What is Air Products & Chemicals, Inc.'s earnings per share (EPS)?

Air Products & Chemicals, 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 Products & Chemicals, Inc. (APD) Financials

APD

Trailing 12 months to June 30, 2026

Revenue $12.6B +4.5% YoY

Net Income -$47.3M -103.1% YoY

EPS (Diluted) -$0.22 -103.2% YoY

Free Cash Flow -$301.4M +93.5% YoY

Market Cap $62.2B as of Oct 6, 2026

Price / Sales 4.9x on $12.6B revenue, trailing 12 months to June 30, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to June 30, 2026

Price / Book 4.5x on $13.9B equity, Q3 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 6, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q3 FY2026, ended Jun 30, 2026 Reported Jul 30, 2026 Currency USD FYE September

Newest figures come from the 10-Q for Q3 FY2026, filed Jul 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the APD SEC filings page.

Air Products & Chemicals, Inc. (APD) reported $12.6B in revenue over the twelve months to Jun 30, 2026, up 4.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI APD FY2025 2026-10-03

Air Products still turns operations into cash, but heavy capital spending and rising leverage now overwhelm reported profitability.

The 2025 net loss of $394.5M coexisted with operating cash flow of $3.3B, partly because depreciation of $1.6B weighed on accounting earnings while being added back in cash flow. Yet $7.0B of capital expenditures pushed free cash flow to negative -$3.8B, extending a three-year investment squeeze rather than a simple earnings downturn.

Revenue was roughly flat at $12.0B in both FY2024 and FY2025, while gross margin stayed near 31.0%. The operating margin then swung from 36.9% to -7.3%, showing that the 2025 deterioration occurred below gross profit rather than through a top-line collapse.

Liabilities rose from $12.8B in FY2021 to $23.7B in FY2025, so the balance-sheet expansion was not funded solely by retained earnings. By FY2025, debt-to-equity was 1.6x and the current ratio was 1.4x, indicating more creditor financing and less short-term cushion than earlier.

Financial Health Signals

Financial Health Score 33/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Air Products & Chemicals, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Air Products & Chemicals, Inc. has an operating margin of -7.3%, meaning the company loses $7 on every $100 of revenue. This results in a profitability score of 52/100. This is down from 36.9% the prior year.

Growth

Air Products & Chemicals, Inc.'s revenue declined 0.5% year-over-year, from $12.1B to $12.0B. This contraction results in a growth score of 23/100.

Leverage

Air Products & Chemicals, Inc. has a moderate D/E ratio of 1.58. This balance of debt and equity financing earns a leverage score of 36/100.

Liquidity

Air Products & Chemicals, Inc.'s current ratio of 1.38 indicates adequate short-term liquidity, earning a score of 37/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Air Products & Chemicals, 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 7/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Air Products & Chemicals, Inc. posts a -2.6% return on equity (ROE), meaning it loses $3 for every $100 of shareholders' equity. This results in a returns score of 44/100. This is down from 22.5% the prior year.

Altman Z-Score Grey Zone

2.44

Air Products & Chemicals, Inc. scores 2.44, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($62.2B) relative to total liabilities ($23.7B). This signals moderate financial risk that warrants monitoring.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

2/8

Air Products & Chemicals, Inc. passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 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

N/A

Air Products & Chemicals, Inc. reported a net loss of $394.5M while generating $3.3B in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Air Products & Chemicals, Inc. reported an operating loss of $877.0M against $214.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$3.2B

YoY+4.6%

QoQ-0.3%

5Y CAGR+3.9%

10Y CAGR+5.1%

Air Products & Chemicals, Inc. generated $3.2B in revenue in Q3 2026. This represents an increase of 4.6% from the same quarter a year earlier. Against the prior quarter it is down 0.3%.

EBITDA

-$1.7B

YoY-243.6%

QoQ-251.8%

Air Products & Chemicals, Inc.'s EBITDA was -$1.7B in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 243.6% from the same quarter a year earlier. Against the prior quarter it is down 251.8%.

Net Income

-$1.4B

YoY-301.8%

QoQ-302.8%

Air Products & Chemicals, Inc. reported -$1.4B in net income in Q3 2026. This represents a decrease of 301.8% from the same quarter a year earlier. Against the prior quarter it is down 302.8%.

EPS (Diluted)

-$6.47

YoY-302.2%

QoQ-302.8%

Air Products & Chemicals, Inc. earned -$6.47 per diluted share (EPS) in Q3 2026. This represents a decrease of 302.2% from the same quarter a year earlier. Against the prior quarter it is down 302.8%.

Cash & Balance Sheet

Free Cash Flow

$309.5M

YoY+148.4%

QoQ+8035.9%

5Y CAGR+0.1%

10Y CAGR-2.6%

Air Products & Chemicals, Inc. generated $309.5M in free cash flow in Q3 2026, representing cash available after capex. This represents an increase of 148.4% from the same quarter a year earlier. Against the prior quarter it is up 8035.9%.

