Air Products & Chemicals, Inc.

Listed Company

APDCIK 0000002969NYSELarge AcceleratedIndustrial Inorganic ChemicalsDelawareFY ends Sep 30

Period

FY 2025

Revenue

$12.04B

Net Income

$-394.50M

Total Assets

$41.06B

Equity

$15.02B

Shares Out

222.68M

Op. Cash Flow

$3.26B

Business

Air Products & Chemicals, Inc. is an industrial gases company that produces, supplies, and services gases and related technologies for industrial and energy customers. It offers atmospheric gases (oxygen, nitrogen, argon), process gases (hydrogen, helium, CO2, carbon monoxide, syngas), specialty gases, gas production and processing equipment, and engineering, construction, and operation of large clean hydrogen projects and cryogenic transport/storage solutions. The company reports results through five segments: Americas; Asia; Europe, Middle East and India; and Corporate and other. It sells worldwide across approximately 50 countries via on-site supply (including pipelines and large plants) and merchant modes (liquid bulk and packaged gases) to industries such as refining, chemicals, metals, electronics, manufacturing, medical, and food.

Summary from filing dated 2025-11-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Sales	12,037	12,101	12,600	12,699	10,323
Cost of sales	8,256	8,169	8,833	9,339	7,186
Selling and administrative expense	906	942	957	901	828
Research and development expense	96	100	106	103	94
Business and asset actions	3,747	57	245	74	0
Shareholder activism-related costs	86	0	0	—	—
Gain on sale of business	67	1,576	0	0	—
Other income (expense), net	110	58	35	56	53
Operating Income (Loss)	−877	4,466	2,495	2,339	2,281
Equity affiliates' income	648	648	604	482	294
Interest expense	214	219	178	128	—
Other non-operating income (expense), net	3	−74	−39	62	74
Income (Loss) From Continuing Operations Before Taxes	−441	4,821	2,882	2,755	2,507
Income tax expense (benefit)	−94	945	551	501	463
Income (Loss) From Continuing Operations	−346	3,876	2,331	2,254	2,045
Income (Loss) from discontinued operations, net of tax	−8	−14	7	13	70
Net Income (Loss)	−354	3,862	2,339	2,267	2,115
Net income attributable to noncontrolling interests	40	34	38	10	16
Net Income (Loss) Attributable to Air Products	−395	3,828	2,300	2,256	2,099
Net income (loss) from continuing operations	−387	3,842	2,293	2,244	2,029
Net income (loss) from discontinued operations	−8	−14	7	13	70
Basic earnings (loss) per share from continuing operations (in dollars per share)	−1.74	17.27	10.31	10.11	9.16
Basic earnings (loss) per share from discontinued operations (in dollars per share)	−0.04	−0.06	0.03	0.06	0.32
Basic Earnings (Loss) Per Share Attributable to Air Products (in dollars per share)	−1.77	17.21	10.35	10.16	9.47
Diluted earnings (loss) per share from continuing operations (in dollars per share)	−1.74	17.24	10.3	10.08	9.12
Diluted earnings (loss) per share from discontinued operations (in dollars per share)	−0.04	−0.06	0.03	0.06	0.32
Diluted Earnings (Loss) Per Share Attributable to Air Products (in dollars per share)	−1.77	17.18	10.33	10.14	9.43
Basic (in shares)	223	223	222	222	222
Diluted (in shares)	223	223	223	223	223

