Air Products and Chemicals (APD) Financials

$299.02 +5.50 (+1.87%)

Closing price 08/22/2025 03:59 PM Eastern

Extended Trading

$299.30 +0.29 (+0.10%)

As of 08/22/2025 04:54 PM Eastern

Annual Income Statements for Air Products and Chemicals

This table shows Air Products and Chemicals' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2014	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Net Income / (Loss) Attributable to Common Shareholders	992	1,278	631	3,000	1,498	1,760	1,887	2,099	2,256	2,300	3,828
Consolidated Net Income / (Loss)	993	1,318	662	3,021	1,533	1,809	1,931	2,115	2,267	2,339	3,862
Net Income / (Loss) Continuing Operations	996	966	1,122	1,155	1,491	1,809	1,945	2,045	2,254	2,331	3,876
Total Pre-Tax Income	1,365	1,266	1,555	1,416	2,015	2,290	2,424	2,507	2,755	2,882	4,821
Total Operating Income	1,339	1,233	1,535	1,440	1,966	2,144	2,238	2,281	2,339	2,495	4,466
Total Gross Profit	2,809	2,226	2,326	2,436	2,741	2,943	2,998	3,137	3,360	3,767	3,932
Total Revenue	10,439	7,824	7,504	8,188	8,930	8,919	8,856	10,323	12,699	12,600	12,101
Operating Revenue	10,439	7,824	7,504	8,188	8,930	8,919	8,856	10,323	12,699	12,600	12,101
Total Cost of Revenue	7,630	5,598	5,177	5,752	6,190	5,976	5,858	7,186	9,339	8,833	8,169
Operating Cost of Revenue	7,630	5,598	5,177	5,752	6,190	5,976	5,858	7,186	9,339	8,833	8,169
Total Operating Expenses	1,470	993	791	996	775	799	761	856	1,021	1,272	-534
Selling, General & Admin Expense	1,055	773	684	714	761	750	776	828	901	957	942
Research & Development Expense	140	76	72	58	65	73	84	94	103	106	100
Other Operating Expenses / (Income)	-53	-38	1.20	-89	-50	-49	-65	-53	-56	-35	-58
Restructuring Charge	13	180	35	151	0.00	26	0.00	0.00	74	245	57
Other Special Charges / (Income)	5.50	1.40	-	0.00	0.00	-29	-34	-37	-	-	-1,576
Total Other Income / (Expense), net	26	33	20	-24	49	145	186	226	416	388	355
Interest Expense	125	119	122	121	131	137	109	142	128	178	219
Interest & Investment Income	151	152	147	80	175	215	265	294	482	604	648
Other Income / (Expense), net	0.00	0.00	-5.40	17	5.10	67	31	74	62	-39	-74
Income Tax Expense	369	300	433	261	524	480	478	463	501	551	945
Net Income / (Loss) Discontinued Operations	-2.90	352	-461	1,866	42	0.00	-29	70	25	7.40	-14
Net Income / (Loss) Attributable to Noncontrolling Interest	1.40	40	30	21	35	49	44	16	10	38	34
Basic Earnings per Share	$4.66	$5.95	$2.92	$13.76	$6.83	$7.99	$8.53	$9.47	$10.16	$10.35	$17.21
Weighted Average Basic Shares Outstanding	212.70M	214.90M	216.40M	218M	219.30M	220.30M	221.20M	221.60M	222M	222.30M	222.50M
Diluted Earnings per Share	$4.61	$5.88	$2.89	$13.65	$6.78	$7.94	$8.49	$9.43	$10.14	$10.33	$17.18
Weighted Average Diluted Shares Outstanding	215.20M	217.30M	218.30M	219.80M	220.80M	221.60M	222.30M	222.50M	222.50M	222.70M	222.80M
Weighted Average Basic & Diluted Shares Outstanding	213.71M	215.43M	216.10M	218.10M	219.30M	220.43M	221.03M	221.46M	221.87M	222.21M	222.38M
Cash Dividends to Common per Share	-	-	$3.39	$3.71	$4.25	$4.58	$5.18	$5.84	$6.36	$6.87	$7.06

This table shows Air Products and Chemicals' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	572	440	596	693	609	572	697	1,950	617	-1,731	714
Consolidated Net Income / (Loss)	584	450	611	694	622	581	709	1,951	650	-1,738	723
Net Income / (Loss) Continuing Operations	584	450	611	687	622	581	1,406	1,965	650	-1,738	731
Total Pre-Tax Income	720	571	750	841	757	711	850	2,503	791	-2,243	891
Total Operating Income	652	460	644	739	667	637	738	2,424	644	-2,328	791
Total Gross Profit	902	917	963	984	930	939	980	1,083	915	862	983
Total Revenue	3,175	3,200	3,034	3,191	2,997	2,930	2,986	3,188	2,932	2,916	3,023
Operating Revenue	3,175	3,200	3,034	3,191	2,997	2,930	2,986	3,188	2,932	2,916	3,023
Total Cost of Revenue	2,272	2,283	2,071	2,207	2,067	1,992	2,006	2,104	2,017	2,054	2,040
Operating Cost of Revenue	2,272	2,283	2,071	2,207	2,067	1,992	2,006	2,104	2,017	2,054	2,040
Total Operating Expenses	250	458	319	246	263	302	242	-1,341	271	3,190	192
Selling, General & Admin Expense	234	251	239	233	238	241	235	228	242	222	223
Research & Development Expense	24	27	29	25	26	25	27	22	22	23	24
Other Operating Expenses / (Income)	-8.40	-6.50	-8.00	-12	-0.80	-22	-20	-16	7.00	18	-12
Restructuring Charge	-	186	59	-	-	57	0.00	-	-	2,928	24
Other Special Charges / (Income)	-	-	-	-	-	-	-	-	-	-	-67
Total Other Income / (Expense), net	68	111	106	103	90	74	112	79	147	85	100
Interest Expense	41	41	47	48	54	60	56	50	43	42	61
Interest & Investment Income	110	166	165	163	158	143	169	177	151	146	168
Other Income / (Expense), net	-0.60	-14	-12	-13	-15	-9.20	-1.30	-49	39	-19	-6.00
Income Tax Expense	136	121	140	154	135	131	141	538	141	-506	160
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	0.00	-	-	-	-8.00
Net Income / (Loss) Attributable to Noncontrolling Interest	12	10	15	1.80	12	8.50	12	1.10	32	-6.90	9.40
Basic Earnings per Share	$2.58	$1.98	$2.68	$3.11	$2.74	$2.57	$3.13	$8.77	$2.77	($7.77)	$3.20
Weighted Average Basic Shares Outstanding	222.20M	222.30M	222.40M	222.30M	222.50M	222.50M	222.50M	222.50M	222.70M	222.80M	222.80M
Diluted Earnings per Share	$2.57	$1.97	$2.67	$3.12	$2.73	$2.57	$3.13	$8.75	$2.77	($7.77)	$3.20
Weighted Average Diluted Shares Outstanding	222.60M	222.70M	222.80M	222.70M	222.80M	222.70M	222.80M	222.80M	222.90M	222.80M	222.90M
Weighted Average Basic & Diluted Shares Outstanding	222.08M	222.12M	222.15M	222.21M	222.30M	222.31M	222.31M	222.38M	222.48M	222.54M	222.55M
Cash Dividends to Common per Share	$1.62	$1.75	$1.75	$1.75	$1.75	$1.77	$1.77	$1.77	$1.77	-	$1.79