Cash & Debt

$980.5M

YoY-57.8%

QoQ+3.1%

5Y CAGR-25.6%

10Y CAGR+8.4%

Air Products & Chemicals, Inc. held $980.5M in cash as of Q3 2026; long-term debt is not reported for that period.

Dividends Per Share

$1.81

YoY+1.1%

QoQ0.0%

5Y CAGR+3.8%

10Y CAGR+7.7%

Air Products & Chemicals, Inc. paid $1.81 per share in dividends in Q3 2026. This represents an increase of 1.1% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

223M

YoY+0.1%

QoQ0.0%

5Y CAGR+0.1%

10Y CAGR+0.3%

Air Products & Chemicals, Inc. had 223M shares outstanding in Q3 2026. This represents an increase of 0.1% from the same quarter a year earlier. It is unchanged from the prior quarter.

Margins & Returns

Gross Margin

32.8%

YoY+0.3pp

QoQ+1.6pp

5Y change+2.0pp

10Y change+1.7pp

Air Products & Chemicals, Inc.'s gross margin was 32.8% in Q3 2026, indicating the percentage of revenue retained after direct costs. This is up 0.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.6 percentage points.

Operating Margin

-66.3%

YoY-92.5pp

QoQ-90.1pp

5Y change-88.5pp

10Y change-86.9pp

Air Products & Chemicals, Inc.'s operating margin was -66.3% in Q3 2026, reflecting core business profitability. This is down 92.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 90.1 percentage points.

Net Margin

-45.6%

YoY-69.2pp

QoQ-68.0pp

5Y change-66.1pp

10Y change-63.7pp

Air Products & Chemicals, Inc.'s net profit margin was -45.6% in Q3 2026, showing the share of revenue converted to profit. This is down 69.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 68.0 percentage points.

Return on Equity

-10.4%

YoY-15.0pp

QoQ-14.9pp

5Y change-14.5pp

10Y change-15.3pp

Air Products & Chemicals, Inc.'s ROE was -10.4% in Q3 2026, measuring profit generated per dollar of shareholder equity. This is down 15.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 14.9 percentage points.

Capital Allocation

R&D Spending

$21.5M

YoY-10.8%

QoQ-0.5%

5Y CAGR-1.5%

Air Products & Chemicals, Inc. invested $21.5M in research and development in Q3 2026. This represents a decrease of 10.8% from the same quarter a year earlier. Against the prior quarter it is down 0.5%.

Capital Expenditures

$995.7M

YoY-33.4%

QoQ-10.1%

5Y CAGR+9.9%

10Y CAGR+15.8%

Air Products & Chemicals, Inc. invested $995.7M in capex in Q3 2026, funding long-term assets and infrastructure. This represents a decrease of 33.4% from the same quarter a year earlier. Against the prior quarter it is down 10.1%.

Share Buybacks

Not reported for Q3 2026.

