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Side-by-side financial comparison of Air Products (APD) and Dollar Tree (DLTR). Click either name above to swap in a different company.
Dollar Tree is the larger business by last-quarter revenue ($4.7B vs $3.2B, roughly 1.5× Air Products). Air Products runs the higher net margin — 22.9% vs 5.2%, a 17.7% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (8.8% vs -37.2%). Over the past eight quarters, Air Products's revenue compounded faster (3.1% CAGR vs -25.9%).
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...
Dollar Tree, Inc., formerly known as Dollar Tree Stores, Inc., is an American multi-price-point chain of discount variety stores. Headquartered in Chesapeake, Virginia, it is a Fortune 500 company and operates 15,115 stores throughout the 48 contiguous U.S. states and Canada. Its stores are supported by a nationwide logistics network of 24 distribution centers.
APD vs DLTR — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.2B | $4.7B |
| Net Profit | $724.8M | $244.6M |
| Gross Margin | 31.1% | 35.8% |
| Operating Margin | — | 7.2% |
| Net Margin | 22.9% | 5.2% |
| Revenue YoY | 8.8% | -37.2% |
| Net Profit YoY | 166.6% | 4.8% |
| EPS (diluted) | $3.19 | $1.20 |
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 | $4.7B | ||
| Q3 25 | $3.2B | $4.6B | ||
| Q2 25 | $3.0B | $4.6B | ||
| Q1 25 | $2.9B | $5.0B | ||
| Q4 24 | $2.9B | $7.6B | ||
| Q3 24 | $3.2B | $7.4B | ||
| Q2 24 | $3.0B | $7.6B |
| Q1 26 | $724.8M | — | ||
| Q4 25 | $678.2M | $244.6M | ||
| Q3 25 | $4.9M | $188.4M | ||
| Q2 25 | $713.8M | $343.4M | ||
| Q1 25 | $-1.7B | $-3.7B | ||
| Q4 24 | $617.4M | $233.3M | ||
| Q3 24 | $1.9B | $132.4M | ||
| Q2 24 | $696.6M | $300.1M |
| Q1 26 | 31.1% | — | ||
| Q4 25 | 32.1% | 35.8% | ||
| Q3 25 | 32.3% | 34.4% | ||
| Q2 25 | 32.5% | 35.6% | ||
| Q1 25 | 29.6% | 37.6% | ||
| Q4 24 | 31.2% | 30.9% | ||
| Q3 24 | 34.0% | 30.0% | ||
| Q2 24 | 32.8% | 30.8% |
| Q1 26 | — | — | ||
| Q4 25 | 23.7% | 7.2% | ||
| Q3 25 | 0.5% | 5.1% | ||
| Q2 25 | 26.2% | 8.3% | ||
| Q1 25 | -79.8% | — | ||
| Q4 24 | 22.0% | 4.4% | ||
| Q3 24 | 76.1% | 2.8% | ||
| Q2 24 | 24.7% | 5.5% |
| Q1 26 | 22.9% | — | ||
| Q4 25 | 21.9% | 5.2% | ||
| Q3 25 | 0.2% | 4.1% | ||
| Q2 25 | 23.6% | 7.4% | ||
| Q1 25 | -59.3% | -74.0% | ||
| Q4 24 | 21.1% | 3.1% | ||
| Q3 24 | 61.2% | 1.8% | ||
| Q2 24 | 23.3% | 3.9% |
| Q1 26 | $3.19 | — | ||
| Q4 25 | $3.04 | $1.20 | ||
| Q3 25 | $0.03 | $0.91 | ||
| Q2 25 | $3.20 | $1.61 | ||
| Q1 25 | $-7.77 | $-17.17 | ||
| Q4 24 | $2.77 | $1.08 | ||
| Q3 24 | $8.75 | $0.62 | ||
| Q2 24 | $3.13 | $1.38 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $594.8M |
