APDAir Products
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
What the 10-K filed 2025-11-20 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2024-11-21.
Big customers
Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).
“In fiscal year 2025, approximately 60% of our sales were derived from customers outside the United States and many of our operations, suppliers, customers, and employees are located outside the United States.”
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Key suppliers
Parts or manufacturing that depend on one or a few suppliers.
No specific sentence about this in the 10-K.
Lawsuits and legal claims
Pending cases, settlements and what the company has set aside for them.
“We accrue a liability for loss contingencies when it is considered probable that a liability has been incurred and the amount of loss can be reasonably estimated.”
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“Accruals for environmental loss contingencies are recorded when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated.”
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“An environmental accrual analysis is prepared and maintained that lists all environmental loss contingencies, even where an accrual has not been established.”
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“The accrual for a litigation loss contingency includes estimates of potential damages and other directly related costs expected to be incurred.”
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“We estimate the exposure for environmental loss contingencies to range from $85 to a reasonably possible upper exposure of $98 as of 30 September 2025.”
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Guarantees and indemnities
Promises to pay someone else's debts or losses if they cannot.
“We issued performance guarantees as a condition of project financing associated with the NEOM Green Hydrogen Project that would require us to pay up to approximately $0.8 billion in the event of nonperformance in our role as EPC contractor.”
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Debt covenants
Conditions in loan agreements that, if broken, can make debt due early.
“As of 30 September 2025, we were in compliance with all the financial and other covenants under our debt agreements.”
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Commitments off the balance sheet
Contracts the company must pay for later: purchase obligations, take-or-pay deals.
“(A)Includes balances associated with a consolidated variable interest entity ("VIE"), including amounts reflected in "Total Assets" that can only be used to settle obligations of the VIE of $7,134.7 and $4,393.9 as of 30 September 2025 and 2024, respectively, as well as liabilities of the VIE reflected within "Total Liabilities" for which creditors do not have recourse to the general credit of Air Products of $4,937.7 and $3,473.4 as of 30 September 2025 and 2024, respectively.”
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“Approximately $4.0 billion of our unconditional purchase obligations relate to open purchase orders for plant and equipment, of which approximately $1 billion relates to the NEOM Green Hydrogen Project.”
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“Approximately $5.0 billion of our unconditional purchase obligations relate to helium.”
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Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗
Work on APD in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/APD/export.csv") into a cell.