A

AIR PRODUCTS AND CHEMICALS, INC.

APD · CIK 0000002969

19 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$12.04B0.5%
FY2025
Net income (FY)
−$394.5M110.3%
FY2025
Free cash flow (FY)
−$3.77B19.5%
FY2025
Diluted EPS (FY)
$-1.77110.3%
FY2025
The story, charted

The shape of the business

FY2007–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$5B$10BFY2007 · Revenue $9.15B · Net income $1.04B · 0000950123-09-066095 · filed 2009-11-25FY07Revenue $9.15BNet income $1.04B0000950123-09-066095 · filed 2009-11-25FY2008 · Revenue $10.41B · Net income $909.7M · 0001193125-10-266784 · filed 2010-11-23FY08Revenue $10.41BNet income $909.7M0001193125-10-266784 · filed 2010-11-23FY2009 · Revenue $8.26B · Net income $631.3M · 0001193125-11-319887 · filed 2011-11-22FY09Revenue $8.26BNet income $631.3M0001193125-11-319887 · filed 2011-11-22FY2010 · Revenue $8.62B · Net income $1.03B · 0001193125-12-476878 · filed 2012-11-20FY10Revenue $8.62BNet income $1.03B0001193125-12-476878 · filed 2012-11-20FY2011 · Revenue $9.67B · Net income $1.22B · 0001193125-13-453925 · filed 2013-11-26FY11Revenue $9.67BNet income $1.22B0001193125-13-453925 · filed 2013-11-26FY2012 · Revenue $9.61B · Net income $1.17B · 0001193125-14-423115 · filed 2014-11-24FY12Revenue $9.61BNet income $1.17B0001193125-14-423115 · filed 2014-11-24FY2013 · Revenue $10.18B · Net income $994.2M · 0001193125-15-386399 · filed 2015-11-24FY13Revenue $10.18BNet income $994.2M0001193125-15-386399 · filed 2015-11-24FY2014 · Revenue $10.44B · Net income $991.7M · 0001193125-16-773346 · filed 2016-11-21FY14Revenue $10.44BNet income $991.7M0001193125-16-773346 · filed 2016-11-21FY2015 · Revenue $7.82B · Net income $1.28B · 0000002969-17-000039 · filed 2017-11-16FY15Revenue $7.82BNet income $1.28B0000002969-17-000039 · filed 2017-11-16FY2016 · Revenue $7.50B · Net income $631.1M · 0000002969-18-000044 · filed 2018-11-20FY16Revenue $7.50BNet income $631.1M0000002969-18-000044 · filed 2018-11-20FY2017 · Revenue $8.19B · Net income $3.00B · 0000002969-19-000051 · filed 2019-11-26FY17Revenue $8.19BNet income $3.00B0000002969-19-000051 · filed 2019-11-26FY2018 · Revenue $8.93B · Net income $1.50B · 0000002969-20-000049 · filed 2020-11-19FY18Revenue $8.93BNet income $1.50B0000002969-20-000049 · filed 2020-11-19FY2019 · Revenue $8.92B · Net income $1.76B · 0000002969-21-000055 · filed 2021-11-18FY19Revenue $8.92BNet income $1.76B0000002969-21-000055 · filed 2021-11-18FY2020 · Revenue $8.86B · Net income $1.89B · 0000002969-22-000054 · filed 2022-11-22FY20Revenue $8.86BNet income $1.89B0000002969-22-000054 · filed 2022-11-22FY2021 · Revenue $10.32B · Net income $2.10B · 0000002969-23-000047 · filed 2023-11-16FY21Revenue $10.32BNet income $2.10B0000002969-23-000047 · filed 2023-11-16FY2022 · Revenue $12.70B · Net income $2.26B · 0000002969-24-000056 · filed 2024-11-21FY22Revenue $12.70BNet income $2.26B0000002969-24-000056 · filed 2024-11-21FY2023 · Revenue $12.60B · Net income $2.30B · 0000002969-25-000055 · filed 2025-11-20FY23Revenue $12.60BNet income $2.30B0000002969-25-000055 · filed 2025-11-20FY2024 · Revenue $12.10B · Net income $3.83B · 0000002969-25-000055 · filed 2025-11-20FY24Revenue $12.10BNet income $3.83B0000002969-25-000055 · filed 2025-11-20FY2025 · Revenue $12.04B · Net income −$394.5M · 0000002969-25-000055 · filed 2025-11-20FY25Revenue $12.04BNet income −$394.5M0000002969-25-000055 · filed 2025-11-20FY25Revenue $12.04BNet income −$394.5M0000002969-25-000055 · filed 2025-11-20FY07FY10FY13FY16FY19FY22FY25

