financial statements

The full income statement, balance sheet, and cash-flow statement for Air Products and Chemicals Inc. (APD), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

See the live APD chart & snapshot →

PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofSep 30 ’25	as ofSep 30 ’24	as ofSep 30 ’23	as ofSep 30 ’22	as ofSep 30 ’21
Revenue	12.0B YoY-0.5%	12.1B YoY-4.0%	12.6B YoY-0.8%	12.7B YoY+23.0%	10.3B YoY+16.6%
Cost of revenue	8.26B YoY+1.1%	8.17B YoY-7.5%	8.83B YoY-5.4%	9.34B YoY+30.0%	7.19B YoY+22.7%
Research & development	96.3M YoY-3.9%	100M YoY-5.1%	106M YoY+2.6%	103M YoY+10.1%	93.5M YoY+11.4%
Selling, general & administrative	906M YoY-3.9%	942M YoY-1.5%	957M YoY+6.3%	901M YoY+8.7%	828M YoY+6.8%
Restructuring	3.75B YoY+6473.7%	57.0M YoY-76.7%	245M YoY+231.9%	73.7M	0.00
Amortization of intangibles	37.3M YoY+18.4%	31.5M YoY-3.1%	32.5M YoY-8.5%	35.5M YoY-4.6%	37.2M YoY+7.8%
Provision for credit losses	10.3M YoY-3.7%	10.7M YoY+30.5%	8.20M YoY+9.3%	7.50M YoY+177.8%	2.70M YoY-64.9%
Operating income	-877M YoY-119.6%	4.47B YoY+79.0%	2.49B YoY+6.7%	2.34B YoY+2.5%	2.28B YoY+2.0%
Interest expense	214M YoY-2.2%	219M YoY+23.3%	178M YoY+38.7%	128M YoY-9.7%	142M YoY+29.7%
Other non-operating income	2.60M YoY+103.5%	-73.8M YoY-89.2%	-39.0M YoY-162.5%	62.4M YoY-15.3%	73.7M YoY+140.1%
Equity-method income	648M YoY+0.0%	648M YoY+7.2%	604M YoY+25.5%	482M YoY+63.7%	294M YoY+11.1%
Pre-tax income	-441M YoY-109.1%	4.82B YoY+67.3%	2.88B YoY+4.6%	2.75B YoY+9.9%	2.51B YoY+3.4%
Income tax	-94.3M YoY-110.0%	945M YoY+71.4%	551M YoY+10.1%	501M YoY+8.2%	463M YoY-3.3%
	-395M YoY-110.3%	3.83B YoY+66.4%	2.30B YoY+2.0%	2.26B YoY+7.5%	2.10B YoY+11.3%
Income from continuing operations	-387M YoY-110.1%	3.84B YoY+67.6%	2.29B YoY+2.2%	2.24B YoY+10.6%	2.03B YoY+6.7%
Discontinued operations	-8.00M YoY+42.4%	-13.9M YoY-287.8%	7.40M YoY-41.3%	12.6M YoY-82.1%	70.3M YoY+591.6%
Net income to non-controlling interest	40.1M YoY+17.3%	34.2M YoY-10.9%	38.4M YoY+269.2%	10.4M YoY-34.2%	15.8M YoY-64.4%
	-$1.77 YoY-110.3%	$17.18 YoY+66.3%	$10.33 YoY+1.9%	$10.14 YoY+7.5%	$9.43 YoY+11.1%
EPS (basic)	-$1.77 YoY-110.3%	$17.21 YoY+66.3%	$10.35 YoY+1.9%	$10.16 YoY+7.3%	$9.47 YoY+11.0%
Weighted-avg shares (basic)	223M YoY+0.1%	223M YoY+0.1%	222M YoY+0.1%	222M YoY+0.2%	222M YoY+0.2%
Weighted-avg shares (diluted)	223M YoY-0.0%	223M YoY+0.0%	223M YoY+0.1%	223M YoY+0.0%	223M YoY+0.1%
