← Filings of APD
Tables in the 10-Q of Air Products & Chemicals, Inc.
60 tables with numbers, filed Jan 30, 2026. Each one downloads as a CSV for Excel or
Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed.
Open the filing on sec.gov ↗
Table 1 after “Securities registered pursuant to Section 12(b) of the Act:”
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| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $1.00 per share | APD | New York Stock Exchange |
| 0.500% Euro Notes due 2028 | APD28 | New York Stock Exchange |
| 2.950% Euro Notes due 2031 | APD31 | New York Stock Exchange |
| 0.800% Euro Notes due 2032 | APD32 | New York Stock Exchange |
| 3.250% Euro Notes due 2032 | APD32B | New York Stock Exchange |
| 4.000% Euro Notes due 2035 | APD35 | New York Stock Exchange |
| 3.450% Euro Notes due 2037 | APD37 | New York Stock Exchange |
| Forward-Looking Statements | 3 |
| PART I—FINANCIAL INFORMATION | |
| Item 1. Financial Statements (Unaudited) | |
| Consolidated Income Statements – Three Months Ended 31 December 2025 and 2024 | 5 |
| Consolidated Comprehensive Income Statements – Three Months Ended 31 December 2025 and 2024 | 6 |
| Consolidated Balance Sheets – 31 December 2025 and 30 September 2025 | 7 |
| Consolidated Statements of Cash Flows – Three Months Ended 31 December 2025 and 2024 | 8 |
| Consolidated Statements of Equity – Three Months Ended 31 December 2025 and 2024 | 9 |
First 8 of 17 rows. The CSV has all of them.
| Three Months Ended | | |
| 31 December | | |
| (Millions of U.S. Dollars, except for share and per share data) | 2025 | 2024 | |
| Sales | $3,102.5 | | $2,931.5 |
| Cost of sales | 2,107.5 | | 2,016.5 |
| Selling and administrative expense | 228.7 | | 242.4 |
| Research and development expense | 20.4 | | 22.0 |
| Business and asset actions | 22.0 | | — |
First 8 of 25 rows. The CSV has all of them.
| Three Months Ended | | |
| 31 December | | |
| (Millions of U.S. Dollars) | 2025 | 2024 | |
| Net Income | $691.4 | | $649.8 |
| Other Comprehensive Income (Loss), net of tax: | | | |
| Translation adjustments, net of tax of ($1.2) and $46.2 | 73.5 | | (624.0) |
| Net gain on derivatives, net of tax of $0.9 and ($22.0) | 35.5 | | 65.7 |
| Reclassification adjustments: | | | |
First 8 of 15 rows. The CSV has all of them.
| 31 December | 30 September | |
| (Millions of U.S. Dollars, except for share and per share data) | 2025 | 2025 | |
| Assets | | | |
| Current Assets | | | |
| Cash and cash items | $1,026.4 | | $1,856.0 |
| Trade receivables, net | 1,894.9 | | 1,901.2 |
| Inventories | 788.1 | | 776.5 |
| Prepaid expenses | 163.8 | | 174.9 |
First 8 of 49 rows. The CSV has all of them.
| Three Months Ended | | |
| 31 December | | |
| (Millions of U.S. Dollars) | 2025 | 2024 | |
| Operating Activities | | | |
| Net income | $691.4 | | $649.8 |
| Less: Net income attributable to noncontrolling interests | 13.2 | | 32.4 |
| Net income attributable to Air Products | $678.2 | | $617.4 |
| Adjustments to reconcile income to cash provided by operating activities: | | | |
First 8 of 44 rows. The CSV has all of them.
| (Millions of U.S. Dollars, except for per share data) | | | | | | | | | | | | |
| Three Months Ended 31 December 2025 | | | | | | | | | | | |
| Common Stock | Capital in Excess of Par Value | Retained Earnings | AOCL(A) | Treasury Stock | Air Products Share-holders' Equity | Non-controlling Interests | Total Equity | | | | |
| Balance as of 30 September 2025 | $249.4 | | $1,306.5 | | $17,558.6 | | ($2,087.8) | | ($2,001.8) | $15,024.9 | $2,324.9 | $17,349.8 |
| Net income | — | | — | | 678.2 | | — | | — | 678.2 | 13.2 | 691.4 |
| Other comprehensive income | — | | — | | — | | 110.7 | | — | 110.7 | 24.2 | 134.9 |
| Dividends on common stock ($1.79 per share) | — | | — | | (398.6) | | — | | — | (398.6) | — | (398.6) |
| Distributions to noncontrolling interests | — | | — | | — | | — | | — | — | (0.4) | (0.4) |
First 8 of 14 rows. The CSV has all of them.
