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Side-by-side financial comparison of Air Products (APD) and Cintas (CTAS). 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× Cintas). Air Products runs the higher net margin — 22.9% vs 17.7%, a 5.2% gap on every dollar of revenue. On growth, Cintas posted the faster year-over-year revenue change (9.3% vs 8.8%). Over the past eight quarters, Cintas's revenue compounded faster (7.9% 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...
Cintas Corporation is an American corporation headquartered in Mason, Ohio, which provides a range of products and services to businesses including uniforms, mats, mops, cleaning and restroom supplies, first aid and safety products, fire extinguishers and testing, and safety courses. Cintas is a publicly held company traded on the Nasdaq Global Select Market under the symbol CTAS and is a component of the S&P 500 Index.
APD vs CTAS — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.2B | $2.8B |
| Net Profit | $724.8M | $495.3M |
| Gross Margin | 31.1% | 50.4% |
| Operating Margin | — | 23.4% |
| Net Margin | 22.9% | 17.7% |
| Revenue YoY | 8.8% | 9.3% |
| Net Profit YoY | 166.6% | 10.4% |
| EPS (diluted) | $3.19 | $1.21 |
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 | $2.7B | ||
| Q1 25 | $2.9B | $2.6B | ||
| Q4 24 | $2.9B | $2.6B | ||
| Q3 24 | $3.2B | $2.5B | ||
| Q2 24 | $3.0B | $2.5B |
| Q1 26 | $724.8M | — | ||
| Q4 25 | $678.2M | $495.3M | ||
| Q3 25 | $4.9M | $491.1M | ||
| Q2 25 | $713.8M | $448.3M | ||
| Q1 25 | $-1.7B | $463.5M | ||
| Q4 24 | $617.4M | $448.5M | ||
| Q3 24 | $1.9B | $452.0M | ||
| Q2 24 | $696.6M | $414.3M |
| Q1 26 | 31.1% | — | ||
| Q4 25 | 32.1% | 50.4% | ||
| Q3 25 | 32.3% | 50.3% | ||
| Q2 25 | 32.5% | 49.7% | ||
| Q1 25 | 29.6% | 50.6% | ||
| Q4 24 | 31.2% | 49.8% | ||
| Q3 24 | 34.0% | 50.1% | ||
| Q2 24 | 32.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | 23.7% | 23.4% | ||
| Q3 25 | 0.5% | 22.7% | ||
| Q2 25 | 26.2% | 22.4% | ||
| Q1 25 | -79.8% | 23.4% | ||
| Q4 24 | 22.0% | 23.1% | ||
| Q3 24 | 76.1% | 22.4% | ||
| Q2 24 | 24.7% | 22.2% |
| Q1 26 | 22.9% | — | ||
| Q4 25 | 21.9% | 17.7% | ||
| Q3 25 | 0.2% | 18.1% | ||
| Q2 25 | 23.6% | 16.8% | ||
| Q1 25 | -59.3% | 17.8% | ||
| Q4 24 | 21.1% | 17.5% | ||
| Q3 24 | 61.2% | 18.1% | ||
| Q2 24 | 23.3% | 16.8% |
| Q1 26 | $3.19 | — | ||
| Q4 25 | $3.04 | $1.21 | ||
| Q3 25 | $0.03 | $1.20 | ||
| Q2 25 | $3.20 | $1.08 | ||
| Q1 25 | $-7.77 | $1.13 | ||
| Q4 24 | $2.77 | $1.09 | ||
| Q3 24 | $8.75 | $1.10 | ||
| Q2 24 | $3.13 | $4.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $200.8M |
| Total DebtLower is stronger | $17.4M | $2.4B |
| Stockholders' EquityBook value | $18.1M | $4.5B |
| Total Assets | $41.6M | $10.1B |
| Debt / EquityLower = less leverage | 0.96× | 0.54× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $200.8M | ||
