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Side-by-side financial comparison of Air Products (APD) and Molson Coors Beverage Company (TAP). Click either name above to swap in a different company.
Molson Coors Beverage Company is the larger business by last-quarter revenue ($3.1B vs $3.1B, roughly 1.0× Air Products). Air Products runs the higher net margin — 21.9% vs 7.6%, a 14.2% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs -3.6%). Molson Coors Beverage Company produced more free cash flow last quarter ($357.8M vs $-350.5M). Over the past eight quarters, Air Products's revenue compounded faster (2.9% CAGR vs 1.2%).
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...
Molson Coors Beverage Company is a Canadian-American multinational drink and brewing company headquartered in Chicago, Illinois and Montreal, Quebec.
APD vs TAP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $3.1B |
| Net Profit | $678.2M | $238.3M |
| Gross Margin | 32.1% | 31.0% |
| Operating Margin | 23.7% | 10.4% |
| Net Margin | 21.9% | 7.6% |
| Revenue YoY | 5.8% | -3.6% |
| Net Profit YoY | 9.8% | -17.2% |
| EPS (diluted) | $3.04 | $1.32 |
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 | $3.1B | ||
| Q3 25 | $3.2B | $3.5B | ||
| Q2 25 | $3.0B | $3.7B | ||
| Q1 25 | $2.9B | $2.7B | ||
| Q4 24 | $2.9B | $3.2B | ||
| Q3 24 | $3.2B | $3.6B | ||
| Q2 24 | $3.0B | $3.8B | ||
| Q1 24 | $2.9B | $3.0B |
| Q4 25 | $678.2M | $238.3M | ||
| Q3 25 | $4.9M | $-2.9B | ||
| Q2 25 | $713.8M | $428.7M | ||
| Q1 25 | $-1.7B | $121.0M | ||
| Q4 24 | $617.4M | $287.8M | ||
| Q3 24 | $1.9B | $199.8M | ||
| Q2 24 | $696.6M | $427.0M | ||
| Q1 24 | $572.4M | $207.8M |
| Q4 25 | 32.1% | 31.0% | ||
| Q3 25 | 32.3% | 33.7% | ||
| Q2 25 | 32.5% | 34.3% | ||
| Q1 25 | 29.6% | 31.6% | ||
| Q4 24 | 31.2% | 32.0% | ||
| Q3 24 | 34.0% | 33.4% | ||
| Q2 24 | 32.8% | 34.6% | ||
| Q1 24 | 32.0% | 31.6% |
| Q4 25 | 23.7% | 10.4% | ||
| Q3 25 | 0.5% | -98.5% | ||
| Q2 25 | 26.2% | 15.6% | ||
| Q1 25 | -79.8% | 6.9% | ||
| Q4 24 | 22.0% | 12.0% | ||
| Q3 24 | 76.1% | 12.5% | ||
| Q2 24 | 24.7% | 15.6% | ||
| Q1 24 | 21.7% | 10.3% |
| Q4 25 | 21.9% | 7.6% | ||
| Q3 25 | 0.2% | -84.0% | ||
| Q2 25 | 23.6% | 11.5% | ||
| Q1 25 | -59.3% | 4.5% | ||
| Q4 24 | 21.1% | 8.9% | ||
| Q3 24 | 61.2% | 5.5% | ||
| Q2 24 | 23.3% | 11.1% | ||
| Q1 24 | 19.5% | 6.8% |
| Q4 25 | $3.04 | $1.32 | ||
| Q3 25 | $0.03 | $-14.79 | ||
| Q2 25 | $3.20 | $2.13 | ||
| Q1 25 | $-7.77 | $0.59 | ||
| Q4 24 | $2.77 | $1.39 | ||
| Q3 24 | $8.75 | $0.96 | ||
| Q2 24 | $3.13 | $2.03 | ||
| Q1 24 | $2.57 | $0.97 |
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 | $896.5M |
| Total DebtLower is stronger | — | $6.3B |
| Stockholders' EquityBook value | $15.4B | $10.2B |