revenue 1.3× since FY2007 · net margin 11.3% → -3.3%

MarginsNet marginFCF margin
-20%0%20%40%FY2007 · Net margin 11.3% · FCF margin 5.3%FY07Net margin 11.3%FCF margin 5.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2008 · Net margin 8.7% · FCF margin 5.5%FY08Net margin 8.7%FCF margin 5.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2009 · Net margin 7.6% · FCF margin 1.8%FY09Net margin 7.6%FCF margin 1.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2010 · Net margin 11.9% · FCF margin 6.2%FY10Net margin 11.9%FCF margin 6.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2011 · Net margin 12.7% · FCF margin 4.6%FY11Net margin 12.7%FCF margin 4.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2012 · Net margin 12.1% · FCF margin 2.5%FY12Net margin 12.1%FCF margin 2.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2013 · Net margin 9.8% · FCF margin 0.3%FY13Net margin 9.8%FCF margin 0.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2014 · Net margin 9.5% · FCF margin 7.9%FY14Net margin 9.5%FCF margin 7.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2015 · Net margin 16.3% · FCF margin 11.3%FY15Net margin 16.3%FCF margin 11.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2016 · Net margin 8.4% · FCF margin 18.0%FY16Net margin 8.4%FCF margin 18.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 36.6% · FCF margin 18.2%FY17Net margin 36.6%FCF margin 18.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 16.8% · FCF margin 11.0%FY18Net margin 16.8%FCF margin 11.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 19.7% · FCF margin 11.0%FY19Net margin 19.7%FCF margin 11.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin 21.3% · FCF margin 8.5%FY20Net margin 21.3%FCF margin 8.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin 20.3% · FCF margin 8.4%FY21Net margin 20.3%FCF margin 8.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin 17.8% · FCF margin 1.9%FY22Net margin 17.8%FCF margin 1.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 18.3% · FCF margin -11.3%FY23Net margin 18.3%FCF margin -11.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin 31.6% · FCF margin -26.0%FY24Net margin 31.6%FCF margin -26.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin -3.3% · FCF margin -31.3%FY25Net margin -3.3%FCF margin -31.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin -3.3%FCF margin -31.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’09’13’17’21’25

