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Side-by-side financial comparison of Air Products (APD) and Lam Research (LRCX). Click either name above to swap in a different company.
Lam Research is the larger business by last-quarter revenue ($5.8B vs $3.2B, roughly 1.8× Air Products). Lam Research runs the higher net margin — 31.2% vs 22.9%, a 8.4% gap on every dollar of revenue. On growth, Lam Research posted the faster year-over-year revenue change (23.8% vs 8.8%). Over the past eight quarters, Lam Research's revenue compounded faster (22.8% CAGR vs 3.1%).
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...
Lam Research Corporation is an American supplier of wafer-fabrication equipment and related services to the semiconductor industry. Its products are used primarily in front-end wafer processing, which involves the steps that create the active components of semiconductor devices and their wiring (interconnects). The company also builds equipment for back-end wafer-level packaging (WLP) and for related manufacturing markets such as for microelectromechanical systems (MEMS).
APD vs LRCX — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.2B | $5.8B |
| Net Profit | $724.8M | $1.8B |
| Gross Margin | 31.1% | 49.8% |
| Operating Margin | — | 35.0% |
| Net Margin | 22.9% | 31.2% |
| Revenue YoY | 8.8% | 23.8% |
| Net Profit YoY | 166.6% | 37.2% |
| EPS (diluted) | $3.19 | $1.45 |
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 | $5.3B | ||
| Q3 25 | $3.2B | $5.3B | ||
| Q2 25 | $3.0B | $5.2B | ||
| Q1 25 | $2.9B | $4.7B | ||
| Q4 24 | $2.9B | $4.4B | ||
| Q3 24 | $3.2B | $4.2B | ||
| Q2 24 | $3.0B | $3.9B |
| Q1 26 | $724.8M | $1.8B | ||
| Q4 25 | $678.2M | $1.6B | ||
| Q3 25 | $4.9M | $1.6B | ||
| Q2 25 | $713.8M | $1.7B | ||
| Q1 25 | $-1.7B | $1.3B | ||
| Q4 24 | $617.4M | $1.2B | ||
| Q3 24 | $1.9B | $1.1B | ||
| Q2 24 | $696.6M | $1.0B |
| Q1 26 | 31.1% | 49.8% | ||
| Q4 25 | 32.1% | 49.6% | ||
| Q3 25 | 32.3% | 50.4% | ||
| Q2 25 | 32.5% | 50.1% | ||
| Q1 25 | 29.6% | 49.0% | ||
| Q4 24 | 31.2% | 47.4% | ||
| Q3 24 | 34.0% | 48.0% | ||
| Q2 24 | 32.8% | 47.5% |
| Q1 26 | — | 35.0% | ||
| Q4 25 | 23.7% | 33.9% | ||
| Q3 25 | 0.5% | 34.4% | ||
| Q2 25 | 26.2% | 33.7% | ||
| Q1 25 | -79.8% | 33.1% | ||
| Q4 24 | 22.0% | 30.5% | ||
| Q3 24 | 76.1% | 30.3% | ||
| Q2 24 | 24.7% | 29.1% |
| Q1 26 | 22.9% | 31.2% | ||
| Q4 25 | 21.9% | 29.8% | ||
| Q3 25 | 0.2% | 29.5% | ||
| Q2 25 | 23.6% | 33.3% | ||
| Q1 25 | -59.3% | 28.2% | ||
| Q4 24 | 21.1% | 27.2% | ||
| Q3 24 | 61.2% | 26.8% | ||
| Q2 24 | 23.3% | 26.4% |
| Q1 26 | $3.19 | $1.45 | ||
| Q4 25 | $3.04 | $1.26 | ||
| Q3 25 | $0.03 | $1.24 | ||
| Q2 25 | $3.20 | $1.34 | ||
| Q1 25 | $-7.77 | $1.03 | ||
| Q4 24 | $2.77 | $0.92 | ||
| Q3 24 | $8.75 | $0.86 | ||
