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Air Products and Chemicals Inc (APD) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

BASIC MATERIALS · Industrial Gases · DATA UPDATED 2026-07-14

Air Products and Chemicals Inc (APD) operates in the Industrial Gases industry and is headquartered in Allentown, United States with about 21,087 employees. Its market capitalization is roughly $66 billion. In the fiscal year ended 2025-09-30, APD reported $12.0B in revenue and ($394M) in net income.

Air Products and Chemicals, Inc. provides atmospheric gases, process and specialty gases, equipment, and related services in the Americas, Asia, Europe, the Middle East, India, and internationally.

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APD Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-03-31	2025-09-30	2024-09-30	2023-09-30	2022-09-30	2021-09-30	2020-09-30	2019-09-30	2018-09-30	2017-09-30	2016-09-30	2015-09-30	2014-09-30	2013-09-30	2012-09-30	2011-09-30	2010-09-30	2009-09-30	2008-09-30	2007-09-30	2006-09-30
Total Revenue	$12.5B	$12.0B	$12.1B	$12.6B	$12.7B	$10.3B	$8.9B	$8.9B	$8.9B	$8.2B	$7.5B	$7.8B	$10.4B	$10.2B	$9.6B	$10.1B	$9.0B	$8.3B	$10.4B	$9.1B	$8.8B
Gross Profit	$4.0B	$3.8B	$3.9B	$3.8B	$3.4B	$3.1B	$3.0B	$2.9B	$2.7B	$2.4B	$2.3B	$2.2B	$2.8B	$2.7B	$2.6B	$2.8B	$2.5B	$2.2B	$2.7B	$2.4B	$2.3B
Gross Margin %	32.0%	31.4%	32.5%	29.9%	26.5%	30.4%	33.9%	33.0%	30.7%	29.7%	31.0%	28.4%	26.9%	26.6%	26.6%	27.4%	28.0%	26.8%	26.1%	26.8%	25.9%
Operating Income (EBIT)	$2.3B	($877M)	$4.5B	$2.5B	$2.3B	$2.3B	$2.2B	$2.1B	$2.0B	$1.4B	$1.5B	$1.2B	$1.3B	$1.3B	$1.3B	$1.6B	$1.4B	$846M	$1.5B	$1.4B	$1.1B
Operating Margin %	18.4%	-7.3%	36.9%	19.8%	18.4%	22.1%	25.3%	24.0%	22.0%	17.6%	20.5%	15.8%	12.8%	13.0%	13.3%	16.1%	15.4%	10.2%	14.4%	15.0%	11.9%
Net Income	$2.1B	($394M)	$3.8B	$2.3B	$2.3B	$2.1B	$1.9B	$1.8B	$1.5B	$3.0B	$631M	$1.3B	$992M	$994M	$1.2B	$1.2B	$1.0B	$631M	$910M	$1.0B	$723M
Net Margin %	16.9%	-3.3%	31.6%	18.3%	17.8%	20.3%	21.3%	19.7%	16.8%	36.6%	8.4%	16.3%	9.5%	9.8%	12.1%	12.1%	11.4%	7.6%	8.7%	11.3%	8.2%
EBITDA	$4.5B	$1.3B	$6.5B	$4.4B	$4.2B	$4.0B	$3.7B	$3.5B	$3.1B	$2.4B	$2.5B	$2.2B	$2.4B	$2.4B	$2.3B	$2.7B	$2.4B	$1.8B	$2.5B	$2.2B	$1.8B
Earnings Per Share (EPS)	$9.45	$-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	$3.18
Shares Outstanding (M)	223M	223M	223M	223M	222M	222M	222M	222M	221M	220M	218M	217M	215M	212M	215M	218M	217M	214M	219M	223M	228M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

APD Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$3.2B	$3.1B	$3.2B	$3.0B	$2.9B	$2.9B	$3.2B	$3.0B
Gross Profit	$987M	$995M	$1.0B	$983M	$862M	$915M	$1.1B	$979M
Gross Margin %	31.1%	32.1%	32.2%	32.5%	29.6%	31.2%	34.0%	32.8%
Operating Income (EBIT)	$753M	$734M	$17M	$791M	($2.3B)	$644M	$2.4B	$738M
Operating Margin %	23.7%	23.7%	0.5%	26.2%	-79.8%	21.9%	76.1%	24.7%
Net Income	$710M	$678M	$5M	$714M	($1.7B)	$617M	$1.9B	$697M
Net Margin %	22.4%	21.9%	0.1%	23.6%	-59.3%	21.1%	61.2%	23.3%
EBITDA	$1.3B	$1.3B	$602M	$1.4B	($1.8B)	$1.2B	$2.9B	$1.3B
Earnings Per Share (EPS)	$3.19	$3.04	$0.02	$3.20	$-7.77	$2.77	$8.75	$3.13
Shares Outstanding (M)	223M	223M	223M	223M	223M	223M	223M	223M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

