vs
Side-by-side financial comparison of Air Products (APD) and MARKEL GROUP INC. (MKL). Click either name above to swap in a different company.
MARKEL GROUP INC. is the larger business by last-quarter revenue ($3.6B vs $3.1B, roughly 1.2× Air Products). Air Products runs the higher net margin — 21.9% vs 16.1%, a 5.7% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs -6.9%). MARKEL GROUP INC. produced more free cash flow last quarter ($599.1M vs $-350.5M). Over the past eight quarters, Air Products's revenue compounded faster (2.9% CAGR vs -10.5%).
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...
MARKEL GROUP INC.MKLEarnings & Financial Report
Markel Group Inc. is a group of companies headquartered in Richmond, Virginia, and originally founded in 1930 as an insurance company.
APD vs MKL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $3.6B |
| Net Profit | $678.2M | $576.8M |
| Gross Margin | 32.1% | — |
| Operating Margin | 23.7% | 22.2% |
| Net Margin | 21.9% | 16.1% |
| Revenue YoY | 5.8% | -6.9% |
| Net Profit YoY | 9.8% | 5.0% |
| EPS (diluted) | $3.04 | $48.22 |
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 | $3.6B | ||
| Q3 25 | $3.2B | $3.9B | ||
| Q2 25 | $3.0B | $4.6B | ||
| Q1 25 | $2.9B | $3.4B | ||
| Q4 24 | $2.9B | $3.8B | ||
| Q3 24 | $3.2B | $4.6B | ||
| Q2 24 | $3.0B | $3.7B | ||
| Q1 24 | $2.9B | $4.5B |
| Q4 25 | $678.2M | $576.8M | ||
| Q3 25 | $4.9M | $751.3M | ||
| Q2 25 | $713.8M | $657.1M | ||
| Q1 25 | $-1.7B | $121.7M | ||
| Q4 24 | $617.4M | $549.2M | ||
| Q3 24 | $1.9B | $905.0M | ||
| Q2 24 | $696.6M | $267.7M | ||
| Q1 24 | $572.4M | $1.0B |
| 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% | 22.2% | ||
| Q3 25 | 0.5% | 25.7% | ||
| Q2 25 | 26.2% | 24.1% | ||
| Q1 25 | -79.8% | 8.3% | ||
| Q4 24 | 22.0% | 15.5% | ||
| Q3 24 | 76.1% | 29.7% | ||
| Q2 24 | 24.7% | 11.1% | ||
| Q1 24 | 21.7% | 29.9% |
| Q4 25 | 21.9% | 16.1% | ||
| Q3 25 | 0.2% | 19.1% | ||
| Q2 25 | 23.6% | 14.3% | ||
| Q1 25 | -59.3% | 3.6% | ||
| Q4 24 | 21.1% | 14.3% | ||
| Q3 24 | 61.2% | 19.6% | ||
| Q2 24 | 23.3% | 7.2% | ||
| Q1 24 | 19.5% | 23.0% |
| Q4 25 | $3.04 | $48.22 | ||
| Q3 25 | $0.03 | $59.25 | ||
| Q2 25 | $3.20 | $49.67 | ||
| Q1 25 | $-7.77 | $12.08 | ||
| Q4 24 | $2.77 | $39.02 | ||
| Q3 24 | $8.75 | $66.25 | ||
| Q2 24 | $3.13 | $18.62 | ||
| Q1 24 | $2.57 | $75.43 |
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 | $4.0B |
| Total DebtLower is stronger | — | $4.3B |
| Stockholders' EquityBook value | $15.4B | $18.6B |
| Total Assets | $41.2B | $68.9B |
| Debt / EquityLower = less leverage | — | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $4.0B | ||
| Q3 25 | $1.9B | $4.0B | ||
| Q2 25 | $2.3B | $3.7B | ||
