Air Products and Chemicals (APD) Financials

$300.39 -3.54 (-1.17%)

Closing price 03:59 PM Eastern

Extended Trading

$299.87 -0.52 (-0.17%)

As of 06:16 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	9/30/2025
Net Income / (Loss) Attributable to Common Shareholders	1,278	631	3,000	1,498	1,760	1,887	2,099	2,256	2,300	3,828	-395
Consolidated Net Income / (Loss)	1,318	662	3,021	1,533	1,809	1,931	2,115	2,267	2,339	3,862	-354
Net Income / (Loss) Continuing Operations	966	1,122	1,155	1,491	1,809	1,945	2,045	2,254	2,331	3,876	-346
Total Pre-Tax Income	1,266	1,555	1,416	2,015	2,290	2,424	2,507	2,755	2,882	4,821	-441
Total Operating Income	1,233	1,535	1,440	1,966	2,144	2,238	2,281	2,339	2,495	4,466	-877
Total Gross Profit	2,226	2,326	2,436	2,741	2,943	2,998	3,137	3,360	3,767	3,932	3,781
Total Revenue	7,824	7,504	8,188	8,930	8,919	8,856	10,323	12,699	12,600	12,101	12,037
Operating Revenue	7,824	7,504	8,188	8,930	8,919	8,856	10,323	12,699	12,600	12,101	12,037
Total Cost of Revenue	5,598	5,177	5,752	6,190	5,976	5,858	7,186	9,339	8,833	8,169	8,256
Operating Cost of Revenue	5,598	5,177	5,752	6,190	5,976	5,858	7,186	9,339	8,833	8,169	8,256
Total Operating Expenses	993	791	996	775	799	761	856	1,021	1,272	-534	4,658
Selling, General & Admin Expense	773	684	714	761	750	776	828	901	957	942	906
Research & Development Expense	76	72	58	65	73	84	94	103	106	100	96
Other Operating Expenses / (Income)	-38	1.20	-89	-50	-49	-65	-53	-56	-35	-58	-24
Restructuring Charge	180	35	151	0.00	26	0.00	0.00	74	245	57	3,747
Other Special Charges / (Income)	1.40	-	0.00	0.00	-29	-34	-37	-	0.00	-1,576	-67
Total Other Income / (Expense), net	33	20	-24	49	145	186	226	416	388	355	436
Interest Expense	119	122	121	131	137	109	142	128	178	219	214
Interest & Investment Income	152	147	80	175	215	265	294	482	604	648	648
Other Income / (Expense), net	0.00	-5.40	17	5.10	67	31	74	62	-39	-74	2.60
Income Tax Expense	300	433	261	524	480	478	463	501	551	945	-94
Net Income / (Loss) Discontinued Operations	352	-461	1,866	42	0.00	-29	70	25	7.40	-14	-8.00
Net Income / (Loss) Attributable to Noncontrolling Interest	40	30	21	35	49	44	16	10	38	34	40
Basic Earnings per Share	$5.95	$2.92	$13.76	$6.83	$7.99	$8.53	$9.47	$10.16	$10.35	$17.21	($1.77)
Weighted Average Basic Shares Outstanding	214.90M	216.40M	218M	219.30M	220.30M	221.20M	221.60M	222M	222.30M	222.50M	222.70M
Diluted Earnings per Share	$5.88	$2.89	$13.65	$6.78	$7.94	$8.49	$9.43	$10.14	$10.33	$17.18	($1.77)
Weighted Average Diluted Shares Outstanding	217.30M	218.30M	219.80M	220.80M	221.60M	222.30M	222.50M	222.50M	222.70M	222.80M	222.70M
Weighted Average Basic & Diluted Shares Outstanding	215.43M	216.10M	218.10M	219.30M	220.43M	221.03M	221.46M	221.87M	222.21M	222.38M	222.59M

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	693	609	572	697	1,950	617	-1,731	714	4.90	678	710
Consolidated Net Income / (Loss)	694	622	581	709	1,951	650	-1,738	723	10	691	725
Net Income / (Loss) Continuing Operations	687	622	581	1,406	1,965	650	-1,738	731	10	691	725
Total Pre-Tax Income	841	757	711	850	2,503	791	-2,243	891	121	851	884
Total Operating Income	739	667	637	738	2,424	644	-2,328	791	17	735	753
Total Gross Profit	984	930	939	980	1,083	915	862	983	1,021	995	987
Total Revenue	3,191	2,997	2,930	2,986	3,188	2,932	2,916	3,023	3,167	3,103	3,172
Operating Revenue	3,191	2,997	2,930	2,986	3,188	2,932	2,916	3,023	3,167	3,103	3,172
Total Cost of Revenue	2,207	2,067	1,992	2,006	2,104	2,017	2,054	2,040	2,146	2,108	2,184
Operating Cost of Revenue	2,207	2,067	1,992	2,006	2,104	2,017	2,054	2,040	2,146	2,108	2,184
Total Operating Expenses	246	263	302	242	-1,341	271	3,190	192	1,005	261	235
Selling, General & Admin Expense	233	238	241	235	228	242	222	223	219	229	227
Research & Development Expense	25	26	25	27	22	22	23	24	27	20	22
Other Operating Expenses / (Income)	-12	-0.80	-22	-20	-16	7.00	18	-12	-37	-11	-14
Restructuring Charge	-	-	57	0.00	-	0.00	2,928	24	-	22	0.00
Total Other Income / (Expense), net	103	90	74	112	79	147	85	100	105	116	131
Interest Expense	48	54	60	56	50	43	42	61	68	55	50
Interest & Investment Income	163	158	143	169	177	151	146	168	184	172	179
Other Income / (Expense), net	-13	-15	-9.20	-1.30	-49	39	-19	-6.00	-12	-1.40	0.90
Income Tax Expense	154	135	131	141	538	141	-506	160	111	159	159
Net Income / (Loss) Attributable to Noncontrolling Interest	1.80	12	8.50	12	1.10	32	-6.90	9.40	5.20	13	14
Basic Earnings per Share	$3.11	$2.74	$2.57	$3.13	$8.77	$2.77	($7.77)	$3.20	$0.03	$3.04	$3.19
Weighted Average Basic Shares Outstanding	222.30M	222.50M	222.50M	222.50M	222.50M	222.70M	222.80M	222.80M	222.70M	222.80M	222.80M
Diluted Earnings per Share	$3.12	$2.73	$2.57	$3.13	$8.75	$2.77	($7.77)	$3.20	$0.03	$3.04	$3.19
Weighted Average Diluted Shares Outstanding	222.70M	222.80M	222.70M	222.80M	222.80M	222.90M	222.80M	222.90M	222.70M	222.90M	222.90M
Weighted Average Basic & Diluted Shares Outstanding	222.21M	222.30M	222.31M	222.31M	222.38M	222.48M	222.54M	222.55M	222.59M	222.66M	222.68M
Cash Dividends to Common per Share	$1.75	$1.75	$1.77	$1.77	$1.77	$1.77	$1.79	$1.79	-	$1.79	$1.81

