How do Air Products and DuPont compare by revenue?

Air Products reported revenue of $3.1B in Q1 2026, while DuPont reported $-2.5B in Q4 2025. Air Products is -1.2× larger by last-quarter revenue.

Which is growing revenue faster, Air Products or DuPont?

Air Products's latest revenue grew 5.8% year-over-year, versus -182.3% for DuPont. Air Products is growing faster on a YoY basis.

Which has a higher net margin, Air Products or DuPont?

Air Products's net margin is 21.9% vs DuPont's 4.9%. Air Products has the higher bottom-line margin.

Which generates more free cash flow, Air Products or DuPont?

Air Products generated $-350.5M of free cash flow last quarter, versus $-850.0M for DuPont. Free cash flow is operating cash flow minus capital expenditure — what's actually left for dividends, buybacks and debt repayment.

What is the 2-year revenue CAGR for Air Products vs DuPont?

Over the trailing 8 quarters, Air Products compounded revenue at roughly 2.9% per year, versus NaN% for DuPont. DuPont has the faster medium-term growth trajectory.

Where does this APD vs DD data come from?

All figures are parsed directly from SEC EDGAR 10-Q / 10-K / 20-F / 6-K filings (for US-listed issuers) or EDINET filings (for Japanese issuers), then normalised into a common schema. Numbers update automatically as new filings are released.

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Side-by-side financial comparison of Air Products (APD) and DuPont (DD), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.

Air Products runs the higher net margin — 21.9% vs 4.9%, a 16.9% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs -182.3%). Air Products produced more free cash flow last quarter ($-350.5M vs $-850.0M). Over the past eight quarters, DuPont's revenue compounded faster (NaN% CAGR vs 2.9%).

Air ProductsAPDEarnings & Financial Report

NYSE · Materials · Chemicals - Specialty

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...

DuPontDDEarnings & Financial Report

NYSE · Materials · Specialty Chemicals

DuPont de Nemours, Inc., commonly shortened to DuPont, is an American multinational chemical company first formed in 1802 by French-American chemist and industrialist Éleuthère Irénée du Pont de Nemours. The company played a major role in the development of the U.S. state of Delaware and first arose as a major supplier of gunpowder.

APD vs DD — Head-to-Head

Bigger by revenue

APD

-1.2× larger

$3.1B

$-2.5B

Growing faster (revenue YoY)

APD

+188.2% gap

5.8%

-182.3%

Higher net margin

APD

16.9% more per $

21.9%

4.9%

More free cash flow

APD

$499.5M more FCF

$-350.5M

$-850.0M

Faster 2-yr revenue CAGR

Annualised

NaN%

2.9%

Income Statement — Q1 2026 vs Q4 2025

Metric	APD	DD
Revenue	$3.1B	$-2.5B
Net Profit	$678.2M	$-126.0M
Gross Margin	32.1%	—
Operating Margin	23.7%	—
Net Margin	21.9%	4.9%
Revenue YoY	5.8%	-182.3%
Net Profit YoY	9.8%	-6.8%
EPS (diluted)	$3.04	$-0.30

Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.

8-Quarter Revenue & Profit Trend

Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.

Revenue

APD

Q4 25	$3.1B	$-2.5B
Q3 25	$3.2B	$3.1B
Q2 25	$3.0B	$3.3B
Q1 25	$2.9B	$3.1B
Q4 24	$2.9B	$3.1B
Q3 24	$3.2B	$3.2B
Q2 24	$3.0B	$3.2B
Q1 24	$2.9B	$2.9B

Net Profit

APD

Q4 25	$678.2M	$-126.0M
Q3 25	$4.9M	$-123.0M
Q2 25	$713.8M	$59.0M
Q1 25	$-1.7B	$-589.0M
Q4 24	$617.4M	$-118.0M
Q3 24	$1.9B	$454.0M
Q2 24	$696.6M	$178.0M
Q1 24	$572.4M	$189.0M

Gross Margin

APD

Q4 25	32.1%	—
Q3 25	32.3%	38.9%
Q2 25	32.5%	37.3%
Q1 25	29.6%	37.4%
Q4 24	31.2%	36.4%
Q3 24	34.0%	37.4%
Q2 24	32.8%	37.1%
Q1 24	32.0%	34.6%

Operating Margin

APD

Q4 25	23.7%	—
Q3 25	0.5%	10.6%
Q2 25	26.2%	9.4%
Q1 25	-79.8%	-14.0%
Q4 24	22.0%	1.4%
Q3 24	76.1%	18.4%
Q2 24	24.7%	9.3%
Q1 24	21.7%	9.1%

Net Margin

APD

Q4 25	21.9%	4.9%
Q3 25	0.2%	-4.0%
Q2 25	23.6%	1.8%
Q1 25	-59.3%	-19.2%
Q4 24	21.1%	-3.8%
Q3 24	61.2%	14.2%
Q2 24	23.3%	5.6%
Q1 24	19.5%	6.4%

EPS (diluted)

APD

Q4 25	$3.04	$-0.30
Q3 25	$0.03	$-0.29
Q2 25	$3.20	$0.14
Q1 25	$-7.77	$-1.41
Q4 24	$2.77	$-0.28
Q3 24	$8.75	$1.08
Q2 24	$3.13	$0.42
Q1 24	$2.57	$0.45

Balance Sheet & Financial Strength

Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.

