Saturday 17 October 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. In the quarter to June 2026, revenue grew 4.58%, EPS fell 302.2%, free cash flow grew 180.1% and total debt rose 2.23%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for twenty-five consecutive years.

299.59 2.99 +1.01%

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Market cap: $66.1B
P/E: 0.0×
Fwd P/E: 21.5×
Dividend yield: 2.41%
F-score: 2/9
Altman Z: 2.41
Beneish M: −2.87
Dividend safety: 20/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Impairment Jun 30, 2026

All filings →

Insider Decisions trades per month

Total sells 20.77

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	1	—	—	1	—	—	—	—	—

Insider Ownership 0.10%

Capital & Financial Ratios $m

Market Cap 66,050.00

Revenue 12,602.20

Net Income (47.30)

Free Cash Flow (108.20)

Net Debt 16,560.30

Current Ratio 1.08

Debt/Equity 1.06

P/E ratio 0.00

Fwd P/E 21.50

P/S ratio 5.30

P/B ratio 4.02

Past 5Y EPS Growth —

This Y EPS Growth 11.83%

Next Y EPS Growth 7.46%

Next Y revenue growth (26.41%)

Next 5Y EPS Growth 9.18%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 66.53%

10-year low 10-year high

P/B against its own 10 years 57.13%

10-year low 10-year high

EV/Sales against its own 10 years 83.16%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate 7.22

Annual Dividend Yield 2.41%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	5.02	1.79 1.81 1.81 1.81
2025	4.73	1.77 1.79 1.79 1.79
2024	5.31	1.77 1.77 1.77
2023	7.00	1.75 1.75 1.75 1.75
2022	6.48	1.62 1.62 1.62 1.62
2021	6.00	1.50 1.50 1.50 1.50
2020	5.36	1.34 1.34 1.34 1.34
2019	4.64	1.16 1.16 1.16 1.16
2018	4.40	1.10 1.10 1.10 1.10
2017	3.80	0.95 0.95 0.95 0.95
2016	3.31	0.80 0.80 0.86 0.86

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	1,949	2,985	1,856	981
Receivables	2,423	2,432	2,591	2,601
Inventory	652	766	777	752
Other	274	—	428	476
	5,201	6,363	5,826	4,964

	2023	2024	2025	Q'26
Payables	2,890	2,926	3,238	3,530
ST’ Debt	615	611	716	770
Other	1,583	—	51	52
	3,896	4,180	4,219	4,575

Compound Annual Growth %

	10y	5y	3y
Sales	4.40%	6.33%	(1.77%)
Cash Flow	4.75%	(0.05%)	0.90%
Earnings	0.00%	0.00%	0.00%
Book Value	8.92%	6.87%	8.18%

Revenue $m

	Dec	Mar	Jun	Sep	Year
’26	3,103	3,172	3,161	—	—
’25	2,932	2,916	3,023	3,167	12,037
’24	2,997	2,930	2,986	3,188	12,101
’23	3,175	3,200	3,034	3,191	12,600
’22	2,994	2,945	3,189	3,570	12,699
’21	2,375	2,502	2,605	2,841	10,323
’20	2,255	2,216	2,065	2,320	8,856

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Dec	Mar	Jun	Sep	Year
’26	901	1,104	1,305	—	—
’25	812	328	856	1,261	3,257
’24	627	802	1,261	957	3,647
’23	719	639	845	1,002	3,206
’22	785	520	908	957	3,171
’21	775	806	929	826	3,335
’20	667	572	775	1,252	3,265

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Dec	Mar	Jun	Sep	Year
’26	(350)	45	393	—	—
’25	(1,306)	(1,527)	(491)	(196)	(3,520)
’24	(815)	(852)	(339)	734	(1,271)
’23	(111)	(365)	(471)	(448)	(1,395)
’22	123	(226)	210	183	290
’21	113	254	324	217	909
’20	235	141	(334)	794	836

Fiscal quarters ending in the months shown.

