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Side-by-side financial comparison of Air Products (APD) and Toast, Inc. (TOST). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $1.6B, roughly 1.9× Toast, Inc.). Air Products runs the higher net margin — 21.9% vs 6.2%, a 15.7% gap on every dollar of revenue. On growth, Toast, Inc. posted the faster year-over-year revenue change (22.0% vs 5.8%). Toast, Inc. produced more free cash flow last quarter ($178.0M vs $-350.5M). Over the past eight quarters, Toast, Inc.'s revenue compounded faster (23.3% 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...
Toast, Inc. is an American cloud-based restaurant management software company based in Boston, Massachusetts. The company provides an all-in-one point of sale (POS) system built on the Android operating system.
APD vs TOST — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $1.6B |
| Net Profit | $678.2M | $101.0M |
| Gross Margin | 32.1% | 25.9% |
| Operating Margin | 23.7% | 5.2% |
| Net Margin | 21.9% | 6.2% |
| Revenue YoY | 5.8% | 22.0% |
| Net Profit YoY | 9.8% | 215.6% |
| EPS (diluted) | $3.04 | $0.18 |
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 | $1.6B | ||
| Q3 25 | $3.2B | $1.6B | ||
| Q2 25 | $3.0B | $1.6B | ||
| Q1 25 | $2.9B | $1.3B | ||
| Q4 24 | $2.9B | $1.3B | ||
| Q3 24 | $3.2B | $1.3B | ||
| Q2 24 | $3.0B | $1.2B | ||
| Q1 24 | $2.9B | $1.1B |
| Q4 25 | $678.2M | $101.0M | ||
| Q3 25 | $4.9M | $105.0M | ||
| Q2 25 | $713.8M | $80.0M | ||
| Q1 25 | $-1.7B | $56.0M | ||
| Q4 24 | $617.4M | $32.0M | ||
| Q3 24 | $1.9B | $56.0M | ||
| Q2 24 | $696.6M | $14.0M | ||
| Q1 24 | $572.4M | $-83.0M |
| Q4 25 | 32.1% | 25.9% | ||
| Q3 25 | 32.3% | 26.5% | ||
| Q2 25 | 32.5% | 25.3% | ||
| Q1 25 | 29.6% | 25.9% | ||
| Q4 24 | 31.2% | 24.9% | ||
| Q3 24 | 34.0% | 24.7% | ||
| Q2 24 | 32.8% | 23.0% | ||
| Q1 24 | 32.0% | 23.2% |
| Q4 25 | 23.7% | 5.2% | ||
| Q3 25 | 0.5% | 5.1% | ||
| Q2 25 | 26.2% | 5.2% | ||
| Q1 25 | -79.8% | 3.2% | ||
| Q4 24 | 22.0% | 2.5% | ||
| Q3 24 | 76.1% | 2.6% | ||
| Q2 24 | 24.7% | 0.4% | ||
| Q1 24 | 21.7% | -5.2% |
| Q4 25 | 21.9% | 6.2% | ||
| Q3 25 | 0.2% | 6.4% | ||
| Q2 25 | 23.6% | 5.2% | ||
| Q1 25 | -59.3% | 4.2% | ||
| Q4 24 | 21.1% | 2.4% | ||
| Q3 24 | 61.2% | 4.3% | ||
| Q2 24 | 23.3% | 1.1% | ||
| Q1 24 | 19.5% | -7.7% |
| Q4 25 | $3.04 | $0.18 | ||
| Q3 25 | $0.03 | $0.16 | ||
| Q2 25 | $3.20 | $0.13 | ||
| Q1 25 | $-7.77 | $0.09 | ||
| Q4 24 | $2.77 | $0.09 | ||
| Q3 24 | $8.75 | $0.07 | ||
| Q2 24 | $3.13 | $0.02 | ||
