Air Products & Chemicals, Inc.APD

Air Products & Chemicals, Inc. Earnings Per Share Disclosure

10-KFiled Nov 20, 20252 min read
EARNINGS (LOSS) PER SHARE
The table below details the computation of basic and diluted earnings (loss) per share:
Fiscal Year Ended 30 September202520242023
Numerator
Net income (loss) from continuing operations($386.5)$3,842.1 $2,292.8 
Net income (loss) from discontinued operations(8.0)(13.9)7.4 
Net Income (Loss) attributable to Air Products($394.5)$3,828.2 $2,300.2 
Denominator (in millions)
Weighted average common shares — Basic222.7 222.5 222.3 
Effect of dilutive securities
Employee stock option and other award plans— 0.3 0.4 
Weighted average common shares — Diluted222.7 222.8 222.7 
Per Share Data(A) (U.S. Dollars per share)
Basic earnings (loss) per share from continuing operations($1.74)$17.27 $10.31 
Basic earnings (loss) per share from discontinued operations(0.04)(0.06)0.03 
Basic earnings (loss) per share attributable to Air Products($1.77)$17.21 $10.35 
Diluted earnings (loss) per share from continuing operations($1.74)$17.24 $10.30 
Diluted earnings (loss) per share from discontinued operations(0.04)(0.06)0.03 
Diluted earnings (loss) per share attributable to Air Products($1.77)$17.18 $10.33 
(A)Earnings (loss) per share is calculated independently for each component and may not sum to total EPS due to rounding.
Diluted earnings (loss) per share attributable to Air Products reflects the potential dilution that could occur if share-based awards were exercised or converted into common stock. The dilutive effect is computed using the treasury stock method, which assumes all share-based awards are exercised, and the hypothetical proceeds from exercise are used by the Company to purchase common stock at the average market price during the period. To the extent they would have been dilutive, the incremental shares, or the difference between shares assumed to be issued versus purchased, are included in the denominator of the diluted EPS calculation.
The table below summarizes antidilutive outstanding share-based awards that were excluded from the computation of diluted earnings (loss) per share:
Twelve Months Ended
30 September
202520242023
Antidilutive outstanding share-based awards(A)
0.2 — — 
(A)Due to the net loss reported for the twelve months ended 30 September 2025, outstanding share-based awards were excluded from the computation of diluted loss per share. These shares would have had an antidilutive impact, thus diluting the loss per share

Historical Timeline

Fiscal YearFiled
2025Nov 20, 2025Showing above
2024Nov 21, 2024
2023Nov 16, 2023
2022Nov 22, 2022
2021Nov 18, 2021
2016Nov 21, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

Income TaxesRevenueFair ValuePP&EGoodwill & IntangiblesLeasesSegmentsDebtCommitmentsStock CompensationNew StandardsPay vs Performance