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Side-by-side financial comparison of Air Products (APD) and QVC Group, Inc. (QVCGA). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $2.7B, roughly 1.2× QVC Group, Inc.). Air Products runs the higher net margin — 21.9% vs -1.4%, a 23.2% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs -9.1%). QVC Group, Inc. produced more free cash flow last quarter ($191.0M vs $-350.5M). Over the past eight quarters, QVC Group, Inc.'s revenue compounded faster (6.9% CAGR vs 2.9%).
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...
QVC Group, is an American media conglomerate controlled by company chairman John C. Malone, who owns a majority of the voting shares.
APD vs QVCGA — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $2.7B |
| Net Profit | $678.2M | $-37.0M |
| Gross Margin | 32.1% | 32.9% |
| Operating Margin | 23.7% | 3.7% |
| Net Margin | 21.9% | -1.4% |
| Revenue YoY | 5.8% | -9.1% |
| Net Profit YoY | 9.8% | 97.1% |
| EPS (diluted) | $3.04 | $-17.37 |
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 | $2.7B | ||
| Q3 25 | $3.2B | $2.2B | ||
| Q2 25 | $3.0B | $2.2B | ||
| Q1 25 | $2.9B | $2.1B | ||
| Q4 24 | $2.9B | $2.9B | ||
| Q3 24 | $3.2B | $2.3B | ||
| Q2 24 | $3.0B | $2.4B | ||
| Q1 24 | $2.9B | $2.3B |
| Q4 25 | $678.2M | $-37.0M | ||
| Q3 25 | $4.9M | $-80.0M | ||
| Q2 25 | $713.8M | $-2.2B | ||
| Q1 25 | $-1.7B | $-100.0M | ||
| Q4 24 | $617.4M | $-1.3B | ||
| Q3 24 | $1.9B | $-23.0M | ||
| Q2 24 | $696.6M | $20.0M | ||
| Q1 24 | $572.4M | $-1.0M |
| Q4 25 | 32.1% | 32.9% | ||
| Q3 25 | 32.3% | 34.0% | ||
| Q2 25 | 32.5% | 36.4% | ||
| Q1 25 | 29.6% | 34.2% | ||
| Q4 24 | 31.2% | 33.3% | ||
| Q3 24 | 34.0% | 35.3% | ||
| Q2 24 | 32.8% | 36.4% | ||
| Q1 24 | 32.0% | 35.5% |
| Q4 25 | 23.7% | 3.7% | ||
| Q3 25 | 0.5% | 2.7% | ||
| Q2 25 | 26.2% | -101.6% | ||
| Q1 25 | -79.8% | 0.7% | ||
| Q4 24 | 22.0% | -43.2% | ||
| Q3 24 | 76.1% | 6.5% | ||
| Q2 24 | 24.7% | 6.9% | ||
| Q1 24 | 21.7% | 6.2% |
| Q4 25 | 21.9% | -1.4% | ||
| Q3 25 | 0.2% | -3.6% | ||
| Q2 25 | 23.6% | -99.4% | ||
| Q1 25 | -59.3% | -4.8% | ||
| Q4 24 | 21.1% | -43.7% | ||
| Q3 24 | 61.2% | -1.0% | ||
| Q2 24 | 23.3% | 0.8% | ||
| Q1 24 | 19.5% | -0.0% |
| Q4 25 | $3.04 | $-17.37 | ||
| Q3 25 | $0.03 | $-9.89 | ||
| Q2 25 | $3.20 | $-275.46 | ||
| Q1 25 | $-7.77 | $-0.25 | ||
| Q4 24 | $2.77 | — | ||
| Q3 24 | $8.75 | $-0.06 | ||
| Q2 24 | $3.13 | $2.57 | ||
| Q1 24 | $2.57 | — |
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 | $2.0B |
| Total DebtLower is stronger | — | $790.0M |
| Stockholders' EquityBook value | $15.4B | $-3.1B |
| Total Assets | $41.2B | $7.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $2.0B | ||
