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Side-by-side financial comparison of Air Products (APD) and Principal Financial Group (PFG). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $750.8M, roughly 4.1× Principal Financial Group). Air Products runs the higher net margin — 21.9% vs 0.3%, a 21.6% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs 4.0%). Over the past eight quarters, Air Products's revenue compounded faster (2.9% CAGR vs -58.3%).
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...
Principal Financial GroupPFGEarnings & Financial Report
Principal Financial Group, Inc. (PFG) is an American global financial investment management and insurance company headquartered in Des Moines, Iowa, United States.
APD vs PFG — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $750.8M |
| Net Profit | $678.2M | $1.9M |
| Gross Margin | 32.1% | — |
| Operating Margin | 23.7% | — |
| Net Margin | 21.9% | 0.3% |
| Revenue YoY | 5.8% | 4.0% |
| Net Profit YoY | 9.8% | 783.0% |
| EPS (diluted) | $3.04 | — |
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 | — | $750.8M | ||
| Q4 25 | $3.1B | $4.6B | ||
| Q3 25 | $3.2B | $3.7B | ||
| Q2 25 | $3.0B | $3.7B | ||
| Q1 25 | $2.9B | $3.7B | ||
| Q4 24 | $2.9B | $4.8B | ||
| Q3 24 | $3.2B | $3.0B | ||
| Q2 24 | $3.0B | $4.3B |
| Q1 26 | — | $1.9M | ||
| Q4 25 | $678.2M | $517.0M | ||
| Q3 25 | $4.9M | $213.8M | ||
| Q2 25 | $713.8M | $406.2M | ||
| Q1 25 | $-1.7B | $48.1M | ||
| Q4 24 | $617.4M | $905.4M | ||
| Q3 24 | $1.9B | $-220.0M | ||
| Q2 24 | $696.6M | $353.1M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 23.7% | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 26.2% | — | ||
| Q1 25 | -79.8% | — | ||
| Q4 24 | 22.0% | — | ||
| Q3 24 | 76.1% | — | ||
| Q2 24 | 24.7% | — |
| Q1 26 | — | 0.3% | ||
| Q4 25 | 21.9% | 11.3% | ||
| Q3 25 | 0.2% | 5.8% | ||
| Q2 25 | 23.6% | 11.1% | ||
| Q1 25 | -59.3% | 1.3% | ||
| Q4 24 | 21.1% | 19.1% | ||
| Q3 24 | 61.2% | -7.3% | ||
| Q2 24 | 23.3% | 8.2% |
| Q1 26 | — | — | ||
| Q4 25 | $3.04 | $2.30 | ||
| Q3 25 | $0.03 | $0.95 | ||
| Q2 25 | $3.20 | $1.79 | ||
| Q1 25 | $-7.77 | $0.21 | ||
| Q4 24 | $2.77 | $3.92 | ||
| Q3 24 | $8.75 | $-0.95 | ||
| Q2 24 | $3.13 | $1.49 |
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 | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.4B | — |
| Total Assets | $41.2B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $4.4B | ||
| Q3 25 | $1.9B | $5.1B | ||
| Q2 25 | $2.3B | $3.7B | ||
| Q1 25 | $1.6B | $3.9B | ||
| Q4 24 | $2.0B | $4.2B | ||
| Q3 24 | $3.0B | $6.2B | ||
| Q2 24 | $2.4B | $4.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | $3.9B | ||
| Q3 25 | — | $3.9B | ||
| Q2 25 | — | $3.9B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | — | $3.9B | ||
| Q2 24 | — | $3.9B |
| Q1 26 | — | — | ||
| Q4 25 | $15.4B | $11.9B | ||
| Q3 25 | $15.0B | $11.7B | ||
| Q2 25 | $15.5B | $11.4B | ||
| Q1 25 | $14.7B | $11.2B | ||
| Q4 24 | $16.7B | $11.1B | ||
| Q3 24 | $17.0B | $11.2B | ||
| Q2 24 | $15.1B | $11.0B |
| Q1 26 | — | — | ||
| Q4 25 | $41.2B | $341.4B | ||
| Q3 25 | $41.1B | $334.5B | ||
| Q2 25 | $41.7B | $323.1B | ||
| Q1 25 | $38.9B | $313.0B | ||
| Q4 24 | $40.0B | $313.7B | ||
| Q3 24 | $39.6B | $322.9B | ||
| Q2 24 | $37.0B | $308.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.33× | ||
| Q3 25 | — | 0.34× | ||
| Q2 25 | — | 0.34× | ||
| Q1 25 | — | 0.39× | ||
| Q4 24 | — | 0.36× | ||
| Q3 24 | — | 0.35× | ||
| Q2 24 | — | 0.36× |
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 | — |
| Free Cash FlowOCF − Capex | $-350.5M | — |
| FCF MarginFCF / Revenue | -11.3% | — |
| Capex IntensityCapex / Revenue | 40.3% | — |
| Cash ConversionOCF / Net Profit | 1.33× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $900.7M | $1.7B | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | $855.8M | $811.9M | ||
| Q1 25 | $328.1M | $977.3M | ||
| Q4 24 | $811.7M | $1.5B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | $1.3B | $1.4B |
| Q1 26 | — | — | ||
| Q4 25 | $-350.5M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $-640.0M | — | ||
| Q1 25 | $-1.6B | — | ||
| Q4 24 | $-1.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-345.2M | — |
| Q1 26 | — | — | ||
| Q4 25 | -11.3% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -21.2% | — | ||
| Q1 25 | -53.6% | — | ||
| Q4 24 | -44.5% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -11.6% | — |
| Q1 26 | — | — | ||
| Q4 25 | 40.3% | — | ||
| Q3 25 | 47.9% | — | ||
| Q2 25 | 49.5% | — | ||
| Q1 25 | 64.9% | — | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 65.1% | — | ||
| Q2 24 | 53.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.33× | 3.37× | ||
| Q3 25 | — | 4.70× | ||
| Q2 25 | 1.20× | 2.00× | ||
| Q1 25 | — | 20.32× | ||
| Q4 24 | 1.31× | 1.61× | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.81× | 4.05× |
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% |
PFG
Segment breakdown not available.
