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Side-by-side financial comparison of Air Products (APD) and XPO, Inc. (XPO). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $2.0B, roughly 1.5× XPO, Inc.). Air Products runs the higher net margin — 21.9% vs 2.9%, a 18.9% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs 4.7%). Over the past eight quarters, Air Products's revenue compounded faster (2.9% CAGR vs -0.1%).
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...
XPO, Inc., formerly XPO Logistics, is an American transportation company that conducts less-than-truckload shipping in North America. The company has headquarters in Greenwich, Connecticut, and has 592 locations globally. XPO is the second largest provider of less-than-truckload (LTL) services in North America, operating in 99 percent of all U.S. postal codes.
APD vs XPO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $2.0B |
| Net Profit | $678.2M | $59.0M |
| Gross Margin | 32.1% | — |
| Operating Margin | 23.7% | 7.1% |
| Net Margin | 21.9% | 2.9% |
| Revenue YoY | 5.8% | 4.7% |
| Net Profit YoY | 9.8% | -21.3% |
| EPS (diluted) | $3.04 | $0.49 |
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 | $2.0B | ||
| Q3 25 | $3.2B | $2.1B | ||
| Q2 25 | $3.0B | $2.1B | ||
| Q1 25 | $2.9B | $2.0B | ||
| Q4 24 | $2.9B | $1.9B | ||
| Q3 24 | $3.2B | $2.1B | ||
| Q2 24 | $3.0B | $2.1B | ||
| Q1 24 | $2.9B | $2.0B |
| Q4 25 | $678.2M | $59.0M | ||
| Q3 25 | $4.9M | $82.0M | ||
| Q2 25 | $713.8M | $106.0M | ||
| Q1 25 | $-1.7B | $69.0M | ||
| Q4 24 | $617.4M | $75.0M | ||
| Q3 24 | $1.9B | $95.0M | ||
| Q2 24 | $696.6M | $150.0M | ||
| Q1 24 | $572.4M | $67.0M |
| 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% | 7.1% | ||
| Q3 25 | 0.5% | 7.8% | ||
| Q2 25 | 26.2% | 9.5% | ||
| Q1 25 | -79.8% | 7.7% | ||
| Q4 24 | 22.0% | 7.8% | ||
| Q3 24 | 76.1% | 8.6% | ||
| Q2 24 | 24.7% | 9.5% | ||
| Q1 24 | 21.7% | 6.8% |
| Q4 25 | 21.9% | 2.9% | ||
| Q3 25 | 0.2% | 3.9% | ||
| Q2 25 | 23.6% | 5.1% | ||
| Q1 25 | -59.3% | 3.5% | ||
| Q4 24 | 21.1% | 3.9% | ||
| Q3 24 | 61.2% | 4.6% | ||
| Q2 24 | 23.3% | 7.2% | ||
| Q1 24 | 19.5% | 3.3% |
| Q4 25 | $3.04 | $0.49 | ||
| Q3 25 | $0.03 | $0.68 | ||
| Q2 25 | $3.20 | $0.89 | ||
| Q1 25 | $-7.77 | $0.58 | ||
| Q4 24 | $2.77 | $0.63 | ||
| Q3 24 | $8.75 | $0.79 | ||
| Q2 24 | $3.13 | $1.25 | ||
| Q1 24 | $2.57 | $0.56 |
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 | $310.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.4B | $1.9B |
| Total Assets | $41.2B | $8.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $310.0M | ||
| Q3 25 | $1.9B | $335.0M | ||
| Q2 25 | $2.3B | $225.0M | ||
| Q1 25 | $1.6B | $212.0M | ||
| Q4 24 | $2.0B | $246.0M | ||
| Q3 24 | $3.0B | $378.0M | ||
| Q2 24 | $2.4B | $250.0M | ||
| Q1 24 | $2.6B | $229.0M |
| Q4 25 | $15.4B | $1.9B | ||
| Q3 25 | $15.0B | $1.8B | ||
| Q2 25 | $15.5B | $1.8B | ||
| Q1 25 | $14.7B | $1.6B | ||
| Q4 24 | $16.7B | $1.6B | ||
| Q3 24 | $17.0B | $1.6B | ||
| Q2 24 | $15.1B | $1.5B | ||
| Q1 24 | $14.9B | $1.3B |
| Q4 25 | $41.2B | $8.2B | ||
| Q3 25 | $41.1B | $8.2B | ||
| Q2 25 | $41.7B | $8.1B | ||
| Q1 25 | $38.9B | $7.9B | ||
| Q4 24 | $40.0B | $7.7B | ||
| Q3 24 | $39.6B | $7.9B | ||
| Q2 24 | $37.0B | $7.7B | ||
| Q1 24 | $35.9B | $7.6B |
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 | — |
| Free Cash FlowOCF − Capex | $-350.5M | — |
| FCF MarginFCF / Revenue | -11.3% | — |
| Capex IntensityCapex / Revenue | 40.3% | 5.3% |
| Cash ConversionOCF / Net Profit | 1.33× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | — | ||
| Q3 25 | — | $371.0M | ||
| Q2 25 | $855.8M | $247.0M | ||
| Q1 25 | $328.1M | $142.0M | ||
| Q4 24 | $811.7M | $189.0M | ||
| Q3 24 | — | $264.0M | ||
| Q2 24 | $1.3B | $210.0M | ||
| Q1 24 | $801.7M | $145.0M |
| Q4 25 | $-350.5M | — | ||
| Q3 25 | — | $215.0M | ||
| Q2 25 | $-640.0M | $51.0M | ||
| Q1 25 | $-1.6B | $-57.0M | ||
| Q4 24 | $-1.3B | $23.0M | ||
| Q3 24 | — | $137.0M | ||
| Q2 24 | $-345.2M | $20.0M | ||
| Q1 24 | $-867.7M | $-161.0M |
| Q4 25 | -11.3% | — | ||
| Q3 25 | — | 10.2% | ||
| Q2 25 | -21.2% | 2.5% | ||
| Q1 25 | -53.6% | -2.9% | ||
| Q4 24 | -44.5% | 1.2% | ||
| Q3 24 | — | 6.7% | ||
| Q2 24 | -11.6% | 1.0% | ||
| Q1 24 | -29.6% | -8.0% |
| Q4 25 | 40.3% | 5.3% | ||
| Q3 25 | 47.9% | 7.4% | ||
| Q2 25 | 49.5% | 9.4% | ||
| Q1 25 | 64.9% | 10.2% | ||
| Q4 24 | 72.2% | 8.6% | ||
| Q3 24 | 65.1% | 6.2% | ||
| Q2 24 | 53.8% | 9.1% | ||
| Q1 24 | 57.0% | 15.2% |
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | 4.52× | ||
| Q2 25 | 1.20× | 2.33× | ||
| Q1 25 | — | 2.06× | ||
| Q4 24 | 1.31× | 2.52× | ||
| Q3 24 | — | 2.78× | ||
| Q2 24 | 1.81× | 1.40× | ||
| Q1 24 | 1.40× | 2.16× |
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% |
XPO
| North American LTL | $1.2B | 58% |
| European Transportation | $844.0M | 42% |
