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Side-by-side financial comparison of Air Products (APD) and GRAPHIC PACKAGING HOLDING CO (GPK). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $2.1B, roughly 1.5× GRAPHIC PACKAGING HOLDING CO). Air Products runs the higher net margin — 21.9% vs 3.4%, a 18.5% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs 0.2%). Over the past eight quarters, Air Products's revenue compounded faster (2.9% CAGR vs -3.5%).
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...
Graphic Packaging International is a Fortune 500 corporation based in Atlanta, Georgia, United States. It designs and manufactures packaging solutions for commercial products. GPI manufactures paperboard and folding cartons for a wide range of popular consumer goods, particularly beverages and packaged food. The company operates paperboard mills in Kalamazoo, Michigan; Macon, Georgia; Middletown, Ohio; Prosperity, South Carolina; Texarkana, Texas; and West Monroe, Louisiana, that use recycled...
APD vs GPK — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $2.1B |
| Net Profit | $678.2M | $71.0M |
| Gross Margin | 32.1% | 14.1% |
| Operating Margin | 23.7% | 7.4% |
| Net Margin | 21.9% | 3.4% |
| Revenue YoY | 5.8% | 0.2% |
| Net Profit YoY | 9.8% | -48.6% |
| EPS (diluted) | $3.04 | $0.24 |
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 | $2.1B | ||
| Q3 25 | $3.2B | $2.2B | ||
| Q2 25 | $3.0B | $2.2B | ||
| Q1 25 | $2.9B | $2.1B | ||
| Q4 24 | $2.9B | $2.1B | ||
| Q3 24 | $3.2B | $2.2B | ||
| Q2 24 | $3.0B | $2.2B | ||
| Q1 24 | $2.9B | $2.3B |
| Q4 25 | $678.2M | $71.0M | ||
| Q3 25 | $4.9M | $142.0M | ||
| Q2 25 | $713.8M | $104.0M | ||
| Q1 25 | $-1.7B | $127.0M | ||
| Q4 24 | $617.4M | $138.0M | ||
| Q3 24 | $1.9B | $165.0M | ||
| Q2 24 | $696.6M | $190.0M | ||
| Q1 24 | $572.4M | $165.0M |
| Q4 25 | 32.1% | 14.1% | ||
| Q3 25 | 32.3% | 19.6% | ||
| Q2 25 | 32.5% | 18.7% | ||
| Q1 25 | 29.6% | 20.6% | ||
| Q4 24 | 31.2% | 21.4% | ||
| Q3 24 | 34.0% | 22.3% | ||
| Q2 24 | 32.8% | 21.2% | ||
| Q1 24 | 32.0% | 23.0% |
| Q4 25 | 23.7% | 7.4% | ||
| Q3 25 | 0.5% | 10.7% | ||
| Q2 25 | 26.2% | 8.8% | ||
| Q1 25 | -79.8% | 10.5% | ||
| Q4 24 | 22.0% | 11.4% | ||
| Q3 24 | 76.1% | 12.6% | ||
| Q2 24 | 24.7% | 14.5% | ||
| Q1 24 | 21.7% | 12.4% |
| Q4 25 | 21.9% | 3.4% | ||
| Q3 25 | 0.2% | 6.5% | ||
| Q2 25 | 23.6% | 4.7% | ||
| Q1 25 | -59.3% | 6.0% | ||
| Q4 24 | 21.1% | 6.6% | ||
| Q3 24 | 61.2% | 7.5% | ||
| Q2 24 | 23.3% | 8.5% | ||
| Q1 24 | 19.5% | 7.3% |
| Q4 25 | $3.04 | $0.24 | ||
| Q3 25 | $0.03 | $0.48 | ||
| Q2 25 | $3.20 | $0.34 | ||
| Q1 25 | $-7.77 | $0.42 | ||
| Q4 24 | $2.77 | $0.46 | ||
| Q3 24 | $8.75 | $0.55 | ||
| Q2 24 | $3.13 | $0.62 | ||
| Q1 24 | $2.57 | $0.53 |
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 | $261.0M |
| Total DebtLower is stronger | — | $5.0B |
| Stockholders' EquityBook value | $15.4B | $3.3B |
| Total Assets | $41.2B | $11.8B |
| Debt / EquityLower = less leverage | — | 1.51× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $261.0M | ||
| Q3 25 | $1.9B | $120.0M | ||
| Q2 25 | $2.3B | $120.0M | ||
| Q1 25 | $1.6B | $129.0M | ||
| Q4 24 | $2.0B | $157.0M | ||
| Q3 24 | $3.0B | $126.0M | ||
| Q2 24 | $2.4B | $125.0M | ||
| Q1 24 | $2.6B | $136.0M |
| Q4 25 | — | $5.0B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $5.4B | ||
| Q1 25 | — | $5.7B | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | $5.4B | ||
| Q2 24 | — | $4.9B | ||
| Q1 24 | — | $4.9B |
| Q4 25 | $15.4B | $3.3B | ||
| Q3 25 | $15.0B | $3.3B | ||
| Q2 25 | $15.5B | $3.2B | ||
| Q1 25 | $14.7B | $3.2B | ||
| Q4 24 | $16.7B | $3.0B | ||
| Q3 24 | $17.0B | $3.0B | ||
| Q2 24 | $15.1B | $2.8B | ||
| Q1 24 | $14.9B | $2.9B |
| Q4 25 | $41.2B | $11.8B | ||
| Q3 25 | $41.1B | $11.9B | ||
| Q2 25 | $41.7B | $11.8B | ||
| Q1 25 | $38.9B | $11.5B | ||
| Q4 24 | $40.0B | $11.1B | ||
| Q3 24 | $39.6B | $11.2B | ||
| Q2 24 | $37.0B | $10.8B | ||
| Q1 24 | $35.9B | $11.3B |
| Q4 25 | — | 1.51× | ||
| Q3 25 | — | 1.67× | ||
| Q2 25 | — | 1.68× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 1.71× | ||
| Q3 24 | — | 1.79× | ||
| Q2 24 | — | 1.75× | ||
| Q1 24 | — | 1.73× |
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 | $521.0M |
| Free Cash FlowOCF − Capex | $-350.5M | — |
| FCF MarginFCF / Revenue | -11.3% | — |
| Capex IntensityCapex / Revenue | 40.3% | — |
| Cash ConversionOCF / Net Profit | 1.33× | 7.34× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $521.0M | ||
| Q3 25 | — | $227.0M | ||
| Q2 25 | $855.8M | $267.0M | ||
| Q1 25 | $328.1M | $-174.0M | ||
| Q4 24 | $811.7M | $489.0M | ||
| Q3 24 | — | $187.0M | ||
| Q2 24 | $1.3B | $161.0M | ||
| Q1 24 | $801.7M | $3.0M |
| 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 24 | $-867.7M | — |
| 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 24 | -29.6% | — |
| 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 24 | 57.0% | — |
| Q4 25 | 1.33× | 7.34× | ||
| Q3 25 | — | 1.60× | ||
| Q2 25 | 1.20× | 2.57× | ||
| Q1 25 | — | -1.37× | ||
| Q4 24 | 1.31× | 3.54× | ||
| Q3 24 | — | 1.13× | ||
| Q2 24 | 1.81× | 0.85× | ||
| Q1 24 | 1.40× | 0.02× |
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% |
GPK
Segment breakdown not available.
