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Air Products & Chemicals, Inc. (APD)

Results announcedQ4 FY2026quarter ended 30 September 2026, announced 5 November 2026

Revenue$3.6 billionup 12.3% on Q4 FY2025
Net income$584 millionup 11824.5% on Q4 FY2025
Diluted EPS$2.62$0.02 a year earlier

From the company's results press release. The tables update when the 10-Q or 10-K is filed. Read the results · Read the release

Air Products is an industrial gases company, founded in 1940, serving refining, chemicals, metals, electronics, manufacturing, medical and food customers with gases, related equipment and applications expertise. It also develops, engineers, builds, owns and operates clean hydrogen projects. Results are reported under five segments: Americas, Asia, Europe, Middle East and India, and Corporate and other. Regional industrial gases made up over 90% of consolidated sales in fiscal 2025, 2024 and 2023, roughly half of that from atmospheric gases. The financial year ends on 30 September.

Air Products & Chemicals, Inc.

Air Products is an industrial gases company, founded in 1940, serving refining, chemicals, metals, electronics, manufacturing, medical and food customers with gases, related equipment and applications expertise. It also develops, engineers, builds, owns and operates clean hydrogen projects. Results are reported under five segments: Americas, Asia, Europe, Middle East and India, and Corporate and other. Regional industrial gases made up over 90% of consolidated sales in fiscal 2025, 2024 and 2023, roughly half of that from atmospheric gases. The financial year ends on 30 September.

What it makes

Atmospheric gases such as oxygen, nitrogen and argon, mostly recovered by cryogenic distillation of air; process gases such as hydrogen, helium, carbon dioxide, carbon monoxide and syngas; and specialty gases. Gases are generally produced at or near the point of use, because storing molecules at low temperatures is complex and inefficient. Most of the hydrogen is gray hydrogen, purified from byproduct sources in the chemical and petrochemical industries, and the company is also advancing blue hydrogen with carbon capture and green hydrogen from renewable energy, including the NEOM project in Saudi Arabia, having exited certain clean energy projects in fiscal 2025. Electricity is the largest cost component in making atmospheric gases, while steam methane reformers run on natural gas and gasifiers on liquid and solid hydrocarbons, and price swings are handled contractually through pricing formulas, surcharges, cost pass-through provisions and tolling arrangements. Helium arrives as a byproduct of underground reservoirs and is held in a fleet of ISO containers and in underground storage at Amarillo and Beaumont, Texas.

How the gas is supplied

On-site gases serve refining, chemical, metals and electronics customers that need large and steady volumes, supplied from plants built on or near their sites or by pipeline, generally under contracts of 15 to 20 years, with smaller generators under 10 to 15 year contracts. Those arrangements commonly carry fixed monthly charges or minimum purchase requirements with escalation tied to external indices, and the mode is approximately half of total company sales. Merchant gases cover liquid bulk delivered by tanker or tube trailer into storage installed at the customer's site, and packaged gases in cylinders or dewars in Europe, Asia and Latin America, with no minimum purchase requirements and terms generally of five years or less.

Where the gases go

Refiners use hydrogen to convert heavy crude feedstock and lower the sulfur content of gasoline and diesel. Chemical makers use hydrogen, oxygen, nitrogen, carbon monoxide and syngas as feedstocks, energy producers inject nitrogen for enhanced recovery of oil and gas, and oxygen goes into gasification, combustion and industrial heating in steel, nonferrous metals, glass and cement. Helium, inert with an extremely low boiling point, goes into semiconductor and fibre optics manufacturing, MRI magnet cooling and rocket fuel systems, while argon is used in metals for its inerting and thermal properties.

Equipment

The company designs and manufactures equipment for air separation, hydrocarbon recovery and purification, and liquid helium and hydrogen transport and storage, sold worldwide to chemical, oil and gas and primary metals customers and reported in Corporate and other, with the Rotoflow turbomachinery business and Gardner Cryogenics. This mode was less than 10% of consolidated sales in each of the last three fiscal years, and competition turns on plant efficiency and technological performance, service, technical know-how, price and performance guarantees. The former liquefied natural gas process technology and equipment business was sold to Honeywell International on 30 September 2024.

