Air Prods & Chems Inc Financials
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
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 0/100, suggesting thin profitability after operating expenses. This is down from 36.9% the prior year.
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 27/100.
Air Prods & Chems Inc has a moderate D/E ratio of 1.58. This balance of debt and equity financing earns a leverage score of 53/100.
Air Prods & Chems Inc's current ratio of 1.38 indicates adequate short-term liquidity, earning a score of 35/100. The company can meet its near-term obligations, though with limited headroom.
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.
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.
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.
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.
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).
Key Financial Metrics
Air Prods & Chems Inc generated $12.0B in revenue in fiscal year 2025. This represents a decrease of 0.5% from the prior year.
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.
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.
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.
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.
Air Prods & Chems Inc held $1.9B in cash against $0 in long-term debt as of fiscal year 2025.
Air Prods & Chems Inc had 223M shares outstanding in fiscal year 2025. This represents an increase of 0.1% from the prior year.
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.
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.
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.
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.
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 | Q1'25 | Q3'25 | Q2'25 | Q1'24 | Q3'24 | Q2'24 | Q1'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.1B+2.6% | $3.0B+3.7% | $2.9B-0.5% | $2.9B-1.8% | $3.0B+1.9% | $2.9B-2.2% | $3.0B-1.2% | $3.0B |
| Cost of Revenue | $2.1B+3.3% | $2.0B-0.7% | $2.1B+1.9% | $2.0B+0.5% | $2.0B+0.7% | $2.0B-3.7% | $2.1B-0.2% | $2.1B |
| Gross Profit | $995.0M+1.3% | $982.6M+14.0% | $862.3M-5.8% | $915.0M-6.6% | $979.9M+4.4% | $938.7M+0.9% | $930.2M-3.4% | $963.2M |
| R&D Expenses | $20.4M-15.4% | $24.1M+5.2% | $22.9M+4.1% | $22.0M-18.5% | $27.0M+6.3% | $25.4M-1.2% | $25.7M-12.3% | $29.3M |
| SG&A Expenses | $228.7M+2.7% | $222.6M+0.3% | $222.0M-8.4% | $242.4M+3.0% | $235.4M-2.2% | $240.6M+0.9% | $238.4M-0.1% | $238.7M |
| Operating Income | $734.5M-7.1% | $790.6M+134.0% | -$2.3B-461.7% | $643.6M-12.7% | $737.6M+15.8% | $637.2M-4.5% | $666.9M+3.5% | $644.2M |
| Interest Expense | $54.5M-11.2% | $61.4M+45.5% | $42.2M-0.9% | $42.6M-23.5% | $55.7M-7.0% | $59.9M+12.0% | $53.5M+12.9% | $47.4M |
| Income Tax | $159.4M-0.1% | $159.6M+131.6% | -$505.8M-459.5% | $140.7M+0.1% | $140.6M+7.7% | $130.5M-3.6% | $135.4M-3.0% | $139.6M |
| Net Income | $678.2M-5.0% | $713.8M+141.2% | -$1.7B-380.3% | $617.4M-11.4% | $696.6M+21.7% | $572.4M-6.1% | $609.3M+2.3% | $595.6M |
| EPS (Diluted) | $3.04-5.0% | $3.20+141.2% | $-7.77-380.5% | $2.77-11.5% | $3.13+21.8% | $2.57-5.9% | $2.73+2.2% | $2.67 |
APD Balance Sheet
| Metric | Q1'25 | Q3'25 | Q2'25 | Q1'24 | Q3'24 | Q2'24 | Q1'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $41.2B-1.0% | $41.7B+7.2% | $38.9B-2.9% | $40.0B+1.1% | $39.6B+10.2% | $35.9B+5.3% | $34.1B+6.6% | $32.0B |
| Current Assets | $5.1B-17.0% | $6.1B+18.5% | $5.2B-3.1% | $5.4B-15.9% | $6.4B+5.0% | $6.1B+7.2% | $5.6B+8.6% | $5.2B |
| Cash & Equivalents | $1.0B-55.8% | $2.3B+55.8% | $1.5B-19.2% | $1.8B-38.1% | $3.0B+17.5% | $2.5B+29.2% | $2.0B+21.4% | $1.6B |
| Inventory | $788.1M-1.2% | $797.7M+3.6% | $769.7M+4.2% | $739.0M-3.5% | $766.0M+6.2% | $721.2M+1.7% | $709.3M+8.8% | $651.8M |
| Accounts Receivable | $1.9B-2.5% | $1.9B+5.3% | $1.8B+2.1% | $1.8B-0.8% | $1.8B+6.2% | $1.7B-0.6% | $1.7B+1.5% | $1.7B |
| Goodwill | $971.5M+0.2% | $969.7M+9.3% | $887.1M+2.4% | $866.5M-4.3% | $905.1M+2.5% | $883.2M-1.8% | $899.4M+4.4% | $861.7M |
| Total Liabilities | $23.4B-2.0% | $23.9B+8.1% | $22.1B+3.8% | $21.3B+1.8% | $20.9B+6.7% | $19.6B+8.9% | $18.0B+10.1% | $16.3B |
| Current Liabilities | $3.5B-26.5% | $4.8B-8.7% | $5.2B+8.3% | $4.8B+15.1% | $4.2B+2.9% | $4.1B+30.2% | $3.1B-19.9% | $3.9B |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $15.4B-0.8% | $15.5B+5.7% | $14.7B-11.9% | $16.7B-2.0% | $17.0B+14.2% | $14.9B+0.3% | $14.9B+3.9% | $14.3B |
| Retained Earnings | $17.8B-0.6% | $18.0B+1.8% | $17.6B-10.8% | $19.8B+1.1% | $19.5B+10.5% | $17.7B+1.0% | $17.5B+1.3% | $17.3B |
APD Cash Flow Statement