| Q1 25 | $1.6B | $4.2B | ||
| Q4 24 | $2.0B | $3.7B | ||
| Q3 24 | $3.0B | $3.9B | ||
| Q2 24 | $2.4B | $3.5B | ||
| Q1 24 | $2.6B | $3.6B |
| Q4 25 | — | $4.3B | ||
| Q3 25 | — | $4.3B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.4B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $4.4B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $3.9B |
| Q4 25 | $15.4B | $18.6B | ||
| Q3 25 | $15.0B | $18.0B | ||
| Q2 25 | $15.5B | $17.3B | ||
| Q1 25 | $14.7B | $17.1B | ||
| Q4 24 | $16.7B | $16.9B | ||
| Q3 24 | $17.0B | $17.0B | ||
| Q2 24 | $15.1B | $15.9B | ||
| Q1 24 | $14.9B | $15.7B |
| Q4 25 | $41.2B | $68.9B | ||
| Q3 25 | $41.1B | $67.4B | ||
| Q2 25 | $41.7B | $66.8B | ||
| Q1 25 | $38.9B | $64.6B | ||
| Q4 24 | $40.0B | $61.9B | ||
| Q3 24 | $39.6B | $62.3B | ||
| Q2 24 | $37.0B | $59.7B | ||
| Q1 24 | $35.9B | $57.3B |
| Q4 25 | — | 0.23× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.28× | ||
| Q1 24 | — | 0.25× |
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 | $662.2M |
| Free Cash FlowOCF − Capex | $-350.5M | $599.1M |
| FCF MarginFCF / Revenue | -11.3% | 16.7% |
| Capex IntensityCapex / Revenue | 40.3% | 1.8% |
| Cash ConversionOCF / Net Profit | 1.33× | 1.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $662.2M | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | $855.8M | $504.4M | ||
| Q1 25 | $328.1M | $376.2M | ||
| Q4 24 | $811.7M | $493.9M | ||
| Q3 24 | — | $890.8M | ||
| Q2 24 | $1.3B | $578.6M | ||
| Q1 24 | $801.7M | $630.7M |
| Q4 25 | $-350.5M | $599.1M | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | $-640.0M | $453.8M | ||
| Q1 25 | $-1.6B | $335.5M | ||
| Q4 24 | $-1.3B | $420.0M | ||
| Q3 24 | — | $838.9M | ||
| Q2 24 | $-345.2M | $521.4M | ||
| Q1 24 | $-867.7M | $558.7M |
| Q4 25 | -11.3% | 16.7% | ||
| Q3 25 | — | 29.6% | ||
| Q2 25 | -21.2% | 9.9% | ||
| Q1 25 | -53.6% | 9.9% | ||
| Q4 24 | -44.5% | 10.9% | ||
| Q3 24 | — | 18.2% | ||
| Q2 24 | -11.6% | 14.1% | ||
| Q1 24 | -29.6% | 12.5% |
| Q4 25 | 40.3% | 1.8% | ||
| Q3 25 | 47.9% | 1.3% | ||
| Q2 25 | 49.5% | 1.1% | ||
| Q1 25 | 64.9% | 1.2% | ||
| Q4 24 | 72.2% | 1.9% | ||
| Q3 24 | 65.1% | 1.1% | ||
| Q2 24 | 53.8% | 1.5% | ||
| Q1 24 | 57.0% | 1.6% |
| Q4 25 | 1.33× | 1.15× | ||
| Q3 25 | — | 1.62× | ||
| Q2 25 | 1.20× | 0.77× | ||
| Q1 25 | — | 3.09× | ||
| Q4 24 | 1.31× | 0.90× | ||
| Q3 24 | — | 0.98× | ||
| Q2 24 | 1.81× | 2.16× | ||
| Q1 24 | 1.40× | 0.62× |
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% |
MKL
| Industrial | $1.6B | 45% |
| Consumer And Other | $958.3M | 27% |
| Financial | $737.0M | 21% |
| Other | $198.8M | 6% |
| Corporate Operations | $52.0M | 1% |
| Revenue From Contract With Customer | $10.5M | 0% |
