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APD

Air Products and Chemicals, Inc.

APD

Air Products and Chemicals, Inc. • NYSE
$261.05 ▲ 0.81% (+2.09)
Market Cap $58.11 B
52w High $341.14
52w Low $235.55
Dividend Yield 7.14%
P/E -149.17
Volume 448.02K
Outstanding Shares 222.59M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $3.167B ▲ $1.005B ▲ $4.9M ▼ 0.155% ▼ $0.022 ▼ $601.9M ▼
Q3-2025 $3.023B ▲ $192M ▼ $713.8M ▲ 23.615% ▲ $3.2 ▲ $1.353B ▲
Q2-2025 $2.916B ▼ $3.19B ▲ $-1.731B ▼ -59.344% ▼ $-7.77 ▼ $-1.817B ▼
Q1-2025 $2.932B ▼ $271.4M ▲ $617.4M ▼ 21.061% ▼ $2.77 ▲ $1.2B ▼
Q4-2024 $3.188B $-1.341B $1.95B 61.173% $-8.44 $2.934B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $1.856B ▼ $41.059B ▼ $23.71B ▼ $15.025B ▼
Q3-2025 $2.324B ▲ $41.659B ▲ $23.891B ▲ $15.537B ▲
Q2-2025 $1.603B ▼ $38.873B ▼ $22.093B ▲ $14.703B ▼
Q1-2025 $1.963B ▼ $40.017B ▲ $21.279B ▲ $16.692B ▼
Q4-2024 $2.985B $39.575B $20.901B $17.037B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $4.9M ▼ $1.261B ▲ $-1.488B ▼ $-239.1M ▼ $-468.3M ▼ $-256.5M ▲
Q3-2025 $721.8M ▲ $855.8M ▲ $-1.262B ▲ $1.209B ▼ $832.9M ▲ $-640M ▲
Q2-2025 $-1.731B ▼ $328.1M ▼ $-2.237B ▼ $1.551B ▲ $-354.1M ▲ $-1.563B ▼
Q1-2025 $617.4M ▼ $811.7M ▼ $-2.182B ▼ $274.2M ▲ $-1.134B ▼ $-1.306B ▼
Q4-2024 $1.964B $957M $4.4M $-382.1M $604M $-1.118B

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
Merchant
Merchant
 $1.35Bn ▲$1.27Bn ▼$1.34Bn ▲$1.39Bn ▲
Onsite
Onsite
 $1.49Bn ▲$1.55Bn ▲$1.54Bn ▼$1.60Bn ▲
Sale of Equipment
Sale of Equipment
 $100.00M ▲$90.00M ▼$140.00M ▲$190.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Air Products’ sales over the past few years have been fairly steady rather than rapidly growing, but profitability has improved meaningfully. Earnings and cash profits have risen faster than revenue, suggesting better pricing, a shift toward higher‑margin projects, and possibly some one‑time gains or accounting items in the latest year. The sharp step‑up in profit in the most recent period, despite only modest movement in sales, looks unusual and may not be fully repeatable. Overall, the income statement shows a mature business that is squeezing more profit out of each dollar of revenue, but with some potential noise in the latest results that should be understood before assuming it is the new normal.

Balance Sheet

Balance Sheet The balance sheet shows a company that is in an aggressive investment phase. Total assets have grown significantly, reflecting large projects and infrastructure build‑out. At the same time, debt has climbed, meaning the business is more leveraged than a few years ago, though shareholder equity has also risen, providing a larger capital base underneath that debt. Cash balances have moved up and down but remain solid relative to day‑to‑day needs. In plain terms, Air Products is carrying more debt to fund growth, and the strength of future project returns will be important to justify this larger balance sheet.

Cash Flow

Cash Flow Cash flow from day‑to‑day operations has been consistently healthy, which underpins the stability of the core industrial gases business. However, heavy spending on new plants and large projects has pushed free cash flow into negative territory in recent years. This means more cash is going out the door for growth than is coming in after routine operations, and the gap is being bridged by borrowing and other financing. This pattern is typical for a company building large, long‑lived assets, but it does increase reliance on successful project execution and on capital markets remaining supportive.

Competitive Edge

Competitive Edge Air Products holds a strong competitive position in industrial gases, with particular strength in hydrogen, carbon capture, and liquefied natural gas technology. Its on‑site production model, long‑term contracts, and extensive pipeline and plant network create high switching costs for customers and sizable barriers to entry for competitors. Technological depth and decades of engineering experience enable it to handle very large, complex projects that not many rivals can manage. At the same time, this focus on mega‑projects exposes the company to political, regulatory, and execution risks in multiple countries. Overall, the moat looks durable, but not risk‑free.

Innovation and R&D

Innovation and R&D Innovation at Air Products is tightly tied to energy transition themes. The company is a leader in hydrogen technologies, carbon capture and gasification, LNG processes, and advanced cryogenics. It also applies digital tools and proprietary monitoring platforms to improve plant performance. Rather than classic lab‑style R&D alone, much of its innovation is embedded in how it designs, builds, and operates large‑scale facilities and integrated solutions for customers. Ongoing success will depend on its ability to deliver complex clean‑energy projects on time and on budget, adapt to changing regulations, and keep advancing technologies that lower emissions and improve efficiency for heavy industry clients.

Summary

Putting it all together, Air Products looks like a mature, stable industrial gases company that is deliberately transforming itself into a key infrastructure player for the clean‑energy era. Core operations generate steady cash and increasingly strong profits, but the company is leaning heavily into large, capital‑intensive projects, which has increased debt and turned free cash flow negative for now. Its competitive strengths in hydrogen, carbon capture, LNG, and long‑term on‑site contracts give it a meaningful edge, yet also concentrate its risk in a smaller number of large, complex undertakings. The long‑term story hinges on whether these mega‑projects deliver the expected returns and whether global demand for low‑carbon solutions continues to grow as anticipated.

NEWS

November 25, 2025 · 4:10 PM UTC

Air Products Director Lisa Davis Elects to Not Stand for Re-election at the Company's January 2026 Annual Meeting of Shareholders

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November 25, 2025 · 9:00 AM UTC

Air Products Leadership to Speak at Citi's Basic Materials Conference

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November 19, 2025 · 2:15 PM UTC

Air Products Declares Quarterly Dividend

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November 6, 2025 · 6:00 AM UTC

Air Products Reports Fiscal 2025 Full-Year and Fourth Quarter Results

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October 9, 2025 · 3:00 PM UTC

Air Products to Broadcast Fiscal 2025 Fourth Quarter Earnings Teleconference on November 6, 2025

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