Around the world

The company does business in approximately 50 countries and regions outside the United States, with controlling interests in Canada, roughly 10 countries in Latin America, 10 in Asia, 25 across Europe and Africa and five in the Middle East, plus equity method stakes in foreign gas producers, the largest in Algeria, China, India, Italy, Mexico and Saudi Arabia. Its three global competitors are Air Liquide, Linde and Messer Group, alongside regional players, and no single customer is more than 10% of sales, though customers cluster in refining, chemicals and electronics. There were approximately 21,300 employees at 30 September 2025, over 99% of them full-time and approximately 75% based outside the United States, with approximately 15% covered by collective bargaining agreements.

From Air Products' annual report on Form 10-K for the year ended 30 September 2025. The filing

Compare with another name What $10,000 in Air Products & Chemicals became

Latest results

Latest quarterQ3 FY2026ended 30 June 2026 · 10-Q filed 30 July 2026
Revenue
$3.2 billion
+4.6% on the year · -0.3% on the quarter
Q4 FY2024Q3 FY2026
Net income
-$1.4 billion
Q4 FY2024Q3 FY2026
Diluted EPS
-$6.47
Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

Read the Q3 FY2026 results →the 10-Q on EDGAR ↗
Last full yearFY2025ended 30 September 2025 · 10-K filed 20 November 2025
Revenue
$12.0 billion
-0.5% on the year
FY2018FY2025
Net income
-$394 million
FY2018FY2025
Diluted EPS
-$1.77
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The years before, in wordsAir Products & Chemicals (APD) reported revenue of $12.0 billion for fiscal 2025, the year ended 30 September 2025, down 0.5% on the year before. Net loss was $394 million and the diluted loss per share $1.77. Revenue was $12.1 billion in fiscal 2024, $12.6 billion in fiscal 2023, $12.7 billion in fiscal 2022 and $10.3 billion in fiscal 2021. Net income in the same years was $3.8 billion, $2.3 billion, $2.3 billion and $2.1 billion. Over the twelve months to 30 June 2026, Air Products & Chemicals reported revenue of $12.6 billion and net loss of $47 million. Revenue grew 6.3% a year, compounded, over the five years to fiscal 2025. Air Products & Chemicals declared $7.20 a share in dividends over the last four quarters and had 223 million shares outstanding at the latest filed count. At 30 June 2026 it carried $17.7 billion of debt and $980 million of cash. At the close of 6 November 2026 the market cap of Air Products & Chemicals was $67.9 billion.
Read the FY2025 results →the 10-K on EDGAR ↗

Ratios

From the filings

ROE-0.3%
ROCE-1.9%
Operating margin-4.7%
Net margin-0.4%
FCF marginn/a
Interest cover-2.7x
Debt to equity1.27x
Cash conversionn/a
Share count, last 12 months0.1%
Sales CAGR, 3 years-1.8%
Profit CAGR, 3 yearsn/a
EPS, TTM-$0.22

At the close of 6 November 2026

Price$304.81
Market cap$67.9 billion
Stock P/En/a
Price to book4.9x
EV / EBITDA88.9x
Dividend yield2.4%
Market cap / sales5.4x
52-week high$318.70
52-week low$230.76
Price, 1 year17.8%
Price CAGR, 3 years6.2%
Price CAGR, 5 years-0.3%

29 ready-made ratios, from FCF yield to net debt to EBITDA, wait on the Formulas page, each with what it tells you. Browse and add them →

Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowing lines of Air Products & Chemicals, Inc.'s balance sheet, added together, finance leases inside them only where the company puts them there; operating leases are a separate line. Nothing here is a valuation or a view.
APDgreeksoup.ai
Daily prices to 6 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

