vs
Side-by-side financial comparison of Air Products (APD) and Expeditors International (EXPD). 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× Expeditors International). Air Products runs the higher net margin — 21.9% vs 7.0%, a 14.8% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs -3.3%). Expeditors International produced more free cash flow last quarter ($270.3M vs $-350.5M). Over the past eight quarters, Expeditors International's revenue compounded faster (13.8% 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...
Expeditors International of Washington, Inc. is an American Fortune 500 service-based logistics company with headquarters in Bellevue, Washington. Expeditors generates highly optimized and customized supply chain solutions for clients with unified technology systems integrated through a global network of over 340+ locations in 100+ countries on six continents.
APD vs EXPD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $2.9B |
| Net Profit | $678.2M | $200.7M |
| Gross Margin | 32.1% | — |
| Operating Margin | 23.7% | 8.8% |
| Net Margin | 21.9% | 7.0% |
| Revenue YoY | 5.8% | -3.3% |
| Net Profit YoY | 9.8% | -14.9% |
| EPS (diluted) | $3.04 | $1.50 |
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.
| Q4 25 | $3.1B | $2.9B | ||
| Q3 25 | $3.2B | $2.9B | ||
| Q2 25 | $3.0B | $2.7B | ||
| Q1 25 | $2.9B | $2.7B | ||
| Q4 24 | $2.9B | $3.0B | ||
| Q3 24 | $3.2B | $3.0B | ||
| Q2 24 | $3.0B | $2.4B | ||
| Q1 24 | $2.9B | $2.2B |
| Q4 25 | $678.2M | $200.7M | ||
| Q3 25 | $4.9M | $222.3M | ||
| Q2 25 | $713.8M | $183.6M | ||
| Q1 25 | $-1.7B | $203.8M | ||
| Q4 24 | $617.4M | $235.9M | ||
| Q3 24 | $1.9B | $229.6M | ||
| Q2 24 | $696.6M | $175.5M | ||
| Q1 24 | $572.4M | $169.2M |
| 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 24 | 32.0% | — |
| Q4 25 | 23.7% | 8.8% | ||
| Q3 25 | 0.5% | 10.0% | ||
| Q2 25 | 26.2% | 9.3% | ||
| Q1 25 | -79.8% | 10.0% | ||
| Q4 24 | 22.0% | 10.2% | ||
| Q3 24 | 76.1% | 10.1% | ||
| Q2 24 | 24.7% | 9.2% | ||
| Q1 24 | 21.7% | 9.7% |
| Q4 25 | 21.9% | 7.0% | ||
| Q3 25 | 0.2% | 7.7% | ||
| Q2 25 | 23.6% | 6.9% | ||
| Q1 25 | -59.3% | 7.6% | ||
| Q4 24 | 21.1% | 8.0% | ||
| Q3 24 | 61.2% | 7.7% | ||
| Q2 24 | 23.3% | 7.2% | ||
| Q1 24 | 19.5% | 7.7% |
| Q4 25 | $3.04 | $1.50 | ||
| Q3 25 | $0.03 | $1.64 | ||
| Q2 25 | $3.20 | $1.34 | ||
| Q1 25 | $-7.77 | $1.47 | ||
| Q4 24 | $2.77 | $1.68 | ||
| Q3 24 | $8.75 | $1.63 | ||
| Q2 24 | $3.13 | $1.24 | ||
| Q1 24 | $2.57 | $1.17 |
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 | $1.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.4B | $2.4B |
| Total Assets | $41.2B | $4.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $1.3B | ||
| Q3 25 | $1.9B | $1.2B | ||
| Q2 25 | $2.3B | $1.2B | ||
| Q1 25 | $1.6B | $1.3B | ||
| Q4 24 | $2.0B | $1.1B | ||
| Q3 24 | $3.0B | $1.3B | ||
| Q2 24 | $2.4B | $1.3B | ||
| Q1 24 | $2.6B | $1.4B |
| Q4 25 | $15.4B | $2.4B | ||
| Q3 25 | $15.0B | $2.3B | ||
| Q2 25 | $15.5B | $2.2B | ||
| Q1 25 | $14.7B | $2.3B | ||
| Q4 24 | $16.7B | $2.2B | ||
| Q3 24 | $17.0B | $2.4B | ||
| Q2 24 | $15.1B | $2.2B | ||
| Q1 24 | $14.9B | $2.2B |
| Q4 25 | $41.2B | $4.9B | ||
| Q3 25 | $41.1B | $4.8B | ||
| Q2 25 | $41.7B | $4.8B | ||
| Q1 25 | $38.9B | $4.8B | ||
| Q4 24 | $40.0B | $4.8B | ||
| Q3 24 | $39.6B | $5.2B | ||
| Q2 24 | $37.0B | $4.8B | ||
| Q1 24 | $35.9B | $4.5B |
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 | $283.3M |
| Free Cash FlowOCF − Capex | $-350.5M | $270.3M |
| FCF MarginFCF / Revenue | -11.3% | 9.5% |
| Capex IntensityCapex / Revenue | 40.3% | 0.5% |
| Cash ConversionOCF / Net Profit | 1.33× | 1.41× |
| TTM Free Cash FlowTrailing 4 quarters | — | $953.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $283.3M | ||
| Q3 25 | — | $201.4M | ||
| Q2 25 | $855.8M | $179.2M | ||
| Q1 25 | $328.1M | $342.6M | ||
| Q4 24 | $811.7M | $249.7M | ||
| Q3 24 | — | $90.0M | ||
| Q2 24 | $1.3B | $126.8M | ||
| Q1 24 | $801.7M | $256.9M |
| Q4 25 | $-350.5M | $270.3M | ||
| Q3 25 | — | $190.3M | ||
| Q2 25 | $-640.0M | $163.3M | ||
| Q1 25 | $-1.6B | $329.5M | ||
| Q4 24 | $-1.3B | $239.7M | ||
| Q3 24 | — | $77.7M | ||
| Q2 24 | $-345.2M | $118.8M | ||
| Q1 24 | $-867.7M | $246.7M |
| Q4 25 | -11.3% | 9.5% | ||
| Q3 25 | — | 6.6% | ||
| Q2 25 | -21.2% | 6.2% | ||
| Q1 25 | -53.6% | 12.4% | ||
| Q4 24 | -44.5% | 8.1% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | -11.6% | 4.9% | ||
| Q1 24 | -29.6% | 11.2% |
| Q4 25 | 40.3% | 0.5% | ||
| Q3 25 | 47.9% | 0.4% | ||
| Q2 25 | 49.5% | 0.6% | ||
| Q1 25 | 64.9% | 0.5% | ||
| Q4 24 | 72.2% | 0.3% | ||
| Q3 24 | 65.1% | 0.4% | ||
| Q2 24 | 53.8% | 0.3% | ||
| Q1 24 | 57.0% | 0.5% |
| Q4 25 | 1.33× | 1.41× | ||
| Q3 25 | — | 0.91× | ||
| Q2 25 | 1.20× | 0.98× | ||
| Q1 25 | — | 1.68× | ||
| Q4 24 | 1.31× | 1.06× | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | 1.81× | 0.72× | ||
| Q1 24 | 1.40× | 1.52× |
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% |
EXPD
| Customs Brokerage And Other Services | $1.1B | 40% |
| Airfreight Services | $1.1B | 39% |
| Ocean Freight And Ocean Services | $611.4M | 21% |
