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Side-by-side financial comparison of Air Products (APD) and ICAHN ENTERPRISES L.P. (IEP). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $2.7B, roughly 1.2× ICAHN ENTERPRISES L.P.). Air Products runs the higher net margin — 21.9% vs 0.0%, a 21.8% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs 5.4%). Air Products produced more free cash flow last quarter ($-350.5M vs $-496.0M). Over the past eight quarters, ICAHN ENTERPRISES L.P.'s revenue compounded faster (4.5% 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...
Icahn Enterprises L.P. is an American publicly traded master limited partnership and conglomerate headquartered at Milton Tower in Sunny Isles Beach, Florida. The company has investments in various industries including energy, automotive, food packaging, metals, real estate and home fashion. The company is controlled by Carl Icahn, who owns 86 percent of it.
APD vs IEP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $2.7B |
| Net Profit | $678.2M | $1.0M |
| Gross Margin | 32.1% | — |
| Operating Margin | 23.7% | 0.6% |
| Net Margin | 21.9% | 0.0% |
| Revenue YoY | 5.8% | 5.4% |
| Net Profit YoY | 9.8% | 101.0% |
| EPS (diluted) | $3.04 | — |
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 | $2.7B | ||
| Q3 25 | $3.2B | $2.7B | ||
| Q2 25 | $3.0B | $2.4B | ||
| Q1 25 | $2.9B | $1.9B | ||
| Q4 24 | $2.9B | $2.6B | ||
| Q3 24 | $3.2B | $2.8B | ||
| Q2 24 | $3.0B | $2.2B | ||
| Q1 24 | $2.9B | $2.5B |
| Q4 25 | $678.2M | $1.0M | ||
| Q3 25 | $4.9M | $287.0M | ||
| Q2 25 | $713.8M | $-165.0M | ||
| Q1 25 | $-1.7B | $-422.0M | ||
| Q4 24 | $617.4M | $-98.0M | ||
| Q3 24 | $1.9B | $22.0M | ||
| Q2 24 | $696.6M | $-331.0M | ||
| Q1 24 | $572.4M | $-38.0M |
| 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% | 0.6% | ||
| Q3 25 | 0.5% | 19.7% | ||
| Q2 25 | 26.2% | -10.4% | ||
| Q1 25 | -79.8% | -35.0% | ||
| Q4 24 | 22.0% | -5.2% | ||
| Q3 24 | 76.1% | 2.4% | ||
| Q2 24 | 24.7% | -21.9% | ||
| Q1 24 | 21.7% | -0.8% |
| Q4 25 | 21.9% | 0.0% | ||
| Q3 25 | 0.2% | 10.5% | ||
| Q2 25 | 23.6% | -7.0% | ||
| Q1 25 | -59.3% | -22.6% | ||
| Q4 24 | 21.1% | -3.8% | ||
| Q3 24 | 61.2% | 0.8% | ||
| Q2 24 | 23.3% | -15.0% | ||
| Q1 24 | 19.5% | -1.5% |
| Q4 25 | $3.04 | — | ||
| Q3 25 | $0.03 | — | ||
| Q2 25 | $3.20 | — | ||
| Q1 25 | $-7.77 | — | ||
| Q4 24 | $2.77 | — | ||
| Q3 24 | $8.75 | — | ||
| Q2 24 | $3.13 | — | ||
| Q1 24 | $2.57 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.0B | $1.4B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.4B | — |
| Total Assets | $41.2B | $14.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $1.4B | ||
| Q3 25 | $1.9B | $1.8B | ||
| Q2 25 | $2.3B | $1.8B | ||
| Q1 25 | $1.6B | $2.2B | ||
| Q4 24 | $2.0B | $2.6B | ||
| Q3 24 | $3.0B | $2.3B | ||
| Q2 24 | $2.4B | $2.2B | ||
| Q1 24 | $2.6B | $2.5B |
| Q4 25 | $15.4B | — | ||
| Q3 25 | $15.0B | — | ||
| Q2 25 | $15.5B | — | ||
| Q1 25 | $14.7B | — | ||
| Q4 24 | $16.7B | — | ||
| Q3 24 | $17.0B | — | ||
| Q2 24 | $15.1B | — | ||
| Q1 24 | $14.9B | — |
| Q4 25 | $41.2B | $14.2B | ||
| Q3 25 | $41.1B | $14.8B | ||
| Q2 25 | $41.7B | $14.8B | ||
| Q1 25 | $38.9B | $15.5B | ||
| Q4 24 | $40.0B | $16.3B | ||
| Q3 24 | $39.6B | $17.4B | ||
| Q2 24 | $37.0B | $18.0B | ||
| Q1 24 | $35.9B | $20.1B |
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 | $-421.0M |
| Free Cash FlowOCF − Capex | $-350.5M | $-496.0M |
| FCF MarginFCF / Revenue | -11.3% | -18.4% |
| Capex IntensityCapex / Revenue | 40.3% | 2.8% |
| Cash ConversionOCF / Net Profit | 1.33× | -421.00× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-654.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $-421.0M | ||
| Q3 25 | — | $15.0M | ||
| Q2 25 | $855.8M | $275.0M | ||
| Q1 25 | $328.1M | $-182.0M | ||
| Q4 24 | $811.7M | $244.0M | ||
| Q3 24 | — | $-54.0M | ||
| Q2 24 | $1.3B | $893.0M | ||
| Q1 24 | $801.7M | $-251.0M |
| Q4 25 | $-350.5M | $-496.0M | ||
| Q3 25 | — | $-67.0M | ||
| Q2 25 | $-640.0M | $179.0M | ||
| Q1 25 | $-1.6B | $-270.0M | ||
| Q4 24 | $-1.3B | $156.0M | ||
| Q3 24 | — | $-112.0M | ||
| Q2 24 | $-345.2M | $827.0M | ||
| Q1 24 | $-867.7M | $-319.0M |
| Q4 25 | -11.3% | -18.4% | ||
| Q3 25 | — | -2.5% | ||
| Q2 25 | -21.2% | 7.6% | ||
| Q1 25 | -53.6% | -14.5% | ||
| Q4 24 | -44.5% | 6.1% | ||
| Q3 24 | — | -4.0% | ||
| Q2 24 | -11.6% | 37.6% | ||
| Q1 24 | -29.6% | -12.9% |
| Q4 25 | 40.3% | 2.8% | ||
| Q3 25 | 47.9% | 3.0% | ||
| Q2 25 | 49.5% | 4.1% | ||
| Q1 25 | 64.9% | 4.7% | ||
| Q4 24 | 72.2% | 3.4% | ||
| Q3 24 | 65.1% | 2.1% | ||
| Q2 24 | 53.8% | 3.0% | ||
| Q1 24 | 57.0% | 2.8% |
| Q4 25 | 1.33× | -421.00× | ||
| Q3 25 | — | 0.05× | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | — | -2.45× | ||
| Q2 24 | 1.81× | — | ||
| 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% |
IEP
| Public Utilities Inventory Petroleum Products | $1.6B | 61% |
| Other | $381.0M | 14% |
| Automotive Services | $345.0M | 13% |
| Nitrogen Fertilizer Products | $131.0M | 5% |
| Food Packaging Segment | $82.0M | 3% |
| Home Fashion Segment | $45.0M | 2% |
| Renewable Products | $32.0M | 1% |
| Pharma Segment | $23.0M | 1% |
| Holding Company | $11.0M | 0% |
