Air Products and Chemicals, Inc. (APD) Income Statement
APD FY2025 at a glance
Fiscal year ended September 30, 2025 · U.S. dollarsAPD revenue and net income
Where APD's revenue goes
FY2025Each bar shows an amount and its share of revenue. APD kept −3.3% of revenue as net income.
APD profit margins
APD growth rates
to FY2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −0.5% | −1.8% | +6.3% | +4.4% |
| Gross profit | −3.8% | +4.0% | +4.8% | +5.4% |
| Operating income | −119.6% | — | — | — |
| Net income | −110.3% | — | — | — |
| EPS (diluted) | −3.2% | +4.9% | +7.5% | +6.2% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
APD quarterly EPS vs estimates
Air Products beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 5, 2026 (estimate $3.60).
APD income statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.04B | $12.10B | $12.60B | $12.70B | $10.32B | $8.86B | $8.92B | $8.93B | $8.19B | $7.50B |
| Cost of revenue | $8.26B | $8.17B | $8.83B | $9.34B | $7.19B | $5.86B | $5.98B | $6.19B | $5.75B | $5.18B |
| Gross profit | $3.78B | $3.93B | $3.77B | $3.36B | $3.14B | $3.00B | $2.94B | $2.74B | $2.43B | $2.33B |
| Research & development | $96.3M | $100.2M | $105.6M | $102.9M | $93.5M | $83.9M | $72.9M | $64.5M | $57.8M | $71.6M |
| Sales, general & admin | $906.1M | $942.4M | $957.0M | $900.6M | $828.4M | $742.1M | $750.0M | $760.8M | $713.5M | $683.8M |
| Total operating expenses | $4.66B | −$534.2M | $1.27B | $1.02B | $869.1M | $760.6M | $799.0M | $775.1M | $996.1M | $791.3M |
| Operating income | −$877.0M | $4.47B | $2.49B | $2.34B | $2.28B | $2.24B | $2.14B | $1.97B | $1.44B | $1.54B |
| Interest income | $460.7M | $412.6M | $426.8M | $368.3M | $152.3M | $155.5M | $78.4M | $90.6M | $1.5M | $6.2M |
| Interest expense | $214.0M | $218.8M | $177.5M | $128.0M | $141.8M | $109.3M | $137.0M | $130.5M | $120.6M | $115.2M |
| Income before taxes | −$440.7M | $4.82B | $2.88B | $2.75B | $2.51B | $2.42B | $2.29B | $2.02B | $1.42B | $1.55B |
| Income taxes | −$94.3M | $944.9M | $551.2M | $500.8M | $462.8M | $478.4M | $480.1M | $524.3M | $260.9M | $432.6M |
| Net income | −$394.5M | $3.83B | $2.30B | $2.26B | $2.10B | $1.89B | $1.76B | $1.50B | $3.00B | $631.1M |
| EBITDA | $1.34B | $6.49B | $4.42B | $4.22B | $3.97B | $3.72B | $3.51B | $3.12B | $2.40B | $2.52B |
| EPS (diluted) | $12.03 | $12.43 | $11.51 | $10.41 | $9.02 | $8.38 | $8.22 | $7.39 | $6.31 | $7.53 |
| Gross margin | 31.4% | 32.5% | 29.9% | 26.5% | 30.4% | 33.9% | 33.0% | 30.7% | 29.7% | 31.0% |
| Operating margin | −7.3% | 36.9% | 19.8% | 18.4% | 22.1% | 25.3% | 24.0% | 22.0% | 17.6% | 20.5% |
| Net margin | −3.3% | 31.6% | 18.3% | 17.8% | 20.3% | 21.3% | 19.7% | 16.8% | 36.6% | 8.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.16B | $3.17B | $3.10B | $3.17B | $3.02B | $2.92B | $2.93B | $3.19B | $2.99B | $2.93B | $3.00B | $3.19B |
| Cost of revenue | $2.12B | $2.18B | $2.11B | $2.15B | $2.04B | $2.05B | $2.02B | $2.10B | $2.01B | $1.99B | $2.07B | $2.21B |
| Gross profit | $1.04B | $987.4M | $995.0M | $1.02B | $982.6M | $862.3M | $915.0M | $1.08B | $979.4M | $938.7M | $931.2M | $984.1M |
| Research & development | $21.5M | $21.6M | $20.4M | $27.3M | $24.1M | $22.9M | $22.0M | $22.1M | $27.0M | $25.4M | $25.7M | $24.7M |
| Sales, general & admin | $219.1M | $227.2M | $228.7M | $219.1M | $222.6M | $302.2M | $242.4M | $228.0M | $235.4M | $240.6M | $238.4M | $232.7M |
