APD · Air Products & Chemicals, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q2 '26 | Q1 '26 | Q3 '25 | Q2 '25 | Q1 '25 | Q3 '24 | Q2 '24 | Q1 '24 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.17B | $3.10B | $3.02B | $2.92B | $2.93B | $2.99B | $2.93B | $3.00B | $3.03B | $3.20B |
| Cost of Revenue | $2.18B | $2.11B | $2.04B | $2.05B | $2.02B | $2.01B | $1.99B | $2.07B | $2.07B | $2.28B |
| Gross Profit | $987.40M | $995.00M | $982.60M | $862.30M | $915.00M | $979.90M | $938.70M | $930.20M | $963.20M | $917.30M |
| R&D | $21.60M | $20.40M | $24.10M | $22.90M | $22.00M | $27.00M | $25.40M | $25.70M | $29.30M | $27.20M |
| SG&A | $227.20M | $228.70M | $222.60M | $222.00M | $242.40M | $235.40M | $240.60M | $238.40M | $238.70M | $251.20M |
| Total Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| D&A | - | $370.70M | - | - | $366.80M | - | - | $349.20M | - | - |
| Operating Income | $752.70M | $734.50M | $790.60M | ($2.33B) | $643.60M | $737.60M | $637.20M | $666.90M | $644.20M | $459.80M |
| Interest Expense | $49.50M | $54.50M | $61.40M | $59.90M | $42.60M | $55.70M | $59.90M | $53.50M | $47.40M | $40.90M |
| Income Tax | $158.70M | $159.40M | $159.60M | ($505.80M) | $140.70M | $140.60M | $130.50M | $135.40M | $139.60M | $121.00M |
| Net Income | $710.40M | $678.20M | $713.80M | ($1.73B) | $617.40M | $696.60M | $572.40M | $609.30M | $595.60M | $439.80M |
| EPS - Basic | $3.19 | $3.04 | $3.20 | ($7.77) | $2.77 | $3.13 | $2.57 | $2.74 | $2.68 | $1.98 |
| EPS - Diluted | $3.19 | $3.04 | $3.20 | ($7.77) | $2.77 | $3.13 | $2.57 | $2.73 | $2.67 | $1.97 |
Balance Sheet
| Line item | Q2 '26 | Q1 '26 | Q3 '25 | Q2 '25 | Q1 '25 | Q3 '24 | Q2 '24 | Q1 '24 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $951.00M | $1.03B | $1.86B | $1.49B | $1.85B | $2.98B | $2.54B | $1.96B | $1.62B | $2.24B |
| Accounts Receivable | $1.94B | $1.89B | $1.90B | $1.85B | $1.81B | $1.82B | $1.72B | $1.73B | $1.70B | $1.71B |
| Inventory | $767.90M | $788.10M | $776.50M | $769.70M | $739.00M | $766.00M | $721.20M | $709.30M | $651.80M | $645.60M |
| Accounts Payable | - | - | $1.44B | - | - | $1.45B | - | - | $1.21B | - |
| Current Assets | $5.01B | $5.10B | $5.83B | $5.19B | $5.35B | $6.36B | $6.06B | $5.65B | $5.20B | $5.72B |
| Total Assets | $41.64B | $41.24B | $41.06B | $38.87B | $40.02B | $39.57B | $35.92B | $34.12B | $32.00B | $29.44B |
| Current Liabilities | $3.51B | $3.50B | $4.22B | $5.21B | $4.81B | $4.18B | $4.06B | $3.12B | $3.90B | $2.80B |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $23.49B | $23.40B | $23.71B | $22.09B | $21.28B | $20.90B | $19.59B | $17.99B | $16.34B | $14.75B |
| Stockholders' Equity | $15.65B | $15.41B | $15.02B | $14.70B | $16.69B | $17.04B | $14.91B | $14.87B | $14.31B | $14.06B |
