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Air Products & Chemicals vs Cleveland-Cliffs: revenue, profit, margins and growth compared

Air Products & Chemicals brought in $12B of revenue in fiscal 2025, Cleveland-Cliffs $18.6B in fiscal 2025. Revenue changed by -0.5% at Air Products & Chemicals and -3.0% at Cleveland-Cliffs on the year before, so Air Products & Chemicals grew faster. Air Products & Chemicals kept -3.3% of its revenue as net profit, Cleveland-Cliffs -7.9%. Free cash flow was -$3.8B at Air Products & Chemicals and -$1B at Cleveland-Cliffs.

Side by side, latest fiscal year

APDCLF
Fiscal year endedFY2025 (September 30, 2025)FY2025 (December 31, 2025)
Revenue$12B$18.6B
Revenue growth-0.5%-3.0%
Net income-$394.5M-$1.5B
Net margin-3.3%-7.9%
Free cash flow-$3.8B-$1B
Free cash flow margin-31.3%-5.5%
Earnings per share (diluted)-$1.77-$2.91
Cash$1.9B$57M
Debt$17.7B$7.3B
Price to earningsn/an/a
Market value$62.7B$6.9B
Dividend yield2.53%n/a
Rank by revenue in sector#7 of 71 · Basic materials#4 of 71 · Basic materials

Over the years

Revenue
APD FY2018: $8.9BAPD FY2019: $8.9BAPD FY2020: $8.9BAPD FY2021: $10.3BAPD FY2022: $12.7BAPD FY2023: $12.6BAPD FY2024: $12.1BAPD FY2025: $12BCLF FY2018: $2.3BCLF FY2019: $2BCLF FY2020: $5.4BCLF FY2021: $20.4BCLF FY2022: $23BCLF FY2023: $22BCLF FY2024: $19.2BCLF FY2025: $18.6BFY18FY19FY20FY21FY22FY23FY24FY25
APD $12BCLF $18.6B
Net income
APD FY2018: $1.5BAPD FY2019: $1.8BAPD FY2020: $1.9BAPD FY2021: $2.1BAPD FY2022: $2.3BAPD FY2023: $2.3BAPD FY2024: $3.8BAPD FY2025: -$394.5MCLF FY2018: $1.1BCLF FY2019: $293MCLF FY2020: -$122MCLF FY2021: $3BCLF FY2022: $1.3BCLF FY2023: $385MCLF FY2024: -$760MCLF FY2025: -$1.5BFY18FY19FY20FY21FY22FY23FY24FY25
APD -$394.5MCLF -$1.5B
Net margin
APD FY2018: 16.8%APD FY2019: 19.7%APD FY2020: 21.3%APD FY2021: 20.3%APD FY2022: 17.8%APD FY2023: 18.3%APD FY2024: 31.6%APD FY2025: -3.3%CLF FY2018: 48.4%CLF FY2019: 14.7%CLF FY2020: -2.3%CLF FY2021: 14.6%CLF FY2022: 5.8%CLF FY2023: 1.8%CLF FY2024: -4.0%CLF FY2025: -7.9%FY18FY19FY20FY21FY22FY23FY24FY25
APD -3.3%CLF -7.9%
Revenue growth
APD FY2019: -0.1%APD FY2020: -0.7%APD FY2021: +16.6%APD FY2022: +23.0%APD FY2023: -0.8%APD FY2024: -4.0%APD FY2025: -0.5%CLF FY2019: -14.7%CLF FY2020: +169.0%CLF FY2021: +281.8%CLF FY2022: +12.4%CLF FY2023: -4.3%CLF FY2024: -12.8%CLF FY2025: -3.0%FY19FY20FY21FY22FY23FY24FY25
APD -0.5%CLF -3.0%
Free cash flow
APD FY2018: $978.8MAPD FY2019: $980.2MAPD FY2020: $755.7MAPD FY2021: $871MAPD FY2022: $244.1MAPD FY2023: -$1.4BAPD FY2024: -$3.2BAPD FY2025: -$3.8BCLF FY2018: $183MCLF FY2019: -$88MCLF FY2020: -$783MCLF FY2021: $2.1BCLF FY2022: $1.5BCLF FY2023: $1.6BCLF FY2024: -$590MCLF FY2025: -$1BFY18FY19FY20FY21FY22FY23FY24FY25
APD -$3.8BCLF -$1B

Fiscal years as each company reports them; the two may end in different months.

Questions about Air Products & Chemicals and Cleveland-Cliffs

Which is bigger by revenue, Air Products & Chemicals or Cleveland-Cliffs?

Cleveland-Cliffs is bigger by revenue: $18.6B in fiscal 2025, against $12B for Air Products & Chemicals in fiscal 2025.

Which keeps more of its revenue as profit, Air Products & Chemicals or Cleveland-Cliffs?

Air Products & Chemicals had a net margin of -3.3% in fiscal 2025; Cleveland-Cliffs had -7.9% in fiscal 2025.

Which grew revenue faster, Air Products & Chemicals or Cleveland-Cliffs?

In their latest fiscal years revenue changed by -0.5% at Air Products & Chemicals and -3.0% at Cleveland-Cliffs.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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