Air Products & Chemicals Inc (APD) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$3.34	$3.47	+3.9%	—	—	—
Q3 26	$3.06	$3.2	+4.6%	—	—	—
Q2 26	$3.04	$3.16	+3.9%	—	—	—
Q1 26	$2.99	$3.09	+3.3%	—	—	—
Q4 25	$2.83	$2.69	-4.9%	—	—	—
Q3 25	$2.84	$2.86	+0.7%	—	—	—
Q2 25	$3.47	$3.56	+2.6%	—	—	—
Q1 25	$3.04	$3.2	+5.3%	—	—	—
Q4 24	$2.7	$2.85	+5.6%	—	—	—
Q3 24	$3	$2.82	-6.0%	—	—	—
Q2 24	$3.11	$3.15	+1.3%	—	—	—
Q1 24	$2.91	$2.98	+2.4%	—	—	—
Q4 23	$2.66	$2.74	+3.0%	—	—	—
Q3 23	$2.7	$2.64	-2.2%	—	—	—
Q2 23	$2.76	$2.89	+4.7%	—	—	—
Q1 23	$2.61	$2.62	+0.4%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$1.77	—	—	$12B	—
FY24	—	$17.2	—	—	$12.1B	—
FY23	—	$10.3	—	—	$12.6B	—
FY22	—	$10.2	—	—	$12.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$7.5B	$8.2B	$8.9B	$8.9B	$8.9B	$10.3B	$12.7B	$12.6B	$12.1B	$12B
YoY change	-4.1%	+9.11%	+9.07%	-0.13%	-0.7%	+16.6%	+23%	-0.78%	-3.96%	-0.52%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	7.5B	8.2B	8.9B	8.9B	8.9B	10.3B	12.7B	12.6B	12.1B	12B
Cost of revenue	5.2B	5.8B	6.2B	6B	5.9B	7.2B	9.3B	8.8B	8.2B	8.3B
Gross profit	2.3B	2.4B	2.7B	2.9B	3B	3.1B	3.4B	3.8B	3.9B	3.8B
Gross margin	31%	29.8%	30.7%	33%	33.9%	30.4%	26.5%	29.9%	32.5%	31.4%
Research & development	71.8M	57.6M	64.5M	72.9M	83.9M	93.5M	102.9M	105.6M	100.2M	96.3M
Selling, general & administrative	683.8M	713.5M	760.8M	750M	742.1M	828.4M	900.6M	957M	942.4M	906.1M
Operating expenses	713.9M	650.1M	775.1M	773.6M	760.6M	869.1M	947.6M	1B	984.4M	892.3M
Operating income	1.6B	1.8B	2B	2.2B	2.2B	2.3B	2.4B	2.7B	2.9B	2.9B
Operating margin	21.5%	21.8%	22%	24.3%	25.3%	22%	19%	21.7%	24.4%	24%
Non-operating income, net	51.2M	-249.3M	179.9M	256.7M	295.5M	381.4M	470.2M	320.7M	2.1B	-3.1B
Pretax income	1.6B	1.4B	2B	2.3B	2.4B	2.5B	2.8B	2.9B	4.8B	-440.7M
Income tax	432.6M	260.9M	524.3M	480.1M	478.4M	462.8M	500.8M	551.2M	944.9M	-94.3M
Net income	661.5M	3B	1.5B	1.8B	1.9B	2.1B	2.3B	2.3B	3.9B	-354.4M
Net margin	8.82%	36.9%	17.2%	20.3%	21.8%	20.5%	17.8%	18.6%	31.9%	-2.94%
EBITDA	2.6B	2.7B	3.1B	3.6B	3.7B	4B	4.3B	4.7B	5B	5.1B
EPS	2.92	13.8	6.83	7.99	8.53	9.47	10.2	10.3	17.2	-1.77
Diluted EPS	2.89	13.7	6.78	7.94	8.49	9.43	10.1	10.3	17.2	-1.77