APD Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

APD quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$12.6B	$12.0B-0.5%	$12.1B-4.0%	$12.6B-0.8%	$12.7B+23.0%	$10.3B+16.6%	$8.9B-0.7%	$8.9B-0.1%	$8.9B+9.1%	$8.2B+9.1%	$7.5B-4.1%	$7.8B-6.7%	$8.4B-17.6%	$10.2B+5.9%	$9.6B-0.6%	$9.7B
Cost of Revenue	$8.6B	$8.3B+1.1%	$8.2B-7.5%	$8.8B-5.4%	$9.3B+30.0%	$7.2B+22.7%	$5.9B-2.0%	$6.0B-3.5%	$6.2B+7.6%	$5.8B+11.1%	$5.2B-7.5%	$5.6B-9.8%	$6.2B-16.9%	$7.5B+6.0%	$7.1B-0.7%	$7.1B
Gross Profit	$4.0B	$3.8B-3.8%	$3.9B+4.4%	$3.8B+12.1%	$3.4B+7.1%	$3.1B+4.6%	$3.0B+2.9%	$2.9B+6.3%	$2.7B+12.5%	$2.4B+4.7%	$2.3B+4.5%	$2.2B-20.6%	$2.8B+3.5%	$2.7B+5.8%	$2.6B-0.6%	$2.6B
R&D Expenses	$90.8M	$96.3M-3.9%	$100.2M-5.1%	$105.6M+2.6%	$102.9M+10.1%	$93.5M+11.4%	$83.9M+15.1%	$72.9M+13.0%	$64.5M+12.0%	$57.6M-19.8%	$71.8M-6.0%	$76.4M-2.7%	$78.5M-41.3%	$133.7M+5.8%	$126.4M+6.4%	$118.8M
SG&A Expenses	$894.1M	$906.1M-3.9%	$942.4M-1.5%	$957.0M+6.3%	$900.6M+8.7%	$828.4M+6.8%	$775.9M+3.5%	$750.0M-1.4%	$760.8M+6.6%	$713.5M+4.3%	$683.8M-11.5%	$773.0M-13.4%	$892.2M-16.3%	$1.1B+12.6%	$946.8M+0.5%	$941.7M
Operating Income	-$593.1M	-$877.0M-119.6%	$4.5B+79.0%	$2.5B+6.7%	$2.3B+2.5%	$2.3B+2.0%	$2.2B+4.3%	$2.1B+9.1%	$2.0B+36.5%	$1.4B-6.2%	$1.5B+24.5%	$1.2B+33.4%	$924.2M-30.2%	$1.3B+3.3%	$1.3B-15.0%	$1.5B
EBITDA	N/A	$687.2M-88.4%	$5.9B+53.6%	$3.9B+4.8%	$3.7B+2.1%	$3.6B+5.3%	$3.4B+6.1%	$3.2B+9.9%	$2.9B+27.3%	$2.3B-3.5%	$2.4B+14.2%	$2.1B+16.2%	$1.8B-19.3%	$2.2B+5.1%	$2.1B-9.4%	$2.3B
Interest Expense	$221.2M	$214.0M-2.2%	$218.8M+23.3%	$177.5M+38.7%	$128.0M-9.7%	$141.8M+29.7%	$109.3M-20.2%	$137.0M+5.0%	$130.5M+8.2%	$120.6M+4.7%	$115.2M+12.1%	$102.8M-17.1%	$124.0M-12.6%	$141.8M+14.6%	$123.7M+7.1%	$115.5M
Income Tax	-$86.1M	-$94.3M-110.0%	$944.9M+71.4%	$551.2M+10.1%	$500.8M+8.2%	$462.8M-3.3%	$478.4M-0.4%	$480.1M-8.4%	$524.3M+101.0%	$260.9M-39.7%	$432.6M+44.1%	$300.2M+16.3%	$258.1M-16.2%	$307.9M+7.2%	$287.3M-23.4%	$375.3M
Net Income	-$47.3M	-$394.5M-110.3%	$3.8B+66.4%	$2.3B+2.0%	$2.3B+7.5%	$2.1B+11.3%	$1.9B+7.2%	$1.8B+17.5%	$1.5B-50.1%	$3.0B+375.4%	$631.1M-50.6%	$1.3B+28.9%	$991.7M-0.3%	$994.2M-14.8%	$1.2B-4.6%	$1.2B
EPS (Basic)	N/A	-$1.77-110.3%	$17.21+66.3%	$10.35+1.9%	$10.16+7.3%	$9.47+11.0%	$8.53+6.8%	$7.99+17.0%	$6.83-50.4%	$13.76+371.2%	$2.92-50.9%	$5.95+27.7%	$4.66-1.7%	$4.74-14.3%	$5.53-3.8%	$5.75
EPS (Diluted)	-$0.22	-$1.77-110.3%	$17.18+66.3%	$10.33+1.9%	$10.14+7.5%	$9.43+11.1%	$8.49+6.9%	$7.94+17.1%	$6.78-50.3%	$13.65+372.3%	$2.89-50.9%	$5.88+27.5%	$4.61-1.5%	$4.68-14.0%	$5.44-3.4%	$5.63
Diluted Shares (Avg)	N/A	223M0.0%	223M0.0%	223M+0.1%	223M0.0%	223M+0.1%	222M+0.3%	222M+0.4%	221M+0.5%	220M+0.7%	218M+0.5%	217M+1.0%	215M+1.4%	212M-1.1%	215M-1.3%	218M

