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APDAir Products

Materials · Industrial Gases & Chemicals · NYSE
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The 10-K against last year's

210 changes: 58 added, 20 removed, 132 reworded

10-K Nov 20, 2025 vs Nov 21, 2024
Risk FactorsRedline ↓
9.3%
of the text changed · 6,238 words now
39.6%
of the text changed · 14,587 words now
Legal ProceedingsRedline ↓
31.5%
of the text changed · 433 words now
Accounting PoliciesRedline ↓
10.0%
of the text changed · 5,959 words now

10-K 0000002969-25-000055 (2025-11-20) vs 10-K 0000002969-24-000056 (2024-11-21)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

MD&A 177 words changed in this paragraph; it is 37% similar to last year's version.
Capital expenditures totaled $5.1 billion in fiscal year 2024 totaled $5,152.0 compared to $5,224.4 2025, a 2% decrease from capital expenditures of $5.2 billion in fiscal year 2023. 2024. Spending for in fiscal year 2025 was driven by $7.0 billion in additions to plant and equipment equipment, primarily included project spending for supporting our clean energy projects such as initiatives, including the NEOM Green Hydrogen Project in NEOM City, Saudi Arabia, as well as our and clean energy complexes in Louisiana, United States, and Alberta, Canada. Additionally, we We also continued to invest capital in our core industrial gas business for gases business, funding the development of new industrial gas plants as well as maintaining and replacing the maintenance and replacement of existing facilities. We did not recognize any investments in and advances to unconsolidated affiliates during fiscal year 2024; however, we expect to complete our remaining investment of approximately $115 associated with our investment in JIGPC in fiscal year 2025. Refer to Note 10, Equity Affiliates, to the consolidated financial statements for additional information. The investment in financing receivables of $403.0 primarily reflects payments associated with the purchase of renewable fuel assets from World Energy as well as remaining payments on the purchase of a natural gas-to-syngas processing facility in Uzbekistan. Refer to Note 3, Variable Interest Entities and to Note 6, Acquisition, to the consolidated financial statements for additional information.

Source: Item 7, 10-K 0000002969-25-000055 vs Item 7, 10-K 0000002969-24-000056

Legal Proceedings 103 words changed in this paragraph; it is 55% similar to last year's version.
In September 2010, the Brazilian Administrative Council for Economic Defense ("CADE") issued a decision against our Brazilian subsidiary, Air Products Brasil Ltda., and several other Brazilian industrial gas companies for alleged anticompetitive activities. CADE imposed a civil fine of R$179.2 million (approximately $33 million at $34 as of 30 September 2024) 2025) on Air Products Brasil Ltda. This fine Ltda., which was based on a recommendation by a unit of the Brazilian Ministry of Justice, following an investigation beginning in 2003, which alleged violation of competition laws with respect to the sale of industrial and medical gases. The fines are based on a percentage of our total revenue in Brazil in 2003. In May 2014, our appeal was granted and the fine was dismissed. CADE appealed that ruling and in October 2025 the Supreme Court of Brazil rendered a judgment confirming the appellate ruling, which annulled the administrative proceeding and the fine imposed by CADE. Under applicable law, no further remedies are available and the judgment is final.

Source: Item 3, 10-K 0000002969-25-000055 vs Item 3, 10-K 0000002969-24-000056

Risk Factors 102 words changed in this paragraph; it is 73% similar to last year's version.
In addition, certain of our growth strategy is projects are partially dependent on a regulatory environment that favors technologies focused on limiting the impact of climate change, in particular toward the production and distribution of clean hydrogen. For example, we anticipate benefits from tax incentives created by the U.S. Inflation Reduction Act of 2022 for carbon sequestration and clean hydrogen production in future years once our projects in these areas come on-stream in the U.S. If there is a reversal in the regulatory environment or a discontinuation or reduction of incentives or benefits for the development of technologies limiting the impact of climate change, particularly those focused on low- and zero-carbon hydrogen production, or significant uncertainty regarding such efforts, certain of our projects may be threatened and for completed projects demand for our products may be less than we anticipate and certain projects and our long-term growth strategy could be adversely affected. Any such occurrence For example, in fiscal year 2025, we cancelled a project to build a green liquid hydrogen project in the U.S., based in part on a regulatory development that rendered existing hydroelectric power supply ineligible for the Clean Hydrogen Production Tax Credit (45V) and incurred a significant impairment charge for the amount that we had invested in the project. Further negative regulatory developments could adversely affect our projected returns, which could lead us to re-evaluate certain projects and may harm our business and financial performance.

Source: Item 1A, 10-K 0000002969-25-000055 vs Item 1A, 10-K 0000002969-24-000056

Accounting Policies 79 words changed in this paragraph; it is 61% similar to last year's version.
Intangible assets with determinable lives primarily consist of customer relationships, purchased patents and technology, and certain land use rights. relationships. The cost of intangible assets with determinable lives is amortized on a straight-line basis over the estimated period of economic benefit. No residual value is estimated for these intangible assets. Indefinite-lived intangible assets consist of trade names and trademarks. Indefinite-lived intangibles are subject to tested for impairment testing at least annually. In addition, intangible assets are tested annually, and more frequently if a change events or changes in circumstances or indicate that the occurrence assets may be impaired. During fiscal year 2025, no triggering events were identified that would require impairment testing for any of events indicates that potential our indefinite-lived intangible assets. We completed our annual impairment exists. test for these assets and concluded there were no indications of impairment.