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	—	—	—	—	—	—	—	—	3.2B	3.1B	3.2B	3.2B
Cost of revenue	2.2B	2.1B	2B	2B	2.1B	2B	2.1B	2B	2.1B	2.1B	2.2B	2.1B
Gross profit	—	—	—	—	—	—	—	—	1B	995M	987.4M	1B
Gross margin	—	—	—	—	—	—	—	—	32.3%	32.1%	31.1%	32.8%
Research & development	—	—	—	—	—	—	—	—	27.3M	20.4M	21.6M	21.5M
Selling, general & administrative	—	—	—	—	—	—	—	—	219.1M	228.7M	227.2M	219.1M
Operating expenses	—	—	—	—	—	—	—	—	209.6M	238.5M	234.7M	225.7M
Operating income	—	—	—	—	—	—	—	—	811.8M	756.5M	752.7M	810.3M
Operating margin	—	—	—	—	—	—	—	—	25.6%	24.4%	23.7%	25.6%
Non-operating income, net	—	—	—	—	—	—	—	—	-622.7M	148.8M	180.3M	-2.7B
Pretax income	—	—	—	—	—	—	—	—	121.3M	850.8M	883.5M	-1.9B
Income tax	—	—	—	—	—	—	—	—	111.2M	159.4M	158.7M	-515.4M
Net income	—	—	—	—	—	—	—	—	10.1M	691.4M	724.8M	-1.4B
Net margin	—	—	—	—	—	—	—	—	0.32%	22.3%	22.9%	-45%
EBITDA	—	—	—	—	—	—	—	—	1.4B	1.3B	1.3B	1.4B
EPS	3.11	2.74	2.57	3.13	8.76	2.77	-7.77	3.2	0.02	3.04	3.19	-6.47
Diluted EPS	3.11	2.73	2.57	3.13	8.75	2.77	-7.77	3.2	0.02	3.04	3.19	-6.47

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	30.1B	33B	36.6B	48.9B	65.9B	56.8B	51.7B	63B	66.2B	60.7B	62.1B
Enterprise value	34B	33.3B	37.5B	49.8B	67.8B	59.2B	56.7B	72.1B	78.3B	77.3B	82.7B
Shares outstanding	216.4M	218M	219.3M	220.3M	221.2M	221.6M	222M	222.3M	222.5M	222.7M	222.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	45.5	10.9	23.9	27	34.1	26.8	22.8	26.9	17.2	—	31.6
P/S	4.01	4.03	4.1	5.48	7.44	5.5	4.07	5	5.47	5.05	4.94
P/B	4.17	3.24	3.28	4.29	5.3	4.03	3.77	4.02	3.55	3.5	4.48
EV/EBITDA	13	12.1	12	14	18.2	14.8	13.2	15.5	15.7	15.1	17.8
EV/Sales	4.53	4.06	4.2	5.58	7.66	5.73	4.46	5.72	6.47	6.42	6.57
Earnings yield	2.2%	9.16%	4.18%	3.7%	2.93%	3.73%	4.39%	3.71%	5.83%	—	3.17%
FCF yield	5.82%	1.58%	2.64%	2.01%	1.15%	1.55%	0.59%	-2.25%	-4.75%	-6.2%	-2.41%
PEG	—	—	—	—	—	—	—	—	—	—	-0.1

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	31%	29.8%	30.7%	33%	33.9%	30.4%	26.5%	29.9%	32.5%	31.4%	32.8%
Operating margin	21.5%	21.8%	22%	24.3%	25.3%	22%	19%	21.7%	24.4%	24%	25.5%
Net margin	8.82%	36.9%	17.2%	20.3%	21.8%	20.5%	17.8%	18.6%	31.9%	-2.94%	-0.38%
ROE	9.17%	29.7%	13.7%	15.9%	15.5%	15%	16.5%	14.9%	20.7%	-2.04%	0.02%
ROA	3.67%	16.4%	7.99%	9.55%	7.67%	7.87%	8.33%	7.31%	9.76%	-0.86%	4.73%
ROIC	10.5%	13.9%	12.1%	13.9%	12.5%	11.2%	10.5%	8.95%	7.72%	8.52%	9.27%
Return on tangible assets	4.25%	18.5%	9.17%	11%	8.58%	8.74%	9.12%	7.9%	10.4%	-0.92%	0.01%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.32	2.36	2.17	2.54	3.59	2.99	1.81	1.33	1.52	1.38	1.08
Quick ratio	1.24	2.23	2	2.32	3.43	2.83	1.66	1.17	1.34	1.2	0.92
Debt / equity	0.72	0.39	0.34	0.29	0.67	0.58	0.61	0.7	0.8	1.06	1.1
Debt / assets	0.29	0.21	0.2	0.18	0.33	0.31	0.31	0.34	0.38	0.45	0.45
Net debt / EBITDA	1.5	0.1	0.27	0.26	0.53	0.61	1.17	1.95	2.42	3.24	3.18
Interest coverage	14.5	12.7	16.4	17.7	23.2	18.7	22.5	17.2	23	-1.06	0.63
Effective tax rate	27.8%	18.4%	26%	21%	19.7%	18.5%	18.2%	19.1%	19.6%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	34.7	37.6	40.7	40.5	40	46.6	57.2	56.7	54.4	54.1	56.6
EPS (basic)	2.92	13.8	6.83	7.99	8.53	9.47	10.2	10.3	17.2	-1.77	-1.77
EPS (diluted)	2.89	13.7	6.78	7.94	8.49	9.43	10.1	10.3	17.2	-1.77	-0.2
Book value per share	33.3	46.7	51	51.7	56.3	63.6	61.7	70.4	83.9	77.9	62.3
FCF per share	8.1	2.4	4.4	4.45	3.42	3.96	1.37	-6.39	-14.2	-16.9	-1.35
Cash per share	5.98	16.9	13.6	11	28.7	26.2	14.9	8.77	13.4	8.33	4.49
Capex per share	4.19	4.77	7.15	9.03	11.3	11.1	13.2	20.8	30.5	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	12.1%	12.7%	17.6%	22.3%	28.3%	23.9%	23%	36.7%	56.2%	—	—
Capex / operating cash flow	40.3%	48.9%	54.2%	64.5%	71.6%	74.7%	104.4%	134%	118.4%	—	—
Payout ratio	109%	26.1%	58.6%	54.9%	57.1%	59.4%	61%	64%	40.5%	-447%	75.7%
Dividend yield	2.4%	2.39%	2.45%	2.03%	1.67%	2.21%	2.68%	2.38%	2.36%	2.61%	2.6%