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Revenue	$3.2B+4.6%	$3.2B+8.8%	$3.1B+5.8%	$3.2B-0.6%	$3.0B+1.2%	$2.9B-0.5%	$2.9B-2.2%	$3.2B-0.1%
Cost of Revenue	$2.1B+4.2%	$2.2B+6.4%	$2.1B+4.5%	$2.1B+2.0%	$2.0B+1.7%	$2.1B+3.1%	$2.0B-2.5%	$2.1B-4.7%
Gross Profit	$1.0B+5.4%	$987.4M+14.5%	$995.0M+8.7%	$1.0B-5.7%	$982.6M+0.3%	$862.3M-8.1%	$915.0M-1.6%	$1.1B+10.1%
R&D Expenses	$21.5M-10.8%	$21.6M-5.7%	$20.4M-7.3%	$27.3M+23.5%	$24.1M-10.7%	$22.9M-9.8%	$22.0M-14.4%	$22.1M-10.5%
SG&A Expenses	$219.1M-1.6%	$227.2M+2.3%	$228.7M-5.7%	$219.1M-3.9%	$222.6M-5.4%	$222.0M-7.7%	$242.4M+1.7%	$228.0M-2.0%
Operating Income	-$2.1B-365.3%	$752.7M+132.3%	$734.5M+14.1%	$16.8M-99.3%	$790.6M+7.2%	-$2.3B-465.3%	$643.6M-3.5%	$2.4B+228.2%
EBITDA	-$1.7B-243.6%	$1.1B+158.0%	$1.1B+9.4%	$429.6M-84.7%	$1.2B+8.5%	-$1.9B-294.8%	$1.0B-0.6%	$2.8B+156.0%
Interest Expense	$49.4M-19.5%	$49.5M+17.3%	$54.5M+27.9%	$67.8M+36.4%	$61.4M+10.2%	$42.2M-29.5%	$42.6M-20.4%	$49.7M+3.5%
Income Tax	-$515.4M-422.9%	$158.7M+131.4%	$159.4M+13.3%	$111.2M-79.3%	$159.6M+13.5%	-$505.8M-487.6%	$140.7M+3.9%	$538.4M+249.2%
Net Income	-$1.4B-301.8%	$710.4M+141.0%	$678.2M+9.8%	$4.9M-99.7%	$713.8M+2.5%	-$1.7B-402.3%	$617.4M+1.3%	$1.9B+181.5%
EPS (Basic)	-$6.47-302.2%	$3.19+141.1%	$3.04+9.7%	$0.02-99.8%	$3.20+2.2%	-$7.77-402.3%	$2.77+1.1%	$8.77+181.1%
EPS (Diluted)	-$6.47-302.2%	$3.19+141.1%	$3.04+9.7%	$0.02-99.8%	$3.20+2.2%	-$7.77-402.3%	$2.77+1.5%	$8.75+181.4%
Diluted Shares (Avg)	223M0.0%	223M0.0%	223M0.0%	N/A	223M0.0%	223M0.0%	223M0.0%	N/A

APD Balance Sheet

APD quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$41.1B+3.8%	$39.6B+23.7%	$32.0B+17.7%	$27.2B+1.2%	$26.9B+6.7%	$25.2B+32.9%	$18.9B-1.2%	$19.2B+3.9%	$18.5B+2.4%	$18.0B+4.1%	$17.3B-1.9%	$17.6B-1.1%	$17.9B+5.4%	$16.9B+18.6%	$14.3B
Current Assets	$5.8B-8.4%	$6.4B+22.4%	$5.2B-17.2%	$6.3B-25.0%	$8.4B-3.6%	$8.7B+88.1%	$4.6B-9.1%	$5.1B-13.5%	$5.9B+36.1%	$4.3B+54.5%	$2.8B-15.2%	$3.3B-4.2%	$3.4B+0.7%	$3.4B+7.1%	$3.2B
Cash & Equivalents	$1.9B-37.7%	$3.0B+84.3%	$1.6B-40.4%	$2.7B-39.3%	$4.5B-14.9%	$5.3B+133.6%	$2.2B-19.4%	$2.8B-14.7%	$3.3B+153.1%	$1.3B+606.3%	$183.1M-35.8%	$285.4M-36.6%	$450.4M-0.9%	$454.4M+7.8%	$421.4M
Short-Term Investments	$0-100.0%	$5.0M-98.5%	$332.2M-43.8%	$590.7M-55.6%	$1.3B+20.5%	$1.1B+565.6%	$166.0M-10.1%	$184.7M-54.3%	$404.0M	$0	$0	$0	$0	$0	$0
Inventory	$776.5M+1.4%	$766.0M+17.5%	$651.8M+26.8%	$514.2M+13.3%	$453.9M+12.1%	$404.8M+4.2%	$388.3M-2.0%	$396.1M+18.1%	$335.4M+31.5%	$255.0M-11.5%	$288.0M-59.2%	$706.0M0.0%	$706.1M-10.2%	$786.6M+17.4%	$670.2M
Accounts Receivable	$1.9B+4.4%	$1.8B+7.1%	$1.7B-5.2%	$1.8B+23.6%	$1.5B+13.8%	$1.3B+1.2%	$1.3B+4.4%	$1.2B+2.8%	$1.2B+2.4%	$1.1B+1.8%	$1.1B-24.2%	$1.5B-3.8%	$1.5B0.0%	$1.5B+13.4%	$1.4B
Long-Term Investments	$17.4M-74.1%	$67.1M+0.3%	$66.9M+0.3%	$66.7M-0.3%	$66.9M+293.5%	$17.0M	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$963.9M+6.5%	$905.1M+5.0%	$861.7M+4.7%	$823.0M-9.7%	$911.5M+2.2%	$891.5M+11.8%	$797.1M+1.0%	$788.9M+9.3%	$721.5M-14.6%	$845.1M+1.0%	$837.1M-9.2%	$921.9M-44.3%	$1.7B+3.5%	$1.6B+100.8%	$796.2M
Total Liabilities	$23.7B+13.4%	$20.9B+27.9%	$16.3B+21.1%	$13.5B+5.6%	$12.8B+0.4%	$12.7B+68.4%	$7.6B-5.6%	$8.0B-3.4%	$8.3B-23.4%	$10.8B+8.9%	$9.9B-0.4%	$10.0B-3.0%	$10.3B+3.5%	$9.9B+18.8%	$8.4B
Current Liabilities	$4.2B+0.9%	$4.2B+7.3%	$3.9B+12.4%	$3.5B+23.8%	$2.8B+15.8%	$2.4B+32.7%	$1.8B-22.1%	$2.3B-6.1%	$2.5B-24.2%	$3.3B-9.9%	$3.6B+23.0%	$3.0B-8.2%	$3.2B+20.0%	$2.7B+14.9%	$2.3B
Non-Current Liabilities	$19.5B+16.6%	$16.7B+34.3%	$12.4B+24.2%	$10.0B+0.5%	$10.0B-3.3%	$10.3B+79.8%	$5.7B+1.2%	$5.7B-2.2%	$5.8B-23.1%	$7.5B+19.7%	$6.3B-10.2%	$7.0B-0.6%	$7.0B-2.6%	$7.2B+20.4%	$6.0B
Long-Term Debt	N/A	N/A	N/A	$6.4B-6.4%	$6.9B-3.6%	$7.1B+145.3%	$2.9B-2.0%	$3.0B-12.8%	$3.4B-13.0%	$3.9B-0.5%	$3.9B-18.5%	$4.8B-4.6%	$5.1B+10.3%	$4.6B+16.7%	$3.9B
Total Equity	$15.0B-11.8%	$17.0B+19.0%	$14.3B+8.9%	$13.1B-2.9%	$13.5B+12.1%	$12.1B+9.3%	$11.1B+1.8%	$10.9B+7.6%	$10.1B+42.5%	$7.1B-2.3%	$7.2B-1.6%	$7.4B+4.6%	$7.0B+8.7%	$6.5B+11.8%	$5.8B
Retained Earnings	$17.6B-10.2%	$19.5B+13.0%	$17.3B+4.7%	$16.5B+5.4%	$15.7B+5.4%	$14.9B+5.2%	$14.1B+5.4%	$13.4B+4.4%	$12.8B+22.6%	$10.5B-1.0%	$10.6B+5.9%	$10.0B+3.6%	$9.6B+4.5%	$9.2B+7.4%	$8.6B