This table details how cash moves in and out of Air Products and Chemicals' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2014	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Net Change in Cash & Equivalents	-610	-130	1,208	1,929	-1,938	-543	3,004	-784	-1,758	-1,094	1,363
Net Cash From Operating Activities	1,756	2,047	2,224	2,528	1,092	2,970	3,265	3,335	3,171	3,206	3,647
Net Cash From Continuing Operating Activities	2,190	2,047	2,259	2,528	2,547	2,970	3,265	3,335	3,171	3,206	3,647
Net Income / (Loss) Continuing Operations	995	933	1,100	1,134	1,456	1,760	1,901	2,029	2,244	2,293	3,842
Consolidated Net Income / (Loss)	992	1,278	631	3,000	0.00	1,760	1,887	2,099	2,256	2,300	3,828
Net Income / (Loss) Discontinued Operations	-2.90	345	-468	1,866	0.00	0.00	-14	70	13	7.40	-14
Depreciation Expense	957	859	855	866	971	1,083	1,185	1,321	1,338	1,358	1,451
Non-Cash Adjustments To Reconcile Net Income	29	-53	129	261	1,559	-49	-154	-108	-93	28	-1,694
Changes in Operating Assets and Liabilities, net	-224	308	140	268	17	176	333	93	-294	-473	48
Net Cash From Investing Activities	-1,362	-1,147	-909	-1,412	-1,642	-2,113	-3,560	-2,733	-3,857	-5,916	-4,919
Net Cash From Continuing Investing Activities	-1,317	-1,147	-865	-1,412	-1,642	-2,113	-3,560	-2,733	-3,857	-5,916	-4,919
Purchase of Property, Plant & Equipment	-1,363	-1,162	-908	-1,040	-1,568	-1,990	-2,509	-2,464	-2,927	-4,626	-6,797
Acquisitions	0.00	-35	0.00	-16	-345	-139	-208	-11	-65	0.00	0.00
Purchase of Investments	-	-4.30	0.00	-2,693	-530	-172	-2,866	-2,177	-3,296	-2,217	-544
Sale of Property, Plant & Equipment	-	-	0.00	43	49	11	80	38	46	25	1,879
Sale and/or Maturity of Investments	-	55	0.00	2,291	748	191	1,938	1,875	2,377	897	471
Other Investing Activities, net	0.60	-0.80	-1.70	3.40	5.50	-14	3.90	5.80	7.00	4.80	72
Net Cash From Financing Activities	-532	-960	-860	-2,041	-1,360	-1,371	3,285	-1,421	-1,001	1,610	2,615
Net Cash From Continuing Financing Activities	-504	-960	-860	-2,041	-1,360	-1,371	3,285	-1,421	-1,001	1,610	2,615
Repayment of Debt	-658	-751	-667	-1,324	-539	-449	-559	-486	-437	-821	-619
Payment of Dividends	-628	-678	-721	-788	-898	-994	-1,104	-1,257	-1,383	-1,613	-1,591
Issuance of Debt	612	626	387	2.40	0.50	3.90	4,896	180	784	3,784	4,388
Issuance of Common Equity	-	-	-	-	-	-	17	137	21	235	429
Other Financing Activities, net	142	-157	141	68	76	68	34	11	19	24	7.90
Other Net Changes in Cash	-472	-47	754	2,854	5.80	0.00	15	35	-71	7.10	20

This table details how cash moves in and out of Air Products and Chemicals' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	420	-889	-605	-21	346	572	-159	604	-1,134	-354	833
Net Cash From Operating Activities	719	639	845	1,002	627	802	1,261	957	812	328	856
Net Cash From Continuing Operating Activities	719	639	845	1,002	627	802	1,261	957	812	328	856
Net Income / (Loss) Continuing Operations	572	440	596	685	609	572	697	1,964	617	-1,731	722
Consolidated Net Income / (Loss)	572	440	596	693	609	572	697	1,950	617	-1,731	714
Depreciation Expense	322	340	340	357	349	361	360	381	367	384	401
Non-Cash Adjustments To Reconcile Net Income	31	104	20	-128	-29	-22	6.70	-1,650	-42	2,883	-75
Changes in Operating Assets and Liabilities, net	-205	-245	-110	87	-303	-110	198	262	-130	-1,208	-192
Net Cash From Investing Activities	-256	-2,220	-1,924	-1,517	-1,666	-1,560	-1,548	-145	-2,182	-2,237	-1,262
Net Cash From Continuing Investing Activities	-256	-2,220	-1,924	-1,517	-1,666	-1,560	-1,548	-145	-2,182	-2,237	-1,262
Purchase of Property, Plant & Equipment	-834	-1,007	-1,322	-1,463	-1,446	-1,669	-1,607	-2,075	-2,118	-1,892	-1,496
Purchase of Investments	-19	-1,183	-818	-197	-357	-172	-8.80	-6.80	-133	-386	-18
Sale of Property, Plant & Equipment	4.00	3.20	6.10	12	4.20	16	6.10	1,853	34	2.10	149
Sale and/or Maturity of Investments	592	20	154	131	120	247	46	58	5.00	6.10	111
Other Investing Activities, net	1.70	-53	56	-	13	17	16	27	29	32	52
Net Cash From Financing Activities	-86	689	496	511	1,363	1,350	135	-232	274	1,551	1,209
Net Cash From Continuing Financing Activities	-86	689	496	511	1,363	1,350	135	-232	274	1,551	1,209
Repayment of Debt	-212	-430	-43	-136	-119	-56	-27	-416	-52	-341	-68
Payment of Dividends	-359	-360	-389	-505	-389	-389	-394	-419	-394	-394	-398
Issuance of Debt	472	1,403	808	1,101	1,831	1,686	420	452	438	2,210	1,545
Issuance of Common Equity	0.00	73	116	46	35	108	136	150	281	75	130
Other Net Changes in Cash	43	3.50	-22	-17	22	-19	-8.10	25	-38	4.20	30

This table presents Air Products and Chemicals' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2014	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Total Assets	17,779	17,335	18,029	18,467	19,178	18,943	25,169	26,859	27,193	32,003	39,575
Total Current Assets	3,295	2,794	4,317	5,877	5,082	4,618	8,685	8,376	6,283	5,201	6,363
Cash & Equivalents	337	206	1,293	3,274	2,791	2,249	5,253	4,469	2,711	1,617	2,980
Short-Term Investments	-	-	0.00	404	185	166	1,105	1,332	591	332	5.00
Accounts Receivable	1,641	1,517	1,211	1,259	1,207	1,260	1,275	1,451	1,849	1,700	1,822
Inventories, net	706	658	255	335	396	388	405	454	514	652	766
Prepaid Expenses	88	67	94	191	130	77	165	119	157	177	180
Other Current Assets	523	344	538	403	373	478	483	551	516	722	611
Plant, Property, & Equipment, net	9,532	8,745	8,260	8,440	9,924	10,338	11,965	13,255	14,161	17,472	23,371
Plant, Property & Equipment, gross	-	-	-	-	-	-	-	-	-	-	39,951
Accumulated Depreciation	-	-	-	-	-	-	-	-	-	-	16,580
Total Noncurrent Assets	4,952	5,796	5,452	4,150	4,172	3,987	4,519	5,228	6,749	9,330	9,841
Long-Term Investments	1,258	1,266	1,284	1,287	1,277	1,276	1,432	1,649	3,354	4,618	4,793
Noncurrent Note & Lease Receivables	1,415	1,350	1,222	1,132	1,013	890	816	740	-	1,312	1,612
Goodwill	1,237	1,131	845	722	789	797	892	912	823	862	905
Intangible Assets	616	508	388	368	439	420	436	421	348	335	312
Other Noncurrent Operating Assets	426	649	671	642	655	604	943	1,507	2,225	2,204	2,219
Total Liabilities & Shareholders' Equity	17,779	17,335	18,029	18,467	19,178	18,943	25,169	26,859	27,193	32,003	39,575
Total Liabilities	9,971	9,953	10,815	8,282	8,002	7,555	12,725	12,771	13,490	16,342	20,901
Total Current Liabilities	2,963	3,644	3,283	2,489	2,338	1,821	2,417	2,799	3,466	3,896	4,180
Short-Term Debt	1,294	1,930	1,301	560	461	99	478	487	688	875	695
Accounts Payable	1,591	1,642	1,652	1,814	1,818	1,636	1,833	2,218	2,772	2,890	2,926
Current Deferred & Payable Income Tax Liabilities	78	56	118	99	60	87	106	94	135	131	559
Total Noncurrent Liabilities	7,008	6,309	7,532	5,793	5,664	5,734	10,309	9,972	10,024	12,446	16,721
Long-Term Debt	4,825	3,949	3,910	3,402	3,352	3,227	7,430	7,150	7,086	9,431	13,533
Noncurrent Deferred & Payable Income Tax Liabilities	996	803	710	778	775	794	963	1,181	1,247	1,266	1,160
Other Noncurrent Operating Liabilities	1,188	1,554	1,817	1,612	1,537	1,712	1,916	1,641	1,691	1,749	2,028
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7,521	7,381	7,213	10,186	11,176	11,388	12,443	14,088	13,702	15,660	18,674
Total Preferred & Common Equity	7,366	7,249	7,080	10,086	10,858	11,054	12,080	13,540	13,144	14,313	17,037
Total Common Equity	7,366	7,249	7,080	10,086	10,858	11,054	12,080	13,540	13,144	14,313	17,037
Common Stock	1,091	1,154	1,219	1,251	1,279	1,320	1,344	1,365	1,391	1,440	1,503
Retained Earnings	9,993	10,580	10,476	12,847	13,410	14,138	14,876	15,678	16,520	17,290	19,546
Treasury Stock	-2,477	-2,360	-2,227	-2,164	-2,089	-2,030	-2,000	-1,988	-1,981	-1,967	-1,984
Accumulated Other Comprehensive Income / (Loss)	-1,242	-2,126	-2,388	-1,847	-1,742	-2,376	-2,140	-1,516	-2,786	-2,449	-2,028
Noncontrolling Interest	156	132	134	99	319	335	363	548	558	1,347	1,637