Yield

2.6%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.81

ex-dividend Jul 1, 2026

Payout ratio

76%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 1, 2026	$1.81
Apr 1, 2026	$1.81
Jan 2, 2026	$1.79

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	—	—	—	—	—	—	—	—	$3.2B	$3.1B	$3.2B	$3.2B
YoY change	—	—	—	—	—	—	—	—	—	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.3B	3.7B	3B	2.4B	6.4B	5.8B	3.3B	1.9B	3B	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	335.4M	396.1M	388.3M	404.8M	453.9M	514.2M	651.8M	766M	776.5M
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 & equipment	7.3B	7.5B	8.9B	19.7B	11.4B	12.9B	13.6B	16.9B	22.7B	24.5B
Goodwill & intangibles	2.5B	2.2B	2.5B	2.4B	2.7B	2.7B	2.3B	2.4B	2.4B	2.5B
Total assets	18B	18.5B	19.2B	18.9B	25.2B	26.9B	27.2B	32B	39.6B	41.1B
Accounts payable	578.8M	659.5M	594.6M	528.2M	546.2M	736.8M	1.1B	1.2B	1.5B	1.4B
Short-term debt	1.3B	560.4M	460.9M	98.6M	548.4M	565.5M	649M	969.2M	795.2M	842.8M
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	3.4B	3.2B	7.8B	7.7B	7.7B	10.1B	14.2B	17.6B
Total liabilities	10.8B	8.3B	8B	7.6B	12.7B	12.8B	13.5B	16.3B	20.9B	23.7B
Shareholders' equity	7.2B	10.2B	11.2B	11.4B	12.4B	14.1B	13.7B	15.7B	18.7B	17.3B
Total debt	5.2B	4B	3.8B	3.3B	8.3B	8.2B	8.3B	11B	15B	18.4B
Net debt	3.9B	689.2M	1B	1.1B	3.1B	3.8B	5.6B	9.4B	12B	16.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Cash & short-term investments	1.9B	2.2B	2.6B	2.4B	3B	2B	1.6B	2.3B	1.9B	1B	951M	980.5M
Receivables	1.7B	1.7B	1.7B	1.7B	1.8B	1.8B	1.8B	1.9B	1.9B	1.9B	1.9B	1.9B
Inventory	651.8M	709.3M	721.2M	755.6M	766M	739M	769.7M	797.7M	776.5M	788.1M	767.9M	751.6M
Total current assets	5.2B	5.6B	6.1B	5.7B	6.4B	5.4B	5.2B	6.1B	5.8B	5.1B	5B	5B
Property, plant & equipment	16.9B	19.9B	21B	22.5B	22.7B	25.7B	25B	26.6B	24.5B	27.1B	27.6B	25.8B
Goodwill & intangibles	2.4B	2.5B	2.4B	2.4B	2.4B	2.3B	2.3B	2.5B	2.5B	2.5B	2.5B	2.5B
Total assets	32B	34.1B	35.9B	37B	39.6B	40B	38.9B	41.7B	41.1B	41.2B	41.6B	40.4B
Accounts payable	1.2B	2.7B	2.8B	3.2B	1.5B	3B	3.4B	3.4B	1.4B	3B	2.9B	3.5B
Short-term debt	969.2M	234.4M	1.1B	1.1B	795.2M	1.2B	1.6B	1.2B	842.8M	236.5M	487.9M	896.2M
Total current liabilities	3.9B	3.1B	4.1B	4.5B	4.2B	4.8B	5.2B	4.8B	4.2B	3.5B	3.5B	4.6B
Long-term debt	10.1B	12.5B	13.2B	13.5B	14.2B	13.9B	14.9B	17.1B	17.6B	17.9B	17.9B	17.3B
Total liabilities	16.3B	18B	19.6B	20.3B	20.9B	21.3B	22.1B	23.9B	23.7B	23.4B	23.5B	23.8B
Shareholders' equity	15.7B	16.1B	16.3B	16.7B	18.7B	18.7B	16.8B	17.8B	17.3B	17.8B	18.1B	16.6B
