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Air Products (APD) stock

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NYSE: APD NYSE Industrial Gases Next results ~November 5, 2026

C Fundamentals grade

Air Products and Chemicals, Inc. (ticker APD) is a company incorporated in the United States whose common shares are registered with the US Securities and Exchange Commission under file number 001-04534. It reports on a fiscal year ending 30 September and files consolidated financial statements covering the parent company and its subsidiaries.

The portion of the annual report provided here does not set out the company's products, services, customers or operating segments. It consists of governance, executive compensation, security-ownership and exhibit disclosures rather than a description of the business. Consequently, specific detail on what Air Products makes, who it sells to, how it is organised into segments and where it operates cannot be drawn from this source.

Among the facts disclosed, the company's independent registered public accounting firm is Deloitte & Touche LLP. It maintains committed borrowing facilities, including a five-year revolving credit agreement for $3,000,000,000 dated 28 March 2024 and a 364-day facility for $500,000,000. The report was signed on 20 November 2025.

Based on Air Products's 10-K filed November 20, 2025.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$100

Valuation models combined (3)

Base case. Range ~$81–$140. Weighted average of 3 models (forward price-to-earnings vs peers, residual income, justified price-to-book).

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Air Products valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Air Products files

Where Air Products stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $12.6bn, up 4.5% on a year earlier, faster than 3.7% a quarter earlier. Free-cash-flow margin rose to -2.4% from -38.4% a year earlier. Operating margin narrowed to -4.7% from 12.7%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 3 financial-health checks. Our revenue-to-maturity cash-flow model value is $81.27 a share, against a share price of $299.

Source: 10-Q filed July 30, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Air Products's trailing-twelve-month revenue grew 4.5% year on year, with a free-cash-flow margin of -2.4%.

Current signal Operating margin compressing: TTM operating margin fell to -4.7%, down 17.4pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Loss-making. Operating margin is -4.7%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 17.4 points on a year ago.
  • Burning cash. Free cash flow was -2.4% of revenue over the last 12 months.
  • Insiders selling. 2 insiders sold $21M of stock over the past 365 days and none bought (0% under pre-set trading plans).

Latest results: FY2026 Q3

Filed July 30, 2026
Earnings per share
$3.47 against an average estimate of $3.34: beat by 3.8%
Revenue
$3.16bn, up 4.6% on a year earlier
Share reaction
+0.2% in the first session after the results on July 30, 2026, against +2.4% for the S&P 500
Guidance given
adjusted EPS $13.39 to $13.49 (full-year fiscal 2026); adjusted EPS $3.55 to $3.65 (fiscal 2026 fourth quarter)
Next report
November 5, 2026; average EPS estimate $3.61

Air Products' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.1%
  • 1 week+3.4%
  • 1 month+13.9%
  • This year+31.3%
  • 1 year+33.7%
  • 5 years+18.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$12.6B
Operating margin
-4.7%
Net margin
-0.4%
EPS (TTM, diluted)
$-0.21

