Air Products & Chemicals (APD) FY2025 results: revenue $12.0 billion, down 0.5% on the year

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

Written from the 10-K filed 20 November 2025: read the full 10-K.