| Q1 24 | $2.57 | $-0.15 |
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 | $1.4B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.4B | $2.1B |
| Total Assets | $41.2B | $3.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $1.4B | ||
| Q3 25 | $1.9B | $1.4B | ||
| Q2 25 | $2.3B | $1.2B | ||
| Q1 25 | $1.6B | $1.0B | ||
| Q4 24 | $2.0B | $903.0M | ||
| Q3 24 | $3.0B | $761.0M | ||
| Q2 24 | $2.4B | $691.0M | ||
| Q1 24 | $2.6B | $578.0M |
| Q4 25 | $15.4B | $2.1B | ||
| Q3 25 | $15.0B | $2.0B | ||
| Q2 25 | $15.5B | $1.8B | ||
| Q1 25 | $14.7B | $1.7B | ||
| Q4 24 | $16.7B | $1.5B | ||
| Q3 24 | $17.0B | $1.4B | ||
| Q2 24 | $15.1B | $1.3B | ||
| Q1 24 | $14.9B | $1.2B |
| Q4 25 | $41.2B | $3.1B | ||
| Q3 25 | $41.1B | $3.0B | ||
| Q2 25 | $41.7B | $2.8B | ||
| Q1 25 | $38.9B | $2.6B | ||
| Q4 24 | $40.0B | $2.4B | ||
| Q3 24 | $39.6B | $2.2B | ||
| Q2 24 | $37.0B | $2.2B | ||
| Q1 24 | $35.9B | $2.1B |
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 | $194.0M |
| Free Cash FlowOCF − Capex | $-350.5M | $178.0M |
| FCF MarginFCF / Revenue | -11.3% | 10.9% |
| Capex IntensityCapex / Revenue | 40.3% | 1.0% |
| Cash ConversionOCF / Net Profit | 1.33× | 1.92× |
| TTM Free Cash FlowTrailing 4 quarters | — | $608.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $194.0M | ||
| Q3 25 | — | $165.0M | ||
| Q2 25 | $855.8M | $223.0M | ||
| Q1 25 | $328.1M | $79.0M | ||
| Q4 24 | $811.7M | $147.0M | ||
| Q3 24 | — | $109.0M | ||
| Q2 24 | $1.3B | $124.0M | ||
| Q1 24 | $801.7M | $-20.0M |
| Q4 25 | $-350.5M | $178.0M | ||
| Q3 25 | — | $153.0M | ||
| Q2 25 | $-640.0M | $208.0M | ||
| Q1 25 | $-1.6B | $69.0M | ||
| Q4 24 | $-1.3B | $134.0M | ||
| Q3 24 | — | $97.0M | ||
| Q2 24 | $-345.2M | $108.0M | ||
| Q1 24 | $-867.7M | $-33.0M |
| Q4 25 | -11.3% | 10.9% | ||
| Q3 25 | — | 9.4% | ||
| Q2 25 | -21.2% | 13.4% | ||
| Q1 25 | -53.6% | 5.2% | ||
| Q4 24 | -44.5% | 10.0% | ||
| Q3 24 | — | 7.4% | ||
| Q2 24 | -11.6% | 8.7% | ||
| Q1 24 | -29.6% | -3.1% |
| Q4 25 | 40.3% | 1.0% | ||
| Q3 25 | 47.9% | 0.7% | ||
| Q2 25 | 49.5% | 1.0% | ||
| Q1 25 | 64.9% | 0.7% | ||
| Q4 24 | 72.2% | 1.0% | ||
| Q3 24 | 65.1% | 0.9% | ||
| Q2 24 | 53.8% | 1.3% | ||
| Q1 24 | 57.0% | 1.2% |
| Q4 25 | 1.33× | 1.92× | ||
| Q3 25 | — | 1.57× | ||
| Q2 25 | 1.20× | 2.79× | ||
| Q1 25 | — | 1.41× | ||
| Q4 24 | 1.31× | 4.59× | ||
| Q3 24 | — | 1.95× | ||
| Q2 24 | 1.81× | 8.86× | ||
| 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% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