FY2025: net -3.3% · free cash flow -31.3% of revenue

Cash engineOperating cash flowFree cash flow
$0FY2007 · OCF $1.50B · FCF $486.7M · 0000950123-09-066095 · filed 2009-11-25FY07OCF $1.50BFCF $486.7M0000950123-09-066095 · filed 2009-11-25FY2008 · OCF $1.66B · FCF $573.7M · 0001193125-10-266784 · filed 2010-11-23FY08OCF $1.66BFCF $573.7M0001193125-10-266784 · filed 2010-11-23FY2009 · OCF $1.33B · FCF $150.3M · 0001193125-11-319887 · filed 2011-11-22FY09OCF $1.33BFCF $150.3M0001193125-11-319887 · filed 2011-11-22FY2010 · OCF $1.52B · FCF $533.7M · 0001193125-11-319887 · filed 2011-11-22FY10OCF $1.52BFCF $533.7M0001193125-11-319887 · filed 2011-11-22FY2011 · OCF $1.75B · FCF $443.9M · 0001193125-11-319887 · filed 2011-11-22FY11OCF $1.75BFCF $443.9M0001193125-11-319887 · filed 2011-11-22FY2012 · OCF $1.77B · FCF $244.1M · 0001193125-14-423115 · filed 2014-11-24FY12OCF $1.77BFCF $244.1M0001193125-14-423115 · filed 2014-11-24FY2013 · OCF $1.55B · FCF $28.9M · 0001193125-15-386399 · filed 2015-11-24FY13OCF $1.55BFCF $28.9M0001193125-15-386399 · filed 2015-11-24FY2014 · OCF $2.19B · FCF $827.4M · 0001193125-16-773346 · filed 2016-11-21FY14OCF $2.19BFCF $827.4M0001193125-16-773346 · filed 2016-11-21FY2015 · OCF $2.05B · FCF $884.6M · 0000002969-17-000039 · filed 2017-11-16FY15OCF $2.05BFCF $884.6M0000002969-17-000039 · filed 2017-11-16FY2016 · OCF $2.26B · FCF $1.35B · 0000002969-18-000044 · filed 2018-11-20FY16OCF $2.26BFCF $1.35B0000002969-18-000044 · filed 2018-11-20FY2017 · OCF $2.53B · FCF $1.49B · 0000002969-19-000051 · filed 2019-11-26FY17OCF $2.53BFCF $1.49B0000002969-19-000051 · filed 2019-11-26FY2018 · OCF $2.55B · FCF $978.8M · 0000002969-20-000049 · filed 2020-11-19FY18OCF $2.55BFCF $978.8M0000002969-20-000049 · filed 2020-11-19FY2019 · OCF $2.97B · FCF $980.2M · 0000002969-21-000055 · filed 2021-11-18FY19OCF $2.97BFCF $980.2M0000002969-21-000055 · filed 2021-11-18FY2020 · OCF $3.26B · FCF $755.7M · 0000002969-22-000054 · filed 2022-11-22FY20OCF $3.26BFCF $755.7M0000002969-22-000054 · filed 2022-11-22FY2021 · OCF $3.34B · FCF $871.0M · 0000002969-23-000047 · filed 2023-11-16FY21OCF $3.34BFCF $871.0M0000002969-23-000047 · filed 2023-11-16FY2022 · OCF $3.17B · FCF $244.1M · 0000002969-24-000056 · filed 2024-11-21FY22OCF $3.17BFCF $244.1M0000002969-24-000056 · filed 2024-11-21FY2023 · OCF $3.21B · FCF −$1.42B · 0000002969-25-000055 · filed 2025-11-20FY23OCF $3.21BFCF −$1.42B0000002969-25-000055 · filed 2025-11-20FY2024 · OCF $3.65B · FCF −$3.15B · 0000002969-25-000055 · filed 2025-11-20FY24OCF $3.65BFCF −$3.15B0000002969-25-000055 · filed 2025-11-20FY2025 · OCF $3.26B · FCF −$3.77B · 0000002969-25-000055 · filed 2025-11-20FY25OCF $3.26BFCF −$3.77B0000002969-25-000055 · filed 2025-11-20FY25OCF $3.26BFCF −$3.77B0000002969-25-000055 · filed 2025-11-20’09’13’17’21’25

FY2025: $3.26B operating cash − $7.02B capex = −$3.77B free cash flow

Returns on capitalReturn on equityReturn on assets
0%10%20%30%FY2008 · ROE 18.1% · ROA 7.2%FY08ROE 18.1%ROA 7.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2009 · ROE 13.2% · ROA 4.8%FY09ROE 13.2%ROA 4.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2010 · ROE 18.6% · ROA 7.6%FY10ROE 18.6%ROA 7.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2011 · ROE 21.1% · ROA 8.6%FY11ROE 21.1%ROA 8.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2012 · ROE 18.0% · ROA 6.9%FY12ROE 18.0%ROA 6.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2013 · ROE 14.1% · ROA 5.6%FY13ROE 14.1%ROA 5.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2014 · ROE 13.5% · ROA 5.6%FY14ROE 13.5%ROA 5.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2015 · ROE 17.6% · ROA 7.4%FY15ROE 17.6%ROA 7.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE 8.9% · ROA 3.5%FY16ROE 8.9%ROA 3.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE 29.7% · ROA 16.2%FY17ROE 29.7%ROA 16.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 13.8% · ROA 7.8%FY18ROE 13.8%ROA 7.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 15.9% · ROA 9.3%FY19ROE 15.9%ROA 9.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE 15.6% · ROA 7.5%FY20ROE 15.6%ROA 7.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE 15.5% · ROA 7.8%FY21ROE 15.5%ROA 7.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE 17.2% · ROA 8.3%FY22ROE 17.2%ROA 8.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 16.1% · ROA 7.2%FY23ROE 16.1%ROA 7.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE 22.5% · ROA 9.7%FY24ROE 22.5%ROA 9.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE -2.6% · ROA -1.0%FY25ROE -2.6%ROA -1.0%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE -2.6%ROA -1.0%derived: net income ÷ equity · derived: net income ÷ assets’09’13’17’21’25

