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Side-by-side financial comparison of Air Products (APD) and CarMax (KMX). Click either name above to swap in a different company.
CarMax is the larger business by last-quarter revenue ($5.8B vs $3.1B, roughly 1.9× Air Products). Air Products runs the higher net margin — 21.9% vs 1.1%, a 20.8% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs -6.9%). CarMax produced more free cash flow last quarter ($1.1B vs $-350.5M). Over the past eight quarters, Air Products's revenue compounded faster (2.9% CAGR vs 1.5%).
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...
CarMax, Inc. is a used vehicle retailer based in the United States. It operates two business segments: CarMax Sales Operations and CarMax Auto Finance. The company began as a side business of Circuit City Corporation, Inc., opening its first location in September 1993 in Richmond, Virginia. As of January 2025, CarMax operates 253 locations.
APD vs KMX — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $5.8B |
| Net Profit | $678.2M | $62.2M |
| Gross Margin | 32.1% | 10.2% |
| Operating Margin | 23.7% | — |
| Net Margin | 21.9% | 1.1% |
| Revenue YoY | 5.8% | -6.9% |
| Net Profit YoY | 9.8% | -50.4% |
| EPS (diluted) | $3.04 | $0.43 |
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 | $5.8B | ||
| Q3 25 | $3.2B | $6.6B | ||
| Q2 25 | $3.0B | $7.5B | ||
| Q1 25 | $2.9B | $6.0B | ||
| Q4 24 | $2.9B | $6.2B | ||
| Q3 24 | $3.2B | $7.0B | ||
| Q2 24 | $3.0B | $7.1B | ||
| Q1 24 | $2.9B | $5.6B |
| Q4 25 | $678.2M | $62.2M | ||
| Q3 25 | $4.9M | $95.4M | ||
| Q2 25 | $713.8M | $210.4M | ||
| Q1 25 | $-1.7B | $89.9M | ||
| Q4 24 | $617.4M | $125.4M | ||
| Q3 24 | $1.9B | $132.8M | ||
| Q2 24 | $696.6M | $152.4M | ||
| Q1 24 | $572.4M | $50.3M |
| Q4 25 | 32.1% | 10.2% | ||
| Q3 25 | 32.3% | 10.9% | ||
| Q2 25 | 32.5% | 11.8% | ||
| Q1 25 | 29.6% | 11.1% | ||
| Q4 24 | 31.2% | 10.9% | ||
| Q3 24 | 34.0% | 10.8% | ||
| Q2 24 | 32.8% | 11.1% | ||
| Q1 24 | 32.0% | 10.4% |
| Q4 25 | 23.7% | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 26.2% | — | ||
| Q1 25 | -79.8% | 2.0% | ||
| Q4 24 | 22.0% | 2.7% | ||
| Q3 24 | 76.1% | 2.5% | ||
| Q2 24 | 24.7% | 2.9% | ||
| Q1 24 | 21.7% | 1.2% |
| Q4 25 | 21.9% | 1.1% | ||
| Q3 25 | 0.2% | 1.4% | ||
| Q2 25 | 23.6% | 2.8% | ||
| Q1 25 | -59.3% | 1.5% | ||
| Q4 24 | 21.1% | 2.0% | ||
| Q3 24 | 61.2% | 1.9% | ||
| Q2 24 | 23.3% | 2.1% | ||
| Q1 24 | 19.5% | 0.9% |
| Q4 25 | $3.04 | $0.43 | ||
| Q3 25 | $0.03 | $0.64 | ||
| Q2 25 | $3.20 | $1.38 | ||
| Q1 25 | $-7.77 | $0.58 | ||
| Q4 24 | $2.77 | $0.81 | ||
| Q3 24 | $8.75 | $0.85 | ||
| Q2 24 | $3.13 | $0.97 | ||
| Q1 24 | $2.57 | $0.31 |
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 | $204.9M |
| Total DebtLower is stronger | — | $16.6B |
| Stockholders' EquityBook value | $15.4B | $6.1B |
| Total Assets | $41.2B | $25.6B |
| Debt / EquityLower = less leverage | — | 2.74× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $204.9M | ||