| Three Months Ended 31 December 2024 | | | | | | | | | | | |
| Common Stock | Capital in Excess of Par Value | Retained Earnings | AOCL(A) | Treasury Stock | Air Products Share-holders' Equity | Non-controlling Interests | Total Equity | | | | |
| Balance as of 30 September 2024 | $249.4 | | $1,253.2 | | $19,545.7 | | ($2,027.7) | | ($1,984.1) | $17,036.5 | $1,637.2 | $18,673.7 |
| Net income | — | | — | | 617.4 | | — | | — | 617.4 | 32.4 | 649.8 |
| Other comprehensive income (loss) | — | | — | | — | | (558.5) | | — | (558.5) | 103.1 | (455.4) |
| Dividends on common stock ($1.77 per share) | — | | — | | (393.8) | | — | | — | (393.8) | — | (393.8) |
| Distributions to noncontrolling interests | — | | — | | — | | — | | — | — | (1.4) | (1.4) |
| Share-based compensation | — | | 14.3 | | — | | — | | — | 14.3 | — | 14.3 |
First 8 of 13 rows. The CSV has all of them.
Table 9 after “Millions of U.S. Dollars, unless otherwise indicated”
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| 1. | Basis of Presentation and Major Accounting Policies | 11 |
| 2. | New Accounting Guidance | 11 |
| 3. | Variable Interest Entities | 13 |
| 4. | Business and Asset Actions | 16 |
| 5. | Revenue Recognition | 18 |
| 6. | Inventories | 19 |
| 7. | Goodwill | 19 |
| 8. | Financial Instruments | 20 |
First 8 of 16 rows. The CSV has all of them.
Table 10 after “balances associated with NGHC as reflected on our consolidated balance sheets:”
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| 31 December | 30 September | |
| 2025 | 2025 | |
| Assets | | | |
| Cash and cash items | $128.7 | | $40.3 |
| Trade receivables, net | 1.4 | | 1.1 |
| Prepaid expenses | 18.0 | | 20.7 |
| Other receivables and current assets | 133.5 | | 107.2 |
| Total Current Assets | $281.6 | | $169.3 |
First 8 of 27 rows. The CSV has all of them.
Table 11 after “The table below provides a reconciliation of the beginning and ending liability balances associated with project exit activities, which are ”
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| Amount accrued as of 30 September 2025 | $178.3 |
| Changes in estimates | 9.3 |
| Cash payments | (25.7) |
| Currency translation adjustment | 0.1 |
| Amount accrued as of 31 December 2025 | $162.0 |
Table 12 after “The table below provides a reconciliation of the beginning and ending liability balances associated with our global cost reduction plan, whi”
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| Amount accrued as of 30 September 2025 | $101.6 |
| Cash payments | (14.8) |
| Currency translation adjustment | 0.1 |
| Amount accrued as of 31 December 2025 | $86.9 |
Table 13 after “The tables provided below present our consolidated sales disaggregated by supply mode for each of our reportable segments. We believe this p”
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| Three Months Ended 31 December 2025 | | | | | | | | | |
| Americas | Asia | Europe | Middle East and India | Corporate and other | Total% | | | | |
| On-site | $783.9 | | $569.7 | | $264.0 | | $16.3 | $— | $1,633.9 | 53% |
| Merchant | 557.8 | | 261.8 | | 518.0 | | 14.0 | — | 1,351.6 | 43% |
| Sale of equipment | — | | — | | — | | — | 117.0 | 117.0 | 4% |
| Total | $1,341.7 | | $831.5 | | $782.0 | | $30.3 | $117.0 | $3,102.5 | 100% |
Table 14 after “The tables provided below present our consolidated sales disaggregated by supply mode for each of our reportable segments. We believe this p”
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| Three Months Ended 31 December 2024 | | | | | | | | | |
| Americas | Asia | Europe | Middle East and India | Corporate and other | Total% | | | | |
| On-site | $713.1 | | $529.3 | | $228.3 | | $17.6 | $— | $1,488.3 | 51% |
| Merchant | 574.5 | | 287.8 | | 468.9 | | 15.2 | — | 1,346.4 | 46% |
| Sale of Equipment | — | | — | | — | | — | 96.8 | 96.8 | 3% |
| Total | $1,287.6 | | $817.1 | | $697.2 | | $32.8 | $96.8 | $2,931.5 | 100% |
Table 15 after “The table below details balances arising from contracts with customers:”
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| | 31 December | 30 September | |
| Balance Sheet Location | 2025 | 2025 | |
| Assets | | | | |
| Contract assets – current | Other receivables and current assets | $142.0 | | $152.6 |
| Contract fulfillment costs – current | Other receivables and current assets | 91.5 | | 85.4 |
| Contract assets – noncurrent | Other noncurrent assets | 102.5 | | 82.3 |
| Contract fulfillment costs – noncurrent | Other noncurrent assets | 37.1 | | 33.8 |
| Liabilities | | | | |
First 8 of 10 rows. The CSV has all of them.