| Retained Earnings | $18.14B | $17.84B | $17.56B | $17.64B | $19.77B | $19.55B | $17.69B | $17.51B | $17.29B | $16.78B |
Cash Flow
| Line item | Q2 '26 | Q1 '26 | Q3 '25 | Q2 '25 | Q1 '25 | Q3 '24 | Q2 '24 | Q1 '24 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | - | $900.70M | - | - | $811.70M | - | - | $626.60M | - | - |
| Investing Cash Flow | - | ($1.24B) | - | - | ($2.18B) | - | - | ($1.67B) | - | - |
| Financing Cash Flow | - | ($490.10M) | - | - | $274.20M | - | - | $1.36B | - | - |
| CapEx | - | $1.25B | - | - | $2.12B | - | - | $1.45B | - | - |
| Free Cash Flow | - | ($350.50M) | - | - | ($1.31B) | - | - | ($818.90M) | - | - |
Ratios
| Metric | Q2 '26 | Q1 '26 | Q3 '25 | Q2 '25 | Q1 '25 | Q3 '24 | Q2 '24 | Q1 '24 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 31.1% | 32.1% | 32.5% | 29.6% | 31.2% | 32.8% | 32.0% | 31.0% | 31.7% | 28.7% |
| Operating margin | 23.7% | 23.7% | 26.2% | -79.8% | 22.0% | 24.7% | 21.7% | 22.2% | 21.2% | 14.4% |
| EBITDA margin | - | 35.6% | - | - | 34.5% | - | - | 33.9% | - | - |
| Net margin | 22.4% | 21.9% | 23.6% | -59.3% | 21.1% | 23.3% | 19.5% | 20.3% | 19.6% | 13.7% |
| Free cash flow margin | - | -11.3% | - | - | -44.5% | - | - | -27.3% | - | - |
| FCF / Net income | - | -0.52 | - | - | -2.12 | - | - | -1.34 | - | - |
| R&D / Revenue | 0.7% | 0.7% | 0.8% | 0.8% | 0.8% | 0.9% | 0.9% | 0.9% | 1.0% | 0.8% |
| SG&A / Revenue | 7.2% | 7.4% | 7.4% | 7.6% | 8.3% | 7.9% | 8.2% | 8.0% | 7.9% | 7.8% |
| Effective tax rate | 18.3% | 19.0% | 18.3% | - | 18.6% | 16.8% | 18.6% | 18.2% | 19.0% | 21.6% |
| Return on assets | 1.7% | 1.6% | 1.7% | -4.5% | 1.5% | 1.8% | 1.6% | 1.8% | 1.9% | 1.5% |
| Return on equity | 4.5% | 4.4% | 4.8% | -11.8% | 3.7% | 4.1% | 3.8% | 4.1% | 4.2% | 3.1% |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 1.43 | 1.46 | 1.38 | 1.00 | 1.11 | 1.52 | 1.49 | 1.81 | 1.33 | 2.04 |
| Quick ratio | 1.21 | 1.23 | 1.20 | 0.85 | 0.96 | 1.34 | 1.31 | 1.58 | 1.17 | 1.81 |
| Cash ratio | 0.27 | 0.29 | 0.44 | 0.29 | 0.38 | 0.71 | 0.62 | 0.63 | 0.42 | 0.80 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | 15.2x | 13.5x | 12.9x | -38.9x | 15.1x | 13.2x | 10.6x | 12.5x | 13.6x | 11.2x |
| Equity multiplier | 2.66 | 2.68 | 2.73 | 2.64 | 2.40 | 2.32 | 2.41 | 2.29 | 2.24 | 2.09 |
| Liabilities / Assets | 0.56 | 0.57 | 0.58 | 0.57 | 0.53 | 0.53 | 0.55 | 0.53 | 0.51 | 0.50 |
| Efficiency | ||||||||||
| Asset turnover | 0.08 | 0.08 | 0.07 | 0.08 | 0.07 | 0.08 | 0.08 | 0.09 | 0.09 | 0.11 |
| Inventory turnover | 2.84 | 2.67 | 2.63 | 2.67 | 2.73 | 2.62 | 2.76 | 2.91 | 3.18 | 3.54 |
| Days sales outstanding | 223d | 223d | 230d | 231d | 225d | 223d | 214d | 210d | 205d | 196d |
| Days inventory outstanding | 128d | 136d | 139d | 137d | 134d | 139d | 132d | 125d | 115d | 103d |
| Days payable outstanding | - | - | 257d | - | - | 264d | - | - | 214d | - |
