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Air Prods & Chems Inc Financials

APD
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE September

This page shows Air Prods & Chems Inc (APD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 23 / 100
Financial Profile 23/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
6

Air Prods & Chems Inc has an operating margin of -7.3%, meaning the company retains $-7 of operating profit per $100 of revenue. This below-average margin results in a low score of 6/100, suggesting thin profitability after operating expenses. This is down from 36.9% the prior year.

Growth
32

Air Prods & Chems Inc's revenue declined 0.5% year-over-year, from $12.1B to $12.0B. This contraction results in a growth score of 32/100.

Leverage
70

Air Prods & Chems Inc carries a low D/E ratio of 1.58, meaning only $1.58 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 70/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
23

Air Prods & Chems Inc's current ratio of 1.38 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 23/100, which could limit financial flexibility.

Cash Flow
0

While Air Prods & Chems Inc generated $3.3B in operating cash flow, capex of $7.0B consumed most of it, leaving -$3.8B in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns
5

Air Prods & Chems Inc generates a -2.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 5/100. This is down from 22.5% the prior year.

Piotroski F-Score Weak
2/9

Air Prods & Chems Inc passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Mixed
-8.26x

For every $1 of reported earnings, Air Prods & Chems Inc generates $-8.26 in operating cash flow ($3.3B OCF vs -$394.5M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk
-4.1x

Air Prods & Chems Inc earns $-4.1 in operating income for every $1 of interest expense (-$877.0M vs $214.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$12.0B
YoY-0.5%
5Y CAGR+6.3%
10Y CAGR+4.4%

Air Prods & Chems Inc generated $12.0B in revenue in fiscal year 2025. This represents a decrease of 0.5% from the prior year.

EBITDA
$687.2M
YoY-88.4%
5Y CAGR-27.5%
10Y CAGR-10.5%

Air Prods & Chems Inc's EBITDA was $687.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 88.4% from the prior year.

Net Income
-$394.5M
YoY-110.3%

Air Prods & Chems Inc reported -$394.5M in net income in fiscal year 2025. This represents a decrease of 110.3% from the prior year.

EPS (Diluted)
$-1.77
YoY-110.3%

Air Prods & Chems Inc earned $-1.77 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 110.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$3.8B
YoY-19.5%

Air Prods & Chems Inc generated -$3.8B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 19.5% from the prior year.

Cash & Debt
$1.9B
YoY-37.7%
5Y CAGR-18.8%
10Y CAGR+26.1%

Air Prods & Chems Inc held $1.9B in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
223M
YoY+0.1%
5Y CAGR+0.1%
10Y CAGR+0.3%

Air Prods & Chems Inc had 223M shares outstanding in fiscal year 2025. This represents an increase of 0.1% from the prior year.

Margins & Returns

Gross Margin
31.4%
YoY-1.1pp
5Y CAGR-2.4pp
10Y CAGR+3.0pp

Air Prods & Chems Inc's gross margin was 31.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.1 percentage points from the prior year.

Operating Margin
-7.3%
YoY-44.2pp
5Y CAGR-32.6pp
10Y CAGR-23.0pp

Air Prods & Chems Inc's operating margin was -7.3% in fiscal year 2025, reflecting core business profitability. This is down 44.2 percentage points from the prior year.

Net Margin
-3.3%
YoY-34.9pp
5Y CAGR-24.6pp
10Y CAGR-19.6pp

Air Prods & Chems Inc's net profit margin was -3.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 34.9 percentage points from the prior year.

Return on Equity
-2.6%
YoY-25.1pp
5Y CAGR-18.3pp
10Y CAGR-20.3pp

Air Prods & Chems Inc's ROE was -2.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 25.1 percentage points from the prior year.

Capital Allocation

R&D Spending
$96.3M
YoY-3.9%
5Y CAGR+2.8%
10Y CAGR+2.3%

Air Prods & Chems Inc invested $96.3M in research and development in fiscal year 2025. This represents a decrease of 3.9% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$7.0B
YoY+3.3%
5Y CAGR+22.9%
10Y CAGR+19.7%

Air Prods & Chems Inc invested $7.0B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 3.3% from the prior year.