Growth

Revenue growth
+4.5%
Change in growth rate
+0.8 pts
Share count change
−0.1%

Cash

Free cash flow (TTM)
-$301M
FCF margin
-2.4%
Stock pay % of revenue
0.4%

Earnings

Last results
July 30, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Results
  3. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Air Products valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Air Products as an operating company, with every model that fits that kind of business. Cost of equity 8.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.86 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$48 ~$29–$62 Left out: out of range vs price (0.15x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$140 ~$110–$300 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$81 ~$64–$100 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$90 ~$79–$100 Included
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$3.7 ~$24–$130 Left out: out of range vs price (0.01x)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$55 ~$42–$72 Left out: out of range vs price (0.17x)
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$100 ~$81–$140 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Air Products with Materials sector in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$108.16$120.68$137.73$187.27$256.92$225.66$210.26$262.15$281.14$263.91$316.03
Market value$23.6bn$26.5bn$30.4bn$41.5bn$57.1bn$50.2bn$46.8bn$58.4bn$62.6bn$58.8bn$70.4bn
+ Net debt (− = net cash)$4.9bn$689m−$2.8bn$1.1bn$2.7bn$3.2bn$4.9bn$8.7bn$11.5bn$16.1bn−$981m
Enterprise value$28.5bn$27.2bn$27.6bn$42.6bn$59.8bn$53.4bn$51.7bn$67.1bn$74.1bn$74.9bn$69.4bn
Multiples
Price / sales 3.1x3.2x3.4x4.7x6.4x4.9x3.7x4.6x5.2x4.9x5.6x
Price / earnings 37.4x8.8x20.3x23.6x30.3x23.9x20.7x25.4x16.4x——
Price / free cash flow 17.5x17.8x31.1x42.3x75.6x57.6x191.7x————
EV / EBITDA 11.9x11.8x9.4x13.2x17.5x14.8x14.1x17.4x12.5x109.0x73.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

53 /100

Moderate moat

How hard Air Products's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 11 / 20

    Cash operating profit has been a median 9.1% of total assets over 10 years.

  • Pricing power 11 / 20

    Gross margin has been a median 31.4%, moving by 1.9 percentage points (standard deviation) across 10 years.

  • Durability 6 / 20

    Operating margin has been a median 20.4%; its worst year was -4.7%.

  • Cash conversion 8 / 20

    Free cash flow was positive in 6 of 10 years, at a median 3.8% of revenue.

  • Discipline 17 / 20

    The diluted share count rose 0.1% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $3.3bn and EPS of $3.61 (range $3.56 to $3.66) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $13.45 +12% $12.8bn +6%
Next $14.44 +7% $13.5bn +6%

Next year's EPS estimate has moved +1.1% in 90 days, across 23 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.7% on 90 days ago. In the last 30 days, 2 analysts raised Air Products's forecast and 1 cut it.

Consensus EPS forecast Air Products, last 90 days
$13.00 $13.50 $14.00 $14.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $13.22 Current fiscal year, 60 days ago: $13.44 Current fiscal year, 30 days ago: $13.45 Current fiscal year, 7 days ago: $13.45 Current fiscal year, Now: $13.45 $13.45 Next fiscal year, 90 days ago: $14.29 Next fiscal year, 60 days ago: $14.44 Next fiscal year, 30 days ago: $14.44 Next fiscal year, 7 days ago: $14.45 Next fiscal year, Now: $14.44 $14.44

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $13.22$14.29
60 days ago $13.44$14.44
30 days ago $13.45$14.44
7 days ago $13.45$14.45
Now $13.45$14.44

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $3.34 $3.47 +3.8%
Mar 2026 $3.06 $3.20 +4.5%
Dec 2025 $3.04 $3.16 +3.9%
Sept 2025 $3.38 $3.39 +0.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 30, 2026
  • adjusted EPS full-year fiscal 2026 $13.39 to $13.49 Non-GAAP Raised
    “Air Products is raising its full-year fiscal 2026 adjusted EPS guidance * to a range of $13.39 to $13.49.” source
  • adjusted EPS fiscal 2026 fourth quarter $3.55 to $3.65 Non-GAAP
    “For the fiscal 2026 fourth quarter, Air Products' adjusted EPS guidance * is $3.55 to $3.65.” source
  • capital expenditures full-year fiscal 2026 about $3.5bn Non-GAAP
    “Air Products now expects capital expenditures * to be approximately $3.5 billion for full-year fiscal 2026.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

23 analysts, Oct 2026
Buy1565%
Hold835%
Sell00%

Monthly trend

  1. Oct 2026411823
  2. Sep 2026411722
  3. Aug 2026311721
  4. Jul 2026311721

Counts of recommendations published by analysts covering Air Products, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.2%
of tradable shares
Days to cover
4.01
at average volume
Short interest, 1 month
+16%
to October 15, 2026
Held by institutions
93%
of shares
Held by insiders
1.9%
of shares
Employees
21,087
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +33.7%