Quarterly results

Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue2,8412,9942,9453,1893,5703,1753,2003,0343,1912,9972,9302,9863,1882,9322,9163,0233,1673,1023,1723,161
Cost of revenue2,0062,2242,1522,3422,6212,2722,2832,0712,2072,0671,9922,0062,1042,0162,0542,0402,1462,1082,1842,125
Gross profit8357717948479499029179639849309399801,0839158629831,0219959871,036
Gross margin29%26%27%27%27%28%29%32%31%31%32%33%34%31%30%33%32%32%31%33%
R&D25.723.323.724.831.124.427.229.324.725.725.427.022.122.022.924.127.320.421.621.5
SG&A202233227217224234251239233238241235228242222223219229227219
Operating income6175235626276266524606447396676377382,424644-2,32879116.8734753-2,097
Operating margin22%17%19%20%18%21%14%21%23%22%22%25%76%22%-80%26%1%24%24%-66%
Interest expense33.430.532.332.732.541.240.947.448.053.559.955.749.742.642.261.467.854.549.549.4
Pre-tax income6926636607217117205717508417577118502,503790-2,243891121851884-1,938
Tax rate18%17%19%19%18%19%21%19%18%18%18%17%22%18%n/a18%92%19%18%n/a
Net income6105605305825835724405966936095726971,950617-1,7317144.9678710-1,441
Net margin21%19%18%18%16%18%14%20%22%20%20%23%61%21%-59%24%0%22%22%-46%
Diluted EPS$2.73$2.52$2.38$2.62$2.62$2.57$1.97$2.67$3.11$2.73$2.57$3.13$8.75$2.77-$7.77$3.20$0.02$3.04$3.19-$6.47
Operating cash flown/a785520908n/a719639845n/a6278021,261n/a812328856n/a9011,1041,305
Capital expenditure6166647707067878341,0071,3221,4631,4461,6691,6072,0752,1181,8921,4961,5181,2511,108996
Free cash flown/a121-250203n/a-115-368-477n/a-819-868-345n/a-1,306-1,563-640n/a-350-3.9310
Dividends paid332332333359359359360389389389389394394394394398398398399403
Shares outstanding221m222m222m222m222m222m222m222m222m222m222m222m222m222m223m223m223m223m223m223m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss)

FY2007FY2008 †FY2009 †FY2010 †FY2011 †FY2012FY2013FY2014 †FY2015 †FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue9,14810,4148,2568,6169,6749,61210,1808,3847,8247,5048,1888,9308,9198,85610,32312,69912,60012,10112,03712,602
Cost of revenue6,6997,6936,0426,2897,0987,0527,4726,2085,5985,1775,7536,1905,9765,8587,1869,3388,8338,1698,2568,562
Gross profit2,4492,7212,2142,3272,5752,5602,7082,1762,2262,3272,4342,7412,9142,9983,1373,3603,7673,9323,7814,040
Gross margin26.8%26.1%26.8%27.0%26.6%26.6%26.6%26.0%28.5%31.0%29.7%30.7%32.7%33.9%30.4%26.5%29.9%32.5%31.4%32.1%
Research and development12913111611511912613478.576.471.857.664.572.983.993.510310610096.390.8
Selling, general and administrative1,0001,0909438879429471,066892773684714761750776828901957942906894
Operating income1,3761,4968461,2681,5081,2821,3249241,2331,5351,4401,9662,1442,2382,2812,3392,4954,466-877-593
Operating margin15.0%14.4%10.3%14.7%15.6%13.3%13.0%11.0%15.8%20.5%17.6%22.0%24.0%25.3%22.1%18.4%19.8%36.9%-7.3%-4.7%
Interest expense162162122122116124142124103115121130137109142128178219214221
Pre-tax incomen/an/a8371,2731,5471,3121,3509491,2661,5551,4162,0152,2902,4242,5072,7552,8824,821-441-82.1
Income tax287365185306375287308258300433261524480478463501551945-94.3-86.1
Effective tax raten/an/a22.1%24.0%24.3%21.9%22.8%27.2%23.7%27.8%18.4%26.0%21.0%19.7%18.5%18.2%19.1%19.6%n/an/a
Net income1,0369106311,0291,2241,1679949921,2786313,0001,4981,7601,8872,0992,2562,3003,828-394-47.3
Net margin11.3%8.7%7.6%11.9%12.7%12.1%9.8%11.8%16.3%8.4%36.6%16.8%19.7%21.3%20.3%17.8%18.3%31.6%-3.3%-0.4%
Diluted EPS$4.64$4.15$2.96$4.74$5.63$5.44$4.68$4.61$5.88$2.89$13.65$6.78$7.94$8.49$9.43$10.14$10.33$17.18-$1.77-$0.22
Filing10-K10-K10-K10-K10-K10-K10-K8-K8-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment FY2010 to FY2025, 1 year left out