| Q3 25 | $1.9B | $138.1M | ||
| Q2 25 | $2.3B | $264.0M | ||
| Q1 25 | $1.6B | $243.4M | ||
| Q4 24 | $2.0B | $122.4M | ||
| Q3 24 | $3.0B | $101.4M | ||
| Q2 24 | $2.4B | $342.0M |
| Q1 26 | $17.4M | — | ||
| Q4 25 | — | $2.4B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.4B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | — | $2.0B | ||
| Q2 24 | — | $2.0B |
| Q1 26 | $18.1M | — | ||
| Q4 25 | $15.4B | $4.5B | ||
| Q3 25 | $15.0B | $4.8B | ||
| Q2 25 | $15.5B | $4.7B | ||
| Q1 25 | $14.7B | $4.6B | ||
| Q4 24 | $16.7B | $4.3B | ||
| Q3 24 | $17.0B | $4.0B | ||
| Q2 24 | $15.1B | $4.3B |
| Q1 26 | $41.6M | — | ||
| Q4 25 | $41.2B | $10.1B | ||
| Q3 25 | $41.1B | $9.8B | ||
| Q2 25 | $41.7B | $9.8B | ||
| Q1 25 | $38.9B | $9.6B | ||
| Q4 24 | $40.0B | $9.4B | ||
| Q3 24 | $39.6B | $9.1B | ||
| Q2 24 | $37.0B | $9.2B |
| Q1 26 | 0.96× | — | ||
| Q4 25 | — | 0.54× | ||
| Q3 25 | — | 0.51× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.44× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.50× | ||
| Q2 24 | — | 0.47× |
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 | — | $531.2M |
| Free Cash FlowOCF − Capex | — | $425.0M |
| FCF MarginFCF / Revenue | — | 15.2% |
| Capex IntensityCapex / Revenue | 56.4% | 3.8% |
| Cash ConversionOCF / Net Profit | — | 1.07× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.8B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $900.7M | $531.2M | ||
| Q3 25 | — | $414.5M | ||
| Q2 25 | $855.8M | $635.7M | ||
| Q1 25 | $328.1M | $622.0M | ||
| Q4 24 | $811.7M | $441.4M | ||
| Q3 24 | — | $466.7M | ||
| Q2 24 | $1.3B | $693.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-350.5M | $425.0M | ||
| Q3 25 | — | $312.5M | ||
| Q2 25 | $-640.0M | $521.1M | ||
| Q1 25 | $-1.6B | $522.1M | ||
| Q4 24 | $-1.3B | $340.0M | ||
| Q3 24 | — | $373.8M | ||
| Q2 24 | $-345.2M | $591.1M |
| Q1 26 | — | — | ||
| Q4 25 | -11.3% | 15.2% | ||
| Q3 25 | — | 11.5% | ||
| Q2 25 | -21.2% | 19.5% | ||
| Q1 25 | -53.6% | 20.0% | ||
| Q4 24 | -44.5% | 13.3% | ||
| Q3 24 | — | 14.9% | ||
| Q2 24 | -11.6% | 23.9% |
| Q1 26 | 56.4% | — | ||
| Q4 25 | 40.3% | 3.8% | ||
| Q3 25 | 47.9% | 3.8% | ||
| Q2 25 | 49.5% | 4.3% | ||
| Q1 25 | 64.9% | 3.8% | ||
| Q4 24 | 72.2% | 4.0% | ||
| Q3 24 | 65.1% | 3.7% | ||
| Q2 24 | 53.8% | 4.1% |
| Q1 26 | — | — | ||
| Q4 25 | 1.33× | 1.07× | ||
| Q3 25 | — | 0.84× | ||
| Q2 25 | 1.20× | 1.42× | ||
| Q1 25 | — | 1.34× | ||
| Q4 24 | 1.31× | 0.98× | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | 1.81× | 1.67× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APD
Segment breakdown not available.
CTAS
| Uniform Rental And Facility Services Segment | $2.2B | 77% |
| First Aid And Safety Services Segment | $342.2M | 12% |
| Fire Protection Services | $222.5M | 8% |
| Uniform Direct Sales | $79.8M | 3% |
