AIR PRODUCTS & CHEMICALS, INC.
Fiscal years labelled by the calendar year in which they end. Bars in $ billions; per-share figures as reported.
CAPITALIZATION 9/30/25
| ($ millions) | Amount | % |
|---|---|---|
| Total debt | 17,698 | 54.1 |
| Stockholders' equity | 15,025 | 45.9 |
| Total capitalization | 32,723 | 100.0 |
222,685,530 shares outstanding at 30 June 2026 (cover page of the 10-Q filed 30 July 2026).
LONG-TERM DEBT 9/30/25
| ($ millions) | Amount |
|---|---|
| Long-term debt, incl. current maturities | 17,664 |
| Current maturities | 716 |
| Short-term borrowings / commercial paper | 35 |
CAPITAL STOCK 9/30/25
| Common shares authorized | 300,000,000 |
| Common shares issued | 249,455,584 |
| Treasury shares | 26,867,328 |
| Par or stated value per share ($) | 1 |
| Outstanding at 6/30/26 | 222,685,530 |
DIVIDENDS DECLARED/PAID
| Fiscal year | Per share $ | Payout % |
|---|---|---|
| 2025 | 7.14 | – |
| 2024 | 7.06 | 41.1 |
| 2023 | 6.87 | 66.5 |
| 2022 | 6.36 | 62.7 |
| 2021 | 5.84 | 61.9 |
HISTORY AND BUSINESS
HISTORY: Incorporated in Delaware. Formerly known as AIR PRODUCTS & CHEMICALS INC /DE/ (to 7 April 2022).
BUSINESS: Classified by the SEC under Standard Industrial Classification 2810, Industrial Inorganic Chemicals. Large accelerated filer. Principal executive office: 1940 Air Products Blvd., Allentown, PA 18106-5500. Fiscal year ends September 30. For a description of the business, see Item 1 of the latest 10-K.
CONSOLIDATED INCOME ACCOUNT, YEARS ENDED
| ($ millions) | 9/30/25 | 9/30/24 | 9/30/23 |
|---|---|---|---|
| Revenues | 12,037 | 12,101 | 12,600 |
| Cost of revenues | 8,256 | 8,169 | 8,833 |
| Research and development | 96 | 100 | 106 |
| Selling, general and administrative | 906 | 942 | 957 |
| Depreciation and amortization | 1,564 | 1,451 | 1,358 |
| Operating income | (877) | 4,466 | 2,495 |
| Interest expense | 214 | 219 | 178 |
| Income before income taxes | (441) | 4,821 | 2,882 |
| Income taxes | (94) | 945 | 551 |
| Net income | (394) | 3,828 | 2,300 |
| Earned per share, diluted ($) | (1.77) | 17.18 | 10.33 |
| Dividends per share ($) | 7.14 | 7.06 | 6.87 |
CONSOLIDATED BALANCE SHEET
| ($ millions) | 9/30/25 | 9/30/24 |
|---|---|---|
| Cash and equivalents | 1,856 | 2,980 |
| Receivables, net | 1,901 | 1,822 |
| Inventories | 776 | 766 |
| Total current assets | 5,826 | 6,363 |
| Property, plant and equipment, net | 25,338 | 23,371 |
| Goodwill | 964 | 905 |
| Total assets | 41,060 | 39,575 |
| Total current liabilities | 4,219 | 4,180 |
| Total liabilities | 23,710 | 20,901 |
| Stockholders' equity | 15,025 | 17,036 |
| Total liabilities and equity | 41,060 | 39,575 |
TEN-YEAR STATISTICS: FISCAL YEARS ($ millions except per share)