FY2010FY2011FY2012FY2013FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
Americasn/an/an/an/an/an/an/an/an/a3,6314,1685,3695,3695,0405,12642.6%
Asian/an/an/an/an/an/an/an/an/a2,7162,9213,1433,2163,2243,27127.2%
Europen/an/an/an/an/an/an/an/an/a1,8472,3463,0862,9632,8232,98424.8%
Corporate and othern/an/an/a41831523682.684.01185837909718898785204.3%
Middle East and Indian/an/an/an/an/an/an/an/an/a79.399.31301621341361.1%
Electronics and Performance Materials1,9052,2922,322n/an/an/an/an/an/an/an/an/an/an/an/an/a
Energy-from-Wasten/an/an/a0.0n/an/an/an/an/an/an/an/an/an/an/an/a
Equipment and Energy472401420n/an/an/an/an/an/an/an/an/an/an/an/an/a
Industrial Gases - Americasn/an/an/a3,8663,6943,3443,6373,7593,874n/an/an/an/an/an/an/a
Industrial Gases - Asian/an/an/a1,6141,6611,7201,9652,4582,664n/an/an/an/an/an/an/a
Industrial Gases - EMEAn/an/an/a2,1031,8661,7041,7802,1932,002n/an/an/an/an/an/an/a
Industrial Gases - Globaln/an/an/a309287499723436261n/an/an/an/an/an/an/a
Materials Technologiesn/an/an/a1,870n/an/an/an/an/an/an/an/an/an/an/an/a
Merchant Gases3,3083,6653,662n/an/an/an/an/an/an/an/an/an/an/an/an/a
Tonnage Gases2,9313,3173,207n/an/an/an/an/an/an/an/an/an/an/an/an/a
Americas FY2020 to FY2025Asia FY2020 to FY2025Europe FY2020 to FY2025Corporate and other FY2013 to FY2025Middle East and India FY2020 to FY2025Industrial Gases - Americas FY2013 to FY2019Industrial Gases - Asia FY2013 to FY2019Industrial Gases - EMEA FY2013 to FY2019Industrial Gases - Global FY2013 to FY2019Materials Technologies FY2013Merchant Gases FY2010 to FY2012Tonnage Gases FY2010 to FY2012Electronics and Performance Materials FY2010 to FY2012Equipment and Energy FY2010 to FY2012
8.6FY20109.6FY20127.8FY20158.2FY20178.9FY201910.3FY202112.6FY202312.0FY2025

$ billion; hover a block for its figure and share; a part named with years is one the company split its revenue into only then

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Profit by segment FY2010 to FY2025, 1 year left out

The operating profit each segment reports. Costs Air Products & Chemicals does not charge to a segment are left out, so the segments can add up to more than the company's own operating profit.

FY2010FY2011FY2012FY2013FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Margin
FY2025
Americasn/an/an/an/an/an/an/an/an/a1,0121,0661,1741,4401,5651,52029.6%
Asian/an/an/an/an/an/an/an/an/a87083889890685985126.0%
Europen/an/an/an/an/an/an/an/an/a45552950366381084528.3%
Corporate and othern/an/an/a-84.3-86.5-89.4-172-176-153-152-193-185-287-293-367-70.6%
Middle East and Indian/an/an/an/an/an/an/an/an/a18.528.021.116.95.99.67.1%
Electronics and Performance Materials252361426n/an/an/an/an/an/an/an/an/an/an/an/an/a
Energy-from-Wasten/an/an/a-9.8n/an/an/an/an/an/an/an/an/an/an/an/a
Equipment and Energy67.362.844.6n/an/an/an/an/an/an/an/an/an/an/an/an/a
Industrial Gases - Americasn/an/an/a777806891946928998n/an/an/an/an/an/an/a
Industrial Gases - Asian/an/an/a329389453533690864n/an/an/an/an/an/an/a
Industrial Gases - EMEAn/an/an/a331331387396446472n/an/an/an/an/an/an/a
Industrial Gases - Globaln/an/an/a-56.5-51.6-21.571.153.9-11.7n/an/an/an/an/an/an/a
Materials Technologiesn/an/an/a280n/an/an/an/an/an/an/an/an/an/an/an/a
Merchant Gases632669644n/an/an/an/an/an/an/an/an/an/an/an/an/a
Tonnage Gases444503512n/an/an/an/an/an/an/an/an/an/an/an/an/a
Americas FY2020 to FY2025Industrial Gases - Americas FY2013 to FY2019Merchant Gases FY2010 to FY2012Asia FY2020 to FY2025Industrial Gases - Asia FY2013 to FY2019Tonnage Gases FY2010 to FY2012Europe FY2020 to FY2025Electronics and Performance Materials FY2010 to FY2012Industrial Gases - EMEA FY2013 to FY2019Equipment and Energy FY2010 to FY2012Corporate and other FY2013 to FY2025Middle East and India FY2020 to FY2025Industrial Gases - Global FY2013 to FY2019Materials Technologies FY2013Energy-from-Waste FY2013
1,396FY20101,626FY20121,389FY20151,774FY20172,170FY20192,268FY20212,739FY20232,858FY2025

$ million; the figure over a bar is all the segments together; a year a segment lost money, it hangs below the line. Hover a block for its profit, sales and margin.

