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Side-by-side financial comparison of Air Products (APD) and Royal Caribbean Group (RCL). Click either name above to swap in a different company.
Royal Caribbean Group is the larger business by last-quarter revenue ($4.5B vs $3.2B, roughly 1.4× Air Products). Air Products runs the higher net margin — 22.9% vs 21.3%, a 1.5% gap on every dollar of revenue. On growth, Royal Caribbean Group posted the faster year-over-year revenue change (11.3% vs 8.8%). Over the past eight quarters, Royal Caribbean Group's revenue compounded faster (4.1% 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...
Royal Caribbean Group, formerly known as Royal Caribbean Cruises Ltd., is a cruise holding company headquartered in Miami, Florida, United States and incorporated in Liberia. It is the world's second-largest cruise line operator, after Carnival Corporation & plc. As of September 2025, Royal Caribbean Group fully owns three cruise lines: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises. It also holds a 50% stake in TUI Cruises, which operates Mein Schiff and Hapag-Lloyd ...
APD vs RCL — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.2B | $4.5B |
| Net Profit | $724.8M | $950.0M |
| Gross Margin | 31.1% | — |
| Operating Margin | — | 26.1% |
| Net Margin | 22.9% | 21.3% |
| Revenue YoY | 8.8% | 11.3% |
| Net Profit YoY | 166.6% | 29.1% |
| EPS (diluted) | $3.19 | $3.48 |
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 | $4.5B | ||
| Q4 25 | $3.1B | $4.3B | ||
| Q3 25 | $3.2B | $5.1B | ||
| Q2 25 | $3.0B | $4.5B | ||
| Q1 25 | $2.9B | $4.0B | ||
| Q4 24 | $2.9B | $3.8B | ||
| Q3 24 | $3.2B | $4.9B | ||
| Q2 24 | $3.0B | $4.1B |
| Q1 26 | $724.8M | $950.0M | ||
| Q4 25 | $678.2M | $753.0M | ||
| Q3 25 | $4.9M | $1.6B | ||
| Q2 25 | $713.8M | $1.2B | ||
| Q1 25 | $-1.7B | $730.0M | ||
| Q4 24 | $617.4M | $552.0M | ||
| Q3 24 | $1.9B | $1.1B | ||
| Q2 24 | $696.6M | $854.0M |
| Q1 26 | 31.1% | — | ||
| Q4 25 | 32.1% | 47.4% | ||
| Q3 25 | 32.3% | 51.8% | ||
| Q2 25 | 32.5% | 49.7% | ||
| Q1 25 | 29.6% | 48.0% | ||
| Q4 24 | 31.2% | 45.4% | ||
| Q3 24 | 34.0% | 51.1% | ||
| Q2 24 | 32.8% | 47.6% |
| Q1 26 | — | 26.1% | ||
| Q4 25 | 23.7% | 21.9% | ||
| Q3 25 | 0.5% | 33.1% | ||
| Q2 25 | 26.2% | 29.3% | ||
| Q1 25 | -79.8% | 23.6% | ||
| Q4 24 | 22.0% | 16.6% | ||
| Q3 24 | 76.1% | 33.4% | ||
| Q2 24 | 24.7% | 26.7% |
| Q1 26 | 22.9% | 21.3% | ||
| Q4 25 | 21.9% | 17.7% | ||
| Q3 25 | 0.2% | 30.6% | ||
| Q2 25 | 23.6% | 26.7% | ||
| Q1 25 | -59.3% | 18.3% | ||
| Q4 24 | 21.1% | 14.7% | ||
| Q3 24 | 61.2% | 22.7% | ||
| Q2 24 | 23.3% | 20.8% |
| Q1 26 | $3.19 | $3.48 | ||
| Q4 25 | $3.04 | $2.76 | ||
| Q3 25 | $0.03 | $5.74 | ||
| Q2 25 | $3.20 | $4.41 | ||
| Q1 25 | $-7.77 | $2.70 | ||
| Q4 24 | $2.77 | $2.27 | ||
| Q3 24 | $8.75 | $4.21 | ||
| Q2 24 | $3.13 | $3.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $512.0M |