Table 16 after “The components of inventories are as follows:”
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| 31 December | 30 September | |
| 2025 | 2025 | |
| Finished goods | $199.5 | | $191.9 |
| Work in process | 38.6 | | 42.4 |
| Raw materials, supplies, and other | 550.0 | | 542.2 |
| Inventories | $788.1 | | $776.5 |
Table 17 after “Changes to the carrying amount of consolidated goodwill by segment for the three months ended 31 December 2025 are as follows:”
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| Americas | Asia | Europe | Middle East and India | Corporate and other | Total | | | |
| Goodwill, net as of 30 September 2025 | $143.5 | | $172.5 | | $597.9 | | $15.8 | $34.2 | $963.9 |
| Currency translation | 2.7 | | (0.2) | | 5.1 | | — | — | 7.6 |
| Goodwill, net as of 31 December 2025 | $146.2 | | $172.3 | | $603.0 | | $15.8 | $34.2 | $971.5 |
Table 18 after “Changes to the carrying amount of consolidated goodwill by segment for the three months ended 31 December 2025 are as follows:”
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| 31 December | 30 September | |
| 2025 | 2025 | |
| Goodwill, gross | $1,265.8 | | $1,238.6 |
| Accumulated impairment losses(A) | ($294.3) | | ($274.7) |
| Goodwill, net | $971.5 | | $963.9 |
Table 19 after “The table below summarizes our outstanding currency price risk management instruments:”
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| 31 December 2025 | 30 September 2025 | | | | | |
| US$ Notional | Years Average Maturity | | US$ Notional | | Years Average Maturity | |
| Forward Exchange Contracts: | | | | | | | |
| Cash flow hedges | $4,094.9 | | 0.4 | | $3,625.5 | | 0.6 |
| Net investment hedges | 87.6 | | 0.5 | | 73.9 | | 0.8 |
| Not designated | 2,653.3 | | 1.2 | | 2,968.6 | | 1.2 |
| Total Forward Exchange Contracts | $6,835.8 | | 0.7 | | $6,668.0 | | 0.9 |
Table 20 after “outstanding interest rate management contracts and cross currency interest rate swaps:”
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| 31 December 2025 | 30 September 2025 | | | | | | | | | | | | | | | | |
| US$ Notional | Average Pay % | | Average Receive % | | Years Average Maturity | US$ Notional | | Average Pay % | | Average Receive % | | Years Average Maturity | | | | | |
| Interest rate swaps (fair value hedge) | $600.0 | | SOFR | | 1.80% | | 2.4 | | $800.0 | | | SOFR | | 1.64% | | | 2.0 | |
| Interest rate swaps(cash flow hedge)(A) | $3,363.0 | | 2.80% | | | SOFR | 19.9 | | $3,106.0 | | | 2.78% | | | SOFR | | 20.1 | |
| Interest rate swaps(not designated)(A) | $135.2 | | 3.28% | | | SOFR | 19.9 | | $269.1 | | | 3.28% | | | SOFR | | 20.2 | |
| Cross currency interest rate swaps (net investment hedge) | $2,043.8 | | 2.09% | | | 3.72% | | 2.3 | | $70.3 | | | 4.86% | | | 4.53% | | 0.5 |
| Cross currency interest rate swaps (cash flow hedge) | $102.4 | | 5.23% | | | 2.94% | | 1.0 | | $247.7 | | | 5.21% | | | 3.12% | | 1.6 |
| Cross currency interest rate swaps (not designated) | $26.5 | | 0.15% | | | 1.85% | | 1.4 | | $— | | | —% | | | —% | | 0.0 |
Table 21 after “The table below provides the amounts recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedge”
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| Carrying amounts of hedged item | | Cumulative hedging adjustment, included in carrying amount | | | | |
| 31 December | 30 September | | 31 December | 30 September | | |
| Balance Sheet Location | 2025 | 2025 | | 2025 | 2025 | | |
| Current portion of long-term debt | $— | | $549.7 | | | $— | ($0.3) |
| Long-term debt | $1,525.7 | | $1,522.5 | | | ($20.2) | ($23.1) |
Table 22 after “The table below summarizes the fair value and balance sheet location of our outstanding derivatives:”
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| Balance Sheet Location | 31 December | 30 September | Balance Sheet Location | 31 December | 30 September | | |
| 2025 | 2025 | 2025 | 2025 | | | | |
| Derivatives Designated as Hedging Instruments: | | | | | | | | |
| Forward exchange contracts | Other receivables and current assets | $52.6 | | $50.7 | | Payables and accrued liabilities | $45.3 | $21.4 |
| Interest rate management contracts | Other receivables and current assets | 5.5 | | 13.1 | | Payables and accrued liabilities | 4.1 | 0.3 |
| Forward exchange contracts | Other noncurrent assets | 9.4 | | 10.1 | | Other noncurrent liabilities | 1.8 | 3.4 |
| Interest rate management contracts | Other noncurrent assets | 203.6 | | 138.2 | | Other noncurrent liabilities | 48.9 | 23.8 |
| Total Derivatives Designated as Hedging Instruments | | $271.1 | | $212.1 | | | $100.1 | $48.9 |
First 8 of 14 rows. The CSV has all of them.
