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Side-by-side financial comparison of Air Products (APD) and RESIDEO TECHNOLOGIES, INC. (REZI). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $1.9B, roughly 1.6× RESIDEO TECHNOLOGIES, INC.). Air Products runs the higher net margin — 21.9% vs 7.2%, a 14.7% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs 2.0%). RESIDEO TECHNOLOGIES, INC. produced more free cash flow last quarter ($262.0M vs $-350.5M). Over the past eight quarters, RESIDEO TECHNOLOGIES, INC.'s revenue compounded faster (12.9% 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...
Resideo Technologies, Inc. is an American multinational company that was formed in 2018 out of a spin-off from Honeywell. It provides room air temperature, quality, and humidity control and security systems primarily in residential dwellings in the U.S. and internationally. The company operates in two segments: products and distribution. It manufactures and distributes smart-home and software products, including temperature and lighting control, security, and water and air monitoring. The com...
APD vs REZI — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $1.9B |
| Net Profit | $678.2M | $136.0M |
| Gross Margin | 32.1% | 29.6% |
| Operating Margin | 23.7% | 7.4% |
| Net Margin | 21.9% | 7.2% |
| Revenue YoY | 5.8% | 2.0% |
| Net Profit YoY | 9.8% | 491.3% |
| EPS (diluted) | $3.04 | $0.99 |
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 | $1.9B | ||
| Q3 25 | $3.2B | $1.9B | ||
| Q2 25 | $3.0B | $1.9B | ||
| Q1 25 | $2.9B | $1.8B | ||
| Q4 24 | $2.9B | $1.9B | ||
| Q3 24 | $3.2B | $1.8B | ||
| Q2 24 | $3.0B | $1.6B | ||
| Q1 24 | $2.9B | $1.5B |
| Q4 25 | $678.2M | $136.0M | ||
| Q3 25 | $4.9M | $156.0M | ||
| Q2 25 | $713.8M | $-825.0M | ||
| Q1 25 | $-1.7B | $6.0M | ||
| Q4 24 | $617.4M | $23.0M | ||
| Q3 24 | $1.9B | $20.0M | ||
| Q2 24 | $696.6M | $30.0M | ||
| Q1 24 | $572.4M | $43.0M |
| Q4 25 | 32.1% | 29.6% | ||
| Q3 25 | 32.3% | 29.8% | ||
| Q2 25 | 32.5% | 29.3% | ||
| Q1 25 | 29.6% | 28.9% | ||
| Q4 24 | 31.2% | 28.5% | ||
| Q3 24 | 34.0% | 28.7% | ||
| Q2 24 | 32.8% | 28.1% | ||
| Q1 24 | 32.0% | 26.9% |
| Q4 25 | 23.7% | 7.4% | ||
| Q3 25 | 0.5% | 8.3% | ||
| Q2 25 | 26.2% | 9.1% | ||
| Q1 25 | -79.8% | 7.7% | ||
| Q4 24 | 22.0% | 7.8% | ||
| Q3 24 | 76.1% | 6.9% | ||
| Q2 24 | 24.7% | 7.7% | ||
| Q1 24 | 21.7% | 8.6% |
| Q4 25 | 21.9% | 7.2% | ||
| Q3 25 | 0.2% | 8.4% | ||
| Q2 25 | 23.6% | -42.5% | ||
| Q1 25 | -59.3% | 0.3% | ||
| Q4 24 | 21.1% | 1.2% | ||
| Q3 24 | 61.2% | 1.1% | ||
| Q2 24 | 23.3% | 1.9% | ||
| Q1 24 | 19.5% | 2.9% |
| Q4 25 | $3.04 | $0.99 | ||
| Q3 25 | $0.03 | $0.85 | ||
| Q2 25 | $3.20 | $-5.59 | ||
| Q1 25 | $-7.77 | $-0.02 | ||
| Q4 24 | $2.77 | $0.06 | ||
| Q3 24 | $8.75 | $0.07 | ||
| Q2 24 | $3.13 | $0.19 | ||
| Q1 24 | $2.57 | $0.29 |
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 | $661.0M |
| Total DebtLower is stronger | — | $3.2B |
