Air Products & Chemicals, Inc. APD

Healthcare SIC 2810 - Industrial Inorganic Chemicals NAICS Manufacturing › Chemical Manufacturing › Basic Chemical Manufacturing derived NYSE

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.

Last close 307.15 2026-10-23
Market cap $68.40B 2026-06-30 share count
52-week range 229.11 - 314.87

Valuation FY2025 figures against the last close

P/S5.7x
P/E—
P/FCF—
EV/EBITDA96.9x
Dividend yield2.3%
Diluted EPS-1.77

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • Other foreign operations
  • United States
  • China
Revenue by geography, 3 categories over 3 years. The same figures are in the table below. FY2025 Other foreign operations, FY2025: 5.4B (45.0%) 45% Other foreign operations United States, FY2025: 4.7B (39.0%) 39% United States China, FY2025: 1.9B (16.1%) 16% China FY2024 Other foreign operations, FY2024: 5.2B (43.3%) 43% United States, FY2024: 4.9B (40.6%) 41% China, FY2024: 2B (16.1%) 16% FY2023 Other foreign operations, FY2023: 5.4B (42.7%) 43% United States, FY2023: 5.2B (41.5%) 42% China, FY2023: 2B (15.8%) 16%
Region FY2025FY2024FY2023
Other foreign operations $5.41B $5.24B $5.38B
United States $4.69B $4.91B $5.23B
China $1.93B $1.95B $1.99B

As the company reported it, from the “Business Segment and Geographic Information (Schedule of Geographic Information) (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Revenue by segment

  • Americas
  • Asia
  • Europe
  • Corporate and other
  • Middle East and India
Revenue by segment, 5 categories over 3 years. The same figures are in the table below. FY2025 Americas, FY2025: 5.1B (42.6%) 43% Americas Asia, FY2025: 3.3B (27.2%) 27% Asia Europe, FY2025: 3B (24.8%) 25% Europe Corporate and other, FY2025: 520M (4.3%) 4% Middle East and India, FY2025: 135.9M (1.1%) FY2024 Americas, FY2024: 5B (41.7%) 42% Asia, FY2024: 3.2B (26.6%) 27% Europe, FY2024: 2.8B (23.3%) 23% Corporate and other, FY2024: 878.4M (7.3%) 7% Middle East and India, FY2024: 134.4M (1.1%) FY2023 Americas, FY2023: 5.4B (42.6%) 43% Asia, FY2023: 3.2B (25.5%) 26% Europe, FY2023: 3B (23.5%) 24% Corporate and other, FY2023: 889M (7.1%) 7% Middle East and India, FY2023: 162.5M (1.3%)
Segment FY2025FY2024FY2023
Americas $5.13B $5.04B $5.37B
Asia $3.27B $3.22B $3.22B
Europe $2.98B $2.82B $2.96B
Corporate and other $520.0M $878.4M $889.0M
Middle East and India $135.9M $134.4M $162.5M

As the company reported it, from the “Revenue Recognition (Disaggregation of Revenue) (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 -1.7717.2110.3510.169.478.537.996.8313.762.92
EPS, diluted -1.7717.1810.3310.149.438.497.946.7813.652.89
Shares, diluted (wtd. avg.) 222.7M222.8M222.7M222.5M222.5M222.3M221.6M220.8M219.8M218.3M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -5B 0 5B 10B 15B Revenue, FY2016: 7.5B Gross profit, FY2016: 2.3B Net income, FY2016: 631.1M Revenue, FY2017: 8.2B Gross profit, FY2017: 2.4B Net income, FY2017: 3B Revenue, FY2018: 8.9B Gross profit, FY2018: 2.7B Net income, FY2018: 1.5B Revenue, FY2019: 8.9B Gross profit, FY2019: 2.9B Net income, FY2019: 1.8B Revenue, FY2020: 8.9B Gross profit, FY2020: 3B Net income, FY2020: 1.9B Revenue, FY2021: 10.3B Gross profit, FY2021: 3.1B Net income, FY2021: 2.1B Revenue, FY2022: 12.7B Gross profit, FY2022: 3.4B Net income, FY2022: 2.3B Revenue, FY2023: 12.6B Gross profit, FY2023: 3.8B Net income, FY2023: 2.3B Revenue, FY2024: 12.1B Gross profit, FY2024: 3.9B Net income, FY2024: 3.8B Revenue, FY2025: 12B Gross profit, FY2025: 3.8B Net income, FY2025: -394.5M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $7.50B $8.19B $8.93B $8.92B $8.86B $10.32B $12.70B $12.60B $12.10B $12.04B
Gross profit $2.33B $2.44B $2.74B $2.91B $3.00B $3.14B $3.36B $3.77B $3.93B $3.78B
Net income $631.1M $3.00B $1.50B $1.76B $1.89B $2.10B $2.26B $2.30B $3.83B -$394.5M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material impairment The company has written down the carrying value of an asset - often goodwill from an acquisition that did not work out. Item 2.06
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 2810

TickerCompanyMarket capP/ERevenue growth
LIN LINDE PLC $234.56B 34.8x 3.0%
MTX MINERALS TECHNOLOGIES INC $1.96B — -2.2%
KRO KRONOS WORLDWIDE INC $900.1M — -1.5%
LXU LSB INDUSTRIES, INC. $712.1M 29.1x 17.8%
TROX Tronox Holdings plc $552.6M — -5.7%
LXFR LUXFER HOLDINGS PLC $462.4M 61.7x -1.9%
VHI VALHI INC /DE/ $405.6M — -1.3%
NL NLI HOLDINGS, INC. $328.6M — 8.5%