Table 23 after “The tables below summarize gains (losses) recognized in other comprehensive income during the period related to our net investment and cash ”
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| Three Months Ended | | |
| 31 December | | |
| 2025 | 2024 | |
| Net Investment Hedging Relationships | | | |
| Forward exchange contracts | ($5.1) | | $53.9 |
| Foreign currency debt | (4.2) | | 140.4 |
| Cross currency interest rate swaps(A) | (8.2) | | 0.4 |
| Total Amount Recognized in OCI | (17.5) | | 194.7 |
First 8 of 10 rows. The CSV has all of them.
Table 24 after “Excluded components for cross currency interest rate swaps are recognized in “Payables and accrued liabilities” and “Other receivables and c”
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| Three Months Ended | | |
| 31 December | | |
| 2025 | 2024 | |
| Derivatives in Cash Flow Hedging Relationships | | | |
| Forward exchange contracts | ($0.8) | | ($177.8) |
| Forward exchange contracts, excluded components | (7.4) | | (1.5) |
| Other(A) | 44.6 | | 223.0 |
| Total Amount Recognized in OCI | 36.4 | | 43.7 |
First 8 of 10 rows. The CSV has all of them.
Table 25 after “table below summarizes the location and amounts recognized in income related to our cash flow and fair value hedging relationships by contra”
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| Three Months Ended 31 December | | | | | | | | | | | | | | | |
| Sales | | Cost of Sales | | | | Interest Expense | | Other Non-Operating Income (Expense), Net | | | | | | | |
| 2025 | 2024 | | 2025 | 2024 | | | | | 2025 | 2024 | 2025 | 2024 | | | |
| Total presented in consolidated income statements that includes effects of hedging below | $3,102.5 | | $2,931.5 | | | $2,107.5 | | $2,016.5 | | | | | $54.5 | $42.6 | ($1.4) | $38.9 |
| (Gain) Loss Effects of Cash Flow Hedging: | | | | | | | | | | | | | | | | |
| Forward Exchange Contracts: | | | | | | | | | | | | | | | | |
| Amount reclassified from OCI into income | ($1.1) | | $0.2 | | | $0.2 | | $0.9 | | | | | $— | $— | $7.2 | $129.3 |
| Amount excluded from effectiveness testing recognized in earnings based on amortization approach | — | | — | | | — | | — | | | | | — | — | 5.5 | 6.1 |
First 8 of 18 rows. The CSV has all of them.
Table 26 after “The tables below summarize the location and amounts recognized in income related to our derivatives not designated as hedging instruments by”
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| Three Months Ended 31 December | | | | | |
| Other Income (Expense), Net | Other Non-Operating Income (Expense), Net | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| The Effects of Derivatives Not Designated as Hedging Instruments: | | | | | | |
| Forward exchange contracts | $0.5 | | ($3.9) | | ($0.4) | ($1.9) |
| De-designated interest rate swaps | — | | — | | (1.9) | (38.8) |
| Other | — | | — | | 0.5 | (1.7) |
| Total (Gain) Loss Recognized in Income | $0.5 | | ($3.9) | | ($1.8) | ($42.4) |
Table 27 after “The carrying values and fair values of financial instruments were as follows:”
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| 31 December 2025 | 30 September 2025 | | | | |
| Carrying Value | Fair Value | | Carrying Value | Fair Value | |
| Assets | | | | | | |
| Derivatives | | | | | | |
| Forward exchange contracts | $72.3 | | $72.3 | | $81.3 | $81.3 |
| Interest rate management contracts | 216.4 | | 216.4 | | 163.1 | 163.1 |
| Liabilities | | | | | | |
| Derivatives | | | | | | |
First 8 of 11 rows. The CSV has all of them.
