Air Products & Chemicals Inc (APD) financial statements: income statement, balance sheet and cash flow

Air Products & Chemicals Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Sep 30, 2025 · FY), Air Products & Chemicals Inc reported revenue of $12.0B (-0.5% year on year) and net income of ($394.5M) (-110.3% year on year).

Income statement

Air Products & Chemicals Inc income statement, fiscal years

Line item	Sep 30, 2025 · FY	Sep 30, 2024 · FY	Sep 30, 2023 · FY	Sep 30, 2022 · FY
Sales	$12.0B	$12.1B	$12.6B	$12.7B
Cost of sales	$8.3B	$8.2B	$8.8B	$9.3B
Selling and administrative expense	$906.1M	$942.4M	$957.0M	$900.6M
Research and development expense	$96.3M	$100.2M	$105.6M	$102.9M
Business and asset actions	$3.7B	$57.0M	$244.6M	$73.7M
Shareholder activism-related costs	$86.3M	—	—	—
Gain on sale of business	$67.3M	$1.6B	—	—
Other income (expense), net	$110.1M	$58.2M	$34.8M	$55.9M
Operating Income (Loss)	($877.0M)	$4.5B	$2.5B	$2.3B
Equity affiliates' income	$647.7M	$647.7M	$604.3M	$481.5M
Interest expense	$214.0M	$218.8M	$177.5M	$128.0M
Other non-operating income (expense), net	$2.6M	($73.8M)	($39.0M)	$62.4M
Income (Loss) From Continuing Operations Before Taxes	($440.7M)	$4.8B	$2.9B	$2.8B
Income tax expense (benefit)	($94.3M)	$944.9M	$551.2M	$500.8M
Income (Loss) From Continuing Operations	($346.4M)	$3.9B	$2.3B	$2.3B
Income (Loss) from discontinued operations, net of tax	($8.0M)	($13.9M)	$7.4M	$12.6M
Net Income (Loss)	($354.4M)	$3.9B	$2.3B	$2.3B
Net income attributable to noncontrolling interests	$40.1M	$34.2M	$38.4M	$10.4M
Net income (loss) from continuing operations	($386.5M)	$3.8B	$2.3B	$2.2B
Net income (loss) from discontinued operations	($8.0M)	($13.9M)	$7.4M	$12.6M
Net Income (Loss) Attributable to Air Products	($394.5M)	$3.8B	$2.3B	$2.3B
Basic earnings (loss) per share from continuing operations (in dollars per share)	-$1.74	$17.27	$10.31	$10.11
Basic earnings (loss) per share from discontinued operations (in dollars per share)	-$0.04	-$0.06	$0.03	$0.06
Basic Earnings (Loss) Per Share Attributable to Air Products (in dollars per share)	-$1.77	$17.21	$10.35	$10.16
Diluted earnings (loss) per share from continuing operations (in dollars per share)	-$1.74	$17.24	$10.30	$10.08
Diluted earnings (loss) per share from discontinued operations (in dollars per share)	-$0.04	-$0.06	$0.03	$0.06
Diluted Earnings (Loss) Per Share Attributable to Air Products (in dollars per share)	-$1.77	$17.18	$10.33	$10.14
Basic (in shares)	222.7M	222.5M	222.3M	222.0M
Diluted (in shares)	222.7M	222.8M	222.7M	222.5M

