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Side-by-side financial comparison of Air Products (APD) and CDW Corporation (CDW). Click either name above to swap in a different company.
CDW Corporation is the larger business by last-quarter revenue ($5.5B vs $3.1B, roughly 1.8× Air Products). On growth, CDW Corporation posted the faster year-over-year revenue change (6.3% vs 5.8%). CDW Corporation produced more free cash flow last quarter ($395.9M vs $-350.5M). Over the past eight quarters, CDW Corporation's revenue compounded faster (6.3% 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...
CDW Corporation is an American multi-brand provider of information technology services, serving business, government, education, and healthcare sectors across the United States, the United Kingdom, and Canada. Headquartered in Vernon Hills, Illinois, CDW is a Fortune 500 and generated $21 billion in annual net sales in 2023.
APD vs CDW — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $5.5B |
| Net Profit | $678.2M | — |
| Gross Margin | 32.1% | 22.8% |
| Operating Margin | 23.7% | 7.8% |
| Net Margin | 21.9% | — |
| Revenue YoY | 5.8% | 6.3% |
| Net Profit YoY | 9.8% | — |
| EPS (diluted) | $3.04 | $2.13 |
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 | $5.5B | ||
| Q3 25 | $3.2B | $5.7B | ||
| Q2 25 | $3.0B | $6.0B | ||
| Q1 25 | $2.9B | $5.2B | ||
| Q4 24 | $2.9B | $5.2B | ||
| Q3 24 | $3.2B | $5.5B | ||
| Q2 24 | $3.0B | $5.4B | ||
| Q1 24 | $2.9B | $4.9B |
| Q4 25 | $678.2M | — | ||
| Q3 25 | $4.9M | $291.0M | ||
| Q2 25 | $713.8M | $271.2M | ||
| Q1 25 | $-1.7B | $224.9M | ||
| Q4 24 | $617.4M | — | ||
| Q3 24 | $1.9B | $316.4M | ||
| Q2 24 | $696.6M | $281.1M | ||
| Q1 24 | $572.4M | $216.1M |
| Q4 25 | 32.1% | 22.8% | ||
| Q3 25 | 32.3% | 21.9% | ||
| Q2 25 | 32.5% | 20.8% | ||
| Q1 25 | 29.6% | 21.6% | ||
| Q4 24 | 31.2% | 22.3% | ||
| Q3 24 | 34.0% | 21.8% | ||
| Q2 24 | 32.8% | 21.8% | ||
| Q1 24 | 32.0% | 21.8% |
| Q4 25 | 23.7% | 7.8% | ||
| Q3 25 | 0.5% | 7.7% | ||
| Q2 25 | 26.2% | 7.0% | ||
| Q1 25 | -79.8% | 7.0% | ||
| Q4 24 | 22.0% | 7.9% | ||
| Q3 24 | 76.1% | 8.7% | ||
| Q2 24 | 24.7% | 8.0% | ||
| Q1 24 | 21.7% | 6.7% |
| Q4 25 | 21.9% | — | ||
| Q3 25 | 0.2% | 5.1% | ||
| Q2 25 | 23.6% | 4.5% | ||
| Q1 25 | -59.3% | 4.3% | ||
| Q4 24 | 21.1% | — | ||
| Q3 24 | 61.2% | 5.7% | ||
| Q2 24 | 23.3% | 5.2% | ||
| Q1 24 | 19.5% | 4.4% |
| Q4 25 | $3.04 | $2.13 | ||
| Q3 25 | $0.03 | $2.21 | ||
| Q2 25 | $3.20 | $2.05 | ||
| Q1 25 | $-7.77 | $1.69 | ||
| Q4 24 | $2.77 | $1.97 | ||
| Q3 24 | $8.75 | $2.34 | ||
| Q2 24 | $3.13 | $2.07 | ||
| Q1 24 | $2.57 | $1.59 |
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 | $618.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.4B | $2.6B |
| Total Assets | $41.2B | $16.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $618.7M | ||
| Q3 25 | $1.9B | $452.9M | ||
| Q2 25 | $2.3B | $481.0M | ||
| Q1 25 | $1.6B | $688.1M | ||
| Q4 24 | $2.0B | $717.7M | ||
| Q3 24 | $3.0B | $1.2B | ||
| Q2 24 | $2.4B | $665.3M | ||
| Q1 24 | $2.6B | $803.8M |
| Q4 25 | $15.4B | $2.6B | ||
| Q3 25 | $15.0B | $2.5B | ||
| Q2 25 | $15.5B | $2.5B | ||
| Q1 25 | $14.7B | $2.3B | ||
| Q4 24 | $16.7B | $2.4B | ||
| Q3 24 | $17.0B | $2.3B | ||
| Q2 24 | $15.1B | $2.2B | ||
| Q1 24 | $14.9B | $2.1B |
| Q4 25 | $41.2B | $16.0B | ||
| Q3 25 | $41.1B | $15.2B | ||
| Q2 25 | $41.7B | $15.3B | ||
| Q1 25 | $38.9B | $15.0B | ||
| Q4 24 | $40.0B | $14.7B | ||
| Q3 24 | $39.6B | $14.4B | ||
| Q2 24 | $37.0B | $13.6B | ||
| Q1 24 | $35.9B | $13.2B |
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 | $433.8M |
| Free Cash FlowOCF − Capex | $-350.5M | $395.9M |
| FCF MarginFCF / Revenue | -11.3% | 7.2% |
| Capex IntensityCapex / Revenue | 40.3% | 0.7% |
| Cash ConversionOCF / Net Profit | 1.33× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $433.8M | ||
| Q3 25 | — | $328.3M | ||
| Q2 25 | $855.8M | $155.9M | ||
| Q1 25 | $328.1M | $287.2M | ||
| Q4 24 | $811.7M | $345.3M | ||
| Q3 24 | — | $342.1M | ||
| Q2 24 | $1.3B | $149.9M | ||
| Q1 24 | $801.7M | $440.0M |
| Q4 25 | $-350.5M | $395.9M | ||
| Q3 25 | — | $298.5M | ||
| Q2 25 | $-640.0M | $133.4M | ||
| Q1 25 | $-1.6B | $260.3M | ||
| Q4 24 | $-1.3B | $316.7M | ||
| Q3 24 | — | $308.5M | ||
| Q2 24 | $-345.2M | $119.0M | ||
| Q1 24 | $-867.7M | $410.5M |
| Q4 25 | -11.3% | 7.2% | ||
| Q3 25 | — | 5.2% | ||
| Q2 25 | -21.2% | 2.2% | ||
| Q1 25 | -53.6% | 5.0% | ||
| Q4 24 | -44.5% | 6.1% | ||
| Q3 24 | — | 5.6% | ||
| Q2 24 | -11.6% | 2.2% | ||
| Q1 24 | -29.6% | 8.4% |
| Q4 25 | 40.3% | 0.7% | ||
| Q3 25 | 47.9% | 0.5% | ||
| Q2 25 | 49.5% | 0.4% | ||
| Q1 25 | 64.9% | 0.5% | ||
| Q4 24 | 72.2% | 0.6% | ||
| Q3 24 | 65.1% | 0.6% | ||
| Q2 24 | 53.8% | 0.6% | ||
| Q1 24 | 57.0% | 0.6% |
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | 1.13× | ||
| Q2 25 | 1.20× | 0.57× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | — | 1.08× | ||
| Q2 24 | 1.81× | 0.53× | ||
| Q1 24 | 1.40× | 2.04× |
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% |
CDW
Segment breakdown not available.
