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Air Products & Chemicals, Inc.APD

Sector
Industrial
Industry
Industrial Inorganic Chemicals
Exchange
NYSE

Stock Price $APD

Latest filings

You are here#7 of 15 in Materials by market cap

Filing record · 2016–202610-K1010-Q338-K123

APD filed 10 annual reports (10-K), 33 quarterly reports (10-Q) and 123 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Jan ’17Jan ’17
  2. FY2018 annual report10-K · Nov ’18Nov ’18
  3. Leadership change8-K · Sep ’21Sep ’21
  4. Leadership change8-K · Aug ’25Aug ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $12.04B
YoY changeLargest recent move+23.0%in FY22Latest −0.5%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All APD Financial Metrics61 metrics

Income Statement14

Balance Sheet27

Cash Flow15

Per Share5

02—Overview

Air Products & Chemicals, Inc. Financial Overview 2021–2025

Updated Jul 10, 2026

Air Products & Chemicals swallowed a staggering $3.7 billiona in pre-tax restructuring charges in FY2025, triggering an $877.0 million operating loss as new leadership aggressively exited unprofitable clean energy ventures. This massive write-down highlights a blunt but necessary strategic pivot. After years of pursuing capital-intensive green hydrogen projects, the company is pivoting hard back to its highly profitable core industrial gases business with strict new return thresholds.

While total revenue grew from $10.3 billion in FY2021 to $12.0 billionb by FY2025, the underlying financial engine has undergone a radical transformation. Management began streamlining operations by divesting the legacy LNG business for $1.81 billion in FY2024, which temporarily surged operating income by 79% to $4.5 billion. By FY2025, the focus shifted to cutting losses on the energy transition front. Despite the severe headline net loss that year, the core portfolio demonstrated deep resilience, with adjusted EBITDA creeping up 1% to $5.1 billion. Furthermore, the company maintained its relentless commitment to capital returns, raising its dividend for a 43rd consecutive year and returning $1.6 billion in FY2025.

Investors have largely looked past the temporary restructuring pain to focus on the cash-generating potential of the streamlined industrial gas portfolio. At the close of FY2025, the market awarded the company a $60.7 billionc market capitalization, pricing shares at $272.72 even as reported earnings sank to a $-1.77 deficit per share.

Recent Developments (Q1 and Q2 2026)

Air Products staged a sharp operational recovery in H1 2026 before announcing another massive impairment. In Q2 2026, sales climbed 9% to $3.2 billiond, driven by higher volumes and energy pass-throughs. Operating income surged to $752.7 million, with operating margin expanding to 23.7%. This drove first-half FY2026 operating income to $1.5 billion.

Despite these gains, management announced a complete exit from the Louisiana and Casa Grande green hydrogen projects in June 2026, triggering a $2.9 billione pre-tax charge in Q3 2026. Bulls see a leaner enterprise, noting first-half capital expenditures dropped to $1.8 billion. Bears warn this new write-down exposes ongoing capital misallocation in aborted clean energy ventures. At $300.05, the stock traded at -169.5x earnings as of the Q2 2026 reporting date, commanding a $66.8 billion market capitalization.

What to watch: final cash settlement costs capped at $925 million for canceled projects; progress on the surviving NEOM Green Hydrogen Project.

