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Side-by-side financial comparison of Air Products (APD) and RENAISSANCERE HOLDINGS LTD (RNR). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $2.2B, roughly 1.4× RENAISSANCERE HOLDINGS LTD). RENAISSANCERE HOLDINGS LTD runs the higher net margin — 23.5% vs 21.9%, a 1.6% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs -36.8%). Over the past eight quarters, Air Products's revenue compounded faster (2.9% CAGR vs -11.9%).
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...
RenaissanceRe Holdings Ltd is a Bermudian provider of reinsurance, insurance and other related business services. The company operates in reinsurance, insurance and ventures.
APD vs RNR — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $2.2B |
| Net Profit | $678.2M | $515.8M |
| Gross Margin | 32.1% | — |
| Operating Margin | 23.7% | — |
| Net Margin | 21.9% | 23.5% |
| Revenue YoY | 5.8% | -36.8% |
| Net Profit YoY | 9.8% | 72.6% |
| EPS (diluted) | $3.04 | $6.57 |
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 | — | $2.2B | ||
| Q4 25 | $3.1B | $3.0B | ||
| Q3 25 | $3.2B | $3.2B | ||
| Q2 25 | $3.0B | $3.2B | ||
| Q1 25 | $2.9B | $3.5B | ||
| Q4 24 | $2.9B | $2.3B | ||
| Q3 24 | $3.2B | $4.0B | ||
| Q2 24 | $3.0B | $2.8B |
| Q1 26 | — | $515.8M | ||
| Q4 25 | $678.2M | $760.5M | ||
| Q3 25 | $4.9M | $916.5M | ||
| Q2 25 | $713.8M | $835.4M | ||
| Q1 25 | $-1.7B | $170.0M | ||
| Q4 24 | $617.4M | $-189.7M | ||
| Q3 24 | $1.9B | $1.2B | ||
| Q2 24 | $696.6M | $503.9M |
| Q1 26 | — | — | ||
| Q4 25 | 32.1% | — | ||
| Q3 25 | 32.3% | — | ||
| Q2 25 | 32.5% | — | ||
| Q1 25 | 29.6% | — | ||
| Q4 24 | 31.2% | — | ||
| Q3 24 | 34.0% | — | ||
| Q2 24 | 32.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | 23.7% | 42.5% | ||
| Q3 25 | 0.5% | 46.3% | ||
| Q2 25 | 26.2% | 41.8% | ||
| Q1 25 | -79.8% | -2.0% | ||
| Q4 24 | 22.0% | -3.6% | ||
| Q3 24 | 76.1% | 43.7% | ||
| Q2 24 | 24.7% | 25.0% |
| Q1 26 | — | 23.5% | ||
| Q4 25 | 21.9% | 25.6% | ||
| Q3 25 | 0.2% | 28.7% | ||
| Q2 25 | 23.6% | 26.1% | ||
| Q1 25 | -59.3% | 4.9% | ||
| Q4 24 | 21.1% | -8.3% | ||
| Q3 24 | 61.2% | 29.8% | ||
| Q2 24 | 23.3% | 17.8% |
| Q1 26 | — | $6.57 | ||
| Q4 25 | $3.04 | $16.16 | ||
| Q3 25 | $0.03 | $19.40 | ||
| Q2 25 | $3.20 | $17.20 | ||
| Q1 25 | $-7.77 | $3.27 | ||
| Q4 24 | $2.77 | $-3.76 | ||
| Q3 24 | $8.75 | $22.62 | ||
| Q2 24 | $3.13 | $9.41 |
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 | $1.6B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.4B | $4.3B |
| Total Assets | $41.2B | $53.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.6B | ||
| Q4 25 | $1.0B | $1.7B | ||
| Q3 25 | $1.9B | $1.7B | ||
| Q2 25 | $2.3B | $1.4B | ||
| Q1 25 | $1.6B | $1.6B | ||
| Q4 24 | $2.0B | $1.7B | ||
| Q3 24 | $3.0B | $1.6B | ||
| Q2 24 | $2.4B | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $2.0B |
| Q1 26 | — | $4.3B | ||
| Q4 25 | $15.4B | $11.6B | ||
| Q3 25 | $15.0B | $11.5B | ||
| Q2 25 | $15.5B | $10.8B | ||
| Q1 25 | $14.7B | $10.3B | ||
| Q4 24 | $16.7B | $10.6B | ||
| Q3 24 | $17.0B | $11.2B | ||
| Q2 24 | $15.1B | $10.2B |
| Q1 26 | — | $53.7B | ||
| Q4 25 | $41.2B | $53.8B | ||
| Q3 25 | $41.1B | $54.5B | ||
| Q2 25 | $41.7B | $54.7B | ||
| Q1 25 | $38.9B | $53.6B | ||
| Q4 24 | $40.0B | $50.7B | ||
| Q3 24 | $39.6B | $52.8B | ||
| Q2 24 | $37.0B | $51.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.20× | ||
| Q3 25 | — | 0.19× | ||
| Q2 25 | — | 0.21× | ||
| Q1 25 | — | 0.27× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.17× | ||
| Q2 24 | — | 0.19× |
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 | — |
| Free Cash FlowOCF − Capex | $-350.5M | — |
| FCF MarginFCF / Revenue | -11.3% | — |
| Capex IntensityCapex / Revenue | 40.3% | — |
| Cash ConversionOCF / Net Profit | 1.33× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $900.7M | $483.0M | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | $855.8M | $1.5B | ||
| Q1 25 | $328.1M | $157.8M | ||
| Q4 24 | $811.7M | $778.9M | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | $1.3B | $1.2B |
| 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 | — | — | ||
| 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× | 0.64× | ||
| Q3 25 | — | 1.73× | ||
| Q2 25 | 1.20× | 1.76× | ||
| Q1 25 | — | 0.93× | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | — | 1.26× | ||
| Q2 24 | 1.81× | 2.41× |
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% |
RNR
Segment breakdown not available.
