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Air Products and Chemicals (APD) Financials

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$308.86 +3.34 (+1.09%)
Closing price 08/14/2026 03:59 PM Eastern
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$306.97 -1.89 (-0.61%)
As of 08/14/2026 07:34 PM Eastern
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Annual Income Statements for Air Products and Chemicals

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

Quarterly Income Statements for Air Products and Chemicals

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 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 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 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 609 572 697 1,950 617 -1,731 714 4.90 678 710 -1,441
Consolidated Net Income / (Loss)		 622 581 709 1,951 650 -1,738 723 10 691 725 -1,422
Net Income / (Loss) Continuing Operations		 622 581 1,406 1,965 650 -1,738 731 10 691 725 -1,422
Total Pre-Tax Income 		757 711 850 2,503 791 -2,243 891 121 851 884 -1,938
Total Operating Income		 667 637 738 2,424 644 -2,328 791 17 735 753 -2,097
Total Gross Profit		 930 939 980 1,083 915 862 983 1,021 995 987 1,036
Total Revenue		 2,997 2,930 2,986 3,188 2,932 2,916 3,023 3,167 3,103 3,172 3,161
Operating Revenue		 2,997 2,930 2,986 3,188 2,932 2,916 3,023 3,167 3,103 3,172 3,161
Total Cost of Revenue		 2,067 1,992 2,006 2,104 2,017 2,054 2,040 2,146 2,108 2,184 2,125
Operating Cost of Revenue		 2,067 1,992 2,006 2,104 2,017 2,054 2,040 2,146 2,108 2,184 2,125
Total Operating Expenses		 263 302 242 -1,341 271 3,190 192 1,005 261 235 3,133
Selling, General & Admin Expense		 238 241 235 228 242 222 223 219 229 227 219
Research & Development Expense		 26 25 27 22 22 23 24 27 20 22 22
Other Operating Expenses / (Income)		 -0.80 -22 -20 -16 7.00 18 -12 -37 -11 -14 -15
Restructuring Charge		 - 57 0.00 - 0.00 2,928 24 - 22 0.00 2,907
Other Special Charges / (Income)		 - - - - - - -67 - - - 0.00
Total Other Income / (Expense), net		 90 74 112 79 147 85 100 105 116 131 159
Interest Expense		 54 60 56 50 43 42 61 68 55 50 49
Interest & Investment Income		 158 143 169 177 151 146 168 184 172 179 205
Other Income / (Expense), net		 -15 -9.20 -1.30 -49 39 -19 -6.00 -12 -1.40 0.90 3.60
Income Tax Expense		 135 131 141 538 141 -506 160 111 159 159 -515
Net Income / (Loss) Discontinued Operations		 - - 0.00 - - - -8.00 - - - 0.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 12 8.50 12 1.10 32 -6.90 9.40 5.20 13 14 19
Basic Earnings per Share		 $2.74 $2.57 $3.13 $8.77 $2.77 ($7.77) $3.20 $0.03 $3.04 $3.19 ($6.47)
Weighted Average Basic Shares Outstanding		 222.50M 222.50M 222.50M 222.50M 222.70M 222.80M 222.80M 222.70M 222.80M 222.80M 222.80M
Diluted Earnings per Share		 $2.73 $2.57 $3.13 $8.75 $2.77 ($7.77) $3.20 $0.03 $3.04 $3.19 ($6.47)
Weighted Average Diluted Shares Outstanding		 222.80M 222.70M 222.80M 222.80M 222.90M 222.80M 222.90M 222.70M 222.90M 222.90M 222.80M
Weighted Average Basic & Diluted Shares Outstanding		 222.30M 222.31M 222.31M 222.38M 222.48M 222.54M 222.55M 222.59M 222.66M 222.68M 222.69M