| Fiscal year ended | Revenues | Oper. income | Net income | Net margin % | EPS diluted $ | Div. per share $ | Oper. cash flow | Capital expend. | Free cash flow | Total assets | Total liabilities | Total debt | Stockholders' equity | ROE % | Debt / equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 9/30/25 | 12,037 | (877) | (394) | -3.3 | (1.77) | 7.14 | 3,257 | 7,023 | (3,766) | 41,060 | 23,710 | 17,698 | 15,025 | -2.6 | 1.18 |
| 9/30/24 | 12,101 | 4,466 | 3,828 | 31.6 | 17.18 | 7.06 | 3,647 | 6,797 | (3,150) | 39,575 | 20,901 | 14,228 | 17,036 | 22.5 | 0.84 |
| 9/30/23 | 12,600 | 2,495 | 2,300 | 18.3 | 10.33 | 6.87 | 3,206 | 4,626 | (1,421) | 32,002 | 16,342 | 10,306 | 14,313 | 16.1 | 0.72 |
| 9/30/22 | 12,699 | 2,339 | 2,256 | 17.8 | 10.14 | 6.36 | 3,171 | 2,926 | 244 | 27,193 | 13,490 | 7,645 | 13,144 | 17.2 | 0.58 |
| 9/30/21 | 10,323 | 2,281 | 2,099 | 20.3 | 9.43 | 5.84 | 3,335 | 2,464 | 871 | 26,859 | 12,771 | 7,637 | 13,540 | 15.5 | 0.56 |
| 9/30/20 | 8,856 | 2,238 | 1,887 | 21.3 | 8.49 | 5.18 | 3,265 | 2,509 | 756 | 25,168 | 12,725 | 7,908 | 12,080 | 15.6 | 0.65 |
| 9/30/19 | 8,919 | 2,144 | 1,760 | 19.7 | 7.94 | 4.58 | 2,970 | 1,990 | 980 | 18,943 | 7,554 | 3,326 | 11,054 | 15.9 | 0.30 |
| 9/30/18 | 8,930 | 1,966 | 1,498 | 16.8 | 6.78 | 4.25 | 2,547 | 1,568 | 979 | 19,178 | 8,002 | 3,813 | 10,858 | 13.8 | 0.35 |
| 9/30/17 | 8,188 | 1,440 | 3,000 | 36.6 | 13.65 | 3.71 | 2,528 | 1,040 | 1,489 | 18,467 | 8,282 | 3,963 | 10,086 | 29.7 | 0.39 |
| 9/30/16 | 7,504 | 1,535 | 631 | 8.4 | 2.89 | 3.39 | 2,259 | 908 | 1,351 | 18,029 | 10,815 | 6,225 | 7,080 | 8.9 | 0.88 |
Net margin = net income ÷ revenues; ROE = net income ÷ year-end stockholders’ equity; total debt = long-term debt including current maturities plus short-term borrowings/commercial paper, as tagged in XBRL; free cash flow = operating cash flow − purchases of property, plant and equipment; d = derived as total assets − total equity where the filing does not tag total liabilities; – = not reported in XBRL for that year.
REGISTRANT:
Air Products & Chemicals, Inc.
CIK 2969 · EIN 23-1274455
PRINCIPAL OFFICE:
1940 Air Products Blvd., Allentown, PA 18106-5500
Tel.: 6104814911
INCORPORATED:
Delaware
INDUSTRY (SEC SIC CODE):
2810 · Industrial Inorganic Chemicals
FILER STATUS:
Large accelerated filer
LATEST ANNUAL REPORT:
10-K for period ended 9/30/25, filed 20 November 2025
FORMER NAMES:
AIR PRODUCTS & CHEMICALS INC /DE/
Sources: SEC XBRL company facts (all financial figures) · SEC submissions (registrant, address, SIC, filings) · annual reports: 10-K FY2025 (filed 11/20/25) · 10-K FY2024 (filed 11/21/24) · 10-K FY2023 (filed 11/16/23) · 10-K FY2022 (filed 11/22/22) · 10-K FY2021 (filed 11/18/21) · 10-K FY2020 (filed 11/19/20) · 10-K FY2019 (filed 11/26/19) · 10-K FY2018 (filed 11/20/18). Values are the latest figures filed for each fiscal year (restated where a later 10-K restated them). Ratios and free cash flow are Pathos calculations from those figures. Retrieved 31 October 2026.
Data from SEC filings. © 2026 Pathos Investments · pathosinvestments.com · For educational purposes only. Not investment advice.