FY2025Share of salesShare of profit
Americas43%47%
Asia27%26%
Europe25%26%
Corporate and other4%a loss
Middle East and India1%under 1%

Each column adds to 100%. A segment with a bigger share of the profit than of the sales makes more on each dollar it sells.

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where every segment with sales that year has an operating profit figure. A margin is a segment's operating profit over its own sales.

Revenue by product or service FY2019 to FY2025

FY2019FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
On-site4,5824,3225,0616,6336,1795,8936,18051.3%
Merchant3,9583,9514,4725,0955,5325,3305,33744.3%
Sale of Equipment3795837909718898785204.3%
On-siteMerchantSale of Equipment
8.9FY20198.9FY202010.3FY202112.7FY202212.6FY202312.1FY202412.0FY2025

$ billion; hover a block for its figure and share

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Revenue by region FY2010 to FY2025, 1 year left out

FY2010FY2011FY2012FY2013FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
Other foreign operationsn/an/an/an/an/an/an/a4,1953,8373,7774,5995,4795,3785,2355,41145.0%
United States3,9434,2524,1144,2583,3702,9122,8873,1503,3523,3603,8965,2305,2344,9144,69239.0%
Chinan/a8149541,0089581,0201,1431,5861,7301,7201,8281,9901,9881,9521,93416.1%
Asia1,621n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Asia, excluding Chinan/a1,3081,3501,320n/an/an/an/an/an/an/an/an/an/an/an/a
Asia, excluding China and Indian/an/an/an/a737721850n/an/an/an/an/an/an/an/an/a
Canada260297268276n/an/an/an/an/an/an/an/an/an/an/an/a
Europe2,5062,774n/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Europe, including Middle Eastn/an/a2,5882,6021,9892,1862,478n/an/an/an/an/an/an/an/an/a
Latin American/an/an/a716n/an/an/an/an/an/an/an/an/an/an/an/a
Latin America Other285228337n/an/an/an/an/an/an/an/an/an/an/an/an/a
Othern/an/an/an/a771664829n/an/an/an/an/an/an/an/an/a
Other foreign operations FY2018 to FY2025United StatesChina FY2011 to FY2025Europe, including Middle East FY2012 to FY2017Asia, excluding China and India FY2015 to FY2017Other FY2015 to FY2017Asia, excluding China FY2011 to FY2013Canada FY2010 to FY2013Latin America FY2013Latin America Other FY2010 to FY2012Europe FY2010 to FY2011Asia FY2010
8.6FY20109.6FY20127.8FY20158.2FY20178.9FY201910.3FY202112.6FY202312.0FY2025

$ billion; hover a block for its figure and share; a part named with years is one the company split its revenue into only then

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow

FY2007FY2008 †FY2009 †FY2010 †FY2011 †FY2012FY2013FY2014 †FY2015 †FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow1,5001,6591,3291,5221,7531,7991,5672,1872,4702,6611,5622,5342,9703,2653,3423,2303,2063,6473,257n/a
Capital expenditure1,0131,0851,1799891,3091,5211,5241,2991,1629081,0401,5681,9902,5092,4642,9264,6266,7977,0234,872
Free cash flow48757415053444427843.28881,3071,753522966980756878304-1,420-3,150-3,766n/a
Free cash flow margin5.3%5.5%1.8%6.2%4.6%2.9%0.4%10.6%16.7%23.4%6.4%10.8%11.0%8.5%8.5%2.4%-11.3%-26.0%-31.3%n/a
Cash from investing-1,483-920-1,040-1,056-1,212n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Cash from financing-14.9-67895.0-580-484n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Depreciation and amortisation7908698408278348419078768588558669711,0831,1851,3211,3381,3581,4511,5641,544
Share-based compensation70.961.460.448.644.843.843.538.039.531.039.938.841.253.544.548.459.961.876.449.6
Buybacks5757930.00.064953.14620.00.0n/an/an/an/an/an/an/an/an/an/an/a
Dividends paid3123493733994575155666286787217888989941,1041,2571,3831,4971,5651,5841,598
Dividend per sharen/an/a$1.79$1.92$2.23$2.50$2.77$3.02$3.20$3.39$3.71$4.25$4.58$5.18$5.84$6.36$6.87$7.06$7.14n/a
Diluted shares, weighted223m219m214m217m218m215m212m215m217m218m220m221m222m222m222m222m223m223m223m223m
Shares outstanding at period endn/a209m211m214m210m212m211m214m215m217m218m220m220m221m221m222m222m222m223m223m
Filing10-K10-K10-K10-K10-K10-K10-K8-K8-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet

