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Side-by-side financial comparison of Air Products (APD) and Blackstone Inc. (BX). Click either name above to swap in a different company.
Blackstone Inc. is the larger business by last-quarter revenue ($3.3B vs $3.2B, roughly 1.0× Air Products). Blackstone Inc. runs the higher net margin — 36.7% vs 22.9%, a 13.9% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (8.8% vs -9.1%). Over the past eight quarters, Blackstone Inc.'s revenue compounded faster (8.5% 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...
Blackstone Inc. is an American alternative investment management company based in New York City. It was founded in 1985 as a mergers and acquisitions firm by Peter Peterson and Stephen Schwarzman, who had previously worked together at Lehman Brothers. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate across the globe.
APD vs BX — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.2B | $3.3B |
| Net Profit | $724.8M | $1.2B |
| Gross Margin | 31.1% | — |
| Operating Margin | — | — |
| Net Margin | 22.9% | 36.7% |
| Revenue YoY | 8.8% | -9.1% |
| Net Profit YoY | 166.6% | -3.9% |
| EPS (diluted) | $3.19 | $0.80 |
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 | $3.3B | ||
| Q4 25 | $3.1B | $4.4B | ||
| Q3 25 | $3.2B | $3.1B | ||
| Q2 25 | $3.0B | $3.7B | ||
| Q1 25 | $2.9B | $3.3B | ||
| Q4 24 | $2.9B | $3.1B | ||
| Q3 24 | $3.2B | $3.7B | ||
| Q2 24 | $3.0B | $2.8B |
| Q1 26 | $724.8M | $1.2B | ||
| Q4 25 | $678.2M | $1.0B | ||
| Q3 25 | $4.9M | $624.9M | ||
| Q2 25 | $713.8M | $764.2M | ||
| Q1 25 | $-1.7B | $614.9M | ||
| Q4 24 | $617.4M | $703.9M | ||
| Q3 24 | $1.9B | $780.8M | ||
| Q2 24 | $696.6M | $444.4M |
| 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% | 54.1% | ||
| Q3 25 | 0.5% | 46.8% | ||
| Q2 25 | 26.2% | 51.6% | ||
| Q1 25 | -79.8% | 44.2% | ||
| Q4 24 | 22.0% | 50.6% | ||
| Q3 24 | 76.1% | 49.4% | ||
| Q2 24 | 24.7% | 43.2% |
| Q1 26 | 22.9% | 36.7% | ||
| Q4 25 | 21.9% | 23.3% | ||
| Q3 25 | 0.2% | 20.2% | ||
| Q2 25 | 23.6% | 20.6% | ||
| Q1 25 | -59.3% | 18.7% | ||
| Q4 24 | 21.1% | 22.8% | ||
| Q3 24 | 61.2% | 21.3% | ||
| Q2 24 | 23.3% | 15.9% |
| Q1 26 | $3.19 | $0.80 | ||
| Q4 25 | $3.04 | $1.29 | ||
| Q3 25 | $0.03 | $0.80 | ||
| Q2 25 | $3.20 | $0.98 | ||
| Q1 25 | $-7.77 | $0.80 | ||
| Q4 24 | $2.77 | $0.91 | ||
| Q3 24 | $8.75 | $1.02 | ||
| Q2 24 | $3.13 | $0.58 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $2.4B |
| Total DebtLower is stronger | $17.4M | — |
| Stockholders' EquityBook value | $18.1M | $18.5B |
| Total Assets | $41.6M | $45.3B |
| Debt / EquityLower = less leverage | 0.96× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $2.4B | ||
| Q4 25 | $1.0B | $2.6B | ||
| Q3 25 | $1.9B | $2.4B | ||
| Q2 25 | $2.3B | $2.2B | ||
| Q1 25 | $1.6B | $2.4B | ||
| Q4 24 | $2.0B | $2.0B | ||
| Q3 24 | $3.0B | $2.4B | ||
| Q2 24 | $2.4B | $2.4B |
| Q1 26 | $17.4M | — | ||
| Q4 25 | — | $12.6B | ||
| Q3 25 | — | $12.1B | ||
| Q2 25 | — | $12.1B | ||
| Q1 25 | — | $12.6B | ||
| Q4 24 | — | $11.5B | ||
| Q3 24 | — | $10.9B | ||
| Q2 24 | — | $10.8B |
| Q1 26 | $18.1M | $18.5B | ||
| Q4 25 | $15.4B | $8.7B | ||
| Q3 25 | $15.0B | $8.4B | ||
| Q2 25 | $15.5B | $8.4B | ||
| Q1 25 | $14.7B | $8.0B | ||
| Q4 24 | $16.7B | $8.2B | ||
| Q3 24 | $17.0B | $7.0B | ||
| Q2 24 | $15.1B | $6.8B |
| Q1 26 | $41.6M | $45.3B | ||
| Q4 25 | $41.2B | $47.7B | ||
| Q3 25 | $41.1B | $46.6B | ||
| Q2 25 | $41.7B | $45.4B | ||
| Q1 25 | $38.9B | $45.3B | ||
| Q4 24 | $40.0B | $43.5B | ||
| Q3 24 | $39.6B | $42.6B | ||
| Q2 24 | $37.0B | $40.6B |
| Q1 26 | 0.96× | — | ||
| Q4 25 | — | 1.45× | ||
| Q3 25 | — | 1.44× | ||
| Q2 25 | — | 1.45× | ||
| Q1 25 | — | 1.58× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 1.55× | ||
| Q2 24 | — | 1.58× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APD
Segment breakdown not available.
BX
| Management and Advisory Fees, Net | $1.9B | 58% |
| Realized | $562.0M | 17% |
| Other | $368.1M | 11% |
| Unrealized | $263.2M | 8% |
| Incentive Fees | $191.8M | 6% |