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	9/30/2025
Net Change in Cash & Equivalents	-130	1,208	1,929	-1,938	-543	3,004	-784	-1,758	-1,094	1,363	-1,124
Net Cash From Operating Activities	2,047	2,224	2,528	1,092	2,970	3,265	3,335	3,171	3,206	3,647	3,257
Net Cash From Continuing Operating Activities	2,047	2,259	2,528	2,547	2,970	3,265	3,335	3,171	3,206	3,647	3,257
Net Income / (Loss) Continuing Operations	933	1,100	1,134	1,456	1,760	1,901	2,029	2,244	2,293	3,842	-387
Consolidated Net Income / (Loss)	1,278	631	3,000	0.00	1,760	1,887	2,099	2,256	2,300	3,828	-395
Net Income / (Loss) Discontinued Operations	345	-468	1,866	0.00	0.00	-14	70	13	7.40	-14	-8.00
Depreciation Expense	859	855	866	971	1,083	1,185	1,321	1,338	1,358	1,451	1,564
Non-Cash Adjustments To Reconcile Net Income	-53	129	261	1,559	-49	-154	-108	-93	28	-1,694	3,420
Changes in Operating Assets and Liabilities, net	308	140	268	17	176	333	93	-294	-473	48	-1,341
Net Cash From Investing Activities	-1,147	-909	-1,412	-1,642	-2,113	-3,560	-2,733	-3,857	-5,916	-4,919	-7,169
Net Cash From Continuing Investing Activities	-1,147	-865	-1,412	-1,642	-2,113	-3,560	-2,733	-3,857	-5,916	-4,919	-7,169
Purchase of Property, Plant & Equipment	-1,162	-908	-1,040	-1,568	-1,990	-2,509	-2,464	-2,927	-4,626	-6,797	-7,023
Acquisitions	-35	0.00	-16	-345	-139	-208	-11	-65	0.00	0.00	-60
Purchase of Investments	-4.30	0.00	-2,693	-530	-172	-2,866	-2,177	-3,296	-2,217	-544	-570
Sale of Property, Plant & Equipment	-	0.00	43	49	11	80	38	46	25	1,879	246
Sale and/or Maturity of Investments	55	0.00	2,291	748	191	1,938	1,875	2,377	897	471	123
Other Investing Activities, net	-0.80	-1.70	3.40	5.50	-14	3.90	5.80	7.00	4.80	72	115
Net Cash From Financing Activities	-960	-860	-2,041	-1,360	-1,371	3,285	-1,421	-1,001	1,610	2,615	2,795
Net Cash From Continuing Financing Activities	-960	-860	-2,041	-1,360	-1,371	3,285	-1,421	-1,001	1,610	2,615	2,795
Repayment of Debt	-751	-667	-1,324	-539	-449	-559	-486	-437	-821	-619	-521
Payment of Dividends	-678	-721	-788	-898	-994	-1,104	-1,257	-1,383	-1,613	-1,591	-1,591
Issuance of Debt	626	387	2.40	0.50	3.90	4,896	180	784	3,784	4,388	4,312
Issuance of Common Equity	-	-	-	-	-	17	137	21	235	429	595
Other Financing Activities, net	-157	141	68	76	68	34	11	19	24	7.90	1.10
Other Net Changes in Cash	-47	754	2,854	5.80	0.00	15	35	-71	7.10	20	-7.00

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-21	346	572	-159	604	-1,134	-354	833	-468	-830	-75
Net Cash From Operating Activities	1,002	627	802	1,261	957	812	328	856	1,261	901	1,104
Net Cash From Continuing Operating Activities	1,002	627	802	1,261	957	812	328	856	1,261	901	1,104
Net Income / (Loss) Continuing Operations	685	609	572	697	1,964	617	-1,731	722	4.90	678	710
Consolidated Net Income / (Loss)	693	609	572	697	1,950	617	-1,731	714	4.90	678	710
Depreciation Expense	357	349	361	360	381	367	384	401	413	371	375
Non-Cash Adjustments To Reconcile Net Income	-128	-29	-22	6.70	-1,650	-42	2,883	-75	654	1.90	7.90
Changes in Operating Assets and Liabilities, net	87	-303	-110	198	262	-130	-1,208	-192	189	-150	10
Net Cash From Investing Activities	-1,517	-1,666	-1,560	-1,548	-145	-2,182	-2,237	-1,262	-1,488	-1,243	-1,076
Net Cash From Continuing Investing Activities	-1,517	-1,666	-1,560	-1,548	-145	-2,182	-2,237	-1,262	-1,488	-1,243	-1,076
Purchase of Property, Plant & Equipment	-1,463	-1,446	-1,669	-1,607	-2,075	-2,118	-1,892	-1,496	-1,518	-1,251	-1,108
Sale of Property, Plant & Equipment	12	4.20	16	6.10	1,853	34	2.10	149	60	26	23
Other Investing Activities, net	-	13	17	16	27	29	32	52	2.70	2.20	8.80
Net Cash From Financing Activities	511	1,363	1,350	135	-232	274	1,551	1,209	-239	-490	-101
Net Cash From Continuing Financing Activities	511	1,363	1,350	135	-232	274	1,551	1,209	-239	-490	-101
Repayment of Debt	-136	-119	-56	-27	-416	-51	-341	-68	-61	-603	-21
Payment of Dividends	-505	-389	-389	-394	-419	-394	-394	-398	-406	-398	-399
Issuance of Debt	1,101	1,831	1,686	420	452	438	2,210	1,545	119	450	259
Issuance of Common Equity	46	35	108	136	150	281	75	130	109	61	60
Other Net Changes in Cash	-17	22	-19	-8.10	25	-38	4.20	30	-2.70	2.70	-2.20

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	9/30/2025
Total Assets	17,335	18,029	18,467	19,178	18,943	25,169	26,859	27,193	32,003	39,575	41,060
Total Current Assets	2,794	4,317	5,877	5,082	4,618	8,685	8,376	6,283	5,201	6,363	5,826
Cash & Equivalents	206	1,293	3,274	2,791	2,249	5,253	4,469	2,711	1,617	2,980	1,856
Accounts Receivable	1,517	1,211	1,259	1,207	1,260	1,275	1,451	1,849	1,700	1,822	1,901
Inventories, net	658	255	335	396	388	405	454	514	652	766	777
Prepaid Expenses	67	94	191	130	77	165	119	157	177	180	175
Other Current Assets	344	538	403	373	478	483	551	516	722	611	690
Other Current Nonoperating Assets	1.80	926	10	-	-	-	-	-	-	0.00	428
Plant, Property, & Equipment, net	8,745	8,260	8,440	9,924	10,338	11,965	13,255	14,161	17,472	23,371	25,338
Plant, Property & Equipment, gross	-	-	-	-	-	-	-	-	-	-	42,755
Accumulated Depreciation	-	-	-	-	-	-	-	-	-	-	17,417
Total Noncurrent Assets	5,796	5,452	4,150	4,172	3,987	4,519	5,228	6,749	9,330	9,841	9,896
Long-Term Investments	1,266	1,284	1,287	1,277	1,276	1,432	1,649	3,354	4,618	4,793	5,366
Noncurrent Note & Lease Receivables	1,350	1,222	1,132	1,013	890	816	740	-	1,312	1,612	1,307
Goodwill	1,131	845	722	789	797	892	912	823	862	905	964
Intangible Assets	508	388	368	439	420	436	421	348	335	312	294
Other Noncurrent Operating Assets	649	671	642	655	604	943	1,507	2,225	2,204	2,219	1,965
Total Liabilities & Shareholders' Equity	17,335	18,029	18,467	19,178	18,943	25,169	26,859	27,193	32,003	39,575	41,060
Total Liabilities	9,953	10,815	8,282	8,002	7,555	12,725	12,771	13,490	16,342	20,901	23,710
Total Current Liabilities	3,644	3,283	2,489	2,338	1,821	2,417	2,799	3,466	3,896	4,180	4,219
Short-Term Debt	1,930	1,301	560	461	99	478	487	688	875	695	751
Accounts Payable	1,642	1,652	1,814	1,818	1,636	1,833	2,218	2,772	2,890	2,926	3,238
Current Deferred & Payable Income Tax Liabilities	56	118	99	60	87	106	94	135	131	559	179
Other Current Nonoperating Liabilities	17	212	16	-	-	-	-	-	-	0.00	51
Total Noncurrent Liabilities	6,309	7,532	5,793	5,664	5,734	10,309	9,972	10,024	12,446	16,721	19,491
Long-Term Debt	3,949	3,910	3,402	3,352	3,227	7,430	7,150	7,086	9,431	13,533	16,947
Noncurrent Deferred & Payable Income Tax Liabilities	803	710	778	775	794	963	1,181	1,247	1,266	1,160	580
Other Noncurrent Operating Liabilities	1,554	1,817	1,612	1,537	1,712	1,916	1,641	1,691	1,749	2,028	1,964
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	7,381	7,213	10,186	11,176	11,388	12,443	14,088	13,702	15,660	18,674	17,350
Total Preferred & Common Equity	7,249	7,080	10,086	10,858	11,054	12,080	13,540	13,144	14,313	17,037	15,025
Total Common Equity	7,249	7,080	10,086	10,858	11,054	12,080	13,540	13,144	14,313	17,037	15,025
Common Stock	1,154	1,219	1,251	1,279	1,320	1,344	1,365	1,391	1,440	1,503	1,556
Retained Earnings	10,580	10,476	12,847	13,410	14,138	14,876	15,678	16,520	17,290	19,546	17,559
Treasury Stock	-2,360	-2,227	-2,164	-2,089	-2,030	-2,000	-1,988	-1,981	-1,967	-1,984	-2,002
Accumulated Other Comprehensive Income / (Loss)	-2,126	-2,388	-1,847	-1,742	-2,376	-2,140	-1,516	-2,786	-2,449	-2,028	-2,088
Noncontrolling Interest	132	134	99	319	335	363	548	558	1,347	1,637	2,325