$236.31 on October 31, 2025 to $316.03

ThenNowEffect
Revenue (last 12 months) $12.1bn $12.6bn +4.5%
P/S multiple 4.4x 5.6x +27.9%
Share count 223m 223m +0.1%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +16.5%

$271.21 on November 3, 2023 to $316.03

ThenNowEffect
Revenue (last 12 months) $13.0bn $12.6bn −2.9%
P/S multiple 4.7x 5.6x +20.0%
Share count 223m 223m 0.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
APD+14%+4%−9%+8%−13%+31%
Industry peers (median)——————
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
APD50%50%50%58%50%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
APD−15%−28%−19%−21%−30%−12%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 32% from December 13, 2022 to February 7, 2024. Getting back needed a 47% gain, reached on October 7, 2024, 243 days after the low.

Price behaviour

52-week range
$224.78 – $316.43
From 52-week high
−0.1%
vs 50-day average
+7.7%
vs 200-day average
+10.0%
Volatility (1 year)
26%
Beta vs S&P 500
0.04

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±4.5%
After a week
7 up, 5 down
typical move ±5.4%
After a month
8 up, 4 down
typical move ±5.1%
Results releasedNext dayS&P 500 next day5 days21 days
July 30, 2026 +0.2% +2.4% +1.9% +4.7%
April 30, 2026 −0.5% +1.3% −2.5% −7.8%
January 30, 2026 +5.8% +0.2% +10.6% +6.6%
November 6, 2025 +9.3% −1.0% +10.7% −0.6%
July 31, 2025 −2.9% −2.0% −0.5% +1.4%
May 1, 2025 +2.4% +2.2% −0.5% +2.8%
February 6, 2025 −6.8% −0.6% −5.4% −8.8%
January 14, 2025 +1.7% +2.0% +5.1% +4.4%
November 7, 2024 +2.0% +1.2% +3.0% +3.2%
August 1, 2024 +6.8% −3.3% +5.8% +5.7%
April 30, 2024 −0.3% −1.9% +4.4% +9.4%
February 5, 2024 −15.5% −0.1% −13.8% −5.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Air Products in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Air Products
$12B $12.2B $12.4B $12.6B $12.8B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $12.6B Revenue (TTM), FY24 Q1: $12.4B Revenue (TTM), FY24 Q2: $12.2B Revenue (TTM), FY24 Q3: $12.1B Revenue (TTM), FY24 Q4: $12.1B Revenue (TTM), FY25 Q1: $12B Revenue (TTM), FY25 Q2: $12B Revenue (TTM), FY25 Q3: $12.1B Revenue (TTM), FY25 Q4: $12B Revenue (TTM), FY26 Q1: $12.2B Revenue (TTM), FY26 Q2: $12.5B Revenue (TTM), FY26 Q3: $12.6B $12.6B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $12.6B
FY24 Q1 $12.4B
FY24 Q2 $12.2B
FY24 Q3 $12.1B
FY24 Q4 $12.1B
FY25 Q1 $12B
FY25 Q2 $12B
FY25 Q3 $12.1B
FY25 Q4 $12B
FY26 Q1 $12.2B
FY26 Q2 $12.5B
FY26 Q3 $12.6B
Revenue growth, TTM YoY Air Products
