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Side-by-side financial comparison of Air Products (APD) and SHOPIFY INC. (SHOP). Click either name above to swap in a different company.
SHOPIFY INC. is the larger business by last-quarter revenue ($3.7B vs $3.1B, roughly 1.2× Air Products). Air Products runs the higher net margin — 21.9% vs 20.2%, a 1.6% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs 5.8%). SHOPIFY INC. produced more free cash flow last quarter ($715.0M vs $-350.5M). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% 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...
Shopify Inc., stylized as shopify, is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario that operates a platform for retail point-of-sale systems. The company has over 5 million customers and processed US$292.3 billion in transactions in 2024, of which 57% was in the United States. Major customers include Tesla, LVMH, Nestlé, PepsiCo, AB InBev, Kraft Heinz, Lindt, Whole Foods Market, Red Bull, and Hyatt.
APD vs SHOP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $3.7B |
| Net Profit | $678.2M | $743.0M |
| Gross Margin | 32.1% | 46.1% |
| Operating Margin | 23.7% | 17.2% |
| Net Margin | 21.9% | 20.2% |
| Revenue YoY | 5.8% | 30.6% |
| Net Profit YoY | 9.8% | -42.5% |
| EPS (diluted) | $3.04 | $0.58 |
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 | $3.7B | ||
| Q3 25 | $3.2B | $2.8B | ||
| Q2 25 | $3.0B | $2.7B | ||
| Q1 25 | $2.9B | $2.4B | ||
| Q4 24 | $2.9B | $2.8B | ||
| Q3 24 | $3.2B | $2.2B | ||
| Q2 24 | $3.0B | $2.0B | ||
| Q1 24 | $2.9B | $1.9B |
| Q4 25 | $678.2M | $743.0M | ||
| Q3 25 | $4.9M | $264.0M | ||
| Q2 25 | $713.8M | $906.0M | ||
| Q1 25 | $-1.7B | $-682.0M | ||
| Q4 24 | $617.4M | $1.3B | ||
| Q3 24 | $1.9B | $828.0M | ||
| Q2 24 | $696.6M | $171.0M | ||
| Q1 24 | $572.4M | $-273.0M |
| Q4 25 | 32.1% | 46.1% | ||
| Q3 25 | 32.3% | 48.9% | ||
| Q2 25 | 32.5% | 48.6% | ||
| Q1 25 | 29.6% | 49.5% | ||
| Q4 24 | 31.2% | 48.1% | ||
| Q3 24 | 34.0% | 51.7% | ||
| Q2 24 | 32.8% | 51.1% | ||
| Q1 24 | 32.0% | 51.4% |
| Q4 25 | 23.7% | 17.2% | ||
| Q3 25 | 0.5% | 12.1% | ||
| Q2 25 | 26.2% | 10.9% | ||
| Q1 25 | -79.8% | 8.6% | ||
| Q4 24 | 22.0% | 16.5% | ||
| Q3 24 | 76.1% | 13.1% | ||
| Q2 24 | 24.7% | 11.8% | ||
| Q1 24 | 21.7% | 4.6% |
| Q4 25 | 21.9% | 20.2% | ||
| Q3 25 | 0.2% | 9.3% | ||
| Q2 25 | 23.6% | 33.8% | ||
| Q1 25 | -59.3% | -28.9% | ||
| Q4 24 | 21.1% | 46.0% | ||
| Q3 24 | 61.2% | 38.3% | ||
| Q2 24 | 23.3% | 8.4% | ||
| Q1 24 | 19.5% | -14.7% |
| Q4 25 | $3.04 | $0.58 | ||
| Q3 25 | $0.03 | $0.20 | ||
| Q2 25 | $3.20 | $0.69 | ||
| Q1 25 | $-7.77 | $-0.53 | ||
| Q4 24 | $2.77 | $0.99 | ||
| Q3 24 | $8.75 | $0.64 | ||
| Q2 24 | $3.13 | $0.13 | ||
| Q1 24 | $2.57 | $-0.21 |
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 | $5.8B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.4B | $13.5B |
| Total Assets | $41.2B | $15.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $5.8B | ||
| Q3 25 | $1.9B | $6.3B | ||
| Q2 25 | $2.3B | $5.8B | ||
| Q1 25 | $1.6B | $5.5B | ||
| Q4 24 | $2.0B | $5.5B | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.6B | — |
| Q4 25 | $15.4B | $13.5B | ||
| Q3 25 | $15.0B | $12.5B | ||
| Q2 25 | $15.5B | $12.1B | ||
| Q1 25 | $14.7B | $11.1B | ||
| Q4 24 | $16.7B | $11.6B | ||
| Q3 24 | $17.0B | $10.1B | ||
| Q2 24 | $15.1B | $9.2B | ||
| Q1 24 | $14.9B | $8.9B |
| Q4 25 | $41.2B | $15.2B | ||
| Q3 25 | $41.1B | $15.0B | ||
| Q2 25 | $41.7B | $14.6B | ||
| Q1 25 | $38.9B | $13.4B | ||
| Q4 24 | $40.0B | $13.9B | ||
| Q3 24 | $39.6B | — | ||
| Q2 24 | $37.0B | — | ||
| Q1 24 | $35.9B | — |
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 | $725.0M |
| Free Cash FlowOCF − Capex | $-350.5M | $715.0M |
| FCF MarginFCF / Revenue | -11.3% | 19.5% |
| Capex IntensityCapex / Revenue | 40.3% | 0.3% |
| Cash ConversionOCF / Net Profit | 1.33× | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $725.0M | ||
| Q3 25 | — | $513.0M | ||
| Q2 25 | $855.8M | $428.0M | ||
| Q1 25 | $328.1M | $367.0M | ||
| Q4 24 | $811.7M | $615.0M | ||
| Q3 24 | — | $423.0M | ||
| Q2 24 | $1.3B | $340.0M | ||
| Q1 24 | $801.7M | $238.0M |
| Q4 25 | $-350.5M | $715.0M | ||
| Q3 25 | — | $507.0M | ||
| Q2 25 | $-640.0M | $422.0M | ||
| Q1 25 | $-1.6B | $363.0M | ||
| Q4 24 | $-1.3B | $611.0M | ||
| Q3 24 | — | $421.0M | ||
| Q2 24 | $-345.2M | $333.0M | ||
| Q1 24 | $-867.7M | $232.0M |
| Q4 25 | -11.3% | 19.5% | ||
| Q3 25 | — | 17.8% | ||
| Q2 25 | -21.2% | 15.7% | ||
| Q1 25 | -53.6% | 15.4% | ||
| Q4 24 | -44.5% | 21.7% | ||
| Q3 24 | — | 19.5% | ||
| Q2 24 | -11.6% | 16.3% | ||
| Q1 24 | -29.6% | 12.5% |
| Q4 25 | 40.3% | 0.3% | ||
| Q3 25 | 47.9% | 0.2% | ||
| Q2 25 | 49.5% | 0.2% | ||
| Q1 25 | 64.9% | 0.2% | ||
| Q4 24 | 72.2% | 0.1% | ||
| Q3 24 | 65.1% | 0.1% | ||
| Q2 24 | 53.8% | 0.3% | ||
| Q1 24 | 57.0% | 0.3% |
| Q4 25 | 1.33× | 0.98× | ||
| Q3 25 | — | 1.94× | ||
| Q2 25 | 1.20× | 0.47× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.31× | 0.48× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | 1.81× | 1.99× | ||
| 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% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