EPS $

	Dec	Mar	Jun	Sep	Year
’26	3.04	3.19	(6.47)	—	—
’25	2.77	(7.77)	3.20	0.02	(1.77)
’24	2.73	2.57	3.13	8.75	17.18
’23	2.57	1.97	2.67	3.11	10.33
’22	2.52	2.38	2.62	2.62	10.14
’21	2.17	2.13	2.40	2.74	9.43
’20	2.14	2.15	2.01	2.19	8.49

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	106.05	133.63	148.44	153.63	167.43	245.75	216.24	251.63	212.24	229.11	Analyst estimates 2026–2028 Powerpack
	High	150.45	164.78	175.17	241.90	327.89	316.39	328.56	320.90	337.00	341.14
People
People	Employees	18,600	15,300	16,300	17,700	19,275	20,875	21,900	23,000	23,000	21,300
	Revenue/emp, $m	0.40	0.54	0.55	0.50	0.46	0.49	0.58	0.55	0.53	0.57
Income, $m
Income, $m	Revenue	7,504	8,188	8,930	8,919	8,856	10,323	12,699	12,600	12,101	12,037
	Gross margin, %	31.00	29.75	30.69	33.00	33.85	30.39	26.46	29.90	32.49	31.41
	EBT	1,555	1,416	2,015	2,290	2,424	2,507	2,755	2,882	4,821	(441)
	EBT margin, %	20.72	17.30	22.56	25.67	27.37	24.29	21.69	22.88	39.84	(3.66)
	Net income	631	3,000	1,498	1,760	1,887	2,099	2,256	2,300	3,828	(394)
	Depreciation	855	866	971	1,083	1,185	1,321	1,338	1,358	1,451	1,564
Per share, $
Per share, $	Revenue	34.68	37.56	40.72	40.49	40.04	46.58	57.20	56.68	54.38	54.05
	Earnings	2.92	13.76	6.83	7.99	8.53	9.47	10.16	10.35	17.21	(1.77)
	Cash flow	10.44	11.60	11.62	13.48	14.76	15.05	14.28	14.42	16.39	14.62
	Capex	(3.99)	(4.57)	(6.93)	(8.98)	(10.98)	(10.95)	(12.97)	(20.70)	(22.10)	(30.43)
	Free cash flow	6.45	7.02	4.69	4.50	3.78	4.10	1.31	(6.28)	(5.71)	(15.81)
	Book value	33.33	46.72	50.96	51.69	56.25	63.57	61.72	70.45	83.93	77.91
	Shares, m	216	218	219	220	221	222	222	222	223	223
Valuation, ×
Valuation, ×	P/E	47.96	11.05	24.81	27.80	34.92	27.04	22.88	26.96	17.31	0.00
	P/S	4.01	4.05	4.16	5.48	7.44	5.50	4.07	4.92	5.47	5.05
	P/B	4.17	3.26	3.32	4.29	5.30	4.03	3.77	3.96	3.55	3.50
	EV/Sales	4.41	4.07	4.25	5.58	7.61	5.68	4.41	5.57	6.40	6.36
	EV/FCF	23.70	21.76	36.92	50.17	80.66	64.49	192.90	(50.27)	(60.89)	(21.74)
Cash, $m
Cash, $m	Operating cash flow	2,259	2,528	2,547	2,970	3,265	3,335	3,171	3,206	3,647	3,257
	Capex	(863)	(997)	(1,520)	(1,979)	(2,429)	(2,427)	(2,880)	(4,601)	(4,918)	(6,777)
	Free cash flow	1,396	1,531	1,028	991	836	909	290	(1,395)	(1,271)	(3,520)
Balance, $m
Balance, $m	Working capital	1,034	3,388	2,744	2,797	6,268	5,577	2,817	1,305	2,183	1,607
	Total debt	4,275	3,819	3,758	3,268	7,900	7,635	7,634	10,046	14,144	17,664
	Net debt	2,982	141	782	853	1,542	1,834	4,332	8,097	11,160	15,808
	Shareholders’ equity	7,213	10,186	11,176	11,388	12,443	14,088	13,702	15,660	18,674	17,350
Returns, %
Returns, %	ROA	3.57	16.44	7.96	9.23	8.55	8.07	8.35	7.77	10.70	(0.98)
	ROIC	9.41	8.72	10.27	10.95	10.00	8.96	8.11	6.56	9.36	(1.65)
	ROE	8.65	34.49	14.02	15.60	15.83	15.82	16.24	15.67	22.30	(2.19)