Air Products & Chemicals Inc income statement, quarters

Line item	Jun 30, 2026 · Q3	Mar 31, 2026 · Q2	Dec 31, 2025 · Q1	Jun 30, 2025 · Q3
Sales	$3.2B	$3.2B	$3.1B	$3.0B
Cost of sales	$2.1B	$2.2B	$2.1B	$2.0B
Selling and administrative expense	$219.1M	$227.2M	$228.7M	$222.6M
Research and development expense	$21.5M	$21.6M	$20.4M	$24.1M
Business and asset actions	$2.9B	$0	$22.0M	$24.1M
Shareholder activism-related costs	$0	$0	$0	$25.0M
Gain on sale of business	$0	—	—	$67.3M
Other income (expense), net	$14.9M	$14.1M	$10.6M	$36.5M
Operating Income (Loss)	($2.1B)	$752.7M	$734.5M	$790.6M
Equity affiliates' income	$205.2M	$179.4M	$172.2M	$167.6M
Interest expense	$49.4M	$49.5M	$54.5M	$61.4M
Other non-operating income (expense), net	$3.6M	$900.0K	($1.4M)	($6.0M)
Income (Loss) From Continuing Operations Before Taxes	($1.9B)	$883.5M	$850.8M	$890.8M
Income tax expense (benefit)	($515.4M)	$158.7M	$159.4M	$159.6M
Income (Loss) From Continuing Operations	($1.4B)	—	—	$731.2M
Loss from discontinued operations, net of tax	$0	—	—	($8.0M)
Net Income (Loss)	($1.4B)	$724.8M	$691.4M	$723.2M
Net income attributable to noncontrolling interests	$18.5M	$14.4M	$13.2M	$9.4M
Net income (loss) from continuing operations	($1.4B)	—	—	$721.8M
Net loss from discontinued operations	$0	—	—	($8.0M)
Net Income (Loss) Attributable to Air Products	($1.4B)	$710.4M	$678.2M	$713.8M
Basic earnings (loss) per share from continuing operations (in dollars per share)	-$6.47	—	—	$3.24
Basic loss per share from discontinued operations (in dollars per share)	$0.00	—	—	-$0.04
Basic earnings (loss) per share attributable to Air Products (in dollars per share)	-$6.47	$3.19	$3.04	$3.20
Diluted earnings (loss) per share from continuing operations (in dollars per share)	-$6.47	—	—	$3.24
Diluted loss per share from discontinued operations (in dollars per share)	$0.00	—	—	-$0.04
Diluted earnings (loss) per share attributable to Air Products (in dollars per share)	-$6.47	$3.19	$3.04	$3.20
Basic (in shares)	222.8M	222.8M	222.8M	222.8M
Diluted (in shares)	222.8M	222.9M	222.9M	222.9M

Balance sheet

Air Products & Chemicals Inc balance sheet, fiscal years

Line item	Sep 30, 2025 · FY	Sep 30, 2024 · FY	Sep 30, 2023 · FY	Sep 30, 2022 · FY
Cash and cash items	$1.9B	$3.0B	$1.6B	$2.7B
Short-term investments	$0	$5.0M	$332.2M	$590.7M
Trade receivables, net	$1.9B	$1.8B	$1.7B	$1.8B
Inventories	$776.5M	$766.0M	$651.8M	$514.2M
Prepaid expenses	$174.9M	$179.9M	$177.0M	$156.8M
Assets held for sale	$427.7M	—	—	—
Other receivables and current assets	$689.5M	$610.8M	$722.1M	$515.8M
Total Current Assets	$5.8B	$6.4B	$5.2B	$6.3B
Investment in net assets of and advances to equity affiliates	$5.4B	$4.8B	$4.6B	$3.4B
Plant and equipment, net	$25.3B	$23.4B	$17.5B	$14.2B
Goodwill, net	$963.9M	$905.1M	$861.7M	$823.0M
Intangible assets, net	$293.5M	$311.6M	$334.6M	$347.5M
Operating lease right-of-use assets, net	$944.0M	$1.0B	$974.0M	—
Noncurrent lease receivables	$307.1M	$392.1M	$494.7M	$583.1M
Financing receivables	$1.0B	$1.2B	$817.2M	—
Other noncurrent assets	$1.0B	$1.2B	$1.2B	$1.6B
Total Noncurrent Assets	$35.2B	$33.2B	$26.8B	$20.9B
Total Assets	$41.1B	$39.6B	$32.0B	$27.2B
Payables and accrued liabilities	$3.2B	$2.9B	$2.9B	$2.8B
Accrued income taxes	$179.4M	$558.5M	$131.2M	$135.2M
Short-term borrowings	$34.7M	$83.5M	$259.5M	$10.7M
Current portion of long-term debt	$716.3M	$611.4M	$615.0M	$548.3M
Liabilities held for sale	$50.5M	—	—	—
Total Current Liabilities	$4.2B	$4.2B	$3.9B	$3.5B
Long-term debt	$16.9B	$13.5B	$9.4B	$6.4B
Noncurrent operating lease liabilities	$616.0M	$677.9M	$631.1M	—
Other noncurrent liabilities	$1.3B	$1.4B	$1.1B	$1.7B
Deferred income taxes	$579.6M	$1.2B	$1.3B	$1.2B
Total Noncurrent Liabilities	$19.5B	$16.7B	$12.4B	$10.0B
Total Liabilities	$23.7B	$20.9B	$16.3B	$13.5B
Common stock (par value $1 per share; issued 2025 and 2024 - 249,455,584 shares)	$249400000.00	$249400000.00	$249400000.00	$249400000.00
Capital in excess of par value	$1.3B	$1.3B	$1.2B	$1.1B
Retained earnings	$17.6B	$19.5B	$17.3B	$16.5B
Accumulated other comprehensive loss	($2.1B)	($2.0B)	($2.4B)	($2.8B)
Treasury stock, at cost (2025 - 26,867,328 shares; 2024 - 27,083,166 shares)	-2.0B	-2.0B	—	—
Total Air Products Shareholders' Equity	$15.0B	$17.0B	$14.3B	$13.1B
Noncontrolling interests	$2.3B	$1.6B	$1.3B	$558.4M
Total Equity	$17.3B	$18.7B	$15.7B	$13.7B
Total Liabilities and Equity	$41.1B	$39.6B	$32.0B	$27.2B

