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Side-by-side financial comparison of Air Products (APD) and Union Pacific Corporation (UNP). Click either name above to swap in a different company.
Union Pacific Corporation is the larger business by last-quarter revenue ($6.2B vs $3.2B, roughly 2.0× Air Products). Union Pacific Corporation runs the higher net margin — 27.4% vs 22.9%, a 4.5% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (8.8% vs 3.2%). Over the past eight quarters, Air Products's revenue compounded faster (3.1% CAGR vs 1.7%).
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...
The Union Pacific Railroad Company is a Class I freight-hauling railroad that operates 8,300 locomotives over 32,200 miles (51,800 km) routes in 23 U.S. states west of Chicago and New Orleans. Union Pacific is the second-largest railroad in the United States after BNSF.
APD vs UNP — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.2B | $6.2B |
| Net Profit | $724.8M | $1.7B |
| Gross Margin | 31.1% | — |
| Operating Margin | — | 39.5% |
| Net Margin | 22.9% | 27.4% |
| Revenue YoY | 8.8% | 3.2% |
| Net Profit YoY | 166.6% | -2.1% |
| EPS (diluted) | $3.19 | $2.87 |
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 | $6.2B | ||
| Q4 25 | $3.1B | $6.1B | ||
| Q3 25 | $3.2B | $6.2B | ||
| Q2 25 | $3.0B | $6.2B | ||
| Q1 25 | $2.9B | $6.0B | ||
| Q4 24 | $2.9B | $6.1B | ||
| Q3 24 | $3.2B | $6.1B | ||
| Q2 24 | $3.0B | $6.0B |
| Q1 26 | $724.8M | $1.7B | ||
| Q4 25 | $678.2M | $1.8B | ||
| Q3 25 | $4.9M | $1.8B | ||
| Q2 25 | $713.8M | $1.9B | ||
| Q1 25 | $-1.7B | $1.6B | ||
| Q4 24 | $617.4M | $1.8B | ||
| Q3 24 | $1.9B | $1.7B | ||
| Q2 24 | $696.6M | $1.7B |
| Q1 26 | 31.1% | — | ||
| 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 26 | — | 39.5% | ||
| Q4 25 | 23.7% | 39.5% | ||
| Q3 25 | 0.5% | 40.8% | ||
| Q2 25 | 26.2% | 41.0% | ||
| Q1 25 | -79.8% | 39.3% | ||
| Q4 24 | 22.0% | 41.3% | ||
| Q3 24 | 76.1% | 39.7% | ||
| Q2 24 | 24.7% | 40.0% |
| Q1 26 | 22.9% | 27.4% | ||
| Q4 25 | 21.9% | 30.4% | ||
| Q3 25 | 0.2% | 28.6% | ||
| Q2 25 | 23.6% | 30.5% | ||
| Q1 25 | -59.3% | 27.0% | ||
| Q4 24 | 21.1% | 28.8% | ||
| Q3 24 | 61.2% | 27.4% | ||
| Q2 24 | 23.3% | 27.9% |
| Q1 26 | $3.19 | $2.87 | ||
| Q4 25 | $3.04 | $3.12 | ||
| Q3 25 | $0.03 | $3.01 | ||
| Q2 25 | $3.20 | $3.15 | ||
| Q1 25 | $-7.77 | $2.70 | ||
| Q4 24 | $2.77 | $2.91 | ||
| Q3 24 | $8.75 | $2.75 | ||
| Q2 24 | $3.13 | $2.74 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $735.0M |
| Total DebtLower is stronger | $17.4M | — |
| Stockholders' EquityBook value | $18.1M | — |
| Total Assets | $41.6M | $69.6B |