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	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	12/31/2025	3/31/2026
Total Assets	30,930	32,003	34,118	35,922	36,974	39,575	40,017	38,873	41,659	41,241	41,645
Total Current Assets	5,354	5,201	5,650	6,057	5,677	6,363	5,352	5,188	6,148	5,103	5,013
Cash & Equivalents	1,638	1,617	1,963	2,535	2,376	2,980	1,846	1,491	2,324	1,026	951
Accounts Receivable	1,934	1,700	1,725	1,716	1,712	1,822	1,807	1,846	1,944	1,895	1,938
Inventories, net	664	652	709	721	756	766	739	770	798	788	768
Prepaid Expenses	179	177	207	263	171	180	202	262	234	164	171
Other Current Assets	670	722	774	719	601	611	641	708	848	757	718
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	473	467
Plant, Property, & Equipment, net	16,513	17,472	18,936	20,001	21,482	23,371	24,731	24,033	25,640	26,142	26,694
Plant, Property & Equipment, gross	31,716	-	34,794	35,913	37,598	39,951	41,098	40,646	42,985	43,785	44,554
Accumulated Depreciation	15,203	-	15,858	15,913	16,115	16,580	16,367	16,612	17,345	17,643	17,860
Total Noncurrent Assets	9,063	9,330	9,533	9,864	9,815	9,841	9,935	9,652	9,872	9,995	9,938
Long-Term Investments	4,494	4,618	4,685	4,759	4,715	4,793	4,772	5,129	5,228	5,440	5,409
Noncurrent Note & Lease Receivables	1,337	1,312	1,605	1,668	1,651	1,612	1,581	1,290	1,302	1,264	1,247
Goodwill	892	862	899	883	879	905	867	887	970	972	959
Intangible Assets	359	335	339	318	311	312	288	282	302	294	284
Other Noncurrent Operating Assets	1,982	2,204	2,005	2,235	2,260	2,219	2,428	2,065	2,070	2,025	2,040
Total Liabilities & Shareholders' Equity	30,930	32,003	34,118	35,922	36,974	39,575	40,017	38,873	41,659	41,241	41,645
Total Liabilities	15,559	16,342	17,989	19,587	20,287	20,901	21,279	22,093	23,891	23,404	23,495
Total Current Liabilities	3,948	3,896	3,119	4,061	4,475	4,180	4,809	5,211	4,760	3,498	3,513
Short-Term Debt	777	875	234	1,122	1,150	695	1,200	1,604	1,235	237	488
Accounts Payable	3,062	2,890	2,718	2,783	3,169	2,926	3,024	3,424	3,368	3,035	2,857
Current Deferred & Payable Income Tax Liabilities	109	131	167	156	156	559	586	183	156	175	119
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	52	50
Total Noncurrent Liabilities	11,611	12,446	14,870	15,526	15,813	16,721	16,469	16,883	19,132	19,906	19,982
Long-Term Debt	8,615	9,431	11,873	12,500	12,883	13,533	13,271	14,254	16,459	17,295	17,270
Noncurrent Deferred & Payable Income Tax Liabilities	1,216	1,266	1,250	1,281	1,182	1,160	1,195	670	674	662	733
Other Noncurrent Operating Liabilities	1,780	1,749	1,747	1,745	1,748	2,028	2,003	1,958	1,998	1,949	1,979
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	15,371	15,660	16,129	16,335	16,687	18,674	18,739	16,780	17,768	17,837	18,150
Total Preferred & Common Equity	14,138	14,313	14,873	14,913	15,101	17,037	16,692	14,703	15,538	15,411	15,650
Total Common Equity	14,138	14,313	14,873	14,913	15,101	17,037	16,692	14,703	15,538	15,411	15,650
Common Stock	1,426	1,440	1,449	1,465	1,488	1,503	1,510	1,541	1,552	1,555	1,567
Retained Earnings	16,987	17,290	17,510	17,690	17,990	19,546	19,767	17,637	17,953	17,838	18,144
Accumulated Other Comprehensive Income / (Loss)	-2,305	-2,449	-2,120	-2,276	-2,391	-2,028	-2,586	-2,478	-1,970	-1,977	-2,058
Other Equity Adjustments	-	-	-	-	-	-	-	-1,997	-	-	-2,003
Noncontrolling Interest	1,233	1,347	1,256	1,422	1,586	1,637	2,046	2,076	2,231	2,426	2,500