Annual Cash Flow Statements for Air Products and Chemicals

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

Quarterly Cash Flow Statements for Air Products and Chemicals

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 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 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 6/30/2026
Net Change in Cash & Equivalents		 346 572 -159 604 -1,134 -354 833 -468 -830 -75 30
Net Cash From Operating Activities		 627 802 1,261 957 812 328 856 1,261 901 1,104 1,305
Net Cash From Continuing Operating Activities		 627 802 1,261 957 812 328 856 1,261 901 1,104 1,305
Net Income / (Loss) Continuing Operations		 609 572 697 1,964 617 -1,731 722 4.90 678 710 -1,441
Consolidated Net Income / (Loss)		 609 572 697 1,950 617 -1,731 714 4.90 678 710 -1,441
Depreciation Expense		 349 361 360 381 367 384 401 413 371 375 385
Non-Cash Adjustments To Reconcile Net Income		 -29 -22 6.70 -1,650 -42 2,883 -75 654 1.90 7.90 2,870
Changes in Operating Assets and Liabilities, net		 -303 -110 198 262 -130 -1,208 -192 189 -150 10 -509
Net Cash From Investing Activities		 -1,666 -1,560 -1,548 -145 -2,182 -2,237 -1,262 -1,488 -1,243 -1,076 -993
Net Cash From Continuing Investing Activities		 -1,666 -1,560 -1,548 -145 -2,182 -2,237 -1,262 -1,488 -1,243 -1,076 -993
Purchase of Property, Plant & Equipment		 -1,446 -1,669 -1,607 -2,075 -2,118 -1,892 -1,496 -1,518 -1,251 -1,108 -996
Purchase of Investments		 -357 -172 -8.80 -6.80 -133 -386 -18 -33 -20 - -89
Sale of Property, Plant & Equipment		 4.20 16 6.10 1,853 34 2.10 149 60 26 23 84
Other Investing Activities, net		 13 17 16 27 29 32 52 2.70 2.20 8.80 8.00
Net Cash From Financing Activities		 1,363 1,350 135 -232 274 1,551 1,209 -239 -490 -101 -285
Net Cash From Continuing Financing Activities		 1,363 1,350 135 -232 274 1,551 1,209 -239 -490 -101 -285
Repayment of Debt		 -119 -56 -27 -416 -51 -341 -68 -61 -603 -21 -75
Payment of Dividends		 -389 -389 -394 -419 -394 -394 -398 -406 -398 -399 -403
Issuance of Debt		 1,831 1,686 420 452 438 2,210 1,545 119 450 259 12
Issuance of Common Equity		 35 108 136 150 281 75 130 109 61 60 181
Other Net Changes in Cash		 22 -19 -8.10 25 -38 4.20 30 -2.70 2.70 -2.20 2.30

