Air Products (APD): financials, SEC filings and peers
Air Products (APD) is an industrial gases company in the Materials sector of the S&P 500, headquartered in Upper Macungie Township, Pennsylvania.
It was founded in 1940 and joined the S&P 500 on April 30, 1985.
Its fiscal year ends in September, and its shares trade on the NYSE.
In its SEC filings it is classified as “Industrial Inorganic Chemicals”.
Air Products at a glance
- Revenue (12 months)
- $12.6B
- Revenue growth
- +4.5%
- Operating margin
- -4.7%
- Net income (12 months)
- −$47M
- Free cash flow (12 months)
- —
- Cash
- $981M
- Debt
- $896M
- Diluted EPS (12 months)
- $-0.22
Twelve months to June 30, 2026, from the 10-Q filed July 30, 2026.
Latest twelve months
Over the twelve months to June 30, 2026, Air Products reported revenue of $12.6 billion, about the same as a year earlier (+4.5%).
Its operating margin was -4.7%, down 17.4 percentage points from a year earlier: for every $100 of sales, about $0 was left as operating profit.
Air Products reported a net loss of $47 million over the period.
At the end of the period it held $981 million in cash and $896 million in debt, a net cash position of $84 million.
Five-year trend
- Revenue went from $8.9 billion in fiscal 2020 to $12.0 billion in fiscal 2025, about 6.3% a year.
- Operating margin narrowed from 25.3% to -7.3% over the same years.
- Free cash flow was negative in 3 of the last 6 fiscal years.
- Air Products reported a net loss in 1 of the last 6 fiscal years.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $10.3B | $12.7B | $12.6B | $12.1B | $12.0B |
| Revenue growth | 16.6% | 23.0% | -0.8% | -4.0% | -0.5% |
| Operating margin | 22.1% | 18.4% | 19.8% | 36.9% | -7.3% |
| Net income | $2.1B | $2.3B | $2.3B | $3.8B | −$395M |
| Free cash flow | $871M | $244M | −$1.4B | −$3.1B | −$3.8B |
| Diluted EPS | $9.43 | $10.14 | $10.33 | $17.18 | $-1.77 |
Fiscal years as reported in Air Products’s 10-K filings. Free cash flow is operating cash flow minus capital spending.
Recent SEC filings
- 10-Q filed July 30, 2026 — quarterly report
- 8-K filed July 30, 2026 — Earnings results
- 8-K filed June 30, 2026 — Impairment; Regulation FD disclosure
- 10-Q filed April 30, 2026 — quarterly report
- 8-K filed April 30, 2026 — Earnings results
- 10-Q filed January 30, 2026 — quarterly report
- 8-K filed January 30, 2026 — Earnings results
- 8-K filed January 29, 2026 — Shareholder vote results
Companies like Air Products
Other S&P 500 companies in Industrial Gases:
More from Materials
- ALBAlbemarle CorporationSpecialty Chemicals
- AMCRAmcorPaper & Plastic Packaging Products & Materials
- AVYAvery DennisonPaper & Plastic Packaging Products & Materials
- BALLBall CorporationMetal, Glass & Plastic Containers
- CFCF IndustriesFertilizers & Agricultural Chemicals
- CTVACortevaFertilizers & Agricultural Chemicals
Questions about Air Products
Is Air Products's revenue growing?
Yes. Revenue for the twelve months to June 30, 2026 was $12.6 billion, up 4.5% from a year earlier, according to its SEC filings.
Is Air Products profitable?
Not over the latest twelve months: it reported a net loss of $47 million for the period to June 30, 2026.
Does Air Products have more cash or more debt?
At June 30, 2026 it had $981 million in cash and $896 million in debt, so more cash than debt.
When did Air Products last file financial results?
Its latest quarterly report (10-Q) was filed with the SEC on July 30, 2026.
Which companies are similar to Air Products?
In the S&P 500, Air Products is grouped in Industrial Gases within the Materials sector. Linde plc (LIN) are in the same group.
Understand the numbers
Source: Air Products’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved September 27, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.