Table 28 after “The table below summarizes assets and liabilities on the consolidated balance sheets that are measured at fair value on a recurring basis:”
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| 31 December 2025 | | 30 September 2025 | | | | | | | | | | |
| Total | Level 1 | Level 2 | Level 3 | | Total | Level 1 | Level 2 | Level 3 | | | | |
| Assets at Fair Value | | | | | | | | | | | | | |
| Derivatives | | | | | | | | | | | | | |
| Forward exchange contracts | $72.3 | | $— | | $72.3 | | $— | | | $81.3 | $— | $81.3 | $— |
| Interest rate management contracts | 216.4 | | — | | 216.4 | | — | | | 163.1 | — | 163.1 | — |
| Total Assets at Fair Value | $288.7 | | $— | | $288.7 | | $— | | | $244.4 | $— | $244.4 | $— |
| Liabilities at Fair Value | | | | | | | | | | | | | |
First 8 of 12 rows. The CSV has all of them.
Table 29 after “The table below presents the nonrecurring fair value measurements of these long-lived assets, categorized within the fair value hierarchy:”
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| Balance Sheet Location | Total Estimated Value | Level 1 | Level 2 | Level 3 | | |
| Assets held for sale | $447.9 | | $— | | $— | $447.9 |
| Plant and equipment, net | 13.5 | | — | | — | 13.5 |
Table 30 after “The components of net periodic cost for our defined benefit pension plans for the three months ended 31 December 2025 and 2024 were as follo”
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| Pension Benefits | | | | | | | | |
| 2025 | | 2024 | | | | | | |
| Three Months Ended 31 December | U.S. | International | Total | U.S. | International | Total | | | |
| Service cost | $1.9 | | $3.0 | $4.9 | | | $2.3 | $2.9 | $5.2 |
| Non-service cost: | | | | | | | | | |
| Interest cost | 29.0 | | 14.6 | 43.6 | | | 29.9 | 13.9 | 43.8 |
| Expected return on plan assets | (35.2) | | (17.0) | (52.2) | | | (33.2) | (14.7) | (47.9) |
| Prior service cost amortization | 0.3 | | 0.3 | 0.6 | | | 0.3 | 0.2 | 0.5 |
First 8 of 11 rows. The CSV has all of them.
Table 31 after “Share-based compensation cost recognized on the consolidated income statements is summarized below:”
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| Three Months Ended | | |
| 31 December | | |
| 2025 | 2024 | |
| Before-tax share-based compensation cost | $10.3 | | $16.5 |
| Income tax benefit | (2.4) | | (4.0) |
| After-tax share-based compensation cost | $7.9 | | $12.5 |
Table 32 after “The table below summarizes changes in accumulated other comprehensive loss ("AOCL"), net of tax, attributable to Air Products for the three ”
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| Derivatives qualifying as hedges | Foreign currency translation adjustments | Pension and postretirement benefits | Total | | |
| Balance at 30 September 2025 | $49.3 | | ($1,640.7) | | ($496.4) | ($2,087.8) |
| Other comprehensive income before reclassifications | 35.5 | | 73.5 | | — | 109.0 |
| Amounts reclassified from AOCL | 16.6 | | — | | 9.3 | 25.9 |
| Net current period other comprehensive income | $52.1 | | $73.5 | | $9.3 | $134.9 |
| Amount attributable to noncontrolling interests | 27.3 | | (3.0) | | (0.1) | 24.2 |
| Balance at 31 December 2025 | $74.1 | | ($1,564.2) | | ($487.0) | ($1,977.1) |
Table 33 after “The table below summarizes the reclassifications out of AOCL and the affected line item on the consolidated income statements:”
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| Three Months Ended | | |
| 31 December | | |
| 2025 | 2024 | |
| Loss on Cash Flow Hedges, net of tax | | | |
| Sales | ($0.9) | | $0.2 |
| Cost of sales | 0.2 | | 0.8 |
| Interest expense | (0.3) | | 0.3 |
| Other non-operating income (expense), net | 17.6 | | 90.6 |
First 8 of 10 rows. The CSV has all of them.