03—Filings

Recent SEC Filings

  1. 8-KAir Products & Chemicals, Inc. 8-K Report, Financial Results (Jul 30, 2026)Air Products (APD) reported fiscal Q3 2026 results on July 30, 2026, with a sharp GAAP loss driven by a large one-time charge tied to project exit decisions, while underlying (adjusted) performance improved. GAAP operating loss was $2.1 billion (operating margin of negative 66.3%) and GAAP loss per share was $6.47, versus GAAP EPS of $3.24 a year earlier. The loss reflects approximately $2.9 billion pre-tax (about $2.2 billion after-tax, or $9.92 per share) of business and asset action charges tied to the June 30, 2026 decisions to exit the Louisiana Clean Energy Complex, the Casa Grande, Arizona zero-carbon liquid hydrogen facility, and other smaller clean energy distribution projects. Excluding these charges and other items, adjusted operating income rose 9% to $810 million, adjusted operating margin expanded 110 basis points to 25.6%, and adjusted EPS rose 12% to $3.47. Sales increased 5% to $3.2 billion on 3% higher volumes, with growth across the Americas, Asia and Europe segments and higher equity affiliates' income from Saudi Arabia. Management raised full-year fiscal 2026 adjusted EPS guidance to $13.39–$13.49 and guided fiscal Q4 adjusted EPS to $3.55–$3.65, while lowering fiscal 2026 capital expenditures to approximately $3.5 billion as the company pivots toward traditional industrial gas projects. For investors, the key trade-off is a substantial write-off and reduced clean-energy ambition in exchange for a leaner capital plan and a stronger core earnings trajectory. Balance sheet figures show total shareholder equity falling to $13.9 billion attributable to Air Products from $15.0 billion at fiscal year-end 2025, with cash declining to $980.5 million. Nine-month cash flow from operations rose to $3.3 billion, and capital expenditures for the period were $2.6 billion on the company's non-GAAP definition.
  2. 8-KAir Products & Chemicals, Inc. 8-K Report, Material Impairment (Jun 30, 2026)Air Products & Chemicals (APD) disclosed in an 8-K filed June 30, 2026 that it will exit its Louisiana Clean Energy Complex (LCEC), a low-carbon hydrogen and ammonia project, along with the Casa Grande, Arizona green hydrogen facility and other smaller clean energy distribution projects. The decisions were made on June 26, 2026 after a Board- and CEO-initiated review, with the company concluding the projects' expected financial returns did not meet its return criteria. Management expects a pre-tax charge of up to $2.9 billion (about $2.2 billion after tax) in fiscal Q3 2026, primarily for asset write-downs and terminating contractual commitments. Cash expenditures are estimated not to exceed $925 million based on contract terms, though management expects lower actual cash outlays once negotiations with third parties are finalized. The filing also highlights a positive development: Air Products is finalizing a marketing and distribution agreement with Yara International for renewable ammonia from the NEOM Green Hydrogen Project in Saudi Arabia. Management states this agreement is independent of the LCEC decision and would allow Yara's global supply chain to sell and deliver ammonia from what the company describes as the world's first large-scale renewable ammonia plant. For investors, the key takeaways are the size of the one-time charge relative to the company's roughly $12.0 billion fiscal 2025 sales, the shift away from capital-intensive green projects toward more disciplined return thresholds, and the remaining uncertainty around final charge amounts and cash outflows. Detailed updates are deferred to the fiscal Q3 earnings release and the Form 10-Q for the period ending June 30, 2026.
  3. 8-KAir Products & Chemicals, Inc. 8-K Report, Financial Results (Apr 30, 2026)Air Products (APD) reported fiscal Q2 2026 results (quarter ended March 31, 2026) that were strong on an underlying basis. Adjusted EPS rose 19% to $3.20 and adjusted operating income rose 19% to $753 million, both above the top end of company guidance. Sales increased 9% to $3.2 billion, driven by 4% higher volumes, 4% favorable currency, and 2% higher energy cost pass-through, partially offset by 1% lower pricing. GAAP EPS of $3.19 and GAAP operating income of $753 million were each up over 130%, but that comparison is flattered by the prior-year $2.9 billion business and asset action charges, so the adjusted figures are the better guide to operating trend. Helium pricing remained a headwind, partly offset by non-helium pricing gains. Management raised its fiscal 2026 adjusted EPS guidance to $13.00 to $13.25 (from a prior-year adjusted base of $12.03, implying 8% to 10% growth) and guided fiscal Q3 adjusted EPS to $3.25 to $3.35. Capital expenditures are still expected to be about $4.0 billion for the year. Year-to-date capex through March was $1.79 billion on the company's non-GAAP definition, so the second half must carry substantial spending. Operating cash flow for the first six months was $2.0 billion, up from $1.1 billion, while cash fell to $951 million from $1.86 billion and short-term borrowings and long-term debt both increased. Management remains cautious about the macroeconomic backdrop but expects second-half support from non-helium pricing, productivity actions, and new assets ramping up. Investors should watch helium supply and pricing, the execution of large projects, and whether the company can sustain its guidance given the macro uncertainty it cited.
  4. 8-KAir Products & Chemicals, Inc. 8-K Report, Financial Results (Jan 30, 2026)Air Products (APD) reported fiscal Q1 2026 results (quarter ended December 31, 2025) that beat its own guidance. GAAP EPS rose 10% to $3.04 and GAAP operating income rose 14% to $735 million (reported as $734.5M in the income statement). On an adjusted basis, EPS was $3.16 (up 10%, above the top end of prior guidance) and adjusted operating income was $757 million (up 12%), with adjusted operating margin expanding 140 basis points to 24.4%. Sales grew 6% to $3.1 billion, but the growth was driven mainly by energy cost pass-through (+3%) and favorable currency (+2%) and pricing (+1%), while volumes were flat as on-site growth offset lower helium demand and a non-recurring prior-year helium sale in the Americas. Segment performance was mixed in its drivers but broadly positive in results. Europe was the standout, with sales up 12% and operating income up 20%, aided by volumes, pricing, and currency. Asia and Americas posted modest operating income gains, with Americas margins flat as a roughly 150 basis point energy pass-through headwind offset better non-helium pricing and business mix. Management reaffirmed full-year fiscal 2026 adjusted EPS guidance of $12.85 to $13.15 and capital expenditures of about $4.0 billion, and guided fiscal Q2 adjusted EPS to $2.95 to $3.10. Cash flow from operations rose to $901 million, and capital expenditures (non-GAAP) fell sharply to $911 million from $1.21 billion, largely because NEOM Green Hydrogen spending funded by others declined. For investors, the quarter supports the company's earnings-growth narrative, with a 44th consecutive annual dividend increase to $1.81 per quarter and new contracts including a NASA liquid hydrogen award of more than $140 million. Watch items include the $22 million of business and asset actions tied to project exits, the rise in cash-to-debt-financing needs reflected in long-term debt growing to $17.1 billion, a cash balance that dropped to $1.0 billion, and advanced negotiations with Yara on low-emission ammonia projects, which remain unconfirmed and could change the capital outlook.
  5. 8-KAir Products & Chemicals, Inc. 8-K Report, Shareholder Vote Results (Jan 29, 2026)Air Products & Chemicals, Inc. (APD) held its 2026 Annual Meeting of Shareholders on January 28, 2026, with a strong turnout of approximately 91.03% of voting shares represented. The meeting primarily focused on routine corporate governance matters, with all proposals receiving overwhelming support from shareholders. This indicates continued shareholder confidence in the company's leadership and operational direction. Key outcomes include the re-election of all director nominees and the approval, on an advisory basis, of executive compensation. Furthermore, shareholders ratified the appointment of Deloitte & Touche LLP as the independent auditor for the upcoming fiscal year. These results suggest a stable governance environment and broad shareholder alignment with the company's current strategies and financial oversight.
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04—See also

Related Companies

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