-10% -5% 0% 5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -0.8% Revenue growth, TTM YoY, FY24 Q1: -3.5% Revenue growth, TTM YoY, FY24 Q2: -7.5% Revenue growth, TTM YoY, FY24 Q3: -6.7% Revenue growth, TTM YoY, FY24 Q4: -4.0% Revenue growth, TTM YoY, FY25 Q1: -3.1% Revenue growth, TTM YoY, FY25 Q2: -1.1% Revenue growth, TTM YoY, FY25 Q3: -0.4% Revenue growth, TTM YoY, FY25 Q4: -0.5% Revenue growth, TTM YoY, FY26 Q1: 1.4% Revenue growth, TTM YoY, FY26 Q2: 3.7% Revenue growth, TTM YoY, FY26 Q3: 4.5% 4.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -0.8%
FY24 Q1 -3.5%
FY24 Q2 -7.5%
FY24 Q3 -6.7%
FY24 Q4 -4.0%
FY25 Q1 -3.1%
FY25 Q2 -1.1%
FY25 Q3 -0.4%
FY25 Q4 -0.5%
FY26 Q1 1.4%
FY26 Q2 3.7%
FY26 Q3 4.5%
Operating margin (TTM) Air Products
-20% 0% 20% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 19.8% Operating margin (TTM), FY24 Q1: 20.2% Operating margin (TTM), FY24 Q2: 22.1% Operating margin (TTM), FY24 Q3: 23.0% Operating margin (TTM), FY24 Q4: 36.9% Operating margin (TTM), FY25 Q1: 36.9% Operating margin (TTM), FY25 Q2: 12.3% Operating margin (TTM), FY25 Q3: 12.7% Operating margin (TTM), FY25 Q4: -7.3% Operating margin (TTM), FY26 Q1: -6.4% Operating margin (TTM), FY26 Q2: 18.4% Operating margin (TTM), FY26 Q3: -4.7% -4.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 19.8%
FY24 Q1 20.2%
FY24 Q2 22.1%
FY24 Q3 23.0%
FY24 Q4 36.9%
FY25 Q1 36.9%
FY25 Q2 12.3%
FY25 Q3 12.7%
FY25 Q4 -7.3%
FY26 Q1 -6.4%
FY26 Q2 18.4%
FY26 Q3 -4.7%
FCF margin (TTM) Air Products
-40% -30% -20% -10% 0% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -11.3% FCF margin (TTM), FY24 Q1: -17.1% FCF margin (TTM), FY24 Q2: -21.6% FCF margin (TTM), FY24 Q3: -20.6% FCF margin (TTM), FY24 Q4: -26.0% FCF margin (TTM), FY25 Q1: -30.2% FCF margin (TTM), FY25 Q2: -36.0% FCF margin (TTM), FY25 Q3: -38.4% FCF margin (TTM), FY25 Q4: -31.3% FCF margin (TTM), FY26 Q1: -23.0% FCF margin (TTM), FY26 Q2: -10.0% FCF margin (TTM), FY26 Q3: -2.4% -2.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -11.3%
FY24 Q1 -17.1%
FY24 Q2 -21.6%
FY24 Q3 -20.6%
FY24 Q4 -26.0%
FY25 Q1 -30.2%
FY25 Q2 -36.0%
FY25 Q3 -38.4%
FY25 Q4 -31.3%
FY26 Q1 -23.0%
FY26 Q2 -10.0%
FY26 Q3 -2.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Sept 2009 2010 Sept 2010 2011 Sept 2011 2012 Sept 2012 2013 Sept 2013 2014 Sept 2014 2015 Sept 2015 2016 Sept 2016 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Sept 2020 2021 Sept 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025 LTM Jun 2026
Income
Revenue 8.3 8.6 9.7 9.6 10.2 10.4 7.8 7.5 8.2 8.9 8.9 8.9 10.3 12.7 12.6 12.1 12.0 12.6
Gross profit 2.2 2.5 2.6 2.6 2.7 2.8 3.0 2.3 2.4 2.7 2.9 3.0 3.1 3.4 3.8 3.9 3.8 4.0
EBITDA 1.7 2.1 2.3 2.1 2.2 2.3 2.1 2.4 2.3 2.9 3.2 3.4 3.6 3.7 3.9 5.9 0.7 1.0
Operating income 0.8 1.3 1.5 1.3 1.3 1.3 1.2 1.5 1.4 2.0 2.1 2.2 2.3 2.3 2.5 4.5 −0.9 −0.6
