Air Products (APD) financials
Air Products revenue and earnings by year
Air Products's revenue was $12.0 billion in the fiscal year to September 30, 2025, down 0.5% from the year before. Net income was -$395 million, -3.3% of revenue. Since the fiscal year to September 30, 2016, revenue has grown 5.4% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 | Sep 2020 | Sep 2019 | Sep 2018 | Sep 2017 | Sep 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 12.0 | 12.1 | 12.6 | 12.7 | 10.3 | 8.9 | 8.9 | 8.9 | 8.2 | 7.5 |
| Revenue growth | -0.5% | -4.0% | -0.8% | 23.0% | 16.6% | -0.7% | -0.1% | 9.1% | 9.1% | — |
| Gross profit | 3.8 | 3.9 | 3.8 | 3.4 | 3.1 | 3.0 | 2.9 | 2.7 | 2.4 | 2.3 |
| Gross margin | 31.4% | 32.5% | 29.9% | 26.5% | 30.4% | 33.9% | 33.0% | 30.7% | 29.8% | 31.0% |
| Operating income | -0.9 | 2.9 | 2.5 | 2.3 | 2.3 | 2.2 | 2.1 | 2.0 | 1.4 | 1.5 |
| Operating margin | -7.8% | 23.9% | 19.8% | 18.4% | 22.1% | 25.3% | 24.0% | 22.0% | 17.6% | 20.5% |
| Net income | -0.4 | 3.8 | 2.3 | 2.3 | 2.1 | 1.9 | 1.8 | 1.5 | 3.0 | 0.6 |
| Net margin | -3.3% | 31.6% | 18.3% | 17.8% | 20.3% | 21.3% | 19.7% | 16.8% | 36.6% | 8.4% |
| Diluted EPS | -$1.77 | $17.18 | $10.33 | $10.14 | $9.43 | $8.49 | $7.94 | $6.79 | $13.66 | $2.89 |
| Free cash flow | -3.8 | -3.2 | -1.4 | 0.2 | 0.9 | 0.8 | 1.0 | 1.0 | 1.5 | 1.4 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open APD in Markets.
How Air Products makes money
Revenue by segment in the quarter to June 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Onsite | $1.67B | 52.9% |
| Merchant | $1.39B | 43.9% |
| Saleof Equipment | $103M | 3.3% |
See also: APD valuation and P/E history · APD returns
No forecast, no recommendation. This page describes Air Products from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.