FY2007FY2008 †FY2009 †FY2010 †FY2011 †FY2012FY2013FY2014 †FY2015 †FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity5,4965,0314,7925,5475,7966,4777,0427,3667,2497,08010,08610,85811,05412,08013,54013,14414,31317,03615,02513,884
Non-controlling interestn/a13613815114314615715613213499.33193353635485581,3471,6372,3252,713
Redeemable equityn/an/an/an/a0.03923762870.0n/an/an/an/an/an/an/an/an/an/an/a
Short-term borrowingsn/a419334n/an/an/an/an/an/an/an/an/an/an/an/an/a26083.534.7n/a
Debtn/a3,5484,1684,1284,5625,2926,2746,1185,8795,2113,9633,8133,3267,9087,6377,64510,29214,48617,99617,668
Operating lease liabilitiesn/an/an/an/an/an/an/an/an/an/an/an/an/a336503592631678616490
Other liabilitiesn/a3,4383,5983,6803,7904,6344,0023,7204,0565,6314,3194,1894,2284,4824,6315,2535,1595,6545,0635,692
Total liabilities and equityn/a12,57113,02913,50614,29116,94217,85017,64817,31718,05518,46719,17818,94325,16826,85927,19332,00239,57541,06040,446
Owned
Fixed assetsn/a6,6156,8606,8497,2238,2418,9748,4428,2378,2608,4409,92410,33811,96513,25514,16017,47223,37125,33824,995
Goodwilln/a9289168177961,5981,654922837845722789797892912823862905964957
Intangible assetsn/a290263286261762717616398388368438420436421348335312294278
Investmentsn/an/an/an/an/an/an/an/an/a0.04041851661,1051,3325913325.00.0n/a
Securities held for sale or to maturityn/an/a965967n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Cash and equivalents40.51044883744214544502851831,2933,2742,7912,2495,2534,4692,7111,6172,9801,856980
Receivablesn/a1,5751,3631,4821,3621,5451,5441,4861,1261,1461,1741,2071,2601,2751,4511,7941,7001,8221,9011,882
Inventoryn/a504510572670787706706288255335396388405454514652766776752
Other assetsn/a2,5561,6652,1593,5583,5563,8045,1906,2465,8683,7503,4483,3253,8394,5666,2519,0339,4159,93110,601
Total assetsn/a12,57113,02913,50614,29116,94217,85017,64817,31718,05518,46719,17818,94325,16826,85927,19332,00239,57541,06040,446
Filing10-K10-K10-K10-K10-K10-K10-K8-K8-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded4.4%6.3%-1.8%4.5%
Profit growth, compoundedn/an/an/an/a
Return on equity, average15.3%13.7%12.0%-2.6%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Air Products & Chemicals' revenue in fiscal 2025?

Air Products & Chemicals (APD) reported revenue of $12.0 billion for fiscal 2025, the year ended 30 September 2025, down 0.5% on the year before.

How much did Air Products & Chemicals earn in fiscal 2025?

Net loss was $394 million for fiscal 2025, and the diluted loss per share $1.77.

What is Air Products & Chemicals' market cap?

The market cap of Air Products & Chemicals was $67.9 billion at the close of 6 November 2026.

Does Air Products & Chemicals pay a dividend?

Yes. Air Products & Chemicals declared $7.20 a share in dividends over the four quarters to 30 June 2026.

How much debt does Air Products & Chemicals have?

At 30 June 2026 Air Products & Chemicals carried $17.7 billion of debt and $980 million of cash.

