Air Products (APD)

NYSE Materials Industrial Gases S&P 500

$304.84

-4.65 (-1.50%)

Close of Nov 06, 2026 · end-of-day data

Source: Air Products's 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 04, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$7.50B	$8.19B	$8.93B	$8.92B	$8.86B	$10.32B	$12.70B	$12.60B	$12.10B	$12.04B
Cost of revenue	$5.18B	$5.75B	$6.19B	$5.98B	$5.86B	$7.19B	$9.34B	$8.83B	$8.17B	$8.26B
Gross profit	$2.33B	$2.44B	$2.74B	$2.91B	$3.00B	$3.14B	$3.36B	$3.77B	$3.93B	$3.78B
Research & development	$71.80M	$57.60M	$64.50M	$72.90M	$83.90M	$93.50M	$102.90M	$105.60M	$100.20M	$96.30M
Selling, general & admin	$683.80M	$713.50M	$760.80M	$750.00M	$775.90M	$828.40M	$900.60M	$957.00M	$942.40M	$906.10M
Operating income	$1.54B	$1.44B	$1.97B	$2.14B	$2.24B	$2.28B	$2.34B	$2.49B	$4.47B	-$877.00M
Interest expense	$115.20M	$120.60M	$130.50M	$137.00M	$109.30M	$141.80M	$128.00M	$177.50M	$218.80M	$214.00M
Pre-tax income	$1.55B	$1.42B	$2.02B	$2.29B	$2.42B	$2.51B	$2.75B	$2.88B	$4.82B	-$440.70M
Income tax	$432.60M	$260.90M	$524.30M	$480.10M	$478.40M	$462.80M	$500.80M	$551.20M	$944.90M	-$94.30M
Net income	$631.10M	$3.00B	$1.50B	$1.76B	$1.89B	$2.10B	$2.26B	$2.30B	$3.83B	-$394.50M
EBITDA	$2.39B	$2.31B	$2.94B	$3.23B	$3.42B	$3.60B	$3.68B	$3.85B	$5.92B	$687.20M
EPS (basic)	$2.92	$13.76	$6.83	$7.99	$8.53	$9.47	$10.16	$10.35	$17.21	$-1.77
EPS (diluted)	$2.89	$13.65	$6.78	$7.94	$8.49	$9.43	$10.14	$10.33	$17.18	$-1.77
Diluted shares	218.30M	219.80M	220.80M	221.60M	222.30M	222.50M	222.50M	222.70M	222.80M	222.70M
Gross margin	31.0%	29.8%	30.7%	32.7%	33.9%	30.4%	26.5%	29.9%	32.5%	31.4%
Operating margin	20.5%	17.6%	22.0%	24.0%	25.3%	22.1%	18.4%	19.8%	36.9%	-7.3%
Net margin	8.4%	36.6%	16.8%	19.7%	21.3%	20.3%	17.8%	18.3%	31.6%	-3.3%

Balance sheet

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$1.29B	$3.27B	$2.79B	$2.25B	$5.25B	$4.47B	$2.71B	$1.62B	$2.98B	$1.86B
Short-term investments	$0	$404.00M	$184.70M	$166.00M	$1.10B	$1.33B	$590.70M	$332.20M	$5.00M	$0
Receivables	$1.15B	$1.17B	$1.21B	$1.26B	$1.27B	$1.45B	$1.79B	$1.70B	$1.82B	$1.90B
Inventory	$255.00M	$335.40M	$396.10M	$388.30M	$404.80M	$453.90M	$514.20M	$651.80M	$766.00M	$776.50M
Total current assets	$4.32B	$5.88B	$5.08B	$4.62B	$8.68B	$8.38B	$6.28B	$5.20B	$6.36B	$5.83B
Goodwill	$845.10M	$721.50M	$788.90M	$797.10M	$891.50M	$911.50M	$823.00M	$861.70M	$905.10M	$963.90M
Total assets	$18.03B	$18.47B	$19.18B	$18.94B	$25.17B	$26.86B	$27.19B	$32.00B	$39.57B	$41.06B
Total current liabilities	$3.28B	$2.49B	$2.34B	$1.82B	$2.42B	$2.80B	$3.47B	$3.90B	$4.18B	$4.22B
Short-term debt	$365.40M	$144.00M	$54.30M	$58.20M	$7.70M	$2.40M	$10.70M	$259.50M	$83.50M	$34.70M
Long-term debt	$3.91B	$3.40B	$2.97B	$2.91B	$7.13B	$6.88B	$6.43B	—	—	—
Total debt	$4.28B	$3.55B	$3.02B	$2.97B	$7.14B	$6.88B	$6.44B	$259.50M	$83.50M	$34.70M
Total liabilities	$10.82B	$8.28B	$8.00B	$7.55B	$12.73B	$12.77B	$13.49B	$16.34B	$20.90B	$23.71B
Shareholders' equity	$7.08B	$10.09B	$10.86B	$11.05B	$12.08B	$13.54B	$13.14B	$14.31B	$17.04B	$15.02B

