% |
| Diversified Segment | $255.0M | 9% |
| Solta Medical Segment | $137.0M | 5% |
