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Side-by-side financial comparison of Air Products (APD) and Hyatt Hotels Corp (H). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $1.8B, roughly 1.7× Hyatt Hotels Corp). Air Products runs the higher net margin — 21.9% vs -1.1%, a 23.0% gap on every dollar of revenue. On growth, Hyatt Hotels Corp posted the faster year-over-year revenue change (11.7% vs 5.8%). Hyatt Hotels Corp produced more free cash flow last quarter ($236.0M vs $-350.5M). Over the past eight quarters, Air Products's revenue compounded faster (2.9% CAGR vs 2.2%).
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...
Hyatt Hotels Corporation, commonly known as Hyatt Hotels & Resorts, is an American multinational hospitality company headquartered in the Riverside Plaza area of Chicago that manages and franchises luxury and business hotels, resorts, and vacation properties. Hyatt Hotels & Resorts is one of the businesses managed by the Pritzker family. Hyatt has more than 1350 hotels and all-inclusive properties in 69 countries, across North America, South America, Europe, Asia, Africa and Australia.
APD vs H — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $1.8B |
| Net Profit | $678.2M | $-20.0M |
| Gross Margin | 32.1% | — |
| Operating Margin | 23.7% | 0.4% |
| Net Margin | 21.9% | -1.1% |
| Revenue YoY | 5.8% | 11.7% |
| Net Profit YoY | 9.8% | 64.3% |
| EPS (diluted) | $3.04 | $-0.20 |
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.
| Q4 25 | $3.1B | $1.8B | ||
| Q3 25 | $3.2B | $1.8B | ||
| Q2 25 | $3.0B | $1.8B | ||
| Q1 25 | $2.9B | $1.7B | ||
| Q4 24 | $2.9B | $1.6B | ||
| Q3 24 | $3.2B | $1.6B | ||
| Q2 24 | $3.0B | $1.7B | ||
| Q1 24 | $2.9B | $1.7B |
| Q4 25 | $678.2M | $-20.0M | ||
| Q3 25 | $4.9M | $-49.0M | ||
| Q2 25 | $713.8M | $-3.0M | ||
| Q1 25 | $-1.7B | $20.0M | ||
| Q4 24 | $617.4M | $-56.0M | ||
| Q3 24 | $1.9B | $471.0M | ||
| Q2 24 | $696.6M | $359.0M | ||
| Q1 24 | $572.4M | $522.0M |
| 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% | 0.4% | ||
| Q3 25 | 0.5% | -1.0% | ||
| Q2 25 | 26.2% | 2.1% | ||
| Q1 25 | -79.8% | 3.0% | ||
| Q4 24 | 22.0% | -3.0% | ||
| Q3 24 | 76.1% | 37.3% | ||
| Q2 24 | 24.7% | 27.1% | ||
| Q1 24 | 21.7% | 31.6% |
| Q4 25 | 21.9% | -1.1% | ||
| Q3 25 | 0.2% | -2.7% | ||
| Q2 25 | 23.6% | -0.2% | ||
| Q1 25 | -59.3% | 1.2% | ||
| Q4 24 | 21.1% | -3.5% | ||
| Q3 24 | 61.2% | 28.9% | ||
| Q2 24 | 23.3% | 21.1% | ||
| Q1 24 | 19.5% | 30.5% |
| Q4 25 | $3.04 | $-0.20 | ||
| Q3 25 | $0.03 | $-0.51 | ||
| Q2 25 | $3.20 | $-0.03 | ||
| Q1 25 | $-7.77 | $0.19 | ||
| Q4 24 | $2.77 | $-0.37 | ||
| Q3 24 | $8.75 | $4.63 | ||
| Q2 24 | $3.13 | $3.46 | ||
| Q1 24 | $2.57 | $4.93 |
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 | $813.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.4B | $3.3B |
| Total Assets | $41.2B | $14.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $813.0M | ||
| Q3 25 | $1.9B | $749.0M | ||
| Q2 25 | $2.3B | $912.0M | ||