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Total Assets	$40.4B-2.9%	$41.6B+7.1%	$41.2B+3.1%	$41.1B+3.8%	$41.7B+12.7%	$38.9B+8.2%	$40.0B+17.3%	$39.6B+23.7%
Current Assets	$5.0B-19.3%	$5.0B-3.4%	$5.1B-4.6%	$5.8B-8.4%	$6.1B+8.3%	$5.2B-14.4%	$5.4B-5.3%	$6.4B+22.4%
Cash & Equivalents	$980.5M-57.8%	$951.0M-36.2%	$1.0B-44.4%	$1.9B-37.7%	$2.3B-2.2%	$1.5B-41.2%	$1.8B-6.0%	$3.0B+84.3%
Short-Term Investments	$0	$0-100.0%	$0-100.0%	$0-100.0%	$0-100.0%	$111.4M+8.4%	$117.5M-56.8%	$5.0M-98.5%
Inventory	$751.6M-5.8%	$767.9M-0.2%	$788.1M+6.6%	$776.5M+1.4%	$797.7M+5.6%	$769.7M+6.7%	$739.0M+4.2%	$766.0M+17.5%
Accounts Receivable	$1.9B-3.2%	$1.9B+5.0%	$1.9B+4.8%	$1.9B+4.4%	$1.9B+13.5%	$1.8B+7.6%	$1.8B+4.8%	$1.8B+7.1%
Long-Term Investments	$0	$0	$0	$17.4M-74.1%	$0	$0	$0	$67.1M+0.3%
Goodwill	$957.4M-1.3%	$958.7M+8.1%	$971.5M+12.1%	$963.9M+6.5%	$969.7M+10.3%	$887.1M+0.4%	$866.5M-3.7%	$905.1M+5.0%
Total Liabilities	$23.8B-0.2%	$23.5B+6.3%	$23.4B+10.0%	$23.7B+13.4%	$23.9B+17.8%	$22.1B+12.8%	$21.3B+18.3%	$20.9B+27.9%
Current Liabilities	$4.6B-3.9%	$3.5B-32.6%	$3.5B-27.3%	$4.2B+0.9%	$4.8B+6.4%	$5.2B+28.3%	$4.8B+54.2%	$4.2B+7.3%
Non-Current Liabilities	$19.3B+0.7%	$20.0B+18.4%	$19.9B+20.9%	$19.5B+16.6%	$19.1B+21.0%	$16.9B+8.7%	$16.5B+10.8%	$16.7B+34.3%
Total Equity	$13.9B-10.6%	$15.6B+6.4%	$15.4B-7.7%	$15.0B-11.8%	$15.5B+2.9%	$14.7B-1.4%	$16.7B+12.2%	$17.0B+19.0%
Retained Earnings	$16.3B-9.2%	$18.1B+2.9%	$17.8B-9.8%	$17.6B-10.2%	$18.0B-0.2%	$17.6B-0.3%	$19.8B+12.9%	$19.5B+13.0%

Not reported in any period shown, so not listed: Long-Term Debt.