This table presents Air Products and Chemicals' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	28,278	29,435	30,930	32,003	34,118	35,922	36,974	39,575	40,017	38,873	41,659
Total Current Assets	6,321	5,722	5,354	5,201	5,650	6,057	5,677	6,363	5,352	5,188	6,148
Cash & Equivalents	3,131	2,242	1,638	1,617	1,963	2,535	2,376	2,980	1,846	1,491	2,324
Short-Term Investments	20	271	269	332	272	103	62	5.00	118	111	0.00
Accounts Receivable	1,827	1,715	1,934	1,700	1,725	1,716	1,712	1,822	1,807	1,846	1,944
Inventories, net	635	646	664	652	709	721	756	766	739	770	798
Prepaid Expenses	165	225	179	177	207	263	171	180	202	262	234
Other Current Assets	543	623	670	722	774	719	601	611	641	708	848
Plant, Property, & Equipment, net	15,039	15,698	16,513	17,472	18,936	20,001	21,482	23,371	24,731	24,033	25,640
Plant, Property & Equipment, gross	29,772	30,752	31,716	-	34,794	35,913	37,598	39,951	41,098	40,646	42,985
Accumulated Depreciation	14,733	15,053	15,203	-	15,858	15,913	16,115	16,580	16,367	16,612	17,345
Total Noncurrent Assets	6,918	8,015	9,063	9,330	9,533	9,864	9,815	9,841	9,935	9,652	9,872
Long-Term Investments	3,392	4,420	4,494	4,618	4,685	4,759	4,715	4,793	4,772	5,129	5,228
Noncurrent Note & Lease Receivables	579	562	1,337	1,312	1,605	1,668	1,651	1,612	1,581	1,290	1,302
Goodwill	876	884	892	862	899	883	879	905	867	887	970
Intangible Assets	363	367	359	335	339	318	311	312	288	282	302
Other Noncurrent Operating Assets	1,708	1,782	1,982	2,204	2,005	2,235	2,260	2,219	2,428	2,065	2,070
Total Liabilities & Shareholders' Equity	28,278	29,435	30,930	32,003	34,118	35,922	36,974	39,575	40,017	38,873	41,659
Total Liabilities	13,761	14,745	15,559	16,342	17,989	19,587	20,287	20,901	21,279	22,093	23,891
Total Current Liabilities	3,277	2,798	3,948	3,896	3,119	4,061	4,475	4,180	4,809	5,211	4,760
Short-Term Debt	565	180	777	875	234	1,122	1,150	695	1,200	1,604	1,235
Accounts Payable	2,552	2,489	3,062	2,890	2,718	2,783	3,169	2,926	3,024	3,424	3,368
Current Deferred & Payable Income Tax Liabilities	160	128	109	131	167	156	156	559	586	183	156
Total Noncurrent Liabilities	10,484	11,947	11,611	12,446	14,870	15,526	15,813	16,721	16,469	16,883	19,132
Long-Term Debt	7,493	8,961	8,615	9,431	11,873	12,500	12,883	13,533	13,271	14,254	16,459
Noncurrent Deferred & Payable Income Tax Liabilities	1,246	1,258	1,216	1,266	1,250	1,281	1,182	1,160	1,195	670	674
Other Noncurrent Operating Liabilities	1,745	1,729	1,780	1,749	1,747	1,745	1,748	2,028	2,003	1,958	1,998
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	14,517	14,690	15,371	15,660	16,129	16,335	16,687	18,674	18,739	16,780	17,768
Total Preferred & Common Equity	13,936	14,058	14,138	14,313	14,873	14,913	15,101	17,037	16,692	14,703	15,538
Total Common Equity	13,936	14,058	14,138	14,313	14,873	14,913	15,101	17,037	16,692	14,703	15,538
Common Stock	1,398	1,413	1,426	1,440	1,449	1,465	1,488	1,503	1,510	1,541	1,552
Retained Earnings	16,731	16,781	16,987	17,290	17,510	17,690	17,990	19,546	19,767	17,637	17,953
Treasury Stock	-1,975	-	-1,970	-1,967	-1,966	-1,966	-1,985	-1,984	-1,999	-	-1,997
Accumulated Other Comprehensive Income / (Loss)	-2,218	-2,163	-2,305	-2,449	-2,120	-2,276	-2,391	-2,028	-2,586	-2,478	-1,970
Noncontrolling Interest	582	632	1,233	1,347	1,256	1,422	1,586	1,637	2,046	2,076	2,231