| Metric | Q1'25 | Q3'25 | Q2'25 | Q1'24 | Q3'24 | Q2'24 | Q1'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $900.7M+5.2% | $855.8M+160.8% | $328.1M-59.6% | $811.7M-15.2% | $957.0M+19.4% | $801.7M+27.9% | $626.6M-37.5% | $1.0B |
| Capital Expenditures | $1.3B-16.4% | $1.5B-20.9% | $1.9B-10.7% | $2.1B+2.0% | $2.1B+24.3% | $1.7B+15.5% | $1.4B-1.2% | $1.5B |
| Free Cash Flow | -$350.5M+45.2% | -$640.0M+59.1% | -$1.6B-19.7% | -$1.3B-16.8% | -$1.1B-28.9% | -$867.7M-6.0% | -$818.9M-77.8% | -$460.6M |
| Investing Cash Flow | -$1.2B+1.5% | -$1.3B+43.6% | -$2.2B-2.5% | -$2.2B-41.0% | -$1.5B+0.8% | -$1.6B+6.3% | -$1.7B+13.4% | -$1.9B |
| Financing Cash Flow | -$490.1M-140.5% | $1.2B-22.0% | $1.6B+465.6% | $274.2M+102.8% | $135.2M-90.0% | $1.3B-1.0% | $1.4B+175.0% | $495.5M |
| Dividends Paid | $398.4M0.0% | $398.3M+1.1% | $393.8M+0.1% | $393.6M0.0% | $393.5M+1.2% | $389.0M0.0% | $388.9M+0.1% | $388.7M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
APD Financial Ratios
| Metric | Q1'25 | Q3'25 | Q2'25 | Q1'24 | Q3'24 | Q2'24 | Q1'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.1%-0.4pp | 32.5%+2.9pp | 29.6%-1.6pp | 31.2%-1.6pp | 32.8%+0.8pp | 32.0%+1.0pp | 31.0%-0.7pp | 31.8% |
| Operating Margin | 23.7%-2.5pp | 26.2%+106.0pp | -79.8%-101.8pp | 21.9%-2.8pp | 24.7%+3.0pp | 21.8%-0.5pp | 22.3%+1.0pp | 21.2% |
| Net Margin | 21.9%-1.8pp | 23.6%+83.0pp | -59.3%-80.4pp | 21.1%-2.3pp | 23.3%+3.8pp | 19.5%-0.8pp | 20.3%+0.7pp | 19.6% |
| Return on Equity | 4.4%-0.2pp | 4.6% | N/A | 3.7%-0.9pp | 4.6%+0.8pp | 3.8%-0.3pp | 4.1%-0.1pp | 4.2% |
| Return on Assets | 1.6%-0.1pp | 1.7%+6.2pp | -4.5%-6.0pp | 1.5%-0.3pp | 1.9%+0.3pp | 1.6%-0.2pp | 1.8%-0.1pp | 1.9% |
| Current Ratio | 1.46+0.2 | 1.29+0.3 | 1.00-0.1 | 1.11-0.4 | 1.52+0.0 | 1.49-0.3 | 1.81+0.5 | 1.33 |
| Debt-to-Equity | 1.52-0.0 | 1.54+0.0 | 1.50+0.2 | 1.27+0.0 | 1.23-0.1 | 1.31+0.1 | 1.21+0.1 | 1.14 |
| FCF Margin | -11.3%+9.9pp | -21.2%+32.4pp | -53.6%-9.1pp | -44.5%-33.0pp | -11.6%+18.1pp | -29.6%-2.3pp | -27.3%-11.6pp | -15.7% |
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Frequently Asked Questions
What is Air Prods & Chems Inc's annual revenue?
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.
How fast is Air Prods & Chems Inc's revenue growing?
Air Prods & Chems Inc (APD) revenue declined by 0.5% year-over-year, from $12.1B to $12.0B in fiscal year 2025.
Is Air Prods & Chems Inc profitable?
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%.
What is Air Prods & Chems Inc's earnings per share (EPS)?
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.
What is Air Prods & Chems Inc's EBITDA?
Air Prods & Chems Inc (APD) had EBITDA of $687.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Air Prods & Chems Inc's gross margin?
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.
What is Air Prods & Chems Inc's operating margin?
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.
What is Air Prods & Chems Inc's net profit margin?
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.
What is Air Prods & Chems Inc's free cash flow?
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.
What is Air Prods & Chems Inc's operating cash flow?
Air Prods & Chems Inc (APD) generated $3.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Air Prods & Chems Inc's total assets?
Air Prods & Chems Inc (APD) had $41.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Air Prods & Chems Inc's capital expenditures?
Air Prods & Chems Inc (APD) invested $7.0B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Air Prods & Chems Inc spend on research and development?
Air Prods & Chems Inc (APD) invested $96.3M in research and development during fiscal year 2025.
How many shares does Air Prods & Chems Inc have outstanding?
Air Prods & Chems Inc (APD) had 223M shares outstanding as of fiscal year 2025.
What is Air Prods & Chems Inc's current ratio?
Air Prods & Chems Inc (APD) had a current ratio of 1.38 as of fiscal year 2025, which is considered adequate.
What is Air Prods & Chems Inc's debt-to-equity ratio?
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.
What is Air Prods & Chems Inc's return on assets (ROA)?
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.
What is Air Prods & Chems Inc's Piotroski F-Score?
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.
Are Air Prods & Chems Inc's earnings high quality?
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.
Can Air Prods & Chems Inc cover its interest payments?
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.
How financially healthy is Air Prods & Chems Inc?
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.