APD Cash Flow Statement

APD quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$4.6B	$3.3B-10.7%	$3.6B+13.8%	$3.2B+1.1%	$3.2B-4.9%	$3.3B+2.2%	$3.3B+9.9%	$3.0B+16.6%	$2.5B+0.7%	$2.5B+11.9%	$2.3B+10.3%	$2.0B+10.0%	$1.9B+19.9%	$1.6B-12.0%	$1.8B+0.7%	$1.8B
Depreciation & Amortization	N/A	$1.6B+7.8%	$1.5B+6.8%	$1.4B+1.5%	$1.3B+1.3%	$1.3B+11.5%	$1.2B+9.4%	$1.1B+11.5%	$970.7M+12.1%	$865.8M+1.3%	$854.6M-0.5%	$858.5M-2.0%	$875.6M-3.5%	$907.0M+7.9%	$840.8M+0.8%	$834.3M
Stock-Based Compensation	N/A	$76.4M+23.6%	$61.8M+3.2%	$59.9M+23.8%	$48.4M+8.8%	$44.5M-16.8%	$53.5M+29.9%	$41.2M+6.2%	$38.8M-2.8%	$39.9M+28.7%	$31.0M-21.5%	$39.5M+3.9%	$38.0M-12.6%	$43.5M-0.7%	$43.8M-2.2%	$44.8M
Capital Expenditures	$4.9B	$7.0B+3.3%	$6.8B+46.9%	$4.6B+58.1%	$2.9B+18.8%	$2.5B-1.8%	$2.5B+26.1%	$2.0B+26.9%	$1.6B+50.9%	$1.0B+14.5%	$907.7M-21.9%	$1.2B-10.5%	$1.3B-14.8%	$1.5B+0.2%	$1.5B+16.2%	$1.3B
Free Cash Flow	-$301.4M	-$3.8B-19.5%	-$3.1B-121.7%	-$1.4B-682.0%	$244.1M-72.0%	$871.0M+15.3%	$755.7M-22.9%	$980.2M+0.1%	$978.8M-34.3%	$1.5B+10.2%	$1.4B+52.7%	$884.6M+57.3%	$562.3M+1845.7%	$28.9M-88.2%	$244.1M-45.0%	$443.9M
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$1.2B
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$484.5M
Dividends Paid	$1.6B	$1.6B+1.2%	$1.6B+4.6%	$1.5B+8.2%	$1.4B+10.1%	$1.3B+13.9%	$1.1B+11.0%	$994.0M+10.7%	$897.8M+13.9%	$787.9M+9.2%	$721.2M+6.5%	$677.5M+7.9%	$627.7M+11.0%	$565.6M+9.8%	$514.9M+12.7%	$456.7M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0-100.0%	$461.6M+769.3%	$53.1M-91.8%	$649.2M

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Operating Cash Flow	$1.3B+52.5%	$1.1B+236.4%	$900.7M+11.0%	$1.3B+31.8%	$855.8M-32.2%	$328.1M-59.1%	$811.7M+29.5%	$957.0M-4.5%
Depreciation & Amortization	$385.4M-3.9%	$375.0M-2.2%	$370.7M+1.1%	$412.8M+8.4%	$401.0M+11.3%	$383.6M+6.3%	$366.8M+5.0%	$380.8M+6.6%
Stock-Based Compensation	$12.3M+11.8%	$16.0M-58.2%	$10.6M-35.4%	N/A	$11.0M-37.5%	$38.3M+158.8%	$16.4M+18.8%	N/A
Capital Expenditures	$995.7M-33.4%	$1.1B-41.4%	$1.3B-40.9%	$1.5B-26.9%	$1.5B-6.9%	$1.9B+13.3%	$2.1B+46.5%	$2.1B+41.9%
Free Cash Flow	$309.5M+148.4%	-$3.9M+99.8%	-$350.5M+73.2%	-$256.5M+77.1%	-$640.0M-85.4%	-$1.6B-80.2%	-$1.3B-59.5%	-$1.1B-142.8%
Investing Cash Flow	-$992.7M+21.3%	-$1.1B+51.9%	-$1.2B+43.0%	N/A	-$1.3B+18.5%	-$2.2B-43.4%	-$2.2B-31.0%	N/A
Financing Cash Flow	-$285.3M-123.6%	-$101.0M-106.5%	-$490.1M-278.7%	N/A	$1.2B+794.4%	$1.6B+14.9%	$274.2M-79.9%	N/A
Dividends Paid	$403.0M+1.2%	$398.6M+1.2%	$398.4M+1.2%	$398.4M+1.2%	$398.3M+1.2%	$393.8M+1.2%	$393.6M+1.2%	$393.5M+1.2%

Not reported in any period shown, so not listed: Share Buybacks.

