Air Products & Chemicals, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Air Products & Chemicals, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	7,504	8,188	8,930	8,919	8,856	10,323	12,699	12,600	12,101	12,037
Cost of revenue	5,177	5,752	6,190	5,976	5,858	7,186	9,339	8,833	8,169	8,256
Gross profit	2,327	2,436	2,741	2,914	2,998	3,137	3,360	3,767	3,932	3,781
Research and development	71.8	57.6	64.5	72.9	83.9	93.5	103	106	100	96.3
Selling, general and administrative	684	714	761	750	776	828	901	957	942	906
Operating income	1,535	1,440	1,966	2,144	2,238	2,281	2,339	2,495	4,466	-877
Interest expense	115	121	131	137	109	142	128	178	219	214
Interest income	6.1	1.5	0
Other non-operating income	-5.4	16.6	5.1	66.7	30.7	73.7	62.4	-39	-73.8	2.6
Pre-tax income	1,555	1,416	2,015	2,290	2,424	2,507	2,755	2,882	4,821	-441
Income tax	433	261	524	480	478	463	501	551	945	-94.3
Income from continuing operations	1,100	1,134	1,456	1,760	1,901	2,029	2,244	2,293	3,842	-387
Net income to minority interests	30.4	20.8	35.1	49.4	44.4	15.8	10.4	38.4	34.2	40.1
Net income	631	3,000	1,498	1,760	1,887	2,099	2,256	2,300	3,828	-395
EBITDA	2,390	2,306	2,936	3,227	3,423	3,603	3,677	3,853	5,917	687
EPS, basic	2.92	13.76	6.83	7.99	8.53	9.47	10.16	10.35	17.21	-1.77
EPS, diluted	2.89	13.65	6.78	7.94	8.49	9.43	10.14	10.33	17.18	-1.77
Shares, basic (weighted)	216	218	219	220	221	222	222	222	223	223
Shares, diluted (weighted)	218	220	221	222	222	223	223	223	223	223
Dividend per share	3.39	3.71	4.25	4.58	5.18	5.84	6.36	6.87	7.06	7.14

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,293	3,274	2,791	2,249	5,253	4,469	2,711	1,617	2,980	1,856
Short-term investments	0	404	185	166	1,105	1,332	591	332	5	0
Receivables	1,146	1,174	1,207	1,260	1,275	1,451	1,794	1,700	1,822	1,901
Inventory	255	335	396	388	405	454	514	652	766	777
Other current assets	538	403	373	478	483	551	516	722	611	690
Total current assets	4,317	5,877	5,082	4,618	8,685	8,376	6,283	5,201	6,363	5,826
Property, plant and equipment	8,260	8,440	9,924	10,338	11,965	13,255	14,161	17,472	23,371	25,338
Lease right-of-use assets					377	566	695	974	1,048	944
Goodwill	845	722	789	797	892	912	823	862	905	964
Intangible assets	388	368	439	420	436	421	348	335	312	294
Other non-current assets	671	642	655	604	943	1,507	947	1,230	1,172	1,021
Total assets	18,029	18,467	19,178	18,943	25,169	26,859	27,193	32,003	39,575	41,060
Accounts payable	579	660	595	528	546	737	1,121	1,213	1,452	1,437
Accrued liabilities	217	187	201	186	197	221	249	284	257	303
Deferred revenue			157	247	314	367	439	413	240	253
Short-term debt	365	416	407	40.4	470	485	548	615	611	716
Total current liabilities	3,283	2,489	2,338	1,821	2,417	2,799	3,466	3,896	4,180	4,219
Long-term debt	3,910	3,402	2,967	2,907	7,133	6,876	6,434
Lease liabilities					336	503	592	631	678	616
Other non-current liabilities	1,817	1,612	1,537	1,712	1,916	1,641	1,099	1,118	1,351	1,348
Total liabilities	10,815	8,282	8,002	7,555	12,725	12,771	13,490	16,342	20,901	23,710
Total debt	5,289	3,963	3,813	3,326	7,908	7,637	7,645	10,306	14,228	17,698
Paid-in capital	970	1,001	1,029	1,071	1,095	1,116	1,141	1,191	1,253	1,307
Retained earnings	10,476	12,847	13,410	14,138	14,876	15,678	16,520	17,290	19,546	17,559
Treasury stock	-2,227	-2,164	-2,089	-2,030	-2,000	-1,988	-1,981	-1,967	-1,984	-2,002
Other comprehensive income	-2,388	-1,847	-1,742	-2,376	-2,140	-1,516	-2,786	-2,449	-2,028	-2,088
Shareholders' equity	7,080	10,086	10,858	11,054	12,080	13,540	13,144	14,313	17,037	15,025
Minority interests	134	99.3	319	335	363	548	558	1,347	1,637	2,325
Total equity	7,213	10,186	11,176	11,388	12,443	14,088	13,702	15,660	18,674	17,350
Total liabilities and equity	18,029	18,467	19,178	18,943	25,169	26,859	27,193	32,003	39,575	41,060
Shares outstanding	217	218	220	220	221	221	222	222	222	223