Dividends per share	$7.14 YoY+1.1%	$7.06 YoY+2.8%	$6.87 YoY+8.0%	$6.36 YoY+8.9%	$5.84 YoY+12.7%
Balance Sheet	as ofSep 30 ’25	as ofSep 30 ’24	as ofSep 30 ’23	as ofSep 30 ’22	as ofSep 30 ’21
	5.83B YoY-8.4%	6.36B YoY+22.4%	5.20B YoY-17.2%	6.28B YoY-25.0%	8.38B YoY-3.6%
Cash & equivalents	1.86B YoY-37.7%	2.98B YoY+84.3%	1.62B YoY-40.4%	2.71B YoY-39.3%	4.47B YoY-14.9%
Short-term investments	0.00 YoY-100.0%	5.00M YoY-98.5%	332M YoY-43.8%	591M YoY-55.6%	1.33B YoY+20.5%
Accounts receivable	1.90B YoY+4.4%	1.82B YoY+7.1%	1.70B YoY-5.2%	1.79B YoY+23.6%	1.45B YoY+13.8%
Inventory	777M YoY+1.4%	766M YoY+17.5%	652M YoY+26.8%	514M YoY+13.3%	454M YoY+12.1%
Prepaid expenses	175M YoY-2.8%	180M YoY+1.6%	177M YoY+12.9%	157M YoY+31.3%	119M YoY-27.4%
Other current assets	690M YoY+12.9%	611M YoY-15.4%	722M YoY+40.0%	516M YoY-6.4%	551M YoY+14.1%
	41.1B YoY+3.8%	39.6B YoY+23.7%	32.0B YoY+17.7%	27.2B YoY+1.2%	26.9B YoY+6.7%
Property, plant & equipment	25.3B YoY+8.4%	23.4B YoY+33.8%	17.5B YoY+23.4%	14.2B YoY+6.8%	13.3B YoY+10.8%
Operating lease right-of-use	944M YoY-9.9%	1.05B YoY+7.6%	974M YoY+40.2%	695M YoY+22.7%	566M YoY+50.3%
Goodwill	964M YoY+6.5%	905M YoY+5.0%	862M YoY+4.7%	823M YoY-9.7%	912M YoY+2.2%
Intangible assets	294M YoY-5.8%	312M YoY-6.9%	335M YoY-3.7%	348M YoY-17.4%	421M YoY-3.5%
Deferred tax assets	128M YoY+0.1%	128M YoY-19.9%	160M YoY+17.6%	136M YoY+35.4%	100M YoY-12.9%
Other non-current assets	1.02B YoY-12.8%	1.17B YoY-4.7%	1.23B YoY+29.9%	947M YoY-37.1%	1.51B YoY+59.7%
Total non-current assets	35.2B YoY+6.1%	33.2B YoY+23.9%	26.8B YoY+28.2%	20.9B YoY+13.1%	18.5B YoY+12.1%
	4.22B YoY+0.9%	4.18B YoY+7.3%	3.90B YoY+12.4%	3.47B YoY+23.8%	2.80B YoY+15.8%
Accounts payable	1.44B YoY-1.0%	1.45B YoY+19.7%	1.21B YoY+8.2%	1.12B YoY+52.1%	737M YoY+34.9%
Accrued liabilities	3.24B YoY+10.6%	2.93B YoY+1.2%	2.89B YoY+4.3%	2.77B YoY+24.9%	2.22B YoY+21.0%
Deferred revenue	253M YoY+5.6%	240M YoY-41.9%	413M YoY-5.9%	439M YoY+19.7%	367M YoY+16.9%
Short-term & current debt	34.7M YoY-58.4%	83.5M YoY-67.8%	260M YoY+2325.2%	10.7M YoY+345.8%	2.40M YoY-68.8%
Current lease liability	91.8M YoY-8.5%	100M YoY+5.9%	94.7M YoY+5.2%	90.0M YoY+14.5%	78.6M YoY+11.2%
Other current liabilities	283M YoY+3.8%	273M YoY-3.0%	282M YoY+34.6%	209M YoY-12.2%	238M YoY-3.2%
	23.7B YoY+13.4%	20.9B YoY+27.9%	16.3B YoY+21.1%	13.5B YoY+5.6%	12.8B YoY+0.4%
