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Side-by-side financial comparison of Air Products (APD) and Linde plc (LIN). Click either name above to swap in a different company.
Linde plc is the larger business by last-quarter revenue ($8.8B vs $3.1B, roughly 2.8× Air Products). Air Products runs the higher net margin — 21.9% vs 17.5%, a 4.4% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs 5.8%). Linde plc produced more free cash flow last quarter ($1.6B vs $-350.5M). Over the past eight quarters, Linde plc's revenue compounded faster (4.0% 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...
Linde is a global multinational chemical company and the world's largest industrial gas supplier by market share and revenue. Founded by German scientist and engineer Carl von Linde in 1879 in Wiesbaden, Germany, the company is now headquartered in Woking, United Kingdom, and registered in Ireland as Linde plc. Linde plc was formed in 2018 through the merger of Linde AG and Praxair, which was founded in 1907 in the United States as Linde Air Products Company.
APD vs LIN — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $8.8B |
| Net Profit | $678.2M | $1.5B |
| Gross Margin | 32.1% | — |
| Operating Margin | 23.7% | 23.0% |
| Net Margin | 21.9% | 17.5% |
| Revenue YoY | 5.8% | 5.8% |
| Net Profit YoY | 9.8% | -11.3% |
| EPS (diluted) | $3.04 | $3.28 |
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 | $8.8B | ||
| Q3 25 | $3.2B | $8.6B | ||
| Q2 25 | $3.0B | $8.5B | ||
| Q1 25 | $2.9B | $8.1B | ||
| Q4 24 | $2.9B | $8.3B | ||
| Q3 24 | $3.2B | $8.4B | ||
| Q2 24 | $3.0B | $8.3B | ||
| Q1 24 | $2.9B | $8.1B |
| Q4 25 | $678.2M | $1.5B | ||
| Q3 25 | $4.9M | $1.9B | ||
| Q2 25 | $713.8M | $1.8B | ||
| Q1 25 | $-1.7B | $1.7B | ||
| Q4 24 | $617.4M | $1.7B | ||
| Q3 24 | $1.9B | $1.6B | ||
| Q2 24 | $696.6M | $1.7B | ||
| Q1 24 | $572.4M | $1.6B |
| 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% | 23.0% | ||
| Q3 25 | 0.5% | 27.5% | ||
| Q2 25 | 26.2% | 27.7% | ||
| Q1 25 | -79.8% | 26.9% | ||
| Q4 24 | 22.0% | 27.4% | ||
| Q3 24 | 76.1% | 25.0% | ||
| Q2 24 | 24.7% | 26.4% | ||
| Q1 24 | 21.7% | 25.9% |
| Q4 25 | 21.9% | 17.5% | ||
| Q3 25 | 0.2% | 22.4% | ||
| Q2 25 | 23.6% | 20.8% | ||
| Q1 25 | -59.3% | 20.6% | ||
| Q4 24 | 21.1% | 20.8% | ||
| Q3 24 | 61.2% | 18.5% | ||
| Q2 24 | 23.3% | 20.1% | ||
| Q1 24 | 19.5% | 20.1% |
| Q4 25 | $3.04 | $3.28 | ||
| Q3 25 | $0.03 | $4.09 | ||
| Q2 25 | $3.20 | $3.73 | ||
| Q1 25 | $-7.77 | $3.51 | ||
| Q4 24 | $2.77 | $3.61 | ||
| Q3 24 | $8.75 | $3.22 | ||
| Q2 24 | $3.13 | $3.44 | ||
| Q1 24 | $2.57 | $3.35 |
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 | $5.1B |
| Total DebtLower is stronger | — | $20.7B |
| Stockholders' EquityBook value | $15.4B | $38.2B |
| Total Assets | $41.2B | $86.8B |
| Debt / EquityLower = less leverage | — | 0.54× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $5.1B | ||