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	9/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-25.05%	-4.10%	9.11%	9.07%	-0.13%	-0.70%	16.56%	23.01%	-0.78%	-3.96%	-0.52%
EBITDA Growth	-8.90%	13.99%	-2.60%	26.65%	11.98%	4.84%	6.46%	1.71%	1.99%	53.21%	-88.20%
EBIT Growth	-7.91%	24.04%	-4.78%	35.29%	12.20%	2.59%	3.83%	1.96%	2.27%	78.87%	-119.91%
NOPAT Growth	-3.69%	17.76%	6.03%	23.79%	16.54%	5.97%	3.58%	2.86%	5.43%	77.98%	-117.10%
Net Income Growth	32.68%	-49.80%	356.72%	-49.26%	18.04%	6.73%	9.52%	7.17%	3.18%	65.16%	-109.18%
EPS Growth	27.55%	-50.85%	372.32%	-50.33%	17.11%	6.93%	11.07%	7.53%	1.87%	66.31%	-110.30%
Operating Cash Flow Growth	-9.51%	12.21%	13.70%	-56.83%	172.07%	9.93%	2.16%	-4.94%	1.11%	13.76%	-10.69%
Free Cash Flow Firm Growth	178.73%	20.17%	-58.68%	-107.87%	1,625.30%	-81.62%	-43.53%	887.59%	-282.72%	18.99%	-37.66%
Invested Capital Growth	-11.50%	-15.83%	0.03%	16.83%	2.68%	13.95%	13.65%	3.30%	31.55%	29.51%	9.25%
Revenue Q/Q Growth	-22.70%	26.39%	3.25%	1.08%	-0.18%	0.42%	5.32%	6.09%	-2.92%	-0.03%	-0.17%
EBITDA Q/Q Growth	-10.73%	22.97%	4.32%	2.30%	4.82%	-1.05%	2.49%	0.35%	2.79%	40.14%	-77.22%
EBIT Q/Q Growth	-11.07%	34.16%	5.63%	2.07%	5.49%	-2.30%	2.94%	0.54%	3.33%	60.17%	-158.43%
NOPAT Q/Q Growth	-7.81%	37.07%	16.74%	0.08%	1.19%	-0.87%	2.16%	0.34%	4.77%	57.02%	-148.41%
Net Income Q/Q Growth	25.89%	8.34%	2.51%	-0.99%	3.37%	-1.23%	6.23%	-1.13%	4.53%	48.22%	-122.34%
EPS Q/Q Growth	23.01%	8.24%	2.40%	-1.17%	2.98%	-0.93%	6.07%	-1.07%	5.09%	48.74%	-125.47%
Operating Cash Flow Q/Q Growth	-13.10%	26.35%	6.03%	-60.61%	139.74%	9.56%	-11.31%	4.31%	1.42%	-1.23%	10.30%
Free Cash Flow Firm Q/Q Growth	75.13%	32.51%	-63.82%	26.70%	158.72%	-72.29%	-70.53%	175.56%	-104.33%	26.85%	4.43%
Invested Capital Q/Q Growth	-12.08%	-17.10%	3.84%	2.95%	-4.63%	0.99%	3.72%	-2.65%	5.64%	6.61%	-1.65%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	28.45%	31.00%	29.75%	30.69%	33.00%	33.85%	30.39%	26.46%	29.90%	32.49%	31.41%
EBITDA Margin	26.73%	31.78%	28.36%	32.94%	36.93%	38.99%	35.61%	29.45%	30.27%	48.29%	5.73%
Operating Margin	15.76%	20.46%	17.59%	22.01%	24.04%	25.27%	22.10%	18.42%	19.80%	36.91%	-7.29%
EBIT Margin	15.76%	20.39%	17.79%	22.07%	24.79%	25.61%	22.81%	18.91%	19.49%	36.30%	-7.26%
Profit (Net Income) Margin	16.84%	8.82%	36.90%	17.17%	20.29%	21.80%	20.49%	17.85%	18.56%	31.92%	-2.94%
Tax Burden Percent	104.07%	42.55%	213.35%	76.07%	79.03%	79.67%	84.35%	82.28%	81.13%	80.11%	80.42%
Interest Burden Percent	102.67%	101.63%	97.22%	102.25%	103.55%	106.86%	106.47%	114.72%	117.38%	109.76%	50.40%
Effective Tax Rate	23.71%	27.83%	18.42%	26.02%	20.97%	19.74%	18.46%	18.18%	19.12%	19.60%	0.00%
Return on Invested Capital (ROIC)	8.09%	11.02%	12.79%	14.60%	15.58%	15.23%	13.86%	13.19%	11.82%	16.13%	-2.34%
ROIC Less NNEP Spread (ROIC-NNEP)	17.45%	-5.19%	390.90%	3.63%	-12.90%	-94.11%	180.92%	70.50%	25.24%	21.46%	0.80%
Return on Net Nonoperating Assets (RNNOA)	9.25%	-1.96%	21.94%	-0.24%	0.46%	0.98%	2.08%	3.12%	4.11%	6.37%	0.37%
Return on Equity (ROE)	17.35%	9.07%	34.73%	14.35%	16.04%	16.21%	15.94%	16.31%	15.93%	22.50%	-1.97%
Cash Return on Invested Capital (CROIC)	20.30%	28.21%	12.75%	-0.93%	12.93%	2.19%	1.09%	9.94%	-15.43%	-9.59%	-11.18%
Operating Return on Assets (OROA)	7.02%	8.65%	7.98%	10.47%	11.60%	10.28%	9.05%	8.88%	8.30%	12.27%	-2.17%
Return on Assets (ROA)	7.50%	3.74%	16.56%	8.14%	9.49%	8.76%	8.13%	8.39%	7.90%	10.79%	-0.88%
Return on Common Equity (ROCE)	16.69%	8.90%	34.26%	14.07%	15.57%	15.73%	15.40%	15.66%	14.90%	20.54%	-1.75%
Return on Equity Simple (ROE_SIMPLE)	18.18%	9.34%	29.95%	14.12%	16.37%	15.99%	15.62%	17.24%	16.34%	22.67%	0.00%
Net Operating Profit after Tax (NOPAT)	941	1,108	1,175	1,454	1,695	1,796	1,860	1,914	2,018	3,591	-614
NOPAT Margin	12.02%	14.77%	14.35%	16.28%	19.00%	20.28%	18.02%	15.07%	16.01%	29.67%	-5.10%
Net Nonoperating Expense Percent (NNEP)	-9.35%	16.22%	-378.11%	10.96%	28.47%	109.34%	-167.05%	-57.32%	-13.42%	-5.33%	-3.14%
Return On Investment Capital (ROIC_SIMPLE)	7.10%	8.92%	8.30%	9.70%	11.52%	8.82%	8.56%	8.91%	7.77%	10.91%	-1.75%
Cost of Revenue to Revenue	71.55%	69.00%	70.25%	69.31%	67.00%	66.15%	69.61%	73.54%	70.10%	67.51%	68.59%
SG&A Expenses to Revenue	9.88%	9.11%	8.71%	8.52%	8.41%	8.76%	8.02%	7.09%	7.60%	7.79%	7.53%
R&D to Revenue	0.98%	0.96%	0.70%	0.72%	0.82%	0.95%	0.91%	0.81%	0.84%	0.83%	0.80%
Operating Expenses to Revenue	12.69%	10.55%	12.17%	8.68%	8.96%	8.59%	8.29%	8.04%	10.10%	-4.41%	38.70%
Earnings before Interest and Taxes (EBIT)	1,233	1,530	1,457	1,971	2,211	2,268	2,355	2,401	2,456	4,392	-874
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,092	2,384	2,322	2,941	3,294	3,453	3,676	3,739	3,814	5,843	690
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.78	3.46	2.73	2.91	3.91	4.92	3.86	3.71	4.26	3.84	4.01
Price to Tangible Book Value (P/TBV)	3.59	4.19	3.06	3.28	4.39	5.52	4.28	4.08	4.65	4.13	4.38
Price to Revenue (P/Rev)	2.58	3.27	3.36	3.54	4.84	6.70	5.06	3.84	4.84	5.40	5.01
Price to Earnings (P/E)	15.78	38.84	9.17	21.10	24.53	31.47	24.90	21.63	26.49	17.08	0.00
Dividend Yield	3.41%	2.99%	3.55%	3.61%	2.34%	1.93%	2.47%	2.89%	2.50%	2.39%	2.63%
Earnings Yield	6.34%	2.57%	10.90%	4.74%	4.08%	3.18%	4.02%	4.62%	3.78%	5.85%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.26	2.97	2.90	2.93	3.91	4.77	3.71	3.42	3.40	2.92	2.66
Enterprise Value to Revenue (EV/Rev)	3.16	3.64	3.25	3.52	4.84	6.76	5.13	3.97	5.24	6.07	6.07
Enterprise Value to EBITDA (EV/EBITDA)	11.81	11.44	11.46	10.70	13.10	17.33	14.42	13.50	17.31	12.58	105.97
Enterprise Value to EBIT (EV/EBIT)	20.03	17.84	18.28	15.97	19.51	26.39	22.51	21.02	26.89	16.73	0.00
Enterprise Value to NOPAT (EV/NOPAT)	26.25	24.63	22.66	21.65	25.46	33.33	28.49	26.38	32.72	20.46	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	12.46	12.27	10.53	28.84	14.53	18.34	15.89	15.92	20.59	20.15	22.44
Enterprise Value to Free Cash Flow (EV/FCFF)	10.47	9.62	22.72	0.00	30.66	231.53	362.99	35.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.80	0.72	0.39	0.34	0.29	0.64	0.54	0.57	0.66	0.76	1.02
Long-Term Debt to Equity	0.54	0.54	0.33	0.30	0.28	0.60	0.51	0.52	0.60	0.72	0.98
Financial Leverage	0.53	0.38	0.06	-0.07	-0.04	-0.01	0.01	0.04	0.16	0.30	0.46
Leverage Ratio	2.31	2.42	2.10	1.76	1.69	1.85	1.96	1.95	2.02	2.08	2.24
Compound Leverage Factor	2.37	2.46	2.04	1.80	1.75	1.98	2.09	2.23	2.37	2.29	1.13