Air Products & Chemicals Inc balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Dec 31, 2025	Jun 30, 2025
Cash and cash items	$980.5M	$951.0M	$1.0B	$2.3B
Trade receivables, net	$1.9B	$1.9B	$1.9B	$1.9B
Inventories	$751.6M	$767.9M	$788.1M	$797.7M
Prepaid expenses	$155.1M	$171.2M	$163.8M	$234.0M
Assets held for sale	$475.5M	$467.0M	$472.6M	—
Other receivables and current assets	$719.3M	$717.8M	$757.4M	$848.1M
Total Current Assets	$5.0B	$5.0B	$5.1B	$6.1B
Investment in net assets of and advances to equity affiliates	$5.6B	$5.4B	$5.4B	$5.2B
Plant and equipment, at cost	$43.1B	$44.6B	$43.8B	$43.0B
Less: accumulated depreciation	$18.1B	$17.9B	$17.6B	$17.3B
Plant and equipment, net	$25.0B	$26.7B	$26.1B	$25.6B
Goodwill, net	$957.4M	$958.7M	$971.5M	$969.7M
Intangible assets, net	$278.4M	$283.5M	$294.4M	$302.4M
Operating lease right-of-use assets, net	$790.6M	$917.8M	$925.2M	$976.9M
Noncurrent lease receivables	$283.0M	$291.1M	$299.6M	$318.2M
Financing receivables	$946.4M	$955.6M	$964.6M	$983.3M
Other noncurrent assets	$1.7B	$1.1B	$1.1B	$1.1B
Total Noncurrent Assets	$35.5B	$36.6B	$36.1B	$35.5B
Total Assets	$40.4B	$41.6B	$41.2B	$41.7B
Payables and accrued liabilities	$3.5B	$2.9B	$3.0B	$3.4B
Accrued income taxes	$98.0M	$118.7M	$174.5M	$156.3M
Short-term borrowings	$126.7M	$314.4M	$66.7M	$536.2M
Current portion of long-term debt	$769.5M	$173.5M	$169.8M	$699.0M
Liabilities held for sale	$51.5M	$49.8M	$51.6M	—
Total Current Liabilities	$4.6B	$3.5B	$3.5B	$4.8B
Long-term debt	$16.8B	$17.3B	$17.3B	$16.5B
Noncurrent operating lease liabilities	$489.8M	$600.1M	$607.0M	$646.6M
Other noncurrent liabilities	$1.4B	$1.4B	$1.3B	$1.4B
Deferred income taxes	$638.4M	$733.0M	$661.9M	$673.9M
Total Noncurrent Liabilities	$19.3B	$20.0B	$19.9B	$19.1B
Total Liabilities	$23.8B	$23.5B	$23.4B	$23.9B
Common stock (par value $1 per share; issued 2026 and 2025 - 249,455,584 shares)	$249400000.00	$249400000.00	$249400000.00	$249400000.00
Capital in excess of par value	$1.3B	$1.3B	$1.3B	$1.3B
Retained earnings	$16.3B	$18.1B	$17.8B	$18.0B
Accumulated other comprehensive loss	($2.0B)	($2.1B)	($2.0B)	($2.0B)
Treasury stock, at cost (2026 - 26,770,054 shares; 2025 - 26,867,328 shares)	-2.0B	-2.0B	-2.0B	-2.0B
Total Air Products Shareholders’ Equity	$13.9B	$15.6B	$15.4B	$15.5B
Noncontrolling interests	$2.7B	$2.5B	$2.4B	$2.2B
Total Equity	$16.6B	$18.1B	$17.8B	$17.8B
Total Liabilities and Equity	$40.4B	$41.6B	$41.2B	$41.7B