| Cash conversion cycle | - | - | 111d | - | - | 98d | - | - | 106d | - |
| Valuation | ||||||||||
| P / E | 91.1x | 81.3x | 85.2x | - | 104.7x | 95.1x | 94.3x | 100.3x | 106.1x | 145.8x |
| P / B | 4.1x | 3.6x | 4.0x | 4.5x | 3.9x | 3.9x | 3.6x | 4.1x | 4.4x | 4.5x |
| P / S | 20.4x | 17.7x | 20.1x | 22.5x | 22.1x | 22.2x | 18.4x | 20.4x | 20.8x | 20.0x |
| EV / EBITDA | - | 48.9x | - | - | 62.2x | - | - | 58.1x | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 8.8% | 5.8% | 1.2% | -0.5% | -2.2% | -1.6% | -8.4% | -5.6% | -4.9% | 8.7% |
| Revenue CAGR (3y) | -0.3% | -0.8% | -1.8% | -0.3% | -0.7% | 4.7% | 5.4% | 8.1% | 13.7% | 13.0% |
| Revenue CAGR (5y) | 4.9% | 5.5% | 7.9% | 5.6% | 5.4% | 6.1% | 6.0% | 6.2% | 6.1% | 8.2% |
| Gross profit growth (YoY) | 14.5% | 8.7% | 0.3% | -8.1% | -1.6% | 1.7% | 2.3% | 3.1% | 13.7% | 15.6% |
| Operating income growth (YoY) | - | 14.1% | 7.2% | - | -3.5% | 14.5% | 38.6% | 2.3% | 2.7% | -18.2% |
| Net income growth (YoY) | - | 9.8% | 2.5% | - | 1.3% | 17.0% | 30.2% | 6.5% | 2.3% | -17.1% |
| EPS growth (YoY) | - | 9.7% | 2.2% | - | 1.5% | 17.2% | 30.5% | 6.2% | 1.9% | -17.2% |
| EPS CAGR (3y) | 17.4% | 5.8% | 6.9% | - | 3.2% | 9.3% | 6.5% | 8.0% | 9.9% | -2.9% |
| EPS CAGR (5y) | 8.4% | 7.0% | 9.7% | - | 5.3% | 7.3% | 6.2% | 11.7% | 4.4% | 0.8% |
| FCF growth (YoY) | - | 73.2% | - | - | -59.5% | - | - | -612.7% | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 6.4% | -7.7% | -11.8% | -1.4% | 12.2% | 19.0% | 6.1% | 6.7% | 8.9% | 0.7% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-09-30.
Business segments
$12.04B totalAmericas Segment$5.13B · 42.6%
Asia Segment$3.27B · 27.2%
Europe Segment$2.98B · 24.8%
Corporate And Other$520.00M · 4.3%
Middle East And India Segment$135.90M · 1.1%
Product / service
$5.65B totalOnsite$2.92B · 51.7%
Merchant$2.21B · 39.1%
Saleof Equipment$520.00M · 9.2%
Geographic
$12.04B totalOther Foreign Operations$5.41B · 45.0%
US$4.69B · 39.0%
CN$1.93B · 16.1%
Peer comparison
Same SIC group: Industrial Inorganic Chemicals
Comparing Air Products & Chemicals against the 5 most active filers in the same SIC group.
Dividends
$7.18/share trailing 12 months · +1.1% YoY
| Ex-date | Per share |
|---|---|
| Apr 1, 2026 | $1.8100 |
| Jan 2, 2026 | $1.7900 |
| Oct 1, 2025 | $1.7900 |
| Jul 1, 2025 | $1.7900 |
| Apr 1, 2025 | $1.7900 |
| Jan 2, 2025 | $1.7700 |
| Oct 1, 2024 | $1.7700 |
| Jul 1, 2024 | $1.7700 |
| Mar 28, 2024 | $1.7700 |
| Dec 29, 2023 | $1.7500 |
| Sep 29, 2023 | $1.7500 |
| Jun 30, 2023 | $1.7500 |
| Mar 31, 2023 | $1.7500 |
| Dec 30, 2022 | $1.6200 |
| Sep 30, 2022 | $1.6200 |
| Jun 30, 2022 | $1.6200 |
| Mar 31, 2022 | $1.6200 |
| Dec 31, 2021 | $1.5000 |
| Sep 30, 2021 | $1.5000 |
| Jun 30, 2021 | $1.5000 |
| Mar 31, 2021 | $1.5000 |
| Dec 31, 2020 | $1.3400 |
| Sep 30, 2020 | $1.3400 |
| Jun 30, 2020 | $1.3400 |