Air Products & Chemicals, Inc. APD
Air Products trades on the New York Stock Exchange under the symbol "APD". All periodic and current reports, registration statements, proxy statements, and other filings that we are required to file with the Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) of the Securities Exchange Act of 1934 (the "Exchange Act"), are available free of charge through our website as soon as reasonably practicable after electronic filing of the material with the SEC. All such reports filed during the period covered by this report were available on our website on the same day as filing. Additionally, these filings are available free of charge on the SEC's website, www.sec.gov.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| R&D | $96.3M | $100.2M | $105.6M | $102.9M | $93.5M | $83.9M | $72.9M | $64.5M | $57.6M | $71.8M |
| SG&A | $906.1M | $942.4M | $957.0M | $900.6M | $828.4M | $775.9M | $750.0M | $760.8M | $713.5M | $683.8M |
| Operating income | -$877.0M | $4.47B | $2.49B | $2.34B | $2.28B | $2.24B | $2.14B | $1.97B | $1.44B | $1.54B |
| Interest expense | $214.0M | $218.8M | $177.5M | $128.0M | $141.8M | $109.3M | $137.0M | $130.5M | $120.6M | $115.2M |
| Pre-tax income | -$440.7M | $4.82B | $2.88B | $2.75B | $2.51B | $2.42B | $2.29B | $2.02B | $1.42B | $1.55B |
| Income tax | $94.3M | $944.9M | $551.2M | $500.8M | $462.8M | $478.4M | $480.1M | $524.3M | $260.9M | $432.6M |
| Net income | -$394.5M | $3.83B | $2.30B | $2.26B | $2.10B | $1.89B | $1.76B | $1.50B | $3.00B | $631.1M |
| EPS, basic | -1.77 | 17.21 | 10.35 | 10.16 | 9.47 | 8.53 | 7.99 | 6.83 | 13.76 | 2.92 |
| EPS, diluted | -1.77 | 17.18 | 10.33 | 10.14 | 9.43 | 8.49 | 7.94 | 6.78 | 13.65 | 2.89 |
| Shares, diluted (wtd. avg.) | $222.7M | $222.8M | $222.7M | $222.5M | $222.5M | $222.3M | $221.6M | $220.8M | $219.8M | $218.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.86B | $2.98B | $1.62B | $2.71B | $4.47B | $5.25B | $2.25B | $2.79B | $3.27B | $1.29B |
| Short-term investments | $0 | $5.0M | $332.2M | $590.7M | $1.33B | $1.10B | $166.0M | $184.7M | $404.0M | $0 |
| Receivables | $1.90B | $1.82B | $1.70B | $1.79B | $1.45B | $1.27B | $1.26B | $1.21B | $1.17B | $1.15B |
| Inventory | $776.5M | $766.0M | $651.8M | $514.2M | $453.9M | $404.8M | $388.3M | $396.1M | $335.4M | $255.0M |
| Total current assets | $5.83B | $6.36B | $5.20B | $6.28B | $8.38B | $8.68B | $4.62B | $5.08B | $5.88B | $4.32B |
| Property, plant and equipment | $25.34B | $23.37B | $17.47B | $14.16B | $13.25B | $11.96B | $10.34B | $9.92B | $8.44B | $8.26B |
| Goodwill | $963.9M | $905.1M | $861.7M | $823.0M | $911.5M | $891.5M | $797.1M | $788.9M | $721.5M | $845.1M |
| Other intangibles | $293.5M | $311.6M | $334.6M | $347.5M | $420.7M | $435.8M | $419.5M | $438.5M | $368.3M | $387.9M |
| Total assets | $41.06B | $39.57B | $32.00B | $27.19B | $26.86B | $25.17B | $18.94B | $19.18B | $18.47B | $18.03B |
| Accounts payable | $3.24B | $2.93B | $2.89B | $2.77B | $2.22B | $1.83B | $1.64B | $1.82B | $1.81B | $1.65B |
| Short-term debt | $34.7M | $83.5M | $259.5M | $10.7M | $2.4M | $7.7M | $58.2M | $54.3M | $144.0M | $935.8M |
| Total current liabilities | $4.22B | $4.18B | $3.90B | $3.47B | $2.80B | $2.42B | $1.82B | $2.34B | $2.49B | $3.28B |
| Long-term debt | — | — | — | — | — | — | — | — | — | $4.92B |
| Total liabilities | $23.71B | $20.90B | $16.34B | $13.49B | $12.77B | $12.73B | $7.55B | $8.00B | $8.28B | $10.82B |
| Retained earnings | $17.56B | $19.55B | $17.29B | $16.52B | $15.68B | $14.88B | $14.14B | $13.41B | $12.85B | $10.48B |
| Total equity | $15.02B | $17.04B | $15.66B | $13.70B | $14.09B | $12.44B | $11.39B | $11.18B | $10.19B | $7.21B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.26B | $3.65B | $3.21B | $3.17B | $3.34B | $3.26B | $2.97B | $2.55B | $2.53B | $2.26B |
| Depreciation and amortisation | $1.56B | $1.45B | $1.36B | $1.34B | $1.32B | $1.19B | $1.08B | $970.7M | $865.8M | $854.6M |
| Stock-based compensation | $76.4M | $61.8M | $59.9M | $48.4M | $44.5M | $53.5M | $41.2M | $38.8M | $39.9M | $31.0M |
| Capital expenditure | $7.02B | $6.80B | $4.63B | $2.93B | $2.46B | $2.51B | $1.99B | $1.57B | $1.04B | $907.7M |
| Investing cash flow | -$7.17B | -$4.92B | -$5.92B | -$3.86B | -$2.73B | -$3.56B | -$2.11B | -$1.64B | -$1.41B | -$864.8M |
| Financing cash flow | $2.80B | $2.62B | $1.61B | -$1.00B | -$1.42B | $3.28B | -$1.37B | -$1.36B | -$2.04B | -$860.2M |
| Dividends paid | $1.58B | $1.56B | $1.50B | $1.38B | $1.26B | $1.10B | $994.0M | $897.8M | $787.9M | $721.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000002969-25-000055.
Others in SIC 2810
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| LIN | LINDE PLC | $220.15B | 32.7x | 3.0% |
| MTX | MINERALS TECHNOLOGIES INC | $2.23B | — | -2.2% |
| KRO | KRONOS WORLDWIDE INC | $970.3M | — | -1.5% |
| LXU | LSB INDUSTRIES, INC. | $813.6M | 33.2x | 17.8% |
| TROX | Tronox Holdings plc | $768.2M | — | -5.7% |
| VHI | VALHI INC /DE/ | $505.0M | — | -1.3% |
| LXFR | LUXFER HOLDINGS PLC | $460.5M | 61.5x | -1.9% |
| NL | NLI HOLDINGS, INC. | $332.0M | — | 8.5% |