Annual Balance Sheets for Air Products and Chemicals

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

Quarterly Balance Sheets for Air Products and Chemicals

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 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 12/31/2025 3/31/2026 6/30/2026
Total Assets		 32,003 34,118 35,922 36,974 39,575 40,017 38,873 41,659 41,241 41,645 40,446
Total Current Assets		 5,201 5,650 6,057 5,677 6,363 5,352 5,188 6,148 5,103 5,013 4,964
Cash & Equivalents		 1,617 1,963 2,535 2,376 2,980 1,846 1,491 2,324 1,026 951 981
Accounts Receivable		 1,700 1,725 1,716 1,712 1,822 1,807 1,846 1,944 1,895 1,938 1,882
Inventories, net		 652 709 721 756 766 739 770 798 788 768 752
Prepaid Expenses		 177 207 263 171 180 202 262 234 164 171 155
Other Current Assets		 722 774 719 601 611 641 708 848 757 718 719
Other Current Nonoperating Assets		 - - - - - - - - 473 467 476
Plant, Property, & Equipment, net		 17,472 18,936 20,001 21,482 23,371 24,731 24,033 25,640 26,142 26,694 24,995
Plant, Property & Equipment, gross		 - 34,794 35,913 37,598 39,951 41,098 40,646 42,985 43,785 44,554 43,120
Accumulated Depreciation		 - 15,858 15,913 16,115 16,580 16,367 16,612 17,345 17,643 17,860 18,125
Total Noncurrent Assets		 9,330 9,533 9,864 9,815 9,841 9,935 9,652 9,872 9,995 9,938 10,487
Long-Term Investments		 4,618 4,685 4,759 4,715 4,793 4,772 5,129 5,228 5,440 5,409 5,577
Noncurrent Note & Lease Receivables		 1,312 1,605 1,668 1,651 1,612 1,581 1,290 1,302 1,264 1,247 1,229
Goodwill		 862 899 883 879 905 867 887 970 972 959 957
Intangible Assets		 335 339 318 311 312 288 282 302 294 284 278
Other Noncurrent Operating Assets		 2,204 2,005 2,235 2,260 2,219 2,428 2,065 2,070 2,025 2,040 2,444
Total Liabilities & Shareholders' Equity		 32,003 34,118 35,922 36,974 39,575 40,017 38,873 41,659 41,241 41,645 40,446
Total Liabilities		 16,342 17,989 19,587 20,287 20,901 21,279 22,093 23,891 23,404 23,495 23,849
Total Current Liabilities		 3,896 3,119 4,061 4,475 4,180 4,809 5,211 4,760 3,498 3,513 4,575
Short-Term Debt		 875 234 1,122 1,150 695 1,200 1,604 1,235 237 488 896
Accounts Payable		 2,890 2,718 2,783 3,169 2,926 3,024 3,424 3,368 3,035 2,857 3,530
Current Deferred & Payable Income Tax Liabilities		 131 167 156 156 559 586 183 156 175 119 98
Other Current Nonoperating Liabilities		 - - - - - - - - 52 50 52
Total Noncurrent Liabilities		 12,446 14,870 15,526 15,813 16,721 16,469 16,883 19,132 19,906 19,982 19,274
Long-Term Debt		 9,431 11,873 12,500 12,883 13,533 13,271 14,254 16,459 17,295 17,270 16,771
Noncurrent Deferred & Payable Income Tax Liabilities		 1,266 1,250 1,281 1,182 1,160 1,195 670 674 662 733 638
Other Noncurrent Operating Liabilities		 1,749 1,747 1,745 1,748 2,028 2,003 1,958 1,998 1,949 1,979 1,864
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		 15,660 16,129 16,335 16,687 18,674 18,739 16,780 17,768 17,837 18,150 16,596
Total Preferred & Common Equity		 14,313 14,873 14,913 15,101 17,037 16,692 14,703 15,538 15,411 15,650 13,884
Total Common Equity		 14,313 14,873 14,913 15,101 17,037 16,692 14,703 15,538 15,411 15,650 13,884
Common Stock		 1,440 1,449 1,465 1,488 1,503 1,510 1,541 1,552 1,555 1,567 1,578
Retained Earnings		 17,290 17,510 17,690 17,990 19,546 19,767 17,637 17,953 17,838 18,144 16,300
Treasury Stock		 -1,967 -1,966 -1,966 -1,985 -1,984 -1,999 - -1,997 -2,005 - -2,003
Accumulated Other Comprehensive Income / (Loss)		 -2,449 -2,120 -2,276 -2,391 -2,028 -2,586 -2,478 -1,970 -1,977 -2,058 -1,990
Noncontrolling Interest		 1,347 1,256 1,422 1,586 1,637 2,046 2,076 2,231 2,426 2,500 2,713