| Q2 24 | $3.13 | $7.78 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $4.8B |
| Total DebtLower is stronger | $17.4M | — |
| Stockholders' EquityBook value | $18.1M | — |
| Total Assets | $41.6M | $20.8B |
| Debt / EquityLower = less leverage | 0.96× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $4.8B | ||
| Q4 25 | $1.0B | $6.2B | ||
| Q3 25 | $1.9B | $6.7B | ||
| Q2 25 | $2.3B | $6.4B | ||
| Q1 25 | $1.6B | $5.5B | ||
| Q4 24 | $2.0B | $5.7B | ||
| Q3 24 | $3.0B | $6.1B | ||
| Q2 24 | $2.4B | $5.8B |
| Q1 26 | $17.4M | — | ||
| Q4 25 | — | $3.7B | ||
| Q3 25 | — | $3.7B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $3.7B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.5B |
| Q1 26 | $18.1M | — | ||
| Q4 25 | $15.4B | $10.1B | ||
| Q3 25 | $15.0B | $10.2B | ||
| Q2 25 | $15.5B | $9.9B | ||
| Q1 25 | $14.7B | $9.5B | ||
| Q4 24 | $16.7B | $8.8B | ||
| Q3 24 | $17.0B | $8.5B | ||
| Q2 24 | $15.1B | $8.5B |
| Q1 26 | $41.6M | $20.8B | ||
| Q4 25 | $41.2B | $21.4B | ||
| Q3 25 | $41.1B | $21.9B | ||
| Q2 25 | $41.7B | $21.3B | ||
| Q1 25 | $38.9B | $20.0B | ||
| Q4 24 | $40.0B | $19.8B | ||
| Q3 24 | $39.6B | $19.5B | ||
| Q2 24 | $37.0B | $18.7B |
| Q1 26 | 0.96× | — | ||
| Q4 25 | — | 0.37× | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | — | 0.38× | ||
| Q1 25 | — | 0.39× | ||
| Q4 24 | — | 0.51× | ||
| Q3 24 | — | 0.53× | ||
| Q2 24 | — | 0.52× |
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 | — | $1.1B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 56.4% | 5.7% |
| Cash ConversionOCF / Net Profit | — | 0.63× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.1B | ||
| Q4 25 | $900.7M | $1.5B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | $855.8M | $2.6B | ||
| Q1 25 | $328.1M | $1.3B | ||
| Q4 24 | $811.7M | $741.9M | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | $1.3B | $862.4M |
| Q1 26 | — | — | ||
| Q4 25 | $-350.5M | $1.2B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | $-640.0M | $2.4B | ||
| Q1 25 | $-1.6B | $1.0B | ||
| Q4 24 | $-1.3B | $553.6M | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | $-345.2M | $761.7M |
| Q1 26 | — | — | ||
| Q4 25 | -11.3% | 22.8% | ||
| Q3 25 | — | 29.9% | ||
| Q2 25 | -21.2% | 46.1% | ||
| Q1 25 | -53.6% | 21.6% | ||
| Q4 24 | -44.5% | 12.7% | ||
| Q3 24 | — | 35.0% | ||
| Q2 24 | -11.6% | 19.7% |
| Q1 26 | 56.4% | 5.7% | ||
| Q4 25 | 40.3% | 4.9% | ||
| Q3 25 | 47.9% | 3.5% | ||
| Q2 25 | 49.5% | 3.3% | ||
| Q1 25 | 64.9% | 6.1% | ||
| Q4 24 | 72.2% | 4.3% | ||
| Q3 24 | 65.1% | 2.7% | ||
| Q2 24 | 53.8% | 2.6% |
| Q1 26 | — | 0.63× | ||
| Q4 25 | 1.33× | 0.93× | ||
| Q3 25 | — | 1.13× | ||
| Q2 25 | 1.20× | 1.48× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | 1.31× | 0.62× | ||
| Q3 24 | — | 1.40× | ||
| Q2 24 | 1.81× | 0.85× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
