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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 |
| 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 |
| Operating Income | - | 2,412.50 | 2,739.20 | 2,947.50 | 2,889 |
| EBITDA | - | 4,220.90 | 4,418.20 | 6,491.10 | 1,337.50 |
| EBIT | - | 2,882.70 | 3,059.90 | 5,040 | -226.70 |
| Pretax Income | - | 2,754.70 | 2,882.40 | 4,821.20 | -440.70 |
| Tax Provision | - | 500.80 | 551.20 | 944.90 | -94.30 |
| 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 |
| Total Expenses | - | 10,286.10 | 9,860.80 | 9,153.10 | 9,148.30 |
| Interest Expense | - | 128 | 177.50 | 218.80 | 214 |
| Research And Development | - | 102.90 | 105.60 | 100.20 | 96.30 |
| Selling General And Administration | - | 900.60 | 957 | 942.40 | 906.10 |
| Normalized EBITDA | - | 4,294.60 | 4,662.80 | 4,972.50 | 5,103.50 |
| Normalized Income | - | 2,303.79 | 2,490.68 | 2,621.15 | 2,573.58 |
| Market Cap | 67,188.68 | 67,188.68 | 67,188.68 | 67,188.68 | 67,188.68 |
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 | - | -170.31 | 4.47 | -2.6% | 62.61 |
| Ecolab Inc. | ECL | $76.3B | 36.67 | 7.79 | 21.2% | 22.05 |
| Corteva, Inc. | CTVA | $54.6B | 48.97 | 2.22 | 4.5% | 16.81 |
| Nucor Corporation | NUE | $49.6B | 27.98 | 2.33 | 8.3% | 12.72 |
| Vulcan Materials Company | VMC | $38.5B |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 35.42 |
| 4.47 |
| 12.6% |
| 18.17 |
| Martin Marietta Materials, Inc. | MLM | $37.2B | 32.64 | 3.70 | 11.3% | 20.42 |
| Steel Dynamics, Inc. | STLD | $33.5B | 27.71 | 3.67 | 13.2% | 17.17 |
| PPG Industries, Inc. | PPG | $24.9B | 15.59 | 3.09 | 19.8% | 10.77 |
| CF Industries Holdings, Inc. | CF | $19.6B | 12.77 | 3.84 | 30.1% | 6.16 |
| Peer Median | - | 30.31 | 3.68 | 12.9% | 16.99 | |