| Total operating expenses | $3.13B | $234.7M | $260.5M | $1.00B | $192.0M | $3.19B | $271.4M | −$1.34B | $242.3M | $301.5M | $263.3M | $245.5M |
| Operating income | −$2.10B | $752.7M | $734.5M | $16.8M | $790.6M | −$2.33B | $643.6M | $2.42B | $737.6M | $637.2M | $667.1M | $738.6M |
| Interest income | — | — | $117.7M | $116.2M | $105.9M | $91.8M | $146.8M | $99.9M | — | — | — | $115.4M |
| Interest expense | $49.4M | $49.5M | $54.5M | $67.8M | $61.4M | $42.2M | $42.6M | $49.7M | $55.7M | $59.9M | $53.5M | $48.0M |
| Income before taxes | −$1.94B | $883.5M | $850.8M | $121.3M | $890.8M | −$2.24B | $790.5M | $2.50B | $849.5M | $711.4M | $757.0M | $841.2M |
| Income taxes | −$515.4M | $158.7M | $159.4M | $111.2M | $159.6M | −$505.8M | $140.7M | $538.4M | $140.6M | $130.5M | $135.4M | $154.2M |
| Net income | −$1.44B | $710.4M | $678.2M | $4.9M | $713.8M | −$1.73B | $617.4M | $1.95B | $696.6M | $572.4M | $609.3M | $692.6M |
| EBITDA | $1.19B | $1.31B | $1.28B | $601.9M | $1.35B | −$1.82B | $1.20B | $2.93B | $1.27B | $1.13B | $1.16B | $1.25B |
| EPS (diluted) | $3.47 | $3.20 | $3.16 | $3.39 | $3.09 | $2.69 | $2.86 | $3.56 | $3.20 | $2.85 | $2.82 | $3.15 |
| Gross margin | 32.8% | 31.1% | 32.1% | 32.3% | 32.5% | 29.6% | 31.2% | 34.0% | 32.8% | 32.0% | 31.1% | 30.8% |
| Operating margin | −66.3% | 23.7% | 23.7% | 0.5% | 26.2% | −79.8% | 22.0% | 76.1% | 24.7% | 21.7% | 22.3% | 23.1% |
| Net margin | −45.6% | 22.4% | 21.9% | 0.2% | 23.6% | −59.3% | 21.1% | 61.2% | 23.3% | 19.5% | 20.3% | 21.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in APD's financial statements (latest annual report filed November 20, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
APD financial results
In fiscal year 2025 (ended September 30, 2025), Air Products reported revenue of $12.0 billion, down 0.5% from the year before. It had a net loss of $394.5 million, a net profit margin of −3.3%. Diluted earnings per share came to $12.03. Over five years revenue grew at an average rate of 6.3% a year.
See the APD stock overview for the latest quote and news, or the APD chart for price history and technical indicators.
APD income statement FAQ
What is Air Products's annual revenue?
Air Products reported total revenue of $12.0 billion for fiscal year 2025, which ended on September 30, 2025. That was down 0.5% from $12.1 billion the previous year.
Is Air Products profitable?
No. Air Products reported a net loss of $394.5 million in fiscal 2025, a net profit margin of −3.3%; its operating margin was −7.3%.
What is Air Products's gross margin?
Air Products's gross margin was 31.4% in fiscal 2025: for every $100 of revenue, Air Products kept $31 after the direct cost of its products and services.
How much does Air Products spend on research and development?
Air Products spent $96.3 million on research and development in fiscal 2025, 0.8% of revenue.
How fast is Air Products growing?
Revenue grew 6.3% a year on average over the last five fiscal years, from $8.9 billion to $12.0 billion.
What are Air Products's earnings per share?
Air Products earned $12.03 per diluted share in fiscal 2025, compared with $12.43 a year earlier.
When will Air Products report its next earnings?
Air Products is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does Air Products's fiscal year end?
Air Products's fiscal year ends in September. The latest annual report covers the year ended September 30, 2025 and was filed on November 20, 2025.