Total debt	11B	12.7B	14.3B	14.7B	15B	15.1B	16.5B	18.3B	18.4B	18.1B	18.4B	18.2B
Net debt	9.4B	10.8B	11.7B	12.3B	12B	13.3B	15B	16B	16.6B	17.1B	17.4B	17.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.1B	1.1B	1.5B	1.8B	1.9B	2B	2.2B	2.3B	3.8B	-386.5M
Depreciation & amortization	854.6M	865.8M	970.7M	1.1B	1.2B	1.3B	1.3B	1.4B	1.5B	1.6B
Stock-based compensation	31M	39.9M	38.8M	41.2M	53.5M	44.5M	48.4M	59.9M	61.8M	76.4M
Change in working capital	-38.9M	-135.1M	17M	16.5M	-8.2M	-171.2M	-648.3M	-211.5M	155.7M	-627.6M
Operating cash flow	2.3B	2.1B	2.9B	3.1B	3.5B	3.3B	2.8B	3.5B	5.7B	3.3B
Capital expenditure	-907.7M	-1B	-1.6B	-2B	-2.5B	-2.5B	-2.9B	-4.6B	-6.8B	—
Investing cash flow	-864.8M	-1.4B	-1.6B	-2.1B	-3.6B	-2.7B	-3.9B	-5.9B	-4.9B	-146.1M
Dividends paid	-721.2M	-787.9M	-897.8M	-994M	-1.1B	-1.3B	-1.4B	-1.5B	-1.6B	-1.6B
Share repurchases	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-1B	-2.1B	-1.4B	-1.4B	3.3B	-1.4B	-1B	1.6B	2.6B	2.8B
Net change in cash	383.9M	-1.4B	-181.3M	-469.3M	3.2B	-864.9M	-2.1B	-879.4M	3.4B	5.9B
Free cash flow	1.8B	522.5M	966M	980.2M	755.7M	877.7M	303.7M	-1.4B	-3.1B	-3.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Net income	685.2M	609.3M	572.4M	696.6M	2B	617.4M	-1.7B	721.8M	4.9M	678.2M	710.4M	-1.4B
Depreciation & amortization	357.3M	349.2M	360.8M	360.3M	380.8M	366.8M	383.6M	401M	412.8M	370.7M	375M	385.4M
Stock-based compensation	14.1M	13.8M	14.7M	17.7M	15.6M	16.4M	38.3M	11M	10.7M	10.6M	15.9M	12.2M
Change in working capital	172.5M	-101.1M	-84M	124.2M	216.6M	-47M	-608.8M	-198.6M	226.8M	-23.8M	-1.1M	16.7M
Operating cash flow	981.9M	938M	870.7M	1.1B	2.8B	839.7M	-2.4B	855.8M	1.3B	900.7M	1.1B	1.3B
Capital expenditure	-1.5B	-1.4B	-1.7B	-1.6B	-2.1B	-2.1B	-1.9B	—	—	—	—	—
Investing cash flow	-1.5B	-1.7B	-1.6B	-1.5B	-145.4M	-2.2B	-2.2B	234.2M	30M	8.3M	31.7M	3M
Dividends paid	-388.7M	-388.9M	-389M	-393.5M	-393.5M	-393.6M	-393.8M	-398.3M	-398.4M	-398.4M	-398.6M	-403M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	506.2M	1.4B	1.2B	134.7M	-234M	273.1M	1.5B	1.2B	-239.1M	-490.1M	-101M	-285.3M
Net change in cash	-28.5M	629.9M	527.7M	-266.6M	2.4B	-1.1B	-3.1B	2.3B	1.1B	418.9M	1B	1B
Free cash flow	-460M	-818.9M	-867.7M	-345.2M	-1.1B	-1.3B	-1.6B	-640M	-256.5M	-350.5M	-3.9M	309.5M

Date	Ratio
Oct 3, 2016	1081:1000
Jun 16, 1998	2:1
Mar 10, 1992	2:1
Jun 6, 1986	2:1

Air Products & Chemicals Inc Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history