APD Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

APD quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	31.4%-1.1pp	32.5%+2.6pp	29.9%+3.4pp	26.5%-3.9pp	30.4%-3.5pp	33.9%+1.2pp	32.7%+2.0pp	30.7%+0.9pp	29.8%-1.3pp	31.0%+2.6pp	28.4%-5.0pp	33.5%+6.9pp	26.6%0.0pp	26.6%0.0pp	26.6%
Operating Margin	-7.3%-44.2pp	36.9%+17.1pp	19.8%+1.4pp	18.4%-3.7pp	22.1%-3.2pp	25.3%+1.2pp	24.0%+2.0pp	22.0%+4.4pp	17.6%-2.9pp	20.5%+4.7pp	15.8%+4.7pp	11.0%-2.0pp	13.0%-0.3pp	13.3%-2.3pp	15.6%
Net Margin	-3.3%-34.9pp	31.6%+13.4pp	18.3%+0.5pp	17.8%-2.6pp	20.3%-1.0pp	21.3%+1.6pp	19.7%+3.0pp	16.8%-19.9pp	36.6%+28.2pp	8.4%-7.9pp	16.3%+4.5pp	11.8%+2.1pp	9.8%-2.4pp	12.1%-0.5pp	12.7%
Return on Equity	-2.6%-25.1pp	22.5%+6.4pp	16.1%-1.1pp	17.2%+1.7pp	15.5%-0.1pp	15.6%-0.3pp	15.9%+2.1pp	13.8%-15.9pp	29.8%+20.8pp	8.9%-8.7pp	17.6%+4.2pp	13.5%-0.7pp	14.1%-3.9pp	18.0%-3.1pp	21.1%
Return on Assets	-1.0%-10.6pp	9.7%+2.5pp	7.2%-1.1pp	8.3%+0.5pp	7.8%+0.3pp	7.5%-1.8pp	9.3%+1.5pp	7.8%-8.4pp	16.3%+12.8pp	3.5%-3.9pp	7.4%+1.8pp	5.6%+0.1pp	5.6%-1.3pp	6.9%-1.7pp	8.6%
Current Ratio	1.38-0.1x	1.52+0.2x	1.33-0.5x	1.81-1.2x	2.99-0.6x	3.59+1.1x	2.54+0.4x	2.17-0.2x	2.36+1.0x	1.31+0.5x	0.77-0.3x	1.110.0x	1.07-0.2x	1.27-0.1x	1.36
Debt-to-Equity	1.58+0.4x	1.23+0.1x	1.14+0.7x	0.490.0x	0.51-0.1x	0.59+0.3x	0.260.0x	0.27-0.1x	0.34-0.2x	0.550.0x	0.54-0.1x	0.66-0.1x	0.720.0x	0.710.0x	0.68
Asset Turnover	0.290.0x	0.31-0.1x	0.39-0.1x	0.47+0.1x	0.380.0x	0.35-0.1x	0.470.0x	0.470.0x	0.440.0x	0.420.0x	0.450.0x	0.48-0.1x	0.570.0x	0.57-0.1x	0.68
FCF Margin	-31.3%-5.3pp	-26.0%-14.7pp	-11.3%-13.2pp	1.9%-6.5pp	8.4%-0.1pp	8.5%-2.5pp	11.0%0.0pp	11.0%-7.2pp	18.2%+0.2pp	18.0%+6.7pp	11.3%+4.6pp	6.7%+6.4pp	0.3%-2.3pp	2.5%-2.1pp	4.6%