Net income 0.6 1.0 1.2 1.2 1.0 1.0 1.3 0.6 3.0 1.5 1.8 1.9 2.1 2.3 2.3 3.8 −0.4 −0.0
Diluted EPS $2.96 $4.74 $5.63 $5.44 $4.68 $4.61 $5.88 $2.89 $13.65 $6.78 $7.94 $8.49 $9.43 $10.14 $10.33 $17.18 −$1.77 −$0.21
Growth (year on year)
Revenue −20.7% +4.4% +12.3% −0.6% +5.9% +2.5% −25.0% −4.1% +9.1% +9.1% −0.1% −0.7% +16.6% +23.0% −0.8% −4.0% −0.5% +4.5%
EBITDA −28.7% +24.2% +11.8% −9.4% +5.1% +2.9% −8.9% +14.2% −3.5% +27.3% +9.9% +6.1% +5.3% +2.1% +4.8% +53.6% −88.4% −69.0%
Operating income −43.4% +49.8% +19.0% −15.0% +3.3% +1.1% −7.9% +24.5% −6.2% +36.5% +9.1% +4.3% +2.0% +2.5% +6.7% +79.0% −119.6% −138.7%
Net income −30.6% +63.0% +19.0% −4.6% −14.8% −0.3% +28.9% −50.6% +375.4% −50.1% +17.5% +7.2% +11.3% +7.5% +2.0% +66.4% −110.3% −103.1%
Diluted EPS −28.7% +60.1% +18.8% −3.4% −14.0% −1.5% +27.5% −50.9% +372.3% −50.3% +17.1% +6.9% +11.1% +7.5% +1.9% +66.3% −110.3% −103.1%
Margins
Gross margin 26.8% 29.3% 26.6% 26.6% 26.6% 26.9% 37.8% 31.0% 29.8% 30.7% 32.7% 33.9% 30.4% 26.5% 29.9% 32.5% 31.4% 32.1%
EBITDA margin 20.4% 24.3% 24.2% 22.1% 21.9% 22.0% 26.7% 31.8% 28.2% 32.9% 36.2% 38.6% 34.9% 29.0% 30.6% 48.9% 5.7% 7.5%
Operating margin 10.3% 14.7% 15.6% 13.3% 13.0% 12.8% 15.8% 20.5% 17.6% 22.0% 24.0% 25.3% 22.1% 18.4% 19.8% 36.9% −7.3% −4.7%
Net margin 7.6% 11.9% 12.7% 12.1% 9.8% 9.5% 16.3% 8.4% 36.6% 16.8% 19.7% 21.3% 20.3% 17.8% 18.3% 31.6% −3.3% −0.4%
Free-cash-flow margin 1.8% 6.2% 4.6% 2.5% 0.3% 7.9% 11.3% 18.0% 18.2% 11.0% 11.0% 8.5% 8.4% 1.9% −11.3% −26.0% −31.3% −2.4%
Cash flow
Cash from operations 1.3 1.5 1.8 1.8 1.6 2.2 2.0 2.3 2.5 2.5 3.0 3.3 3.3 3.2 3.2 3.6 3.3 4.6
Capital spending 1.2 1.0 1.3 1.5 1.5 1.4 1.2 0.9 1.0 1.6 2.0 2.5 2.5 2.9 4.6 6.8 7.0 4.9
Free cash flow 0.2 0.5 0.4 0.2 0.0 0.8 0.9 1.4 1.5 1.0 1.0 0.8 0.9 0.2 −1.4 −3.2 −3.8 −0.3
Stock-based pay 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.1 0.1 0.1 0.0
Free cash flow after stock pay 0.1 0.5 0.4 0.2 −0.0 0.8 0.8 1.3 1.4 0.9 0.9 0.7 0.8 0.2 −1.5 −3.2 −3.8 −0.4
Balance sheet
Cash 0.5 0.4 0.4 0.5 0.5 0.3 0.2 1.3 3.3 2.8 2.2 5.3 4.5 2.7 1.6 3.0 1.9 1.0
Total debt 4.5 4.1 4.6 5.3 6.3 6.1 5.9 6.2 4.0 — 3.3 8.0 7.7 7.6 10.3 14.5 18.0 —
Net debt (negative = net cash) 4.0 3.8 4.1 4.8 5.8 5.8 5.7 4.9 0.7 −2.8 1.1 2.7 3.2 4.9 8.7 11.5 16.1 −1.0
Diluted shares 214m 217m 218m 215m 212m 215m 217m 218m 220m 221m 222m 222m 223m 223m 223m 223m 223m 223m
Returned to shareholders
Dividends 0.4 0.4 0.5 0.5 0.6 0.6 0.7 0.7 0.8 0.9 1.0 1.1 1.3 1.4 1.5 1.6 1.6 1.6
Buybacks 0.0 0.0 0.6 0.1 0.5 0.0 0.0 — — — — — — — — — — —
Total returned 0.4 0.4 1.1 0.6 1.0 0.6 0.7 0.7 0.8 0.9 1.0 1.1 1.3 1.4 1.5 1.6 1.6 1.6

