A 
Air Products and Chemicals APD · USD
Materials · Chemicals · US listing · 🇺🇸 United States
S&P 500
311.08
+2.05%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$12.04bn
FY2016FY2025
Net income
−$394.5m
FY2016FY2025
Free cash flow
−$3.77bn
FY2016FY2025
Shareholders' equity
$15.02bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.04bn | $12.10bn | $12.60bn | $12.70bn | $10.32bn | $8.86bn | $8.92bn | $8.93bn | $8.19bn | $7.50bn |
| Gross profit | $3.78bn | $3.93bn | $3.77bn | $3.36bn | $3.14bn | $3.00bn | $2.94bn | $2.74bn | $2.43bn | $2.33bn |
| Research and development | $96.3m | $100.2m | $105.6m | $102.9m | $93.5m | $83.9m | $72.9m | $64.5m | $57.8m | $71.6m |
| Operating income | −$877.0m | $4.68bn | $2.67bn | $2.47bn | $2.42bn | $2.35bn | $2.28bn | $2.10bn | $1.44bn | $1.64bn |
| Net income | −$394.5m | $3.83bn | $2.30bn | $2.26bn | $2.10bn | $1.89bn | $1.76bn | $1.50bn | $3.00bn | $631.1m |
| Diluted earnings per share | -1.77 | 17.17 | 10.32 | 10.14 | 9.43 | 8.48 | 7.92 | 6.78 | 13.61 | 2.87 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $41.06bn | $39.57bn | $32.00bn | $27.19bn | $26.86bn | $25.17bn | $18.94bn | $19.18bn | $18.47bn | $18.03bn |
| Cash and short-term investments | $1.86bn | $2.98bn | $1.95bn | $3.30bn | $5.80bn | $6.36bn | $2.41bn | $2.98bn | $3.68bn | $1.29bn |
| Total liabilities | $23.71bn | $20.90bn | $16.34bn | $13.49bn | $12.77bn | $12.73bn | $7.55bn | $8.00bn | $8.28bn | $10.82bn |
| Debt | $17.70bn | $14.23bn | $10.31bn | $7.64bn | $7.64bn | $7.91bn | $3.33bn | $3.81bn | $3.96bn | $5.21bn |
| Shareholders' equity | $15.02bn | $17.04bn | $14.31bn | $13.14bn | $13.54bn | $12.08bn | $11.05bn | $10.86bn | $10.09bn | $7.21bn |
| Shares outstanding | 223m | 223m | 223m | 223m | 223m | 223m | 222m | 221m | 220m | 220m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $3.25bn | $3.65bn | $3.21bn | $3.23bn | $3.34bn | $3.26bn | $2.97bn | $2.54bn | $1.57bn | $2.66bn |
| Capital spending | −$7.02bn | −$6.80bn | −$4.63bn | −$2.93bn | −$2.46bn | −$2.51bn | −$1.99bn | −$1.57bn | −$1.04bn | −$907.7m |
| Free cash flow | −$3.77bn | −$3.15bn | −$1.42bn | $303.7m | $877.7m | $755.7m | $980.2m | $973.5m | $528.2m | $1.75bn |
| Dividends paid | −$1.58bn | −$1.56bn | −$1.50bn | −$1.38bn | −$1.26bn | −$1.10bn | −$994.0m | −$897.8m | −$787.9m | −$721.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.16bn | $3.17bn | $3.10bn | $3.17bn | $3.02bn | $2.92bn | $2.93bn | $3.19bn |
| Gross profit | $1.04bn | $987.4m | $995.0m | $1.02bn | $982.6m | $862.3m | $915.0m | $1.08bn |
| Operating income | −$2.10bn | $802.2m | $789.0m | $16.8m | $852.0m | −$2.33bn | $686.2m | $2.47bn |
| Net income | −$1.44bn | $710.4m | $678.2m | $4.9m | $713.8m | −$1.73bn | $617.4m | $1.95bn |
| Diluted earnings per share | -6.47 | 3.19 | 3.04 | 0.02 | 3.20 | -7.76 | 2.77 | 8.75 |
| Cash from operations | $1.30bn | $1.10bn | $900.0m | $1.26bn | $855.0m | $328.0m | $811.0m | $957.0m |
| Capital spending | −$995.0m | −$1.25bn | −$1.25bn | −$1.52bn | −$1.50bn | −$1.89bn | −$2.12bn | −$2.08bn |
| Free cash flow | $310.0m | −$148.0m | −$351.0m | −$256.0m | −$640.0m | −$1.56bn | −$1.31bn | −$1.12bn |
| Total assets | $40.45bn | $41.64bn | $41.24bn | $41.06bn | $41.66bn | $38.87bn | $40.02bn | $39.57bn |
| Cash and short-term investments | $980.5m | $951.0m | $1.03bn | $1.86bn | $2.32bn | $1.60bn | $1.96bn | $2.98bn |
| Debt | $17.67bn | $17.76bn | $17.53bn | $17.79bn | $17.69bn | $15.86bn | $14.47bn | $14.33bn |
| Shareholders' equity | $13.88bn | $15.65bn | $15.41bn | $15.02bn | $15.54bn | $14.70bn | $16.69bn | $17.04bn |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -1.8% | 6.3% | 4.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 32.0% | 30.0% | 30.6% | 30.6% |
| Operating margin | 15.8% | 18.1% | 20.0% | 20.4% |
| Net margin | 14.2% | 16.2% | 17.5% | 18.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -139.6 | 16.9 | 26.5 | 30.4 | 32.3 | 32.2 | 29.7 | 23.6 | 12.1 | 50.1 |
| Price to sales | 4.6 | 5.3 | 4.8 | 5.4 | 6.6 | 6.9 | 5.8 | 4.0 | 4.4 | 4.2 |
Market value over time
31 Oct 2016 to 14 Sept 2026, in USD
$29.09bn$63.97bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | -17% | 8% | -13% | 6% | 12% | 13% | 52% | -5% | 10% | 14% |
Dividends and splits
Per share, in the currency the company pays
Paid for 37 years. Last went ex-dividend on 1 Oct 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 5.41 | 7.14 | 7.06 | 6.87 | 6.36 | 5.84 | 5.18 | 4.58 |
- 2-for-1 split · 16 Jun 1998
- 2-for-1 split · 10 Mar 1992
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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