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	662	3,021	1,533	1,809	1,931	2,115	2,267	2,339	3,862	-354
Depreciation and amortization	855	866	971	1,083	1,185	1,321	1,338	1,358	1,451	1,564
Stock-based compensation	31	39.9	38.8	41.2	53.5	44.5	48.4	59.9	61.8	76.4
Deferred income tax	61.8	-38	-55.4	57.6	165	94	32.3	-24.7	-69.3	-555
Change in receivables	-44.8	-73.6	-42.8	-69	43.2	-131	-475	131	-111	-36.3
Change in inventory	32.2	6.4	-64.2	-3	-5.2	-47.2	-94.3	-129	-138	-35.8
Change in payables	60.1	164	-278	-41.8	-31.9	188	533	-213	-339	-224
Cash from operations	2,259	2,528	2,547	2,970	3,265	3,335	3,171	3,206	3,647	3,257
Capital expenditures	-908	-1,040	-1,568	-1,990	-2,509	-2,464	-2,927	-4,626	-6,797	-7,023
Acquisitions	0	-8.2	-345	-123	-183	-10.5	-65.1	0	0	-59.9
Purchases of investments	0	-2,693	-530	-172	-2,866	-2,101	-1,638	-640	-141	-118
Cash from investing	-865	-1,412	-1,642	-2,113	-3,560	-2,733	-3,857	-5,916	-4,919	-7,169
Debt issued	387	2.4	0.5	0	4,896	179	766	3,516	4,678	4,387
Debt repaid	-480	-484	-419	-429	-407	-463	-400	-615	-486	-430
Stock issued	141	68.4	76.2	68.1	34.1	10.6	19.3	24	7.9	1.1
Dividends paid	-721	-788	-898	-994	-1,104	-1,257	-1,383	-1,497	-1,565	-1,584
Cash from financing	-860	-2,041	-1,360	-1,371	3,285	-1,421	-1,001	1,610	2,615	2,795
Exchange rate effect	7.5	13.4	-33.9	-28.6	14.9	27.8	-130	6.5	19.8	-7
Net change in cash	1,295	1,943	-482	-543	3,004	-784	-1,758	-1,094	1,363	-1,124
Free cash flow	1,351	1,489	979	980	756	871	244	-1,421	-3,150	-3,766
Interest paid	121	126	123	156	67.2	150	129	132	198	192
Income taxes paid	441	1,349	372	324	380	384	369	645	616	941

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $281.76 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	32.1%	Gross profit / revenue.
Operating margin	-4.7%	Operating income / revenue.
EBITDA margin	7.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-0.7%	Pre-tax income / revenue.
Net margin	-0.4%	Net income / revenue.
Return on equity (ROE)	-0.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.1%	Net income / average total assets.
Return on invested capital (ROIC)	-3.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.7%	Research and development expense / revenue.
SG&A / revenue	7.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	38.7%	Capital expenditures / revenue.
D&A / revenue	12.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-3.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	4.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-119.6%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-88.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-42.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-27.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-110.3%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-110.3%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-10.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-0.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	1.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	3.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	6.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-11.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	14.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	10.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.08x	Current assets / current liabilities.
Quick ratio	0.63x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.21x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.06x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	1.9%	Total debt / total assets.
Liabilities / assets	59.0%	Total liabilities / total assets.
Net debt	-$211.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.22x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-2.68x	Operating income / interest expense.
Working capital	$388.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	3.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$12.65B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.31x	Revenue / average total assets.
Fixed asset turnover	0.50x	Revenue / average property, plant and equipment.
Inventory turnover	11.4x	Cost of revenue / average inventory.
Days inventory	32 days	365 x average inventory / cost of revenue.
Receivables turnover	6.70x	Revenue / average receivables.
Days sales outstanding	54 days	365 x average receivables / revenue.
Days payables	150 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-64 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.21	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$56.56	Revenue / diluted weighted shares.
Book value per share	$62.32	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$56.77	Tangible book value / shares outstanding.
Cash per share	$4.40	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$62.74B	Share price x shares outstanding.
Enterprise value	$62.53B	Market cap + total debt - cash - short-term investments.
P/S	4.98x	Market cap / revenue.
P/B	4.52x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.96x	Market cap / tangible book value, when positive.
EV/Sales	4.96x	Enterprise value / revenue.
EV/EBITDA	65.8x	Enterprise value / EBITDA, when both are positive.
Earnings yield	-0.1%	Net income / market cap (the inverse of P/E).
Dividend yield	2.5%	Dividends paid over the period / market cap.
Shareholder yield	2.5%	(Dividends paid + share buybacks) / market cap.

What was Air Products & Chemicals, Inc.'s revenue in fiscal 2025?

Air Products & Chemicals, Inc. reported revenue of $12.04B for fiscal 2025, 0.5% lower than the year before.

Was Air Products & Chemicals, Inc. profitable in fiscal 2025?

No. It reported a net loss of $394.5M.

How much free cash flow did Air Products & Chemicals, Inc. generate in fiscal 2025?

Cash from operations of $3.26B minus capital expenditures of $7.02B left free cash flow of -$3.77B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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