Cash flow statement

Air Products & Chemicals Inc cash flow statement, fiscal years

Line item	Sep 30, 2025 · FY	Sep 30, 2024 · FY	Sep 30, 2023 · FY	Sep 30, 2022 · FY
Net Income (Loss)	($354.4M)	$3.9B	$2.3B	$2.3B
Less: Net income attributable to noncontrolling interests of continuing operations	$40.1M	$34.2M	$38.4M	$10.4M
Net income (loss) attributable to Air Products	($394.5M)	$3.8B	$2.3B	$2.3B
Net (income) loss from discontinued operations	$8.0M	$13.9M	($7.4M)	($12.6M)
Net income (loss) from continuing operations attributable to Air Products	($386.5M)	$3.8B	$2.3B	$2.2B
Depreciation and amortization	$1.6B	$1.5B	$1.4B	$1.3B
Deferred income taxes	($554.8M)	($69.3M)	($24.7M)	$32.3M
Tax reform repatriation	($34.9M)	—	—	—
Business and asset actions	$3.7B	$57.0M	$244.6M	$73.7M
Gain on sale of business	($67.3M)	($1.6B)	—	—
Undistributed earnings of equity method investments	($269.8M)	($206.0M)	($261.2M)	($214.7M)
Gain on sale of assets and investments	($66.4M)	($31.4M)	($15.8M)	($24.1M)
Share-based compensation	$76.4M	$61.8M	$59.9M	$48.4M
Noncurrent lease receivables	$52.5M	$116.2M	$79.6M	$94.0M
Other adjustments	$48.0M	$183.8M	($103.0M)	($304.9M)
Trade receivables	($36.3M)	($111.0M)	$130.7M	($475.2M)
Inventories	($35.8M)	($137.8M)	($129.4M)	($94.3M)
Other receivables	$7.1M	$34.4M	($93.8M)	($1.8M)
Payables and accrued liabilities	($224.0M)	($338.7M)	($213.3M)	$532.5M
Other working capital	($562.6M)	$370.1M	($119.0M)	($77.0M)
Cash Provided by Operating Activities	$3.3B	$3.6B	$3.2B	$3.2B
Additions to plant and equipment, including long-term deposits	($7.0B)	($6.8B)	($4.6B)	($2.9B)
Acquisitions, less cash acquired	($59.9M)	$0	$0	($65.1M)
Investment in and advances to unconsolidated affiliates	($390.4M)	$0	($912.0M)	($1.7B)
Investment in financing receivables	($61.9M)	($403.0M)	($665.1M)	—
Proceeds from sale of assets and investments	$245.8M	$1.9B	$25.4M	$46.2M
Purchases of short-term investments	($117.6M)	($141.4M)	($640.1M)	—
Proceeds from short-term investments	$122.5M	$470.7M	$897.0M	—
Proceeds from other investing activities	$115.4M	$72.4M	$4.8M	$7.0M
Cash Used for Investing Activities	($7.2B)	($4.9B)	($5.9B)	($3.9B)
Long-term debt proceeds	$4.4B	$4.7B	$3.5B	$766.2M
Payments on long-term debt	($429.9M)	($486.2M)	($615.4M)	($400.0M)
Net (decrease) increase in commercial paper and short-term borrowings	($74.7M)	($289.9M)	$268.2M	$17.9M
Dividends paid to shareholders	($1.6B)	($1.6B)	($1.5B)	($1.4B)
Proceeds from stock option exercises	$1.1M	$7.9M	$24.0M	$19.3M
Investments by noncontrolling interests	$594.6M	$428.5M	$234.9M	$21.0M
Distributions to noncontrolling interests	($7.2M)	($25.8M)	($115.9M)	—
Other financing activities	($91.3M)	($132.5M)	($205.8M)	($41.7M)
Cash Provided by Financing Activities	$2.8B	$2.6B	$1.6B	($1.0B)
Cash provided by operating activities	$0	$0	$600.0K	$59.6M
Cash provided by investing activities	$0	$0	$0	$0
Cash provided by financing activities	$0	$0	$0	$0
Cash Provided by Discontinued Operations	$0	$0	$600.0K	$59.6M
Effect of Exchange Rate Changes on Cash	($7.0M)	$19.8M	$6.5M	($130.3M)
(Decrease) Increase in cash and cash items	($1.1B)	$1.4B	($1.1B)	($1.8B)