Table 34 after “The table below details the computation of basic and diluted earnings per share:”
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| Three Months Ended | | |
| 31 December | | |
| 2025 | 2024 | |
| Numerator | | | |
| Net income attributable to Air Products | $678.2 | | $617.4 |
| Denominator (in millions) | | | |
| Weighted average common shares — Basic | 222.8 | | 222.7 |
| Effect of dilutive securities: | | | |
First 8 of 13 rows. The CSV has all of them.
Table 35 after “The table below summarizes antidilutive outstanding share-based awards that were excluded from the computation of diluted earnings per share”
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| Three Months Ended | | |
| 31 December | | |
| 2025 | 2024 | |
| Antidilutive outstanding share-based awards | 0.1 | | 0.1 |
| Americas | Asia | Europe | Middle East and India | Corporate and other | Total | | | |
| Three Months Ended 31 December 2025 | | | | | | | | | |
| Sales(A) | $1,341.7 | | $831.5 | | $782.0 | | $30.3 | $117.0 | $3,102.5 |
| Cost of sales | (886.6) | | (573.2) | | (491.7) | | (19.9) | (136.1) | (2,107.5) |
| Selling and administrative expense | (55.2) | | (28.0) | | (67.0) | | (5.0) | (73.5) | (228.7) |
| Other segment items(B) | 3.9 | | 2.0 | | 0.2 | | 0.4 | (16.3) | (9.8) |
| Operating income (loss)(C) | 403.8 | | 232.3 | | 223.5 | | 5.8 | (108.9) | 756.5 |
| Other segment information: | | | | | | | | | |
First 8 of 27 rows. The CSV has all of them.
Table 37 after “The table below reconciles total segment operating income to income before taxes as reflected on our consolidated income statements:”
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| Three Months Ended | | |
| 31 December | | |
| 2025 | 2024 | |
| Total Segment Operating Income | $756.5 | | $673.5 |
| Business and asset actions | (22.0) | | — |
| Shareholder activism-related costs | — | | (29.9) |
| Consolidated Operating Income | $734.5 | | $643.6 |
| Equity affiliates' income | 172.2 | | 150.6 |
First 8 of 11 rows. The CSV has all of them.
Table 38 after “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations”
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| First Quarter 2026 in Summary | 39 |
| First Quarter 2026 Results of Operations | 41 |
| Reconciliations of Non-GAAP Financial Measures | 48 |
| Liquidity and Capital Resources | 52 |
| Pension Benefits | 56 |
| Critical Accounting Policies and Estimates | 57 |
Table 39 after “The per share impacts for the items presented in the table below were calculated independently and may not sum to the total change in EPS du”
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| Three Months Ended | Change vs. Prior Year | | |
| 31 December | | | |
| 2025 | 2024 | | |
| EPS | $3.04 | | $2.77 | $0.27 |
| % Change from prior year | | | 10% | |
| Operating Items | | | | |
| Underlying business: | | | | |
| Volume | | | 0.10 | |
First 8 of 27 rows. The CSV has all of them.
Table 40 after “The table below summarizes the per share impact of our non-GAAP adjustments for the first quarter of fiscal years 2026 and 2025. These impac”
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| Three Months Ended | Change vs. Prior Year | | |
| 31 December | | | |
| 2025 | 2024 | | |
| EPS | $3.04 | | $2.77 | $0.27 |
| Business and asset actions | 0.11 | | — | 0.11 |
| Shareholder activism-related costs | — | | 0.10 | (0.10) |
| Gain on de-designation of cash flow hedges | — | | (0.05) | 0.05 |
| Non-service pension cost, net | 0.01 | | 0.04 | (0.03) |
First 8 of 10 rows. The CSV has all of them.
Table 41 after “Discussion of First Quarter Consolidated Results”
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| Three Months Ended | | | | | | |
| 31 December | Change vs. Prior Year | | | | | |
| 2025 | 2024 | | $% | | | |
| GAAP Financial Measures | | | | | | | |
| Sales | $3,102.5 | | $2,931.5 | | $171.0 | | 6% |
| Operating income | 734.5 | | 643.6 | | 90.9 | | 14% |
| Operating margin | 23.7% | | 22.0% | | | 170 | bp |
| Equity affiliates’ income | $172.2 | | $150.6 | | $21.6 | | 14% |
First 8 of 11 rows. The CSV has all of them.