Long-term debt	3.37B YoY+0.0%	3.37B YoY+0.0%	3.37B YoY+0.0%	3.37B YoY+0.0%	3.37B YoY+0.0%
Deferred revenue (non-current)	284M YoY-2.2%	290M YoY+111.8%	137M YoY+103.7%	67.2M YoY+15.1%	58.4M YoY+0.9%
Non-current lease liability	616M YoY-9.1%	678M YoY+7.4%	631M YoY+6.6%	592M YoY+17.6%	503M YoY+49.9%
Deferred tax liabilities	580M YoY-50.0%	1.16B YoY-8.4%	1.27B YoY+1.5%	1.25B YoY+5.6%	1.18B YoY+22.7%
Other non-current liabilities	1.35B YoY-0.2%	1.35B YoY+20.8%	1.12B YoY+1.7%	1.10B YoY-33.0%	1.64B YoY-14.4%
Total non-current liabilities	19.5B YoY+16.6%	16.7B YoY+34.3%	12.4B YoY+24.2%	10.0B YoY+0.5%	9.97B YoY-3.3%
	15.0B YoY-11.8%	17.0B YoY+19.0%	14.3B YoY+8.9%	13.1B YoY-2.9%	13.5B YoY+12.1%
Common stock	249M YoY+0.0%	249M YoY+0.0%	249M YoY+0.0%	249M YoY+0.0%	249M YoY+0.0%
Additional paid-in capital	1.31B YoY+4.3%	1.25B YoY+5.3%	1.19B YoY+4.3%	1.14B YoY+2.3%	1.12B YoY+1.9%
Retained earnings	17.6B YoY-10.2%	19.5B YoY+13.0%	17.3B YoY+4.7%	16.5B YoY+5.4%	15.7B YoY+5.4%
Treasury stock	2.00B YoY+0.9%	1.98B YoY+0.9%	1.97B YoY-0.7%	1.98B YoY-0.3%	1.99B YoY-0.6%
Accumulated other comprehensive income	-2.09B YoY-3.0%	-2.03B YoY+17.2%	-2.45B YoY+12.1%	-2.79B YoY-83.8%	-1.52B YoY+29.2%
Non-controlling interest	2.32B YoY+42.0%	1.64B YoY+21.5%	1.35B YoY+141.3%	558M YoY+1.8%	548M YoY+50.9%
Total equity incl. non-controlling	17.3B YoY-7.1%	18.7B YoY+19.2%	15.7B YoY+14.3%	13.7B YoY-2.7%	14.1B YoY+13.2%
Total liabilities & equity	41.1B YoY+3.8%	39.6B YoY+23.7%	32.0B YoY+17.7%	27.2B YoY+1.2%	26.9B YoY+6.7%
Common shares issued	249M YoY+0.0%	249M YoY+0.0%	249M YoY+0.0%	249M YoY+0.0%	249M YoY+0.0%
Common shares outstanding	223M YoY+0.1%	222M YoY+0.1%	222M YoY+0.2%	222M YoY+0.2%	221M YoY+0.2%
Shares outstanding (cover)	223M YoY+0.1%	222M YoY+0.1%	222M YoY+0.2%	222M YoY+0.2%	221M YoY+0.2%
Cash Flow	as ofSep 30 ’25	as ofSep 30 ’24	as ofSep 30 ’23	as ofSep 30 ’22	as ofSep 30 ’21
	3.26B YoY-10.7%	3.65B YoY+13.8%	3.21B YoY+1.1%	3.17B YoY-4.9%	3.34B YoY+2.2%
Depreciation & amortization	1.56B YoY+7.8%	1.45B YoY+6.8%	1.36B YoY+1.5%	1.34B YoY+1.3%	1.32B YoY+11.5%
Share-based compensation	76.4M YoY+23.6%	61.8M YoY+3.2%	59.9M YoY+23.8%	48.4M YoY+8.8%	44.5M YoY-16.8%
Deferred income taxes	-555M YoY-700.6%	-69.3M YoY-180.6%	-24.7M YoY-176.5%	32.3M YoY-65.6%	94.0M YoY-43.0%
Change in receivables	36.3M YoY-67.3%	111M YoY+184.9%	-131M YoY-127.5%	475M YoY+264.1%	131M YoY+402.1%
