APD Financials Air Products and Chemicals

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 46 d ago Overview →

Growth & profitability

Revenue has grown 6.3% per year over the past 5 years.
Operating margin has contracted, at -7.3% in the latest year.

Financial health

Total debt has grown slower than revenue (2.7% vs 6.3% per year).
Operating income covered interest expense -4.1× in the latest year.
The company is unprofitable and has less than a year of cash runway at its current free-cash-flow burn.

Shareholder returns

Dividends have been paid for 15 consecutive years.
The dividend has grown 7.5% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$12.0B	-$395M	31.4%	-7.3%	-2.6%	-1.0%	-$3.8B	—	$1.9B
2024	$12.1B	$3.8B	32.5%	36.9%	22.5%	9.7%	-$3.1B	—	$3.0B
2023	$12.6B	$2.3B	29.9%	19.8%	16.1%	7.2%	-$1.4B	—	$1.6B
2022	$12.7B	$2.3B	26.5%	18.4%	17.2%	8.3%	$244M	—	$2.7B
2021	$10.3B	$2.1B	30.4%	22.1%	15.5%	7.8%	$871M	—	$4.5B
2020	$8.9B	$1.9B	33.9%	25.3%	15.6%	7.5%	$756M	—	$5.3B
2019	$8.9B	$1.8B	32.7%	24.0%	15.9%	9.3%	$980M	—	$2.2B
2018	$8.9B	$1.5B	30.7%	22.0%	13.8%	7.8%	$979M	—	$2.8B
2017	$8.2B	$3.0B	29.8%	17.6%	29.7%	16.2%	$1.5B	—	$3.3B
2016	$7.5B	$631M	31.0%	20.5%	8.9%	3.5%	$1.4B	$5.2B	$1.3B
2015	—	$1.3B	—	—	17.6%	7.4%	$885M	$5.9B	$183M
2014	—	$992M	—	—	13.5%	5.6%	$562M	$6.1B	$285M
2013	—	$994M	—	—	14.1%	5.6%	$29M	$6.3B	$450M
2012	—	$1.2B	—	—	18.0%	6.9%	$244M	$5.3B	$454M
2011	—	$1.2B	—	—	21.1%	8.6%	$401M	$4.6B	$421M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$3.2B	-$1.4B	32.8%	-66.3%	-10.4%	-3.6%	$310M	—	$981M
Mar '26	$3.2B	$710M	31.1%	23.7%	4.5%	1.7%	-$4M	—	$951M
Dec '25	$3.1B	$678M	32.1%	23.7%	4.4%	1.6%	-$351M	—	$1.0B
Sep '25	$3.2B	$5M	32.3%	0.5%	0.0%	0.0%	—	—	$1.9B
Jun '25	$3.0B	$714M	32.5%	26.2%	4.6%	1.7%	-$640M	—	$2.3B
Mar '25	$2.9B	-$1.7B	29.6%	-79.8%	-11.8%	-4.5%	-$1.6B	—	$1.5B
Dec '24	$2.9B	$617M	31.2%	22.0%	3.7%	1.5%	-$1.3B	—	$1.8B
Sep '24	$3.2B	$1.9B	34.0%	76.1%	11.4%	4.9%	—	—	$3.0B
Jun '24	$3.0B	$697M	32.8%	24.7%	4.6%	1.9%	-$345M	—	$2.4B
Mar '24	$2.9B	$572M	32.0%	21.7%	3.8%	1.6%	-$868M	—	$2.5B
Dec '23	$3.0B	$609M	31.0%	22.2%	4.1%	1.8%	-$819M	—	$2.0B
Sep '23	$3.2B	$693M	30.8%	23.1%	4.8%	2.2%	—	—	$1.6B
Jun '23	$3.0B	$596M	31.7%	21.2%	4.2%	1.9%	-$477M	—	$1.6B
Mar '23	$3.2B	$440M	28.7%	14.4%	3.1%	1.5%	-$368M	—	$2.2B
Dec '22	$3.2B	$572M	28.4%	20.5%	4.1%	2.0%	-$115M	—	$3.1B
Sep '22	$3.6B	$583M	26.6%	17.5%	4.4%	2.1%	—	—	$2.7B
Jun '22	$3.2B	$582M	26.6%	19.7%	4.3%	2.1%	$203M	—	$3.0B
Mar '22	$2.9B	$531M	26.9%	19.1%	3.8%	1.9%	-$250M	—	$2.3B
Dec '21	$3.0B	$560M	25.7%	17.5%	4.1%	2.1%	$121M	—	$3.0B
Sep '21	$2.8B	$610M	29.4%	21.7%	4.5%	2.3%	—	—	$4.5B

Valuation over time

How the market has priced APD against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 28.6× (Mar '23) to 17.1× (Aug '25).
The price-to-sales ratio has risen from 5.1× (Mar '23) to 5.6× (Sep '26).
The dividend yield has risen from 2.1% (Mar '23) to 2.3% (Sep '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is APD growing its revenue and profit?

Over the past 5 years, Air Products and Chemicals's revenue has grown 6.3% per year. These are computed facts, not advice.

How much debt does APD have?

As of FY2025, Air Products and Chemicals reported — of total debt against $1.9B of cash; operating income covered interest expense -4.1×.

What is APD's profit margin?

In FY2025, gross margin was 31.4%, operating margin -7.3%, and net margin -3.3%.

What is APD's P/E ratio?

As of Sep '26, Air Products and Chemicals traded at a price-to-earnings ratio of about 17.1× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.