Annual Metrics And Ratios for Air Products and Chemicals

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%

Quarterly Metrics And Ratios for Air Products and Chemicals

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

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 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 6/30/2026
DEI Shares Outstanding		 - - - - - - - - 222,656,008.00 222,680,686.00 222,685,530.00
DEI Adjusted Shares Outstanding		 - - - - - - - - 222,656,008.00 222,680,686.00 222,685,530.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - 3.05 3.19 -6.47
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -5.58% -8.43% -1.60% -0.12% -2.20% -0.48% 1.25% -0.65% 5.83% 8.76% 4.58%
EBITDA Growth		 2.92% 25.88% 12.77% 154.52% 4.79% -298.52% 8.12% -84.84% 5.19% 157.49% -244.07%
EBIT Growth		 0.11% 40.84% 16.41% 227.35% 4.66% -473.66% 6.56% -99.79% 7.41% 132.11% -366.82%
NOPAT Growth		 3.61% 43.59% 17.40% 215.48% -3.39% -413.20% 5.43% -99.93% 12.82% 137.89% -326.21%
Net Income Growth		 6.47% 29.12% 16.12% 180.96% 4.54% -399.10% 2.02% -99.48% 6.40% 141.72% -296.67%
EPS Growth		 6.23% 30.46% 17.23% 180.45% 1.47% -402.33% 2.24% -99.66% 9.75% 141.06% -302.19%
Operating Cash Flow Growth		 -12.89% 25.52% 49.21% -4.52% 29.54% -59.07% -32.15% 31.79% 10.96% 236.39% 52.51%
Free Cash Flow Firm Growth		 -521.19% -327.09% -70.55% 5.60% 2.29% 3.24% 19.52% 39.22% 69.52% 47.61% 77.27%
Invested Capital Growth		 32.96% 33.51% 28.35% 29.51% 24.19% 14.83% 18.43% 9.25% 7.58% 12.45% -2.25%
Revenue Q/Q Growth		 -6.08% -2.24% 1.89% 6.77% -8.03% -0.52% 3.65% 4.77% -2.03% 2.23% -0.34%
EBITDA Q/Q Growth		 -7.55% -1.25% 10.90% 151.39% -61.94% -287.08% 160.40% -64.75% 164.13% 2.25% -251.35%
EBIT Q/Q Growth		 -10.15% -3.70% 17.25% 222.68% -71.27% -443.82% 133.44% -99.35% 14,274.51% 2.80% -377.80%
NOPAT Q/Q Growth		 -9.22% -4.99% 18.30% 209.16% -72.20% -408.03% 139.82% -99.78% 42,570.12% 3.45% -337.73%
Net Income Q/Q Growth		 -10.48% -6.55% 22.03% 175.22% -66.69% -367.39% 141.62% -98.60% 6,745.54% 4.83% -296.23%
EPS Q/Q Growth		 -12.50% -5.86% 21.79% 179.55% -68.34% -380.51% 141.18% -99.06% 10,033.33% 4.93% -302.82%
Operating Cash Flow Q/Q Growth		 -37.48% 27.94% 57.34% -24.13% -15.18% -59.58% 160.84% 47.37% -28.58% 22.54% 18.26%
Free Cash Flow Firm Q/Q Growth		 -16.97% -8.57% 10.75% 16.71% -21.07% -7.52% 25.76% 37.11% 39.29% -84.81% 67.79%
Invested Capital Q/Q Growth		 9.89% 5.83% 4.47% 6.61% 5.37% -2.15% 7.74% -1.65% 3.76% 2.28% -6.34%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 31.03% 32.04% 32.82% 33.98% 31.21% 29.57% 32.51% 32.25% 32.07% 31.13% 32.77%
EBITDA Margin		 33.41% 33.75% 36.73% 86.48% 35.79% -67.31% 39.22% 13.20% 35.58% 35.58% -54.04%
Operating Margin		 22.25% 21.75% 24.71% 76.06% 21.95% -79.83% 26.16% 0.53% 23.67% 23.73% -66.34%
EBIT Margin		 21.76% 21.43% 24.66% 74.54% 23.28% -80.47% 25.96% 0.16% 23.63% 23.76% -66.23%
Profit (Net Income) Margin		 20.74% 19.82% 23.74% 61.21% 22.17% -59.58% 23.93% 0.32% 22.29% 22.85% -45.00%
Tax Burden Percent		 82.11% 81.66% 83.45% 77.94% 82.20% 77.45% 81.19% 8.33% 81.26% 82.04% 73.40%
Interest Burden Percent		 116.09% 113.28% 115.37% 105.36% 115.82% 95.60% 113.54% 2,378.43% 116.06% 117.24% 92.56%
Effective Tax Rate		 17.89% 18.34% 16.55% 21.51% 17.80% 0.00% 17.92% 91.67% 18.74% 17.96% 0.00%
Return on Invested Capital (ROIC)		 12.15% 10.94% 11.90% 32.45% 9.09% -27.72% 10.06% 0.02% 8.55% 8.82% -21.21%