| Q1 25 | $1.6B | $1.8B | ||
| Q4 24 | $2.0B | $1.4B | ||
| Q3 24 | $3.0B | $1.1B | ||
| Q2 24 | $2.4B | $2.0B | ||
| Q1 24 | $2.6B | $794.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | $6.0B | ||
| Q2 25 | — | $6.0B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $3.8B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.9B | ||
| Q1 24 | — | $3.1B |
| Q4 25 | $15.4B | $3.3B | ||
| Q3 25 | $15.0B | $3.5B | ||
| Q2 25 | $15.5B | $3.6B | ||
| Q1 25 | $14.7B | $3.5B | ||
| Q4 24 | $16.7B | $3.5B | ||
| Q3 24 | $17.0B | $3.7B | ||
| Q2 24 | $15.1B | $3.9B | ||
| Q1 24 | $14.9B | $3.7B |
| Q4 25 | $41.2B | $14.0B | ||
| Q3 25 | $41.1B | $15.7B | ||
| Q2 25 | $41.7B | $15.9B | ||
| Q1 25 | $38.9B | $14.0B | ||
| Q4 24 | $40.0B | $13.3B | ||
| Q3 24 | $39.6B | $11.9B | ||
| Q2 24 | $37.0B | $12.8B | ||
| Q1 24 | $35.9B | $11.7B |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.73× | ||
| Q2 25 | — | 1.69× | ||
| Q1 25 | — | 1.25× | ||
| Q4 24 | — | 1.07× | ||
| Q3 24 | — | 0.85× | ||
| Q2 24 | — | 1.01× | ||
| Q1 24 | — | 0.84× |
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 | $313.0M |
| Free Cash FlowOCF − Capex | $-350.5M | $236.0M |
| FCF MarginFCF / Revenue | -11.3% | 13.2% |
| Capex IntensityCapex / Revenue | 40.3% | 4.3% |
| Cash ConversionOCF / Net Profit | 1.33× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $159.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $313.0M | ||
| Q3 25 | — | $-20.0M | ||
| Q2 25 | $855.8M | $-67.0M | ||
| Q1 25 | $328.1M | $153.0M | ||
| Q4 24 | $811.7M | $235.0M | ||
| Q3 24 | — | $-21.0M | ||
| Q2 24 | $1.3B | $177.0M | ||
| Q1 24 | $801.7M | $242.0M |
| Q4 25 | $-350.5M | $236.0M | ||
| Q3 25 | — | $-89.0M | ||
| Q2 25 | $-640.0M | $-111.0M | ||
| Q1 25 | $-1.6B | $123.0M | ||
| Q4 24 | $-1.3B | $184.0M | ||
| Q3 24 | — | $-64.0M | ||
| Q2 24 | $-345.2M | $135.0M | ||
| Q1 24 | $-867.7M | $208.0M |
| Q4 25 | -11.3% | 13.2% | ||
| Q3 25 | — | -5.0% | ||
| Q2 25 | -21.2% | -6.1% | ||
| Q1 25 | -53.6% | 7.2% | ||
| Q4 24 | -44.5% | 11.5% | ||
| Q3 24 | — | -3.9% | ||
| Q2 24 | -11.6% | 7.9% | ||
| Q1 24 | -29.6% | 12.1% |
| Q4 25 | 40.3% | 4.3% | ||
| Q3 25 | 47.9% | 3.9% | ||
| Q2 25 | 49.5% | 2.4% | ||
| Q1 25 | 64.9% | 1.7% | ||
| Q4 24 | 72.2% | 3.2% | ||
| Q3 24 | 65.1% | 2.6% | ||
| Q2 24 | 53.8% | 2.5% | ||
| Q1 24 | 57.0% | 2.0% |
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | — | 7.65× | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | — | -0.04× | ||
| Q2 24 | 1.81× | 0.49× | ||
| Q1 24 | 1.40× | 0.46× |
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% |
H
| Other | $627.0M | 35% |
| Rooms Revenue | $326.0M | 18% |
| Net Fees | $290.0M | 16% |
| Distribution Segment | $177.0M | 10% |
| Franchise And Other Fees | $114.0M | 6% |
| Base Management Fees | $112.0M | 6% |
| Incentive Management Fees | $81.0M | 5% |
| Other Owned And Leased Hotel Revenue | $41.0M | 2% |
| Contra Revenue | $17.0M | 1% |
| Other Revenues | $4.0M | 0% |
