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Side-by-side financial comparison of Air Products (APD) and Quest Diagnostics (DGX). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $2.9B, roughly 1.1× Quest Diagnostics). Air Products runs the higher net margin — 21.9% vs 9.7%, a 12.2% gap on every dollar of revenue. On growth, Quest Diagnostics posted the faster year-over-year revenue change (9.2% vs 5.8%). Over the past eight quarters, Quest Diagnostics's revenue compounded faster (9.9% 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...
Quest Diagnostics Incorporated is an American clinical laboratory. A Fortune 500 company, Quest operates in the United States, Puerto Rico, Mexico, and Brazil. Quest also maintains collaborative agreements with various hospitals and clinics across the globe.
APD vs DGX — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $2.9B |
| Net Profit | $678.2M | $281.0M |
| Gross Margin | 32.1% | — |
| Operating Margin | 23.7% | 15.4% |
| Net Margin | 21.9% | 9.7% |
| Revenue YoY | 5.8% | 9.2% |
| Net Profit YoY | 9.8% | 12.0% |
| EPS (diluted) | $3.04 | $2.24 |
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 | — | $2.9B | ||
| Q4 25 | $3.1B | $2.8B | ||
| Q3 25 | $3.2B | $2.8B | ||
| Q2 25 | $3.0B | $2.8B | ||
| Q1 25 | $2.9B | $2.7B | ||
| Q4 24 | $2.9B | $2.6B | ||
| Q3 24 | $3.2B | $2.5B | ||
| Q2 24 | $3.0B | $2.4B |
| Q1 26 | — | $281.0M | ||
| Q4 25 | $678.2M | $245.0M | ||
| Q3 25 | $4.9M | $245.0M | ||
| Q2 25 | $713.8M | $282.0M | ||
| Q1 25 | $-1.7B | $220.0M | ||
| Q4 24 | $617.4M | $222.0M | ||
| Q3 24 | $1.9B | $226.0M | ||
| Q2 24 | $696.6M | $229.0M |
| Q1 26 | — | — | ||
| Q4 25 | 32.1% | 32.4% | ||
| Q3 25 | 32.3% | 33.7% | ||
| Q2 25 | 32.5% | 34.2% | ||
| Q1 25 | 29.6% | 32.5% | ||
| Q4 24 | 31.2% | 32.7% | ||
| Q3 24 | 34.0% | 32.6% | ||
| Q2 24 | 32.8% | 33.5% |
| Q1 26 | — | 15.4% | ||
| Q4 25 | 23.7% | 13.8% | ||
| Q3 25 | 0.5% | 13.7% | ||
| Q2 25 | 26.2% | 15.9% | ||
| Q1 25 | -79.8% | 13.0% | ||
| Q4 24 | 22.0% | 13.8% | ||
| Q3 24 | 76.1% | 13.3% | ||
| Q2 24 | 24.7% | 14.8% |
| Q1 26 | — | 9.7% | ||
| Q4 25 | 21.9% | 8.7% | ||
| Q3 25 | 0.2% | 8.7% | ||
| Q2 25 | 23.6% | 10.2% | ||
| Q1 25 | -59.3% | 8.3% | ||
| Q4 24 | 21.1% | 8.5% | ||
| Q3 24 | 61.2% | 9.1% | ||
| Q2 24 | 23.3% | 9.6% |
| Q1 26 | — | $2.24 | ||
| Q4 25 | $3.04 | $2.18 | ||
| Q3 25 | $0.03 | $2.16 | ||
| Q2 25 | $3.20 | $2.47 | ||
| Q1 25 | $-7.77 | $1.94 | ||
| Q4 24 | $2.77 | $1.95 | ||
| Q3 24 | $8.75 | $1.99 | ||
| Q2 24 | $3.13 | $2.03 |
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 | $393.0M |
| Total DebtLower is stronger | — | $5.7B |
| Stockholders' EquityBook value | $15.4B | $7.7B |
| Total Assets | $41.2B | $16.7B |
