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Side-by-side financial comparison of Air Products (APD) and UGI CORP (UGI). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $2.1B, roughly 1.5× UGI CORP). Air Products runs the higher net margin — 21.9% vs 14.4%, a 7.5% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs 3.9%). UGI CORP produced more free cash flow last quarter ($-155.0M vs $-350.5M). Over the past eight quarters, Air Products's revenue compounded faster (2.9% CAGR vs -7.5%).
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...
UGI Corporation is a natural gas and electric power distribution company headquartered in King of Prussia, Pennsylvania, with extensive operations in the United States and Europe.
APD vs UGI — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $2.1B |
| Net Profit | $678.2M | $297.0M |
| Gross Margin | 32.1% | — |
| Operating Margin | 23.7% | 22.0% |
| Net Margin | 21.9% | 14.4% |
| Revenue YoY | 5.8% | 3.9% |
| Net Profit YoY | 9.8% | -20.8% |
| EPS (diluted) | $3.04 | $1.34 |
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 | $2.1B | ||
| Q3 25 | $3.2B | $1.2B | ||
| Q2 25 | $3.0B | $1.4B | ||
| Q1 25 | $2.9B | $2.6B | ||
| Q4 24 | $2.9B | $2.0B | ||
| Q3 24 | $3.2B | $1.2B | ||
| Q2 24 | $3.0B | $1.4B | ||
| Q1 24 | $2.9B | $2.4B |
| Q4 25 | $678.2M | $297.0M | ||
| Q3 25 | $4.9M | $-13.0M | ||
| Q2 25 | $713.8M | $-163.0M | ||
| Q1 25 | $-1.7B | $479.0M | ||
| Q4 24 | $617.4M | $375.0M | ||
| Q3 24 | $1.9B | $-273.0M | ||
| Q2 24 | $696.6M | $-48.0M | ||
| Q1 24 | $572.4M | $496.0M |
| 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 24 | 32.0% | — |
| Q4 25 | 23.7% | 22.0% | ||
| Q3 25 | 0.5% | 1.1% | ||
| Q2 25 | 26.2% | -6.8% | ||
| Q1 25 | -79.8% | 26.6% | ||
| Q4 24 | 22.0% | 24.5% | ||
| Q3 24 | 76.1% | -20.4% | ||
| Q2 24 | 24.7% | 5.0% | ||
| Q1 24 | 21.7% | 29.7% |
| Q4 25 | 21.9% | 14.4% | ||
| Q3 25 | 0.2% | -1.1% | ||
| Q2 25 | 23.6% | -12.0% | ||
| Q1 25 | -59.3% | 18.2% | ||
| Q4 24 | 21.1% | 18.9% | ||
| Q3 24 | 61.2% | -22.6% | ||
| Q2 24 | 23.3% | -3.6% | ||
| Q1 24 | 19.5% | 20.6% |
| Q4 25 | $3.04 | $1.34 | ||
| Q3 25 | $0.03 | $-0.08 | ||
| Q2 25 | $3.20 | $-0.76 | ||
| Q1 25 | $-7.77 | $2.19 | ||
| Q4 24 | $2.77 | $1.74 | ||
| Q3 24 | $8.75 | $-1.26 | ||
| Q2 24 | $3.13 | $-0.23 | ||
| Q1 24 | $2.57 | $2.30 |
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 | $251.0M |
| Total DebtLower is stronger | — | $6.0B |
| Stockholders' EquityBook value | $15.4B | $5.0B |
| Total Assets | $41.2B | $15.8B |
| Debt / EquityLower = less leverage | — | 1.19× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $251.0M | ||
| Q3 25 | $1.9B | $335.0M | ||