This table displays calculated financial ratios and metrics derived from Air Products and Chemicals' official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2014	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.54%	-25.05%	-4.10%	9.11%	9.07%	-0.13%	-0.70%	16.56%	23.01%	-0.78%	-3.96%
EBITDA Growth	2.90%	-8.90%	13.99%	-2.60%	26.65%	11.98%	4.84%	6.46%	1.71%	1.99%	53.21%
EBIT Growth	1.11%	-7.91%	24.04%	-4.78%	35.29%	12.20%	2.59%	3.83%	1.96%	2.27%	78.87%
NOPAT Growth	-4.46%	-3.69%	17.76%	6.03%	23.79%	16.54%	5.97%	3.58%	2.86%	5.43%	77.98%
Net Income Growth	-3.82%	32.68%	-49.80%	356.72%	-49.26%	18.04%	6.73%	9.52%	7.17%	3.18%	65.16%
EPS Growth	-1.50%	27.55%	-50.85%	372.32%	-50.33%	17.11%	6.93%	11.07%	7.53%	1.87%	66.31%
Operating Cash Flow Growth	41.01%	-9.51%	12.21%	13.70%	-56.83%	172.07%	9.93%	2.16%	-4.94%	1.11%	13.76%
Free Cash Flow Firm Growth	257.09%	178.73%	20.17%	-58.68%	-107.87%	1,625.30%	-81.62%	-43.53%	887.59%	-282.72%	18.99%
Invested Capital Growth	1.07%	-11.50%	-15.83%	0.03%	16.83%	2.68%	13.95%	13.65%	3.30%	31.55%	29.51%
Revenue Q/Q Growth	0.87%	-22.70%	26.39%	3.25%	1.08%	-0.18%	0.42%	5.32%	6.09%	-2.92%	-0.03%
EBITDA Q/Q Growth	-0.10%	-10.73%	22.97%	4.32%	2.30%	4.82%	-1.05%	2.49%	0.35%	2.79%	40.14%
EBIT Q/Q Growth	-1.78%	-11.07%	34.16%	5.63%	2.07%	5.49%	-2.30%	2.94%	0.54%	3.33%	60.17%
NOPAT Q/Q Growth	-7.32%	-7.81%	37.07%	16.74%	0.08%	1.19%	-0.87%	2.16%	0.34%	4.77%	57.02%
Net Income Q/Q Growth	-6.43%	25.89%	8.34%	2.51%	-0.99%	3.37%	-1.23%	6.23%	-1.13%	4.53%	48.22%
EPS Q/Q Growth	-3.15%	23.01%	8.24%	2.40%	-1.17%	2.98%	-0.93%	6.07%	-1.07%	5.09%	48.74%
Operating Cash Flow Q/Q Growth	5.00%	-13.10%	26.35%	6.03%	-60.61%	139.74%	9.56%	-11.31%	4.31%	1.42%	-1.23%
Free Cash Flow Firm Q/Q Growth	708.69%	75.13%	32.51%	-63.82%	26.70%	158.72%	-72.29%	-70.53%	175.56%	-104.33%	26.85%
Invested Capital Q/Q Growth	-3.20%	-12.08%	-17.10%	3.84%	2.95%	-4.63%	0.99%	3.72%	-2.65%	5.64%	6.61%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	26.91%	28.45%	31.00%	29.75%	30.69%	33.00%	33.85%	30.39%	26.46%	29.90%	32.49%
EBITDA Margin	21.99%	26.73%	31.78%	28.36%	32.94%	36.93%	38.99%	35.61%	29.45%	30.27%	48.29%
Operating Margin	12.83%	15.76%	20.46%	17.59%	22.01%	24.04%	25.27%	22.10%	18.42%	19.80%	36.91%
EBIT Margin	12.83%	15.76%	20.39%	17.79%	22.07%	24.79%	25.61%	22.81%	18.91%	19.49%	36.30%
Profit (Net Income) Margin	9.51%	16.84%	8.82%	36.90%	17.17%	20.29%	21.80%	20.49%	17.85%	18.56%	31.92%
Tax Burden Percent	72.73%	104.07%	42.55%	213.35%	76.07%	79.03%	79.67%	84.35%	82.28%	81.13%	80.11%
Interest Burden Percent	101.96%	102.67%	101.63%	97.22%	102.25%	103.55%	106.86%	106.47%	114.72%	117.38%	109.76%
Effective Tax Rate	27.05%	23.71%	27.83%	18.42%	26.02%	20.97%	19.74%	18.46%	18.18%	19.12%	19.60%
Return on Invested Capital (ROIC)	7.96%	8.09%	11.02%	12.79%	14.60%	15.58%	15.23%	13.86%	13.19%	11.82%	16.13%
ROIC Less NNEP Spread (ROIC-NNEP)	8.32%	17.45%	-5.19%	390.90%	3.63%	-12.90%	-94.11%	180.92%	70.50%	25.24%	21.46%
Return on Net Nonoperating Assets (RNNOA)	4.95%	9.25%	-1.96%	21.94%	-0.24%	0.46%	0.98%	2.08%	3.12%	4.11%	6.37%
Return on Equity (ROE)	12.91%	17.35%	9.07%	34.73%	14.35%	16.04%	16.21%	15.94%	16.31%	15.93%	22.50%
Cash Return on Invested Capital (CROIC)	6.90%	20.30%	28.21%	12.75%	-0.93%	12.93%	2.19%	1.09%	9.94%	-15.43%	-9.59%
Operating Return on Assets (OROA)	7.52%	7.02%	8.65%	7.98%	10.47%	11.60%	10.28%	9.05%	8.88%	8.30%	12.27%
Return on Assets (ROA)	5.57%	7.50%	3.74%	16.56%	8.14%	9.49%	8.76%	8.13%	8.39%	7.90%	10.79%
Return on Common Equity (ROCE)	12.09%	16.69%	8.90%	34.26%	14.07%	15.57%	15.73%	15.40%	15.66%	14.90%	20.54%
Return on Equity Simple (ROE_SIMPLE)	0.00%	18.18%	9.34%	29.95%	14.12%	16.37%	15.99%	15.62%	17.24%	16.34%	22.67%
Net Operating Profit after Tax (NOPAT)	977	941	1,108	1,175	1,454	1,695	1,796	1,860	1,914	2,018	3,591
NOPAT Margin	9.36%	12.02%	14.77%	14.35%	16.28%	19.00%	20.28%	18.02%	15.07%	16.01%	29.67%
Net Nonoperating Expense Percent (NNEP)	-0.36%	-9.35%	16.22%	-378.11%	10.96%	28.47%	109.34%	-167.05%	-57.32%	-13.42%	-5.33%
Return On Investment Capital (ROIC_SIMPLE)	7.16%	7.10%	8.92%	8.30%	9.70%	11.52%	8.82%	8.56%	8.91%	7.77%	10.91%
Cost of Revenue to Revenue	73.09%	71.55%	69.00%	70.25%	69.31%	67.00%	66.15%	69.61%	73.54%	70.10%	67.51%
SG&A Expenses to Revenue	10.10%	9.88%	9.11%	8.71%	8.52%	8.41%	8.76%	8.02%	7.09%	7.60%	7.79%
R&D to Revenue	1.34%	0.98%	0.96%	0.70%	0.72%	0.82%	0.95%	0.91%	0.81%	0.84%	0.83%
Operating Expenses to Revenue	14.08%	12.69%	10.55%	12.17%	8.68%	8.96%	8.59%	8.29%	8.04%	10.10%	-4.41%
Earnings before Interest and Taxes (EBIT)	1,339	1,233	1,530	1,457	1,971	2,211	2,268	2,355	2,401	2,456	4,392
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,296	2,092	2,384	2,322	2,941	3,294	3,453	3,676	3,739	3,814	5,843
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.67	2.78	3.46	2.73	2.91	3.91	4.92	3.86	3.71	4.26	3.84
Price to Tangible Book Value (P/TBV)	3.57	3.59	4.19	3.06	3.28	4.39	5.52	4.28	4.08	4.65	4.13
Price to Revenue (P/Rev)	1.89	2.58	3.27	3.36	3.54	4.84	6.70	5.06	3.84	4.84	5.40
Price to Earnings (P/E)	19.84	15.78	38.84	9.17	21.10	24.53	31.47	24.90	21.63	26.49	17.08
Dividend Yield	3.27%	3.41%	2.99%	3.55%	3.61%	2.34%	1.93%	2.47%	2.89%	2.50%	2.39%
Earnings Yield	5.04%	6.34%	2.57%	10.90%	4.74%	4.08%	3.18%	4.02%	4.62%	3.78%	5.85%
Enterprise Value to Invested Capital (EV/IC)	2.00	2.26	2.97	2.90	2.93	3.91	4.77	3.71	3.42	3.40	2.92
Enterprise Value to Revenue (EV/Rev)	2.36	3.16	3.64	3.25	3.52	4.84	6.76	5.13	3.97	5.24	6.07
Enterprise Value to EBITDA (EV/EBITDA)	10.73	11.81	11.44	11.46	10.70	13.10	17.33	14.42	13.50	17.31	12.58
Enterprise Value to EBIT (EV/EBIT)	18.40	20.03	17.84	18.28	15.97	19.51	26.39	22.51	21.02	26.89	16.73
Enterprise Value to NOPAT (EV/NOPAT)	25.23	26.25	24.63	22.66	21.65	25.46	33.33	28.49	26.38	32.72	20.46
Enterprise Value to Operating Cash Flow (EV/OCF)	11.25	12.46	12.27	10.53	28.84	14.53	18.34	15.89	15.92	20.59	20.15
Enterprise Value to Free Cash Flow (EV/FCFF)	29.11	10.47	9.62	22.72	0.00	30.66	231.53	362.99	35.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.78	0.80	0.72	0.39	0.34	0.29	0.64	0.54	0.57	0.66	0.76
Long-Term Debt to Equity	0.62	0.54	0.54	0.33	0.30	0.28	0.60	0.51	0.52	0.60	0.72
Financial Leverage	0.59	0.53	0.38	0.06	-0.07	-0.04	-0.01	0.01	0.04	0.16	0.30
Leverage Ratio	2.32	2.31	2.42	2.10	1.76	1.69	1.85	1.96	1.95	2.02	2.08
