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Side-by-side financial comparison of Air Products (APD) and LEAR CORP (LEA). Click either name above to swap in a different company.
LEAR CORP is the larger business by last-quarter revenue ($5.8B vs $3.2B, roughly 1.8× Air Products). Air Products runs the higher net margin — 22.9% vs 3.0%, a 19.9% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (8.8% vs 4.7%). Over the past eight quarters, Air Products's revenue compounded faster (3.1% CAGR vs -1.6%).
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...
Lear Corporation is an American company that manufactures automotive seating and electrical systems. In 2019, it ranked #147 and in 2018, it ranked #148 on the Fortune 500 list.
APD vs LEA — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.2B | $5.8B |
| Net Profit | $724.8M | $172.3M |
| Gross Margin | 31.1% | 7.7% |
| Operating Margin | — | — |
| Net Margin | 22.9% | 3.0% |
| Revenue YoY | 8.8% | 4.7% |
| Net Profit YoY | 166.6% | 113.5% |
| EPS (diluted) | $3.19 | $3.34 |
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 | $5.8B | ||
| Q4 25 | $3.1B | $6.0B | ||
| Q3 25 | $3.2B | $5.7B | ||
| Q2 25 | $3.0B | $6.0B | ||
| Q1 25 | $2.9B | $5.6B | ||
| Q4 24 | $2.9B | $5.7B | ||
| Q3 24 | $3.2B | $5.6B | ||
| Q2 24 | $3.0B | $6.0B |
| Q1 26 | $724.8M | $172.3M | ||
| Q4 25 | $678.2M | $82.7M | ||
| Q3 25 | $4.9M | $108.2M | ||
| Q2 25 | $713.8M | $165.2M | ||
| Q1 25 | $-1.7B | $80.7M | ||
| Q4 24 | $617.4M | $88.1M | ||
| Q3 24 | $1.9B | $135.8M | ||
| Q2 24 | $696.6M | $173.1M |
| Q1 26 | 31.1% | 7.7% | ||
| Q4 25 | 32.1% | 5.7% | ||
| Q3 25 | 32.3% | 6.4% | ||
| Q2 25 | 32.5% | 7.3% | ||
| Q1 25 | 29.6% | 6.5% | ||
| Q4 24 | 31.2% | 6.8% | ||
| Q3 24 | 34.0% | 7.3% | ||
| Q2 24 | 32.8% | 7.5% |
| Q1 26 | — | — | ||
| Q4 25 | 23.7% | 2.6% | ||
| Q3 25 | 0.5% | 3.4% | ||
| Q2 25 | 26.2% | 4.1% | ||
| Q1 25 | -79.8% | 3.3% | ||
| Q4 24 | 22.0% | 3.7% | ||
| Q3 24 | 76.1% | 3.9% | ||
| Q2 24 | 24.7% | 4.3% |
| Q1 26 | 22.9% | 3.0% | ||
| Q4 25 | 21.9% | 1.4% | ||
| Q3 25 | 0.2% | 1.9% | ||
| Q2 25 | 23.6% | 2.7% | ||
| Q1 25 | -59.3% | 1.5% | ||
| Q4 24 | 21.1% | 1.5% | ||
| Q3 24 | 61.2% | 2.4% | ||
| Q2 24 | 23.3% | 2.9% |
| Q1 26 | $3.19 | $3.34 | ||
| Q4 25 | $3.04 | $1.58 | ||
| Q3 25 | $0.03 | $2.02 | ||
| Q2 25 | $3.20 | $3.06 | ||
| Q1 25 | $-7.77 | $1.49 | ||
| Q4 24 | $2.77 | $1.64 | ||
| Q3 24 | $8.75 | $2.41 | ||
| Q2 24 | $3.13 | $3.02 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $881.9M |
| Total DebtLower is stronger | $17.4M | $2.7B |
| Stockholders' EquityBook value | $18.1M | $5.3B |
| Total Assets | $41.6M | $15.5B |
| Debt / EquityLower = less leverage | 0.96× | 0.52× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $881.9M | ||