| Q3 25 | $1.9B | $1.8B | ||
| Q2 25 | $2.3B | $897.0M | ||
| Q1 25 | $1.6B | $833.0M | ||
| Q4 24 | $2.0B | $905.0M | ||
| Q3 24 | $3.0B | $873.0M | ||
| Q2 24 | $2.4B | $1.2B | ||
| Q1 24 | $2.6B | $1.1B |
| Q4 25 | — | $790.0M | ||
| Q3 25 | — | $5.9B | ||
| Q2 25 | — | $4.9B | ||
| Q1 25 | — | $5.0B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | — | $5.1B | ||
| Q2 24 | — | $5.3B | ||
| Q1 24 | — | $5.5B |
| Q4 25 | $15.4B | $-3.1B | ||
| Q3 25 | $15.0B | $-3.1B | ||
| Q2 25 | $15.5B | $-3.0B | ||
| Q1 25 | $14.7B | $-981.0M | ||
| Q4 24 | $16.7B | $-971.0M | ||
| Q3 24 | $17.0B | $397.0M | ||
| Q2 24 | $15.1B | $328.0M | ||
| Q1 24 | $14.9B | $255.0M |
| Q4 25 | $41.2B | $7.6B | ||
| Q3 25 | $41.1B | $7.6B | ||
| Q2 25 | $41.7B | $6.7B | ||
| Q1 25 | $38.9B | $9.0B | ||
| Q4 24 | $40.0B | $9.2B | ||
| Q3 24 | $39.6B | $10.8B | ||
| Q2 24 | $37.0B | $10.9B | ||
| Q1 24 | $35.9B | $11.0B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 12.74× | ||
| Q2 24 | — | 16.28× | ||
| Q1 24 | — | 21.53× |
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 | $244.0M |
| Free Cash FlowOCF − Capex | $-350.5M | $191.0M |
| FCF MarginFCF / Revenue | -11.3% | 7.1% |
| Capex IntensityCapex / Revenue | 40.3% | 2.0% |
| Cash ConversionOCF / Net Profit | 1.33× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $118.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $244.0M | ||
| Q3 25 | — | $4.0M | ||
| Q2 25 | $855.8M | $86.0M | ||
| Q1 25 | $328.1M | $-60.0M | ||
| Q4 24 | $811.7M | $212.0M | ||
| Q3 24 | — | $20.0M | ||
| Q2 24 | $1.3B | $267.0M | ||
| Q1 24 | $801.7M | $26.0M |
| Q4 25 | $-350.5M | $191.0M | ||
| Q3 25 | — | $-27.0M | ||
| Q2 25 | $-640.0M | $48.0M | ||
| Q1 25 | $-1.6B | $-94.0M | ||
| Q4 24 | $-1.3B | $150.0M | ||
| Q3 24 | — | $-23.0M | ||
| Q2 24 | $-345.2M | $213.0M | ||
| Q1 24 | $-867.7M | $-14.0M |
| Q4 25 | -11.3% | 7.1% | ||
| Q3 25 | — | -1.2% | ||
| Q2 25 | -21.2% | 2.1% | ||
| Q1 25 | -53.6% | -4.5% | ||
| Q4 24 | -44.5% | 5.1% | ||
| Q3 24 | — | -1.0% | ||
| Q2 24 | -11.6% | 8.8% | ||
| Q1 24 | -29.6% | -0.6% |
| Q4 25 | 40.3% | 2.0% | ||
| Q3 25 | 47.9% | 1.4% | ||
| Q2 25 | 49.5% | 1.7% | ||
| Q1 25 | 64.9% | 1.6% | ||
| Q4 24 | 72.2% | 2.1% | ||
| Q3 24 | 65.1% | 1.8% | ||
| Q2 24 | 53.8% | 2.2% | ||
| Q1 24 | 57.0% | 1.7% |
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.81× | 13.35× | ||
| Q1 24 | 1.40× | — |
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% |
QVCGA
| Other | $915.0M | 34% |
| Home | $754.0M | 28% |
| Beauty | $260.0M | 10% |
| Apparel | $254.0M | 9% |
| Electronics | $187.0M | 7% |
| Accessories | $181.0M | 7% |
| Jewelry | $87.0M | 3% |
| Manufactured Product Other | $38.0M | 1% |
