Air Products and Chemicals, Inc. (APD) financials

NYSE · Basic Materials · Chemicals - Specialty · 21,194 employees · CEO Eduardo F. Menezes

Price: $316.43 +1.50%
Market cap: $70.5B
Enterprise value: $87.6B
Last report: Q3 '26 filed 2026-07-30
Next report: 2026-11-05 EPS est. $3.61

Revenue (TTM)$12.6B+4.5% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)-4.7%-17.4 pp vs a year agoOperating income -$593M

Net income (TTM)-$47.3M-103.1% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$2.06B+144.5% vs a year agoCapex $2.51B

Diluted EPS (TTM)-$0.21-103.0% vs a year agoSum of the last 4 quarters

Net cash-$17.2B-7.2% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $70.5B
Revenue: $12.6B
Revenue growth: +6%
Profit margin: -0.4%
P/E: -1,521.3×
P/S: 5.6×
EV / EBITDA: 20.0×
Free cash flow: $2.06B
Net income: -$47.3M
Revenue estimate: $12.8B
Earnings: 2026-11-05
Dividend: $7.22

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-07-30): revenue missed by 1.3%, EPS beat by 3.9%Revenue $3.16B vs $3.2B expected (-1.3%); EPS $3.47 vs $3.34 (+3.9%).
Revenue growth steady: 4.6% year on yearQ3 '26 revenue $3.16B, against an average of 3.8% over the four quarters before.
Operating margin -4.7% (TTM), -17.4 pp on a year agoOperating income grew -138.7% while revenue grew 4.5%.
Capex 19.9% of revenue (a year ago 62.9%)$2.51B invested in the last 4 quarters (-66.8% on a year earlier). Free cash flow $2.06B.
Returned $1.6B to shareholders = 77.7% of free cash flowBuybacks $0 (a year earlier $0), dividends $1.6B, stock-based pay $49.4M (TTM).
Diluted share count down 0.0% in a year223M diluted shares in Q3 '26, 223M a year earlier.
Net debt $17.2BCash + short-term investments $981M, debt incl. leases $18.2B; a year ago net debt $16B.

Last quarter: Q3 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$3.16B	$3.02B	+4.6%
Gross margin	32.8%	32.5%	+0.3 pp
Operating income	-$2.1B	$791M	-365.3%
Operating margin	-66.3%	26.2%	-92.5 pp
Net income	-$1.44B	$714M	-301.8%
Diluted EPS	-$6.46	$3.20	-301.9%
Operating cash flow	$1.31B	$856M	+52.5%
Capex	$996M	$1.5B	-33.4%
Free cash flow	$310M	-$640M	+148.4%
R&D	$21.5M	$24.1M	-10.8%
Stock-based compensation	$12.2M	$11M	+10.9%

Reported vs consensus

2026-07-30

	Actual	Consensus	vs consensus
Revenue	$3.16B	$3.2B	-1.3%
EPS (as estimated)	$3.47	$3.34	+3.9%

From the report of 2026-07-30 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
On-site	$1.67B	+8.2%	52.9%	$6.61B	+7.4%
Merchant	$1.39B	+3.8%	43.9%	$5.45B	+2.6%
Sale of Equipment	$103M	-27.9%	3.3%	$543M	-8.3%

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
Americas Segment	$1.32B	+4.8%	43.2%	$5.34B	+3.8%
Asia Segment	$886M	+9.4%	29.0%	$3.42B	+4.8%
Europe Segment	$816M	+5.9%	26.7%	$3.18B	+8.5%
Middle East And India Segment	$34.8M	-9.1%	1.1%	$126M	-6.0%

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Americas Segment	–	–	$395M	+5.7%	–	–	$1.56B
Asia Segment	–	–	$256M	+18.3%	–	–	$955M
Europe Segment	–	–	$231M	+2.4%	–	–	$903M
Middle East And India	–	–	–	–	–	–	–
Corporate And Other	–	–	-$80.2M	+3.5%	–	–	-$315M
Middle East And India Segment	–	–	$8M	-1.2%	–	–	$23.4M

