Air Products and Chemicals, Inc. (APD) Cash Flow Statement
Where APD’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- $3.25B −10.9% vs FY2024
- Capital expenditures
- $7.02B 58.3% of revenue
- Free cash flow
- −$3.77B −31.3% margin
- Returned to shareholders
- $1.58B
- Change in cash
- −$1.12B cash at year-end $1.86B
Cash from operations
$3.25B
Capital expenditures
−$7.02B
Investments (net)
−$7.17B
Acquisitions & other
+$7.61B
Dividends
−$1.58B
Net borrowing (repayment)
+$3.88B
Other financing
−$91.3M
Change in cash
−$1.12B
Drawn to scale: where the cash came from and how it was used. Hover for values.
APD operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
APD cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.66BFY2016 | $3.25BFY2025 | +2.2%/yr | |
| Capital expenditures | $907.7MFY2016 | $7.02BFY2025 | +25.5%/yr | |
| Free cash flow | $1.75BFY2016 | −$3.77BFY2025 | — | |
| Free cash flow margin | 23.4%FY2016 | −31.3%FY2025 | −54.6 pts | |
| Operating cash flow / net income | 2.42FY2016 | 663.02FY2025 | +660.60 | |
| Stock-based compensation | $31.0MFY2016 | $76.4MFY2025 | +10.5%/yr | |
| Dividends paid | $721.2MFY2016 | $1.58BFY2025 | +9.1%/yr | |
| Share buybacks (net) | $0FY2016 | $0FY2025 | — | |
| Capex / revenue | 12.1%FY2016 | 58.3%FY2025 | +46.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
APD cash flow by activity
OperatingInvestingFinancingChange in cash
APD net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
APD cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $4.9M | $3.84B | $2.29B | $2.24B | $2.03B | $1.90B | $1.76B | $1.46B | $1.13B | $1.10B |
| Depreciation & amortization | $1.56B | $1.45B | $1.36B | $1.34B | $1.32B | $1.19B | $1.08B | $970.7M | $865.8M | $854.6M |
| Stock-based compensation | $76.4M | $61.8M | $59.9M | $48.4M | $44.5M | $53.5M | $41.2M | $38.8M | $39.9M | $31.0M |
| Change in working capital | −$851.6M | −$183.0M | −$424.8M | −$115.8M | $16.7M | −$40.1M | −$25.3M | −$265.4M | $48.0M | $21.2M |
| Other non-cash items | $2.45B | −$1.53B | −$79.9M | −$284.1M | −$69.4M | $165.3M | $111.2M | $342.2M | −$520.2M | $654.4M |
| Cash from operating activities | $3.25B | $3.65B | $3.21B | $3.23B | $3.34B | $3.26B | $2.97B | $2.54B | $1.57B | $2.66B |
| Investing activities | ||||||||||
| Capital expenditures | −$7.02B | −$6.80B | −$4.63B | −$2.93B | −$2.46B | −$2.51B | −$1.99B | −$1.57B | −$1.04B | −$907.7M |
| Investments (net) | −$7.17B | −$4.92B | −$5.92B | −$918.8M | −$2.73B | −$951.9M | −$2.11B | $217.9M | −$401.9M | −$1.07B |
| Acquisitions & other investing | $7.61B | $6.80B | $4.63B | −$11.9M | $2.46B | −$99.1M | $1.99B | −$280.0M | $3.77B | $907.7M |
| Cash from investing activities | −$6.58B | −$4.92B | −$5.92B | −$3.86B | −$2.73B | −$3.56B | −$2.11B | −$1.63B | $2.33B | −$1.07B |
| Financing activities | ||||||||||
| Dividends paid | −$1.58B | −$1.56B | −$1.50B | −$1.38B | −$1.26B | −$1.10B | −$994.0M | −$897.8M | −$787.9M | −$721.2M |
| Share repurchases & issuance (net) | $1.1M | $7.9M | $24.0M | $19.3M | $10.6M | $34.1M | −$68.1M | $76.2M | $68.4M | $141.3M |
| Net borrowing (repayment) | $3.88B | $3.90B | $3.17B | $384.1M | −$283.0M | $4.43B | −$424.7M | −$496.7M | −$1.28B | $319.5M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$91.3M | $270.2M | −$86.8M | −$20.7M | $108.2M | −$80.1M | $116.3M | −$41.5M | $28.2M | −$43.9M |
| Cash from financing activities | $2.21B | $2.62B | $1.61B | −$1.00B | −$1.42B | $3.28B | −$1.37B | −$1.36B | −$1.97B | −$304.3M |
| Summary | ||||||||||
| Net change in cash | −$1.12B | $1.36B | −$1.09B | −$1.76B | −$784.1M | $3.00B | −$542.6M | −$482.3M | $1.94B | $1.29B |
| Cash at end of period | $1.86B | $2.98B | $1.62B | $2.71B | $4.47B | $5.25B | $2.25B | $2.79B | $3.27B | $1.50B |
| Free cash flow | −$3.77B | −$3.15B | −$1.42B | $303.7M | $877.7M | $755.7M | $980.2M | $973.5M | $528.2M | $1.75B |
| Free cash flow margin | −31.3% | −26.0% | −11.3% | 2.4% | 8.5% | 8.5% | 11.0% | 10.9% | 6.5% | 23.4% |
| Capex / revenue | 58.3% | 56.2% | 36.7% | 23.0% | 23.9% | 28.3% | 22.3% | 17.6% | 12.7% | 12.1% |
| Operating cash flow / net income | 663.02 | 0.95 | 1.40 | 1.44 | 1.65 | 1.72 | 1.69 | 1.75 | 1.38 | 2.42 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$1.42B | $738.0M | $678.2M | $4.9M | $721.8M | −$1.73B | $617.4M | $1.96B | $696.6M | $572.4M | $609.3M | $685.2M |
