Air Products & Chemicals
APD · NYSEIndustrial Inorganic Chemicals · Fiscal year ends Sep 30
Air Products & Chemicals reported revenue of $12B in the fiscal year ended Sep 2025, down 0.5% from the year before. Operating income was −$877M, an operating margin of −7.3%, and net income was −$395M. Operating cash flow of $3.3B less capital expenditure of $7B left free cash flow of −$3.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | $10.3B | $12.7B | $12.6B | $12.1B | $12B |
| Cost of revenue | $7.2B | $9.3B | $8.8B | $8.2B | $8.3B |
| Gross profit | $3.1B | $3.4B | $3.8B | $3.9B | $3.8B |
| Research & development | $94M | $103M | $106M | $100M | $96M |
| Selling, general & admin | $828M | $901M | $957M | $942M | $906M |
| Operating income | $2.3B | $2.3B | $2.5B | $4.5B | −$877M |
| Interest expense | $142M | $128M | $178M | $219M | $214M |
| Pre-tax income | $2.5B | $2.8B | $2.9B | $4.8B | −$441M |
| Income tax | $463M | $501M | $551M | $945M | −$94M |
| Net income | $2.1B | $2.3B | $2.3B | $3.8B | −$395M |
| Diluted EPS | 9.43 | 10.14 | 10.33 | 17.18 | −1.77 |
| Diluted shares | 223M | 223M | 223M | 223M | 223M |
Balance sheet
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $4.5B | $2.7B | $1.6B | $3B | $1.9B |
| Receivables | $1.5B | $1.8B | $1.7B | $1.8B | $1.9B |
| Inventory | $454M | $514M | $652M | $766M | $777M |
| Current assets | $8.4B | $6.3B | $5.2B | $6.4B | $5.8B |
| Net PP&E | $13.3B | $14.2B | $17.5B | $23.4B | $25.3B |
| Goodwill | $912M | $823M | $862M | $905M | $964M |
| Total assets | $26.9B | $27.2B | $32B | $39.6B | $41.1B |
| Deferred revenue | $367M | $439M | $413M | $240M | $253M |
| Current liabilities | $2.8B | $3.5B | $3.9B | $4.2B | $4.2B |
| Short-term debt | $2M | $11M | $260M | $84M | $35M |
| Long-term debt | $6.9B | $6.4B | – | – | – |
| Total liabilities | $12.8B | $13.5B | $16.3B | $20.9B | $23.7B |
| Shareholders' equity | $13.5B | $13.1B | $14.3B | $17B | $15B |
| Backlog (remaining obligations) | $24B | $23B | $25B | $26B | $26B |
Cash flow
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $3.3B | $3.2B | $3.2B | $3.6B | $3.3B |
| Capital expenditure | $2.5B | $2.9B | $4.6B | $6.8B | $7B |
| Free cash flow | $871M | $244M | −$1.4B | −$3.2B | −$3.8B |
| Depreciation & amortisation | $1.3B | $1.3B | $1.4B | $1.5B | $1.6B |
| Stock-based compensation | $45M | $48M | $60M | $62M | $76M |
| Acquisitions | $11M | $65M | $0 | $0 | $60M |
| Dividends paid | $1.3B | $1.4B | $1.5B | $1.6B | $1.6B |
| Dividend per share | 5.84 | 6.36 | 6.87 | 7.06 | 7.14 |
Key ratios
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 23.0% | −0.8% | −4.0% | −0.5% |
| Operating income growth (YoY) | – | 2.5% | 6.7% | 79.0% | −119.6% |
| EPS growth (YoY) | – | 7.5% | 1.9% | 66.3% | −110.3% |
| Gross margin | 30.4% | 26.5% | 29.9% | 32.5% | 31.4% |
| Operating margin | 22.1% | 18.4% | 19.8% | 36.9% | −7.3% |
| Net margin | 20.3% | 17.8% | 18.3% | 31.6% | −3.3% |
| Return on equityBlank when equity is negative | 15.5% | 17.2% | 16.1% | 22.5% | −2.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 9.5% | 9.9% | 8.9% | 12.6% | −2.4% |
| Free cash flow margin | 8.4% | 1.9% | −11.3% | −26.0% | −31.3% |
| Cash conversion (CFO ÷ net income) | 1.59x | 1.41x | 1.39x | 0.95x | −8.26x |
| Receivable days | 51 | 52 | 49 | 55 | 58 |
| Inventory days | 23 | 20 | 27 | 34 | 34 |
| Interest cover | 16.1x | 18.3x | 14.1x | 20.4x | −4.10x |
| Debt ÷ equity | 0.51x | 0.49x | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2.4B | $3.7B | – | – | – |
| Current ratio | 2.99x | 1.81x | 1.33x | 1.52x | 1.38x |
Recent filings
More in Industrial Inorganic Chemicals
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.