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Side-by-side financial comparison of Air Products (APD) and KKR & Co. (KKR). Click either name above to swap in a different company.
KKR & Co. is the larger business by last-quarter revenue ($5.7B vs $3.2B, roughly 1.8× Air Products). Air Products runs the higher net margin — 22.9% vs 20.0%, a 2.9% gap on every dollar of revenue. On growth, KKR & Co. posted the faster year-over-year revenue change (76.1% vs 8.8%). Over the past eight quarters, Air Products's revenue compounded faster (3.1% CAGR vs -22.9%).
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...
KKR & Co. Inc., also known as Kohlberg Kravis Roberts & Co., is an American global private equity and investment company. As of December 31, 2024, the firm had completed 770 private-equity investments with approximately $790 billion of total enterprise value. Its assets under management (AUM) and fee paying assets under management (FPAUM) were $553 billion and $446 billion, respectively.
APD vs KKR — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.2B | $5.7B |
| Net Profit | $724.8M | $1.1B |
| Gross Margin | 31.1% | — |
| Operating Margin | — | 45.3% |
| Net Margin | 22.9% | 20.0% |
| Revenue YoY | 8.8% | 76.1% |
| Net Profit YoY | 166.6% | 1.8% |
| EPS (diluted) | $3.19 | — |
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 | $5.7B | ||
| Q3 25 | $3.2B | $5.5B | ||
| Q2 25 | $3.0B | $5.1B | ||
| Q1 25 | $2.9B | $3.1B | ||
| Q4 24 | $2.9B | $3.3B | ||
| Q3 24 | $3.2B | $4.8B | ||
| Q2 24 | $3.0B | $4.2B |
| Q1 26 | $724.8M | — | ||
| Q4 25 | $678.2M | $1.1B | ||
| Q3 25 | $4.9M | $900.4M | ||
| Q2 25 | $713.8M | $510.1M | ||
| Q1 25 | $-1.7B | $-185.9M | ||
| Q4 24 | $617.4M | $1.1B | ||
| Q3 24 | $1.9B | $600.5M | ||
| Q2 24 | $696.6M | $667.9M |
| Q1 26 | 31.1% | — | ||
| 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 26 | — | — | ||
| Q4 25 | 23.7% | 45.3% | ||
| Q3 25 | 0.5% | 39.8% | ||
| Q2 25 | 26.2% | 30.0% | ||
| Q1 25 | -79.8% | 24.8% | ||
| Q4 24 | 22.0% | 50.4% | ||
| Q3 24 | 76.1% | 34.3% | ||
| Q2 24 | 24.7% | 29.0% |
| Q1 26 | 22.9% | — | ||
| Q4 25 | 21.9% | 20.0% | ||
| Q3 25 | 0.2% | 16.3% | ||
| Q2 25 | 23.6% | 10.0% | ||
| Q1 25 | -59.3% | -6.0% | ||
| Q4 24 | 21.1% | 34.5% | ||
| Q3 24 | 61.2% | 12.5% | ||
| Q2 24 | 23.3% | 16.0% |
| Q1 26 | $3.19 | — | ||
| 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 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | $17.4M | — |
| Stockholders' EquityBook value | $18.1M | $30.9B |
| Total Assets | $41.6M | $410.1B |
| Debt / EquityLower = less leverage | 0.96× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $2.4B | — |
| Q1 26 | $17.4M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $18.1M | — | ||
| Q4 25 | $15.4B | $30.9B | ||
| Q3 25 | $15.0B | $29.7B | ||
| Q2 25 | $15.5B | $28.2B | ||
| Q1 25 | $14.7B | $27.5B | ||
| Q4 24 | $16.7B | $23.7B | ||
| Q3 24 | $17.0B | $24.1B | ||
| Q2 24 | $15.1B | $21.7B |
| Q1 26 | $41.6M | — | ||
| Q4 25 | $41.2B | $410.1B | ||
| Q3 25 | $41.1B | $398.5B | ||
| Q2 25 | $41.7B | $380.9B | ||
| Q1 25 | $38.9B | $372.4B | ||
| Q4 24 | $40.0B | $360.1B | ||
| Q3 24 | $39.6B | $360.7B | ||
| Q2 24 | $37.0B | $348.5B |
| Q1 26 | 0.96× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $-4.9B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 56.4% | — |
| Cash ConversionOCF / Net Profit | — | -4.28× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $900.7M | $-4.9B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | $855.8M | $438.8M | ||
| Q1 25 | $328.1M | $2.5B | ||
| Q4 24 | $811.7M | $-111.7M | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | $1.3B | $3.4B |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | 56.4% | — | ||
| 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 26 | — | — | ||
| Q4 25 | 1.33× | -4.28× | ||
| Q3 25 | — | 2.65× | ||
| Q2 25 | 1.20× | 0.86× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.31× | -0.10× | ||
| Q3 24 | — | 3.12× | ||
| Q2 24 | 1.81× | 5.03× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APD
Segment breakdown not available.
KKR
| Insurance Segment | $3.5B | 61% |
| Asset Management1 | $703.7M | 12% |
| Transaction Fee | $512.0M | 9% |
| Transaction And Monitoring Fees | $268.7M | 5% |
| Fee Credit | $230.1M | 4% |
| Other | $201.5M | 4% |
| Fixed Annuity | $77.0M | 1% |
| Asset Management Segment | $56.9M | 1% |
| Monitoring Fee | $53.5M | 1% |
| Investment Advice | $40.6M | 1% |
| Fee Related Performance | $33.6M | 1% |
| Interest Sensitive Life | $21.7M | 0% |
| Incentive Fee | $11.0M | 0% |