| Q3 25 | $1.9B | $540.4M | ||
| Q2 25 | $2.3B | $262.8M | ||
| Q1 25 | $1.6B | $247.0M | ||
| Q4 24 | $2.0B | $271.9M | ||
| Q3 24 | $3.0B | $524.7M | ||
| Q2 24 | $2.4B | $218.9M | ||
| Q1 24 | $2.6B | $574.1M |
| Q4 25 | — | $16.6B | ||
| Q3 25 | — | $17.8B | ||
| Q2 25 | — | $18.0B | ||
| Q1 25 | — | $18.1B | ||
| Q4 24 | — | $18.1B | ||
| Q3 24 | — | $18.1B | ||
| Q2 24 | — | $18.2B | ||
| Q1 24 | — | $18.0B |
| Q4 25 | $15.4B | $6.1B | ||
| Q3 25 | $15.0B | $6.2B | ||
| Q2 25 | $15.5B | $6.3B | ||
| Q1 25 | $14.7B | $6.2B | ||
| Q4 24 | $16.7B | $6.2B | ||
| Q3 24 | $17.0B | $6.2B | ||
| Q2 24 | $15.1B | $6.2B | ||
| Q1 24 | $14.9B | $6.1B |
| Q4 25 | $41.2B | $25.6B | ||
| Q3 25 | $41.1B | $27.1B | ||
| Q2 25 | $41.7B | $27.4B | ||
| Q1 25 | $38.9B | $27.4B | ||
| Q4 24 | $40.0B | $27.3B | ||
| Q3 24 | $39.6B | $27.3B | ||
| Q2 24 | $37.0B | $27.2B | ||
| Q1 24 | $35.9B | $27.2B |
| Q4 25 | — | 2.74× | ||
| Q3 25 | — | 2.87× | ||
| Q2 25 | — | 2.86× | ||
| Q1 25 | — | 2.91× | ||
| Q4 24 | — | 2.92× | ||
| Q3 24 | — | 2.93× | ||
| Q2 24 | — | 2.95× | ||
| Q1 24 | — | 2.96× |
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 | $1.3B |
| Free Cash FlowOCF − Capex | $-350.5M | $1.1B |
| FCF MarginFCF / Revenue | -11.3% | 19.2% |
| Capex IntensityCapex / Revenue | 40.3% | 2.4% |
| Cash ConversionOCF / Net Profit | 1.33× | 20.14× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.9B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $1.3B | ||
| Q3 25 | — | $785.5M | ||
| Q2 25 | $855.8M | $299.5M | ||
| Q1 25 | $328.1M | $146.4M | ||
| Q4 24 | $811.7M | $-23.4M | ||
| Q3 24 | — | $619.1M | ||
| Q2 24 | $1.3B | $-117.7M | ||
| Q1 24 | $801.7M | $309.6M |
| Q4 25 | $-350.5M | $1.1B | ||
| Q3 25 | — | $654.0M | ||
| Q2 25 | $-640.0M | $162.8M | ||
| Q1 25 | $-1.6B | $18.8M | ||
| Q4 24 | $-1.3B | $-150.6M | ||
| Q3 24 | — | $509.9M | ||
| Q2 24 | $-345.2M | $-221.6M | ||
| Q1 24 | $-867.7M | $199.8M |
| Q4 25 | -11.3% | 19.2% | ||
| Q3 25 | — | 9.9% | ||
| Q2 25 | -21.2% | 2.2% | ||
| Q1 25 | -53.6% | 0.3% | ||
| Q4 24 | -44.5% | -2.4% | ||
| Q3 24 | — | 7.3% | ||
| Q2 24 | -11.6% | -3.1% | ||
| Q1 24 | -29.6% | 3.6% |
| Q4 25 | 40.3% | 2.4% | ||
| Q3 25 | 47.9% | 2.0% | ||
| Q2 25 | 49.5% | 1.8% | ||
| Q1 25 | 64.9% | 2.1% | ||
| Q4 24 | 72.2% | 2.0% | ||
| Q3 24 | 65.1% | 1.6% | ||
| Q2 24 | 53.8% | 1.5% | ||
| Q1 24 | 57.0% | 2.0% |
| Q4 25 | 1.33× | 20.14× | ||
| Q3 25 | — | 8.24× | ||
| Q2 25 | 1.20× | 1.42× | ||
| Q1 25 | — | 1.63× | ||
| Q4 24 | 1.31× | -0.19× | ||
| Q3 24 | — | 4.66× | ||
| Q2 24 | 1.81× | -0.77× | ||
| Q1 24 | 1.40× | 6.16× |
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% |
KMX
| Used Vehicles | $4.5B | 78% |
| Wholesale Vehicles | $1.1B | 19% |
| Other | $150.6M | 3% |
| Extendedprotectionplan Domain | $96.6M | 2% |
| Advertising Subscription Revenues Domain | $35.1M | 1% |
| Service Domain | $18.5M | 0% |
| Thirdpartyfinancefees Domain | $3.0M | 0% |