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $4.57B
Capex: -$2.51B
Buybacks: $0
Dividends: -$1.6B
Acquisitions: -$25M
Net debt issued: $128M
Stock-based compensation: $49.4M
Free cash flow: $2.06B
Returned to shareholders / FCF: 77.7%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	-1,521.3×	23.9× 4 of 5 years	17.3× – 28.0×
EV / EBITDA	20.0×	23.0×	12.1× – 57.8×
EV / Sales	7.0×	5.8×	4.5× – 6.5×
Price / FCF	34.2×	117.4× 2 of 5 years	64.7× – 170.1×
Price / Book	5.1×	4.1×	3.9× – 4.4×
FCF yield	2.9%	-2.2%	-6.2% – 1.5%
Return on invested capital	0.1%	6.1%	-1.8% – 9.9%
Return on equity	-0.3%	13.7%	-2.6% – 22.5%

Analysts

Consensus target $337.56 (+6.7%)
range $305.00 – $373.00 · rating Buy

Strong buy0

Buy22

Hold20

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$12.8B	+6.0%	$13.45	+860.1%	23.5×	12
FY2027	$13.5B	+5.7%	$14.45	+7.4%	21.9×	13
FY2028	$14.4B	+6.5%	$15.66	+8.4%	20.2×	5
FY2029	$16.4B	+14.4%	$18.36	+17.2%	17.2×	2
FY2030	$17.8B	+8.1%	$20.81	+13.3%	15.2×	1