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 3 checks passed · June 30, 2026
What it owns · $40.4bn
Short-term assets $5.0bnLonger-term assets $35.5bn
What it owes, and who funded it · $37.7bn
Short-term liabilities $4.6bnLonger-term liabilities $19.3bnShareholders' equity $13.9bn
  • Short-term assets cover short-term liabilities $5.0bn of assets due within a year against $4.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $5.0bn short-term assets against $19.3bn of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$593m against $221m of interest.

From Air Products's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$1.6B
Diluted share count
−0.1%
year over year
Total shareholder yield
2.3%
dividends 2.3% + buybacks 0.0% of market value
R&D spending
0.7%
of revenue
Sales & admin spending
7.1%
of revenue
Days sales outstanding
54 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in industrial gases
Last 12 months unless stated APD MOS AEM CCK WLK AA Median
Revenue, last 12 months $12.6bn $12.2bn $11.9bn $13.8bn $11.3bn $14.3bn $2.0bn
Revenue growth, last 12 months 4.5% 8.8% 43.7% 13.4% −4.0% 11.2% 8.2%
Revenue growth, 3-year average −1.0% −10.0% — 4.2% −6.6% 10.5% 1.9%
Revenue growth, latest quarter 4.6% −6.0% — 15.9% 10.8% 23.7% 9.2%
Gross margin 32.1% 11.0% 71.9% 18.5% 9.6% — 25.6%
Operating margin −4.7% −1.4% 48.3% 12.0% −11.0% — 7.6%
Operating margin, 3-year average 10.3% 4.2% — 11.9% −2.2% — 8.1%
Net margin −0.4% −5.2% 37.5% 5.8% −10.9% 10.7% 3.6%
Cash from operations / revenue 36.3% 3.6% 57.2% 11.3% 5.6% 11.2% 10.1%
Free-cash-flow margin −2.4% −7.7% 36.9% 7.3% −2.3% 6.2% 5.1%
Free-cash-flow margin, 3-year average −20.5% −1.3% 14.6% 8.3% 0.8% 2.8% 4.6%
Stock pay / revenue 0.4% 0.3% 0.8% 0.3% 0.4% 0.4% 0.7%
Change in share count −0.1% −0.1% 0.5% −4.8% −0.4% 1.7% 0.4%

Median of all 171 companies we cover in industrial gases. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

171 materials companies
Measure Company Peer median Rank
Revenue growth Growth 4.5% 8.3% 102 of 170
Change in growth rate Growth +0.8pp +2.4pp 104 of 168
Gross margin Profitability 32.1% 26.1% 58 of 151
Operating margin Profitability -4.7% 7.0% 107 of 140
Net margin Profitability -0.4% 3.8% 104 of 170
Free-cash-flow margin Cash generation -2.4% 5.0% 128 of 167
Stock pay as % of revenue Cash generation 0.4% 0.7% 41 of 137
Change in share count Balance sheet -0.1% 0.4% 58 of 161
Days sales outstanding Balance sheet 54 days 45 days 83 of 125