| Total Assets | $41.2B | $22.7B |
| Debt / EquityLower = less leverage | — | 0.61× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $896.5M | ||
| Q3 25 | $1.9B | $950.2M | ||
| Q2 25 | $2.3B | $613.8M | ||
| Q1 25 | $1.6B | $412.7M | ||
| Q4 24 | $2.0B | $969.3M | ||
| Q3 24 | $3.0B | $1.0B | ||
| Q2 24 | $2.4B | $1.6B | ||
| Q1 24 | $2.6B | $458.4M |
| Q4 25 | — | $6.3B | ||
| Q3 25 | — | $6.3B | ||
| Q2 25 | — | $6.3B | ||
| Q1 25 | — | $6.2B | ||
| Q4 24 | — | $6.1B | ||
| Q3 24 | — | $6.2B | ||
| Q2 24 | — | $7.0B | ||
| Q1 24 | — | $6.2B |
| Q4 25 | $15.4B | $10.2B | ||
| Q3 25 | $15.0B | $10.3B | ||
| Q2 25 | $15.5B | $13.4B | ||
| Q1 25 | $14.7B | $13.1B | ||
| Q4 24 | $16.7B | $13.1B | ||
| Q3 24 | $17.0B | $13.3B | ||
| Q2 24 | $15.1B | $13.2B | ||
| Q1 24 | $14.9B | $13.1B |
| Q4 25 | $41.2B | $22.7B | ||
| Q3 25 | $41.1B | $22.9B | ||
| Q2 25 | $41.7B | $26.8B | ||
| Q1 25 | $38.9B | $25.9B | ||
| Q4 24 | $40.0B | $26.1B | ||
| Q3 24 | $39.6B | $26.6B | ||
| Q2 24 | $37.0B | $27.4B | ||
| Q1 24 | $35.9B | $26.1B |
| Q4 25 | — | 0.61× | ||
| Q3 25 | — | 0.61× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.47× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.47× |
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 | $540.7M |
| Free Cash FlowOCF − Capex | $-350.5M | $357.8M |
| FCF MarginFCF / Revenue | -11.3% | 11.4% |
| Capex IntensityCapex / Revenue | 40.3% | 5.9% |
| Cash ConversionOCF / Net Profit | 1.33× | 2.27× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $540.7M | ||
| Q3 25 | — | $616.1M | ||
| Q2 25 | $855.8M | $718.3M | ||
| Q1 25 | $328.1M | $-90.7M | ||
| Q4 24 | $811.7M | $494.5M | ||
| Q3 24 | — | $521.2M | ||
| Q2 24 | $1.3B | $869.2M | ||
| Q1 24 | $801.7M | $25.4M |
| Q4 25 | $-350.5M | $357.8M | ||
| Q3 25 | — | $483.0M | ||
| Q2 25 | $-640.0M | $555.0M | ||
| Q1 25 | $-1.6B | $-328.0M | ||
| Q4 24 | $-1.3B | $383.4M | ||
| Q3 24 | — | $350.4M | ||
| Q2 24 | $-345.2M | $691.7M | ||
| Q1 24 | $-867.7M | $-189.3M |
| Q4 25 | -11.3% | 11.4% | ||
| Q3 25 | — | 13.9% | ||
| Q2 25 | -21.2% | 14.8% | ||
| Q1 25 | -53.6% | -12.2% | ||
| Q4 24 | -44.5% | 11.8% | ||
| Q3 24 | — | 9.7% | ||
| Q2 24 | -11.6% | 18.0% | ||
| Q1 24 | -29.6% | -6.2% |
| Q4 25 | 40.3% | 5.9% | ||
| Q3 25 | 47.9% | 3.8% | ||
| Q2 25 | 49.5% | 4.4% | ||
| Q1 25 | 64.9% | 8.8% | ||
| Q4 24 | 72.2% | 3.4% | ||
| Q3 24 | 65.1% | 4.7% | ||
| Q2 24 | 53.8% | 4.6% | ||
| Q1 24 | 57.0% | 7.0% |
| Q4 25 | 1.33× | 2.27× | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.20× | 1.68× | ||
| Q1 25 | — | -0.75× | ||
| Q4 24 | 1.31× | 1.72× | ||
| Q3 24 | — | 2.61× | ||
| Q2 24 | 1.81× | 2.04× | ||
| Q1 24 | 1.40× | 0.12× |
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% |
TAP
Segment breakdown not available.