Debt to Total Capital	44.34%	41.94%	28.01%	25.44%	22.60%	38.86%	35.15%	36.20%	39.69%	43.24%	50.50%
Short-Term Debt to Total Capital	14.55%	10.47%	3.96%	3.07%	0.67%	2.35%	2.24%	3.20%	3.37%	2.11%	2.14%
Long-Term Debt to Total Capital	29.78%	31.47%	24.05%	22.36%	21.93%	36.51%	32.91%	32.99%	36.32%	41.13%	48.35%
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	1.00%	1.08%	0.70%	2.13%	2.27%	1.79%	2.52%	2.60%	5.19%	4.98%	6.63%
Common Equity to Total Capital	54.67%	56.98%	71.29%	72.44%	75.12%	59.36%	62.32%	61.20%	55.12%	51.78%	42.87%
Debt to EBITDA	2.81	2.19	1.71	1.30	1.01	2.29	2.08	2.08	2.70	2.43	25.66
Net Debt to EBITDA	2.11	1.10	-0.43	-0.15	-0.11	0.03	0.05	0.30	0.98	1.10	15.19
Long-Term Debt to EBITDA	1.89	1.64	1.47	1.14	0.98	2.15	1.94	1.89	2.47	2.32	24.57
Debt to NOPAT	6.25	4.70	3.37	2.62	1.96	4.40	4.11	4.06	5.11	3.96	-28.83
Net Debt to NOPAT	4.68	2.38	-0.85	-0.30	-0.22	0.07	0.10	0.58	1.85	1.80	-17.07
Long-Term Debt to NOPAT	4.20	3.53	2.90	2.30	1.90	4.14	3.84	3.70	4.67	3.77	-27.61
Altman Z-Score	2.70	2.94	3.89	4.32	5.51	4.58	4.20	3.90	3.69	3.31	2.39
Noncontrolling Interest Sharing Ratio	3.78%	1.82%	1.34%	1.96%	2.90%	2.93%	3.44%	3.98%	6.49%	8.69%	11.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.77	1.32	2.36	2.17	2.54	3.59	2.99	1.81	1.33	1.52	1.38
Quick Ratio	0.47	0.76	1.98	1.79	2.02	3.16	2.59	1.49	0.94	1.15	0.89
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,360	2,836	1,172	-92	1,407	259	146	1,442	-2,635	-2,135	-2,938
Operating Cash Flow to CapEx	170.49%	244.98%	253.55%	71.83%	150.10%	134.42%	137.44%	110.08%	69.67%	74.15%	48.06%
Free Cash Flow to Firm to Interest Expense	19.76	23.22	9.72	-0.71	10.27	2.37	1.03	11.27	-14.84	-9.76	-13.73
Operating Cash Flow to Interest Expense	16.60	18.21	20.97	8.36	21.68	29.87	23.52	24.77	18.06	16.67	15.22
Operating Cash Flow Less CapEx to Interest Expense	6.86	10.78	12.70	-3.28	7.24	7.65	6.41	2.27	-7.86	-5.81	-16.45
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.45	0.42	0.45	0.47	0.47	0.40	0.40	0.47	0.43	0.34	0.30
Accounts Receivable Turnover	4.95	5.50	6.63	7.24	7.23	6.99	7.57	7.69	7.10	6.87	6.47
Inventory Turnover	8.21	11.34	19.48	16.92	15.24	14.77	16.74	19.29	15.15	11.52	10.70
Fixed Asset Turnover	0.86	0.88	0.98	0.97	0.88	0.79	0.82	0.93	0.80	0.59	0.49
Accounts Payable Turnover	3.46	3.14	3.32	3.41	3.46	3.38	3.55	3.74	3.12	2.81	2.68
Days Sales Outstanding (DSO)	73.67	66.34	55.05	50.40	50.49	52.24	48.19	47.44	51.42	53.12	56.44
Days Inventory Outstanding (DIO)	44.46	32.18	18.73	21.57	23.96	24.71	21.81	18.92	24.09	31.68	34.10
Days Payable Outstanding (DPO)	105.39	116.11	110.00	107.09	105.47	108.07	102.89	97.52	116.98	129.94	136.25
Cash Conversion Cycle (CCC)	12.74	-17.59	-36.21	-35.13	-31.03	-31.12	-32.89	-31.16	-41.47	-45.15	-45.71
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,914	9,186	9,189	10,736	11,023	12,561	14,275	14,747	19,399	25,124	27,449
Invested Capital Turnover	0.67	0.75	0.89	0.90	0.82	0.75	0.77	0.88	0.74	0.54	0.46
Increase / (Decrease) in Invested Capital	-1,419	-1,728	3.00	1,546	288	1,537	1,714	472	4,652	5,725	2,325
Enterprise Value (EV)	24,700	27,283	26,620	31,478	43,146	59,862	53,002	50,473	66,019	73,485	73,098
Market Capitalization	20,161	24,515	27,522	31,600	43,176	59,381	52,266	48,796	60,933	65,397	60,296
Book Value per Share	$33.72	$32.69	$46.28	$49.52	$50.16	$54.69	$61.16	$59.26	$64.43	$76.63	$67.51
Tangible Book Value per Share	$26.09	$27.00	$41.28	$43.92	$44.64	$48.68	$55.15	$53.98	$59.04	$71.16	$61.86
Total Capital	13,260	12,424	14,148	14,989	14,714	20,351	21,725	21,476	25,966	32,902	35,048
Total Debt	5,879	5,211	3,963	3,813	3,326	7,908	7,637	7,774	10,306	14,228	17,698
Total Long-Term Debt	3,949	3,910	3,402	3,352	3,227	7,430	7,150	7,086	9,431	13,533	16,947
Net Debt	4,407	2,634	-1,002	-441	-365	118	187	1,118	3,739	6,451	10,476
Capital Expenditures (CapEx)	1,162	908	997	1,520	1,979	2,429	2,427	2,880	4,601	4,918	6,777
Debt-free, Cash-free Net Working Capital (DFCFNWC)	873	1,042	271	229	481	388	263	203	230	-106	502
Debt-free Net Working Capital (DFNWC)	1,079	2,335	3,948	3,205	2,896	6,746	6,064	3,505	2,179	2,878	2,358
Net Working Capital (NWC)	-851	1,034	3,388	2,744	2,797	6,268	5,577	2,817	1,305	2,183	1,607
Net Nonoperating Expense (NNE)	-377	446	-1,847	-79	-115	-135	-255	-353	-321	-272	-260
Net Nonoperating Obligations (NNO)	3,533	1,973	-996	-441	-365	118	187	1,044	3,739	6,451	10,099
Total Depreciation and Amortization (D&A)	859	855	866	971	1,083	1,185	1,321	1,338	1,358	1,451	1,564
Debt-free, Cash-free Net Working Capital to Revenue	11.15%	13.89%	3.30%	2.56%	5.40%	4.38%	2.55%	1.60%	1.83%	-0.88%	4.17%
Debt-free Net Working Capital to Revenue	13.79%	31.12%	48.22%	35.89%	32.47%	76.17%	58.74%	27.60%	17.30%	23.79%	19.59%
Net Working Capital to Revenue	-10.88%	13.78%	41.38%	30.73%	31.36%	70.78%	54.03%	22.18%	10.35%	18.04%	13.35%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$6.83	$7.99	$8.53	$9.47	$10.16	$10.35	$17.21	($1.77)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	219.30M	220.30M	221.20M	221.60M	222M	222.30M	222.50M	222.70M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$6.78	$7.94	$8.49	$9.43	$10.14	$10.33	$17.18	($1.77)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	220.80M	221.60M	222.30M	222.50M	222.50M	222.70M	222.80M	222.70M
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	219.53M	220.43M	221.03M	221.46M	221.87M	222.21M	222.38M	222.59M
Normalized Net Operating Profit after Tax (NOPAT)	1,079	1,133	1,430	1,454	1,715	1,769	1,849	1,974	2,215	2,370	1,962
Normalized NOPAT Margin	13.79%	15.10%	17.47%	16.28%	19.23%	19.97%	17.91%	15.54%	17.58%	19.58%	16.30%
Pre Tax Income Margin	16.18%	20.72%	17.30%	22.56%	25.67%	27.37%	24.29%	21.69%	22.88%	39.84%	-3.66%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.33	12.53	12.08	15.10	16.14	20.75	16.61	18.76	13.83	20.07	-4.09
NOPAT to Interest Expense	7.88	9.07	9.74	11.14	12.37	16.43	13.12	14.95	11.37	16.41	-2.87
EBIT Less CapEx to Interest Expense	0.59	5.09	3.81	3.46	1.70	-1.47	-0.50	-3.74	-12.09	-2.40	-35.75
NOPAT Less CapEx to Interest Expense	-1.86	1.64	1.47	-0.50	-2.07	-5.79	-3.99	-7.55	-14.55	-6.07	-34.54
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	51.42%	109.02%	26.08%	58.57%	54.94%	57.15%	59.42%	61.03%	68.95%	41.18%	-449.01%
Augmented Payout Ratio	51.42%	109.02%	26.08%	58.57%	54.94%	57.15%	59.42%	61.03%	68.95%	41.18%	-449.01%

