Air Products & Chemicals, Inc. (APD)
As-reported financials and recent SEC filings for Air Products & Chemicals, Inc., latest fiscal period FY2025. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.
About Air Products & Chemicals, Inc.
Air Products & Chemicals, Inc. is a global industrial gases company that produces and sells atmospheric gases like oxygen, nitrogen, and argon, as well as process and specialty gases such as hydrogen, helium, carbon dioxide, and carbon monoxide. The company serves a wide range of industries including refining, chemicals, metals, electronics, manufacturing, medical, and food, providing gases, related equipment, and applications expertise. It also develops and operates large clean hydrogen projects and manufactures specialized equipment like turbomachinery, membrane systems, and cryogenic containers.
Snapshot
Fundamentals are from SEC filings. P/E and market cap are derived from recent market prices, refreshed on a rolling basis (typically within the past week).
What changed at Air Products & Chemicals
- Revenue fell 0.5% to $12.0B in FY2025, after a 4.0% decline the year before.
- Operating margin is now a 7.3% loss in FY2025, from 22.1% in FY2021.
- Most recent quarter Q2 FY2026: revenue $3.2B, up 8.8% from Q2 FY2025.
- Free cash flow was negative $3.8B in FY2025.
- Net income turned to a $395M loss in FY2025, from a $3.8B profit in FY2024.
Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.
Peer comparison
Where Air Products & Chemicals’s fundamentals sit among the 241 Materials companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).
Air Products & Chemicals’s FCF margin of -31.3% ranks in the 4th percentile of the 205 Materials companies reporting it.
No open-market insider buys in the last 90 days; 1 insider sale totaling $824,405. For context, about 16% of companies in the universe saw any open-market insider buying in the same window. Browse insider activity →
Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.
Institutional ownership
Held by 5 of the superinvestors we track (plus 6 quant / multi-strat books), based on each investor’s most recent 13F (latest Q1 2026).
| Investor | As of | Position value | Shares | Change |
|---|---|---|---|---|
| Dodge & Cox | Q1 2026 | $2.68B | 9.2M | Reduced |
| Viking Global Investors | Q1 2026 | $1.19B | 4.1M | Reduced |
| Citadel Advisorsquant | Q1 2026 | $295.2M | 1.0M | Reduced |
| D. E. Shawquant | Q1 2026 | $209.7M | 721.9K | Added |
| Point72 Asset Managementquant | Q1 2026 | $168.6M | 580.6K | Added |
| Millennium Managementquant | Q1 2026 | $154.6M | 532.2K | Added |
| Markel Group | Q1 2026 | $21.9M | 75.5K | Added |
| AQR Capital Managementquant | Q1 2026 | $9.6M | 33.0K | Added |
| Two Sigma Investmentsquant | Q1 2026 | $1.2M | 4.0K | New |
| Gotham Asset Management | Q1 2026 | $639,078 | 2.2K | Reduced |
| First Eagle Investment Management | Q1 2026 | $4,938 | 17 | Added |
From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.
Recent insider activity
Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.
| Trade date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
2026-05-01 filed 2026-05-04 | Schaeffer Melissa N.Exec Vice President and CFO | Sell | 2.7K | $303.76 | $824K |
Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.
Short interest
Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.
| Settlement | Shares short | Change | Days to cover |
|---|---|---|---|
| 2026-07-15 | 4.2M | +3.9% | 3.19 |
| 2026-06-30 | 4.0M | +27.9% | 2.06 |
| 2026-06-15 | 3.2M | +0.8% | 2.75 |
| 2026-05-29 | 3.1M | -0.0% | 2.59 |
| 2026-05-15 | 3.1M | -10.4% | 3.07 |
| 2026-04-30 | 3.5M | -4.4% | 3.37 |
| 2026-04-15 | 3.7M | -16.3% | 3.09 |
| 2026-03-31 | 4.4M | -2.6% | 3.17 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.
Income statement (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $12.04B | $12.10B | $12.60B | $12.70B | $10.32B |
| Gross profit | $3.78B | $3.93B | $3.77B | $3.36B | $3.14B |
| Operating income | $-877.0M | $4.47B | $2.49B | $2.34B | $2.28B |
| Net income | $-394.5M | $3.83B | $2.30B | $2.26B | $2.10B |
| Diluted EPS | $-1.77 | $17.18 | $10.33 | $10.14 | $9.43 |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full methodology.
Balance sheet (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash and equivalents | $1.86B | $2.98B | $1.62B | $2.71B | $4.47B |
| Current assets | $5.83B | $6.36B | $5.20B | $6.28B | $8.38B |
| Total assets | $41.06B | $39.57B | $32.00B | $27.19B | $26.86B |
| Current liabilities | $4.22B | $4.18B | $3.90B | $3.47B | $2.80B |
| Long-term debt | — | — | — | $6.43B | $6.88B |
| Total liabilities | $23.71B | $20.90B | $16.34B | $13.49B | $12.77B |
| Total equity | $17.35B | $18.67B | $15.66B | $13.70B | $14.09B |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full methodology.
Cash flow (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating cash flow | $3.26B | $3.65B | $3.21B | $3.17B | $3.34B |
| Capital expenditure | $7.02B | $6.80B | $4.63B | $2.93B | $2.46B |
| Free cash flow | $-3.77B | $-3.15B | $-1.42B | $244.1M | $871.0M |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full methodology.
Quarterly trend (as reported)
| Quarter | Revenue | Revenue YoY | Net income | Diluted EPS |
|---|---|---|---|---|
| Q2 FY2026 | $3.17B | 8.8% | $710.4M | $3.19 |
| Q1 FY2026 | $3.10B | 5.8% | $678.2M | $3.04 |
| Q4 FY2025 | $3.17B | -0.6% | $4.9M | $0.02 |
| Q3 FY2025 | $3.02B | 1.2% | $713.8M | $3.20 |
| Q2 FY2025 | $2.92B | -0.5% | $-1.73B | $-7.77 |
| Q1 FY2025 | $2.93B | -2.2% | $617.4M | $2.77 |
| Q4 FY2024 | $3.19B | -0.1% | $1.95B | $8.75 |
| Q3 FY2024 | $2.99B | -1.6% | $696.6M | $3.13 |
Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.
Company facts
Recent SEC filings
Largest Materials peers
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Data sourced from SEC EDGAR (public domain). Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.