Air Products & Chemicals, Inc. (APD) Financial Statements
Industry: Industrial Inorganic Chemicals
In fiscal 2025, Air Products & Chemicals reported revenue of $12.04B, down 0.5% from $12.10B the year before. Net income was -$394.5M (a -3.3% net margin), or -$1.77 per diluted share. Gross margin was 31.4% and operating margin was -7.3%. Operating activities generated $3.26B of cash, leaving -$3.77B of free cash flow. At fiscal year end, Air Products & Chemicals held $41.06B in total assets against $23.71B in total liabilities, including $1.86B of cash and equivalents.
Open the full interactive Air Products & Chemicals financials → Quarterly statements, key ratios, valuation history and price charts.
Air Products & Chemicals Key Stats
| Share Price | $288.96 |
|---|---|
| Market Cap | $64.38B |
| Revenue YoY Growth | -0.5% |
| 52-Week Range | $224.78 – $312.15 |
| Shares Outstanding | 222.8 million (basic, 2026 Q3) |
Air Products & Chemicals Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $8.86B | $10.32B | $12.70B | $12.60B | $12.10B | $12.04B |
| Cost of Goods Sold | $5.86B | $7.19B | $9.34B | $8.83B | $8.17B | $8.26B |
| Gross Profit | $3.00B | $3.14B | $3.36B | $3.77B | $3.93B | $3.78B |
| Operating Income | $2.24B | $2.28B | $2.34B | $2.49B | $4.47B | -$877.0M |
| Pre-Tax Income | $2.42B | $2.51B | $2.75B | $2.88B | $4.82B | -$440.7M |
| Income Tax | $478.4M | $462.8M | $500.8M | $551.2M | $944.9M | -$94.3M |
| Net Income | $1.89B | $2.10B | $2.26B | $2.30B | $3.83B | -$394.5M |
| Diluted EPS | $8.49 | $9.43 | $10.14 | $10.33 | $17.18 | -$1.77 |
Air Products & Chemicals Quarterly Results
| 2025 Q4 | 2026 Q1 | 2026 Q2 | 2026 Q3 | |
|---|---|---|---|---|
| Revenue | $3.17B | $3.10B | $3.17B | $3.16B |
| Net Income | $4.9M | $678.2M | $710.4M | -$1.44B |
| Diluted EPS | $0.02 | $3.04 | $3.19 | -$6.47 |
Air Products & Chemicals Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.25B | $4.47B | $2.71B | $1.62B | $2.98B | $1.86B |
| Current Assets | $8.68B | $8.38B | $6.28B | $5.20B | $6.36B | $5.83B |
| Total Assets | $25.17B | $26.86B | $27.19B | $32.00B | $39.57B | $41.06B |
| Current Liabilities | $2.42B | $2.80B | $3.47B | $3.90B | $4.18B | $4.22B |
| Total Long-Term Debt | $7.60B | $7.36B | $6.98B | $10.05B | $14.14B | $17.66B |
| Total Liabilities | $12.73B | $12.77B | $13.49B | $16.34B | $20.90B | $23.71B |
| Shareholders' Equity | $12.08B | $13.54B | $13.14B | $14.31B | $17.04B | $15.02B |
Air Products & Chemicals Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $3.26B | $3.34B | $3.17B | $3.21B | $3.65B | $3.26B |
| Free Cash Flow | $755.7M | $871.0M | $244.1M | -$1.42B | -$3.15B | -$3.77B |
Figures from Air Products & Chemicals' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Air Products & Chemicals financials page for every line item.
Air Products & Chemicals Company Profile
| Ticker | APD |
|---|---|
| Exchange | NYSE |
| Industry | Industrial Inorganic Chemicals |
| Headquarters | Allentown, Pennsylvania |
| Incorporated in | Delaware |
| Fiscal Year End | September 30 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000002969 |
Frequently Asked Questions
What was Air Products & Chemicals' revenue in fiscal 2025?
Air Products & Chemicals (APD) reported revenue of $12.04B for fiscal 2025.
What is Air Products & Chemicals' annual revenue history?
Air Products & Chemicals' annual revenue by fiscal year: 2020: $8.86B; 2021: $10.32B; 2022: $12.70B; 2023: $12.60B; 2024: $12.10B; 2025: $12.04B.
What was Air Products & Chemicals' net income in fiscal 2025?
Air Products & Chemicals reported net income of -$394.5M for fiscal 2025.
What was Air Products & Chemicals' earnings per share (EPS) in fiscal 2025?
Air Products & Chemicals' diluted EPS was -$1.77 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Air Products & Chemicals generate in fiscal 2025?
Air Products & Chemicals generated -$3.77B of free cash flow in fiscal 2025.
What was Air Products & Chemicals' revenue last quarter?
In its most recent reported quarter (2026 Q3), Air Products & Chemicals reported revenue of $3.16B.
How much debt does Air Products & Chemicals have?
Air Products & Chemicals reported $17.66B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Air Products & Chemicals are outstanding?
Air Products & Chemicals reported a weighted average of 222.8 million basic shares outstanding in 2026 Q3.
What is Air Products & Chemicals' market cap?
Based on its latest closing price, Air Products & Chemicals (APD) has a market capitalization of about $64.38B.
When does Air Products & Chemicals' fiscal year end?
Air Products & Chemicals' fiscal year end, as registered with the SEC, is September 30.
Where is Air Products & Chemicals headquartered?
Air Products & Chemicals lists its business address in Allentown, Pennsylvania in its SEC filings.