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Side-by-side financial comparison of Air Products (APD) and DARLING INGREDIENTS INC. (DAR). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $1.6B, roughly 2.0× DARLING INGREDIENTS INC.). Air Products runs the higher net margin — 21.9% vs 1.2%, a 20.6% gap on every dollar of revenue. On growth, DARLING INGREDIENTS INC. posted the faster year-over-year revenue change (10.0% vs 5.8%). Over the past eight quarters, Air Products's revenue compounded faster (2.9% CAGR vs -1.6%).
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...
Darling Ingredients Inc. is a global sustainable natural ingredients maker that converts edible and inedible organic byproducts into high-value products: food-grade nutritional ingredients, animal feed additives, pharmaceutical raw materials and biofuel components, serving food, agriculture, pharma and renewable energy markets across North America, Europe and Asia-Pacific.
APD vs DAR — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $1.6B |
| Net Profit | $678.2M | $19.4M |
| Gross Margin | 32.1% | 24.7% |
| Operating Margin | 23.7% | 4.6% |
| Net Margin | 21.9% | 1.2% |
| Revenue YoY | 5.8% | 10.0% |
| Net Profit YoY | 9.8% | 14.2% |
| EPS (diluted) | $3.04 | $0.12 |
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 | — | ||
| Q3 25 | $3.2B | $1.6B | ||
| Q2 25 | $3.0B | $1.5B | ||
| Q1 25 | $2.9B | $1.4B | ||
| Q4 24 | $2.9B | $1.4B | ||
| Q3 24 | $3.2B | $1.4B | ||
| Q2 24 | $3.0B | $1.5B | ||
| Q1 24 | $2.9B | $1.4B |
| Q4 25 | $678.2M | — | ||
| Q3 25 | $4.9M | $19.4M | ||
| Q2 25 | $713.8M | $12.7M | ||
| Q1 25 | $-1.7B | $-26.2M | ||
| Q4 24 | $617.4M | $101.9M | ||
| Q3 24 | $1.9B | $16.9M | ||
| Q2 24 | $696.6M | $78.9M | ||
| Q1 24 | $572.4M | $81.2M |
| Q4 25 | 32.1% | — | ||
| Q3 25 | 32.3% | 24.7% | ||
| Q2 25 | 32.5% | 23.3% | ||
| Q1 25 | 29.6% | 22.6% | ||
| Q4 24 | 31.2% | 23.5% | ||
| Q3 24 | 34.0% | 22.1% | ||
| Q2 24 | 32.8% | 22.5% | ||
| Q1 24 | 32.0% | 21.4% |
| Q4 25 | 23.7% | — | ||
| Q3 25 | 0.5% | 4.6% | ||
| Q2 25 | 26.2% | 5.1% | ||
| Q1 25 | -79.8% | 2.1% | ||
| Q4 24 | 22.0% | 8.6% | ||
| Q3 24 | 76.1% | 4.2% | ||
| Q2 24 | 24.7% | 10.2% | ||
| Q1 24 | 21.7% | 9.7% |
| Q4 25 | 21.9% | — | ||
| Q3 25 | 0.2% | 1.2% | ||
| Q2 25 | 23.6% | 0.9% | ||
| Q1 25 | -59.3% | -1.9% | ||
| Q4 24 | 21.1% | 7.2% | ||
| Q3 24 | 61.2% | 1.2% | ||
| Q2 24 | 23.3% | 5.4% | ||
| Q1 24 | 19.5% | 5.7% |
| Q4 25 | $3.04 | — | ||
| Q3 25 | $0.03 | $0.12 | ||
| Q2 25 | $3.20 | $0.08 | ||
| Q1 25 | $-7.77 | $-0.16 | ||
| Q4 24 | $2.77 | $0.63 | ||
| Q3 24 | $8.75 | $0.11 | ||
| Q2 24 | $3.13 | $0.49 | ||
| Q1 24 | $2.57 | $0.50 |
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 | $91.5M |
| Total DebtLower is stronger | — | $4.0B |
| Stockholders' EquityBook value | $15.4B | $4.7B |
| Total Assets | $41.2B | $10.5B |