| Stockholders' EquityBook value | $15.4B | $2.9B |
| Total Assets | $41.2B | $8.4B |
| Debt / EquityLower = less leverage | — | 1.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $661.0M | ||
| Q3 25 | $1.9B | $345.0M | ||
| Q2 25 | $2.3B | $753.0M | ||
| Q1 25 | $1.6B | $577.0M | ||
| Q4 24 | $2.0B | $692.0M | ||
| Q3 24 | $3.0B | $531.0M | ||
| Q2 24 | $2.4B | $413.0M | ||
| Q1 24 | $2.6B | $603.0M |
| Q4 25 | — | $3.2B | ||
| Q3 25 | — | $3.2B | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | — | $2.0B | ||
| Q2 24 | — | $2.0B | ||
| Q1 24 | — | $1.4B |
| Q4 25 | $15.4B | $2.9B | ||
| Q3 25 | $15.0B | $2.8B | ||
| Q2 25 | $15.5B | $2.6B | ||
| Q1 25 | $14.7B | $3.3B | ||
| Q4 24 | $16.7B | $3.3B | ||
| Q3 24 | $17.0B | $3.4B | ||
| Q2 24 | $15.1B | $3.3B | ||
| Q1 24 | $14.9B | $2.8B |
| Q4 25 | $41.2B | $8.4B | ||
| Q3 25 | $41.1B | $8.2B | ||
| Q2 25 | $41.7B | $8.5B | ||
| Q1 25 | $38.9B | $8.1B | ||
| Q4 24 | $40.0B | $8.2B | ||
| Q3 24 | $39.6B | $8.1B | ||
| Q2 24 | $37.0B | $8.0B | ||
| Q1 24 | $35.9B | $6.5B |
| Q4 25 | — | 1.11× | ||
| Q3 25 | — | 1.17× | ||
| Q2 25 | — | 0.77× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | 0.61× | ||
| Q3 24 | — | 0.60× | ||
| Q2 24 | — | 0.61× | ||
| Q1 24 | — | 0.51× |
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 | $299.0M |
| Free Cash FlowOCF − Capex | $-350.5M | $262.0M |
| FCF MarginFCF / Revenue | -11.3% | 13.8% |
| Capex IntensityCapex / Revenue | 40.3% | 2.0% |
| Cash ConversionOCF / Net Profit | 1.33× | 2.20× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $299.0M | ||
| Q3 25 | — | $-1.6B | ||
| Q2 25 | $855.8M | $200.0M | ||
| Q1 25 | $328.1M | $-65.0M | ||
| Q4 24 | $811.7M | $203.0M | ||
| Q3 24 | — | $147.0M | ||
| Q2 24 | $1.3B | $92.0M | ||
| Q1 24 | $801.7M | $2.0M |
| Q4 25 | $-350.5M | $262.0M | ||
| Q3 25 | — | $-1.6B | ||
| Q2 25 | $-640.0M | $180.0M | ||
| Q1 25 | $-1.6B | $-96.0M | ||
| Q4 24 | $-1.3B | $181.0M | ||
| Q3 24 | — | $125.0M | ||
| Q2 24 | $-345.2M | $77.0M | ||
| Q1 24 | $-867.7M | $-19.0M |
| Q4 25 | -11.3% | 13.8% | ||
| Q3 25 | — | -85.8% | ||
| Q2 25 | -21.2% | 9.3% | ||
| Q1 25 | -53.6% | -5.4% | ||
| Q4 24 | -44.5% | 9.7% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | -11.6% | 4.8% | ||
| Q1 24 | -29.6% | -1.3% |
| Q4 25 | 40.3% | 2.0% | ||
| Q3 25 | 47.9% | 1.5% | ||
| Q2 25 | 49.5% | 1.0% | ||
| Q1 25 | 64.9% | 1.8% | ||
| Q4 24 | 72.2% | 1.2% | ||
| Q3 24 | 65.1% | 1.2% | ||
| Q2 24 | 53.8% | 0.9% | ||
| Q1 24 | 57.0% | 1.4% |
| Q4 25 | 1.33× | 2.20× | ||
| Q3 25 | — | -10.07× | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | — | -10.83× | ||
| Q4 24 | 1.31× | 8.83× | ||
| Q3 24 | — | 7.35× | ||
| Q2 24 | 1.81× | 3.07× | ||
| Q1 24 | 1.40× | 0.05× |
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% |
REZI
| ADI Global Distribution Segment | $1.2B | 62% |
| Safety And Security | $257.0M | 14% |
| Air | $211.0M | 11% |
| Energy Service | $153.0M | 8% |
| Public Utilities Inventory Water | $91.0M | 5% |
