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Air Products & Chemicals vs Tronox: revenue, profit, margins and growth compared

Air Products & Chemicals brought in $12B of revenue in fiscal 2025, Tronox $2.9B in fiscal 2025. Revenue changed by -0.5% at Air Products & Chemicals and -5.7% at Tronox on the year before, so Air Products & Chemicals grew faster. Air Products & Chemicals kept -3.3% of its revenue as net profit, Tronox -16.2%. Free cash flow was -$3.8B at Air Products & Chemicals and -$281M at Tronox.

Side by side, latest fiscal year

APDTROX
Fiscal year endedFY2025 (September 30, 2025)FY2025 (December 31, 2025)
Revenue$12B$2.9B
Revenue growth-0.5%-5.7%
Net income-$394.5M-$470M
Net margin-3.3%-16.2%
Free cash flow-$3.8B-$281M
Free cash flow margin-31.3%-9.7%
Earnings per share (diluted)-$1.77-$2.97
Cash$1.9B$199M
Debt$17.7B$39M
Price to earningsn/an/a
Market value$62.7B$643.6M
Dividend yield2.53%8.68%
Rank by revenue in sector#7 of 71 · Basic materials#17 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: $12BTROX FY2018: $1.8BTROX FY2019: $2.6BTROX FY2020: $2.8BTROX FY2021: $3.6BTROX FY2022: $3.5BTROX FY2023: $2.9BTROX FY2024: $3.1BTROX FY2025: $2.9BFY18FY19FY20FY21FY22FY23FY24FY25
APD $12BTROX $2.9B
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: -$394.5MTROX FY2018: -$7MTROX FY2019: -$109MTROX FY2020: $969MTROX FY2021: $286MTROX FY2022: $497MTROX FY2023: -$316MTROX FY2024: -$48MTROX FY2025: -$470MFY18FY19FY20FY21FY22FY23FY24FY25
APD -$394.5MTROX -$470M
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%TROX FY2018: -0.4%TROX FY2019: -4.1%TROX FY2020: 35.1%TROX FY2021: 8.0%TROX FY2022: 14.4%TROX FY2023: -11.1%TROX FY2024: -1.6%TROX FY2025: -16.2%FY18FY19FY20FY21FY22FY23FY24FY25
APD -3.3%TROX -16.2%
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%TROX FY2019: +45.2%TROX FY2020: +4.4%TROX FY2021: +29.5%TROX FY2022: -3.3%TROX FY2023: -17.5%TROX FY2024: +7.9%TROX FY2025: -5.7%FY19FY20FY21FY22FY23FY24FY25
APD -0.5%TROX -5.7%
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: -$3.8BTROX FY2018: $53MTROX FY2019: $214MTROX FY2020: $160MTROX FY2021: $468MTROX FY2022: $170MTROX FY2023: -$77MTROX FY2024: -$70MTROX FY2025: -$281MFY18FY19FY20FY21FY22FY23FY24FY25
APD -$3.8BTROX -$281M

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

Questions about Air Products & Chemicals and Tronox

Which is bigger by revenue, Air Products & Chemicals or Tronox?

Air Products & Chemicals is bigger by revenue: $12B in fiscal 2025, against $2.9B for Tronox in fiscal 2025.

Which keeps more of its revenue as profit, Air Products & Chemicals or Tronox?

Air Products & Chemicals had a net margin of -3.3% in fiscal 2025; Tronox had -16.2% in fiscal 2025.

Which grew revenue faster, Air Products & Chemicals or Tronox?

In their latest fiscal years revenue changed by -0.5% at Air Products & Chemicals and -5.7% at Tronox.

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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