Revenue
$12.04B
Fiscal year ended 2025-09-30Operating income
-$877.00M
Fiscal year ended 2025-09-30Free cash flow
Unavailable
Fiscal year ended 2025-09-30Air Products & Chemicals, Inc. (APD) reported revenue of $12.04B and net income of -$394.50M for the fiscal year ended 2025-09-30. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from Air Products & Chemicals, Inc.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Industrial Inorganic Chemicals.
Income
| Metric | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 | 2020-09-30 | 2019-09-30 | 2018-09-30 | 2017-09-30 | 2016-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.04B | $12.10B | $12.60B | $12.70B | $10.32B | $8.86B | $8.92B | $8.93B | $8.19B | $7.50B |
| Cost of revenue | $8.26B | $8.17B | $8.83B | $9.34B | $7.19B | $5.86B | $5.98B | $6.19B | $5.75B | $5.18B |
| Gross profit | $3.78B | $3.93B | $3.77B | $3.36B | $3.14B | $3.00B | $2.91B | $2.74B | $2.44B | $2.33B |
| Operating income | -$877.00M | $4.47B | $2.49B | $2.34B | $2.28B | $2.24B | $2.14B | $1.97B | $1.44B | $1.54B |
| Net income | -$394.50M | $3.83B | $2.30B | $2.26B | $2.10B | $1.89B | $1.76B | $1.50B | $3.00B | $631.10M |
| Research & development | $96.30M | $100.20M | $105.60M | $102.90M | $93.50M | $83.90M | $72.90M | $64.50M | $57.60M | $71.80M |
| Weighted-average diluted shares | shares 222.70M | shares 222.80M | shares 222.70M | shares 222.50M | shares 222.50M | shares 222.30M | shares 221.60M | shares 220.80M | shares 219.80M | shares 218.30M |
| Pretax income | -$440.70M | $4.82B | $2.88B | $2.75B | $2.51B | $2.42B | $2.29B | $2.02B | $1.42B | $1.55B |
| Income tax expense | -$94.30M | $944.90M | $551.20M | $500.80M | $462.80M | $478.40M | $480.10M | $524.30M | $260.90M | $432.60M |
| Diluted EPS | $-1.77 | $17.18 | $10.33 | $10.14 | $9.43 | $8.49 | $7.94 | $6.78 | $13.65 | $2.89 |
| Selling, general & administrative | $906.10M | $942.40M | $957.00M | $900.60M | $828.40M | $775.90M | $750.00M | $760.80M | $713.50M | $683.80M |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 | 2020-09-30 | 2019-09-30 | 2018-09-30 | 2017-09-30 | 2016-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $1.86B | $2.98B | $1.62B | $2.71B | $4.47B | $5.25B | $2.25B | $2.79B | $3.27B | $1.29B |
| Total assets | $41.06B | $39.57B | $32.00B | $27.19B | $26.86B | $25.17B | $18.94B | $19.18B | $18.47B | $18.03B |
| Current assets | $5.83B | $6.36B | $5.20B | $6.28B | $8.38B | $8.68B | $4.62B | $5.08B | $5.88B | $4.32B |
| Total liabilities | $23.71B | $20.90B | $16.34B | $13.49B | $12.77B | $12.73B | $7.55B | $8.00B | $8.28B | $10.82B |
| Current liabilities | $4.22B | $4.18B | $3.90B | $3.47B | $2.80B | $2.42B | $1.82B | $2.34B | $2.49B | $3.28B |
| Total equity incl. NCI | $17.35B | $18.67B | $15.66B | $13.70B | $14.09B | $12.44B | $11.39B | $11.18B | $10.19B | $7.21B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | $776.50M | $766.00M | $651.80M | $514.20M | $453.90M | $404.80M | $388.30M | $396.10M | $335.40M | $255.00M |
| Accounts receivable | $1.90B | $1.82B | $1.70B | $1.79B | $1.45B | $1.27B | $1.26B | $1.21B | $1.17B | $1.15B |
| Goodwill | $963.90M | $905.10M | $861.70M | $823.00M | $911.50M | $891.50M | $797.10M | $788.90M | $721.50M | $845.10M |
| Long-term debt | Unavailable | Unavailable | Unavailable | $6.43B | $6.88B | $7.13B | $2.91B | $2.97B | $3.40B | $3.91B |
| Accounts payable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Cash flow
| Metric | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 | 2020-09-30 | 2019-09-30 | 2018-09-30 | 2017-09-30 | 2016-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Capital expenditures | $7.02B | $6.80B | $4.63B | $2.93B | $2.46B | $2.51B | $1.99B | $1.57B | $1.04B | $907.70M |
| Investing cash flow | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Financing cash flow | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Net change in cash | -$1.12B | $1.36B | -$1.09B | -$1.76B | -$784.10M | $3.00B | -$542.60M | -$482.30M | $1.94B | $1.29B |
| Stock-based compensation | $76.40M | $61.80M | $59.90M | $48.40M | $44.50M | $53.50M | $41.20M | $38.80M | $39.90M | $31.00M |
| Common dividends paid | $1.58B | $1.56B | $1.50B | $1.38B | $1.26B | $1.10B | $994.00M | $897.80M | $787.90M | $721.20M |
| Common share repurchases | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Depreciation & amortization | $1.56B | $1.45B | $1.36B | $1.34B | $1.32B | $1.18B | $1.08B | $970.70M | $865.80M | $854.60M |
Derived
| Metric | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 | 2020-09-30 | 2019-09-30 | 2018-09-30 | 2017-09-30 | 2016-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross margin | 31.4% | 32.5% | 29.9% | 26.5% | 30.4% | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating margin | -7.3% | 36.9% | 19.8% | 18.4% | 22.1% | 25.3% | 24.0% | 22.0% | 17.6% | 20.5% |
| FCF margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| SBC / revenue | 0.6% | 0.5% | 0.5% | 0.4% | 0.4% | 0.6% | 0.5% | 0.4% | 0.5% | 0.4% |
| Current ratio | 1.38x | 1.52x | 1.33x | 1.81x | 2.99x | 3.59x | 2.54x | 2.17x | 2.36x | 1.32x |
| Revenue YoY growth | -0.5% | -4.0% | -0.8% | 23.0% | 16.6% | -0.7% | -0.1% | 9.1% | 9.1% | Unavailable |
| Net margin | -3.3% | 31.6% | 18.3% | 17.8% | 20.3% | 21.3% | 19.7% | 16.8% | 36.6% | 8.4% |
| R&D / revenue | 0.8% | 0.8% | 0.8% | 0.8% | 0.9% | 0.9% | 0.8% | 0.7% | 0.7% | 1.0% |
| CapEx / revenue | 58.3% | 56.2% | 36.7% | 23.0% | 23.9% | 28.3% | 22.3% | 17.6% | 12.7% | 12.1% |
| Long-term debt / equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | Unavailable | 19.6% | 19.1% | 18.2% | 18.5% | 19.7% | 21.0% | 26.0% | 18.4% | 27.8% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open APD in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-07-30View SEC filing
10-Q · Filed 2026-04-30View SEC filing
10-Q · Filed 2026-01-30View SEC filing
10-K · Filed 2025-11-20View SEC filing
10-Q · Filed 2025-07-31View SEC filing
10-Q · Filed 2025-05-01View SEC filing
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.