Cash flow

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	$2.26B	$2.53B	$2.55B	$2.97B	$3.26B	$3.34B	$3.17B	$3.21B	$3.65B	$3.26B
Capital expenditures	$907.70M	$1.04B	$1.57B	$1.99B	$2.51B	$2.46B	$2.93B	$4.63B	$6.80B	$7.02B
Free cash flow	$1.35B	$1.49B	$978.80M	$980.20M	$755.70M	$871.00M	$244.10M	-$1.42B	-$3.15B	-$3.77B
Investing cash flow	-$864.80M	-$1.41B	-$1.64B	-$2.11B	-$3.56B	-$2.73B	-$3.86B	-$5.92B	-$4.92B	-$7.17B
Financing cash flow	-$860.20M	-$2.04B	-$1.36B	-$1.37B	$3.28B	-$1.42B	-$1.00B	$1.61B	$2.62B	$2.80B
Dividends paid	$721.20M	$787.90M	$897.80M	$994.00M	$1.10B	$1.26B	$1.38B	$1.50B	$1.56B	$1.58B
Stock-based compensation	$31.00M	$39.90M	$38.80M	$41.20M	$53.50M	$44.50M	$48.40M	$59.90M	$61.80M	$76.40M
Depreciation & amortization	$854.60M	$865.80M	$970.70M	$1.08B	$1.19B	$1.32B	$1.34B	$1.36B	$1.45B	$1.56B

Income statement

quarters · USD

Quarter ended	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	$3.19B	$3.00B	$2.93B	$2.99B	$3.19B	$2.93B	$2.92B	$3.02B	$3.17B	$3.10B	$3.17B	$3.16B
Cost of revenue	$2.21B	$2.07B	$1.99B	$2.01B	$2.10B	$2.02B	$2.05B	$2.04B	$2.15B	$2.11B	$2.18B	$2.12B
Gross profit	$984.10M	$930.20M	$938.70M	$979.90M	$1.08B	$915.00M	$862.30M	$982.60M	$1.02B	$995.00M	$987.40M	$1.04B
Research & development	$24.70M	$25.70M	$25.40M	$27.00M	$22.10M	$22.00M	$22.90M	$24.10M	$27.30M	$20.40M	$21.60M	$21.50M
Selling, general & admin	$232.70M	$238.40M	$240.60M	$235.40M	$228.00M	$242.40M	$222.00M	$222.60M	$219.10M	$228.70M	$227.20M	$219.10M
Operating income	$738.60M	$666.90M	$637.20M	$737.60M	$2.42B	$643.60M	-$2.33B	$790.60M	$16.80M	$734.50M	$752.70M	-$2.10B
Interest expense	$48.00M	$53.50M	$59.90M	$55.70M	$49.70M	$42.60M	$42.20M	$61.40M	$67.80M	$54.50M	$49.50M	$49.40M
Pre-tax income	$841.20M	$757.00M	$711.40M	$849.50M	$2.50B	$790.50M	-$2.24B	$890.80M	$121.30M	$850.80M	$883.50M	-$1.94B
Income tax	$154.20M	$135.40M	$130.50M	$140.60M	$538.40M	$140.70M	-$505.80M	$159.60M	$111.20M	$159.40M	$158.70M	-$515.40M
Net income	$692.60M	$609.30M	$572.40M	$696.60M	$1.95B	$617.40M	-$1.73B	$713.80M	$4.90M	$678.20M	$710.40M	-$1.44B
EBITDA	$1.10B	$1.02B	$998.00M	$1.10B	$2.81B	$1.01B	-$1.94B	$1.19B	$429.60M	$1.11B	$1.13B	-$1.71B
EPS (basic)	$3.12	$2.74	$2.57	$3.13	$8.77	$2.77	$-7.77	$3.20	$0.02	$3.04	$3.19	$-6.47
EPS (diluted)	$3.11	$2.73	$2.57	$3.13	$8.75	$2.77	$-7.77	$3.20	$0.02	$3.04	$3.19	$-6.47
Diluted shares	0	222.80M	222.70M	222.80M	0	222.90M	222.80M	222.90M	0	222.90M	222.90M	222.80M
Gross margin	30.8%	31.0%	32.0%	32.8%	34.0%	31.2%	29.6%	32.5%	32.3%	32.1%	31.1%	32.8%
Operating margin	23.1%	22.2%	21.7%	24.7%	76.1%	22.0%	-79.8%	26.2%	0.5%	23.7%	23.7%	-66.3%
Net margin	21.7%	20.3%	19.5%	23.3%	61.2%	21.1%	-59.3%	23.6%	0.2%	21.9%	22.4%	-45.6%