| Total DebtLower is stronger | $17.4M | — |
| Stockholders' EquityBook value | $18.1M | $3.5B |
| Total Assets | $41.6M | $13.7B |
| Debt / EquityLower = less leverage | 0.96× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $594.8M | ||
| Q3 25 | $1.9B | $666.3M | ||
| Q2 25 | $2.3B | $1.0B | ||
| Q1 25 | $1.6B | $1.3B | ||
| Q4 24 | $2.0B | $697.6M | ||
| Q3 24 | $3.0B | $570.3M | ||
| Q2 24 | $2.4B | $618.5M |
| Q1 26 | $17.4M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $3.4B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $18.1M | — | ||
| Q4 25 | $15.4B | $3.5B | ||
| Q3 25 | $15.0B | $3.6B | ||
| Q2 25 | $15.5B | $3.9B | ||
| Q1 25 | $14.7B | $4.0B | ||
| Q4 24 | $16.7B | $7.6B | ||
| Q3 24 | $17.0B | $7.4B | ||
| Q2 24 | $15.1B | $7.3B |
| Q1 26 | $41.6M | — | ||
| Q4 25 | $41.2B | $13.7B | ||
| Q3 25 | $41.1B | $13.4B | ||
| Q2 25 | $41.7B | $18.3B | ||
| Q1 25 | $38.9B | $18.6B | ||
| Q4 24 | $40.0B | $23.3B | ||
| Q3 24 | $39.6B | $22.6B | ||
| Q2 24 | $37.0B | $22.1B |
| Q1 26 | 0.96× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.86× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $319.3M |
| Free Cash FlowOCF − Capex | — | $-57.1M |
| FCF MarginFCF / Revenue | — | -1.2% |
| Capex IntensityCapex / Revenue | 56.4% | 7.9% |
| Cash ConversionOCF / Net Profit | — | 1.31× |
| TTM Free Cash FlowTrailing 4 quarters | — | $394.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $900.7M | $319.3M | ||
| Q3 25 | — | $260.7M | ||
| Q2 25 | $855.8M | $378.5M | ||
| Q1 25 | $328.1M | $405.1M | ||
| Q4 24 | $811.7M | $785.6M | ||
| Q3 24 | — | $306.9M | ||
| Q2 24 | $1.3B | $695.7M |
| Q1 26 | — | — | ||
| Q4 25 | $-350.5M | $-57.1M | ||
| Q3 25 | — | $15.6M | ||
| Q2 25 | $-640.0M | $129.7M | ||
| Q1 25 | $-1.6B | $306.3M | ||
| Q4 24 | $-1.3B | $359.2M | ||
| Q3 24 | — | $-193.8M | ||
| Q2 24 | $-345.2M | $223.5M |
| Q1 26 | — | — | ||
| Q4 25 | -11.3% | -1.2% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | -21.2% | 2.8% | ||
| Q1 25 | -53.6% | 6.1% | ||
| Q4 24 | -44.5% | 4.8% | ||
| Q3 24 | — | -2.6% | ||
| Q2 24 | -11.6% | 2.9% |
| Q1 26 | 56.4% | — | ||
| Q4 25 | 40.3% | 7.9% | ||
| Q3 25 | 47.9% | 5.4% | ||
| Q2 25 | 49.5% | 5.4% | ||
| Q1 25 | 64.9% | 2.0% | ||
| Q4 24 | 72.2% | 5.6% | ||
| Q3 24 | 65.1% | 6.8% | ||
| Q2 24 | 53.8% | 6.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.33× | 1.31× | ||
| Q3 25 | — | 1.38× | ||
| Q2 25 | 1.20× | 1.10× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.31× | 3.37× | ||
| Q3 24 | — | 2.32× | ||
| Q2 24 | 1.81× | 2.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APD
Segment breakdown not available.
DLTR
| Consumable | $2.4B | 50% |
| Variety | $2.1B | 43% |
| Seasonal | $344.1M | 7% |
