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Side-by-side financial comparison of Air Products (APD) and PulteGroup (PHM). Click either name above to swap in a different company.
PulteGroup is the larger business by last-quarter revenue ($3.4B vs $3.2B, roughly 1.1× Air Products). Air Products runs the higher net margin — 22.9% vs 10.2%, a 12.7% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (8.8% vs -12.4%). Over the past eight quarters, Air Products's revenue compounded faster (3.1% CAGR vs -13.9%).
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...
PulteGroup, Inc. is an American residential home-construction company based in Atlanta, Georgia, United States. As of 2023, the company is the third-largest home-construction company in the United States based on the number of homes closed. In total, the company has built over 775,000 homes.
APD vs PHM — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.2B | $3.4B |
| Net Profit | $724.8M | $347.0M |
| Gross Margin | 31.1% | — |
| Operating Margin | — | — |
| Net Margin | 22.9% | 10.2% |
| Revenue YoY | 8.8% | -12.4% |
| Net Profit YoY | 166.6% | — |
| EPS (diluted) | $3.19 | — |
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 | $3.4B | ||
| Q4 25 | $3.1B | $4.6B | ||
| Q3 25 | $3.2B | $4.4B | ||
| Q2 25 | $3.0B | $4.4B | ||
| Q1 25 | $2.9B | $3.9B | ||
| Q4 24 | $2.9B | $4.9B | ||
| Q3 24 | $3.2B | $4.5B | ||
| Q2 24 | $3.0B | $4.6B |
| Q1 26 | $724.8M | $347.0M | ||
| Q4 25 | $678.2M | $501.6M | ||
| Q3 25 | $4.9M | $585.8M | ||
| Q2 25 | $713.8M | $608.5M | ||
| Q1 25 | $-1.7B | $522.8M | ||
| Q4 24 | $617.4M | $913.2M | ||
| Q3 24 | $1.9B | $697.9M | ||
| Q2 24 | $696.6M | $809.1M |
| Q1 26 | 31.1% | — | ||
| Q4 25 | 32.1% | — | ||
| Q3 25 | 32.3% | 27.8% | ||
| Q2 25 | 32.5% | 28.6% | ||
| Q1 25 | 29.6% | 28.8% | ||
| Q4 24 | 31.2% | — | ||
| Q3 24 | 34.0% | 30.4% | ||
| Q2 24 | 32.8% | 31.4% |
| 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 | 22.9% | 10.2% | ||
| Q4 25 | 21.9% | 10.9% | ||
| Q3 25 | 0.2% | 13.3% | ||
| Q2 25 | 23.6% | 13.8% | ||
| Q1 25 | -59.3% | 13.4% | ||
| Q4 24 | 21.1% | 18.6% | ||
| Q3 24 | 61.2% | 15.6% | ||
| Q2 24 | 23.3% | 17.6% |
| Q1 26 | $3.19 | — | ||
| Q4 25 | $3.04 | $2.56 | ||
| Q3 25 | $0.03 | $2.96 | ||
| Q2 25 | $3.20 | $3.03 | ||
| Q1 25 | $-7.77 | $2.57 | ||
| Q4 24 | $2.77 | $4.41 | ||
| Q3 24 | $8.75 | $3.35 | ||
| Q2 24 | $3.13 | $3.83 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $1.8B |
| Total DebtLower is stronger | $17.4M | — |
| Stockholders' EquityBook value | $18.1M | $13.0B |
| Total Assets | $41.6M | $5.2B |
| Debt / EquityLower = less leverage | 0.96× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.8B | ||
| Q4 25 | $1.0B | $2.0B | ||
| Q3 25 | $1.9B | $1.5B | ||
| Q2 25 | $2.3B | $1.2B | ||
| Q1 25 | $1.6B | $1.2B | ||
| Q4 24 | $2.0B | $1.6B | ||
| Q3 24 | $3.0B | $1.4B | ||
| Q2 24 | $2.4B | $1.4B |
| Q1 26 | $17.4M | — | ||
| Q4 25 | — | $43.9M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $31.1M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $18.1M | $13.0B | ||
| Q4 25 | $15.4B | $13.0B | ||
| Q3 25 | $15.0B | $12.8B | ||
| Q2 25 | $15.5B | $12.6B | ||
| Q1 25 | $14.7B | $12.3B | ||
| Q4 24 | $16.7B | $12.1B | ||
| Q3 24 | $17.0B | $11.6B | ||
| Q2 24 | $15.1B | $11.2B |
| Q1 26 | $41.6M | $5.2B | ||
| Q4 25 | $41.2B | $18.0B | ||
| Q3 25 | $41.1B | $17.9B | ||
| Q2 25 | $41.7B | $17.6B | ||
| Q1 25 | $38.9B | $17.3B | ||
| Q4 24 | $40.0B | $17.4B | ||
| Q3 24 | $39.6B | $17.0B | ||
| Q2 24 | $37.0B | $16.5B |
| Q1 26 | 0.96× | — | ||
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $159.8M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 56.4% | 0.7% |
| Cash ConversionOCF / Net Profit | — | 0.46× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $159.8M | ||
| Q4 25 | $900.7M | $771.1M | ||
| Q3 25 | — | $678.4M | ||
| Q2 25 | $855.8M | $287.5M | ||
| Q1 25 | $328.1M | $134.2M | ||
| Q4 24 | $811.7M | $567.6M | ||
| Q3 24 | — | $455.9M | ||
| Q2 24 | $1.3B | $417.5M |
| Q1 26 | — | — | ||
| Q4 25 | $-350.5M | $739.8M | ||
| Q3 25 | — | $651.1M | ||
| Q2 25 | $-640.0M | $253.0M | ||
| Q1 25 | $-1.6B | $104.6M | ||
| Q4 24 | $-1.3B | $543.1M | ||
| Q3 24 | — | $417.2M | ||
| Q2 24 | $-345.2M | $386.2M |
| Q1 26 | — | — | ||
| Q4 25 | -11.3% | 16.0% | ||
| Q3 25 | — | 14.8% | ||
| Q2 25 | -21.2% | 5.7% | ||
| Q1 25 | -53.6% | 2.7% | ||
| Q4 24 | -44.5% | 11.0% | ||
| Q3 24 | — | 9.3% | ||
| Q2 24 | -11.6% | 8.4% |
| Q1 26 | 56.4% | 0.7% | ||
| Q4 25 | 40.3% | 0.7% | ||
| Q3 25 | 47.9% | 0.6% | ||
| Q2 25 | 49.5% | 0.8% | ||
| Q1 25 | 64.9% | 0.8% | ||
| Q4 24 | 72.2% | 0.5% | ||
| Q3 24 | 65.1% | 0.9% | ||
| Q2 24 | 53.8% | 0.7% |
| Q1 26 | — | 0.46× | ||
| Q4 25 | 1.33× | 1.54× | ||
| Q3 25 | — | 1.16× | ||
| Q2 25 | 1.20× | 0.47× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | 1.31× | 0.62× | ||
| Q3 24 | — | 0.65× | ||
| Q2 24 | 1.81× | 0.52× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APD
Segment breakdown not available.
PHM
| Home sale revenues | $3.3B | 97% |
| Financial Services | $71.7M | 2% |
| Land sale and other revenues | $29.3M | 1% |
