Friday 6 November 2026 Export APD’s income statement to Excel — free account

Air Products and Chemicals, Inc.

Air Products and Chemicals, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $12.0 billion, down 0.52% from fiscal 2024.

Revenue: +4.58%
EPS: −302.2%
Free cash flow: +180.1%
Total debt: +2.23%

Quarter to June 2026, against a year earlier

311.20 7.67 −2.41%

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Market cap: $68.9B
P/E: 0.0×
Fwd P/E: 93.9×
Dividend yield: 2.32%
F-score: 2/9
Altman Z: 2.41
Beneish M: −2.87
Dividend safety: 20/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Air Products and Chemicals, Inc. (APD) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2024: revenue by segment, and margins
Americas	5,040	41.65%
Asia	3,224	26.65%
Europe	2,823	23.33%
Corporate and other	878	7.26%
Middle East and India	134	1.11%
Gross margin		32.49%
Operating margin		36.91%
Pre-tax margin		39.84%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
On-site	6,180 51.34%	5,893 48.70%	6,179 49.04%	6,633 52.23%	5,061 49.03%	4,322 48.80%	4,582 51.37%
Merchant	5,337 44.34%	5,330 44.04%	5,532 43.90%	5,095 40.12%	4,472 43.32%	3,951 44.61%	3,958 44.38%
Sale of equipment	520 4.32%	878 7.26%	889 7.06%	971 7.64%	790 7.65%	583 6.58%	379 4.25%
Revenue	12,037	12,101	12,600	12,699	10,323	8,856	8,919

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
Americas	5,126 42.58%	5,040 41.65%	5,369 42.61%	5,369 42.28%	4,168 40.37%	3,631 41.00%	3,874 43.43%	3,759 42.09%	3,637 44.42%	3,344 44.57%	3,695 47.22%	4,079 39.07%	3,866 37.98%	—	—	—
Asia	3,271 27.17%	3,224 26.65%	3,216 25.52%	3,143 24.75%	2,921 28.29%	2,717 30.67%	2,664 29.86%	2,458 27.52%	1,965 24.00%	1,720 22.93%	1,661 21.23%	1,527 14.63%	1,614 15.85%	—	—	—
Europe	2,985 24.79%	2,823 23.33%	2,963 23.52%	3,086 24.30%	2,346 22.72%	1,847 20.86%	—	—	—	—	—	—	—	—	—	—
Corporate and other	520 4.32%	878 7.26%	889 7.06%	971 7.64%	790 7.65%	583 6.58%	118 1.33%	84 0.94%	83 1.01%	236 3.15%	315 4.03%	322 3.09%	418 4.11%	—	—	—
Middle East and India	136 1.13%	134 1.11%	163 1.29%	—	—	—	—	—	—	—	—	—	—	—	—	—
Middle East and India	—	—	—	130 1.02%	99 0.96%	79 0.90%	—	—	—	—	—	—	—	—	—	—
Industrial Gases EMEA	—	—	—	—	—	—	2,003 22.45%	2,193 24.56%	1,780 21.75%	1,704 22.71%	1,866 23.85%	2,151 20.60%	2,103 20.66%	—	—	—
Industrial Gases Global	—	—	—	—	—	—	261 2.93%	436 4.88%	723 8.83%	499 6.65%	287 3.66%	296 2.84%	309 3.04%	—	—	—
Materials Technologies	—	—	—	—	—	—	—	—	—	—	—	2,065 19.78%	1,870 18.37%	—	—	—
Energy From Waste	—	—	—	—	—	—	—	—	—	—	—	—	0 0.00%	—	—	—
Merchant Gases	—	—	—	—	—	—	—	—	—	—	—	—	—	3,662 38.10%	3,665 37.89%	3,308 38.40%
Tonnage Gases	—	—	—	—	—	—	—	—	—	—	—	—	—	3,207 33.36%	3,317 34.29%	2,931 34.02%
Electronics and Performance Materials	—	—	—	—	—	—	—	—	—	—	—	—	—	2,323 24.16%	2,292 23.69%	1,905 22.11%
Equipment and Energy	—	—	—	—	—	—	—	—	—	—	—	—	—	420 4.37%	401 4.14%	472 5.48%
Revenue	12,037	12,101	12,600	12,699	10,323	8,856	8,919	8,930	8,188	7,504	7,824	10,439	10,180	9,612	9,674	8,616

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
Americas	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Asia	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Europe	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Middle East and India	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Middle East and India	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Industrial Gases EMEA	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Industrial Gases Global	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Materials Technologies	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Energy From Waste	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Merchant Gases	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Tonnage Gases	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Electronics and Performance Materials	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Equipment and Energy	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Reportable Segment [Member] (Deprecated 2013-01-31)	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
Other foreign operations	5,411 44.95%	5,235 43.26%	5,378 42.68%	5,479 43.14%	4,599 44.55%	3,777 42.65%	3,837 43.02%	4,195 46.97%	—	—	—	—	—	—	—	—
U.S.	4,693 38.98%	4,914 40.61%	5,234 41.54%	5,230 41.19%	3,896 37.74%	3,360 37.93%	3,352 37.58%	3,150 35.27%	2,887 35.26%	2,912 38.80%	3,370 43.07%	4,508 43.18%	4,258 41.83%	4,115 42.81%	4,253 43.96%	3,943 45.77%
CHINA	1,934 16.06%	1,952 16.13%	1,988 15.78%	1,990 15.67%	1,828 17.71%	1,720 19.42%	1,730 19.40%	1,586 17.76%	1,143 13.97%	1,020 13.60%	958 12.24%	981 9.40%	1,008 9.90%	954 9.93%	814 8.42%	—
Europe	—	—	—	—	—	—	—	—	2,479 30.27%	2,187 29.14%	1,989 25.42%	2,628 25.17%	2,602 25.56%	2,589 26.93%	2,774 28.67%	2,506 29.09%
Asia Excluding China and India	—	—	—	—	—	—	—	—	850 10.38%	721 9.61%	737 9.42%	—	—	—	—	—
Other	—	—	—	—	—	—	—	—	829 10.13%	664 8.84%	771 9.85%	—	—	—	—	—
Asia Excluding China	—	—	—	—	—	—	—	—	—	—	—	1,389 13.31%	1,320 12.97%	1,350 14.04%	1,308 13.52%	—
Latin America	—	—	—	—	—	—	—	—	—	—	—	622 5.95%	716 7.03%	337 3.51%	228 2.36%	285 3.31%
Canada	—	—	—	—	—	—	—	—	—	—	—	311 2.98%	276 2.71%	268 2.78%	297 3.07%	260 3.02%
Asia	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1,621 18.81%
Revenue	12,037	12,101	12,600	12,699	10,323	8,856	8,919	8,930	8,188	7,504	7,824	10,439	10,180	9,612	9,674	8,616

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Remaining performance obligations	Q3 FY2026	$28.0B	$26.0B	+7.69%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q1 FY2020	Q4 FY2019	Q3 FY2019	Q2 FY2019	Q1 FY2019
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.