| Debt / EquityLower = less leverage | 0.96× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $735.0M | ||
| Q4 25 | $1.0B | $1.3B | ||
| Q3 25 | $1.9B | $808.0M | ||
| Q2 25 | $2.3B | $1.1B | ||
| Q1 25 | $1.6B | $1.4B | ||
| Q4 24 | $2.0B | $1.0B | ||
| Q3 24 | $3.0B | $947.0M | ||
| Q2 24 | $2.4B | $1.1B |
| Q1 26 | $17.4M | — | ||
| Q4 25 | — | $30.3B | ||
| Q3 25 | — | $30.3B | ||
| Q2 25 | — | $30.3B | ||
| Q1 25 | — | $30.6B | ||
| Q4 24 | — | $29.8B | ||
| Q3 24 | — | $29.8B | ||
| Q2 24 | — | $31.2B |
| Q1 26 | $18.1M | — | ||
| Q4 25 | $15.4B | $18.5B | ||
| Q3 25 | $15.0B | $17.3B | ||
| Q2 25 | $15.5B | $16.3B | ||
| Q1 25 | $14.7B | $16.0B | ||
| Q4 24 | $16.7B | $16.9B | ||
| Q3 24 | $17.0B | $16.6B | ||
| Q2 24 | $15.1B | $16.5B |
| Q1 26 | $41.6M | $69.6B | ||
| Q4 25 | $41.2B | $69.7B | ||
| Q3 25 | $41.1B | $68.6B | ||
| Q2 25 | $41.7B | $68.6B | ||
| Q1 25 | $38.9B | $68.5B | ||
| Q4 24 | $40.0B | $67.7B | ||
| Q3 24 | $39.6B | $67.6B | ||
| Q2 24 | $37.0B | $67.8B |
| Q1 26 | 0.96× | — | ||
| Q4 25 | — | 1.64× | ||
| Q3 25 | — | 1.75× | ||
| Q2 25 | — | 1.86× | ||
| Q1 25 | — | 1.91× | ||
| Q4 24 | — | 1.76× | ||
| Q3 24 | — | 1.79× | ||
| Q2 24 | — | 1.89× |
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 | — | — |
| Free Cash FlowOCF − Capex | — | $631.0M |
| FCF MarginFCF / Revenue | — | 10.1% |
| Capex IntensityCapex / Revenue | 56.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $4.8B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $900.7M | $2.2B | ||
| Q3 25 | — | $2.5B | ||
| Q2 25 | $855.8M | $2.3B | ||
| Q1 25 | $328.1M | $2.2B | ||
| Q4 24 | $811.7M | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | $1.3B | $1.9B |
| Q1 26 | — | $631.0M | ||
| Q4 25 | $-350.5M | $1.2B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | $-640.0M | $1.4B | ||
| Q1 25 | $-1.6B | $1.3B | ||
| Q4 24 | $-1.3B | $1.7B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | $-345.2M | $1.0B |
| Q1 26 | — | 10.1% | ||
| Q4 25 | -11.3% | 20.1% | ||
| Q3 25 | — | 25.2% | ||
| Q2 25 | -21.2% | 22.7% | ||
| Q1 25 | -53.6% | 21.6% | ||
| Q4 24 | -44.5% | 28.4% | ||
| Q3 24 | — | 29.9% | ||
| Q2 24 | -11.6% | 16.8% |
| Q1 26 | 56.4% | — | ||
| Q4 25 | 40.3% | 16.4% | ||
| Q3 25 | 47.9% | 15.2% | ||
| Q2 25 | 49.5% | 15.2% | ||
| Q1 25 | 64.9% | 15.0% | ||
| Q4 24 | 72.2% | 15.1% | ||
| Q3 24 | 65.1% | 13.6% | ||
| Q2 24 | 53.8% | 15.0% |
| Q1 26 | — | — | ||
| Q4 25 | 1.33× | 1.20× | ||
| Q3 25 | — | 1.41× | ||
| Q2 25 | 1.20× | 1.24× | ||
| Q1 25 | — | 1.36× | ||
| Q4 24 | 1.31× | 1.51× | ||
| Q3 24 | — | 1.59× | ||
| Q2 24 | 1.81× | 1.14× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APD
Segment breakdown not available.
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