| Debt / EquityLower = less leverage | — | 0.86× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.9B | $91.5M | ||
| Q2 25 | $2.3B | $94.6M | ||
| Q1 25 | $1.6B | $81.5M | ||
| Q4 24 | $2.0B | $76.0M | ||
| Q3 24 | $3.0B | $114.8M | ||
| Q2 24 | $2.4B | $121.6M | ||
| Q1 24 | $2.6B | $145.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $3.9B | ||
| Q1 25 | — | $3.8B | ||
| Q4 24 | — | $3.9B | ||
| Q3 24 | — | $4.1B | ||
| Q2 24 | — | $4.3B | ||
| Q1 24 | — | $4.4B |
| Q4 25 | $15.4B | — | ||
| Q3 25 | $15.0B | $4.7B | ||
| Q2 25 | $15.5B | $4.6B | ||
| Q1 25 | $14.7B | $4.4B | ||
| Q4 24 | $16.7B | $4.4B | ||
| Q3 24 | $17.0B | $4.6B | ||
| Q2 24 | $15.1B | $4.5B | ||
| Q1 24 | $14.9B | $4.6B |
| Q4 25 | $41.2B | — | ||
| Q3 25 | $41.1B | $10.5B | ||
| Q2 25 | $41.7B | $10.3B | ||
| Q1 25 | $38.9B | $10.0B | ||
| Q4 24 | $40.0B | $10.1B | ||
| Q3 24 | $39.6B | $10.6B | ||
| Q2 24 | $37.0B | $10.6B | ||
| Q1 24 | $35.9B | $10.9B |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.86× | ||
| Q2 25 | — | 0.85× | ||
| Q1 25 | — | 0.86× | ||
| Q4 24 | — | 0.89× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 0.97× | ||
| Q1 24 | — | 0.95× |
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 | $224.3M |
| Free Cash FlowOCF − Capex | $-350.5M | — |
| FCF MarginFCF / Revenue | -11.3% | — |
| Capex IntensityCapex / Revenue | 40.3% | — |
| Cash ConversionOCF / Net Profit | 1.33× | 11.59× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | — | ||
| Q3 25 | — | $224.3M | ||
| Q2 25 | $855.8M | $145.8M | ||
| Q1 25 | $328.1M | $249.0M | ||
| Q4 24 | $811.7M | $154.4M | ||
| Q3 24 | — | $274.5M | ||
| Q2 24 | $1.3B | $146.5M | ||
| Q1 24 | $801.7M | $263.9M |
| Q4 25 | $-350.5M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $-640.0M | — | ||
| Q1 25 | $-1.6B | — | ||
| Q4 24 | $-1.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-345.2M | — | ||
| Q1 24 | $-867.7M | — |
| Q4 25 | -11.3% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -21.2% | — | ||
| Q1 25 | -53.6% | — | ||
| Q4 24 | -44.5% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -11.6% | — | ||
| Q1 24 | -29.6% | — |
| Q4 25 | 40.3% | — | ||
| Q3 25 | 47.9% | — | ||
| Q2 25 | 49.5% | — | ||
| Q1 25 | 64.9% | — | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 65.1% | — | ||
| Q2 24 | 53.8% | — | ||
| Q1 24 | 57.0% | — |
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | 11.59× | ||
| Q2 25 | 1.20× | 11.52× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.31× | 1.52× | ||
| Q3 24 | — | 16.19× | ||
| Q2 24 | 1.81× | 1.86× | ||
| Q1 24 | 1.40× | 3.25× |
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% |
DAR
| Fats | $428.4M | 27% |
| Food Ingredients | $380.6M | 24% |
| Diamond Green Diesel Holdings Llc Joint Venture | $342.1M | 22% |
| Fuel Ingredients | $154.3M | 10% |
| Used Cooking Oil | $125.9M | 8% |
| Other Rendering | $76.9M | 5% |
| Bakery | $46.9M | 3% |
| Other Products And Services | $12.2M | 1% |
