Air Products balance sheet

At the end of fiscal 2025, Air Products had total assets of $41.06bn, total liabilities of $23.71bn and shareholders' equity of $15.02bn. It held $1.86bn in cash against $18.00bn of debt: net debt of $16.14bn.

Balance sheet

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

Air Products: balance sheet, annual
Fiscal year	2009Sept 2009	2010Sept 2010	2011Sept 2011	2012Sept 2012	2013Sept 2013	2014Sept 2014	2015Sept 2015	2016Sept 2016	2017Sept 2017	2018Sept 2018	2019Sept 2019	2020Sept 2020	2021Sept 2021	2022Sept 2022	2023Sept 2023	2024Sept 2024	2025Sept 2025	LTMJun 2026
Cash and equivalents	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
Receivables	1.4	1.5	1.4	1.5	1.5	1.5	1.4	1.1	1.2	1.2	1.3	1.3	1.5	1.8	1.7	1.8	1.9	1.9
Inventory	0.5	0.6	0.7	0.8	0.7	0.7	0.7	0.3	0.3	0.4	0.4	0.4	0.5	0.5	0.7	0.8	0.8	0.8
Total current assets	3.0	3.0	3.2	3.4	3.4	3.3	2.8	4.3	5.9	5.1	4.6	8.7	8.4	6.3	5.2	6.4	5.8	5.0
Goodwill	0.9	0.8	0.8	1.6	1.7	1.2	0.8	0.8	0.7	0.8	0.8	0.9	0.9	0.8	0.9	0.9	1.0	1.0
Total assets	13.0	13.5	14.3	16.9	17.9	17.7	17.3	18.0	18.5	19.2	18.9	25.2	26.9	27.2	32.0	39.6	41.1	40.4
Deferred revenue (current)	—	—	—	—	—	—	—	—	—	0.2	0.2	0.3	0.4	0.4	0.4	0.2	0.3	0.2
Total current liabilities	2.5	2.2	2.3	2.7	3.2	3.0	3.6	3.3	2.5	2.4	1.8	2.4	2.8	3.5	3.9	4.2	4.2	4.6
Short-term debt	0.5	0.2	0.1	0.1	0.5	0.1	0.4	0.4	0.1	0.1	0.1	0.0	0.0	0.0	0.3	0.1	0.0	0.1
Long-term debt	3.7	3.7	3.9	4.6	5.1	4.8	3.9	3.9	3.4	3.0	2.9	7.1	6.9	6.4	—	—	—	—
Total debt	4.5	4.1	4.6	5.3	6.3	6.1	5.9	6.2	4.0	3.0	3.3	8.0	7.7	7.6	10.3	14.5	18.0	0.1
Total liabilities	8.1	7.8	8.4	9.9	10.3	10.0	10.0	10.8	8.3	8.0	7.6	12.7	12.8	13.5	16.3	20.9	23.7	23.8
Shareholders' equity	4.8	5.5	5.8	6.5	7.0	7.4	7.2	7.1	10.1	11.2	11.1	12.1	13.5	13.1	14.3	17.0	15.0	13.9
Non-controlling interests and other (assets − liabilities − equity)	—	—	—	0.5	0.5	—	—	—	—	—	—	—	0.5	0.6	1.3	1.6	2.3	2.7
Net debt (negative = net cash)	4.0	3.8	4.1	4.8	5.8	5.8	5.7	4.9	0.7	0.2	1.1	2.7	3.2	4.9	8.7	11.5	16.1	−0.9
Shares outstanding	211m	214m	210m	212m	211m	214m	215m	217m	218m	220m	220m	221m	221m	222m	222m	222m	223m	—

US$ billions unless shown otherwise. Fiscal quarters.

Air Products: balance sheet, quarterly
Quarter	2024 Q4Sept 2024	2025 Q1Dec 2024	2025 Q2Mar 2025	2025 Q3Jun 2025	2025 Q4Sept 2025	2026 Q1Dec 2025	2026 Q2Mar 2026	2026 Q3Jun 2026
Receivables	1.8	1.8	1.8	1.9	1.9	1.9	1.9	1.9
Inventory	0.8	0.7	0.8	0.8	0.8	0.8	0.8	0.8
Total current assets	6.4	5.4	5.2	6.1	5.8	5.1	5.0	5.0
Goodwill	0.9	0.9	0.9	1.0	1.0	1.0	1.0	1.0
Total assets	39.6	40.0	38.9	41.7	41.1	41.2	41.6	40.4
Deferred revenue (current)	0.2	0.2	0.2	0.2	0.3	0.3	0.2	0.2
Total current liabilities	4.2	4.8	5.2	4.8	4.2	3.5	3.5	4.6
Short-term debt	0.1	0.1	0.8	0.5	0.0	0.1	0.3	0.1
Total debt	0.1	0.1	0.8	0.5	0.0	0.1	0.3	0.1
Total liabilities	20.9	21.3	22.1	23.9	23.7	23.4	23.5	23.8
Shareholders' equity	17.0	16.7	14.7	15.5	15.0	15.4	15.6	13.9
Non-controlling interests and other (assets − liabilities − equity)	1.6	2.0	2.1	2.2	2.3	2.4	2.5	2.7
Shares outstanding	222m	—	—	—	223m	—	—	—

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

Compare with peers

Head to head: APD vs MOS AEM vs APD APD vs CCK

More: Materials sector, rankings of US companies

Figures from Air Products's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Air Products.