| Debt / EquityLower = less leverage | — | 0.74× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $393.0M | ||
| Q4 25 | $1.0B | $420.0M | ||
| Q3 25 | $1.9B | $432.0M | ||
| Q2 25 | $2.3B | $319.0M | ||
| Q1 25 | $1.6B | $188.0M | ||
| Q4 24 | $2.0B | $549.0M | ||
| Q3 24 | $3.0B | $764.0M | ||
| Q2 24 | $2.4B | $271.0M |
| Q1 26 | — | $5.7B | ||
| Q4 25 | — | $5.2B | ||
| Q3 25 | — | $5.2B | ||
| Q2 25 | — | $5.2B | ||
| Q1 25 | — | $5.9B | ||
| Q4 24 | — | $5.6B | ||
| Q3 24 | — | $5.6B | ||
| Q2 24 | — | $3.8B |
| Q1 26 | — | $7.7B | ||
| Q4 25 | $15.4B | $7.2B | ||
| Q3 25 | $15.0B | $7.3B | ||
| Q2 25 | $15.5B | $7.2B | ||
| Q1 25 | $14.7B | $6.9B | ||
| Q4 24 | $16.7B | $6.8B | ||
| Q3 24 | $17.0B | $6.8B | ||
| Q2 24 | $15.1B | $6.6B |
| Q1 26 | — | $16.7B | ||
| Q4 25 | $41.2B | $16.2B | ||
| Q3 25 | $41.1B | $16.2B | ||
| Q2 25 | $41.7B | $16.0B | ||
| Q1 25 | $38.9B | $15.8B | ||
| Q4 24 | $40.0B | $16.2B | ||
| Q3 24 | $39.6B | $16.1B | ||
| Q2 24 | $37.0B | $13.9B |
| Q1 26 | — | 0.74× | ||
| Q4 25 | — | 0.72× | ||
| Q3 25 | — | 0.71× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | — | 0.85× | ||
| Q4 24 | — | 0.83× | ||
| Q3 24 | — | 0.83× | ||
| Q2 24 | — | 0.58× |
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 | $278.0M |
| Free Cash FlowOCF − Capex | $-350.5M | — |
| FCF MarginFCF / Revenue | -11.3% | — |
| Capex IntensityCapex / Revenue | 40.3% | 3.9% |
| Cash ConversionOCF / Net Profit | 1.33× | 0.99× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $278.0M | ||
| Q4 25 | $900.7M | $465.0M | ||
| Q3 25 | — | $563.0M | ||
| Q2 25 | $855.8M | $544.0M | ||
| Q1 25 | $328.1M | $314.0M | ||
| Q4 24 | $811.7M | $464.0M | ||
| Q3 24 | — | $356.0M | ||
| Q2 24 | $1.3B | $360.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-350.5M | $307.0M | ||
| Q3 25 | — | $419.0M | ||
| Q2 25 | $-640.0M | $436.0M | ||
| Q1 25 | $-1.6B | $197.0M | ||
| Q4 24 | $-1.3B | $341.0M | ||
| Q3 24 | — | $250.0M | ||
| Q2 24 | $-345.2M | $268.0M |
| Q1 26 | — | — | ||
| Q4 25 | -11.3% | 10.9% | ||
| Q3 25 | — | 14.9% | ||
| Q2 25 | -21.2% | 15.8% | ||
| Q1 25 | -53.6% | 7.4% | ||
| Q4 24 | -44.5% | 13.0% | ||
| Q3 24 | — | 10.0% | ||
| Q2 24 | -11.6% | 11.2% |
| Q1 26 | — | 3.9% | ||
| Q4 25 | 40.3% | 5.6% | ||
| Q3 25 | 47.9% | 5.1% | ||
| Q2 25 | 49.5% | 3.9% | ||
| Q1 25 | 64.9% | 4.4% | ||
| Q4 24 | 72.2% | 4.7% | ||
| Q3 24 | 65.1% | 4.3% | ||
| Q2 24 | 53.8% | 3.8% |
| Q1 26 | — | 0.99× | ||
| Q4 25 | 1.33× | 1.90× | ||
| Q3 25 | — | 2.30× | ||
| Q2 25 | 1.20× | 1.93× | ||
| Q1 25 | — | 1.43× | ||
| Q4 24 | 1.31× | 2.09× | ||
| Q3 24 | — | 1.58× | ||
| Q2 24 | 1.81× | 1.57× |
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% |
DGX
Segment breakdown not available.
