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Side-by-side financial comparison of Air Products (APD) and Cushman & Wakefield Ltd. (CWK). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.2B vs $2.9B, roughly 1.1× Cushman & Wakefield Ltd.). Air Products runs the higher net margin — 22.9% vs -0.8%, a 23.6% gap on every dollar of revenue. On growth, Cushman & Wakefield Ltd. posted the faster year-over-year revenue change (10.8% vs 8.8%). Over the past eight quarters, Cushman & Wakefield Ltd.'s revenue compounded faster (15.5% 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...
Cushman & Wakefield Inc. is an American global commercial real estate and property management services firm. The company's corporate headquarters is located in Chicago, Illinois. It is named after co-founders J. Clydesdale Cushman and Bernard Wakefield.
APD vs CWK — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.2B | $2.9B |
| Net Profit | $724.8M | $-22.4M |
| Gross Margin | 31.1% | — |
| Operating Margin | — | 6.1% |
| Net Margin | 22.9% | -0.8% |
| Revenue YoY | 8.8% | 10.8% |
| Net Profit YoY | 166.6% | -119.8% |
| EPS (diluted) | $3.19 | $-0.10 |
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 | $2.9B | ||
| Q3 25 | $3.2B | $2.6B | ||
| Q2 25 | $3.0B | $2.5B | ||
| Q1 25 | $2.9B | $2.3B | ||
| Q4 24 | $2.9B | $2.6B | ||
| Q3 24 | $3.2B | $2.3B | ||
| Q2 24 | $3.0B | $2.3B |
| Q1 26 | $724.8M | — | ||
| Q4 25 | $678.2M | $-22.4M | ||
| Q3 25 | $4.9M | $51.4M | ||
| Q2 25 | $713.8M | $57.3M | ||
| Q1 25 | $-1.7B | $1.9M | ||
| Q4 24 | $617.4M | $112.9M | ||
| Q3 24 | $1.9B | $33.7M | ||
| Q2 24 | $696.6M | $13.5M |
| 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% | 6.1% | ||
| Q3 25 | 0.5% | 4.1% | ||
| Q2 25 | 26.2% | 4.9% | ||
| Q1 25 | -79.8% | 2.0% | ||
| Q4 24 | 22.0% | 6.6% | ||
| Q3 24 | 76.1% | 3.2% | ||
| Q2 24 | 24.7% | 3.1% |
| Q1 26 | 22.9% | — | ||
| Q4 25 | 21.9% | -0.8% | ||
| Q3 25 | 0.2% | 2.0% | ||
| Q2 25 | 23.6% | 2.3% | ||
| Q1 25 | -59.3% | 0.1% | ||
| Q4 24 | 21.1% | 4.3% | ||
| Q3 24 | 61.2% | 1.4% | ||
| Q2 24 | 23.3% | 0.6% |
| Q1 26 | $3.19 | — | ||
| Q4 25 | $3.04 | $-0.10 | ||
| Q3 25 | $0.03 | $0.22 | ||
| Q2 25 | $3.20 | $0.25 | ||
| Q1 25 | $-7.77 | $0.01 | ||
| Q4 24 | $2.77 | $0.49 | ||
| Q3 24 | $8.75 | $0.14 | ||
| Q2 24 | $3.13 | $0.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $784.2M |
| Total DebtLower is stronger | $17.4M | $2.7B |
| Stockholders' EquityBook value | $18.1M | $2.0B |
| Total Assets | $41.6M | $7.7B |
| Debt / EquityLower = less leverage | 0.96× | 1.40× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $784.2M | ||
| Q3 25 | $1.9B | $634.4M | ||
| Q2 25 | $2.3B | $618.2M | ||
| Q1 25 | $1.6B | $623.2M | ||
| Q4 24 | $2.0B | $793.3M | ||
| Q3 24 | $3.0B | $775.4M | ||
| Q2 24 | $2.4B | $567.3M |
| Q1 26 | $17.4M | — | ||
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.1B |
| Q1 26 | $18.1M | — | ||
| Q4 25 | $15.4B | $2.0B | ||
| Q3 25 | $15.0B | $2.0B | ||
| Q2 25 | $15.5B | $1.9B | ||
| Q1 25 | $14.7B | $1.8B | ||
| Q4 24 | $16.7B | $1.8B | ||
| Q3 24 | $17.0B | $1.7B | ||
| Q2 24 | $15.1B | $1.6B |
| Q1 26 | $41.6M | — | ||
| Q4 25 | $41.2B | $7.7B | ||
| Q3 25 | $41.1B | $7.7B | ||
| Q2 25 | $41.7B | $7.6B | ||
| Q1 25 | $38.9B | $7.4B | ||
| Q4 24 | $40.0B | $7.5B | ||
| Q3 24 | $39.6B | $7.5B | ||
| Q2 24 | $37.0B | $7.3B |
| Q1 26 | 0.96× | — | ||
| Q4 25 | — | 1.40× | ||
| Q3 25 | — | 1.45× | ||
| Q2 25 | — | 1.57× | ||
| Q1 25 | — | 1.70× | ||
| Q4 24 | — | 1.73× | ||
| Q3 24 | — | 1.81× | ||
| Q2 24 | — | 1.91× |
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 | — | $257.3M |
| Free Cash FlowOCF − Capex | — | $234.3M |
| FCF MarginFCF / Revenue | — | 8.0% |
| Capex IntensityCapex / Revenue | 56.4% | 0.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $293.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $900.7M | $257.3M | ||
| Q3 25 | — | $235.5M | ||
| Q2 25 | $855.8M | $9.6M | ||
| Q1 25 | $328.1M | $-162.0M | ||
| Q4 24 | $811.7M | $115.2M | ||
| Q3 24 | — | $196.1M | ||
| Q2 24 | $1.3B | $21.8M |
| Q1 26 | — | — | ||
| Q4 25 | $-350.5M | $234.3M | ||
| Q3 25 | — | $225.0M | ||
| Q2 25 | $-640.0M | $300.0K | ||
| Q1 25 | $-1.6B | $-166.6M | ||
| Q4 24 | $-1.3B | $105.9M | ||
| Q3 24 | — | $186.7M | ||
| Q2 24 | $-345.2M | $10.0M |
| Q1 26 | — | — | ||
| Q4 25 | -11.3% | 8.0% | ||
| Q3 25 | — | 8.6% | ||
| Q2 25 | -21.2% | 0.0% | ||
| Q1 25 | -53.6% | -7.3% | ||
| Q4 24 | -44.5% | 4.0% | ||
| Q3 24 | — | 8.0% | ||
| Q2 24 | -11.6% | 0.4% |
| Q1 26 | 56.4% | — | ||
| Q4 25 | 40.3% | 0.8% | ||
| Q3 25 | 47.9% | 0.4% | ||
| Q2 25 | 49.5% | 0.4% | ||
| Q1 25 | 64.9% | 0.2% | ||
| Q4 24 | 72.2% | 0.4% | ||
| Q3 24 | 65.1% | 0.4% | ||
| Q2 24 | 53.8% | 0.5% |
| Q1 26 | — | — | ||
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | 4.58× | ||
| Q2 25 | 1.20× | 0.17× | ||
| Q1 25 | — | -85.26× | ||
| Q4 24 | 1.31× | 1.02× | ||
| Q3 24 | — | 5.82× | ||
| Q2 24 | 1.81× | 1.61× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APD
Segment breakdown not available.
CWK
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.8B | 61% |
| Other | $1.1B | 39% |
