Air Products & Chemicals (APD) Q4 FY2021 earnings: revenue $2.8 billion, up 22.5% on the year

Air Products & Chemicals, Inc. (APD) reported revenue of $2.8 billion for Q4 FY2021, the quarter ended 30 September 2021, up 22.5% on the same quarter a year earlier. Net income was $610 million, up 25.4% on the year, and diluted earnings per share $2.73. The figures are the company's own, from the 10-K it filed with the SEC on 18 November 2021.

Revenue

$2.8 billion

+22.5% on the year · +9.1% on the quarter

Q1 FY2020Q4 FY2021

Operating margin

21.7%

24.1% a year earlier

Q1 FY2020Q4 FY2021

Net income

$610 million

+25.4% on the year · +14.4% on the quarter

Q1 FY2020Q4 FY2021

Diluted EPS

$2.73

+24.7% on the year · +13.8% on the quarter

Q1 FY2020Q4 FY2021

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

Income statement (profit and loss)

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Revenue	2,841	2,605	2,320	+9.1%	+22.5%
Cost of revenue	2,006	n/a	n/a
Gross profit	835	n/a	n/a
Gross margin	29.4%	n/a	n/a
Research and development	25.7	n/a	n/a
Selling, general and administrative	202	n/a	n/a
Operating income	617	577	560	+6.9%	+10.1%
Operating margin	21.7%	22.2%	24.1%
Interest expense	33.4	n/a	n/a
Pre-tax income	692	n/a	n/a
Income tax	125	n/a	n/a
Effective tax rate	18.1%	n/a	n/a
Net income	610	534	487	+14.4%	+25.4%
Net margin	21.5%	n/a	n/a
Diluted EPS	$2.73	$2.40	$2.19	+13.8%	+24.7%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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. 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.

Cash flow

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Capital expenditure	616	n/a	n/a
Depreciation and amortisation	333	336	310	-0.9%	+7.1%
Share-based compensation	9.9	n/a	n/a
Dividends paid	332	n/a	n/a
Diluted shares, weighted	222m	222m	223m	0.0%	-0.0%
Shares outstanding at period end	221m	221m	221m	+0.0%	+0.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Shareholders' equity	13,540	13,083	12,080	+3.5%	+12.1%
Non-controlling interest	548	n/a	n/a
Debt	7,637	7,666	7,908	-0.4%	-3.4%
Operating lease liabilities	503	n/a	n/a
Other liabilities	4,631	n/a	n/a
Total liabilities and equity	26,859	n/a	n/a
Fixed assets	13,255	n/a	n/a
Goodwill	912	n/a	n/a
Intangible assets	421	n/a	n/a
Investments	1,332	n/a	n/a
Cash and equivalents	4,469	4,292	5,253	+4.1%	-14.9%
Receivables	1,451	n/a	n/a
Inventory	454	n/a	n/a
Other assets	4,566	n/a	n/a
Total assets	26,859	n/a	n/a

Questions

What was Air Products & Chemicals' revenue in Q4 FY2021?

Air Products & Chemicals (APD) reported revenue of $2.8 billion for Q4 FY2021, the quarter ended 30 September 2021, up 22.5% on the same quarter a year earlier.

How much did Air Products & Chemicals earn in Q4 FY2021?

Net income for Q4 FY2021 was $610 million, up 25.4% on the year, and diluted earnings per share $2.73.

When did Air Products & Chemicals report Q4 FY2021 results?

Air Products & Chemicals filed its 10-K for the year that ended with the quarter on 18 November 2021; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,841	2,994	2,945	3,189	3,570	3,175	3,200	3,034	3,191	2,997	2,930	2,986	3,188	2,932	2,916	3,023	3,167	3,102	3,172	3,161
Cost of revenue	2,006	2,224	2,152	2,342	2,621	2,272	2,283	2,071	2,207	2,067	1,992	2,006	2,104	2,016	2,054	2,040	2,146	2,108	2,184	2,125
Gross profit	835	771	794	847	949	902	917	963	984	930	939	980	1,083	915	862	983	1,021	995	987	1,036
Gross margin	29%	26%	27%	27%	27%	28%	29%	32%	31%	31%	32%	33%	34%	31%	30%	33%	32%	32%	31%	33%
R&D	25.7	23.3	23.7	24.8	31.1	24.4	27.2	29.3	24.7	25.7	25.4	27.0	22.1	22.0	22.9	24.1	27.3	20.4	21.6	21.5
SG&A	202	233	227	217	224	234	251	239	233	238	241	235	228	242	222	223	219	229	227	219
Operating income	617	523	562	627	626	652	460	644	739	667	637	738	2,424	644	-2,328	791	16.8	734	753	-2,097
Operating margin	22%	17%	19%	20%	18%	21%	14%	21%	23%	22%	22%	25%	76%	22%	-80%	26%	1%	24%	24%	-66%
Interest expense	33.4	30.5	32.3	32.7	32.5	41.2	40.9	47.4	48.0	53.5	59.9	55.7	49.7	42.6	42.2	61.4	67.8	54.5	49.5	49.4
Pre-tax income	692	663	660	721	711	720	571	750	841	757	711	850	2,503	790	-2,243	891	121	851	884	-1,938
Tax rate	18%	17%	19%	19%	18%	19%	21%	19%	18%	18%	18%	17%	22%	18%	n/a	18%	92%	19%	18%	n/a
Net income	610	560	530	582	583	572	440	596	693	609	572	697	1,950	617	-1,731	714	4.9	678	710	-1,441
Net margin	21%	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 flow	n/a	785	520	908	n/a	719	639	845	n/a	627	802	1,261	n/a	812	328	856	n/a	901	1,104	1,305
Capital expenditure	616	664	770	706	787	834	1,007	1,322	1,463	1,446	1,669	1,607	2,075	2,118	1,892	1,496	1,518	1,251	1,108	996
Free cash flow	n/a	121	-250	203	n/a	-115	-368	-477	n/a	-819	-868	-345	n/a	-1,306	-1,563	-640	n/a	-350	-3.9	310
Dividends paid	332	332	333	359	359	359	360	389	389	389	389	394	394	394	394	398	398	398	399	403
Shares outstanding	221m	222m	222m	222m	222m	222m	222m	222m	222m	222m	222m	222m	222m	222m	223m	223m	223m	223m	223m	223m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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.

10-K for the period ended 30 September 2021, filed 18 November 2021: the filing.