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Side-by-side financial comparison of Air Products (APD) and Emerson Electric (EMR). Click either name above to swap in a different company.
Emerson Electric is the larger business by last-quarter revenue ($4.3B vs $3.2B, roughly 1.4× Air Products). Air Products runs the higher net margin — 22.9% vs 13.9%, a 8.9% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (8.8% vs 4.1%). Over the past eight quarters, Air Products's revenue compounded faster (3.1% CAGR vs -0.3%).
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...
Emerson ElectricEMREarnings & Financial Report
Emerson Electric Co. is an American multinational corporation headquartered in St. Louis, Missouri. The Fortune 500 company delivers a range of engineering services, manufactures industrial automation equipment, climate control systems, and precision measurement instruments, and provides software engineering for industrial, commercial, and consumer markets.
APD vs EMR — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.2B | $4.3B |
| Net Profit | $724.8M | $605.0M |
| Gross Margin | 31.1% | 53.2% |
| Operating Margin | — | 17.8% |
| Net Margin | 22.9% | 13.9% |
| Revenue YoY | 8.8% | 4.1% |
| Net Profit YoY | 166.6% | 3.4% |
| EPS (diluted) | $3.19 | $1.07 |
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 | $4.3B | ||
| Q3 25 | $3.2B | $4.9B | ||
| Q2 25 | $3.0B | $4.6B | ||
| Q1 25 | $2.9B | $4.4B | ||
| Q4 24 | $2.9B | $4.2B | ||
| Q3 24 | $3.2B | $4.6B | ||
| Q2 24 | $3.0B | $4.4B |
| Q1 26 | $724.8M | — | ||
| Q4 25 | $678.2M | $605.0M | ||
| Q3 25 | $4.9M | $637.0M | ||
| Q2 25 | $713.8M | $586.0M | ||
| Q1 25 | $-1.7B | $485.0M | ||
| Q4 24 | $617.4M | $585.0M | ||
| Q3 24 | $1.9B | $996.0M | ||
| Q2 24 | $696.6M | $329.0M |
| Q1 26 | 31.1% | — | ||
| Q4 25 | 32.1% | 53.2% | ||
| Q3 25 | 32.3% | 51.9% | ||
| Q2 25 | 32.5% | 52.6% | ||
| Q1 25 | 29.6% | 53.5% | ||
| Q4 24 | 31.2% | 53.5% | ||
| Q3 24 | 34.0% | 51.3% | ||
| Q2 24 | 32.8% | 52.8% |
| Q1 26 | — | — | ||
| Q4 25 | 23.7% | 17.8% | ||
| Q3 25 | 0.5% | 16.4% | ||
| Q2 25 | 26.2% | 16.1% | ||
| Q1 25 | -79.8% | 14.2% | ||
| Q4 24 | 22.0% | 18.6% | ||
| Q3 24 | 76.1% | 14.7% | ||
| Q2 24 | 24.7% | 10.4% |
| Q1 26 | 22.9% | — | ||
| Q4 25 | 21.9% | 13.9% | ||
| Q3 25 | 0.2% | 13.1% | ||
| Q2 25 | 23.6% | 12.9% | ||
| Q1 25 | -59.3% | 10.9% | ||
| Q4 24 | 21.1% | 14.0% | ||
| Q3 24 | 61.2% | 21.6% | ||
| Q2 24 | 23.3% | 7.5% |
| Q1 26 | $3.19 | — | ||
| Q4 25 | $3.04 | $1.07 | ||
| Q3 25 | $0.03 | $1.12 | ||
| Q2 25 | $3.20 | $1.04 | ||
| Q1 25 | $-7.77 | $0.86 | ||
| Q4 24 | $2.77 | $1.02 | ||
| Q3 24 | $8.75 | $1.74 | ||
| Q2 24 | $3.13 | $0.57 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | $17.4M | $7.6B |