| Q4 25 | $1.0B | $1.0B | ||
| Q3 25 | $1.9B | $1.0B | ||
| Q2 25 | $2.3B | $887.9M | ||
| Q1 25 | $1.6B | $779.9M | ||
| Q4 24 | $2.0B | $1.1B | ||
| Q3 24 | $3.0B | $763.9M | ||
| Q2 24 | $2.4B | $950.3M |
| Q1 26 | $17.4M | $2.7B | ||
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | — | $2.8B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.8B | ||
| Q2 24 | — | $2.7B |
| Q1 26 | $18.1M | $5.3B | ||
| Q4 25 | $15.4B | $5.0B | ||
| Q3 25 | $15.0B | $5.1B | ||
| Q2 25 | $15.5B | $5.1B | ||
| Q1 25 | $14.7B | $4.7B | ||
| Q4 24 | $16.7B | $4.5B | ||
| Q3 24 | $17.0B | $4.8B | ||
| Q2 24 | $15.1B | $4.8B |
| Q1 26 | $41.6M | $15.5B | ||
| Q4 25 | $41.2B | $14.8B | ||
| Q3 25 | $41.1B | $15.2B | ||
| Q2 25 | $41.7B | $15.3B | ||
| Q1 25 | $38.9B | $14.6B | ||
| Q4 24 | $40.0B | $14.0B | ||
| Q3 24 | $39.6B | $14.8B | ||
| Q2 24 | $37.0B | $14.7B |
| Q1 26 | 0.96× | 0.52× | ||
| Q4 25 | — | 0.54× | ||
| Q3 25 | — | 0.54× | ||
| Q2 25 | — | 0.54× | ||
| Q1 25 | — | 0.59× | ||
| Q4 24 | — | 0.61× | ||
| Q3 24 | — | 0.58× | ||
| Q2 24 | — | 0.57× |
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 | — | $98.1M |
| Free Cash FlowOCF − Capex | — | $-26.5M |
| FCF MarginFCF / Revenue | — | -0.5% |
| Capex IntensityCapex / Revenue | 56.4% | 2.1% |
| Cash ConversionOCF / Net Profit | — | 0.57× |
| TTM Free Cash FlowTrailing 4 quarters | — | $732.4M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $98.1M | ||
| Q4 25 | $900.7M | $475.9M | ||
| Q3 25 | — | $444.4M | ||
| Q2 25 | $855.8M | $296.2M | ||
| Q1 25 | $328.1M | $-127.7M | ||
| Q4 24 | $811.7M | $680.8M | ||
| Q3 24 | — | $182.7M | ||
| Q2 24 | $1.3B | $291.2M |
| Q1 26 | — | $-26.5M | ||
| Q4 25 | $-350.5M | $281.1M | ||
| Q3 25 | — | $307.0M | ||
| Q2 25 | $-640.0M | $170.8M | ||
| Q1 25 | $-1.6B | $-231.7M | ||
| Q4 24 | $-1.3B | $488.7M | ||
| Q3 24 | — | $50.5M | ||
| Q2 24 | $-345.2M | $170.4M |
| Q1 26 | — | -0.5% | ||
| Q4 25 | -11.3% | 4.7% | ||
| Q3 25 | — | 5.4% | ||
| Q2 25 | -21.2% | 2.8% | ||
| Q1 25 | -53.6% | -4.2% | ||
| Q4 24 | -44.5% | 8.6% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | -11.6% | 2.8% |
| Q1 26 | 56.4% | 2.1% | ||
| Q4 25 | 40.3% | 3.3% | ||
| Q3 25 | 47.9% | 2.4% | ||
| Q2 25 | 49.5% | 2.1% | ||
| Q1 25 | 64.9% | 1.9% | ||
| Q4 24 | 72.2% | 3.4% | ||
| Q3 24 | 65.1% | 2.4% | ||
| Q2 24 | 53.8% | 2.0% |
| Q1 26 | — | 0.57× | ||
| Q4 25 | 1.33× | 5.75× | ||
| Q3 25 | — | 4.11× | ||
| Q2 25 | 1.20× | 1.79× | ||
| Q1 25 | — | -1.58× | ||
| Q4 24 | 1.31× | 7.73× | ||
| Q3 24 | — | 1.35× | ||
| Q2 24 | 1.81× | 1.68× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APD
Segment breakdown not available.
LEA
| Seating | $4.4B | 76% |
| E-Systems | $1.4B | 24% |
