Company file · APD

Air Products

On-site was Air Products' fastest-growing product or service in FY2025, up 4.9%

Revenue fell 0.5% to $12.0B in FY2025, from $12.1B in FY2024. It posted a net loss of $394M. On-site was the largest product or service, at 51% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Nov 20, 2025) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Jul 30, 2026) · Data pulled Nov 11, 2026

Key facts

Air Products (NYSE: APD) reported revenue of $12.0B for fiscal 2025, the year ended Sep 30, 2025, down 0.5% from fiscal 2024. Net income was −$394M, compared with $3.8B. In its latest 10-Q, for the quarter ended Jun 30, 2026, revenue was $3.2B, up 4.6% from the same quarter a year earlier, and net income was −$1.4B. The largest piece by product or service was On-site, at 51% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Nov 20, 2025) and 10-Q for the quarter ended Jun 30, 2026 (filed Jul 30, 2026).

Revenue$12.0BFY2025 · −0.5% vs FY2024

Net income−$394MFY2025 · vs $3.8B in FY2024

Cash & equivalents$980Mat Jun 30, 2026 · −47.2% vs FY2025 end

Diluted shares223MFY2025 avg · −0.0% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Nov 20, 2025

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Jan 30, 2026 · 10-Q filed Apr 30, 2026 · 10-Q filed Jul 30, 2026

How it makes money

By product or service, FY2025

LineAmountSharevs FY2024
On-site$6.2B51%+4.9%
Merchant$5.3B44%+0.1%
Sale of Equipment$520M4%−40.8%

Source: 10-K FY2025, XBRL breakdown

By product or service in FY2025: On-site (51%), Merchant (44%) and Sale of Equipment (4%), as shares of total revenue. Total revenue was $12.0B.

By product or service: three-year mixShare of the total each fiscal year

FY2023

49%44%7%

FY2024

49%44%7%

FY2025

51%44%

On-siteMerchantSale of Equipment

Source: 10-K FY2025

By region, FY2025

Other Foreign Operations$5.4B45%+3.4%

United States$4.7B39%−4.5%

China$1.9B16%−0.9%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 FY2026 (Apr to Jun 2026) compared with Q3 FY2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 FY2026Q3 FY2025

Company

Revenue

$3.2B Q3 FY2026

$3.0B Q3 FY2025

4.6% increase

Net income

−$1.4B Q3 FY2026

$714M Q3 FY2025

n/m (change not meaningful)

A hatched bar is a loss, drawn by its size. The % change isn't shown when either quarter is a loss.

Source: Air Products 10-Q for the quarter ended Jun 30, 2026, filed Jul 30, 2026

By product or service

On-site

$1.7B Q3 FY2026

$1.5B Q3 FY2025

8.2% increase

Merchant

$1.4B Q3 FY2026

$1.3B Q3 FY2025

3.8% increase

Sale of Equipment

$103M Q3 FY2026

$143M Q3 FY2025

27.9% decrease

Source: Air Products 10-Q for the quarter ended Jun 30, 2026, filed Jul 30, 2026

Cash & equivalents $980M at Jun 30, 2026, vs $1.9B at FY2025 end.

The bull case and the bear case

The bull case

Revenue in the quarter ended Jun 30, 2026 was $3.2B, up 4.6% on a year earlier. 10-Q, quarter ended Jun 30, 2026
On-site revenue grew 4.9% in FY2025 to $6.2B. 10-K, FY2025

The bear case

Revenue fell 0.5% in FY2025 to $12.0B, from $12.1B a year earlier. 10-K, FY2025
It reported a net loss of $394M in FY2025. 10-K, FY2025
Sale of Equipment revenue fell 40.8% in FY2025 to $520M. 10-K, FY2025
United States revenue fell 4.5% in FY2025 to $4.7B. 10-K, FY2025

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Air Products is in the industrial gases industry, part of the materials sector. The SEC files it under Industrial Inorganic Chemicals.

The full description of Air Products' business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service and region.