| Q3 25 | $1.9B | $4.5B | ||
| Q2 25 | $2.3B | $4.8B | ||
| Q1 25 | $1.6B | $5.3B | ||
| Q4 24 | $2.0B | $4.8B | ||
| Q3 24 | $3.0B | $5.2B | ||
| Q2 24 | $2.4B | $4.6B | ||
| Q1 24 | $2.6B | $4.8B |
| Q4 25 | — | $20.7B | ||
| Q3 25 | — | $18.6B | ||
| Q2 25 | — | $19.7B | ||
| Q1 25 | — | $17.6B | ||
| Q4 24 | — | $15.3B | ||
| Q3 24 | — | $17.5B | ||
| Q2 24 | — | $16.9B | ||
| Q1 24 | — | $15.2B |
| Q4 25 | $15.4B | $38.2B | ||
| Q3 25 | $15.0B | $38.6B | ||
| Q2 25 | $15.5B | $38.5B | ||
| Q1 25 | $14.7B | $38.0B | ||
| Q4 24 | $16.7B | $38.1B | ||
| Q3 24 | $17.0B | $39.2B | ||
| Q2 24 | $15.1B | $38.2B | ||
| Q1 24 | $14.9B | $38.8B |
| Q4 25 | $41.2B | $86.8B | ||
| Q3 25 | $41.1B | $86.0B | ||
| Q2 25 | $41.7B | $86.1B | ||
| Q1 25 | $38.9B | $82.7B | ||
| Q4 24 | $40.0B | $80.1B | ||
| Q3 24 | $39.6B | $82.5B | ||
| Q2 24 | $37.0B | $80.2B | ||
| Q1 24 | $35.9B | $80.3B |
| Q4 25 | — | 0.54× | ||
| Q3 25 | — | 0.48× | ||
| Q2 25 | — | 0.51× | ||
| Q1 25 | — | 0.46× | ||
| Q4 24 | — | 0.40× | ||
| Q3 24 | — | 0.45× | ||
| Q2 24 | — | 0.44× | ||
| Q1 24 | — | 0.39× |
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 | $3.0B |
| Free Cash FlowOCF − Capex | $-350.5M | $1.6B |
| FCF MarginFCF / Revenue | -11.3% | 17.9% |
| Capex IntensityCapex / Revenue | 40.3% | 16.6% |
| Cash ConversionOCF / Net Profit | 1.33× | 1.98× |
| TTM Free Cash FlowTrailing 4 quarters | — | $5.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $3.0B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | $855.8M | $2.2B | ||
| Q1 25 | $328.1M | $2.2B | ||
| Q4 24 | $811.7M | $2.8B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | $1.3B | $1.9B | ||
| Q1 24 | $801.7M | $2.0B |
| Q4 25 | $-350.5M | $1.6B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | $-640.0M | $954.0M | ||
| Q1 25 | $-1.6B | $891.0M | ||
| Q4 24 | $-1.3B | $1.6B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | $-345.2M | $796.0M | ||
| Q1 24 | $-867.7M | $906.0M |
| Q4 25 | -11.3% | 17.9% | ||
| Q3 25 | — | 19.4% | ||
| Q2 25 | -21.2% | 11.2% | ||
| Q1 25 | -53.6% | 11.0% | ||
| Q4 24 | -44.5% | 18.8% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | -11.6% | 9.6% | ||
| Q1 24 | -29.6% | 11.2% |
| Q4 25 | 40.3% | 16.6% | ||
| Q3 25 | 47.9% | 14.8% | ||
| Q2 25 | 49.5% | 14.8% | ||
| Q1 25 | 64.9% | 15.7% | ||
| Q4 24 | 72.2% | 15.1% | ||
| Q3 24 | 65.1% | 12.8% | ||
| Q2 24 | 53.8% | 13.7% | ||
| Q1 24 | 57.0% | 12.9% |
| Q4 25 | 1.33× | 1.98× | ||
| Q3 25 | — | 1.53× | ||
| Q2 25 | 1.20× | 1.25× | ||
| Q1 25 | — | 1.29× | ||
| Q4 24 | 1.31× | 1.63× | ||
| Q3 24 | — | 1.76× | ||
| Q2 24 | 1.81× | 1.16× | ||
| Q1 24 | 1.40× | 1.20× |
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% |
LIN
| Other | $4.9B | 56% |
| Packaged Gas | $1.6B | 19% |
| Merchant | $1.2B | 14% |
| On Site | $950.0M | 11% |
| Other Distribution Methods | $64.0M | 1% |