Compound Leverage Factor	2.36	2.37	2.46	2.04	1.80	1.75	1.98	2.09	2.23	2.37	2.29
Debt to Total Capital	43.93%	44.34%	41.94%	28.01%	25.44%	22.60%	38.86%	35.15%	36.20%	39.69%	43.24%
Short-Term Debt to Total Capital	9.29%	14.55%	10.47%	3.96%	3.07%	0.67%	2.35%	2.24%	3.20%	3.37%	2.11%
Long-Term Debt to Total Capital	34.64%	29.78%	31.47%	24.05%	22.36%	21.93%	36.51%	32.91%	32.99%	36.32%	41.13%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.18%	1.00%	1.08%	0.70%	2.13%	2.27%	1.79%	2.52%	2.60%	5.19%	4.98%
Common Equity to Total Capital	52.89%	54.67%	56.98%	71.29%	72.44%	75.12%	59.36%	62.32%	61.20%	55.12%	51.78%
Debt to EBITDA	2.66	2.81	2.19	1.71	1.30	1.01	2.29	2.08	2.08	2.70	2.43
Net Debt to EBITDA	1.97	2.11	1.10	-0.43	-0.15	-0.11	0.03	0.05	0.30	0.98	1.10
Long-Term Debt to EBITDA	2.10	1.89	1.64	1.47	1.14	0.98	2.15	1.94	1.89	2.47	2.32
Debt to NOPAT	6.26	6.25	4.70	3.37	2.62	1.96	4.40	4.11	4.06	5.11	3.96
Net Debt to NOPAT	4.63	4.68	2.38	-0.85	-0.30	-0.22	0.07	0.10	0.58	1.85	1.80
Long-Term Debt to NOPAT	4.94	4.20	3.53	2.90	2.30	1.90	4.14	3.84	3.70	4.67	3.77
Altman Z-Score	2.83	2.70	2.94	3.89	4.32	5.51	4.58	4.20	3.90	3.69	3.31
Noncontrolling Interest Sharing Ratio	6.34%	3.78%	1.82%	1.34%	1.96%	2.90%	2.93%	3.44%	3.98%	6.49%	8.69%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.11	0.77	1.32	2.36	2.17	2.54	3.59	2.99	1.81	1.33	1.52
Quick Ratio	0.67	0.47	0.76	1.98	1.79	2.02	3.16	2.59	1.49	0.94	1.15
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	847	2,360	2,836	1,172	-92	1,407	259	146	1,442	-2,635	-2,135
Operating Cash Flow to CapEx	160.72%	170.49%	244.98%	253.55%	71.83%	150.10%	134.42%	137.44%	110.08%	69.67%	74.15%
Free Cash Flow to Firm to Interest Expense	6.77	19.76	23.22	9.72	-0.71	10.27	2.37	1.03	11.27	-14.84	-9.76
Operating Cash Flow to Interest Expense	17.51	16.60	18.21	20.97	8.36	21.68	29.87	23.52	24.77	18.06	16.67
Operating Cash Flow Less CapEx to Interest Expense	6.61	6.86	10.78	12.70	-3.28	7.24	7.65	6.41	2.27	-7.86	-5.81
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.59	0.45	0.42	0.45	0.47	0.47	0.40	0.40	0.47	0.43	0.34
Accounts Receivable Turnover	6.20	4.95	5.50	6.63	7.24	7.23	6.99	7.57	7.69	7.10	6.87
Inventory Turnover	10.81	8.21	11.34	19.48	16.92	15.24	14.77	16.74	19.29	15.15	11.52
Fixed Asset Turnover	1.13	0.86	0.88	0.98	0.97	0.88	0.79	0.82	0.93	0.80	0.59
Accounts Payable Turnover	4.32	3.46	3.14	3.32	3.41	3.46	3.38	3.55	3.74	3.12	2.81
Days Sales Outstanding (DSO)	58.88	73.67	66.34	55.05	50.40	50.49	52.24	48.19	47.44	51.42	53.12
Days Inventory Outstanding (DIO)	33.78	44.46	32.18	18.73	21.57	23.96	24.71	21.81	18.92	24.09	31.68
Days Payable Outstanding (DPO)	84.58	105.39	116.11	110.00	107.09	105.47	108.07	102.89	97.52	116.98	129.94
Cash Conversion Cycle (CCC)	8.08	12.74	-17.59	-36.21	-35.13	-31.03	-31.12	-32.89	-31.16	-41.47	-45.15
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	12,333	10,914	9,186	9,189	10,736	11,023	12,561	14,275	14,747	19,399	25,124
Invested Capital Turnover	0.85	0.67	0.75	0.89	0.90	0.82	0.75	0.77	0.88	0.74	0.54
Increase / (Decrease) in Invested Capital	130	-1,419	-1,728	3.00	1,546	288	1,537	1,714	472	4,652	5,725
Enterprise Value (EV)	24,646	24,700	27,283	26,620	31,478	43,146	59,862	53,002	50,473	66,019	73,485
Market Capitalization	19,679	20,161	24,515	27,522	31,600	43,176	59,381	52,266	48,796	60,933	65,397
Book Value per Share	$34.58	$33.72	$32.69	$46.28	$49.52	$50.16	$54.69	$61.16	$59.26	$64.43	$76.63
Tangible Book Value per Share	$25.88	$26.09	$27.00	$41.28	$43.92	$44.64	$48.68	$55.15	$53.98	$59.04	$71.16
Total Capital	13,927	13,260	12,424	14,148	14,989	14,714	20,351	21,725	21,476	25,966	32,902
Total Debt	6,119	5,879	5,211	3,963	3,813	3,326	7,908	7,637	7,774	10,306	14,228
Total Long-Term Debt	4,825	3,949	3,910	3,402	3,352	3,227	7,430	7,150	7,086	9,431	13,533
Net Debt	4,524	4,407	2,634	-1,002	-441	-365	118	187	1,118	3,739	6,451
Capital Expenditures (CapEx)	1,363	1,162	908	997	1,520	1,979	2,429	2,427	2,880	4,601	4,918
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,289	873	1,042	271	229	481	388	263	203	230	-106
Debt-free Net Working Capital (DFNWC)	1,626	1,079	2,335	3,948	3,205	2,896	6,746	6,064	3,505	2,179	2,878
Net Working Capital (NWC)	332	-851	1,034	3,388	2,744	2,797	6,268	5,577	2,817	1,305	2,183
Net Nonoperating Expense (NNE)	-16	-377	446	-1,847	-79	-115	-135	-255	-353	-321	-272
Net Nonoperating Obligations (NNO)	4,524	3,533	1,973	-996	-441	-365	118	187	1,044	3,739	6,451
Total Depreciation and Amortization (D&A)	957	859	855	866	971	1,083	1,185	1,321	1,338	1,358	1,451
Debt-free, Cash-free Net Working Capital to Revenue	12.35%	11.15%	13.89%	3.30%	2.56%	5.40%	4.38%	2.55%	1.60%	1.83%	-0.88%
Debt-free Net Working Capital to Revenue	15.57%	13.79%	31.12%	48.22%	35.89%	32.47%	76.17%	58.74%	27.60%	17.30%	23.79%
Net Working Capital to Revenue	3.18%	-10.88%	13.78%	41.38%	30.73%	31.36%	70.78%	54.03%	22.18%	10.35%	18.04%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$6.83	$7.99	$8.53	$9.47	$10.16	$10.35	$17.21
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	219.30M	220.30M	221.20M	221.60M	222M	222.30M	222.50M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$6.78	$7.94	$8.49	$9.43	$10.14	$10.33	$17.18
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	220.80M	221.60M	222.30M	222.50M	222.50M	222.70M	222.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	219.53M	220.43M	221.03M	221.46M	221.87M	222.21M	222.38M
Normalized Net Operating Profit after Tax (NOPAT)	1,216	1,079	1,133	1,430	1,454	1,715	1,769	1,849	1,974	2,215	2,370
Normalized NOPAT Margin	11.65%	13.79%	15.10%	17.47%	16.28%	19.23%	19.97%	17.91%	15.54%	17.58%	19.58%
Pre Tax Income Margin	13.08%	16.18%	20.72%	17.30%	22.56%	25.67%	27.37%	24.29%	21.69%	22.88%	39.84%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.70	10.33	12.53	12.08	15.10	16.14	20.75	16.61	18.76	13.83	20.07
NOPAT to Interest Expense	7.81	7.88	9.07	9.74	11.14	12.37	16.43	13.12	14.95	11.37	16.41
EBIT Less CapEx to Interest Expense	-0.19	0.59	5.09	3.81	3.46	1.70	-1.47	-0.50	-3.74	-12.09	-2.40
NOPAT Less CapEx to Interest Expense	-3.08	-1.86	1.64	1.47	-0.50	-2.07	-5.79	-3.99	-7.55	-14.55	-6.07
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	63.21%	51.42%	109.02%	26.08%	58.57%	54.94%	57.15%	59.42%	61.03%	68.95%	41.18%
Augmented Payout Ratio	63.21%	51.42%	109.02%	26.08%	58.57%	54.94%	57.15%	59.42%	61.03%	68.95%	41.18%