Balance sheet

quarters · USD

Quarter ended	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Cash & equivalents	$1.62B	$1.96B	$2.54B	$2.38B	$2.98B	$1.85B	$1.49B	$2.32B	$1.86B	$1.03B	$951.00M	$980.50M
Short-term investments	$332.20M	$271.80M	$102.80M	$61.80M	$5.00M	$117.50M	$111.40M	$0	$0	—	—	—
Receivables	$1.70B	$1.73B	$1.72B	$1.71B	$1.82B	$1.81B	$1.85B	$1.94B	$1.90B	$1.89B	$1.94B	$1.88B
Inventory	$651.80M	$709.30M	$721.20M	$755.60M	$766.00M	$739.00M	$769.70M	$797.70M	$776.50M	$788.10M	$767.90M	$751.60M
Total current assets	$5.20B	$5.65B	$6.06B	$5.68B	$6.36B	$5.35B	$5.19B	$6.15B	$5.83B	$5.10B	$5.01B	$4.96B
Goodwill	$861.70M	$899.40M	$883.20M	$879.00M	$905.10M	$866.50M	$887.10M	$969.70M	$963.90M	$971.50M	$958.70M	$957.40M
Total assets	$32.00B	$34.12B	$35.92B	$36.97B	$39.57B	$40.02B	$38.87B	$41.66B	$41.06B	$41.24B	$41.64B	$40.45B
Total current liabilities	$3.90B	$3.12B	$4.06B	$4.47B	$4.18B	$4.81B	$5.21B	$4.76B	$4.22B	$3.50B	$3.51B	$4.58B
Short-term debt	$259.50M	$16.40M	$184.30M	$159.10M	$83.50M	$68.20M	$773.20M	$536.20M	$34.70M	$66.70M	$314.40M	$126.70M
Total debt	$259.50M	$16.40M	$184.30M	$159.10M	$83.50M	$68.20M	$773.20M	$536.20M	$34.70M	$66.70M	$314.40M	$126.70M
Total liabilities	$16.34B	$17.99B	$19.59B	$20.29B	$20.90B	$21.28B	$22.09B	$23.89B	$23.71B	$23.40B	$23.49B	$23.85B
Shareholders' equity	$14.31B	$14.87B	$14.91B	$15.10B	$17.04B	$16.69B	$14.70B	$15.54B	$15.02B	$15.41B	$15.65B	$13.88B

Cash flow

quarters · USD

Quarter ended	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Operating cash flow	—	$626.60M	$801.70M	$1.26B	—	$811.70M	$328.10M	$855.80M	—	$900.70M	$1.10B	$1.31B
Capital expenditures	$1.46B	$1.45B	$1.67B	$1.61B	$2.08B	$2.12B	$1.89B	$1.50B	$1.52B	$1.25B	$1.11B	$995.70M
Free cash flow	—	-$818.90M	-$867.70M	-$345.20M	—	-$1.31B	-$1.56B	-$640.00M	—	-$350.50M	-$3.90M	$309.50M
Investing cash flow	—	-$1.67B	-$1.56B	-$1.55B	—	-$2.18B	-$2.24B	-$1.26B	—	-$1.24B	-$1.08B	-$992.70M
Financing cash flow	—	$1.36B	$1.35B	$135.20M	—	$274.20M	$1.55B	$1.21B	—	-$490.10M	-$101.00M	-$285.30M
Dividends paid	$388.70M	$388.90M	$389.00M	$393.50M	$393.50M	$393.60M	$393.80M	$398.30M	$398.40M	$398.40M	$398.60M	$403.00M
Stock-based compensation	$14.10M	$13.80M	$14.70M	$17.70M	$15.60M	$16.40M	$38.30M	$11.00M	$10.70M	$10.60M	$15.90M	$12.20M
Depreciation & amortization	$357.30M	$349.20M	$360.80M	$360.30M	$380.80M	$366.80M	$383.60M	$401.00M	$412.80M	$370.70M	$375.00M	$385.40M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.