MARKETS / NYSE / APD

NYSE · INDUSTRIAL INORGANIC CHEMICALS · LARGE CAP

Air Products & Chemicals, Inc. APD

19 fiscal years on record · USD · FY2025 reported · SEC filings only

16 YEARS OF DIVIDEND GROWTH

Revenue

$12.0B

▼ 0.5% YoY

Net income

$-394.5M

▼ 110.3% YoY

Free cash flow

$-3.8B

In brief

What this company does

The company provides industrial gases, related equipment, and applications expertise to a broad range of industries, including refining, chemicals, metals, electronics, manufacturing, medical, and food. As of 30 September 2025, the company had approximately 21,300 employees, with over 99% working full-time and approximately 75% based outside the United States. The company manages its operations, assesses performance, and reports earnings under five reportable segments: Americas, Asia, Europe, Middle East and India, and Corporate and other. The regional industrial gases business, organized and operated across the Americas, Asia, Europe, and Middle East and India segments, produces and sells atmospheric gases such as oxygen, nitrogen, and argon, and process gases such as hydrogen, helium, and carbon dioxide. The Corporate and other segment includes the sale of cryogenic and gas processing equipment for air separation. Air Products and Chemicals, Inc. is a Delaware corporation founded in 1940.

Written from the business description in Air Products and Chemicals, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 20 November 2025. Every sentence was checked against that document before publication.

Growth

USD 12.0B

Revenue, FY2025 · full 19-year series below

Revenue $B Net income $B

FY2025 · Revenue 12.0 · Net income -0.4

Compound annual growth

Revenue

−1.8%

+6.3%

+4.4%

+2.3%

Dividend / share

+3.9%

+6.6%

+8.4%

+9.2%

Returned to shareholders

+4.6%

+7.5%

+8.9%

+9.6%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +6.3% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−3 cents

lost on every revenue dollar

Operating margin Net margin

FY2025 · Operating -7.3% · Net -2.9%

ROE

FY2025 · ROE -2.5%

Gross margin31.4%

Operating margin-7.3%

Net margin-2.9%

Return on assets-0.9%

EBITDAUSD 687.2M

Each USD of equity lost 2 cents this year.

Cash & shareholders

USD 1.6B

returned in FY2025 · dividends + net buybacks

Free cash flow $B

FY2025 · FCF -3.8

Net buybacks $B Dividends $B

FY2025 · Dividends 1.6 · Net buybacks —

Dividends paidUSD 1.6B

Net buybacks—

Share of profit-401.5%

Consecutive raises16 years

USD 1.6B in dividends went back to shareholders in a year without profit.

Total assetsUSD 41.1B

EquityUSD 15.0B

CashUSD 1.9B

Gross debtUSD 17.7B

Net debtUSD 15.8B

Current ratio1.38×

Net debt stands at 105% of equity.

The 19-year record

19 fiscal years

Every figure from documents filed with the SEC · USD

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue $B	12.0	12.1	12.6	12.7	10.3	8.9	8.9	8.9	8.2	7.5	7.8	10.4	10.2	9.6	9.7	8.6	8.3	10.4	9.1
Operating income $B	−0.9	4.5	2.5	2.3	2.3	2.2	2.1	2.0	1.4	1.5	1.2	1.3	1.3	1.3	1.5	1.3	0.8	1.5	1.4
EBITDA $B	0.7	5.9	3.9	3.7	3.6	3.4	3.2	2.9	2.3	2.4	2.1	2.3	2.2	2.1	2.3	2.1	1.7	2.4	2.2
Income tax $B	−0.1	0.9	0.6	0.5	0.5	0.5	0.5	0.5	0.3	0.4	0.3	0.4	0.3	0.3	0.4	0.3	0.2	0.4	0.3
Net income $B	−0.4	3.8	2.3	2.3	2.1	1.9	1.8	1.5	3.0	0.6	1.3	1.0	1.0	1.2	1.2	1.0	0.6	0.9	1.0
Free cash flow $B	−3.8	−3.1	−1.4	0.2	0.9	0.8	1.0	1.0	1.5	1.4	0.9	0.8	0.0	0.2	0.4	0.5	0.2	0.6	0.5
EPS, diluted $	−1.77	17.18	10.33	10.14	9.43	8.49	7.94	6.78	13.65	2.89	5.88	4.61	4.68	5.44	5.63	4.74	2.96	4.15	4.64
Dividend / sh $	7.14	7.06	6.87	6.36	5.84	5.18	4.58	4.25	3.71	3.39	3.20	3.02	2.77	2.50	2.23	1.92	1.79	·	·
Payout %	−402	41	65	61	60	58	56	60	26	114	53	63	57	44	37	39	59	38	30
ROE %	−2.5	24.4	16.8	16.9	16.4	16.3	16.1	14.3	35.0	8.8	17.5	13.8	14.7	19.0	21.6	19.9	12.9	17.3	18.8
Shares out B	0.22	0.22	0.22	0.22	0.22	0.22	0.22	0.22	0.22	0.22	0.22	0.21	0.21	0.21	0.21	0.21	0.21	0.21	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 86 reconciliationsAUDITED

Reconciled in 19 of 19 fiscal years. 2 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityIndustrial Inorganic Chemicals

Listed onNYSE

Incorporated inDelaware

Fiscal year endsSeptember 30

Data on record since2007