This table displays calculated financial ratios and metrics derived from Air Products and Chemicals' official financial filings.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.03%	8.66%	-4.87%	-10.61%	-5.58%	-8.43%	-1.60%	-0.12%	-2.20%	-0.48%	1.25%
EBITDA Growth	10.82%	-13.39%	-0.28%	10.58%	2.92%	25.88%	12.77%	154.52%	4.79%	-298.52%	8.12%
EBIT Growth	19.39%	-21.91%	-0.85%	12.23%	0.11%	40.84%	16.41%	227.35%	4.66%	-473.66%	6.56%
NOPAT Growth	21.89%	-20.77%	2.67%	17.95%	3.61%	43.59%	17.40%	215.48%	-3.39%	-413.20%	5.43%
Net Income Growth	6.22%	-16.19%	3.99%	17.10%	6.47%	29.12%	16.12%	180.96%	4.54%	-399.10%	2.02%
EPS Growth	1.98%	-17.23%	1.91%	19.08%	6.23%	30.46%	17.23%	180.45%	1.47%	-402.33%	2.24%
Operating Cash Flow Growth	-8.39%	22.87%	-6.91%	4.69%	-12.89%	25.52%	49.21%	-4.52%	29.54%	-59.07%	-32.15%
Free Cash Flow Firm Growth	19.75%	17.98%	-208.17%	-10,268.39%	-521.19%	-327.09%	-70.55%	5.60%	2.29%	3.24%	19.52%
Invested Capital Growth	8.76%	10.22%	21.23%	31.55%	32.96%	33.51%	28.35%	29.51%	24.19%	14.83%	18.43%
Revenue Q/Q Growth	-11.07%	0.80%	-5.19%	5.19%	-6.08%	-2.24%	1.89%	6.77%	-8.03%	-0.52%	3.65%
EBITDA Q/Q Growth	-0.67%	-19.26%	23.79%	11.38%	-7.55%	-1.25%	10.90%	151.39%	-61.94%	-287.08%	160.40%
EBIT Q/Q Growth	0.73%	-31.55%	41.85%	14.75%	-10.15%	-3.70%	17.25%	222.68%	-71.27%	-443.82%	133.44%
NOPAT Q/Q Growth	3.34%	-31.44%	44.70%	15.05%	-9.22%	-4.99%	18.30%	209.16%	-72.20%	-408.03%	139.82%
Net Income Q/Q Growth	-1.55%	-22.94%	35.70%	13.74%	-10.48%	-6.55%	22.03%	175.22%	-66.69%	-367.39%	141.62%
EPS Q/Q Growth	-1.91%	-23.35%	35.53%	16.85%	-12.50%	-5.86%	21.79%	179.55%	-68.34%	-380.51%	141.18%
Operating Cash Flow Q/Q Growth	-24.87%	-11.21%	32.36%	18.56%	-37.48%	27.94%	57.34%	-24.13%	-15.18%	-59.58%	160.84%
Free Cash Flow Firm Q/Q Growth	-2,014.76%	-57.91%	-123.49%	-50.47%	-16.97%	-8.57%	10.75%	16.71%	-21.07%	-7.52%	25.76%
Invested Capital Q/Q Growth	8.72%	5.39%	8.67%	5.64%	9.89%	5.83%	4.47%	6.61%	5.37%	-2.15%	7.74%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	28.42%	28.66%	31.75%	30.84%	31.03%	32.04%	32.82%	33.98%	31.21%	29.57%	32.51%
EBITDA Margin	30.65%	24.55%	32.05%	33.94%	33.41%	33.75%	36.73%	86.48%	35.79%	-67.31%	39.22%
Operating Margin	20.54%	14.37%	21.23%	23.14%	22.25%	21.75%	24.71%	76.06%	21.95%	-79.83%	26.16%
EBIT Margin	20.52%	13.93%	20.85%	22.74%	21.76%	21.43%	24.66%	74.54%	23.28%	-80.47%	25.96%
Profit (Net Income) Margin	18.39%	14.06%	20.12%	21.76%	20.74%	19.82%	23.74%	61.21%	22.17%	-59.58%	23.93%
Tax Burden Percent	81.06%	78.81%	81.39%	82.55%	82.11%	81.66%	83.45%	77.94%	82.20%	77.45%	81.19%
Interest Burden Percent	110.56%	128.03%	118.59%	115.90%	116.09%	113.28%	115.37%	105.36%	115.82%	95.60%	113.54%
Effective Tax Rate	18.94%	21.19%	18.61%	18.33%	17.89%	18.34%	16.55%	21.51%	17.80%	0.00%	17.92%
Return on Invested Capital (ROIC)	13.93%	9.23%	13.39%	13.95%	12.15%	10.94%	11.90%	32.45%	9.09%	-27.72%	10.06%
ROIC Less NNEP Spread (ROIC-NNEP)	19.81%	15.01%	17.78%	17.76%	14.36%	12.38%	13.80%	33.39%	10.96%	-29.13%	10.93%
Return on Net Nonoperating Assets (RNNOA)	1.29%	1.56%	2.36%	2.89%	3.14%	3.36%	4.25%	9.91%	4.06%	-13.50%	5.40%
Return on Equity (ROE)	15.22%	10.79%	15.74%	16.84%	15.29%	14.30%	16.15%	42.36%	13.15%	-41.22%	15.46%
Cash Return on Invested Capital (CROIC)	4.66%	2.15%	-7.70%	-15.43%	-17.39%	-17.58%	-13.92%	-9.59%	-6.63%	-8.72%	-11.95%
Operating Return on Assets (OROA)	9.54%	6.43%	9.26%	9.68%	8.66%	7.97%	8.79%	25.20%	7.56%	-25.86%	7.96%
Return on Assets (ROA)	8.55%	6.49%	8.94%	9.26%	8.26%	7.37%	8.47%	20.70%	7.20%	-19.15%	7.34%
Return on Common Equity (ROCE)	14.63%	10.35%	14.78%	15.75%	14.38%	13.36%	14.73%	38.68%	11.91%	-36.87%	13.75%
Return on Equity Simple (ROE_SIMPLE)	16.51%	15.75%	15.82%	0.00%	15.98%	16.81%	17.26%	0.00%	23.31%	10.69%	0.00%
Net Operating Profit after Tax (NOPAT)	529	362	524	603	548	520	616	1,903	529	-1,630	649
NOPAT Margin	16.65%	11.32%	17.28%	18.90%	18.27%	17.76%	20.62%	59.70%	18.05%	-55.88%	21.47%
Net Nonoperating Expense Percent (NNEP)	-5.87%	-5.78%	-4.39%	-3.81%	-2.21%	-1.44%	-1.89%	-0.94%	-1.87%	1.41%	-0.87%
Return On Investment Capital (ROIC_SIMPLE)	2.34%	1.52%	2.12%	2.32%	1.94%	1.74%	2.00%	5.78%	1.59%	-4.99%	1.83%
Cost of Revenue to Revenue	71.58%	71.34%	68.25%	69.16%	68.97%	67.96%	67.18%	66.02%	68.79%	70.43%	67.49%
SG&A Expenses to Revenue	7.38%	7.85%	7.87%	7.29%	7.95%	8.21%	7.88%	7.15%	8.27%	7.61%	7.36%
R&D to Revenue	0.77%	0.85%	0.97%	0.77%	0.86%	0.87%	0.90%	0.69%	0.75%	0.79%	0.80%
Operating Expenses to Revenue	7.89%	14.30%	10.51%	7.69%	8.78%	10.29%	8.12%	-42.08%	9.26%	109.40%	6.35%
Earnings before Interest and Taxes (EBIT)	651	446	633	726	652	628	736	2,376	683	-2,347	785
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	973	786	972	1,083	1,001	989	1,097	2,757	1,049	-1,963	1,186
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.66	4.34	4.53	4.26	3.98	3.54	3.73	3.84	3.82	4.44	4.01
Price to Tangible Book Value (P/TBV)	5.12	4.76	4.97	4.65	4.35	3.85	4.05	4.13	4.10	4.82	4.37
Price to Revenue (P/Rev)	5.05	4.64	4.93	4.84	4.77	4.35	4.65	5.40	5.29	5.43	5.17
Price to Earnings (P/E)	28.66	28.01	29.21	26.49	25.35	21.40	21.89	17.08	16.61	42.53	40.23
Dividend Yield	2.21%	2.41%	2.34%	2.50%	2.62%	2.95%	2.77%	2.39%	2.46%	2.42%	2.53%
Earnings Yield	3.49%	3.57%	3.42%	3.78%	3.95%	4.67%	4.57%	5.85%	6.02%	2.35%	2.49%
Enterprise Value to Invested Capital (EV/IC)	4.18	3.78	3.72	3.40	3.08	2.68	2.75	2.92	2.78	2.95	2.68
Enterprise Value to Revenue (EV/Rev)	5.21	4.86	5.26	5.24	5.29	4.98	5.35	6.07	6.11	6.36	6.20
Enterprise Value to EBITDA (EV/EBITDA)	17.50	17.19	18.39	17.31	17.10	14.95	15.53	12.58	12.48	26.00	24.68
Enterprise Value to EBIT (EV/EBIT)	26.76	26.80	28.71	26.89	26.74	22.93	23.61	16.73	16.62	52.77	49.95
Enterprise Value to NOPAT (EV/NOPAT)	33.41	33.38	35.43	32.72	32.26	27.55	28.32	20.46	20.57	61.95	58.94
Enterprise Value to Operating Cash Flow (EV/OCF)	21.61	19.80	21.58	20.59	21.10	18.47	17.54	20.15	19.18	22.76	25.32
Enterprise Value to Free Cash Flow (EV/FCFF)	93.56	184.65	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.56	0.62	0.61	0.66	0.75	0.83	0.84	0.76	0.77	0.95	1.00
Long-Term Debt to Equity	0.52	0.61	0.56	0.60	0.74	0.77	0.77	0.72	0.71	0.85	0.93
Financial Leverage	0.07	0.10	0.13	0.16	0.22	0.27	0.31	0.30	0.37	0.46	0.49
Leverage Ratio	1.92	1.95	1.97	2.02	2.04	2.11	2.12	2.08	2.13	2.26	2.28
Compound Leverage Factor	2.12	2.49	2.34	2.34	2.36	2.39	2.44	2.20	2.46	2.16	2.59