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	222,656,008.00	222,680,686.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	222,656,008.00	222,680,686.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	3.05	3.19
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-10.61%	-5.58%	-8.43%	-1.60%	-0.12%	-2.20%	-0.48%	1.25%	-0.65%	5.83%	8.76%
EBITDA Growth	10.58%	2.92%	25.88%	12.77%	154.52%	4.79%	-298.52%	8.12%	-84.84%	5.19%	157.49%
EBIT Growth	12.23%	0.11%	40.84%	16.41%	227.35%	4.66%	-473.66%	6.56%	-99.79%	7.41%	132.11%
NOPAT Growth	17.95%	3.61%	43.59%	17.40%	215.48%	-3.39%	-413.20%	5.43%	-99.93%	12.82%	137.89%
Net Income Growth	17.10%	6.47%	29.12%	16.12%	180.96%	4.54%	-399.10%	2.02%	-99.48%	6.40%	141.72%
EPS Growth	19.08%	6.23%	30.46%	17.23%	180.45%	1.47%	-402.33%	2.24%	-99.66%	9.75%	141.06%
Operating Cash Flow Growth	4.69%	-12.89%	25.52%	49.21%	-4.52%	29.54%	-59.07%	-32.15%	31.79%	10.96%	236.39%
Free Cash Flow Firm Growth	-10,268.39%	-521.19%	-327.09%	-70.55%	5.60%	2.29%	3.24%	19.52%	39.22%	69.52%	47.61%
Invested Capital Growth	31.55%	32.96%	33.51%	28.35%	29.51%	24.19%	14.83%	18.43%	9.25%	7.58%	12.45%
Revenue Q/Q Growth	5.19%	-6.08%	-2.24%	1.89%	6.77%	-8.03%	-0.52%	3.65%	4.77%	-2.03%	2.23%
EBITDA Q/Q Growth	11.38%	-7.55%	-1.25%	10.90%	151.39%	-61.94%	-287.08%	160.40%	-64.75%	164.13%	2.25%
EBIT Q/Q Growth	14.75%	-10.15%	-3.70%	17.25%	222.68%	-71.27%	-443.82%	133.44%	-99.35%	14,274.51%	2.80%
NOPAT Q/Q Growth	15.05%	-9.22%	-4.99%	18.30%	209.16%	-72.20%	-408.03%	139.82%	-99.78%	42,570.12%	3.45%
Net Income Q/Q Growth	13.74%	-10.48%	-6.55%	22.03%	175.22%	-66.69%	-367.39%	141.62%	-98.60%	6,745.54%	4.83%
EPS Q/Q Growth	16.85%	-12.50%	-5.86%	21.79%	179.55%	-68.34%	-380.51%	141.18%	-99.06%	10,033.33%	4.93%
Operating Cash Flow Q/Q Growth	18.56%	-37.48%	27.94%	57.34%	-24.13%	-15.18%	-59.58%	160.84%	47.37%	-28.58%	22.54%
Free Cash Flow Firm Q/Q Growth	-50.47%	-16.97%	-8.57%	10.75%	16.71%	-21.07%	-7.52%	25.76%	37.11%	39.29%	-84.81%
Invested Capital Q/Q Growth	5.64%	9.89%	5.83%	4.47%	6.61%	5.37%	-2.15%	7.74%	-1.65%	3.76%	2.28%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	30.84%	31.03%	32.04%	32.82%	33.98%	31.21%	29.57%	32.51%	32.25%	32.07%	31.13%
EBITDA Margin	33.94%	33.41%	33.75%	36.73%	86.48%	35.79%	-67.31%	39.22%	13.20%	35.58%	35.58%
Operating Margin	23.14%	22.25%	21.75%	24.71%	76.06%	21.95%	-79.83%	26.16%	0.53%	23.67%	23.73%
EBIT Margin	22.74%	21.76%	21.43%	24.66%	74.54%	23.28%	-80.47%	25.96%	0.16%	23.63%	23.76%
Profit (Net Income) Margin	21.76%	20.74%	19.82%	23.74%	61.21%	22.17%	-59.58%	23.93%	0.32%	22.29%	22.85%
Tax Burden Percent	82.55%	82.11%	81.66%	83.45%	77.94%	82.20%	77.45%	81.19%	8.33%	81.26%	82.04%
Interest Burden Percent	115.90%	116.09%	113.28%	115.37%	105.36%	115.82%	95.60%	113.54%	2,378.43%	116.06%	117.24%
Effective Tax Rate	18.33%	17.89%	18.34%	16.55%	21.51%	17.80%	0.00%	17.92%	91.67%	18.74%	17.96%
Return on Invested Capital (ROIC)	13.95%	12.15%	10.94%	11.90%	32.45%	9.09%	-27.72%	10.06%	0.02%	8.55%	8.82%
ROIC Less NNEP Spread (ROIC-NNEP)	17.76%	14.36%	12.38%	13.80%	33.39%	10.96%	-29.13%	10.93%	0.13%	9.58%	9.89%
Return on Net Nonoperating Assets (RNNOA)	2.89%	3.14%	3.36%	4.25%	9.91%	4.06%	-13.50%	5.40%	0.06%	4.81%	5.69%
Return on Equity (ROE)	16.84%	15.29%	14.30%	16.15%	42.36%	13.15%	-41.22%	15.46%	0.08%	13.36%	14.51%
Cash Return on Invested Capital (CROIC)	-15.43%	-17.39%	-17.58%	-13.92%	-9.59%	-6.63%	-8.72%	-11.95%	-11.18%	-9.31%	-5.17%
Operating Return on Assets (OROA)	9.68%	8.66%	7.97%	8.79%	25.20%	7.56%	-25.86%	7.96%	0.05%	7.10%	7.36%
Return on Assets (ROA)	9.26%	8.26%	7.37%	8.47%	20.70%	7.20%	-19.15%	7.34%	0.10%	6.70%	7.07%
Return on Common Equity (ROCE)	15.75%	14.38%	13.36%	14.73%	38.68%	11.91%	-36.87%	13.75%	0.07%	11.73%	12.61%
Return on Equity Simple (ROE_SIMPLE)	0.00%	15.98%	16.81%	17.26%	0.00%	23.31%	10.69%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	603	548	520	616	1,903	529	-1,630	649	1.40	597	617
NOPAT Margin	18.90%	18.27%	17.76%	20.62%	59.70%	18.05%	-55.88%	21.47%	0.04%	19.24%	19.47%
Net Nonoperating Expense Percent (NNEP)	-3.81%	-2.21%	-1.44%	-1.89%	-0.94%	-1.87%	1.41%	-0.87%	-0.11%	-1.03%	-1.07%
Return On Investment Capital (ROIC_SIMPLE)	2.32%	1.94%	1.74%	2.00%	5.78%	1.59%	-4.99%	1.83%	0.00%	1.69%	1.72%
Cost of Revenue to Revenue	69.16%	68.97%	67.96%	67.18%	66.02%	68.79%	70.43%	67.49%	67.75%	67.93%	68.87%
SG&A Expenses to Revenue	7.29%	7.95%	8.21%	7.88%	7.15%	8.27%	7.61%	7.36%	6.92%	7.37%	7.16%
R&D to Revenue	0.77%	0.86%	0.87%	0.90%	0.69%	0.75%	0.79%	0.80%	0.86%	0.66%	0.68%
Operating Expenses to Revenue	7.69%	8.78%	10.29%	8.12%	-42.08%	9.26%	109.40%	6.35%	31.72%	8.40%	7.40%
Earnings before Interest and Taxes (EBIT)	726	652	628	736	2,376	683	-2,347	785	5.10	733	754
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,083	1,001	989	1,097	2,757	1,049	-1,963	1,186	418	1,104	1,129
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.26	3.98	3.54	3.73	3.84	3.82	4.44	4.01	4.01	3.54	4.11
Price to Tangible Book Value (P/TBV)	4.65	4.35	3.85	4.05	4.13	4.10	4.82	4.37	4.38	3.86	4.46
Price to Revenue (P/Rev)	4.84	4.77	4.35	4.65	5.40	5.29	5.43	5.17	5.01	4.47	5.16
Price to Earnings (P/E)	26.49	25.35	21.40	21.89	17.08	16.61	42.53	40.23	0.00	0.00	30.50
Dividend Yield	2.50%	2.62%	2.95%	2.77%	2.39%	2.46%	2.42%	2.53%	2.63%	2.91%	2.48%
Earnings Yield	3.78%	3.95%	4.67%	4.57%	5.85%	6.02%	2.35%	2.49%	0.00%	0.00%	3.28%
Enterprise Value to Invested Capital (EV/IC)	3.40	3.08	2.68	2.75	2.92	2.78	2.95	2.68	2.66	2.39	2.68
Enterprise Value to Revenue (EV/Rev)	5.24	5.29	4.98	5.35	6.07	6.11	6.36	6.20	6.07	5.58	6.27
Enterprise Value to EBITDA (EV/EBITDA)	17.31	17.10	14.95	15.53	12.58	12.48	26.00	24.68	105.97	91.46	20.38
Enterprise Value to EBIT (EV/EBIT)	26.89	26.74	22.93	23.61	16.73	16.62	52.77	49.95	0.00	0.00	34.34
Enterprise Value to NOPAT (EV/NOPAT)	32.72	32.26	27.55	28.32	20.46	20.57	61.95	58.94	0.00	0.00	43.37
Enterprise Value to Operating Cash Flow (EV/OCF)	20.59	21.10	18.47	17.54	20.15	19.18	22.76	25.32	22.44	20.35	18.97
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.66	0.75	0.83	0.84	0.76	0.77	0.95	1.00	1.02	0.98	0.98
Long-Term Debt to Equity	0.60	0.74	0.77	0.77	0.72	0.71	0.85	0.93	0.98	0.97	0.95
Financial Leverage	0.16	0.22	0.27	0.31	0.30	0.37	0.46	0.49	0.46	0.50	0.58
Leverage Ratio	2.02	2.04	2.11	2.12	2.08	2.13	2.26	2.28	2.24	2.22	2.31
Compound Leverage Factor	2.34	2.36	2.39	2.44	2.20	2.46	2.16	2.59	53.24	2.58	2.70
