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Side-by-side financial comparison of Air Products (APD) and QVC INC (QVCD). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.2B vs $2.4B, roughly 1.3× QVC INC). Air Products runs the higher net margin — 22.9% vs 1.5%, a 21.3% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (8.8% vs -8.9%). Over the past eight quarters, QVC INC's revenue compounded faster (7.1% 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...
QVC Group, is an American media conglomerate controlled by company chairman John C. Malone, who owns a majority of the voting shares.
APD vs QVCD — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.2B | $2.4B |
| Net Profit | $724.8M | $37.0M |
| Gross Margin | 31.1% | 32.5% |
| Operating Margin | — | 5.6% |
| Net Margin | 22.9% | 1.5% |
| Revenue YoY | 8.8% | -8.9% |
| Net Profit YoY | 166.6% | 103.0% |
| 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 | — | ||
| Q4 25 | $3.1B | $2.4B | ||
| Q3 25 | $3.2B | $2.0B | ||
| Q2 25 | $3.0B | $2.0B | ||
| Q1 25 | $2.9B | $1.9B | ||
| Q4 24 | $2.9B | $2.7B | ||
| Q3 24 | $3.2B | $2.1B | ||
| Q2 24 | $3.0B | $2.1B |
| Q1 26 | $724.8M | — | ||
| Q4 25 | $678.2M | $37.0M | ||
| Q3 25 | $4.9M | $2.0M | ||
| Q2 25 | $713.8M | $-2.2B | ||
| Q1 25 | $-1.7B | $-42.0M | ||
| Q4 24 | $617.4M | $-1.2B | ||
| Q3 24 | $1.9B | $51.0M | ||
| Q2 24 | $696.6M | $53.0M |
| Q1 26 | 31.1% | — | ||
| Q4 25 | 32.1% | 32.5% | ||
| Q3 25 | 32.3% | 33.6% | ||
| Q2 25 | 32.5% | 35.4% | ||
| Q1 25 | 29.6% | 33.3% | ||
| Q4 24 | 31.2% | 32.6% | ||
| Q3 24 | 34.0% | 34.7% | ||
| Q2 24 | 32.8% | 35.6% |
| Q1 26 | — | — | ||
| Q4 25 | 23.7% | 5.6% | ||
| Q3 25 | 0.5% | 4.6% | ||
| Q2 25 | 26.2% | -114.5% | ||
| Q1 25 | -79.8% | 1.5% | ||
| Q4 24 | 22.0% | -47.1% | ||
| Q3 24 | 76.1% | 7.8% | ||
| Q2 24 | 24.7% | 7.6% |
| Q1 26 | 22.9% | — | ||
| Q4 25 | 21.9% | 1.5% | ||
| Q3 25 | 0.2% | 0.1% | ||
| Q2 25 | 23.6% | -109.1% | ||
| Q1 25 | -59.3% | -2.2% | ||
| Q4 24 | 21.1% | -46.0% | ||
| Q3 24 | 61.2% | 2.4% | ||
| Q2 24 | 23.3% | 2.5% |
| Q1 26 | $3.19 | — | ||
| Q4 25 | $3.04 | — | ||
| Q3 25 | $0.03 | — | ||
| Q2 25 | $3.20 | — | ||
| Q1 25 | $-7.77 | — | ||
| Q4 24 | $2.77 | — | ||
| Q3 24 | $8.75 | — | ||
| Q2 24 | $3.13 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $1.5B |
| Total DebtLower is stronger | $17.4M | $1.0M |
| Stockholders' EquityBook value | $18.1M | $1.2B |
| Total Assets | $41.6M | $8.5B |
| Debt / EquityLower = less leverage | 0.96× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $1.5B | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $2.0B | $297.0M | ||
| Q3 24 | $3.0B | $297.0M | ||
| Q2 24 | $2.4B | $315.0M |
| Q1 26 | $17.4M | — | ||
| Q4 25 | — | $1.0M | ||
| Q3 25 | — | $5.0B | ||
| Q2 25 | — | $4.0B | ||
| Q1 25 | — | $4.0B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | — | $3.4B | ||
| Q2 24 | — | $3.7B |
| Q1 26 | $18.1M | — | ||
| Q4 25 | $15.4B | $1.2B | ||
| Q3 25 | $15.0B | $1.2B | ||
| Q2 25 | $15.5B | $1.2B | ||
| Q1 25 | $14.7B | $3.3B | ||
| Q4 24 | $16.7B | $3.3B | ||
| Q3 24 | $17.0B | $4.6B | ||
| Q2 24 | $15.1B | $4.3B |
| Q1 26 | $41.6M | — | ||
| Q4 25 | $41.2B | $8.5B | ||
| Q3 25 | $41.1B | $8.3B | ||
| Q2 25 | $41.7B | $7.4B | ||
| Q1 25 | $38.9B | $9.7B | ||
| Q4 24 | $40.0B | $9.9B | ||
| Q3 24 | $39.6B | $9.9B | ||
| Q2 24 | $37.0B | $11.2B |
| Q1 26 | 0.96× | — | ||
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 4.30× | ||
| Q2 25 | — | 3.42× | ||
| Q1 25 | — | 1.22× | ||
| Q4 24 | — | 1.01× | ||
| Q3 24 | — | 0.73× | ||
| Q2 24 | — | 0.87× |
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 | — | $245.0M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 56.4% | — |
| Cash ConversionOCF / Net Profit | — | 6.62× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $900.7M | $245.0M | ||
| Q3 25 | — | $76.0M | ||
| Q2 25 | $855.8M | $52.0M | ||
| Q1 25 | $328.1M | $46.0M | ||
| Q4 24 | $811.7M | $189.0M | ||
| Q3 24 | — | $98.0M | ||
| Q2 24 | $1.3B | $164.0M |
| 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 | 56.4% | — | ||
| 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× | 6.62× | ||
| Q3 25 | — | 38.00× | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | — | 1.92× | ||
| Q2 24 | 1.81× | 3.09× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APD
Segment breakdown not available.
QVCD
| Home | $754.0M | 31% |
| QVC International | $661.0M | 27% |
| Beauty | $260.0M | 11% |
| Apparel | $254.0M | 10% |
| Electronics | $187.0M | 8% |
| Accessories | $181.0M | 7% |
| Jewelry | $87.0M | 4% |
| Otherrevenue | $38.0M | 2% |