Debt to Total Capital	35.69%	38.36%	37.93%	39.69%	42.88%	45.47%	45.68%	43.24%	43.57%	48.59%	49.90%
Short-Term Debt to Total Capital	2.50%	0.76%	3.14%	3.37%	0.83%	3.74%	3.74%	2.11%	3.61%	4.91%	3.48%
Long-Term Debt to Total Capital	33.19%	37.60%	34.79%	36.32%	42.05%	41.73%	41.94%	41.13%	39.96%	43.67%	46.41%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.58%	2.65%	4.98%	5.19%	4.45%	4.75%	5.16%	4.98%	6.16%	6.36%	6.29%
Common Equity to Total Capital	61.73%	58.99%	57.09%	55.12%	52.67%	49.78%	49.16%	51.78%	50.26%	45.05%	43.81%
Debt to EBITDA	2.10	2.46	2.53	2.70	3.15	3.37	3.37	2.43	2.46	5.39	5.84
Net Debt to EBITDA	0.40	0.59	0.81	0.98	1.35	1.54	1.65	1.10	1.31	3.10	3.35
Long-Term Debt to EBITDA	1.95	2.41	2.32	2.47	3.09	3.09	3.09	2.32	2.25	4.85	5.43
Debt to NOPAT	4.01	4.78	4.88	5.11	5.95	6.20	6.14	3.96	4.05	12.86	13.95
Net Debt to NOPAT	0.75	1.15	1.55	1.85	2.55	2.84	3.01	1.80	2.16	7.40	8.00
Long-Term Debt to NOPAT	3.73	4.69	4.47	4.67	5.83	5.69	5.63	3.77	3.71	11.56	12.98
Altman Z-Score	4.32	3.90	3.78	3.51	3.21	2.77	2.78	3.14	2.86	2.52	2.56
Noncontrolling Interest Sharing Ratio	3.92%	4.07%	6.10%	6.49%	6.00%	6.62%	8.79%	8.69%	9.47%	10.56%	11.08%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.93	2.05	1.36	1.33	1.81	1.49	1.27	1.52	1.11	1.00	1.29
Quick Ratio	1.52	1.51	0.97	0.94	1.27	1.07	0.93	1.15	0.78	0.66	0.90
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-762	-1,204	-2,691	-4,049	-4,736	-5,142	-4,589	-3,822	-4,628	-4,976	-3,694
Operating Cash Flow to CapEx	86.64%	63.63%	64.23%	69.09%	43.47%	48.49%	78.81%	429.73%	38.96%	17.37%	63.54%
Free Cash Flow to Firm to Interest Expense	-18.51	-29.44	-56.77	-84.36	-88.53	-85.85	-82.39	-76.91	-108.64	-117.91	-60.16
Operating Cash Flow to Interest Expense	17.46	15.62	17.84	20.88	11.71	13.38	22.65	19.26	19.05	7.77	13.94
Operating Cash Flow Less CapEx to Interest Expense	-2.69	-8.92	-9.93	-9.34	-15.23	-14.22	-6.09	14.77	-29.85	-37.00	-8.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.46	0.46	0.44	0.43	0.40	0.37	0.36	0.34	0.32	0.32	0.31
Accounts Receivable Turnover	7.32	7.63	7.01	7.10	6.99	7.09	6.64	6.87	6.81	6.75	6.60
Inventory Turnover	16.73	16.51	15.70	15.15	12.83	12.20	11.65	11.52	11.21	10.97	10.58
Fixed Asset Turnover	0.90	0.88	0.85	0.80	0.73	0.68	0.64	0.59	0.55	0.55	0.51
Accounts Payable Turnover	3.86	3.89	3.30	3.12	3.27	3.16	2.66	2.81	2.83	2.64	2.51
Days Sales Outstanding (DSO)	49.89	47.84	52.07	51.42	52.19	51.52	54.98	53.12	53.57	54.07	55.33
Days Inventory Outstanding (DIO)	21.82	22.11	23.25	24.09	28.44	29.92	31.32	31.68	32.56	33.26	34.51
Days Payable Outstanding (DPO)	94.54	93.88	110.65	116.98	111.47	115.42	137.47	129.94	129.08	138.47	145.22
Cash Conversion Cycle (CCC)	-22.82	-23.93	-35.34	-41.47	-30.84	-33.98	-51.18	-45.15	-42.94	-51.14	-55.38
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	16,033	16,897	18,363	19,399	21,317	22,560	23,568	25,124	26,474	25,906	27,910
Invested Capital Turnover	0.84	0.82	0.77	0.74	0.67	0.62	0.58	0.54	0.50	0.50	0.47
Increase / (Decrease) in Invested Capital	1,291	1,566	3,215	4,652	5,284	5,663	5,205	5,725	5,157	3,346	4,343
Enterprise Value (EV)	67,088	63,832	68,225	66,019	65,691	60,492	64,755	73,485	73,498	76,417	74,745
Market Capitalization	64,990	60,993	64,001	60,933	59,247	52,845	56,288	65,397	63,716	65,214	62,372
Book Value per Share	$62.81	$63.30	$63.65	$64.43	$66.84	$67.09	$67.93	$76.63	$75.06	$66.09	$69.82
Tangible Book Value per Share	$57.23	$57.67	$58.02	$59.04	$61.28	$61.68	$62.58	$71.16	$69.87	$60.84	$64.10
Total Capital	22,575	23,831	24,763	25,966	28,237	29,957	30,720	32,902	33,209	32,638	35,462
Total Debt	8,058	9,141	9,392	10,306	12,108	13,622	14,033	14,228	14,471	15,858	17,694
Total Long-Term Debt	7,493	8,961	8,615	9,431	11,873	12,500	12,883	13,533	13,271	14,254	16,459
Net Debt	1,516	2,207	2,992	3,739	5,188	6,225	6,881	6,451	7,735	9,126	10,142
Capital Expenditures (CapEx)	830	1,004	1,316	1,451	1,441	1,653	1,601	223	2,083	1,889	1,347
Debt-free, Cash-free Net Working Capital (DFCFNWC)	459	590	277	230	530	480	-85	-106	-221	-22	299
Debt-free Net Working Capital (DFNWC)	3,609	3,104	2,183	2,179	2,765	3,118	2,353	2,878	1,742	1,581	2,623
Net Working Capital (NWC)	3,044	2,924	1,406	1,305	2,530	1,996	1,203	2,183	542	-23	1,388
Net Nonoperating Expense (NNE)	-55	-88	-86	-91	-74	-61	-93	-48	-121	108	-74
Net Nonoperating Obligations (NNO)	1,516	2,207	2,992	3,739	5,188	6,225	6,881	6,451	7,735	9,126	10,142
Total Depreciation and Amortization (D&A)	322	340	340	357	349	361	360	381	367	384	401
Debt-free, Cash-free Net Working Capital to Revenue	3.56%	4.50%	2.13%	1.83%	4.27%	3.95%	-0.70%	-0.88%	-1.84%	-0.18%	2.48%
Debt-free Net Working Capital to Revenue	28.02%	23.63%	16.82%	17.30%	22.26%	25.66%	19.44%	23.79%	14.47%	13.15%	21.76%
Net Working Capital to Revenue	23.64%	22.26%	10.84%	10.35%	20.37%	16.43%	9.94%	18.04%	4.51%	-0.19%	11.51%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.58	$1.98	$2.68	$3.11	$2.74	$2.57	$3.13	$8.77	$2.77	($7.77)	$3.20
Adjusted Weighted Average Basic Shares Outstanding	222.20M	222.30M	222.40M	222.30M	222.50M	222.50M	222.50M	222.50M	222.70M	222.80M	222.80M
Adjusted Diluted Earnings per Share	$2.57	$1.97	$2.67	$3.12	$2.73	$2.57	$3.13	$8.75	$2.77	($7.77)	$3.20
Adjusted Weighted Average Diluted Shares Outstanding	222.60M	222.70M	222.80M	222.70M	222.80M	222.70M	222.80M	222.80M	222.90M	222.80M	222.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	222.08M	222.12M	222.15M	222.21M	222.30M	222.31M	222.31M	222.38M	222.48M	222.54M	222.55M
Normalized Net Operating Profit after Tax (NOPAT)	529	509	572	603	548	567	616	1,903	529	420	613
Normalized NOPAT Margin	16.65%	15.89%	18.86%	18.90%	18.27%	19.35%	20.62%	59.70%	18.05%	14.40%	20.30%
Pre Tax Income Margin	22.69%	17.84%	24.72%	26.36%	25.26%	24.28%	28.45%	78.53%	26.97%	-76.93%	29.47%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	15.81	10.90	13.34	15.12	12.19	10.48	13.22	47.80	16.02	-55.61	12.78
NOPAT to Interest Expense	12.83	8.86	11.06	12.57	10.24	8.69	11.05	38.29	12.42	-38.62	10.57
EBIT Less CapEx to Interest Expense	-4.34	-13.64	-14.43	-15.10	-14.75	-17.12	-15.52	43.32	-32.88	-100.38	-9.16
NOPAT Less CapEx to Interest Expense	-7.32	-15.68	-16.71	-17.66	-16.70	-18.92	-17.68	33.81	-36.48	-83.39	-11.37
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	61.31%	64.95%	65.59%	68.95%	69.10%	66.65%	64.32%	41.18%	41.01%	101.78%	101.17%
Augmented Payout Ratio	61.31%	64.95%	65.59%	68.95%	69.10%	66.65%	64.32%	41.18%	41.01%	101.78%	101.17%

