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Side-by-side financial comparison of Air Products (APD) and TE Connectivity (TEL). Click either name above to swap in a different company.
TE Connectivity is the larger business by last-quarter revenue ($4.7B vs $3.2B, roughly 1.5× Air Products). Air Products runs the higher net margin — 22.9% vs 18.0%, a 4.8% gap on every dollar of revenue. On growth, TE Connectivity posted the faster year-over-year revenue change (14.5% vs 8.8%). Over the past eight quarters, TE Connectivity's revenue compounded faster (9.2% 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...
TE Connectivity plc is an American-Irish domiciled technology company that designs and manufactures electrical and electronic components. It serves several industries, including automotive, aerospace, defense, medical, and energy.
APD vs TEL — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.2B | $4.7B |
| Net Profit | $724.8M | $855.0M |
| Gross Margin | 31.1% | 36.8% |
| Operating Margin | — | 20.1% |
| Net Margin | 22.9% | 18.0% |
| Revenue YoY | 8.8% | 14.5% |
| Net Profit YoY | 166.6% | 58.0% |
| EPS (diluted) | $3.19 | $2.90 |
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 | $4.7B | ||
| Q4 25 | $3.1B | $4.7B | ||
| Q3 25 | $3.2B | $4.7B | ||
| Q2 25 | $3.0B | $4.5B | ||
| Q1 25 | $2.9B | $4.1B | ||
| Q4 24 | $2.9B | $3.8B | ||
| Q3 24 | $3.2B | $4.1B | ||
| Q2 24 | $3.0B | $4.0B |
| Q1 26 | $724.8M | $855.0M | ||
| Q4 25 | $678.2M | $750.0M | ||
| Q3 25 | $4.9M | $663.0M | ||
| Q2 25 | $713.8M | $638.0M | ||
| Q1 25 | $-1.7B | $13.0M | ||
| Q4 24 | $617.4M | $528.0M | ||
| Q3 24 | $1.9B | $276.0M | ||
| Q2 24 | $696.6M | $573.0M |
| Q1 26 | 31.1% | 36.8% | ||
| Q4 25 | 32.1% | 37.2% | ||
| Q3 25 | 32.3% | 35.0% | ||
| Q2 25 | 32.5% | 35.3% | ||
| Q1 25 | 29.6% | 35.2% | ||
| Q4 24 | 31.2% | 35.5% | ||
| Q3 24 | 34.0% | 34.0% | ||
| Q2 24 | 32.8% | 34.8% |
| Q1 26 | — | 20.1% | ||
| Q4 25 | 23.7% | 20.6% | ||
| Q3 25 | 0.5% | 19.3% | ||
| Q2 25 | 26.2% | 18.9% | ||
| Q1 25 | -79.8% | 18.1% | ||
| Q4 24 | 22.0% | 18.0% | ||
| Q3 24 | 76.1% | 16.0% | ||
| Q2 24 | 24.7% | 19.0% |
| Q1 26 | 22.9% | 18.0% | ||
| Q4 25 | 21.9% | 16.1% | ||
| Q3 25 | 0.2% | 14.0% | ||
| Q2 25 | 23.6% | 14.1% | ||
| Q1 25 | -59.3% | 0.3% | ||
| Q4 24 | 21.1% | 13.8% | ||
| Q3 24 | 61.2% | 6.8% | ||
| Q2 24 | 23.3% | 14.4% |
| Q1 26 | $3.19 | $2.90 | ||
| Q4 25 | $3.04 | $2.53 | ||
| Q3 25 | $0.03 | $2.23 | ||
| Q2 25 | $3.20 | $2.14 | ||
| Q1 25 | $-7.77 | $0.04 | ||
| Q4 24 | $2.77 | $1.75 | ||
| Q3 24 | $8.75 | $0.96 | ||
| Q2 24 | $3.13 | $1.86 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $1.1B |