Source: Item 8, Note 1 – BASIS OF PRESENTATION AND MAJOR ACCOUNTING POLICIES, 10-K 0000002969-25-000055 vs Item 8, Note 1 – BASIS OF PRESENTATION AND MAJOR ACCOUNTING POLICIES, 10-K 0000002969-24-000056

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of APD's Risk Factors and MD&A, 10-K 2025-11-20 against 10-K 2024-11-21. Each links to the text at sec.gov.

AddedRisk Factors
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 ratings assigned by independent rating agencies. A decrease in these debt ratings could increase the cost of borrowing or make it more difficult to obtain financing.

Read it in 10-K 2025-11-20 at sec.gov ↗

AddedRisk Factors
Pension benefits represent significant financial obligations that will be ultimately settled in the future with employees who meet eligibility requirements. Because of the uncertainties involved in estimating the timing and amount of future payments and asset returns, significant estimates are required to calculate pension expense and liabilities related to our plans. We utilize the services of third-party actuaries, whose models support these calculations.

Read it in 10-K 2025-11-20 at sec.gov ↗

AddedRisk Factors
In addition to complying with local regulatory requirements for recognizing pension expense, liabilities, and cash flows, several key assumptions are used in the actuarial models to calculate pension expense and liability amounts recorded in the consolidated financial statements as well as the amounts that we contribute to such plans. These assumptions include, but are not limited to, discount rates, expected long-term rates of return on plan assets, and demographic factors. Changes in actuarial assumptions, interest and inflation rates, and volatility in capital markets may adversely impact the valuation of pension liabilities and the performance of asset portfolios.

Read it in 10-K 2025-11-20 at sec.gov ↗

AddedRisk Factors
Additionally, significant changes in actual investment returns on pension assets, discount rates, or regulatory developments could impact future results of operations and required pension contributions.

Read it in 10-K 2025-11-20 at sec.gov ↗

AddedMD&A
Air Products and Chemicals, Inc., a Delaware corporation founded in 1940, is a world-leading industrial gases company that has built a reputation for its innovation, operational excellence, and commitment to safety and environmental stewardship. Focused on serving energy, environmental, and emerging markets and generating a cleaner future, we offer products and services that improve our customers’ operations and sustainability.

Read it in 10-K 2025-11-20 at sec.gov ↗

AddedMD&A
Fiscal year 2025 was a transitional year for Air Products, marked by a renewed focus on our core industrial gas business under the leadership of our new Chief Executive Officer, who joined the Company in February 2025. We took decisive actions to reshape our portfolio, including the cancellation and descoping of several large energy transition projects, and enhance operations through targeted productivity initiatives. We also sharpened our approach to capital deployment, emphasizing strict return thresholds, appropriate risk-sharing, and alignment with long-term customer relationships. These efforts are helping to improve execution and support reductions in capital expenditures and debt over time.

Read it in 10-K 2025-11-20 at sec.gov ↗

AddedMD&A
•Operating loss was $877.0 compared to operating income of $4.5 billion in fiscal year 2024. The operating loss in fiscal year 2025 included approximately $3.7 billion in pre-tax charges related to business and asset actions ($3.0 billion after tax, or $13.68 per share). Operating income in fiscal year 2024 included a $1.6 billion pre-tax gain on the September 2024 sale of the LNG business ($1.2 billion after tax, or $5.38 per share).

Read it in 10-K 2025-11-20 at sec.gov ↗

Show the other 9
AddedMD&A
•Loss per share of $1.74 was driven by an after-tax charge attributable to Air Products of $3.0 billion for business and asset actions recorded during fiscal year 2025. On a non-GAAP basis, adjusted earnings per share ("EPS") was $12.03. In the prior year, EPS was $17.24 and adjusted EPS was $12.43. A summary table of changes in EPS is presented on page 31.

Read it in 10-K 2025-11-20 at sec.gov ↗

AddedMD&A
**Change versus prior period is not meaningful due to materially higher charges for business and asset actions in fiscal year 2025. The per share impact of these charges is primarily reflected in the "Operating Items" section in the table above.

Read it in 10-K 2025-11-20 at sec.gov ↗

AddedMD&A
(A)The per share impacts associated with charges for business and asset actions were calculated based on a total after-tax charge attributable to Air Products of approximately $3.0 billion ($13.68 per share). The amount of the charges attributable to our noncontrolling partners was $10.7.

Read it in 10-K 2025-11-20 at sec.gov ↗

AddedMD&A
(C)The per share impact reflected within "Gain on de-designation of cash flow hedges" was calculated based on an after-tax gain attributable to Air Products of $7.2 ($0.03 per share) compared to a loss of $4.3 ($0.02 per share) in the prior year. Amounts attributable to our noncontrolling partners were a gain of $17.6 and a loss of $10.6, respectively.

Read it in 10-K 2025-11-20 at sec.gov ↗

AddedMD&A
As we look ahead, we believe Air Products is well-positioned to deliver sustainable growth through a renewed focus on our core industrial gas business. Decisive actions taken in fiscal year 2025, including the cancellation and descoping of several large energy transition projects and other targeted productivity initiatives, reflect our commitment to disciplined capital allocation and operational excellence. These actions allow us to concentrate resources on opportunities that will deliver the greatest value to our shareholders.

Read it in 10-K 2025-11-20 at sec.gov ↗

AddedMD&A
While clean energy markets have not developed as previously anticipated, we remain confident in the long-term demand fundamentals for industrial gases and clean energy solutions. We continue to pursue opportunities in both traditional industrial gas and energy transition projects that meet our projected return requirements. Additionally, we have made significant progress on the construction of several energy transition projects, including the NEOM Green Hydrogen Project, which we expect to come onstream and deliver green ammonia in 2027.

Read it in 10-K 2025-11-20 at sec.gov ↗

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