Air Products and Chemicals (APD) financial statements
Air Products and Chemicals reported revenue of $12.0B in fiscal 2025, up 5.4% a year over 9 years.
Net income was -$394M and the operating margin -7.3%, against 20.5% in 2016.
Free cash flow was -$3.8B, and the company returned $1.6B in dividends.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Air Products and Chemicals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.5B | $8.2B | $8.9B | $8.9B | $8.9B | $10.3B | $12.7B | $12.6B | $12.1B | $12.0B |
| Cost of revenue | $5.2B | $5.8B | $6.2B | $6.0B | $5.9B | $7.2B | $9.3B | $8.8B | $8.2B | $8.3B |
| Gross profit | $2.3B | $2.4B | $2.7B | $2.9B | $3.0B | $3.1B | $3.4B | $3.8B | $3.9B | $3.8B |
| Research and development | $72M | $58M | $64M | $73M | $84M | $94M | $103M | $106M | $100M | $96M |
| Selling, general and admin | $684M | $714M | $761M | $750M | $776M | $828M | $901M | $957M | $942M | $906M |
| Operating income | $1.5B | $1.4B | $2.0B | $2.1B | $2.2B | $2.3B | $2.3B | $2.5B | $4.5B | -$877M |
| Interest expense | $115M | $121M | $130M | $137M | $109M | $142M | $128M | $178M | $219M | $214M |
| Pre-tax income | $1.6B | $1.4B | $2.0B | $2.3B | $2.4B | $2.5B | $2.8B | $2.9B | $4.8B | -$441M |
| Income tax | $433M | $261M | $524M | $480M | $478M | $463M | $501M | $551M | $945M | -$94M |
| Net income | $631M | $3.0B | $1.5B | $1.8B | $1.9B | $2.1B | $2.3B | $2.3B | $3.8B | -$394M |
| EPS (diluted) | $2.89 | $13.65 | $6.78 | $7.94 | $8.49 | $9.43 | $10.14 | $10.33 | $17.18 | -$1.77 |
| Diluted shares | 218M | 220M | 221M | 222M | 222M | 222M | 222M | 223M | 223M | 223M |
| Gross margin | 31.0% | 29.8% | 30.7% | 32.7% | 33.9% | 30.4% | 26.5% | 29.9% | 32.5% | 31.4% |
| Operating margin | 20.5% | 17.6% | 22.0% | 24.0% | 25.3% | 22.1% | 18.4% | 19.8% | 36.9% | -7.3% |
| Net margin | 8.4% | 36.6% | 16.8% | 19.7% | 21.3% | 20.3% | 17.8% | 18.3% | 31.6% | -3.3% |
Balance sheet
Fiscal years, from Air Products and Chemicals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.3B | $3.7B | $3.0B | $2.4B | $6.4B | $5.8B | $3.3B | $1.9B | $3.0B | $1.9B |
| Receivables | $1.1B | $1.2B | $1.2B | $1.3B | $1.3B | $1.5B | $1.8B | $1.7B | $1.8B | $1.9B |
| Inventory | $255M | $335M | $396M | $388M | $405M | $454M | $514M | $652M | $766M | $776M |
| Total current assets | $4.3B | $5.9B | $5.1B | $4.6B | $8.7B | $8.4B | $6.3B | $5.2B | $6.4B | $5.8B |
| Property, plant and equipment | $8.3B | $8.4B | $9.9B | $10.3B | $12.0B | $13.3B | $14.2B | $17.5B | $23.4B | $25.3B |
| Goodwill | $845M | $722M | $789M | $797M | $892M | $912M | $823M | $862M | $905M | $964M |
| Total assets | $18.0B | $18.5B | $19.2B | $18.9B | $25.2B | $26.9B | $27.2B | $32.0B | $39.6B | $41.1B |
| Total current liabilities | $3.3B | $2.5B | $2.3B | $1.8B | $2.4B | $2.8B | $3.5B | $3.9B | $4.2B | $4.2B |
| Long-term debt | $3.9B | $3.4B | $3.0B | $2.9B | $7.1B | $6.9B | $6.4B | — | — | — |
| Total liabilities | $10.8B | $8.3B | $8.0B | $7.6B | $12.7B | $12.8B | $13.5B | $16.3B | $20.9B | $23.7B |
| Shareholders' equity | $7.1B | $10.1B | $10.9B | $11.1B | $12.1B | $13.5B | $13.1B | $14.3B | $17.0B | $15.0B |
| Net debt | $3.0B | $129M | $176M | $659M | $1.9B | $2.4B | $3.7B | -$1.6B | -$3.0B | -$1.9B |
Cash flow
Fiscal years, from Air Products and Chemicals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.3B | $2.5B | $2.5B | $3.0B | $3.3B | $3.3B | $3.2B | $3.2B | $3.6B | $3.3B |
| Capital spending | $908M | $1.0B | $1.6B | $2.0B | $2.5B | $2.5B | $2.9B | $4.6B | $6.8B | $7.0B |
| Free cash flow | $1.4B | $1.5B | $979M | $980M | $756M | $871M | $244M | -$1.4B | -$3.1B | -$3.8B |
| Stock-based compensation | $31M | $40M | $39M | $41M | $54M | $44M | $48M | $60M | $62M | $76M |
| Dividends paid | $721M | $788M | $898M | $994M | $1.1B | $1.3B | $1.4B | $1.5B | $1.6B | $1.6B |
| Net borrowing | -$238M | -$1.3B | -$497M | -$425M | $4.4B | -$283M | $384M | $3.2B | $3.9B | $3.9B |
| Free cash flow margin | 18.0% | 18.2% | 11.0% | 11.0% | 8.5% | 8.4% | 1.9% | -11.3% | -26.0% | -31.3% |
| Dividends per share | $3.30 | $3.58 | $4.07 | $4.49 | $4.96 | $5.65 | $6.22 | $6.72 | $7.02 | $7.11 |
Questions
What was Air Products and Chemicals's revenue in 2025?
$12.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Air Products and Chemicals generate?
-$3.8B in fiscal 2025 (operating cash flow minus capital spending).
From Air Products and Chemicals's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.