Peers: Chemicals

CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Linde plc LIN$236.5 billion34.1817.8%25.3%8.2%0.681.2%
Air Products & Chemicals, Inc. APD$67.9 billionn/a-0.3%-4.7%4.5%1.272.4%
Nutrien Ltd. NTR *$34.5 billion15.349.0%13.9%3.5%0.423.1%
PPG Industries Inc. PPG$27.0 billion17.4918.5%n/a6.4%0.812.3%
Minerals Technologies Inc. MTX$1.9 billionn/a-4.3%-1.6%4.8%0.610.8%
Kronos Worldwide Inc. KRO$857 millionn/a-4.8%2.2%8.7%0.692.7%
LSB Industries, Inc. LXU$764 million17.108.2%11.2%13.0%0.79n/a
Luxfer Holdings plc LXFR$463 millionn/an/an/an/a0.26n/a
Valhi Inc. VHI$456 million322.000.1%6.1%9.0%0.522.0%
Tronox Holdings plc TROX$399 millionn/a-44.9%-5.1%12.0%2.858.0%
NLI Holdings, Inc. NL$351 millionn/a-1.3%9.8%4.3%0.005.4%
Lightbridge Corp. LTBR$163 millionn/a-11.7%n/an/a0.00n/a
All 63 in Chemicals
CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Linde plc LIN$236.5 billion34.1817.8%25.3%8.2%0.681.2%
Air Products & Chemicals, Inc. APD$67.9 billionn/a-0.3%-4.7%4.5%1.272.4%
Nutrien Ltd. NTR *$34.5 billion15.349.0%13.9%3.5%0.423.1%
PPG Industries Inc. PPG$27.0 billion17.4918.5%n/a6.4%0.812.3%
Dow Inc. DOW$22.7 billionn/a-5.5%n/a4.2%1.096.7%
International Flavors & Fragrances Inc. IFF$20.7 billion116.351.4%7.5%-16.7%0.471.9%
LyondellBasell Industries N.V. LYB$19.6 billion15.3411.6%8.6%-1.8%1.105.7%
DuPont de Nemours, Inc. DD$19.4 billion65.742.2%n/a3.2%0.231.6%
CF Industries Holdings, Inc. CF$17.5 billion8.4338.1%41.6%17.9%0.561.8%
RPM International Inc. RPM$13.2 billion19.1419.8%n/a6.0%0.69n/a
Albemarle Corp. ALB$11.7 billion23.976.5%10.0%24.4%0.181.6%
Solstice Advanced Materials Inc. SOLS$9.1 billion28.4320.8%n/an/a1.48n/a
Westlake Corp. WLK$8.1 billionn/a-5.2%-3.8%-0.4%0.583.3%
Axalta Coating Systems Ltd. AXTA$7.8 billion23.5212.7%12.4%0.1%1.14n/a
Element Solutions Inc. ESI$7.6 billion36.887.1%11.7%39.6%0.721.0%
Eastman Chemical Co. EMN$7.4 billion11.4410.3%n/a0.3%0.835.2%
Mosaic Co. MOS$7.1 billionn/a-9.9%-5.1%0.0%0.563.9%
Newmarket Corp. NEU$6.4 billion14.0723.7%20.2%0.9%0.431.7%
Hexcel Corp. HXL$6.1 billion36.0412.9%12.2%7.6%0.710.9%
Balchem Corp. BCPC$5.5 billion32.8412.9%20.7%9.4%0.110.6%
Celanese Corp. CE$5.1 billion19.626.1%7.9%1.4%2.740.3%
Sensient Technologies Corp. SXT$5.1 billion30.0013.2%14.5%9.5%0.611.4%
Perimeter Group Inc. PRM$4.8 billion227.124.2%14.5%30.7%0.91n/a
CSW Industrials, Inc. CSW$4.4 billion34.9311.4%16.9%30.0%0.680.4%
Avient Corp. AVNT$4.2 billion23.347.3%9.7%5.2%0.742.4%
Scotts Miracle-Gro Co. SMG$3.8 billion56.26n/a11.8%-2.0%n/a4.1%
Cabot Corp. CBT$3.7 billion19.9611.8%13.6%-4.7%0.792.6%
WD-40 Co. WDFC$3.0 billion36.3530.2%15.8%11.0%0.321.8%
H.B. Fuller Co. FUL$2.7 billion13.909.1%n/a1.5%0.951.9%
Rogers Corp. ROG$2.2 billion48.213.7%7.9%6.7%0.00n/a
Ingevity Corp. NGVT$2.0 billion35.3194.9%n/a-6.5%18.18n/a
Olin Corp. OLN$2.0 billionn/a-13.1%-1.9%-0.7%1.754.6%
Innospec Inc. IOSP$1.9 billion13.7710.2%8.8%4.7%0.002.2%
Chemours Co. CC$1.9 billionn/a-99.4%0.6%0.1%24.732.7%
Minerals Technologies Inc. MTX$1.9 billionn/a-4.3%-1.6%4.8%0.610.8%
Huntsman Corp. HUN$1.6 billionn/a-6.5%0.0%6.5%0.773.7%
REX American Resources Corp. REX$1.3 billion10.8017.9%n/a1.3%0.00n/a
CVR Partners, LP UAN$1.2 billion10.88n/a20.6%7.3%n/an/a
Ecovyst Inc. ECVT$1.1 billion32.726.0%8.5%44.6%0.81n/a
Green Plains Inc. GPRE$933 million5.4020.7%10.7%-19.1%0.50n/a
Flotek Industries Inc. FTK$886 million30.5721.6%13.2%59.3%0.54n/a
FMC Corp. FMC$874 millionn/an/a-97.0%-22.0%n/a32.4%
Kronos Worldwide Inc. KRO$857 millionn/a-4.8%2.2%8.7%0.692.7%
LSB Industries, Inc. LXU$764 million17.108.2%11.2%13.0%0.79n/a
Westlake Chemical Partners LP WLKP$751 millionn/an/a29.0%9.4%n/an/a
Luxfer Holdings plc LXFR$463 millionn/an/an/an/a0.26n/a
Valhi Inc. VHI$456 million322.000.1%6.1%9.0%0.522.0%
AdvanSix Inc. ASIX$453 millionn/a-2.9%n/a8.4%0.343.8%
Tronox Holdings plc TROX$399 millionn/a-44.9%-5.1%12.0%2.858.0%
NLI Holdings, Inc. NL$351 millionn/a-1.3%9.8%4.3%0.005.4%
Gevo, Inc. GEVO$344 millionn/a-77.9%-102.8%121.4%0.61n/a
PureCycle Technologies, Inc. PCT$335 millionn/a-1,014.3%-1,313.8%141.7%7.93n/a
Alto Ingredients, Inc. ALTO$291 million5.8618.6%2.7%4.1%0.21n/a
ASP Isotopes Inc. ASPI$269 millionn/a-44.3%-321.1%573.4%0.99n/a
FutureFuel Corp. FF$233 millionn/a-20.0%-20.8%-7.6%0.00n/a
Orion S.A. OEC$224 millionn/a-8.1%4.0%0.9%2.482.0%
Lightbridge Corp. LTBR$163 millionn/a-11.7%n/an/a0.00n/a
Comstock Inc. LODE$148 millionn/a-35.6%-3,535.2%-52.2%0.08n/a
Ascent Industries Co. ACNT$124 millionn/a-1.2%-2.7%-6.1%0.010.0%
Aemetis, Inc. AMTX$120 millionn/an/a7.2%23.6%n/an/a
Arq, Inc. ARQ$112 millionn/a-28.7%-38.8%7.3%0.17n/a
Codexis, Inc. CDXS$101 millionn/a-93.2%-35.6%35.9%1.24n/a
Flexible Solutions International Inc. FSI$79 millionn/a-8.4%-2.6%-4.7%0.16n/a
9 companies share its SEC industry code (Industrial Inorganic Chemicals); the rest are the names nearest in size in its wider industry, Chemicals, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