ROIC Less NNEP Spread (ROIC-NNEP)		 14.36% 12.38% 13.80% 33.39% 10.96% -29.13% 10.93% 0.13% 9.58% 9.89% -20.77%
Return on Net Nonoperating Assets (RNNOA)		 3.14% 3.36% 4.25% 9.91% 4.06% -13.50% 5.40% 0.06% 4.81% 5.69% -12.59%
Return on Equity (ROE)		 15.29% 14.30% 16.15% 42.36% 13.15% -41.22% 15.46% 0.08% 13.36% 14.51% -33.80%
Cash Return on Invested Capital (CROIC)		 -17.39% -17.58% -13.92% -9.59% -6.63% -8.72% -11.95% -11.18% -9.31% -5.17% 0.77%
Operating Return on Assets (OROA)		 8.66% 7.97% 8.79% 25.20% 7.56% -25.86% 7.96% 0.05% 7.10% 7.36% -20.33%
Return on Assets (ROA)		 8.26% 7.37% 8.47% 20.70% 7.20% -19.15% 7.34% 0.10% 6.70% 7.07% -13.81%
Return on Common Equity (ROCE)		 14.38% 13.36% 14.73% 38.68% 11.91% -36.87% 13.75% 0.07% 11.73% 12.61% -28.93%
Return on Equity Simple (ROE_SIMPLE)		 15.98% 16.81% 17.26% 0.00% 23.31% 10.69% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 548 520 616 1,903 529 -1,630 649 1.40 597 617 -1,468
NOPAT Margin		 18.27% 17.76% 20.62% 59.70% 18.05% -55.88% 21.47% 0.04% 19.24% 19.47% -46.44%
Net Nonoperating Expense Percent (NNEP)		 -2.21% -1.44% -1.89% -0.94% -1.87% 1.41% -0.87% -0.11% -1.03% -1.07% -0.44%
Return On Investment Capital (ROIC_SIMPLE)		 1.94% 1.74% 2.00% 5.78% 1.59% -4.99% 1.83% 0.00% 1.69% 1.72% -4.28%
Cost of Revenue to Revenue		 68.97% 67.96% 67.18% 66.02% 68.79% 70.43% 67.49% 67.75% 67.93% 68.87% 67.23%
SG&A Expenses to Revenue		 7.95% 8.21% 7.88% 7.15% 8.27% 7.61% 7.36% 6.92% 7.37% 7.16% 6.93%
R&D to Revenue		 0.86% 0.87% 0.90% 0.69% 0.75% 0.79% 0.80% 0.86% 0.66% 0.68% 0.68%
Operating Expenses to Revenue		 8.78% 10.29% 8.12% -42.08% 9.26% 109.40% 6.35% 31.72% 8.40% 7.40% 99.12%
Earnings before Interest and Taxes (EBIT)		 652 628 736 2,376 683 -2,347 785 5.10 733 754 -2,094
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,001 989 1,097 2,757 1,049 -1,963 1,186 418 1,104 1,129 -1,708
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.98 3.54 3.73 3.84 3.82 4.44 4.01 4.01 3.54 4.11 4.67
Price to Tangible Book Value (P/TBV)		 4.35 3.85 4.05 4.13 4.10 4.82 4.37 4.38 3.86 4.46 5.13
Price to Revenue (P/Rev)		 4.77 4.35 4.65 5.40 5.29 5.43 5.17 5.01 4.47 5.16 5.15
Price to Earnings (P/E)		 25.35 21.40 21.89 17.08 16.61 42.53 40.23 0.00 0.00 30.50 0.00
Dividend Yield		 2.62% 2.95% 2.77% 2.39% 2.46% 2.42% 2.53% 2.63% 2.91% 2.48% 2.46%
Earnings Yield		 3.95% 4.67% 4.57% 5.85% 6.02% 2.35% 2.49% 0.00% 0.00% 3.28% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 3.08 2.68 2.75 2.92 2.78 2.95 2.68 2.66 2.39 2.68 2.88
Enterprise Value to Revenue (EV/Rev)		 5.29 4.98 5.35 6.07 6.11 6.36 6.20 6.07 5.58 6.27 6.25
Enterprise Value to EBITDA (EV/EBITDA)		 17.10 14.95 15.53 12.58 12.48 26.00 24.68 105.97 91.46 20.38 83.53
Enterprise Value to EBIT (EV/EBIT)		 26.74 22.93 23.61 16.73 16.62 52.77 49.95 0.00 0.00 34.34 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 32.26 27.55 28.32 20.46 20.57 61.95 58.94 0.00 0.00 43.37 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 21.10 18.47 17.54 20.15 19.18 22.76 25.32 22.44 20.35 18.97 17.22
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 0.00 369.28
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.75 0.83 0.84 0.76 0.77 0.95 1.00 1.02 0.98 0.98 1.06
Long-Term Debt to Equity		 0.74 0.77 0.77 0.72 0.71 0.85 0.93 0.98 0.97 0.95 1.01
Financial Leverage		 0.22 0.27 0.31 0.30 0.37 0.46 0.49 0.46 0.50 0.58 0.61
