vs
Side-by-side financial comparison of Air Products (APD) and Flutter Entertainment plc (FLUT). Click either name above to swap in a different company.
Flutter Entertainment plc is the larger business by last-quarter revenue ($4.7B vs $3.1B, roughly 1.5× Air Products). Air Products runs the higher net margin — 21.9% vs 0.2%, a 21.6% gap on every dollar of revenue. On growth, Flutter Entertainment plc posted the faster year-over-year revenue change (24.9% vs 5.8%). Flutter Entertainment plc produced more free cash flow last quarter ($392.0M vs $-350.5M). Over the past eight quarters, Flutter Entertainment plc's revenue compounded faster (18.1% 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...
Flutter Entertainment plc is an Irish-American multinational sports betting and gambling company. It is listed on the New York Stock Exchange and has a secondary listing on the London Stock Exchange. It owns brands such as Betfair, FanDuel, Paddy Power, PokerStars, Sky Betting & Gaming, and Sportsbet. Flutter is the world's largest online betting company.
APD vs FLUT — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $4.7B |
| Net Profit | $678.2M | $10.0M |
| Gross Margin | 32.1% | 44.5% |
| Operating Margin | 23.7% | 5.4% |
| Net Margin | 21.9% | 0.2% |
| Revenue YoY | 5.8% | 24.9% |
| Net Profit YoY | 9.8% | -93.6% |
| EPS (diluted) | $3.04 | $0.00 |
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 | $4.7B | ||
| Q3 25 | $3.2B | $3.8B | ||
| Q2 25 | $3.0B | $4.2B | ||
| Q1 25 | $2.9B | $3.7B | ||
| Q4 24 | $2.9B | $3.8B | ||
| Q3 24 | $3.2B | $3.2B | ||
| Q2 24 | $3.0B | $3.6B | ||
| Q1 24 | $2.9B | $3.4B |
| Q4 25 | $678.2M | $10.0M | ||
| Q3 25 | $4.9M | $-789.0M | ||
| Q2 25 | $713.8M | $37.0M | ||
| Q1 25 | $-1.7B | $335.0M | ||
| Q4 24 | $617.4M | $156.0M | ||
| Q3 24 | $1.9B | $-114.0M | ||
| Q2 24 | $696.6M | $297.0M | ||
| Q1 24 | $572.4M | $-177.0M |
| Q4 25 | 32.1% | 44.5% | ||
| Q3 25 | 32.3% | 42.9% | ||
| Q2 25 | 32.5% | 46.8% | ||
| Q1 25 | 29.6% | 46.6% | ||
| Q4 24 | 31.2% | 48.2% | ||
| Q3 24 | 34.0% | 46.1% | ||
| Q2 24 | 32.8% | 49.2% | ||
| Q1 24 | 32.0% | 47.2% |
| Q4 25 | 23.7% | 5.4% | ||
| Q3 25 | 0.5% | -22.0% | ||
| Q2 25 | 26.2% | 9.3% | ||
| Q1 25 | -79.8% | 6.1% | ||
| Q4 24 | 22.0% | 7.4% | ||
| Q3 24 | 76.1% | 3.0% | ||
| Q2 24 | 24.7% | 10.2% | ||
| Q1 24 | 21.7% | 3.7% |
| Q4 25 | 21.9% | 0.2% | ||
| Q3 25 | 0.2% | -20.8% | ||
| Q2 25 | 23.6% | 0.9% | ||
| Q1 25 | -59.3% | 9.1% | ||
| Q4 24 | 21.1% | 4.1% | ||
| Q3 24 | 61.2% | -3.5% | ||
| Q2 24 | 23.3% | 8.2% | ||
| Q1 24 | 19.5% | -5.2% |
| Q4 25 | $3.04 | $0.00 | ||
| Q3 25 | $0.03 | $-3.91 | ||
| Q2 25 | $3.20 | $0.59 | ||
| Q1 25 | $-7.77 | $1.57 | ||
| Q4 24 | $2.77 | $0.47 | ||
| Q3 24 | $8.75 | $-0.58 | ||
| Q2 24 | $3.13 | $1.45 | ||
| Q1 24 | $2.57 | $-1.10 |
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 | $1.8B |
| Total DebtLower is stronger | — | $12.3B |