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Gross Margin	32.8%+0.3pp	31.1%+1.6pp	32.1%+0.9pp	32.3%-1.7pp	32.5%-0.3pp	29.6%-2.5pp	31.2%+0.2pp	34.0%+3.1pp
Operating Margin	-66.3%-92.5pp	23.7%+103.6pp	23.7%+1.7pp	0.5%-75.5pp	26.2%+1.5pp	-79.8%-101.6pp	21.9%-0.3pp	76.1%+52.9pp
Net Margin	-45.6%-69.2pp	22.4%+81.7pp	21.9%+0.8pp	0.1%-61.0pp	23.6%+0.3pp	-59.3%-78.9pp	21.1%+0.7pp	61.2%+39.5pp
Return on Equity	-10.4%-15.0pp	4.5%+16.3pp	4.4%+0.7pp	0.0%-11.4pp	4.6%0.0pp	-11.8%-15.6pp	3.7%-0.4pp	11.5%+6.6pp
Return on Assets	-3.6%-5.3pp	1.7%+6.2pp	1.6%+0.1pp	0.0%-4.9pp	1.7%-0.2pp	-4.5%-6.0pp	1.5%-0.2pp	4.9%+2.8pp
Current Ratio	1.08-0.2x	1.43+0.4x	1.46+0.3x	1.38-0.1x	1.290.0x	1.00-0.5x	1.11-0.7x	1.52+0.2x
Debt-to-Equity	1.72+0.2x	1.500.0x	1.52+0.2x	1.58+0.4x	1.54+0.2x	1.50+0.2x	1.27+0.1x	1.23+0.1x
Asset Turnover	0.080.0x	0.080.0x	0.080.0x	0.080.0x	0.070.0x	0.070.0x	0.070.0x	0.080.0x
FCF Margin	9.8%+31.0pp	-0.1%+53.5pp	-11.3%+33.3pp	-8.1%+27.0pp	-21.2%-9.6pp	-53.6%-24.0pp	-44.5%-17.2pp	-35.1%-20.6pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Air Products & Chemicals, Inc. APD	FY2025	$12.0B	-$394.5M	-3.3%	$62.2B	33/100
Ecolab, Inc. ECL	FY2025	$16.1B	$2.1B	12.9%	$76.7B	54/100
The Sherwin-Williams Company SHW	FY2025	$23.6B	$2.6B	10.9%	$77.6B	54/100
DuPont de Nemours, Inc. DD	FY2025	$6.8B	$88.0M	1.3%	$17.6B	38/100
PPG Industries, Inc. PPG	FY2025	$15.9B	$1.6B	9.9%	$23.4B	58/100
LyondellBasell Industries N.V. LYB	FY2025	$30.2B	-$738.0M	-2.5%	$19.1B	33/100

Where Air Products & Chemicals, Inc. Ranks

Frequently Asked Questions

What is Air Products & Chemicals, Inc.'s annual revenue?

Air Products & Chemicals, 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 Products & Chemicals, Inc.'s revenue growing?

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

Is Air Products & Chemicals, Inc. profitable?

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

What is Air Products & Chemicals, Inc.'s EBITDA?

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

What is Air Products & Chemicals, Inc.'s gross margin?

Air Products & Chemicals, 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 Products & Chemicals, Inc.'s operating margin?

Air Products & Chemicals, 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 Products & Chemicals, Inc.'s net profit margin?

Air Products & Chemicals, 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.

Does Air Products & Chemicals, Inc. pay dividends?

Yes, Air Products & Chemicals, Inc. (APD) paid $7.14 per share in dividends during fiscal year 2025.

What is Air Products & Chemicals, Inc.'s return on equity (ROE)?

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

What is Air Products & Chemicals, Inc.'s free cash flow?

Air Products & Chemicals, Inc. (APD) recorded an outflow of $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 Products & Chemicals, Inc.'s operating cash flow?

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

What are Air Products & Chemicals, Inc.'s total assets?

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

What are Air Products & Chemicals, Inc.'s capital expenditures?

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

How much does Air Products & Chemicals, Inc. spend on research and development?

Air Products & Chemicals, Inc. (APD) invested $96.3M in research and development during fiscal year 2025.

How many shares does Air Products & Chemicals, Inc. have outstanding?

Air Products & Chemicals, Inc. (APD) had 223M shares outstanding as of fiscal year 2025.

What is Air Products & Chemicals, Inc.'s current ratio?

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

What is Air Products & Chemicals, Inc.'s debt-to-equity ratio?

Air Products & Chemicals, 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 Products & Chemicals, Inc.'s return on assets (ROA)?

Air Products & Chemicals, 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 Products & Chemicals, Inc.'s P/E ratio?

Air Products & Chemicals, Inc. (APD) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $62.2B as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Air Products & Chemicals, Inc.'s price-to-sales ratio?

Air Products & Chemicals, Inc. (APD) trades at 4.9x sales, its market capitalization divided by revenue of $12.6B revenue, trailing 12 months to June 30, 2026. The market capitalization is $62.2B as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Air Products & Chemicals, Inc.'s Altman Z-Score?

Air Products & Chemicals, Inc. (APD) has an Altman Z-Score of 2.44, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Air Products & Chemicals, Inc.'s Piotroski F-Score?

Air Products & Chemicals, Inc. (APD) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Air Products & Chemicals, Inc.'s earnings high quality?

Air Products & Chemicals, Inc. (APD) reported a net loss of $394.5M while generating $3.3B in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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 Products & Chemicals, Inc. cover its interest payments?

Air Products & Chemicals, Inc. (APD) reported an operating loss of $877.0M against $214.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 Products & Chemicals, Inc.?

Air Products & Chemicals, Inc. (APD) scores 33 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.