Table 42 after “The table below summarizes the major factors that impacted consolidated sales for the periods presented:”
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| Volume | —% |
| Price | 1% |
| Energy cost pass-through to customers | 3% |
| Currency | 2% |
| Total Consolidated Sales Change | 6% |
| Three Months Ended | | |
| 31 December | | |
| 2025 | 2024 | |
| Interest incurred | $168.0 | | $139.9 |
| Less: Capitalized interest | 113.5 | | 97.3 |
| Interest expense | $54.5 | | $42.6 |
| Three Months Ended | | | | | | |
| 31 December | Change vs. Prior Year | | | | | |
| 2025 | 2024 | | $%/bp | | | |
| Sales | $1,341.7 | | $1,287.6 | | $54.1 | | 4% |
| Operating income | 403.8 | | 388.2 | | 15.6 | | 4% |
| Operating margin | 30.1% | | 30.1% | | | — | bp |
| Equity affiliates’ income | $51.7 | | $35.1 | | $16.6 | | 47% |
Table 45 after “The table below summarizes the major factors that impacted sales in the Americas segment for the periods presented:”
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| Volume | (4%) |
| Price | 2% |
| Energy cost pass-through to customers | 6% |
| Currency | —% |
| Total Americas Sales Change | 4% |
| Three Months Ended | | | | | | |
| 31 December | Change vs. Prior Year | | | | | |
| 2025 | 2024 | | $%/bp | | | |
| Sales | $831.5 | | $817.1 | | $14.4 | | 2% |
| Operating income | 232.3 | | 216.4 | | 15.9 | | 7% |
| Operating margin | 27.9% | | 26.5% | | | 140 | bp |
| Equity affiliates’ income | $13.8 | | $10.3 | | $3.5 | | 34% |
Table 47 after “The table below summarizes the major factors that impacted sales in the Asia segment for the periods presented:”
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| Volume | —% |
| Price | (1%) |
| Energy cost pass-through to customers | 2% |
| Currency | 1% |
| Total Asia Sales Change | 2% |
| Three Months Ended | | | | | | |
| 31 December | Change vs. Prior Year | | | | | |
| 2025 | 2024 | | $%/bp | | | |
| Sales | $782.0 | | $697.2 | | $84.8 | | 12% |
| Operating income | 223.5 | | 186.5 | | 37.0 | | 20% |
| Operating margin | 28.6% | | 26.7% | | | 190 | bp |
| Equity affiliates’ income | $23.4 | | $18.2 | | $5.2 | | 29% |
Table 49 after “The table below summarizes the major factors that impacted sales in the Europe segment for the periods presented:”
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| Volume | 5% |
| Price | 1% |
| Energy cost pass-through to customers | (2%) |
| Currency | 8% |
| Total Europe Sales Change | 12% |
| Three Months Ended | | | | | |
| 31 December | Change vs. Prior Year | | | | |
| 2025 | 2024 | | $% | | |
| Sales | $30.3 | | $32.8 | | ($2.5) | (8%) |
| Operating income (loss) | 5.8 | | (0.6) | | 6.4 | ** |
| Equity affiliates' income | 84.5 | | 85.0 | | (0.5) | (1%) |
| Three Months Ended | | | | | |
| 31 December | Change vs. Prior Year | | | | |
| 2025 | 2024 | | $% | | |
| Sales | $117.0 | | $96.8 | | $20.2 | 21% |
| Operating loss | (108.9) | | (117.0) | | 8.1 | 7% |
| Equity affiliates' income (loss) | (1.2) | | 2.0 | | (3.2) | ** |
| Three Months Ended 31 December | | | | | | | | | |
| Q1 2026 vs. Q1 2025 | Operating Income | Operating Margin | | Other Non- Operating Inc/Exp, Net | Income Tax Expense | Net Income Attributable to Air Products | EPS | | | |
| Q1 2026 GAAP Measures | $734.5 | | 23.7% | | ($1.4) | | $159.4 | | $678.2 | $3.04 |
| Q1 2025 GAAP Measures | 643.6 | | 22.0% | | 38.9 | | 140.7 | | 617.4 | 2.77 |
| $ GAAP Change | $90.9 | | | | | | | $0.27 | | |
| %/bp GAAP Change | 14% | 170 | bp | | | | | 10% | | |
| Q1 2026 GAAP Measures | $734.5 | | 23.7% | | ($1.4) | | $159.4 | | $678.2 | $3.04 |
| Business and asset actions(A) | 22.0 | | 0.7% | | 6.3 | | 3.1 | | 24.6 | 0.11 |
First 8 of 18 rows. The CSV has all of them.