| Depreciation & amortization | $385.4M | $375.0M | $370.7M | $412.8M | $401.0M | $383.6M | $366.8M | $380.8M | $360.3M | $360.8M | $349.2M | $357.3M |
| Stock-based compensation | $12.2M | $15.9M | $10.6M | $10.7M | $11.0M | $38.3M | $16.4M | $15.6M | $17.7M | $14.7M | $13.8M | $14.1M |
| Change in working capital | $60.5M | −$56.2M | −$215.1M | $217.9M | −$366.0M | −$687.0M | −$16.5M | $53.0M | $250.1M | −$116.5M | −$369.6M | $334.6M |
| Other non-cash items | $2.27B | $31.0M | $56.3M | $614.9M | $88.0M | $2.32B | −$172.4M | −$1.46B | −$63.3M | −$29.7M | $23.9M | −$388.3M |
| Cash from operating activities | $1.31B | $1.10B | $900.7M | $1.26B | $855.8M | $328.1M | $811.7M | $957.0M | $1.26B | $801.7M | $626.6M | $1.00B |
| Investing activities | ||||||||||||
| Capital expenditures | −$995.7M | −$1.25B | −$1.25B | −$1.52B | −$1.50B | −$1.89B | −$2.12B | −$2.08B | −$1.61B | −$1.67B | −$1.45B | −$1.46B |
| Investments (net) | $0 | $0 | $0 | −$1.49B | −$1.26B | −$2.24B | −$2.18B | −$145.4M | −$1.55B | −$1.56B | −$1.67B | −$1.52B |
| Acquisitions & other investing | $3.0M | $175.3M | $8.3M | $1.52B | $1.50B | $1.89B | $2.12B | $2.23B | $1.61B | $1.67B | $1.45B | −$2.94B |
| Cash from investing activities | −$992.7M | −$1.08B | −$1.24B | −$1.49B | −$1.26B | −$2.24B | −$2.18B | $4.4M | −$1.55B | −$1.56B | −$1.67B | −$5.92B |
| Financing activities | ||||||||||||
| Dividends paid | −$403.0M | −$398.6M | −$398.4M | −$398.4M | −$398.3M | −$393.8M | −$393.6M | −$393.5M | −$393.5M | −$389.0M | −$388.9M | −$388.7M |
| Share repurchases & issuance (net) | — | — | — | $1.1M | $1.1M | $1.1M | $1.1M | $7.9M | — | — | −$1 | $24.0M |
| Net borrowing (repayment) | −$62.0M | $240.0M | −$119.8M | $69.3M | $1.50B | $1.89B | $425.6M | $42.3M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $179.7M | $57.6M | $28.1M | $88.9M | $109.4M | $53.4M | $241.1M | −$38.8M | $528.7M | $1.74B | $1.75B | $875.4M |
| Cash from financing activities | −$285.3M | −$101.0M | −$490.1M | −$239.1M | $1.21B | $1.55B | $274.2M | −$382.1M | $135.2M | $1.35B | $1.36B | $510.7M |
| Summary | ||||||||||||
| Net change in cash | $29.5M | −$75.4M | −$829.6M | −$468.3M | $832.9M | −$354.1M | −$1.13B | $604.0M | −$159.3M | $572.4M | $345.6M | −$20.7M |
| Cash at end of period | $980.5M | $951.0M | $1.03B | $1.86B | $2.32B | $1.49B | $1.85B | $2.98B | $2.38B | $2.54B | $1.96B | $1.62B |
| Free cash flow | $309.5M | $2.35B | −$350.5M | −$256.5M | −$640.0M | −$1.56B | −$1.31B | −$1.12B | −$345.2M | −$867.7M | −$818.9M | −$460.0M |
| Free cash flow margin | 9.8% | 74.2% | −11.3% | −8.1% | −21.2% | −53.6% | −44.5% | −35.1% | −11.6% | −29.6% | −27.3% | −14.4% |
| Capex / revenue | 31.5% | 39.4% | 40.3% | 47.9% | 49.5% | 64.9% | 72.2% | 65.1% | 53.8% | 57.0% | 48.2% | 45.8% |
| Operating cash flow / net income | — | 1.50 | 1.33 | 257.39 | 1.19 | — | 1.31 | 0.49 | 1.81 | 1.40 | 1.03 | 1.46 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
APD cash generation
In fiscal 2025 (ended September 30, 2025), Air Products generated $3.2 billion of cash from operations (down 10.9%) and spent $7.0 billion on capital expenditures, leaving free cash flow of -$3.8 billion, −31.3% of revenue. It returned $1.6 billion to shareholders through dividends ($1.6 billion) and net share buybacks ($0). Cash and equivalents fell by $1.1 billion over the year.
Related: APD income statement, APD balance sheet, APD dividend history. See the APD stock overview for the latest quote and news.
APD cash flow FAQ
What is Air Products's free cash flow?
Air Products's free cash flow was -$3.8 billion in fiscal 2025: $3.2 billion of operating cash flow minus $7.0 billion of capital expenditures It was -$3.1 billion a year earlier..
How much cash does Air Products generate from operations?
Air Products generated $3.2 billion of cash from operating activities in fiscal 2025, 663.02 times its net income of $4.9 million.
How much does Air Products spend on capital expenditures?
Air Products spent $7.0 billion on capital expenditures in fiscal 2025, 58.3% of revenue, compared with $6.8 billion the year before.
How much does Air Products pay in dividends?
Air Products paid $1.6 billion in dividends in fiscal 2025.