APDAir Products

Materials · Industrial Gases & Chemicals · NYSE

Additional information about Air Products is available on our website at www.airproducts.com. 10-K, Item 1

Employees: 21,300
Headquarters: Allentown, PA
Next results: around Jan 29, 2027

RevenueFY2016–25 $12.0B−0.5% FY2024: $12.1B 10-K FY2025 · XBRL Net incomeFY2016–25 −$394.5M FY2024: $3.8B 10-K FY2025 · XBRL Free cash flowFY2016–25 −$3.8B FY2024: −$3.1B 10-K FY2025 · XBRL Operating marginFY2016–25 -7.3%−44.2 pts 20.5% in FY2016 10-K FY2025 · XBRL

What changed

10-K filed Nov 20, 2025 against Nov 21, 2024

Area	What changed	Source
Risk factors	5 new paragraphs, nothing like them in the previous 10-K	10-K Item 1A
Material impairment (8-K item 2.06)	8-K item 2.06 (material impairments) filed 2026-06-30 (2 in 2 years): “On June 26, 2026, Air Products and Chemicals, Inc. (the “Company”) determined that, as part of a review initiated by its Board of Directors and Chief Executive Officer, it would exit projects to develop a clean energy complex to produce low carbon hydrogen and ammonia in Louisiana (the “Louisiana Clean Energy Complex”), a facility to produce green hydrogen in Arizona (the “Casa Grande Project”)…”	10-K · XBRL
Accounting checks	10 other checks clear, 1 worth a look	10-K · XBRL
Insiders	No open-market buys in the last 90 days	Form 4
Filings	1 in the last 30 days	EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

What's new, in their words

10-K filed Nov 20, 2025

Paragraphs in Risk Factors that were not in the 10-K filed 2024-11-21. Quoted as filed.

Volatility and disruption in the U.S., European and global credit, capital, and money markets could increase the costs for or make it more difficult for us to obtain financing for our operations, potentially impacting our cash flows or creating financial risks. In addition, our borrowing costs can be affected by short and long-term debt…
10-K, Item 1A

All 5 new paragraphs →

Accounting checks

latest 10-K

10 of 11 clear 1 worth a look. Checks, not verdicts.

!
Material impairment (8-K item 2.06)8-K item 2.06 (material impairments) filed 2026-06-30 (2 in 2 years): “On June 26, 2026, Air Products and Chemicals, Inc. (the “Company”) determined that, as part of a review initiated by its Board of Directors and Chief Executive Officer, it would exit projects to develop a clean energy complex to produce low carbon hydrogen and ammonia in Louisiana (the “Louisiana Clean Energy Complex”), a facility to produce green hydrogen in Arizona (the “Casa Grande Project”)…”
✓
Receivables +4.4% vs revenue -0.5% (+4.9 pts)
✓
Cash from operations $3.3B vs net income −$394.5M (FY ending 2025-09-30)
✓
Inventory +1.4% vs revenue -0.5% (+1.9 pts)
✓
Same auditor in both 10-Ks: Deloitte & Touche LLP
✓
No statement of substantial doubt about going concern
✓
No 8-K item 4.02 in the last 2 years
✓
No NT 10-K or NT 10-Q in the last 2 years
✓
The same matters as last year: Revenue Recognition - On-site Customer Contracts
✓
No sentence in the 10-K concludes that controls were not effective because of a material weakness
✓
No 8-K item 1.03 in the last 2 years

How each check works, with sources →

In the last 30 days

All filings →

Nov 5, 20268-K Quarterly results 8-K item 2.02

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