Negative figures in brackets.

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
LIN Linde PLC	$227.4B	32.0×	30.9×	+9.35% (above 0%: growing)	+11.20% (above 0%: growing)	−12.68% (below 0%: shrinking)	47.67%	27.49%	Compare
SHW The Sherwin-Williams Company	$81.8B	30.6×	28.0×	+7.52% (above 0%: growing)	+13.82% (above 0%: growing)	+33.68% (above 0%: growing)	49.17%	18.13%	Compare
ECL Ecolab Inc.	$81.5B	38.3×	32.3×	+9.69% (above 0%: growing)	+3.24% (above 0%: growing)	−2.91% (below 0%: shrinking)	44.07%	17.16%	Compare
APD Air Products and Chemicals, Inc.	$66.1B	— (loss-making)	21.5×	+4.58% (above 0%: growing)	n/m	+180.09% (above 0%: growing)	32.77%	(66.34%)
PPG PPG Industries, Inc.	$24.0B	15.3×	15.5×	+7.15% (above 0%: growing)	−1.01% (below 0%: shrinking)	+67.67% (above 0%: growing)	40.22%	14.15%	Compare
IFF International Flavors & Fragrances Inc.	$23.0B	83.2×	29.3×	+1.82% (above 0%: growing)	−91.63% (below 0%: shrinking)	+94.52% (above 0%: growing)	43.65%	8.09%	Compare
LYB LyondellBasell Industries N.V.	$20.2B	— (loss-making)	6.4×	+19.84% (above 0%: growing)	+388.57% (above 0%: growing)	+356.38% (above 0%: growing)	22.21%	16.81%	Compare
DD DuPont de Nemours, Inc.	$17.8B	290×	26.5×	+4.00% (above 0%: growing)	+150.00% (above 0%: growing)	+1,250.00% (above 0%: growing)	35.13%	16.38%	Compare
RPM RPM International Inc.	$12.8B	18.4×	18.3×	+4.82% (above 0%: growing)	+13.75% (above 0%: growing)	+33.14% (above 0%: growing)	41.25%	15.99%	Compare
Median of peers	$23.5B	32.0×	27.3×	+7.34%	+12.48%	+50.68%	42.45%	16.60%

All 60 Specialty Chemicals stocks →

Air Products and Chemicals, Inc. (APD) key facts

Concern: Air Products and Chemicals, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $12.0 billion, down 0.52% from fiscal 2024.
Concern: Air Products and Chemicals, Inc. reported a net loss of $394.5 million, or a loss of $1.77 per share, for fiscal 2025.
Air Products and Chemicals, Inc. (APD) is a Specialty Chemicals company in the Basic Materials sector, listed on the New York Stock Exchange.
As of October 16, 2026, APD traded at $299.59, a market capitalization of $66.1 billion.
Trailing earnings are negative, so a P/E ratio is not meaningful; the stock trades at 5.3× sales.
Air Products and Chemicals, Inc. pays an annual dividend of $7.22 per share, a yield of 2.41%.
Return on equity was −2.19% and debt-to-equity 1.06.
Its Piotroski F-score is 2 out of 9 and its Altman Z-score is 2.41 (grey zone) for fiscal 2025.