Leverage Ratio		 2.04 2.11 2.12 2.08 2.13 2.26 2.28 2.24 2.22 2.31 2.39
Compound Leverage Factor		 2.36 2.39 2.44 2.20 2.46 2.16 2.59 53.24 2.58 2.70 2.21
Debt to Total Capital		 42.88% 45.47% 45.68% 43.24% 43.57% 48.59% 49.90% 50.50% 49.57% 49.45% 51.56%
Short-Term Debt to Total Capital		 0.83% 3.74% 3.74% 2.11% 3.61% 4.91% 3.48% 2.14% 0.67% 1.36% 2.62%
Long-Term Debt to Total Capital		 42.05% 41.73% 41.94% 41.13% 39.96% 43.67% 46.41% 48.35% 48.90% 48.10% 48.95%
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		 4.45% 4.75% 5.16% 4.98% 6.16% 6.36% 6.29% 6.63% 6.86% 6.96% 7.92%
Common Equity to Total Capital		 52.67% 49.78% 49.16% 51.78% 50.26% 45.05% 43.81% 42.87% 43.57% 43.58% 40.52%
Debt to EBITDA		 3.15 3.37 3.37 2.43 2.46 5.39 5.84 25.66 23.55 4.63 18.75
Net Debt to EBITDA		 1.35 1.54 1.65 1.10 1.31 3.10 3.35 15.19 14.87 2.97 11.79
Long-Term Debt to EBITDA		 3.09 3.09 3.09 2.32 2.25 4.85 5.43 24.57 23.24 4.50 17.80
Debt to NOPAT		 5.95 6.20 6.14 3.96 4.05 12.86 13.95 -28.83 -31.86 9.85 -42.55
Net Debt to NOPAT		 2.55 2.84 3.01 1.80 2.16 7.40 8.00 -17.07 -20.11 6.32 -26.76
Long-Term Debt to NOPAT		 5.83 5.69 5.63 3.77 3.71 11.56 12.98 -27.61 -31.43 9.58 -40.40
Altman Z-Score		 3.21 2.77 2.78 3.14 2.86 2.52 2.56 2.47 2.41 2.65 2.35
Noncontrolling Interest Sharing Ratio		 6.00% 6.62% 8.79% 8.69% 9.47% 10.56% 11.08% 11.00% 12.23% 13.10% 14.38%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.81 1.49 1.27 1.52 1.11 1.00 1.29 1.38 1.46 1.43 1.08
Quick Ratio		 1.27 1.07 0.93 1.15 0.78 0.66 0.90 0.89 0.84 0.82 0.63
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -4,736 -5,142 -4,589 -3,822 -4,628 -4,976 -3,694 -2,323 -1,410 -2,607 -840
Operating Cash Flow to CapEx		 43.47% 48.49% 78.81% 429.73% 38.96% 17.37% 63.54% 86.54% 73.52% 101.75% 143.13%
Free Cash Flow to Firm to Interest Expense		 -88.53 -85.85 -82.39 -76.91 -108.64 -117.91 -60.16 -34.26 -25.88 -52.66 -17.00
Operating Cash Flow to Interest Expense		 11.71 13.38 22.65 19.26 19.05 7.77 13.94 18.60 16.53 22.30 26.42
Operating Cash Flow Less CapEx to Interest Expense		 -15.23 -14.22 -6.09 14.77 -29.85 -37.00 -8.00 -2.89 -5.95 0.38 7.96
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.40 0.37 0.36 0.34 0.32 0.32 0.31 0.30 0.30 0.31 0.31
Accounts Receivable Turnover		 6.99 7.09 6.64 6.87 6.81 6.75 6.60 6.47 6.60 6.59 6.59
Inventory Turnover		 12.83 12.20 11.65 11.52 11.21 10.97 10.58 10.70 10.93 11.03 11.05
Fixed Asset Turnover		 0.73 0.68 0.64 0.59 0.55 0.55 0.51 0.49 0.48 0.49 0.50
Accounts Payable Turnover		 3.27 3.16 2.66 2.81 2.83 2.64 2.51 2.68 2.76 2.70 2.48
Days Sales Outstanding (DSO)		 52.19 51.52 54.98 53.12 53.57 54.07 55.33 56.44 55.35 55.40 55.39
Days Inventory Outstanding (DIO)		 28.44 29.92 31.32 31.68 32.56 33.26 34.51 34.10 33.39 33.10 33.02
Days Payable Outstanding (DPO)		 111.47 115.42 137.47 129.94 129.08 138.47 145.22 136.25 132.47 135.21 147.02
Cash Conversion Cycle (CCC)		 -30.84 -33.98 -51.18 -45.15 -42.94 -51.14 -55.38 -45.71 -43.74 -46.71 -58.60
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 21,317 22,560 23,568 25,124 26,474 25,906 27,910 27,449 28,481 29,130 27,282
Invested Capital Turnover		 0.67 0.62 0.58 0.54 0.50 0.50 0.47 0.46 0.44 0.45 0.46
Increase / (Decrease) in Invested Capital		 5,284 5,663 5,205 5,725 5,157 3,346 4,343 2,325 2,007 3,224 -628
