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Side-by-side financial comparison of Air Products (APD) and CASEYS GENERAL STORES INC (CASY). Click either name above to swap in a different company.
CASEYS GENERAL STORES INC is the larger business by last-quarter revenue ($4.5B vs $3.1B, roughly 1.5× Air Products). Air Products runs the higher net margin — 21.9% vs 4.6%, a 17.3% gap on every dollar of revenue. On growth, CASEYS GENERAL STORES INC posted the faster year-over-year revenue change (14.2% vs 5.8%). CASEYS GENERAL STORES INC produced more free cash flow last quarter ($176.0M vs $-350.5M). Over the past eight quarters, CASEYS GENERAL STORES INC's revenue compounded faster (16.3% CAGR vs 2.9%).
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...
Casey's Retail Company is a chain of convenience stores in the Midwestern and Southern United States. The company is headquartered in Ankeny, Iowa, a suburb of Des Moines. As of October 1, 2023, Casey's had 2,500 stores in 16 states. Following 7-Eleven's purchase of Speedway, Casey's is the third-largest convenience store chain in the United States and the largest that is wholly American-owned. It is one of two Iowa-based Fortune 500 companies. Casey's is famous for their pizza, including a b...
APD vs CASY — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $4.5B |
| Net Profit | $678.2M | $206.3M |
| Gross Margin | 32.1% | — |
| Operating Margin | 23.7% | 6.1% |
| Net Margin | 21.9% | 4.6% |
| Revenue YoY | 5.8% | 14.2% |
| Net Profit YoY | 9.8% | 14.0% |
| EPS (diluted) | $3.04 | $5.53 |
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.
| Q4 25 | $3.1B | $4.5B | ||
| Q3 25 | $3.2B | $4.6B | ||
| Q2 25 | $3.0B | $4.0B | ||
| Q1 25 | $2.9B | $3.9B | ||
| Q4 24 | $2.9B | $3.9B | ||
| Q3 24 | $3.2B | $4.1B | ||
| Q2 24 | $3.0B | $3.6B | ||
| Q1 24 | $2.9B | $3.3B |
| Q4 25 | $678.2M | $206.3M | ||
| Q3 25 | $4.9M | $215.4M | ||
| Q2 25 | $713.8M | $98.3M | ||
| Q1 25 | $-1.7B | $87.1M | ||
| Q4 24 | $617.4M | $180.9M | ||
| Q3 24 | $1.9B | $180.2M | ||
| Q2 24 | $696.6M | $87.0M | ||
| Q1 24 | $572.4M | $86.9M |
| 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 24 | 32.0% | — |
| Q4 25 | 23.7% | 6.1% | ||
| Q3 25 | 0.5% | 6.1% | ||
| Q2 25 | 26.2% | — | ||
| Q1 25 | -79.8% | 2.8% | ||
| Q4 24 | 22.0% | 6.1% | ||
| Q3 24 | 76.1% | 5.8% | ||
| Q2 24 | 24.7% | — | ||
| Q1 24 | 21.7% | 3.4% |
| Q4 25 | 21.9% | 4.6% | ||
| Q3 25 | 0.2% | 4.7% | ||
| Q2 25 | 23.6% | 2.5% | ||
| Q1 25 | -59.3% | 2.2% | ||
| Q4 24 | 21.1% | 4.6% | ||
| Q3 24 | 61.2% | 4.4% | ||
| Q2 24 | 23.3% | 2.4% | ||
| Q1 24 | 19.5% | 2.6% |
| Q4 25 | $3.04 | $5.53 | ||
| Q3 25 | $0.03 | $5.77 | ||
| Q2 25 | $3.20 | $2.63 | ||
| Q1 25 | $-7.77 | $2.33 | ||
| Q4 24 | $2.77 | $4.85 | ||
| Q3 24 | $8.75 | $4.83 | ||
| Q2 24 | $3.13 | $2.34 | ||
