Global industrial gases company providing atmospheric, process, and specialty gases across multiple industries.
Profile & Fundamentals
Air Products & Chemicals: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
Air Products & Chemicals Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
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Company and Market Context
Company Profile & Ownership
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.
Company profile record
Air Products and Chemicals Inc
Common Stock · Materials · Industrial Gases
Company
- Company / asset
- Air Products and Chemicals Inc
- Security type
- Common Stock
- Sector
- Materials
- Industry
- Industrial Gases
- HQ
- 🇺🇸 United States
- Head office
- 1940 Air Products Boulevard, Allentown, PA, United States, 18106-5500
Leadership & scale
- Chief executive
- Mr. Eduardo F. Menezes
- CEO year born
- 1963
- Full-time employees
- 21.1K
- Fiscal year end
- September
- IPO date
- 1987-01-01
Fundamentals snapshot
- Market Cap
- USD 62.6B
- P/E
- --
- Revenue (Q2 26)
- USD 3.2B
- Profit (Q2 26)
- USD -1.4B
- Dividend Yield
- 1.8%
- Revenue (FY 25)
- USD 12.0B
- Shares in public float
- 222.4M
- Insider ownership
- 1.89%
Reporting & identifiers
- Symbol
- APD.NYSE
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- US0091581068
- Asset ID
- equity_3719e395-c0b4-56df-914f-0277e5b495d9
Ownership
Shares Outstanding
Latest: 222.8M | Max: 222.9M | Min: 220.4M
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
99.81%
222.4M latest reported shares
Insider Ownership
1.89%
Latest reported insider stake
Short Float
0.02%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 220,400,000 |
| 2018-01-01 | 221,000,000 |
| 2019-01-01 | 222,200,000 |
| 2020-01-01 | 222,600,000 |
| 2021-01-01 | 222,600,000 |
| 2022-01-01 | 222,600,000 |
| 2023-01-01 | 222,800,000 |
| 2024-01-01 | 222,900,000 |
| 2025-01-01 | 222,900,000 |
| 2026-01-01 | 222,800,000 |
Top Holders
Available reported ownership records.
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| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| BlackRock Inc | 18,054,436 | 8.11% | 2026-03-31 |
| Vanguard Capital Management, LLC | 14,467,316 | 6.5% | 2026-03-31 |
| State Farm Mutual Automobile Ins Co | 11,840,799 | 5.32% | 2026-06-30 |
| Capital Research Global Investors | 10,602,157 | 4.76% | 2026-06-30 |
| State Street Corp | 10,110,495 | 4.54% | 2026-03-31 |
| Capital Research & Mgmt Co - Division 3 | 9,567,173 | 4.3% | 2026-06-30 |
| Dodge & Cox | 9,393,493 | 4.22% | 2026-06-30 |
| Vanguard MStar Total Stk Mkt Idx Invest | 7,076,432 | 3.18% | 2026-08-31 |
| Dodge & Cox Stock I | 6,137,551 | 2.76% | 2026-06-30 |
| JPMorgan Chase & Co | 6,049,260 | 2.72% | 2026-03-31 |
| Vanguard 500 Index Investor | 5,915,949 | 2.66% | 2026-08-31 |
| Vanguard Portfolio Management, LLC | 5,711,079 | 2.56% | 2026-03-31 |
| American Funds Washington Mutual A | 5,464,985 | 2.45% | 2026-06-30 |
| Geode Capital Management, LLC | 4,991,723 | 2.24% | 2026-03-31 |
| NORGES BANK | 4,672,467 | 2.1% | 2026-06-30 |
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
Air Products' financial headlines look alarming at first glance, showing a net loss of 394 million dollars in fiscal 2025 and an operating loss of 593 million dollars over the trailing twelve months. However, these losses were caused entirely by one-time, non-cash accounting charges—most notably a 2.9-billion-dollar write-off to cancel the expensive Louisiana blue hydrogen project. Behind these paper losses, the core industrial gas business remains highly profitable. Third-quarter fiscal 2026 adjusted earnings per share rose 12% to $3.47, exceeding management guidance. With core take-or-pay sales expanding, recurring operational earnings are poised to rebound quickly as project cancellation expenses disappear.