APD Free Cash Flow History

Cash flow	TTM → 2026-03-31	2025-09-30	2024-09-30	2023-09-30	2022-09-30	2021-09-30	2020-09-30	2019-09-30	2018-09-30	2017-09-30	2016-09-30	2015-09-30	2014-09-30	2013-09-30	2012-09-30	2011-09-30	2010-09-30	2009-09-30	2008-09-30	2007-09-30	2006-09-30
Cash from Operations (CFO)	$4.1B	$3.2B	$3.6B	$3.2B	$3.2B	$3.3B	$3.3B	$3.0B	$2.5B	$1.6B	$2.7B	$2.4B	$2.2B	$1.6B	$1.8B	$1.8B	$1.5B	$1.3B	$1.7B	$1.5B	$1.3B
Capital Expenditures (CapEx)	$5.5B	$7.0B	$6.8B	$4.6B	$2.9B	$2.5B	$2.5B	$2.0B	$1.6B	$1.0B	$908M	$1.6B	$1.7B	$1.5B	$1.5B	$1.4B	$1.0B	$1.2B	$1.1B	$1.1B	$1.3B
Free Cash Flow (FCF)	($1.4B)	($3.8B)	($3.1B)	($1.4B)	$304M	$878M	$756M	$980M	$974M	$528M	$1.8B	$823M	$503M	$43M	$278M	$402M	$492M	$144M	$594M	$442M	$85M
FCF Margin %	-11.2%	-31.4%	-26.0%	-11.3%	2.4%	8.5%	8.5%	11.0%	10.9%	6.5%	23.4%	10.5%	4.8%	0.4%	2.9%	4.0%	5.5%	1.7%	5.7%	4.8%	1.0%
Dividends Paid	$1.6B	$1.6B	$1.6B	$1.5B	$1.4B	$1.3B	$1.1B	$994M	$898M	$788M	$721M	$678M	$628M	$566M	$515M	$457M	$399M	$373M	$349M	$312M	$294M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

APD Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$1.1B	$901M	$1.3B	$856M	$328M	$812M	$957M	$1.3B
Capital Expenditures (CapEx)	$1.3B	$1.3B	$1.5B	$1.5B	$1.9B	$2.1B	$2.1B	$1.6B
Free Cash Flow (FCF)	($148M)	($350M)	($256M)	($640M)	($1.6B)	($1.3B)	($1.1B)	($345M)
FCF Margin %	-4.7%	-11.3%	-8.1%	-21.2%	-53.6%	-44.5%	-35.1%	-11.6%
Dividends Paid	$399M	$398M	$398M	$398M	$394M	$394M	$394M	$394M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

APD Balance Sheet History

Balance sheet	2026-03-31	2025-09-30	2024-09-30	2023-09-30	2022-09-30	2021-09-30	2020-09-30	2019-09-30	2018-09-30	2017-09-30	2016-09-30	2015-09-30	2014-09-30	2013-09-30	2012-09-30	2011-09-30	2010-09-30	2009-09-30	2008-09-30	2007-09-30	2006-09-30
Total Assets	$41.6B	$41.1B	$39.6B	$32.0B	$27.2B	$26.9B	$25.2B	$18.9B	$19.2B	$18.5B	$18.0B	$17.3B	$17.8B	$17.9B	$16.9B	$14.3B	$13.5B	$13.0B	$12.6B	$12.7B	$11.2B
Cash & Cash Equivalents	$951M	$1.9B	$3.0B	$1.6B	$2.7B	$4.5B	$5.3B	$2.2B	$2.8B	$3.3B	$1.3B	$206M	$337M	$450M	$454M	$422M	$374M	$488M	$104M	$42M	$35M
Total Liabilities	$23.5B	$23.7B	$20.9B	$16.3B	$13.5B	$12.8B	$12.7B	$7.6B	$8.0B	$8.3B	$10.8B	$10.0B	$10.3B	$10.7B	$10.3B	$8.4B	$7.8B	$8.1B	$7.4B	$7.0B	$6.1B
Total Debt (Short + Long-Term)	$17.8B	$17.9B	$14.3B	$10.4B	$7.7B	$7.7B	$8.0B	$3.3B	$3.8B	$4.0B	$6.2B	$5.9B	$6.1B	$6.3B	$5.3B	$4.6B	$4.1B	$4.5B	$4.0B	$3.7B	$2.9B
Total Shareholders' Equity	$15.7B	$15.0B	$17.0B	$14.3B	$13.1B	$13.5B	$12.1B	$11.1B	$10.9B	$10.1B	$7.2B	$7.2B	$7.4B	$7.0B	$6.5B	$5.8B	$5.5B	$4.8B	$5.0B	$5.5B	$4.9B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive APD viewer.

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