| Q2 25 | $2.3B | $350.0M | ||
| Q1 25 | $1.6B | $426.0M | ||
| Q4 24 | $2.0B | $240.0M | ||
| Q3 24 | $3.0B | $213.0M | ||
| Q2 24 | $2.4B | $183.0M | ||
| Q1 24 | $2.6B | $263.0M |
| Q4 25 | — | $6.0B | ||
| Q3 25 | — | $6.5B | ||
| Q2 25 | — | $5.7B | ||
| Q1 25 | — | $6.6B | ||
| Q4 24 | — | $6.6B | ||
| Q3 24 | — | $6.4B | ||
| Q2 24 | — | $6.3B | ||
| Q1 24 | — | $6.7B |
| Q4 25 | $15.4B | $5.0B | ||
| Q3 25 | $15.0B | $4.8B | ||
| Q2 25 | $15.5B | $4.9B | ||
| Q1 25 | $14.7B | $5.0B | ||
| Q4 24 | $16.7B | $4.6B | ||
| Q3 24 | $17.0B | $4.3B | ||
| Q2 24 | $15.1B | $4.7B | ||
| Q1 24 | $14.9B | $4.8B |
| Q4 25 | $41.2B | $15.8B | ||
| Q3 25 | $41.1B | $15.5B | ||
| Q2 25 | $41.7B | $15.4B | ||
| Q1 25 | $38.9B | $15.7B | ||
| Q4 24 | $40.0B | $15.4B | ||
| Q3 24 | $39.6B | $15.1B | ||
| Q2 24 | $37.0B | $15.1B | ||
| Q1 24 | $35.9B | $15.6B |
| Q4 25 | — | 1.19× | ||
| Q3 25 | — | 1.37× | ||
| Q2 25 | — | 1.17× | ||
| Q1 25 | — | 1.32× | ||
| Q4 24 | — | 1.44× | ||
| Q3 24 | — | 1.48× | ||
| Q2 24 | — | 1.34× | ||
| Q1 24 | — | 1.40× |
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 | $66.0M |
| Free Cash FlowOCF − Capex | $-350.5M | $-155.0M |
| FCF MarginFCF / Revenue | -11.3% | -7.5% |
| Capex IntensityCapex / Revenue | 40.3% | 10.7% |
| Cash ConversionOCF / Net Profit | 1.33× | 0.22× |
| TTM Free Cash FlowTrailing 4 quarters | — | $282.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $66.0M | ||
| Q3 25 | — | $90.0M | ||
| Q2 25 | $855.8M | $289.0M | ||
| Q1 25 | $328.1M | $684.0M | ||
| Q4 24 | $811.7M | $164.0M | ||
| Q3 24 | — | $151.0M | ||
| Q2 24 | $1.3B | $390.0M | ||
| Q1 24 | $801.7M | $522.0M |
| Q4 25 | $-350.5M | $-155.0M | ||
| Q3 25 | — | $-168.0M | ||
| Q2 25 | $-640.0M | $67.0M | ||
| Q1 25 | $-1.6B | $538.0M | ||
| Q4 24 | $-1.3B | $-47.0M | ||
| Q3 24 | — | $-115.0M | ||
| Q2 24 | $-345.2M | $185.0M | ||
| Q1 24 | $-867.7M | $353.0M |
| Q4 25 | -11.3% | -7.5% | ||
| Q3 25 | — | -14.4% | ||
| Q2 25 | -21.2% | 4.9% | ||
| Q1 25 | -53.6% | 20.4% | ||
| Q4 24 | -44.5% | -2.4% | ||
| Q3 24 | — | -9.5% | ||
| Q2 24 | -11.6% | 13.7% | ||
| Q1 24 | -29.6% | 14.6% |
| Q4 25 | 40.3% | 10.7% | ||
| Q3 25 | 47.9% | 22.1% | ||
| Q2 25 | 49.5% | 16.3% | ||
| Q1 25 | 64.9% | 5.5% | ||
| Q4 24 | 72.2% | 10.6% | ||
| Q3 24 | 65.1% | 22.0% | ||
| Q2 24 | 53.8% | 15.2% | ||
| Q1 24 | 57.0% | 7.0% |
| Q4 25 | 1.33× | 0.22× | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | — | 1.43× | ||
| Q4 24 | 1.31× | 0.44× | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.81× | — | ||
| Q1 24 | 1.40× | 1.05× |
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% |
UGI
Segment breakdown not available.
