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Air Products and Chemicals, Inc. provides atmospheric gases, process and specialty gases, equipment, and related services in the Americas, Asia, Europe, the Middle East, India, and internationally. The company produces atmospheric gases, including oxygen, nitrogen, and argon; process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, and syngas; and specialty gases for customers in various industries, including refining, chemical, metals, manufacturing, electronics, energy production, medical, food, chemical and petrochemical manufacturing, oil and gas recovery and processing, and steel and primary metals processing. It also designs and manufactures equipment for air separation, hydrocarbon recovery and purification, natural gas liquefaction, and liquid helium and liquid hydrogen transport and storage. Air Products and Chemicals, Inc. was founded in 1940 and is headquartered in Allentown, Pennsylvania.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $12.0B | $1.3B | $-395M | $-3.8B | -2.6% | -0.5% | -110.3% |
| 2024 | $12.1B | $6.5B | $3.8B | $-3.1B | 22.5% | -4.0% | 66.4% |
| 2023 | $12.6B | $4.4B | $2.3B | $-1.4B | 16.1% | -0.8% | 2.0% |
| 2022 | $12.7B | $4.2B | $2.3B | $304M | 17.2% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 12,698.60 | 12,600 | 12,100.60 | 12,037.30 |
| Operating Revenue | - | 12,698.60 | 12,600 | 12,100.60 | 12,037.30 |
| Cost Of Revenue | - | 9,338.50 | 8,833 | 8,168.70 | 8,256 |
| Gross Profit | - | 3,360.10 | 3,767 | 3,931.90 | 3,781.30 |
| Operating Expense | - | 947.60 | 1,027.80 | 984.40 | 892.30 |
| Research And Development | - | 102.90 | 105.60 | 100.20 | 96.30 |
| Selling General And Administration | - | 900.60 | 957 | 942.40 | 906.10 |
| Total Expenses | - | 10,286.10 | 9,860.80 | 9,153.10 | 9,148.30 |
| Operating Income | - | 2,412.50 | 2,739.20 | 2,947.50 | 2,889 |
| Total Operating Income As Reported | - | 2,338.80 | 2,494.60 | 4,466.10 | -877 |
| EBITDA | - | 4,220.90 | 4,418.20 | 6,491.10 | 1,337.50 |
| Normalized EBITDA | - | 4,294.60 | 4,662.80 | 4,972.50 | 5,103.50 |
| EBIT | - | 2,882.70 | 3,059.90 | 5,040 | -226.70 |
| Interest Expense | - | 128 | 177.50 | 218.80 | 214 |
| Net Interest Income | - | -128 | -177.50 | -218.80 | -214 |
| Other Non Operating Income Expenses | - | 62.40 | -39 | -73.80 | 2.60 |
| Other Income Expense | - | 470.20 | 320.70 | 2,092.50 | -3,115.70 |
| Interest Expense Non Operating | - | 128 | 177.50 | 218.80 | 214 |
| Net Non Operating Interest Income Expense | - | -128 | -177.50 | -218.80 | -214 |
| Pretax Income | - | 2,754.70 | 2,882.40 | 4,821.20 | -440.70 |
| Tax Provision | - | 500.80 | 551.20 | 944.90 | -94.30 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -13.41 | -46.72 | 297.65 | -805.92 |
| Net Income Continuous Operations | - | 2,253.90 | 2,331.20 | 3,876.30 | -346.40 |
| Net Income From Continuing And Discontinued Operation | - | 2,256.10 | 2,300.20 | 3,828.20 | -394.50 |
| Net Income From Continuing Operation Net Minority Interest | - | 2,243.50 | 2,292.80 | 3,842.10 | -386.50 |
| Net Income | - | 2,256.10 | 2,300.20 | 3,828.20 | -394.50 |
| Net Income Common Stockholders | - | 2,256.10 | 2,300.20 | 3,828.20 | -394.50 |
| Net Income Including Noncontrolling Interests | - | 2,266.50 | 2,338.60 | 3,862.40 | -354.40 |
| Normalized Income | - | 2,303.79 | 2,490.68 | 2,621.15 | 2,573.58 |
| Diluted NI Availto Com Stockholders | - | 2,256.10 | 2,300.20 | 3,828.20 | -394.50 |
| Basic Average Shares | - | 222 | 222.30 | 222.50 | 222.70 |
| Diluted Average Shares | - | 222.50 | 222.70 | 222.80 | 222.70 |
| Reconciled Depreciation | - | 1,338.20 | 1,358.30 | 1,451.10 | 1,564.20 |
| Reconciled Cost Of Revenue | - | 9,338.50 | 8,833 | 8,168.70 | 8,256 |
| Total Unusual Items | - | -73.70 | -244.60 | 1,518.60 | -3,766 |
| Total Unusual Items Excluding Goodwill | - | -73.70 | -244.60 | 1,518.60 | -3,766 |
| Minority Interests | - | -10.40 | -38.40 | -34.20 | -40.10 |
| Net Income Discontinuous Operations | - | 12.60 | 7.40 | -13.90 | -8 |
| Special Income Charges | - | -73.70 | -244.60 | 1,518.60 | -3,766 |
| Gain On Sale Of Business | - | -73.70 | -244.60 | 1,518.60 | -3,679.70 |
| Other Special Charges | 23.20 | - | - | - | 86.30 |
| Restructuring And Mergern Acquisition | 0 | 0 | - | - | - |
| General And Administrative Expense | 828.40 | 900.60 | - | - | - |
| Other Gand A | 828.40 | 900.60 | - | - | - |
| Other Operating Expenses | - | -55.90 | -34.80 | -58.20 | -110.10 |
| Earnings From Equity Interest | - | 481.50 | 604.30 | 647.70 | 647.70 |
Basic Materials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Air Products and Chemicals, Inc.this co. | APD | $63.0B | -159.66 | 4.19 | -2.6% | 59.47 |
| The Sherwin-Williams Company | SHW | $74.0B | 28.82 | 16.10 | 55.9% | 19.36 |
| Ecolab Inc. | ECL | $71.6B | 34.49 | 7.33 | 21.2% | 20.87 |
| CRH plc | CRH | $71.2B | 19.09 | 2.97 | 15.5% | 11.17 |
| Nucor Corporation | NUE | $59.7B |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 34.25 |
| 2.85 |
| 8.3% |
| 15.31 |
| Corteva, Inc. | CTVA | $51.8B | 47.36 | 2.15 | 4.5% | 16.23 |
| Steel Dynamics, Inc. | STLD | $39.9B | 33.68 | 4.46 | 13.2% | 20.51 |
| Vulcan Materials Company | VMC | $36.7B | 34.11 | 4.31 | 12.6% | 17.57 |
| Martin Marietta Materials, Inc. | MLM | $34.9B | 30.68 | 3.48 | 11.3% | 19.36 |
| Peer Median | - | 33.89 | 3.89 | 12.9% | 18.47 | |