| Total DebtLower is stronger | $17.4M | $21.1B |
| Stockholders' EquityBook value | $18.1M | $10.0B |
| Total Assets | $41.6M | $42.0B |
| Debt / EquityLower = less leverage | 0.96× | 2.11× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $512.0M | ||
| Q4 25 | $1.0B | $825.0M | ||
| Q3 25 | $1.9B | $432.0M | ||
| Q2 25 | $2.3B | $735.0M | ||
| Q1 25 | $1.6B | $386.0M | ||
| Q4 24 | $2.0B | $388.0M | ||
| Q3 24 | $3.0B | $418.0M | ||
| Q2 24 | $2.4B | $391.0M |
| Q1 26 | $17.4M | $21.1B | ||
| Q4 25 | — | $18.2B | ||
| Q3 25 | — | $17.2B | ||
| Q2 25 | — | $17.6B | ||
| Q1 25 | — | $18.0B | ||
| Q4 24 | — | $18.5B | ||
| Q3 24 | — | $19.0B | ||
| Q2 24 | — | $19.8B |
| Q1 26 | $18.1M | $10.0B | ||
| Q4 25 | $15.4B | $10.0B | ||
| Q3 25 | $15.0B | $10.1B | ||
| Q2 25 | $15.5B | $9.2B | ||
| Q1 25 | $14.7B | $8.0B | ||
| Q4 24 | $16.7B | $7.6B | ||
| Q3 24 | $17.0B | $7.0B | ||
| Q2 24 | $15.1B | $6.0B |
| Q1 26 | $41.6M | $42.0B | ||
| Q4 25 | $41.2B | $41.6B | ||
| Q3 25 | $41.1B | $40.1B | ||
| Q2 25 | $41.7B | $38.5B | ||
| Q1 25 | $38.9B | $37.5B | ||
| Q4 24 | $40.0B | $37.1B | ||
| Q3 24 | $39.6B | $37.1B | ||
| Q2 24 | $37.0B | $37.0B |
| Q1 26 | 0.96× | 2.11× | ||
| Q4 25 | — | 1.81× | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | — | 2.26× | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 2.69× | ||
| Q2 24 | — | 3.29× |
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 | — | $1.8B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 56.4% | — |
| Cash ConversionOCF / Net Profit | — | 1.93× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.8B | ||
| Q4 25 | $900.7M | $1.6B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | $855.8M | $1.7B | ||
| Q1 25 | $328.1M | $1.6B | ||
| Q4 24 | $811.7M | $1.5B | ||
| Q3 24 | — | $897.0M | ||
| Q2 24 | $1.3B | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | $-350.5M | $116.0M | ||
| Q3 25 | — | $-989.0M | ||
| Q2 25 | $-640.0M | $910.0M | ||
| Q1 25 | $-1.6B | $1.2B | ||
| Q4 24 | $-1.3B | $915.0M | ||
| Q3 24 | — | $563.0M | ||
| Q2 24 | $-345.2M | $-567.0M |
| Q1 26 | — | — | ||
| Q4 25 | -11.3% | 2.7% | ||
| Q3 25 | — | -19.2% | ||
| Q2 25 | -21.2% | 20.1% | ||
| Q1 25 | -53.6% | 30.0% | ||
| Q4 24 | -44.5% | 24.3% | ||
| Q3 24 | — | 11.5% | ||
| Q2 24 | -11.6% | -13.8% |
| Q1 26 | 56.4% | — | ||
| Q4 25 | 40.3% | 35.4% | ||
| Q3 25 | 47.9% | 47.8% | ||
| Q2 25 | 49.5% | 18.4% | ||
| Q1 25 | 64.9% | 10.7% | ||
| Q4 24 | 72.2% | 14.7% | ||
| Q3 24 | 65.1% | 6.8% | ||
| Q2 24 | 53.8% | 52.1% |
| Q1 26 | — | 1.93× | ||
| Q4 25 | 1.33× | 2.16× | ||
| Q3 25 | — | 0.93× | ||
| Q2 25 | 1.20× | 1.44× | ||
| Q1 25 | — | 2.23× | ||
| Q4 24 | 1.31× | 2.66× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | 1.81× | 1.84× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APD
Segment breakdown not available.
RCL
| Passenger ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