Enterprise Value (EV)		 65,691 60,492 64,755 73,485 73,498 76,417 74,745 73,098 68,077 78,174 78,705
Market Capitalization		 59,247 52,845 56,288 65,397 63,716 65,214 62,372 60,296 54,586 64,276 64,882
Book Value per Share		 $66.84 $67.09 $67.93 $76.63 $75.06 $66.09 $69.82 $67.51 $69.24 $70.29 $62.35
Tangible Book Value per Share		 $61.28 $61.68 $62.58 $71.16 $69.87 $60.84 $64.10 $61.86 $63.55 $64.71 $56.80
Total Capital		 28,237 29,957 30,720 32,902 33,209 32,638 35,462 35,048 35,369 35,908 34,264
Total Debt		 12,108 13,622 14,033 14,228 14,471 15,858 17,694 17,698 17,532 17,758 17,668
Total Long-Term Debt		 11,873 12,500 12,883 13,533 13,271 14,254 16,459 16,947 17,295 17,270 16,771
Net Debt		 5,188 6,225 6,881 6,451 7,735 9,126 10,142 10,476 11,065 11,398 11,110
Capital Expenditures (CapEx)		 1,441 1,653 1,601 223 2,083 1,889 1,347 1,457 1,225 1,085 912
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 530 480 -85 -106 -221 -22 299 502 815 1,036 304
Debt-free Net Working Capital (DFNWC)		 2,765 3,118 2,353 2,878 1,742 1,581 2,623 2,358 1,842 1,987 1,284
Net Working Capital (NWC)		 2,530 1,996 1,203 2,183 542 -23 1,388 1,607 1,605 1,499 388
Net Nonoperating Expense (NNE)		 -74 -61 -93 -48 -121 108 -74 -8.70 -95 -107 -46
Net Nonoperating Obligations (NNO)		 5,188 6,225 6,881 6,451 7,735 9,126 10,142 10,099 10,644 10,980 10,686
Total Depreciation and Amortization (D&A)		 349 361 360 381 367 384 401 413 371 375 385
Debt-free, Cash-free Net Working Capital to Revenue		 4.27% 3.95% -0.70% -0.88% -1.84% -0.18% 2.48% 4.17% 6.68% 8.31% 2.41%
Debt-free Net Working Capital to Revenue		 22.26% 25.66% 19.44% 23.79% 14.47% 13.15% 21.76% 19.59% 15.09% 15.94% 10.19%
Net Working Capital to Revenue		 20.37% 16.43% 9.94% 18.04% 4.51% -0.19% 11.51% 13.35% 13.15% 12.03% 3.08%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.74 $2.57 $3.13 $8.77 $2.77 ($7.77) $3.20 $0.03 $3.04 $3.19 ($6.47)
Adjusted Weighted Average Basic Shares Outstanding		 222.50M 222.50M 222.50M 222.50M 222.70M 222.80M 222.80M 222.70M 222.80M 222.80M 222.80M
Adjusted Diluted Earnings per Share		 $2.73 $2.57 $3.13 $8.75 $2.77 ($7.77) $3.20 $0.03 $3.04 $3.19 ($6.47)
Adjusted Weighted Average Diluted Shares Outstanding		 222.80M 222.70M 222.80M 222.80M 222.90M 222.80M 222.90M 222.70M 222.90M 222.90M 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		 222.30M 222.31M 222.31M 222.38M 222.48M 222.54M 222.55M 222.59M 222.66M 222.68M 222.69M
Normalized Net Operating Profit after Tax (NOPAT)		 548 567 616 1,903 529 420 613 12 615 617 567
Normalized NOPAT Margin		 18.27% 19.35% 20.62% 59.70% 18.05% 14.40% 20.30% 0.37% 19.82% 19.47% 17.94%
Pre Tax Income Margin		 25.26% 24.28% 28.45% 78.53% 26.97% -76.93% 29.47% 3.83% 27.42% 27.85% -61.30%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 12.19 10.48 13.22 47.80 16.02 -55.61 12.78 0.08 13.45 15.22 -42.38
NOPAT to Interest Expense		 10.24 8.69 11.05 38.29 12.42 -38.62 10.57 0.02 10.95 12.47 -29.72
EBIT Less CapEx to Interest Expense		 -14.75 -17.12 -15.52 43.32 -32.88 -100.38 -9.16 -21.42 -9.03 -6.69 -60.84
NOPAT Less CapEx to Interest Expense		 -16.70 -18.92 -17.68 33.81 -36.48 -83.39 -11.37 -21.47 -11.53 -9.44 -48.18
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 69.10% 66.65% 64.32% 41.18% 41.01% 101.78% 101.17% -449.01% -510.26% 74.48% 40,140.00%
Augmented Payout Ratio		 69.10% 66.65% 64.32% 41.18% 41.01% 101.78% 101.17% -449.01% -510.26% 74.48% 40,140.00%