Key Financial Trends

Air Products & Chemicals, Inc. (NYSE: APD) has demonstrated solid financial performance over the last several quarters, with improving profitability and a resilient balance sheet.

Income Statement Trends:

Recent quarterly operating revenue climbed to $3.02 billion in Q3 2025, up from $2.92 billion in Q2 2025, reflecting growth in sales activities.
Net income from continuing operations rebounded sharply from a loss of $1.74 billion in Q2 2025 to a profit of $731 million in Q3 2025, showing operational recovery.
Basic and diluted earnings per share increased significantly, from -$7.77 per share in Q2 2025 to $3.20 in Q3 2025, indicating improved profitability per share.
Despite the increase in revenues and earnings, operating expenses and other charges such as restructuring and special charges have fluctuated quarter to quarter, highlighting ongoing cost management challenges.

Balance Sheet Highlights:

Total assets have grown steadily to approximately $41.66 billion as of Q3 2025, showing investment and expansion undertaken by the company.
Long-term debt increased to $16.5 billion in Q3 2025 from $14.25 billion in Q2 2025, indicating higher leverage which may increase financial risk if unchecked.
Cash and equivalents increased to about $2.32 billion in Q3 2025 from $1.49 billion in Q2 2025, strengthening liquidity position.
Shareholders’ equity saw a modest increase to $15.54 billion in Q3 2025, sustaining a solid equity base despite some treasury stock transactions and accumulated other comprehensive income losses.

Cash Flow Observations:

Net cash from operating activities surged to $856 million in Q3 2025, recovering strongly from $328 million in Q2 2025, supporting ongoing business and investment needs.
Significant capital expenditures continue, with purchases of property, plant, and equipment reaching $1.5 billion in Q3 2025, reflecting heavy investment but also a substantial cash outflow.
Financing activities resulted in net cash inflows of $1.2 billion in Q3 2025, mainly from debt issuances and equity, suggesting effective capital raising to fund growth and operations.
The company continues regular dividend payments and debt repayments, reflecting a balanced approach to rewarding shareholders while managing liabilities.

Summary: Air Products & Chemicals has shown a robust recovery trajectory in 2025 after a challenging Q2, with increasing revenues and a return to profitability. The company’s strong operating cash flows and investments in capital assets indicate a focus on long-term growth. However, rising debt and fluctuating operating expenses warrant monitoring. Overall, the company maintains a solid financial foundation with improving profitability, supporting its potential as a stable investment.

08/24/25 04:17 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Air Products and Chemicals' Financials

When does Air Products and Chemicals' fiscal year end?

According to the most recent income statement we have on file, Air Products and Chemicals' financial year ends in September. Their financial year 2024 ended on September 30, 2024.

How has Air Products and Chemicals' net income changed over the last 10 years?

Air Products and Chemicals' net income appears to be on an upward trend, with a most recent value of $3.86 billion in 2024, rising from $993.10 million in 2014. The previous period was $2.34 billion in 2023. Find out what analysts predict for Air Products and Chemicals in the coming months.

What is Air Products and Chemicals' operating income?

Air Products and Chemicals' total operating income in 2024 was $4.47 billion, based on the following breakdown:

Total Gross Profit: $3.93 billion
Total Operating Expenses: -$534.20 million

How has Air Products and Chemicals' revenue changed over the last 10 years?

Over the last 10 years, Air Products and Chemicals' total revenue changed from $10.44 billion in 2014 to $12.10 billion in 2024, a change of 15.9%.

How much debt does Air Products and Chemicals have?

Air Products and Chemicals' total liabilities were at $20.90 billion at the end of 2024, a 27.9% increase from 2023, and a 109.6% increase since 2014.

How much cash does Air Products and Chemicals have?

In the past 10 years, Air Products and Chemicals' cash and equivalents has ranged from $206.40 million in 2015 to $5.25 billion in 2020, and is currently $2.98 billion as of their latest financial filing in 2024.

How has Air Products and Chemicals' book value per share changed over the last 10 years?

Over the last 10 years, Air Products and Chemicals' book value per share changed from 34.58 in 2014 to 76.63 in 2024, a change of 121.6%.

Related Companies

This page (NYSE:APD) was last updated on 8/24/2025 by MarketBeat.com Staff

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Air Products and Chemicals (APD) Financials

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Air Products and Chemicals (APD) Financials

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