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 342 figures Air Products and Chemicals, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable and Accrued Liabilities, Current	$3.53B	$3.37B	+4.8%	$3.24B	$2.93B	+10.6%
Accounts Payable, Trade, Current	$1.44B2025-09-30	$1.45B	-1.0%	$1.44B	$1.45B	-1.0%
Accounts Receivable, after Allowance for Credit Loss, Current	$1.88B	$1.94B	-3.2%	$1.9B	$1.82B	+4.4%
Accounts Receivable, Allowance for Credit Loss	$30.2M2025-09-30	$26.3M	+14.8%	$30.2M	$26.3M	+14.8%
Accounts Receivable, Allowance for Credit Loss, Writeoff	–	–	–	$7.5M	$8.5M	-11.8%
Accounts Receivable, Credit Loss Expense (Reversal)	–	–	–	$10.3M	$10.7M	-3.7%
Accrued Environmental Loss Contingencies, Noncurrent	$71.8M2025-09-30	$67.2M	+6.8%	$71.8M	$67.2M	+6.8%
Accrued Income Taxes, Current	$98M	$156M	-37.3%	$179M	$559M	-67.9%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$18.1B	$17.3B	+4.5%	$17.4B	$16.6B	+5.0%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$1.99B	-$1.97B	-1.0%	-$2.09B	-$2.03B	-3.0%
Acquired Finite-lived Intangible Asset, Residual Value	$02025-09-30	$0	–	$0	$0	–
Additional Collateral, Aggregate Fair Value	$282M	$202M	+40.0%	$174M	$57.2M	+204.2%
Additional Paid in Capital, Common Stock	$1.33B	$1.3B	+2.0%	$1.31B	$1.25B	+4.3%
Amortization of Intangible Assets	–	–	–	$37.3M	$31.5M	+18.4%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	200K	100K	+100.0%	200K	0	–
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$11.4M	$11.5M	-0.9%	$72M	$58.3M	+23.5%
Asset Retirement Obligation	$406M2025-09-30	$335M	+21.4%	$406M	$335M	+21.4%
Asset Retirement Obligation, Accretion Expense	$3.3M2025-09-30	–	–	$13M	$12M	+8.3%
Asset Retirement Obligation, Foreign Currency Translation Gain (Loss)	-$3.3M2025-09-30	–	–	-$1.6M	$5.8M	-127.6%
Asset Retirement Obligation, Liabilities Incurred	$20.1M2025-09-30	–	–	$87.5M	$33.3M	+162.8%
Asset Retirement Obligation, Liabilities Settled	$5.2M2025-09-30	–	–	$11.7M	$13.7M	-14.6%
Asset Retirement Obligations, Noncurrent	$481M	–	–	$329M	$323M	+1.8%
Assets	$40.4B	$41.7B	-2.9%	$41.1B	$39.6B	+3.8%
Assets for Plan Benefits, Defined Benefit Plan	$211M2025-09-30	$200M	+5.4%	$211M	$200M	+5.4%
Assets, Current	$4.96B	$6.15B	-19.3%	$5.83B	$6.36B	-8.4%
Assets, Noncurrent	$35.5B	$35.5B	-0.1%	$35.2B	$33.2B	+6.1%
Business Exit Costs	–	–	–	$3.62B	$0	–
Capitalized Contract Cost, Net, Current	$76M	$114M	-33.6%	$85.4M	$104M	-17.6%
Capitalized Contract Cost, Net, Noncurrent	$32.4M	–	–	$33.8M	$0	–
Cash and Cash Equivalents, at Carrying Value	$981M	$2.32B	-57.8%	$1.86B	$2.98B	-37.7%
Cash Provided by (Used in) Financing Activities, Discontinued Operations	–	–	–	$0	$0	–
Cash Provided by (Used in) Investing Activities, Discontinued Operations	–	–	–	$0	$0	–
Cash Provided by (Used in) Operating Activities, Discontinued Operations	–	–	–	$0	$0	–
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	$981M	$2.32B	-57.8%	$1.86B	$2.98B	-37.7%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$29.5M	$833M	-96.5%	-$1.12B	$1.36B	-182.5%
Collateral Already Posted, Aggregate Fair Value	$0	$0	–	$0	$0	–
Common Stock, Dividends, Per Share, Declared	$1.81	$1.79	+1.1%	$7.14	$7.06	+1.1%
Common Stock, Par or Stated Value Per Share	$1.00	$1.00	0.0%	$1.00	$1.00	0.0%
Common Stock, Shares Authorized	300M2025-09-30	300M	0.0%	300M	300M	0.0%
Common Stock, Shares, Issued	249M	249M	0.0%	249M	249M	0.0%
Common Stock, Shares, Outstanding	223M2025-09-30	222M	+0.1%	223M	222M	+0.1%
Common Stock, Value, Issued	$249M	$249M	0.0%	$249M	$249M	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	-$1.37B	$1.22B	-212.4%	-$455M	$4.25B	-110.7%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	-$1.33B	$1.26B	-206.2%	-$349M	$4.14B	-108.4%
Contract with Customer, Asset, after Allowance for Credit Loss, Current	$64.5M	$135M	-52.4%	$153M	$76.2M	+100.3%
Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent	$110M	$53.8M	+104.5%	$82.3M	$0	–
Contract with Customer, Liability, Current	$219M	$233M	-5.9%	$253M	$240M	+5.6%
Contract with Customer, Liability, Noncurrent	$279M	$287M	-3.0%	$284M	$290M	-2.2%
Contract with Customer, Liability, Revenue Recognized	$40M	$15M	+166.7%	$110M	$335M	-67.2%
Cost of Goods and Services Sold	$2.13B	$2.04B	+4.2%	$8.26B	$8.17B	+1.1%
Current Federal Tax Expense (Benefit)	–	–	–	$38M	$550M	-93.1%
Current Foreign Tax Expense (Benefit)	–	–	–	$417M	$355M	+17.5%
Current Income Tax Expense (Benefit)	–	–	–	$461M	$1.01B	-54.6%
Current State and Local Tax Expense (Benefit)	–	–	–	$5.6M	$109M	-94.9%
Debt and Lease Obligation	$17.7B2025-09-30	$14.2B	+24.4%	$17.7B	$14.2B	+24.4%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$309M2025-09-30	$305M	+1.4%	$309M	$305M	+1.4%
Debt Issuance Costs, Gross	$3.8M2025-09-30	$4.6M	-17.4%	$3.8M	$4.6M	-17.4%
Deferred Costs, Noncurrent	$02025-09-30	$329M	-100.0%	$0	$329M	-100.0%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$497M	-$97.8M	-408.6%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$37.6M	$43.5M	-13.6%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-Q 2025-12-31, 10-K 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-Q 2024-12-31, 10-K 2024-09-30, 10-Q 2024-06-30

Data as of 2026-11-01