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 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $12.04B | $12.10B | $12.60B | $12.70B | $10.32B | $8.86B |
| Cost of Revenue | $8.26B | $8.17B | $8.83B | $9.34B | $7.19B | $5.86B |
| Gross Profit | $3.78B | $3.93B | $3.77B | $3.36B | $3.14B | $3.00B |
| R&D | $96.30M | $100.20M | $105.60M | $102.90M | $93.50M | $83.90M |
| SG&A | $906.10M | $942.40M | $957.00M | $900.60M | $828.40M | $775.90M |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $1.56B | $1.45B | $1.36B | $1.34B | $1.32B | $1.19B |
| Operating Income | ($877.00M) | $4.47B | $2.49B | $2.34B | $2.28B | $2.24B |
| Interest Expense | $214.00M | $218.80M | $177.50M | $128.00M | $141.80M | $109.30M |
| Income Tax | ($94.30M) | $944.90M | $551.20M | $500.80M | $462.80M | $478.40M |
| Net Income | ($394.50M) | $3.83B | $2.30B | $2.26B | $2.10B | $1.89B |
| EPS - Basic | ($1.77) | $17.21 | $10.35 | $10.16 | $9.47 | $8.53 |
| EPS - Diluted | ($1.77) | $17.18 | $10.33 | $10.14 | $9.43 | $8.49 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.86B | $2.98B | $1.62B | $2.71B | $4.47B | $5.25B |
| Accounts Receivable | $1.90B | $1.82B | $1.70B | $1.79B | $1.45B | $1.27B |
| Inventory | $776.50M | $766.00M | $651.80M | $514.20M | $453.90M | $404.80M |
| Accounts Payable | $1.44B | $1.45B | $1.21B | $1.12B | $736.80M | $546.20M |
| Current Assets | $5.83B | $6.36B | $5.20B | $6.28B | $8.38B | $8.68B |
| Total Assets | $41.06B | $39.57B | $32.00B | $27.19B | $26.86B | $25.17B |
| Current Liabilities | $4.22B | $4.18B | $3.90B | $3.47B | $2.80B | $2.42B |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $23.71B | $20.90B | $16.34B | $13.49B | $12.77B | $12.73B |
| Stockholders' Equity | $15.02B | $17.04B | $14.31B | $13.14B | $13.54B | $12.08B |
| Retained Earnings | $17.56B | $19.55B | $17.29B | $16.52B | $15.68B | $14.88B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.26B | $3.65B | $3.21B | $3.17B | $3.34B | $3.26B |
| Investing Cash Flow | ($7.17B) | ($4.92B) | ($5.92B) | ($3.86B) | ($2.73B) | ($3.56B) |
| Financing Cash Flow | $2.80B | $2.62B | $1.61B | ($1.00B) | ($1.42B) | $3.28B |
| CapEx | $7.02B | $6.80B | $4.63B | $2.93B | $2.46B | $2.51B |
| Free Cash Flow | ($3.77B) | ($3.15B) | ($1.42B) | $244.10M | $871.00M | $755.70M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 31.4% | 32.5% | 29.9% | 26.5% | 30.4% | 33.9% |
| Operating margin | -7.3% | 36.9% | 19.8% | 18.4% | 22.1% | 25.3% |
| EBITDA margin | 5.7% | 48.9% | 30.6% | 29.0% | 34.9% | 38.6% |
| Net margin | -3.3% | 31.6% | 18.3% | 17.8% | 20.3% | 21.3% |
| Free cash flow margin | -31.3% | -26.0% | -11.3% | 1.9% | 8.4% | 8.5% |
| FCF / Net income | 9.55 | -0.82 | -0.62 | 0.11 | 0.41 | 0.40 |
| R&D / Revenue | 0.8% | 0.8% | 0.8% | 0.8% | 0.9% | 0.9% |
| SG&A / Revenue | 7.5% | 7.8% | 7.6% | 7.1% | 8.0% | 8.8% |
| Effective tax rate | - | 19.8% | 19.3% | 18.2% | 18.1% | 20.2% |
| Return on assets | -1.0% | 9.7% | 7.2% | 8.3% | 7.8% | 7.5% |
| Return on equity | -2.6% | 22.5% | 16.1% | 17.2% | 15.5% | 15.6% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 1.38 | 1.52 | 1.33 | 1.81 | 2.99 | 3.59 |
| Quick ratio | 1.20 | 1.34 | 1.17 | 1.66 | 2.83 | 3.43 |
| Cash ratio | 0.44 | 0.71 | 0.42 | 0.78 | 1.60 | 2.17 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | -4.1x | 20.4x | 14.1x | 18.3x | 16.1x | 20.5x |
| Equity multiplier | 2.73 | 2.32 | 2.24 | 2.07 | 1.98 | 2.08 |
| Liabilities / Assets | 0.58 | 0.53 | 0.51 | 0.50 | 0.48 | 0.51 |
| Efficiency | ||||||
| Asset turnover | 0.29 | 0.31 | 0.39 | 0.47 | 0.38 | 0.35 |
| Inventory turnover | 10.63 | 10.66 | 13.55 | 18.16 | 15.83 | 14.47 |
| Days sales outstanding | 58d | 55d | 49d | 52d | 51d | 53d |
| Days inventory outstanding | 34d | 34d | 27d | 20d | 23d | 25d |
| Days payable outstanding | 64d | 65d | 50d | 44d | 37d | 34d |
| Cash conversion cycle | 28d | 24d | 26d | 28d | 37d | 44d |
| Valuation | ||||||
| P / E | - | 17.3x | 27.4x | 23.0x | 27.2x | 35.1x |
| P / B | 4.0x | 3.9x | 4.4x | 3.9x | 4.2x | 5.5x |
| P / S | 5.0x | 5.5x | 5.0x | 4.1x | 5.5x | 7.5x |
| EV / EBITDA | 85.7x | 10.7x | 16.0x | 13.3x | 14.6x | 17.8x |
| Growth | ||||||
| Revenue growth (YoY) | -0.5% | -4.0% | -0.8% | 23.0% | 16.6% | -0.7% |
| Revenue CAGR (3y) | -1.8% | 5.4% | 12.5% | 12.5% | 11.2% | 2.7% |
| Revenue CAGR (5y) | 6.3% | 6.3% | 10.9% | 9.2% | 1.6% | -2.2% |
| Gross profit growth (YoY) | -3.8% | 4.4% | 12.1% | 7.1% | 4.6% | 2.9% |
| Operating income growth (YoY) | - | 79.0% | 6.7% | 2.5% | 2.0% | 4.3% |
| Net income growth (YoY) | - | 66.4% | 2.0% | 7.5% | 11.3% | 7.2% |
| EPS growth (YoY) | - | 66.3% | 1.9% | 7.5% | 11.1% | 6.9% |
| EPS CAGR (3y) | - | 22.1% | 6.8% | 8.5% | 11.6% | -14.6% |
| EPS CAGR (5y) | - | 16.7% | 8.8% | -5.8% | 26.7% | 7.6% |
| FCF growth (YoY) | -19.5% | -121.7% | - | -72.0% | 15.3% | -22.9% |
| FCF CAGR (5y) | - | - | - | -30.4% | -12.0% | -1.7% |
| Book value growth (YoY) | -11.8% | 19.0% | 8.9% | -2.9% | 12.1% | 9.3% |
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%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
0.88
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
3/9
Weak
- ✗Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✗Asset turnover improved
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 |