Debt to Total Capital	39.69%	42.88%	45.47%	45.68%	43.24%	43.57%	48.59%	49.90%	50.50%	49.57%	49.45%
Short-Term Debt to Total Capital	3.37%	0.83%	3.74%	3.74%	2.11%	3.61%	4.91%	3.48%	2.14%	0.67%	1.36%
Long-Term Debt to Total Capital	36.32%	42.05%	41.73%	41.94%	41.13%	39.96%	43.67%	46.41%	48.35%	48.90%	48.10%
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	5.19%	4.45%	4.75%	5.16%	4.98%	6.16%	6.36%	6.29%	6.63%	6.86%	6.96%
Common Equity to Total Capital	55.12%	52.67%	49.78%	49.16%	51.78%	50.26%	45.05%	43.81%	42.87%	43.57%	43.58%
Debt to EBITDA	2.70	3.15	3.37	3.37	2.43	2.46	5.39	5.84	25.66	23.55	4.63
Net Debt to EBITDA	0.98	1.35	1.54	1.65	1.10	1.31	3.10	3.35	15.19	14.87	2.97
Long-Term Debt to EBITDA	2.47	3.09	3.09	3.09	2.32	2.25	4.85	5.43	24.57	23.24	4.50
Debt to NOPAT	5.11	5.95	6.20	6.14	3.96	4.05	12.86	13.95	-28.83	-31.86	9.85
Net Debt to NOPAT	1.85	2.55	2.84	3.01	1.80	2.16	7.40	8.00	-17.07	-20.11	6.32
Long-Term Debt to NOPAT	4.67	5.83	5.69	5.63	3.77	3.71	11.56	12.98	-27.61	-31.43	9.58
Altman Z-Score	3.51	3.21	2.77	2.78	3.14	2.86	2.52	2.56	2.47	2.41	2.65
Noncontrolling Interest Sharing Ratio	6.49%	6.00%	6.62%	8.79%	8.69%	9.47%	10.56%	11.08%	11.00%	12.23%	13.10%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.33	1.81	1.49	1.27	1.52	1.11	1.00	1.29	1.38	1.46	1.43
Quick Ratio	0.94	1.27	1.07	0.93	1.15	0.78	0.66	0.90	0.89	0.84	0.82
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-4,049	-4,736	-5,142	-4,589	-3,822	-4,628	-4,976	-3,694	-2,323	-1,410	-2,607
Operating Cash Flow to CapEx	69.09%	43.47%	48.49%	78.81%	429.73%	38.96%	17.37%	63.54%	86.54%	73.52%	101.75%
Free Cash Flow to Firm to Interest Expense	-84.36	-88.53	-85.85	-82.39	-76.91	-108.64	-117.91	-60.16	-34.26	-25.88	-52.66
Operating Cash Flow to Interest Expense	20.88	11.71	13.38	22.65	19.26	19.05	7.77	13.94	18.60	16.53	22.30
Operating Cash Flow Less CapEx to Interest Expense	-9.34	-15.23	-14.22	-6.09	14.77	-29.85	-37.00	-8.00	-2.89	-5.95	0.38
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.43	0.40	0.37	0.36	0.34	0.32	0.32	0.31	0.30	0.30	0.31
Accounts Receivable Turnover	7.10	6.99	7.09	6.64	6.87	6.81	6.75	6.60	6.47	6.60	6.59
Inventory Turnover	15.15	12.83	12.20	11.65	11.52	11.21	10.97	10.58	10.70	10.93	11.03
Fixed Asset Turnover	0.80	0.73	0.68	0.64	0.59	0.55	0.55	0.51	0.49	0.48	0.49
Accounts Payable Turnover	3.12	3.27	3.16	2.66	2.81	2.83	2.64	2.51	2.68	2.76	2.70
Days Sales Outstanding (DSO)	51.42	52.19	51.52	54.98	53.12	53.57	54.07	55.33	56.44	55.35	55.40
Days Inventory Outstanding (DIO)	24.09	28.44	29.92	31.32	31.68	32.56	33.26	34.51	34.10	33.39	33.10
Days Payable Outstanding (DPO)	116.98	111.47	115.42	137.47	129.94	129.08	138.47	145.22	136.25	132.47	135.21
Cash Conversion Cycle (CCC)	-41.47	-30.84	-33.98	-51.18	-45.15	-42.94	-51.14	-55.38	-45.71	-43.74	-46.71
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	19,399	21,317	22,560	23,568	25,124	26,474	25,906	27,910	27,449	28,481	29,130
Invested Capital Turnover	0.74	0.67	0.62	0.58	0.54	0.50	0.50	0.47	0.46	0.44	0.45
Increase / (Decrease) in Invested Capital	4,652	5,284	5,663	5,205	5,725	5,157	3,346	4,343	2,325	2,007	3,224
Enterprise Value (EV)	66,019	65,691	60,492	64,755	73,485	73,498	76,417	74,745	73,098	68,077	78,174
Market Capitalization	60,933	59,247	52,845	56,288	65,397	63,716	65,214	62,372	60,296	54,586	64,276
Book Value per Share	$64.43	$66.84	$67.09	$67.93	$76.63	$75.06	$66.09	$69.82	$67.51	$69.24	$70.29
Tangible Book Value per Share	$59.04	$61.28	$61.68	$62.58	$71.16	$69.87	$60.84	$64.10	$61.86	$63.55	$64.71
Total Capital	25,966	28,237	29,957	30,720	32,902	33,209	32,638	35,462	35,048	35,369	35,908
Total Debt	10,306	12,108	13,622	14,033	14,228	14,471	15,858	17,694	17,698	17,532	17,758
Total Long-Term Debt	9,431	11,873	12,500	12,883	13,533	13,271	14,254	16,459	16,947	17,295	17,270
Net Debt	3,739	5,188	6,225	6,881	6,451	7,735	9,126	10,142	10,476	11,065	11,398
Capital Expenditures (CapEx)	1,451	1,441	1,653	1,601	223	2,083	1,889	1,347	1,457	1,225	1,085
Debt-free, Cash-free Net Working Capital (DFCFNWC)	230	530	480	-85	-106	-221	-22	299	502	815	1,036
Debt-free Net Working Capital (DFNWC)	2,179	2,765	3,118	2,353	2,878	1,742	1,581	2,623	2,358	1,842	1,987
Net Working Capital (NWC)	1,305	2,530	1,996	1,203	2,183	542	-23	1,388	1,607	1,605	1,499
Net Nonoperating Expense (NNE)	-91	-74	-61	-93	-48	-121	108	-74	-8.70	-95	-107
Net Nonoperating Obligations (NNO)	3,739	5,188	6,225	6,881	6,451	7,735	9,126	10,142	10,099	10,644	10,980
Total Depreciation and Amortization (D&A)	357	349	361	360	381	367	384	401	413	371	375
Debt-free, Cash-free Net Working Capital to Revenue	1.83%	4.27%	3.95%	-0.70%	-0.88%	-1.84%	-0.18%	2.48%	4.17%	6.68%	8.31%
Debt-free Net Working Capital to Revenue	17.30%	22.26%	25.66%	19.44%	23.79%	14.47%	13.15%	21.76%	19.59%	15.09%	15.94%
Net Working Capital to Revenue	10.35%	20.37%	16.43%	9.94%	18.04%	4.51%	-0.19%	11.51%	13.35%	13.15%	12.03%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.11	$2.74	$2.57	$3.13	$8.77	$2.77	($7.77)	$3.20	$0.03	$3.04	$3.19
Adjusted Weighted Average Basic Shares Outstanding	222.30M	222.50M	222.50M	222.50M	222.50M	222.70M	222.80M	222.80M	222.70M	222.80M	222.80M
Adjusted Diluted Earnings per Share	$3.12	$2.73	$2.57	$3.13	$8.75	$2.77	($7.77)	$3.20	$0.03	$3.04	$3.19
Adjusted Weighted Average Diluted Shares Outstanding	222.70M	222.80M	222.70M	222.80M	222.80M	222.90M	222.80M	222.90M	222.70M	222.90M	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	222.21M	222.30M	222.31M	222.31M	222.38M	222.48M	222.54M	222.55M	222.59M	222.66M	222.68M
Normalized Net Operating Profit after Tax (NOPAT)	603	548	567	616	1,903	529	420	613	12	615	617
Normalized NOPAT Margin	18.90%	18.27%	19.35%	20.62%	59.70%	18.05%	14.40%	20.30%	0.37%	19.82%	19.47%
Pre Tax Income Margin	26.36%	25.26%	24.28%	28.45%	78.53%	26.97%	-76.93%	29.47%	3.83%	27.42%	27.85%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	15.12	12.19	10.48	13.22	47.80	16.02	-55.61	12.78	0.08	13.45	15.22
NOPAT to Interest Expense	12.57	10.24	8.69	11.05	38.29	12.42	-38.62	10.57	0.02	10.95	12.47
EBIT Less CapEx to Interest Expense	-15.10	-14.75	-17.12	-15.52	43.32	-32.88	-100.38	-9.16	-21.42	-9.03	-6.69
NOPAT Less CapEx to Interest Expense	-17.66	-16.70	-18.92	-17.68	33.81	-36.48	-83.39	-11.37	-21.47	-11.53	-9.44
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	68.95%	69.10%	66.65%	64.32%	41.18%	41.01%	101.78%	101.17%	-449.01%	-510.26%	74.48%
Augmented Payout Ratio	68.95%	69.10%	66.65%	64.32%	41.18%	41.01%	101.78%	101.17%	-449.01%	-510.26%	74.48%