| Stockholders' EquityBook value | $18.1M | $20.3B |
| Total Assets | $41.6M | $41.9B |
| Debt / EquityLower = less leverage | 0.96× | 0.37× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $2.4B | — |
| Q1 26 | $17.4M | — | ||
| Q4 25 | — | $7.6B | ||
| Q3 25 | — | $8.9B | ||
| Q2 25 | — | $8.3B | ||
| Q1 25 | — | $8.2B | ||
| Q4 24 | — | $6.6B | ||
| Q3 24 | — | $7.7B | ||
| Q2 24 | — | $7.1B |
| Q1 26 | $18.1M | — | ||
| Q4 25 | $15.4B | $20.3B | ||
| Q3 25 | $15.0B | $20.3B | ||
| Q2 25 | $15.5B | $19.9B | ||
| Q1 25 | $14.7B | $19.2B | ||
| Q4 24 | $16.7B | $20.5B | ||
| Q3 24 | $17.0B | $21.6B | ||
| Q2 24 | $15.1B | $20.8B |
| Q1 26 | $41.6M | — | ||
| Q4 25 | $41.2B | $41.9B | ||
| Q3 25 | $41.1B | $42.0B | ||
| Q2 25 | $41.7B | $42.5B | ||
| Q1 25 | $38.9B | $42.0B | ||
| Q4 24 | $40.0B | $42.6B | ||
| Q3 24 | $39.6B | $44.2B | ||
| Q2 24 | $37.0B | $45.6B |
| Q1 26 | 0.96× | — | ||
| Q4 25 | — | 0.37× | ||
| Q3 25 | — | 0.44× | ||
| Q2 25 | — | 0.42× | ||
| Q1 25 | — | 0.42× | ||
| Q4 24 | — | 0.32× | ||
| Q3 24 | — | 0.36× | ||
| Q2 24 | — | 0.34× |
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 | — | $699.0M |
| Free Cash FlowOCF − Capex | — | $602.0M |
| FCF MarginFCF / Revenue | — | 13.9% |
| Capex IntensityCapex / Revenue | 56.4% | 2.2% |
| Cash ConversionOCF / Net Profit | — | 1.16× |
| TTM Free Cash FlowTrailing 4 quarters | — | $4.4B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $900.7M | $699.0M | ||
| Q3 25 | — | $3.1B | ||
| Q2 25 | $855.8M | $1.1B | ||
| Q1 25 | $328.1M | $241.0M | ||
| Q4 24 | $811.7M | $777.0M | ||
| Q3 24 | — | $3.3B | ||
| Q2 24 | $1.3B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | $-350.5M | $602.0M | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | $-640.0M | $977.0M | ||
| Q1 25 | $-1.6B | $154.0M | ||
| Q4 24 | $-1.3B | $694.0M | ||
| Q3 24 | — | $2.9B | ||
| Q2 24 | $-345.2M | $998.0M |
| Q1 26 | — | — | ||
| Q4 25 | -11.3% | 13.9% | ||
| Q3 25 | — | 54.9% | ||
| Q2 25 | -21.2% | 21.5% | ||
| Q1 25 | -53.6% | 3.5% | ||
| Q4 24 | -44.5% | 16.6% | ||
| Q3 24 | — | 63.1% | ||
| Q2 24 | -11.6% | 22.8% |
| Q1 26 | 56.4% | — | ||
| Q4 25 | 40.3% | 2.2% | ||
| Q3 25 | 47.9% | 8.9% | ||
| Q2 25 | 49.5% | 2.0% | ||
| Q1 25 | 64.9% | 2.0% | ||
| Q4 24 | 72.2% | 2.0% | ||
| Q3 24 | 65.1% | 9.1% | ||
| Q2 24 | 53.8% | 2.1% |
| Q1 26 | — | — | ||
| Q4 25 | 1.33× | 1.16× | ||
| Q3 25 | — | 4.86× | ||
| Q2 25 | 1.20× | 1.83× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | 1.31× | 1.33× | ||
| Q3 24 | — | 3.35× | ||
| Q2 24 | 1.81× | 3.31× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APD
Segment breakdown not available.
EMR
| Other | $1.8B | 41% |
| Software And Systems | $1.0B | 24% |
| Intelligent Devices | $996.0M | 23% |
| Safety And Productivity | $503.0M | 12% |