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Cash and cash items	1,856	2,980	1,617	2,711	4,469
Short-term investments	0	5	332	591	1,332
Trade receivables, net	1,901	1,822	1,700	1,794	1,451
Inventories	777	766	652	514	454
Prepaid expenses	175	180	177	157	119
Assets held for sale	428	0	—	—	—
Other receivables and current assets	690	611	722	516	551
Total Current Assets	5,826	6,363	5,201	6,283	8,376
Investment in net assets of and advances to equity affiliates	5,366	4,793	4,618	3,354	1,649
Plant and equipment, net	25,338	23,371	17,472	14,161	13,255
Goodwill, net	964	905	862	823	912
Intangible assets, net	294	312	335	348	421
Operating lease right-of-use assets, net	944	1,048	974	695	—
Noncurrent lease receivables	307	392	495	583	740
Financing receivables	1,000	1,220	817	0	—
Other noncurrent assets	1,021	1,172	1,230	947	1,507
Total Noncurrent Assets	35,234	33,212	26,802	20,910	18,483
Total Assets	41,060	39,575	32,003	27,193	26,859
Payables and accrued liabilities	3,238	2,926	2,890	2,772	2,218
Accrued income taxes	179	559	131	135	94
Short-term borrowings	35	84	260	11	2
Current portion of long-term debt	716	611	615	548	485
Liabilities held for sale	51	0	—	—	—
Total Current Liabilities	4,219	4,180	3,896	3,466	2,799
Noncurrent operating lease liabilities	616	678	631	592	—
Other noncurrent liabilities	1,348	1,351	1,118	1,099	1,641
Deferred income taxes	580	1,160	1,266	1,247	1,181
Total Noncurrent Liabilities	19,491	16,721	12,446	10,024	9,972
Total Liabilities	23,710	20,901	16,342	13,490	12,771
Commitments and Contingencies - See Note 19	—	—	—	—	—
Common stock (par value $1 per share; issued 2025 and 2024 - 249,455,584 shares)	249	249	249	249	249
Capital in excess of par value	1,307	1,253	1,191	1,141	1,116
Retained earnings	17,559	19,546	17,290	16,520	15,678
Accumulated other comprehensive loss	−2,088	−2,028	−2,449	−2,786	−1,516
Treasury stock, at cost (2025 - 26,867,328 shares; 2024 - 27,083,166 shares)	−2,002	−1,984	−1,967	—	—
Total Air Products Shareholders' Equity	15,025	17,037	14,313	13,144	13,540
Noncontrolling interests	2,325	1,637	1,347	558	548
Total Equity	17,350	18,674	15,660	13,702	14,088
Total Liabilities and Equity	41,060	39,575	32,003	27,193	26,859

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Depreciation and amortization	1,564	1,451	1,358	1,338	1,321
Deferred income taxes	−555	−69	−25	32	94
Tax reform repatriation	−35	0	0	—	0
Undistributed earnings of equity method investments	−270	−206	−261	−215	−138
Gain on sale of assets and investments	−66	−31	−16	−24	—
Share-based compensation	76	62	60	48	45
Noncurrent lease receivables	53	116	80	94	99
Other adjustments	48	184	−103	−305	−117
Trade receivables	−36	−111	131	−475	−131
Inventories	−36	−138	−129	−94	−47
Other receivables	7	34	−94	−2	76
Payables and accrued liabilities	−224	−339	−213	533	188
Other working capital	−563	370	−119	−77	−69
Cash Provided by Operating Activities	3,257	3,647	3,206	3,171	3,335
Additions to plant and equipment, including long-term deposits	−7,023	−6,797	−4,626	−2,927	−2,464
Acquisitions, less cash acquired	−60	0	0	−65	−11
Investment in and advances to unconsolidated affiliates	−390	0	−912	−1,658	−76
Investment in financing receivables	−62	−403	−665	0	0
Proceeds from sale of assets and investments	246	1,879	25	46	38
Purchases of short-term investments	−118	−141	−640	−1,638	−2,101
Proceeds from short-term investments	123	471	897	2,377	1,875
Proceeds from other investing activities	115	72	5	7	6
Cash Used for Investing Activities	−7,169	−4,919	−5,916	−3,857	−2,733
Long-term debt proceeds	4,387	4,678	3,516	766	179
Payments on long-term debt	−430	−486	−615	−400	−463
Net (decrease) increase in commercial paper and short-term borrowings	−75	−290	268	18	1
Dividends paid to shareholders	−1,584	−1,565	−1,497	−1,383	−1,257
Proceeds from stock option exercises	1	8	24	19	11
Investments by noncontrolling interests	595	429	235	21	137
Distributions to noncontrolling interests	−7	−26	−116	−5	−5
Other financing activities	−91	−133	−206	−37	−23
Cash Provided by Financing Activities	2,795	2,615	1,610	−1,001	−1,421
Cash provided by operating activities	0	0	600,000	60	7
Cash provided by investing activities	0	0	0	0	0
Cash provided by financing activities	0	0	0	0	0
Cash Provided by Discontinued Operations	0	0	600,000	60	7
Effect of Exchange Rate Changes on Cash	−7	20	7	−130	28
(Decrease) Increase in cash and cash items	−1,124	1,363	−1,094	−1,758	−784

Filings

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