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Side-by-side financial comparison of Air Products (APD) and Kellanova (K). Click either name above to swap in a different company.
Kellanova is the larger business by last-quarter revenue ($3.3B vs $3.2B, roughly 1.0× Air Products). Air Products runs the higher net margin — 22.9% vs 9.5%, a 13.4% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (8.8% vs 0.8%). Over the past eight quarters, Air Products's revenue compounded faster (3.1% CAGR vs -9.0%).
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...
Kellanova, formerly known as the Kellogg Company, is an American multinational food manufacturing company owned by Mars Inc. headquartered in Chicago, Illinois. The renaming took effect on October 2, 2023, and the company's North American cereal operations were spun off to form the WK Kellogg Co at the same time.
APD vs K — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.2B | $3.3B |
| Net Profit | $724.8M | $309.0M |
| Gross Margin | 31.1% | 33.3% |
| Operating Margin | — | 13.9% |
| Net Margin | 22.9% | 9.5% |
| Revenue YoY | 8.8% | 0.8% |
| Net Profit YoY | 166.6% | -15.8% |
| EPS (diluted) | $3.19 | $0.88 |
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.
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.1B | — | ||
| Q3 25 | $3.2B | $3.3B | ||
| Q2 25 | $3.0B | $3.2B | ||
| Q1 25 | $2.9B | $3.1B | ||
| Q4 24 | $2.9B | $3.1B | ||
| Q3 24 | $3.2B | $3.2B | ||
| Q2 24 | $3.0B | $3.2B |
| Q1 26 | $724.8M | — | ||
| Q4 25 | $678.2M | — | ||
| Q3 25 | $4.9M | $309.0M | ||
| Q2 25 | $713.8M | $299.0M | ||
| Q1 25 | $-1.7B | $304.0M | ||
| Q4 24 | $617.4M | $365.0M | ||
| Q3 24 | $1.9B | $367.0M | ||
| Q2 24 | $696.6M | $344.0M |
| Q1 26 | 31.1% | — | ||
| Q4 25 | 32.1% | — | ||
| Q3 25 | 32.3% | 33.3% | ||
| Q2 25 | 32.5% | 34.0% | ||
| Q1 25 | 29.6% | 34.3% | ||
| Q4 24 | 31.2% | 37.7% | ||
| Q3 24 | 34.0% | 36.4% | ||
| Q2 24 | 32.8% | 36.4% |
| Q1 26 | — | — | ||
| Q4 25 | 23.7% | — | ||
| Q3 25 | 0.5% | 13.9% | ||
| Q2 25 | 26.2% | 13.7% | ||
| Q1 25 | -79.8% | 13.9% | ||
| Q4 24 | 22.0% | 17.0% | ||
| Q3 24 | 76.1% | 14.1% | ||
| Q2 24 | 24.7% | 15.4% |
| Q1 26 | 22.9% | — | ||
| Q4 25 | 21.9% | — | ||
| Q3 25 | 0.2% | 9.5% | ||
| Q2 25 | 23.6% | 9.3% | ||
| Q1 25 | -59.3% | 9.9% | ||
| Q4 24 | 21.1% | 11.7% | ||
| Q3 24 | 61.2% | 11.4% | ||
| Q2 24 | 23.3% | 10.8% |
| Q1 26 | $3.19 | — | ||
| Q4 25 | $3.04 | — | ||
| Q3 25 | $0.03 | $0.88 | ||
| Q2 25 | $3.20 | $0.85 | ||
| Q1 25 | $-7.77 | $0.87 | ||
| Q4 24 | $2.77 | $1.05 | ||
| Q3 24 | $8.75 | $1.05 | ||
| Q2 24 | $3.13 | $1.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $240.0M |
| Total DebtLower is stronger | $17.4M | $4.3B |
| Stockholders' EquityBook value | $18.1M | $4.2B |
| Total Assets | $41.6M | $15.6B |