The public record on APD

Dividends$7.20 a share over the four quarters to 30 June 2026, a 2.36% yield
Filings16 in twelve months: 7 current reports (8-K), about 4 results of operations; 1 material impairment; 1 regulation FD disclosure; 1 shareholder vote; 1 officer or director change
Planned insider sales3 Form 144 notices in twelve months, $21.5 million; latest 1 May 2026
Options tapeput/call 0.48 by open interest at the 6 November 2026 close; the straddle prices a 4.3% move to 20 November 2026
13F holders1,782 funds reported a position for the quarter to 30 June 2026; largest BlackRock, Inc.
Insider trading3 sales and 1 purchase on Form 4 in twelve months
Congress1 House trade disclosed in six months
Short interest4.7 million shares short, 4.84 days to cover at 15 October 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Filings

FilingPeriodFiledWhere
10-Q30 June 202630 July 2026EDGAR
10-Q31 March 202630 April 2026EDGAR
10-Q31 December 202530 January 2026EDGAR
10-K30 September 202520 November 2025EDGAR
10-Q30 June 202531 July 2025EDGAR
10-Q31 March 20251 May 2025EDGAR
10-Q31 December 20246 February 2025EDGAR
10-K30 September 202421 November 2024EDGAR
10-Q30 June 20241 August 2024EDGAR
10-Q31 March 202430 April 2024EDGAR

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