Financials Breakdown Chart

Key Financial Trends

Air Products & Chemicals (NYSE: APD) shows a mixed but generally resilient operating profile, with solid revenue and operating cash flow, but a clear deterioration in profitability versus prior years and a more leveraged balance sheet than a year ago.

Over the last four quarters, APD’s revenue has been fairly stable around the low-$3.0 billion range, but earnings were highly volatile because of restructuring and special items. The latest quarter (Q2 2026) looks much healthier than the prior quarter, when the company reported a large loss. Cash flow from operations remains strong, but capital spending and dividend payments continue to consume a large amount of cash.

  • Revenue held steady. Q2 2026 revenue was $3.17 billion, up slightly from $3.10 billion in Q1 2026 and roughly flat versus the $3.16 billion range seen in late 2025.
  • Latest quarter returned to strong profitability. APD earned $724.8 million in Q2 2026, or $3.19 per share, a sharp improvement from the $4.9 million profit in Q4 2025 and a massive rebound from the Q2 2025 loss.
  • Operating cash flow was strong in Q2 2026. Cash from operations reached $1.10 billion, showing the business still generates substantial cash even when earnings are pressured.
  • Gross profit improved sequentially. Gross profit rose to $987.4 million in Q2 2026 from $995.0 million in Q1 2026, and operating income improved from $734.5 million to $752.7 million.
  • Interest and investment income helped offset interest expense. In Q2 2026, interest and investment income of $179.4 million exceeded interest expense of $49.5 million, supporting pre-tax income.
  • Balance sheet equity remains sizeable. APD reported $15.65 billion of common equity and $18.15 billion of total equity and noncontrolling interests at the end of Q2 2026.
  • Revenue growth is modest, not accelerating. Sales have been hovering around $3.0 billion to $3.2 billion per quarter for several years, suggesting a mature but not fast-growing business.
  • Depreciation remains significant. Depreciation was $375 million in Q2 2026, reflecting the capital-intensive nature of the industrial gas business.
  • Share count is roughly stable. Weighted average diluted shares were 222.9 million in Q2 2026, near prior-quarter levels, so earnings gains were driven mainly by operations rather than buybacks.
  • Capital spending is still elevated. APD spent $1.11 billion on property, plant and equipment in Q2 2026, which will continue to pressure free cash flow.
  • Earnings were extremely weak in fiscal 2025 before the recent rebound. Q2 2025 showed a net loss of $1.74 billion, driven by a large restructuring charge and heavy operating pressure.
  • Margins can swing sharply quarter to quarter. Q2 2025 operating income was negative $2.33 billion, compared with positive $752.7 million in Q2 2026, highlighting volatility from special charges.
  • Debt remains high. As of Q2 2026, long-term debt was $17.27 billion, up from $13.27 billion in Q1 2025 and still materially above equity.
  • Liquidity declined versus early 2025. Cash and equivalents fell to $951 million in Q2 2026 from $1.03 billion in Q1 2026 and well below $2.32 billion in Q3 2025.
  • Cash is being used for dividends and capex. APD paid $398.6 million in dividends in Q2 2026 and continued heavy investment spending, which limits near-term financial flexibility.

Bottom line: APD’s core operations still generate strong cash and the latest quarter looked much better than the prior year’s disrupted results, but the company is not yet showing clean, consistent earnings growth. Investors should watch whether the improvement in Q2 2026 reflects a sustainable recovery in margins or just a temporary normalization after prior restructuring and special charges.

08/15/26 08:29 PM ETAI Generated. May Contain Errors.

Air Products and Chemicals Financials - Frequently Asked Questions

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

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. View Air Products and Chemicals' forecast to see where analysts expect Air Products and Chemicals to go next.

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

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%.

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.

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.

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%.


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Financial statements for NYSE:APD last updated on 7/30/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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