Its fiscal year ends in September; the latest, FY2025, ended Sep 30, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the industrial gases industry. They are not a summary of Air Products’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Commodity pricesPrices of the metals, chemicals or products it sells move revenue and margins.
Demand cyclesCustomers in construction, manufacturing and autos buy less in downturns.
Energy and input costsEnergy, raw material and freight costs can rise faster than prices.
Regulation and environmentEnvironmental and safety rules can raise costs or limit operations.
TradeTariffs and trade policy can shift demand and competition.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$12.6B	$12.1B	$12.0B
Net income	$2.3B	$3.8B	−$394M
Cash & equivalents (year end)	$1.6B	$3.0B	$1.9B
Diluted shares	223M	223M	223M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

What we left out

Operating cash flow: the company's filing data doesn't carry it for all the years shown, so it isn't shown.
Total debt: the company's filing data doesn't carry a consistent debt total for the years shown, so it isn't shown.

Recent filings

Form	Filed	Period
10-Q	Jul 30, 2026	Jun 30, 2026
10-Q	Apr 30, 2026	Mar 31, 2026
10-Q	Jan 30, 2026	Dec 31, 2025
DEF 14A	Dec 11, 2025	Jan 28, 2026
10-K	Nov 20, 2025	Sep 30, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Air Products

How does Air Products make money?

Air Products's revenue was $12.0B in fiscal 2025. By product or service in FY2025: On-site (51%), Merchant (44%) and Sale of Equipment (4%), as shares of total revenue. Total revenue was $12.0B. Source: 10-K for fiscal 2025, filed Nov 20, 2025.

What was Air Products's revenue in fiscal 2025?

$12.0B of revenue for the fiscal year ended Sep 30, 2025, down 0.5% from $12.1B in fiscal 2024. Fiscal 2023 was $12.6B. Source: 10-K for fiscal 2025, filed Nov 20, 2025.

Is Air Products profitable?

Air Products reported net income of −$394M for fiscal 2025, compared with $3.8B from $3.8B in fiscal 2024. That is a loss under US accounting rules (GAAP). In the quarter ended Jun 30, 2026, net income was −$1.4B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Nov 20, 2025.

What did Air Products report in its latest quarterly filing?

Revenue was $3.2B in the quarter ended Jun 30, 2026, up 4.6% from $3.0B a year earlier. Net income was −$1.4B, compared with $714M from $714M. Source: 10-Q for the quarter ended Jun 30, 2026, filed Jul 30, 2026.

What are the main risks Air Products faces?

Air Products's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Nov 20, 2025. Risks that are common among companies in the industrial gases industry include Commodity prices; demand cycles; energy and input costs; regulation and environment; trade. The first: Prices of the metals, chemicals or products it sells move revenue and margins. Source: 10-K, Item 1A Risk Factors.

Where do these Air Products numbers come from?

From Air Products's own SEC filings: the 10-K for fiscal 2025 (filed Nov 20, 2025) and the 10-Q for the quarter ended Jun 30, 2026 (filed Jul 30, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Air Products

Viking Global Investors: 4,740,351 shares, reported value $1.39B at Jun 30, 2026 (+15.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Millennium Management: 756,421 shares, reported value $221.8M at Jun 30, 2026 (+42.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Citadel Advisors: 463,285 shares, reported value $135.8M at Jun 30, 2026 (−54.4% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Markel Group: 92,750 shares, reported value $25.8M at Sep 30, 2026 (+4.8% in shares since the filing for Jun 30, 2026). Form 13F filed Oct 30, 2026.
Renaissance Technologies: 43,860 shares, reported value $12.9M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 13, 2026.
Point72 Asset Management: 31,650 shares, reported value $9.3M at Jun 30, 2026 (−94.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in APD: The editor holds no position in Air Products (APD). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell APD from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 2, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold APD, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Air ProductsAPD	FY2025	$12.0B	−0.5%	−$394M
LindeLIN	FY2025	$34.0B	+3.0%	$6.9B
NewmontNEM	FY2025	$22.7B	+21.3%	$7.1B
Freeport-McMoRanFCX	FY2025	$25.9B	+1.8%	$4.2B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.