| Debt / EquityLower = less leverage | 0.96× | 1.02× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.9B | $240.0M | ||
| Q2 25 | $2.3B | $354.0M | ||
| Q1 25 | $1.6B | $330.0M | ||
| Q4 24 | $2.0B | $694.0M | ||
| Q3 24 | $3.0B | $569.0M | ||
| Q2 24 | $2.4B | $272.0M |
| Q1 26 | $17.4M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $4.3B | ||
| Q2 25 | — | $4.3B | ||
| Q1 25 | — | $5.0B | ||
| Q4 24 | — | $5.0B | ||
| Q3 24 | — | $5.1B | ||
| Q2 24 | — | $5.0B |
| Q1 26 | $18.1M | — | ||
| Q4 25 | $15.4B | — | ||
| Q3 25 | $15.0B | $4.2B | ||
| Q2 25 | $15.5B | $4.1B | ||
| Q1 25 | $14.7B | $3.9B | ||
| Q4 24 | $16.7B | $3.8B | ||
| Q3 24 | $17.0B | $3.6B | ||
| Q2 24 | $15.1B | $3.3B |
| Q1 26 | $41.6M | — | ||
| Q4 25 | $41.2B | — | ||
| Q3 25 | $41.1B | $15.6B | ||
| Q2 25 | $41.7B | $15.9B | ||
| Q1 25 | $38.9B | $15.5B | ||
| Q4 24 | $40.0B | $15.6B | ||
| Q3 24 | $39.6B | $15.8B | ||
| Q2 24 | $37.0B | $15.3B |
| Q1 26 | 0.96× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 1.02× | ||
| Q2 25 | — | 1.05× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | — | 1.32× | ||
| Q3 24 | — | 1.40× | ||
| Q2 24 | — | 1.51× |
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 | — | $503.0M |
| Free Cash FlowOCF − Capex | — | $359.0M |
| FCF MarginFCF / Revenue | — | 11.0% |
| Capex IntensityCapex / Revenue | 56.4% | 4.4% |
| Cash ConversionOCF / Net Profit | — | 1.63× |
| TTM Free Cash FlowTrailing 4 quarters | — | $599.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $900.7M | — | ||
| Q3 25 | — | $503.0M | ||
| Q2 25 | $855.8M | $169.0M | ||
| Q1 25 | $328.1M | $116.0M | ||
| Q4 24 | $811.7M | $467.0M | ||
| Q3 24 | — | $553.0M | ||
| Q2 24 | $1.3B | $376.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-350.5M | — | ||
| Q3 25 | — | $359.0M | ||
| Q2 25 | $-640.0M | $21.0M | ||
| Q1 25 | $-1.6B | $-60.0M | ||
| Q4 24 | $-1.3B | $279.0M | ||
| Q3 24 | — | $410.0M | ||
| Q2 24 | $-345.2M | $234.0M |
| Q1 26 | — | — | ||
| Q4 25 | -11.3% | — | ||
| Q3 25 | — | 11.0% | ||
| Q2 25 | -21.2% | 0.7% | ||
| Q1 25 | -53.6% | -1.9% | ||
| Q4 24 | -44.5% | 8.9% | ||
| Q3 24 | — | 12.7% | ||
| Q2 24 | -11.6% | 7.3% |
| Q1 26 | 56.4% | — | ||
| Q4 25 | 40.3% | — | ||
| Q3 25 | 47.9% | 4.4% | ||
| Q2 25 | 49.5% | 4.6% | ||
| Q1 25 | 64.9% | 5.7% | ||
| Q4 24 | 72.2% | 6.0% | ||
| Q3 24 | 65.1% | 4.4% | ||
| Q2 24 | 53.8% | 4.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | 1.20× | 0.57× | ||
| Q1 25 | — | 0.38× | ||
| Q4 24 | 1.31× | 1.28× | ||
| Q3 24 | — | 1.51× | ||
| Q2 24 | 1.81× | 1.09× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APD
Segment breakdown not available.
K
| Retail Channel Snacks | $2.0B | 62% |
| Retail Channel Cereal | $678.0M | 21% |
| Noodlesand Other | $280.0M | 9% |
| Frozen And Specialty Channels | $275.0M | 8% |
