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Air Products cash flow statement

In fiscal 2025, Air Products's operations generated $3.26bn of cash; it spent $7.02bn on capital projects, leaving free cash flow of −$3.77bn. It returned $1.58bn in dividends.

Cash flow statement

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

Fiscal year2009Sept 20092010Sept 20102011Sept 20112012Sept 20122013Sept 20132014Sept 20142015Sept 20152016Sept 20162017Sept 20172018Sept 20182019Sept 20192020Sept 20202021Sept 20212022Sept 20222023Sept 20232024Sept 20242025Sept 2025LTMJun 2026
Cash from operations1,3291,5221,7531,7651,5532,1902,0472,2592,5282,5472,9703,2653,3353,1713,2063,6473,2574,571
Depreciation and amortisation8408278348419079578598558669711,0831,1851,3211,3381,3581,4511,5641,544
Stock-based pay604945444444403140394154454860627650
Capital spending1,1799891,3091,5211,5241,3631,1629081,0401,5681,9902,5092,4642,9274,6266,7977,0234,872
Free cash flow150534444244298278851,3511,489979980756871244−1,421−3,150−3,766−301
Free cash flow after stock pay90485399200−157838451,3201,449940939702827196−1,481−3,212−3,842−351
Dividends paid3733994575155666286787217888989941,1041,2571,3831,4971,5651,5841,598
Share buybacks006495346200———————————

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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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.