| Q1 24 | $2.57 | $2.33 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.0B | $492.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.4B | $3.8B |
| Total Assets | $41.2B | $8.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $492.0M | ||
| Q3 25 | $1.9B | $458.1M | ||
| Q2 25 | $2.3B | $326.7M | ||
| Q1 25 | $1.6B | $394.8M | ||
| Q4 24 | $2.0B | $351.7M | ||
| Q3 24 | $3.0B | $305.0M | ||
| Q2 24 | $2.4B | $206.5M | ||
| Q1 24 | $2.6B | $177.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $2.4B | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | — |
| Q4 25 | $15.4B | $3.8B | ||
| Q3 25 | $15.0B | $3.6B | ||
| Q2 25 | $15.5B | $3.5B | ||
| Q1 25 | $14.7B | $3.4B | ||
| Q4 24 | $16.7B | $3.3B | ||
| Q3 24 | $17.0B | $3.2B | ||
| Q2 24 | $15.1B | $3.0B | ||
| Q1 24 | $14.9B | $2.9B |
| Q4 25 | $41.2B | $8.6B | ||
| Q3 25 | $41.1B | $8.4B | ||
| Q2 25 | $41.7B | $8.2B | ||
| Q1 25 | $38.9B | $8.2B | ||
| Q4 24 | $40.0B | $7.7B | ||
| Q3 24 | $39.6B | $6.5B | ||
| Q2 24 | $37.0B | $6.3B | ||
| Q1 24 | $35.9B | $6.2B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.69× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.52× | ||
| Q1 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 | $900.7M | $347.1M |
| Free Cash FlowOCF − Capex | $-350.5M | $176.0M |
| FCF MarginFCF / Revenue | -11.3% | 3.9% |
| Capex IntensityCapex / Revenue | 40.3% | 3.8% |
| Cash ConversionOCF / Net Profit | 1.33× | 1.68× |
| TTM Free Cash FlowTrailing 4 quarters | — | $682.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $347.1M | ||
| Q3 25 | — | $372.4M | ||
| Q2 25 | $855.8M | $333.9M | ||
| Q1 25 | $328.1M | $204.9M | ||
| Q4 24 | $811.7M | $270.7M | ||
| Q3 24 | — | $281.4M | ||
| Q2 24 | $1.3B | $288.4M | ||
| Q1 24 | $801.7M | $122.8M |
| Q4 25 | $-350.5M | $176.0M | ||
| Q3 25 | — | $262.4M | ||
| Q2 25 | $-640.0M | $153.1M | ||
| Q1 25 | $-1.6B | $90.7M | ||
| Q4 24 | $-1.3B | $160.0M | ||
| Q3 24 | — | $180.8M | ||
| Q2 24 | $-345.2M | $92.1M | ||
| Q1 24 | $-867.7M | $-27.0M |
| Q4 25 | -11.3% | 3.9% | ||
| Q3 25 | — | 5.7% | ||
| Q2 25 | -21.2% | 3.8% | ||
| Q1 25 | -53.6% | 2.3% | ||
| Q4 24 | -44.5% | 4.1% | ||
| Q3 24 | — | 4.4% | ||
| Q2 24 | -11.6% | 2.6% | ||
| Q1 24 | -29.6% | -0.8% |
| Q4 25 | 40.3% | 3.8% | ||
| Q3 25 | 47.9% | 2.4% | ||
| Q2 25 | 49.5% | 4.5% | ||
| Q1 25 | 64.9% | 2.9% | ||
| Q4 24 | 72.2% | 2.8% | ||
| Q3 24 | 65.1% | 2.5% | ||
| Q2 24 | 53.8% | 5.5% | ||
| Q1 24 | 57.0% | 4.5% |
| Q4 25 | 1.33× | 1.68× | ||
| Q3 25 | — | 1.73× | ||
| Q2 25 | 1.20× | 3.40× | ||
| Q1 25 | — | 2.35× | ||
| Q4 24 | 1.31× | 1.50× | ||
| Q3 24 | — | 1.56× | ||
| Q2 24 | 1.81× | 3.31× | ||
| Q1 24 | 1.40× | 1.41× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APD
| Other | $1.6B | 53% |
| Onsite | $783.9M | 25% |
| Merchant | $557.8M | 18% |
| Saleof Equipment | $117.0M | 4% |
CASY
Segment breakdown not available.