Change in inventory	35.8M YoY-74.0%	138M YoY+6.5%	129M YoY+37.2%	94.3M YoY+99.8%	47.2M YoY+807.7%
Other operating activities	48.0M YoY-73.9%	184M YoY+278.4%	-103M YoY+66.2%	-305M YoY-161.3%	-117M YoY-200.3%
Capital expenditure	7.02B YoY+3.3%	6.80B YoY+46.9%	4.63B YoY+58.1%	2.93B YoY+18.8%	2.46B YoY-1.8%
Acquisitions	59.9M	0.00	0.00 YoY-100.0%	65.1M YoY+520.0%	10.5M YoY-94.3%
Purchases of investments	—	—	—	1.64B YoY-22.0%	2.10B YoY-26.7%
Other investing activities	-115M YoY-59.4%	-72.4M YoY-1408.3%	-4.80M YoY+31.4%	-7.00M YoY-20.7%	-5.80M YoY-48.7%
Long-term debt issued	4.39B YoY-6.2%	4.68B YoY+33.0%	3.52B YoY+358.9%	766M YoY+328.3%	179M YoY-96.3%
Long-term debt repaid	430M YoY-11.6%	486M YoY-21.0%	615M YoY+53.8%	400M YoY-13.6%	463M YoY+13.8%
Net short-term debt	-74.7M YoY+74.2%	-290M YoY-208.1%	268M YoY+1398.3%	17.9M YoY+1690.0%	1.00M YoY+101.8%
Dividends paid	1.58B YoY+1.2%	1.56B YoY+4.6%	1.50B YoY+8.2%	1.38B YoY+10.1%	1.26B YoY+13.9%
Other financing activities	-91.3M YoY+31.1%	-133M YoY+35.6%	-206M YoY-457.7%	-36.9M YoY-59.7%	-23.1M YoY+76.2%
FX effect on cash	-7.00M YoY-135.4%	19.8M YoY+204.6%	6.50M YoY+105.0%	-130M YoY-568.7%	27.8M YoY+86.6%
Net change in cash	-1.12B YoY-182.5%	1.36B YoY+224.6%	-1.09B YoY+37.8%	-1.76B YoY-124.2%	-784M YoY-126.1%
Interest paid	192M YoY-3.0%	198M YoY+50.7%	132M YoY+2.3%	129M YoY-14.6%	150M YoY+123.8%
Income taxes paid	941M YoY+52.7%	616M YoY-4.5%	645M YoY+74.8%	369M YoY-3.8%	384M YoY+1.0%
Valuation Ratios	as ofSep 30 ’25	as ofSep 30 ’24	as ofSep 30 ’23	as ofSep 30 ’22	as ofSep 30 ’21
Market cap	60.7B YoY-8.3%	66.2B YoY+5.1%	63.0B YoY+22.0%	51.6B YoY-9.0%	56.7B YoY-13.8%
P/E	—	17.3× YoY-39.8%	28.7× YoY+25.6%	22.9× YoY-15.3%	27.0× YoY-22.6%
P/S	5.0× YoY-7.8%	5.5× YoY+12.8%	4.9× YoY+19.3%	4.1× YoY-26.0%	5.5× YoY-26.1%
P/B	4.0× YoY+4.0%	3.9× YoY-12.7%	4.5× YoY+13.4%	3.9× YoY-6.2%	4.2× YoY-23.1%
P/FCF	—	—	—	211.5× YoY+224.9%	65.1× YoY-25.2%
Earnings yield	—	5.8% YoY+66.2%	3.5% YoY-20.4%	4.4% YoY+18.0%	3.7% YoY+29.1%
FCF yield	—	—	—	0.5% YoY-69.2%	1.5% YoY+33.8%
Dividend yield	2.6% YoY+10.4%	2.4% YoY-2.2%	2.4% YoY-11.3%	2.7% YoY+19.8%	2.3% YoY+31.1%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: APD's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all APD filings on SEC EDGAR → Not investment advice.

APD▼ financial statements

About this data

financial statements