Air Products' financial headlines look alarming at first glance, showing a net loss of 394 million dollars in fiscal 2025 and an operating loss of 593 million dollars over the trailing twelve months. However, these losses were caused entirely by one-time, non-cash accounting charges—most notably a 2.9-billion-dollar write-off to cancel the expensive Louisiana blue hydrogen project. Behind these paper losses, the core industrial gas business remains highly profitable. Third-quarter fiscal 2026 adjusted earnings per share rose 12% to $3.47, exceeding management guidance. With core take-or-pay sales expanding, recurring operational earnings are poised to rebound quickly as project cancellation expenses disappear.
Revenue, Net Income, and Free Cash Flow
Latest: USD 12.0B | Max: USD 12.7B | Min: USD -3.8B
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 17x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Reported operating margins plunged into negative territory during recent quarters due to massive non-cash project write-offs. In stark contrast, underlying gross margins remained exceptionally stable at 31.4%, demonstrating the immense pricing power of the company's regional gas monopolies. Because industrial customers rely on continuous gas supplies to operate, long-term contracts automatically pass through rising power and feedstock costs. Meanwhile, adjusted operating margins expanded to 25.6% in the third quarter of fiscal 2026. As one-off cancellation charges clear and high-margin semiconductor contracts ramp up, overall profit margins should climb toward 27%.
Reported operating margins plunged into negative territory during recent quarters due to massive non-cash project write-offs. In stark contrast, underlying gross margins remained exceptionally stable at 31.4%, demonstrating the immense pricing power of the company's regional gas monopolies. Because industrial customers rely on continuous gas supplies to operate, long-term contracts automatically pass through rising power and feedstock costs. Meanwhile, adjusted operating margins expanded to 25.6% in the third quarter of fiscal 2026. As one-off cancellation charges clear and high-margin semiconductor contracts ramp up, overall profit margins should climb toward 27%.
Profitability Margins
Latest: 31.4% | Max: 36.9% | Min: -7.3%
Latest Profitability Ratios as of 2025-09-30
Gross Margin
31.4%
Gross profit / revenue
Operating Margin
-7.3%
Operating income / revenue
Net Margin
-3.3%
Net income / revenue
FCF Margin
-31.3%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-09-30 | 7,503,700,000 | 631,100,000 | 1,753,000,000 |
| 2017-09-30 | 8,187,600,000 | 3,000,400,000 | 528,200,000 |
| 2018-09-30 | 8,930,200,000 | 1,497,800,000 | 973,500,000 |
| 2019-09-30 | 8,918,900,000 | 1,760,000,000 | 980,200,000 |
| 2020-09-30 | 8,856,300,000 | 1,886,700,000 | 755,700,000 |
| 2021-09-30 | 10,323,000,000 | 2,099,100,000 | 877,700,000 |
| 2022-09-30 | 12,698,600,000 | 2,256,100,000 | 303,700,000 |
| 2023-09-30 | 12,600,000,000 | 2,300,200,000 | -1,420,100,000 |
| 2024-09-30 | 12,100,600,000 | 3,828,200,000 | -3,150,000,000 |
| 2025-09-30 | 12,037,300,000 | -394,500,000 | -3,765,800,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
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| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2024-09-30 | 17.34 | Trailing four quarters |
| 2023-09-30 | 27.45 | Trailing four quarters |
| 2022-09-30 | 22.96 | Annual net income |
| 2021-09-30 | 27.16 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
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| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-09-30 | 31 | 20.46 | 8.41 | 23.36 |
| 2017-09-30 | 29.73 | 17.59 | 36.65 | 6.45 |
| 2018-09-30 | 30.69 | 22.01 | 16.77 | 10.9 |
| 2019-09-30 | 33 | 24.04 | 19.73 | 10.99 |
| 2020-09-30 | 33.85 | 25.27 | 21.3 | 8.53 |
| 2021-09-30 | 30.39 | 22.1 | 20.33 | 8.5 |
| 2022-09-30 | 26.46 | 18.42 | 17.77 | 2.39 |
| 2023-09-30 | 29.9 | 19.8 | 18.26 | -11.27 |
| 2024-09-30 | 32.49 | 36.91 | 31.64 | -26.03 |
| 2025-09-30 | 31.41 | -7.29 | -3.28 | -31.28 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-09-29.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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