| Stockholders' EquityBook value | $15.4B | $9.0B |
| Total Assets | $41.2B | $29.3B |
| Debt / EquityLower = less leverage | — | 1.36× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $1.8B | ||
| Q3 25 | $1.9B | $1.7B | ||
| Q2 25 | $2.3B | $1.7B | ||
| Q1 25 | $1.6B | $1.5B | ||
| Q4 24 | $2.0B | $1.5B | ||
| Q3 24 | $3.0B | $1.5B | ||
| Q2 24 | $2.4B | $1.5B | ||
| Q1 24 | $2.6B | $1.4B |
| Q4 25 | — | $12.3B | ||
| Q3 25 | — | $12.1B | ||
| Q2 25 | — | $10.0B | ||
| Q1 25 | — | $6.8B | ||
| Q4 24 | — | $6.7B | ||
| Q3 24 | — | $6.9B | ||
| Q2 24 | — | $6.8B | ||
| Q1 24 | — | $6.8B |
| Q4 25 | $15.4B | $9.0B | ||
| Q3 25 | $15.0B | $9.2B | ||
| Q2 25 | $15.5B | $10.2B | ||
| Q1 25 | $14.7B | $9.9B | ||
| Q4 24 | $16.7B | $9.3B | ||
| Q3 24 | $17.0B | $10.2B | ||
| Q2 24 | $15.1B | $9.9B | ||
| Q1 24 | $14.9B | $9.5B |
| Q4 25 | $41.2B | $29.3B | ||
| Q3 25 | $41.1B | $29.3B | ||
| Q2 25 | $41.7B | $29.9B | ||
| Q1 25 | $38.9B | $24.8B | ||
| Q4 24 | $40.0B | $24.5B | ||
| Q3 24 | $39.6B | $25.5B | ||
| Q2 24 | $37.0B | $24.3B | ||
| Q1 24 | $35.9B | $24.4B |
| Q4 25 | — | 1.36× | ||
| Q3 25 | — | 1.31× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | 0.69× | ||
| Q4 24 | — | 0.72× | ||
| Q3 24 | — | 0.67× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $428.0M |
| Free Cash FlowOCF − Capex | $-350.5M | $392.0M |
| FCF MarginFCF / Revenue | -11.3% | 8.3% |
| Capex IntensityCapex / Revenue | 40.3% | 0.8% |
| Cash ConversionOCF / Net Profit | 1.33× | 42.80× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $428.0M | ||
| Q3 25 | — | $209.0M | ||
| Q2 25 | $855.8M | $359.0M | ||
| Q1 25 | $328.1M | $188.0M | ||
| Q4 24 | $811.7M | $652.0M | ||
| Q3 24 | — | $290.0M | ||
| Q2 24 | $1.3B | $323.0M | ||
| Q1 24 | $801.7M | $337.0M |
| Q4 25 | $-350.5M | $392.0M | ||
| Q3 25 | — | $196.0M | ||
| Q2 25 | $-640.0M | $322.0M | ||
| Q1 25 | $-1.6B | $169.0M | ||
| Q4 24 | $-1.3B | $595.0M | ||
| Q3 24 | — | $253.0M | ||
| Q2 24 | $-345.2M | $295.0M | ||
| Q1 24 | $-867.7M | $315.0M |
| Q4 25 | -11.3% | 8.3% | ||
| Q3 25 | — | 5.2% | ||
| Q2 25 | -21.2% | 7.7% | ||
| Q1 25 | -53.6% | 4.6% | ||
| Q4 24 | -44.5% | 15.7% | ||
| Q3 24 | — | 7.8% | ||
| Q2 24 | -11.6% | 8.2% | ||
| Q1 24 | -29.6% | 9.3% |
| Q4 25 | 40.3% | 0.8% | ||
| Q3 25 | 47.9% | 0.3% | ||
| Q2 25 | 49.5% | 0.9% | ||
| Q1 25 | 64.9% | 0.5% | ||
| Q4 24 | 72.2% | 1.5% | ||
| Q3 24 | 65.1% | 1.1% | ||
| Q2 24 | 53.8% | 0.8% | ||
| Q1 24 | 57.0% | 0.6% |
| Q4 25 | 1.33× | 42.80× | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.20× | 9.70× | ||
| Q1 25 | — | 0.56× | ||
| Q4 24 | 1.31× | 4.18× | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.81× | 1.09× | ||
| Q1 24 | 1.40× | — |
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% |
FLUT
| Other | $2.6B | 55% |
| Sports Book | $1.5B | 32% |
| Igaming | $586.0M | 12% |
| Service Other | $59.0M | 1% |