Air Products & Chemicals Inc cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · YTD	Dec 31, 2025 · Q1	Jun 30, 2025 · YTD
Net loss	($6.1M)	$1.4B	$691.4M	($364.5M)
Less: Net income attributable to noncontrolling interests of continuing operations	$46.1M	—	—	$34.9M
Net Income (Loss) Attributable to Air Products	($52.2M)	$1.4B	$678.2M	($399.4M)
Net loss from discontinued operations	$0	—	—	$8.0M
Net loss from continuing operations attributable to Air Products	($52.2M)	—	—	($391.4M)
Depreciation and amortization	$1.1B	$745.7M	$370.7M	$1.2B
Deferred income taxes	($511.7M)	$125.6M	$78.2M	($497.2M)
Tax reform repatriation	$0	$0	—	($34.9M)
Gain on sale of business	$0	—	—	($67.3M)
Business and asset actions	$2.9B	$22.0M	$22.0M	$3.0B
Undistributed earnings of equity method investments	($83.8M)	($34.7M)	($28.5M)	($137.8M)
Gain on sale of assets and investments	($4.7M)	($4.0M)	($2.2M)	($46.9M)
Share-based compensation	$38.7M	$26.5M	$10.6M	$65.7M
Noncurrent lease receivables	$36.4M	$24.1M	$12.0M	$40.1M
Other adjustments	$37.2M	($18.1M)	($25.2M)	$31.4M
Trade receivables	($12.4M)	($17.5M)	$6.1M	($91.4M)
Inventories	$19.9M	$5.0M	($11.0M)	($35.6M)
Other receivables	($72.3M)	($22.2M)	($27.8M)	($102.8M)
Payables and accrued liabilities	($202.6M)	($246.4M)	($191.3M)	($215.1M)
Other working capital	$56.6M	$9.8M	$8.9M	($624.6M)
Cash Provided by Operating Activities	$3.3B	$2.0B	$900.7M	$2.0B
Additions to plant and equipment, including long-term deposits	($3.4B)	($2.4B)	($1.3B)	($5.5B)
Acquisitions, less cash acquired	$0	—	—	($59.9M)
Investments in and advances to unconsolidated affiliates	($108.8M)	($20.0M)	($20.0M)	($365.4M)
Investments in financing receivables	$0	$0	$0	($53.8M)
Proceeds from sale of assets and investments	$132.8M	$49.0M	$26.1M	$185.4M
Purchases of short-term investments	$0	$0	$0	($117.6M)
Proceeds from short-term investments	$0	$0	$0	$122.5M
Proceeds from other investing activities	$19.0M	$11.0M	$2.2M	$112.7M
Cash Used for Investing Activities	($3.3B)	($2.3B)	($1.2B)	($5.7B)
Long-term debt proceeds	$644.0M	$439.2M	$382.5M	$4.0B
Payments on long-term debt	($662.8M)	($588.7M)	($569.6M)	($380.1M)
Net increase in commercial paper and short-term borrowings	$77.0M	$269.7M	$67.3M	$214.7M
Dividends paid to shareholders	($1.2B)	($797.0M)	($398.4M)	($1.2B)
Investments by noncontrolling interests	$301.5M	$120.5M	$61.0M	$485.9M
Other financing activities	($36.1M)	($34.8M)	($32.9M)	($79.8M)
Cash (Used for) Provided by Financing Activities	($876.4M)	($591.1M)	($490.1M)	$3.0B
Effect of Exchange Rate Changes on Cash	$2.8M	$500.0K	$2.7M	($4.3M)
Decrease in cash and cash items	($875.5M)	($905.0M)	($829.6M)	($655.4M)
Cash and cash items – Beginning of Year	$1.9B	$1.9B	$1.9B	$3.0B
Cash and Cash Items – End of Period	$980.5M	$951.0M	$1.0B	$2.3B

Air Products & Chemicals Inc score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.