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Screener / SEC EDGAR /CIK 0000002969 /10-K filed Nov 20, 2025, compared with Nov 21, 2024 /Numbers from the XBRL of the 10-Ks
Materials peers:
IFFAPDBALLMOSPKGAVY
NYSE Materials · Industrial Gases & Chemicals

Air Products APD

APD quote by TradingView

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
Compare with peers Embed

Where each dollar of revenue went, FY2024

Revenue of $12.1B through the costs to a net profit of $3.8B · income statement of the 10-K

32% net margin
Revenue to Gross profit: $3.9BRevenue to Cost of revenue: $8.2BGross profit to Net profit: $3.8BGross profit to Costs, tax, other: $103.7M Revenue: $12.1B REVENUE $12.1B −4% Y/Y Gross profit: $3.9B · 32% margin GROSS PROFIT $3.9B 32% margin Cost of revenue: $8.2B · 68% of revenue COST OF REVENUE $8.2B 68% of revenue Net profit: $3.8B · 32% margin NET PROFIT $3.8B 32% margin · +66% Y/Y Costs, tax, other: $103.7M · 1% of revenue COSTS, TAX, OTHER $103.7M 1% of revenue
Gross profit $3.9B 32% margin
Net profit $3.8B 32% margin · +66% Y/Y
The full income statement, year by year

APD among Materials peers

Six ratios from the latest 10-K. Each corner is the share of 23 peers the company is above, not a score.

Compare
Revenue growth: -0.5%, above 17% of 23 peers (their median 5.3%) REVENUE GROWTH -0.5% · above 17% Gross margin: 32.1%, above 68% of 19 peers (their median 26.7%) GROSS MARGIN 32.1% · above 68% Operating margin: -4.7%, above 7% of 15 peers (their median 11.5%) OPERATING MARGIN -4.7% · above 7% Net margin: -0.4%, above 13% of 23 peers (their median 9.2%) NET MARGIN -0.4% · above 13% FCF margin: -2.4%, above 4% of 23 peers (their median 7.0%) FCF MARGIN -2.4% · above 4%
APD Peer median Below the median

What changed

5 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Nov 20, 2025 against Nov 21, 2024.

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 Jun 30, 2026 (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.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

1fact worth reading about the other 10 checks found nothing to note

  • Material impairment (8-K item 2.06)
    8-K item 2.06 (material impairments) filed Jun 30, 2026 (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)
9 more checks with nothing to note
  • Cash from operations $3.3B vs net income −$394.5M (FY ending Sep 30, 2025)
  • 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

In their words

5 paragraphs in Risk Factors that were not in the 10-K filed Nov 21, 2024. Quoted as filed.

All 5 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Nov 21, 2024 10-K, ITEM 1A
    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…
  2. Item 1A · new paragraph · not in the 10-K filed Nov 21, 2024 10-K, ITEM 1A
    Risks related to pension benefit plans may adversely impact our results of operations and cash flows. 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…

New risk paragraphs, against peers

Latest 10-K of each, Materials companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$12.7B$12.6B$12.1B$12.0B
Net income$2.3B$2.3B$3.8B−$394.5M
Operating cash flow$3.2B$3.2B$3.6B$3.3B
Free cash flow$244.1M−$1.4B−$3.1B−$3.8B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$12.0B ▼ 0.5% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

1 filing in the last 30 days · SEC EDGAR

All filings

About the company

Air Products, Allentown, PA · from the 10-K filed Nov 20, 2025

Additional information about Air Products is available on our website at www.airproducts.com. References to our website within this report are inactive textual references only. The content of our website is not incorporated by reference into, and does not form part of, this Annual Report on Form 10-K. Air Products trades on the New York Stock Exchange under the symbol "APD".

Headquarters
Allentown, PA
Country
United States
Listed on
NYSE
Fiscal year ends
September 30
Last results
Nov 5, 2026
Incorporated in
DE

Employees, at the top of the page: "As of 30 September 2025, we had approximately 21,300 employees, with over 99% working full-time and approximately 75% based outside the United States" (10-K). Address and exchange: SEC's company file.

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Sources

The 10-K filed Nov 20, 2025 (open at SEC), compared with the 10-K filed Nov 21, 2024. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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