Financials Breakdown Chart

Key Financial Trends

Air Products & Chemicals, Inc. (APD) has shown a solid revenue base and robust operating cash flow across the last several quarters, while continuing to invest heavily in capacity and facing a rising debt load. Below is a concise, four-year view drawn from the quarterly cash flow statements, income statements, and balance sheets provided.

Strong operating cash flow supports near-term liquidity and ongoing shareholder returns: net cash from continuing operating activities has generally ranged around $0.8B to $1.0B per quarter in 2024–2026, with Q4 2025 at roughly $1.26B and Q1 2026 at about $0.90B.
Large, durable revenue base with healthy margins: quarterly operating revenue is typically around $3.0B, with Q1 2026 revenue at $3.1025B and a gross margin around 32% (gross profit ≈ $995M on $3.102B revenue in that quarter).
Positive earnings per share in the latest quarter: Q1 2026 diluted EPS $3.04, supported by net income attributable to common shareholders of $678.2M and ~222.7–222.8M shares outstanding, indicating strong profitability per share.
Dividend policy ongoing: cash dividends per share reported at $1.79, illustrating continued cash return to shareholders.

Capital expenditure intensity drives near-term cash outflows: quarterly purchases of property, plant & equipment often exceed $1.0B, with recent quarters showing PPE outflows around $1.25B–$1.77B, which reduces free cash flow in the short term.
Debt level remains elevated but manageable relative to assets: long-term debt sits in the mid-to-high $16B range and rose toward the $17B level by early 2026, contributing to higher interest obligations.
Quarterly results show restatements and volatility in earnings: several periods in 2024–2025 show restated figures, which can complicate year-over-year comparisons and trend assessment.

Free cash flow pressures: in periods where capex outflows exceed cash from operations, free cash flow turned negative (for example, CFO ≈ $0.90B minus capex ≈ $1.25B in some quarters), signaling tighter near-term liquidity if capex remains high.
Financing outflows common, reducing cash balance: net cash from financing activities is frequently negative due to debt repayments and dividend payments, reducing ability to redeploy cash quickly.
Rising leverage risk: sustained increases in long-term debt (to roughly $17.3B by Q1 2026) can raise interest costs and sensitivity to macro cycles, particularly given a cash outflow-heavy investment program.

05/06/26 06:24 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Air Products and Chemicals' Financials

When does Air Products and Chemicals' financial year end?

According to the most recent income statement we have on file, Air Products and Chemicals' fiscal year ends in September. Their fiscal year 2025 ended on September 30, 2025.

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 -$354.40 million in 2025, falling from $1.32 billion in 2015. The previous period was $3.86 billion in 2024. Check out Air Products and Chemicals' forecast to explore projected trends and price targets.

What is Air Products and Chemicals' operating income?

Air Products and Chemicals' total operating income in 2025 was -$877 million, based on the following breakdown:

Total Gross Profit: $3.78 billion
Total Operating Expenses: $4.66 billion

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 $7.82 billion in 2015 to $12.04 billion in 2025, a change of 53.8%.

How much debt does Air Products and Chemicals have?

Air Products and Chemicals' total liabilities were at $23.71 billion at the end of 2025, a 13.4% increase from 2024, and a 138.2% increase since 2015.

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 $1.86 billion as of their latest financial filing in 2025.

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 33.72 in 2015 to 67.51 in 2025, a change of 100.2%.

Related Companies

Financial statements for NYSE:APD last updated on 5/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Air Products and Chemicals (APD) Financials

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Air Products and Chemicals (APD) Financials

Annual Income Statements for Air Products and Chemicals

Quarterly Income Statements for Air Products and Chemicals

Annual Cash Flow Statements for Air Products and Chemicals

Quarterly Cash Flow Statements for Air Products and Chemicals

Annual Balance Sheets for Air Products and Chemicals

Quarterly Balance Sheets for Air Products and Chemicals

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Quarterly Metrics And Ratios for Air Products and Chemicals

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