return on equity 18% (FY2008) → -3% (FY2025) · on assets -1.0%

Balance sheetLiabilitiesEquity
$0$20B$40BFY2008 · Liabilities $7.40B · Equity $5.03BFY08Liabilities $7.40BEquity $5.03B0000950123-09-066095 · filed 2009-11-25FY2009 · Liabilities $8.10B · Equity $4.79BFY09Liabilities $8.10BEquity $4.79B0001193125-10-266784 · filed 2010-11-23FY2010 · Liabilities $7.81B · Equity $5.55BFY10Liabilities $7.81BEquity $5.55B0001193125-11-319887 · filed 2011-11-22FY2011 · Liabilities $8.35B · Equity $5.80BFY11Liabilities $8.35BEquity $5.80B0001193125-12-476878 · filed 2012-11-20FY2012 · Liabilities $9.93B · Equity $6.48BFY12Liabilities $9.93BEquity $6.48B0001193125-13-453925 · filed 2013-11-26FY2013 · Liabilities $10.28B · Equity $7.04BFY13Liabilities $10.28BEquity $7.04B0001193125-14-423115 · filed 2014-11-24FY2014 · Liabilities $9.97B · Equity $7.37BFY14Liabilities $9.97BEquity $7.37B0001193125-15-386399 · filed 2015-11-24FY2015 · Liabilities $9.95B · Equity $7.25BFY15Liabilities $9.95BEquity $7.25B0001193125-16-773346 · filed 2016-11-21FY2016 · Liabilities $10.82B · Equity $7.08BFY16Liabilities $10.82BEquity $7.08B0000002969-17-000039 · filed 2017-11-16FY2017 · Liabilities $8.28B · Equity $10.09BFY17Liabilities $8.28BEquity $10.09B0000002969-18-000044 · filed 2018-11-20FY2018 · Liabilities $8.00B · Equity $10.86BFY18Liabilities $8.00BEquity $10.86B0000002969-19-000051 · filed 2019-11-26FY2019 · Liabilities $7.55B · Equity $11.05BFY19Liabilities $7.55BEquity $11.05B0000002969-20-000049 · filed 2020-11-19FY2020 · Liabilities $12.73B · Equity $12.08BFY20Liabilities $12.73BEquity $12.08B0000002969-21-000055 · filed 2021-11-18FY2021 · Liabilities $12.77B · Equity $13.54BFY21Liabilities $12.77BEquity $13.54B0000002969-22-000054 · filed 2022-11-22FY2022 · Liabilities $13.49B · Equity $13.14BFY22Liabilities $13.49BEquity $13.14B0000002969-23-000047 · filed 2023-11-16FY2023 · Liabilities $16.34B · Equity $14.31BFY23Liabilities $16.34BEquity $14.31B0000002969-24-000056 · filed 2024-11-21FY2024 · Liabilities $20.90B · Equity $17.04BFY24Liabilities $20.90BEquity $17.04B0000002969-25-000055 · filed 2025-11-20FY2025 · Liabilities $23.71B · Equity $15.02BFY25Liabilities $23.71BEquity $15.02B0000002969-25-000055 · filed 2025-11-20FY25Liabilities $23.71BEquity $15.02B0000002969-25-000055 · filed 2025-11-20’09’13’17’21’25

FY2025: $41.06B assets · $23.71B liabilities · $15.02B equity

The receipts