Table 53 after “The table below presents a reconciliation of the GAAP effective tax rate to our adjusted effective tax rate:”
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| Three Months Ended 31 December | | |
| 2025 | 2024 | |
| Income tax expense | $159.4 | | $140.7 |
| Income before taxes | 850.8 | | 790.5 |
| Effective tax rate | 18.7% | | 17.8% |
| Reconciliations of GAAP to Non-GAAP: | | | |
| Income tax expense | $159.4 | | $140.7 |
| Business and asset actions tax impact | 3.1 | | — |
First 8 of 19 rows. The CSV has all of them.
Table 54 after “The most directly comparable GAAP measure to our non‑GAAP capital expenditures is “Cash used for investing activities,” as reported on our c”
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| Three Months Ended | | |
| 31 December | | |
| 2025 | 2024 | |
| Cash used for investing activities | $1,242.9 | | $2,182.1 |
| Proceeds from sale of assets and investments | 26.1 | | 34.4 |
| Purchases of short-term investments | — | | (117.6) |
| Proceeds from short-term investments | — | | 5.0 |
| Proceeds from other investing activities | 2.2 | | 29.0 |
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| Three Months Ended | | |
| 31 December | | |
| 2025 | 2024 | |
| Net income attributable to Air Products | $678.2 | | $617.4 |
| Adjustments to reconcile income to cash provided by operating activities: | | | |
| Depreciation and amortization | 370.7 | | 366.8 |
| Deferred income taxes | 78.2 | | (6.3) |
| Business and asset actions | 22.0 | | — |
First 8 of 15 rows. The CSV has all of them.
Table 56 after “Cash Flows From Investing Activities”
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| Three Months Ended | | |
| 31 December | | |
| 2025 | 2024 | |
| Additions to plant and equipment, including long-term deposits | ($1,251.2) | | ($2,117.6) |
| Investments in and advances to unconsolidated affiliates | (20.0) | | — |
| Investments in financing receivables | — | | (15.3) |
| Proceeds from sale of assets and investments | 26.1 | | 34.4 |
| Purchases of short-term investments | — | | (117.6) |
First 8 of 11 rows. The CSV has all of them.
Table 57 after “for a definition of this non-GAAP financial measure as well as a reconciliation to cash used for investing activities.”
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| Three Months Ended | | |
| 31 December | | |
| 2025 | 2024 | |
| Additions to plant and equipment, including long-term deposits | $1,251.2 | | $2,117.6 |
| Investments in and advances to unconsolidated affiliates | 20.0 | | — |
| Investments in financing receivables | — | | 15.3 |
| NGHC expenditures not funded by Air Products' equity(A) | (360.5) | | (923.1) |
| Capital Expenditures | $910.7 | | $1,209.8 |
Table 58 after “Cash Flows From Financing Activities”
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| Three Months Ended | | |
| 31 December | | |
| 2025 | 2024 | |
| Long-term debt proceeds | $382.5 | | $459.2 |
| Payments on long-term debt | (569.6) | | (12.1) |
| Net increase (decrease) in commercial paper and short-term borrowings | 67.3 | | (21.5) |
| Dividends paid to shareholders | (398.4) | | (393.6) |
| Investments by noncontrolling interests | 61.0 | | 280.9 |
First 8 of 10 rows. The CSV has all of them.
Table 59 after “The table below summarizes the components of net periodic cost for our U.S. and international defined benefit pension plans:”
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| Three Months Ended | | |
| 31 December | | |
| 2025 | 2024 | |
| Service cost | $4.9 | | $5.2 |
| Non-service cost | 3.4 | | 10.5 |
| Other | 0.3 | | 0.1 |
| Net Periodic Cost | $8.6 | | $15.8 |
Table 60 after “(a) Exhibits required by Item 601 of Regulation S-K”
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| Exhibit No. | Description |
| (3) | Articles of Incorporation and Bylaws |
| 3.1 | Amended and Restated Bylaws of the Company, dated November 19, 2025 (incorporated herein by reference to Exhibit 3.2 to the Company's Annual Report on Form 10-K for the year ended September 30, 2025). |
| (10) | Material Contracts |
| 10.1 | Form of Restricted Stock Unit Award Agreement under the Long-Term Incentive Plan of the Company, used for FY2026 Awards.† |
| 10.2 | Form of Performance Stock Unit Award Agreement under the Long-Term Incentive Plan of the Company, used for FY2026 Awards.†* |
| (31) | Rule 13a-14(a)/15d-14(a) Certifications |
| 31.1 | Certification by the Principal Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
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