Air Products APD

Industrial gases. Air Products and Chemicals, Inc., listed on NYSE.

Based on the FY2025 annual report (Oct 2024 – Sep 2025)

Air Products' market cap is
about $68.92 billion.

#170 by market cap among 289 companies, based on the Nov 5, 2026 close. FY2025 revenue was $12.0373B.

Share price (close): $309.49; Close on Nov 5, 2026 · per share
P/E ratio: —; Net loss, or no EPS reported
Market cap: $68.92B; #170 of 289
Revenue: $12.0373B; #209 of 299 · −0.5% YoY
Operating income: −$877M; #223 of 231 · −119.6% YoY
Net income: −$394.5M; #290 of 298 · −110.3% YoY
Free cash flow: −$3.7658B; #254 of 261 · −19.5% YoY
Total assets: $41.0595B; #171 of 299 · +3.8% YoY
Dividends paid: $1.5841B; #93 of 214 · +1.2% YoY
Dividend per share: $7.14; #19 of 205 · +1.1% YoY
Dividend yield: 2.3%; #63 of 203
Shares outstanding: 222,588,256 shares; As of Sep 30, 2025

Where the revenue went

Revenue is set at 100% and split into what went to costs, R&D, operating expenses and taxes, and what was left as profit.

Cost of revenue68.6%
R&D0.8%
SG&A and other37.9%
Loss3.3%

Non-operating gains such as investment income (4.0% of revenue) offset part of the loss, so the net loss is smaller than the operating loss.

Profitability and stability

Each figure comes with its rank among 300 companies. The further right the dot, the higher the rank.

Revenue growthHow much revenue grew from the previous fiscal year: −0.5%; #264 of 299; Revenue fell from a year earlier. The median across 299 companies is +7.9%.
Operating marginShare of revenue kept as profit from the core business: −7.3%; #225 of 231; The core business lost money. The median across 231 companies is 19.2%.
Net marginShare of revenue left as profit after interest and taxes: −3.3%; #286 of 298; The company lost the equivalent of 3.3% of revenue. The median across 298 companies is 14.0%.
FCF marginShare of revenue left as cash after capital spending: −31.3%; #254 of 261; The company spent more on investment than it generated in cash. The median across 261 companies is 15.8%.
ROEHow much profit the company earned on shareholders' equity in a year: −2.5%; #262 of 276; ROE is negative because of a net loss. The median across 276 companies is 16.8%.
Debt-to-equityLiabilities relative to equity. Lower means less debt: 157.8%; #120 of 244; Liabilities exceed equity. The median across 244 companies is 159.6%.

Revenue and profit over time

Gray bars show revenue and the green part inside shows net income. The number above each bar is revenue (abbreviated) and the number below is net margin. Hover over a bar to see the exact amounts.

Currency: US dollars. Years are the years in which each fiscal year ended.

Where the cash went

Unlike profit, cash flow is money that actually came in and went out.

Cash from operations$3.2568B
Capital spending−$7.0226B
Cash shortfall (FCF)−$3.7658B
Dividends paid−$1.5841B

Whose money funds the assets

The company's assets, split into borrowed money (liabilities) and shareholders' money (equity).

Liabilities 58%Equity 37%

Total assets$41.0595B
Total liabilities$23.7097B
Total equity$15.0249B
Cash and equivalents$1.856B

Compared with similar companies

Based on each company's latest annual report, so fiscal year ends may differ.

Compare in detail

Company	Annual revenue	Net income	Revenue growth	Operating margin	Net margin
Air ProductsAPD	$12.0373B	−$394.5M	−0.5%	−7.3%	−3.3%
Sherwin-WilliamsSHW	$23.5743B	$2.5685B	+2.1%	—	10.9%
EcolabECL	$16.0812B	$2.0756B	+2.2%	17.0%	12.9%

What the company does

Air Products produces industrial gases such as oxygen, nitrogen and hydrogen for factories and hospitals.

The fiscal year ends around September each year.

Related companies: Sherwin-Williams, Ecolab

Financial statements

Last 5 fiscal years. Currency: US dollars.

Show the table

Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	10.323B	12.6986B	12.6B	12.1006B	12.0373B
Cost of revenue	7.1861B	9.3385B	8.833B	8.1687B	8.256B
Gross profit	3.1369B	3.3601B	3.767B	3.9319B	3.7813B
R&D expense	93.5M	102.9M	105.6M	100.2M	96.3M
Operating income	2.2814B	2.3388B	2.4946B	4.4661B	−877M
Pretax income	2.5074B	2.7547B	2.8824B	4.8212B	−440.7M
Net income	2.0991B	2.2561B	2.3002B	3.8282B	−394.5M
EPS (diluted)	$9.43	$10.14	$10.33	$17.18	$-1.77
Operating cash flow	3.3352B	3.1706B	3.2057B	3.6467B	3.2568B
Capital expenditures	2.4642B	2.9265B	4.6264B	6.7967B	7.0226B
Free cash flow (FCF)	871M	244.1M	−1.4207B	−3.15B	−3.7658B
Dividends paid	1.2567B	1.3833B	1.4966B	1.5649B	1.5841B
Total assets	26.8592B	27.1926B	32.0025B	39.5746B	41.0595B
Total liabilities	12.7712B	13.4902B	16.3422B	20.9009B	23.7097B
Total equity	14.088B	13.7024B	15.6603B	17.0365B	15.0249B
Cash and equivalents	4.4689B	2.711B	1.617B	2.9797B	1.856B
Original filing	10-K	10-K	10-K	10-K	10-K

Source: SEC EDGAR filings for Air Products and Chemicals, Inc. · CIK 0000002969 · US-GAAP