APD Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $3.1B-2.0% $3.2B+4.8% $3.0B+3.7% $2.9B-0.5% $2.9B-8.0% $3.2B+6.8% $3.0B+1.9% $2.9B
Cost of Revenue $2.1B-1.8% $2.1B+5.2% $2.0B-0.7% $2.1B+1.9% $2.0B-4.2% $2.1B+4.9% $2.0B+0.7% $2.0B
Gross Profit $995.0M-2.6% $1.0B+3.9% $982.6M+14.0% $862.3M-5.8% $915.0M-15.5% $1.1B+10.5% $979.9M+4.4% $938.7M
R&D Expenses $20.4M-25.3% $27.3M+13.3% $24.1M+5.2% $22.9M+4.1% $22.0M-0.5% $22.1M-18.1% $27.0M+6.3% $25.4M
SG&A Expenses $228.7M+4.4% $219.1M-1.6% $222.6M+0.3% $222.0M-8.4% $242.4M+6.3% $228.0M-3.1% $235.4M-2.2% $240.6M
Operating Income $734.5M+4272.0% $16.8M-97.9% $790.6M+134.0% -$2.3B-461.7% $643.6M-73.5% $2.4B+228.7% $737.6M+15.8% $637.2M
Interest Expense $54.5M-19.6% $67.8M+10.4% $61.4M+45.5% $42.2M-0.9% $42.6M-14.3% $49.7M-10.8% $55.7M-7.0% $59.9M
Income Tax $159.4M+43.3% $111.2M-30.3% $159.6M+131.6% -$505.8M-459.5% $140.7M-73.9% $538.4M+282.9% $140.6M+7.7% $130.5M
Net Income $678.2M+13740.8% $4.9M-99.3% $713.8M+141.2% -$1.7B-380.3% $617.4M-68.3% $1.9B+179.9% $696.6M+21.7% $572.4M
EPS (Diluted) $3.04 N/A $3.20+141.2% $-7.77-380.5% $2.77 N/A $3.13+21.8% $2.57

APD Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $41.2B+0.4% $41.1B-1.4% $41.7B+7.2% $38.9B-2.9% $40.0B+1.1% $39.6B+7.0% $37.0B+2.9% $35.9B
Current Assets $5.1B-12.4% $5.8B-5.2% $6.1B+18.5% $5.2B-3.1% $5.4B-15.9% $6.4B+12.1% $5.7B-6.3% $6.1B
Cash & Equivalents $1.0B-44.7% $1.9B-20.1% $2.3B+55.8% $1.5B-19.2% $1.8B-38.1% $3.0B+25.4% $2.4B-6.3% $2.5B
Inventory $788.1M+1.5% $776.5M-2.7% $797.7M+3.6% $769.7M+4.2% $739.0M-3.5% $766.0M+1.4% $755.6M+4.8% $721.2M
Accounts Receivable $1.9B-0.3% $1.9B-2.2% $1.9B+5.3% $1.8B+2.1% $1.8B-0.8% $1.8B+6.4% $1.7B-0.2% $1.7B
Goodwill $971.5M+0.8% $963.9M-0.6% $969.7M+9.3% $887.1M+2.4% $866.5M-4.3% $905.1M+3.0% $879.0M-0.5% $883.2M
Total Liabilities $23.4B-1.3% $23.7B-0.8% $23.9B+8.1% $22.1B+3.8% $21.3B+1.8% $20.9B+3.0% $20.3B+3.6% $19.6B
Current Liabilities $3.5B-17.1% $4.2B-11.4% $4.8B-8.7% $5.2B+8.3% $4.8B+15.1% $4.2B-6.6% $4.5B+10.2% $4.1B
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $15.4B+2.6% $15.0B-3.3% $15.5B+5.7% $14.7B-11.9% $16.7B-2.0% $17.0B+12.8% $15.1B+1.3% $14.9B
Retained Earnings $17.8B+1.6% $17.6B-2.2% $18.0B+1.8% $17.6B-10.8% $19.8B+1.1% $19.5B+8.6% $18.0B+1.7% $17.7B