Metric	APD	DD
Cash + ST InvestmentsLiquidity on hand	$1.0B	$715.0M
Total DebtLower is stronger	—	$3.1B
Stockholders' EquityBook value	$15.4B	$13.9B
Total Assets	$41.2B	$21.6B
Debt / EquityLower = less leverage	—	0.23×

8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.

Cash + ST Investments

APD

Q4 25	$1.0B	$715.0M
Q3 25	$1.9B	$2.0B
Q2 25	$2.3B	$1.8B
Q1 25	$1.6B	$1.8B
Q4 24	$2.0B	$1.9B
Q3 24	$3.0B	$1.6B
Q2 24	$2.4B	$1.5B
Q1 24	$2.6B	$1.9B

Total Debt

APD

Q4 25	—	$3.1B
Q3 25	—	$7.0B
Q2 25	—	$5.3B
Q1 25	—	$5.3B
Q4 24	—	$5.3B
Q3 24	—	$7.2B
Q2 24	—	$7.2B
Q1 24	—	$7.8B

Stockholders' Equity

APD

Q4 25	$15.4B	$13.9B
Q3 25	$15.0B	$22.9B
Q2 25	$15.5B	$23.1B
Q1 25	$14.7B	$22.8B
Q4 24	$16.7B	$23.4B
Q3 24	$17.0B	$24.2B
Q2 24	$15.1B	$23.3B
Q1 24	$14.9B	$23.6B

Total Assets

APD

Q4 25	$41.2B	$21.6B
Q3 25	$41.1B	$38.0B
Q2 25	$41.7B	$36.6B
Q1 25	$38.9B	$36.0B
Q4 24	$40.0B	$36.6B
Q3 24	$39.6B	$37.5B
Q2 24	$37.0B	$36.6B
Q1 24	$35.9B	$37.7B

Debt / Equity

APD

Q4 25	—	0.23×
Q3 25	—	0.31×
Q2 25	—	0.23×
Q1 25	—	0.23×
Q4 24	—	0.23×
Q3 24	—	0.30×
Q2 24	—	0.31×
Q1 24	—	0.33×

Cash Flow & Capital Efficiency

How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.

Metric	APD	DD
Operating Cash FlowLast quarter	$900.7M	$-700.0M
Free Cash FlowOCF − Capex	$-350.5M	$-850.0M
FCF MarginFCF / Revenue	-11.3%	33.4%
Capex IntensityCapex / Revenue; lower = less reinvestment burden	40.3%	-5.9%
Cash ConversionOCF / Net Profit; >1× = earnings back up with cash	1.33×	—
TTM Free Cash FlowTrailing 4 quarters	—	$-73.0M

8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.

Operating Cash Flow

APD

Q4 25	$900.7M	$-700.0M
Q3 25	—	$497.0M
Q2 25	$855.8M	$381.0M
Q1 25	$328.1M	$382.0M
Q4 24	$811.7M	$564.0M
Q3 24	—	$737.0M
Q2 24	$1.3B	$527.0M
Q1 24	$801.7M	$493.0M

Free Cash Flow

APD

Q4 25	$-350.5M	$-850.0M
Q3 25	—	$379.0M
Q2 25	$-640.0M	$265.0M
Q1 25	$-1.6B	$133.0M
Q4 24	$-1.3B	$403.0M
Q3 24	—	$628.0M
Q2 24	$-345.2M	$425.0M
Q1 24	$-867.7M	$286.0M

FCF Margin

APD

Q4 25	-11.3%	33.4%
Q3 25	—	12.3%
Q2 25	-21.2%	8.1%
Q1 25	-53.6%	4.3%
Q4 24	-44.5%	13.0%
Q3 24	—	19.7%
Q2 24	-11.6%	13.4%
Q1 24	-29.6%	9.8%

Capex Intensity

APD

Q4 25	40.3%	-5.9%
Q3 25	47.9%	3.8%
Q2 25	49.5%	3.6%
Q1 25	64.9%	8.1%
Q4 24	72.2%	5.2%
Q3 24	65.1%	3.4%
Q2 24	53.8%	3.2%
Q1 24	57.0%	7.1%

Cash Conversion

APD

Q4 25	1.33×	—
Q3 25	—	—
Q2 25	1.20×	6.46×
Q1 25	—	—
Q4 24	1.31×	—
Q3 24	—	1.62×
Q2 24	1.81×	2.96×
Q1 24	1.40×	2.61×

Financial Flow Comparison

Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.