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to September 30, 2025
Geography
Region Revenue Share YoY
Other Foreign Operations $5.4B 45.0% ▲ 3.4%
United States $4.7B 39.0% ▼ 4.5%
China $1.9B 16.1% ▼ 0.9%

From Air Products's 10-K filed November 20, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$59.5B
Institutions reporting
1,764
Shares held vs prior quarter
▲ 1.9%
Positions opened / closed
110 / 128

Top buyers and sellers, Q2 2026: 706 institutions bought and 858 sold ; the biggest buyer was Vanguard Portfolio Management LLC (+3.1M shares) and the biggest seller Sessa Capital Im, L.P (−1.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $5.4B 18.3M 9.0% ▲ 1.5%
Vanguard Capital Management LLC $4.3B 14.5M 7.2% ▲ 0.5%
State Farm Mutual Automobile Insurance Co $3.5B 11.8M 5.8% 0.0%
Capital Research Global Investors $3.1B 10.6M 5.2% ▲ 1.8%
State Street Corp $3B 10.3M 5.1% ▲ 1.6%
Capital International Investors $2.8B 9.6M 4.7% ▼ 3.7%
Dodge & Cox $2.8B 9.4M 4.6% ▲ 1.8%
Vanguard Portfolio Management LLC $2.6B 8.8M 4.4% ▲ 54.9%
Geode Capital Management, LLC $1.5B 5.0M 2.5% ▲ 0.6%
Jpmorgan Chase & Co $1.4B 5.3M 2.4% ▼ 13.1%
Viking Global Investors LP $1.4B 4.7M 2.3% ▲ 15.5%
Norges Bank $1.4B 4.7M 2.3% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Air Products's complete shareholder register. Values are as reported by the filers ; 8 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $20.8M 2 trades by 2 insiders · 0% under pre-set plans
Net ▼ $20.8M net selling
Insider Date Trade Shares Price Value
Schaeffer Melissa N. Exec Vice President and CFO May 1, 2026 Sell 2,714 $303.76 $824,405
Mantle Ridge Lp Director February 12, 2026 Sell 70,175 $284.21 $19.9M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 84 trades and filings

In the last 12 months, 3 members of Congress disclosed 2 purchases and 4 sales of Air Products shares.

  • Richard McCormick(R-GA 7):Sale (full), $1,001 - $15,000, traded July 30, 2026, filed August 14, 2026
  • Josh Gottheimer(D-NJ 5):Purchase, $1,001 - $15,000, traded March 5, 2026, filed April 8, 2026
  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded December 18, 2025, filed January 15, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • July 30, 2026
  • April 30, 2026
  • January 30, 2026
  • November 6, 2025
  • July 31, 2025
  • May 1, 2025

Recent SEC filings

Data status

When each part of this page on Air Products was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Air Products in brief

What does Air Products do?
Air Products is a US-listed company in the industrial gases industry. Its financial year ends in September.
What is Air Products's stock ticker?
Air Products trades under the ticker APD on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Air Products's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Air Products reported revenue of $12.6B, 4.5% higher than a year earlier, according to its SEC filings.
What is Air Products's free cash flow?
Air Products's free-cash-flow margin is -2.4% of revenue over the trailing twelve months, ranking 128 of the 167 materials companies we cover.
Who are Air Products's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Farm Mutual Automobile Insurance Co. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Air Products's market cap?
On November 2, 2026, Air Products's market capitalisation was about $70.4B and net debt of -$981M. Market figures come from third-party market data and may be delayed.
Does Air Products pay a dividend?
Yes: Air Products paid $1.6B in dividends over the trailing twelve months, a dividend yield of 2.27%.
Who are Air Products's competitors?
In our Industrial Gases peer group, the companies closest to Air Products are The Mosaic Company, Agnico Eagle Mines LTD, Crown Holdings, Inc., Westlake Corp and Alcoa Corp. The side-by-side comparison below sets their revenue, margins and growth against Air Products's.
Are insiders buying or selling Air Products stock?
Over the last 12 months, Air Products's directors and officers reported 0 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is Air Products's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Air Products announces its own schedule.