APD Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow $900.7M-28.6% $1.3B+47.4% $855.8M+160.8% $328.1M-59.6% $811.7M-15.2% $957.0M-24.1% $1.3B+57.3% $801.7M
Capital Expenditures $1.3B-17.6% $1.5B+1.5% $1.5B-20.9% $1.9B-10.7% $2.1B+2.0% $2.1B+29.2% $1.6B-3.8% $1.7B
Free Cash Flow -$350.5M-36.6% -$256.5M+59.9% -$640.0M+59.1% -$1.6B-19.7% -$1.3B-16.8% -$1.1B-223.9% -$345.2M+60.2% -$867.7M
Investing Cash Flow -$1.2B N/A -$1.3B+43.6% -$2.2B-2.5% -$2.2B N/A -$1.5B+0.8% -$1.6B
Financing Cash Flow -$490.1M N/A $1.2B-22.0% $1.6B+465.6% $274.2M N/A $135.2M-90.0% $1.3B
Dividends Paid $398.4M0.0% $398.4M0.0% $398.3M+1.1% $393.8M+0.1% $393.6M0.0% $393.5M0.0% $393.5M+1.2% $389.0M
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

APD Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 32.1%-0.2pp 32.3%-0.3pp 32.5%+2.9pp 29.6%-1.6pp 31.2%-2.8pp 34.0%+1.2pp 32.8%+0.8pp 32.0%
Operating Margin 23.7%+23.1pp 0.5%-25.6pp 26.2%+106.0pp -79.8%-101.8pp 21.9%-54.1pp 76.1%+51.4pp 24.7%+3.0pp 21.8%
Net Margin 21.9%+21.7pp 0.1%-23.5pp 23.6%+83.0pp -59.3%-80.4pp 21.1%-40.1pp 61.2%+37.8pp 23.3%+3.8pp 19.5%
Return on Equity 4.4%+4.4pp 0.0%-4.6pp 4.6%+16.4pp -11.8%-15.5pp 3.7%-7.8pp 11.5%+6.8pp 4.6%+0.8pp 3.8%
Return on Assets 1.6%+1.6pp 0.0%-1.7pp 1.7%+6.2pp -4.5%-6.0pp 1.5%-3.4pp 4.9%+3.0pp 1.9%+0.3pp 1.6%
Current Ratio 1.46+0.1 1.38+0.1 1.29+0.3 1.00-0.1 1.11-0.4 1.52+0.3 1.27-0.2 1.49
Debt-to-Equity 1.52-0.1 1.58+0.0 1.54+0.0 1.50+0.2 1.27+0.0 1.23-0.1 1.34+0.0 1.31
FCF Margin -11.3%-3.2pp -8.1%+13.1pp -21.2%+32.4pp -53.6%-9.1pp -44.5%-9.5pp -35.1%-23.5pp -11.6%+18.1pp -29.6%

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Frequently Asked Questions

Air Prods & Chems Inc (APD) reported $12.0B in total revenue for fiscal year 2025. This represents a -0.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Air Prods & Chems Inc (APD) revenue declined by 0.5% year-over-year, from $12.1B to $12.0B in fiscal year 2025.

No, Air Prods & Chems Inc (APD) reported a net income of -$394.5M in fiscal year 2025, with a net profit margin of -3.3%.

Air Prods & Chems Inc (APD) reported diluted earnings per share of $-1.77 for fiscal year 2025. This represents a -110.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Air Prods & Chems Inc (APD) had EBITDA of $687.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Air Prods & Chems Inc (APD) had a gross margin of 31.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Air Prods & Chems Inc (APD) had an operating margin of -7.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Air Prods & Chems Inc (APD) had a net profit margin of -3.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Air Prods & Chems Inc (APD) has a return on equity of -2.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Air Prods & Chems Inc (APD) generated -$3.8B in free cash flow during fiscal year 2025. This represents a -19.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Air Prods & Chems Inc (APD) generated $3.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Air Prods & Chems Inc (APD) had $41.1B in total assets as of fiscal year 2025, including both current and long-term assets.

Air Prods & Chems Inc (APD) invested $7.0B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Air Prods & Chems Inc (APD) invested $96.3M in research and development during fiscal year 2025.

Air Prods & Chems Inc (APD) had 223M shares outstanding as of fiscal year 2025.

Air Prods & Chems Inc (APD) had a current ratio of 1.38 as of fiscal year 2025, which is considered adequate.

Air Prods & Chems Inc (APD) had a debt-to-equity ratio of 1.58 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Air Prods & Chems Inc (APD) had a return on assets of -1.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Air Prods & Chems Inc (APD) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Air Prods & Chems Inc (APD) has an earnings quality ratio of -8.26x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Air Prods & Chems Inc (APD) has an interest coverage ratio of -4.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Air Prods & Chems Inc (APD) scores 23 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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