| Total DebtLower is stronger | $17.4M | $5.7B |
| Stockholders' EquityBook value | $18.1M | $13.2B |
| Total Assets | $41.6M | $25.7B |
| Debt / EquityLower = less leverage | 0.96× | 0.43× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.1B | ||
| Q4 25 | $1.0B | $1.3B | ||
| Q3 25 | $1.9B | $1.3B | ||
| Q2 25 | $2.3B | $672.0M | ||
| Q1 25 | $1.6B | $2.6B | ||
| Q4 24 | $2.0B | $1.3B | ||
| Q3 24 | $3.0B | $1.3B | ||
| Q2 24 | $2.4B | $1.5B |
| Q1 26 | $17.4M | $5.7B | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $18.1M | $13.2B | ||
| Q4 25 | $15.4B | $13.0B | ||
| Q3 25 | $15.0B | $12.6B | ||
| Q2 25 | $15.5B | $12.4B | ||
| Q1 25 | $14.7B | $12.1B | ||
| Q4 24 | $16.7B | $12.4B | ||
| Q3 24 | $17.0B | $12.4B | ||
| Q2 24 | $15.1B | $12.6B |
| Q1 26 | $41.6M | $25.7B | ||
| Q4 25 | $41.2B | $25.6B | ||
| Q3 25 | $41.1B | $25.1B | ||
| Q2 25 | $41.7B | $24.9B | ||
| Q1 25 | $38.9B | $23.7B | ||
| Q4 24 | $40.0B | $22.4B | ||
| Q3 24 | $39.6B | $22.9B | ||
| Q2 24 | $37.0B | $22.9B |
| Q1 26 | 0.96× | 0.43× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $947.0M |
| Free Cash FlowOCF − Capex | — | $680.0M |
| FCF MarginFCF / Revenue | — | 14.3% |
| Capex IntensityCapex / Revenue | 56.4% | 5.7% |
| Cash ConversionOCF / Net Profit | — | 1.11× |
| TTM Free Cash FlowTrailing 4 quarters | — | $3.4B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $947.0M | ||
| Q4 25 | $900.7M | $865.0M | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | $855.8M | $1.2B | ||
| Q1 25 | $328.1M | $653.0M | ||
| Q4 24 | $811.7M | $878.0M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | $1.3B | $1.0B |
| Q1 26 | — | $680.0M | ||
| Q4 25 | $-350.5M | $607.0M | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | $-640.0M | $957.0M | ||
| Q1 25 | $-1.6B | $423.0M | ||
| Q4 24 | $-1.3B | $673.0M | ||
| Q3 24 | — | $829.0M | ||
| Q2 24 | $-345.2M | $857.0M |
| Q1 26 | — | 14.3% | ||
| Q4 25 | -11.3% | 13.0% | ||
| Q3 25 | — | 24.2% | ||
| Q2 25 | -21.2% | 21.1% | ||
| Q1 25 | -53.6% | 10.2% | ||
| Q4 24 | -44.5% | 17.5% | ||
| Q3 24 | — | 20.4% | ||
| Q2 24 | -11.6% | 21.5% |
| Q1 26 | 56.4% | 5.7% | ||
| Q4 25 | 40.3% | 5.5% | ||
| Q3 25 | 47.9% | 5.7% | ||
| Q2 25 | 49.5% | 5.1% | ||
| Q1 25 | 64.9% | 5.6% | ||
| Q4 24 | 72.2% | 5.3% | ||
| Q3 24 | 65.1% | 5.2% | ||
| Q2 24 | 53.8% | 3.7% |
| Q1 26 | — | 1.11× | ||
| Q4 25 | 1.33× | 1.15× | ||
| Q3 25 | — | 2.14× | ||
| Q2 25 | 1.20× | 1.86× | ||
| Q1 25 | — | 50.23× | ||
| Q4 24 | 1.31× | 1.66× | ||
| Q3 24 | — | 3.78× | ||
| Q2 24 | 1.81× | 1.76× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
