vs
Side-by-side financial comparison of Air Products (APD) and Digital Realty (DLR). 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 1.9× Digital Realty). Air Products runs the higher net margin — 21.9% vs 6.0%, a 15.8% gap on every dollar of revenue. On growth, Digital Realty posted the faster year-over-year revenue change (16.1% vs 5.8%). Over the past eight quarters, Digital Realty's revenue compounded faster (9.8% 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...
Digital Realty is a real estate investment trust that owns, operates and invests in carrier-neutral data centers across the world. The company offers data center, colocation, and interconnection services.
APD vs DLR — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $1.6B |
| Net Profit | $678.2M | $98.6M |
| Gross Margin | 32.1% | — |
| Operating Margin | 23.7% | 6.9% |
| Net Margin | 21.9% | 6.0% |
| Revenue YoY | 5.8% | 16.1% |
| Net Profit YoY | 9.8% | -10.3% |
| EPS (diluted) | $3.04 | $0.22 |
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 | — | $1.6B | ||
| Q4 25 | $3.1B | $1.6B | ||
| 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 | $1.4B |
| Q1 26 | — | $98.6M | ||
| Q4 25 | $678.2M | $98.6M | ||
| Q3 25 | $4.9M | $67.8M | ||
| Q2 25 | $713.8M | $1.0B | ||
| Q1 25 | $-1.7B | $110.0M | ||
| Q4 24 | $617.4M | $189.6M | ||
| Q3 24 | $1.9B | $51.2M | ||
| Q2 24 | $696.6M | $80.2M |
| Q1 26 | — | — | ||
| 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 | — | 6.9% | ||
| Q4 25 | 23.7% | 6.9% | ||
| Q3 25 | 0.5% | 8.8% | ||
| Q2 25 | 26.2% | 14.2% | ||
| Q1 25 | -79.8% | 13.9% | ||
| Q4 24 | 22.0% | 10.1% | ||
| Q3 24 | 76.1% | 11.8% | ||
| Q2 24 | 24.7% | 0.7% |
| Q1 26 | — | 6.0% | ||
| Q4 25 | 21.9% | 6.0% | ||
| Q3 25 | 0.2% | 4.3% | ||
| Q2 25 | 23.6% | 69.1% | ||
| Q1 25 | -59.3% | 7.8% | ||
| Q4 24 | 21.1% | 13.2% | ||
| Q3 24 | 61.2% | 3.6% | ||
| Q2 24 | 23.3% | 5.9% |
| Q1 26 | — | $0.22 | ||
| Q4 25 | $3.04 | $0.22 | ||
| Q3 25 | $0.03 | $0.15 | ||
| Q2 25 | $3.20 | $2.94 | ||
| Q1 25 | $-7.77 | $0.27 | ||
| Q4 24 | $2.77 | $0.50 | ||
| Q3 24 | $8.75 | $0.09 | ||
| Q2 24 | $3.13 | $0.20 |
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 | $3.5B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.4B | $22.9B |
| Total Assets | $41.2B | $49.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $3.5B | ||
| Q4 25 | $1.0B | $3.5B | ||
| Q3 25 | $1.9B | $3.3B | ||
| Q2 25 | $2.3B | $3.6B | ||
| Q1 25 | $1.6B | $2.3B | ||
| Q4 24 | $2.0B | $3.9B | ||
| Q3 24 | $3.0B | $2.2B | ||
| Q2 24 | $2.4B | $2.3B |
| Q1 26 | — | $22.9B | ||
| Q4 25 | $15.4B | $22.9B | ||
| Q3 25 | $15.0B | $23.0B | ||
| Q2 25 | $15.5B | $22.9B | ||
| Q1 25 | $14.7B | $21.3B | ||
| Q4 24 | $16.7B | $21.3B | ||
| Q3 24 | $17.0B | $21.2B | ||
| Q2 24 | $15.1B | $20.5B |
| Q1 26 | — | $49.4B | ||
| Q4 25 | $41.2B | $49.4B | ||
| Q3 25 | $41.1B | $48.7B | ||
| Q2 25 | $41.7B | $48.7B | ||
| Q1 25 | $38.9B | $45.1B | ||
| Q4 24 | $40.0B | $45.3B | ||
| Q3 24 | $39.6B | $45.3B | ||
| Q2 24 | $37.0B | $43.6B |
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 | — |
| Free Cash FlowOCF − Capex | $-350.5M | — |
| FCF MarginFCF / Revenue | -11.3% | — |
| Capex IntensityCapex / Revenue | 40.3% | — |
| Cash ConversionOCF / Net Profit | 1.33× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $900.7M | $719.0M | ||
| Q3 25 | — | $652.9M | ||
| Q2 25 | $855.8M | $641.2M | ||
| Q1 25 | $328.1M | $399.1M | ||
| Q4 24 | $811.7M | $769.5M | ||
| Q3 24 | — | $566.5M | ||
| Q2 24 | $1.3B | $573.2M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 1.33× | 7.29× | ||
| Q3 25 | — | 9.63× | ||
| Q2 25 | 1.20× | 0.62× | ||
| Q1 25 | — | 3.63× | ||
| Q4 24 | 1.31× | 4.06× | ||
| Q3 24 | — | 11.07× | ||
| Q2 24 | 1.81× | 7.15× |
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% |
DLR
Segment breakdown not available.
