Air Products & Chemicals, Inc.

APD 10-K · Q4 2025
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Income Statement

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Income Statement
Metric Q4 2025 Q4 2024 YoY
Revenue 3,166.9 3,187.5 -0.6%
Show Product Lines breakouts
Merchant · Americas 553.6 553 +0.1%
Merchant · Asia 277.5 300.8 -7.7%
Merchant · Europe 539.7 492.4 +9.6%
Merchant · Middle East and India 14.6 13.5 +8.1%
Merchant · Operating Segments 1,385.4 1,359.7 +1.9%
On-site · Americas 736.5 754.5 -2.4%
On-site · Asia 592.3 560.4 +5.7%
On-site · Europe 249.7 238.5 +4.7%
On-site · Middle East and India 17.4 17 +2.4%
On-site · Operating Segments 1,595.9 1,570.4 +1.6%
Sale of Equipment · Corporate And Other 185.6 257.4 -27.9%
Sale of Equipment · Operating Segments 185.6 257.4 -27.9%
Show Business Segments breakouts
Americas · Operating Segments 1,290.1 1,307.5 -1.3%
Asia · Operating Segments 869.8 861.2 +1.0%
Corporate And Other · Operating Segments 185.6 257.4 -27.9%
Europe · Operating Segments 789.4 730.9 +8.0%
Middle East and India · Operating Segments 32 30.5 +4.9%
Show Consolidation Items breakouts
Operating Segments 3,166.9 3,187.5 -0.6%
Cost of Revenue 2,145.5 2,104.4 +2.0%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income 0.2 0.7 -71.4%
Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax -102.3 364.9 -128.0%
Show Derivative Instruments Gain Loss By Hedging Relationship breakouts
Net Investment Hedging 15.9 -81.9 +119.4%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax -21.6 -94.2 +77.1%
Show Derivative Instruments Gain Loss By Hedging Relationship breakouts
Cash Flow Hedging -21.6 -94.2 +77.1%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax 8.5 -41.8 +120.3%
Show Derivative Instruments Gain Loss By Hedging Relationship breakouts
Cash Flow Hedging · Cost Of Sales 0.2 0.7 -71.4%
Cash Flow Hedging · Interest Expense 0 0.3 -100.0%
Cash Flow Hedging · Other Nonoperating Income Expense 8.7 -42.7 +120.4%
Other Comprehensive Income Loss Reclassification Adjustment From A O C I Pension And Other Postretirement Benefit Plans Net Of Tax 12.5 14.8 -15.5%
Other Comprehensive Income Loss Net Of Tax -135.3 274.2 -149.3%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -118 363.4 -132.5%
Noncontrolling Interest -17.3 -89.2 +80.6%
Parent -118 363.4 -132.5%
Selling, General & Administrative 219.1 228 -3.9%
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest -125.2 2,225.2 -105.6%
Net Income Loss Attributable To Noncontrolling Interest 5.2 1.1 +372.7%
Research & Development 27.3 22.1 +23.5%
Restructuring Charges 795 0 —
Show Consolidation Items breakouts
Material Reconciling Items 795 0 —
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest -17.3 -89.2 +80.6%
Comprehensive Income -113.1 2,313.3 -104.9%
Other Income Expense Net 36.8 15.8 +132.9%
Operating Income 16.8 2,424.4 -99.3%
Show Business Segments breakouts
Americas · Operating Segments 391.6 447.7 -12.5%
Asia · Operating Segments 226.5 244.3 -7.3%
Corporate And Other · Operating Segments -48.8 -47.7 -2.3%
Europe · Operating Segments 237.5 206.7 +14.9%
Show — breakouts
Operating Income 5 -2.2 +327.3%
Show Consolidation Items breakouts
Operating Segments 811.8 848.8 -4.4%
Show Change In Accounting Estimate By Type breakouts
Contracts Accounted For Under Percentage Of Completion -22 -60 +63.3%
Income Loss From Equity Method Investments 184 177.1 +3.9%
Show Business Segments breakouts
Americas · Operating Segments 52.9 40 +32.2%
Asia · Operating Segments 12 11.7 +2.6%
Corporate And Other · Operating Segments 1.1 4.5 -75.6%
Europe · Operating Segments 26.3 29.4 -10.5%
Show — breakouts
Income Loss From Equity Method Investments 91.7 91.5 +0.2%
Show Consolidation Items breakouts
Operating Segments 184 177.1 +3.9%
Interest Expense 67.8 49.7 +36.4%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income 0 0.3 -100.0%
Other Non-Operating Income (Expense) -11.7 -48.5 +75.9%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income -8.7 42.7 -120.4%
Income Before Taxes 121.3 2,503.3 -95.2%
Income Tax Expense (Benefit) 111.2 538.4 -79.3%
Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest 10.1 1,964.9 -99.5%
Net Income 10.1 1,951 -99.5%
Income Loss From Continuing Operations Attributable To Noncontrolling Entity 5.2 1.1 +372.7%
Net Income 4.9 1,949.9 -99.7%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income -12.5 -14.8 +15.5%
Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income -8.5 41.8 -120.3%
Income Loss From Continuing Operations 4.9 1,963.8 -99.8%
Income Loss From Continuing Operations Per Basic Share 0.02 8.83 -99.8%
EPS (Basic) 0.02 8.77 -99.8%
Income Loss From Continuing Operations Per Diluted Share 0.02 8.81 -99.8%
EPS (Diluted) 0.02 8.75 -99.8%
Wtd Avg Shares (Basic) 0 0 —
Wtd Avg Shares (Diluted) 0 0 —

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 2024 YoY
Current Assets
Cash & Cash Equivalents 1,856 2,979.7 -37.7%
Show Legal Entity breakouts
NEOM Green Hydrogen Company · Variable Interest Entity Primary Beneficiary 40.3 34.5 +16.8%
Accounts Receivable 1,901.2 1,821.6 +4.4%
Show Legal Entity breakouts
NEOM Green Hydrogen Company · Variable Interest Entity Primary Beneficiary 1.1 6.7 -83.6%
Show Related Party Transactions By Related Party breakouts
Related Party 105 120 -12.5%
Inventory 776.5 766 +1.4%
Prepaid Expense Current 174.9 179.9 -2.8%
Show Legal Entity breakouts
NEOM Green Hydrogen Company · Variable Interest Entity Primary Beneficiary 20.7 31.2 -33.7%
Assets Of Disposal Group Including Discontinued Operation Current 427.7 — —
Other Assets Current 689.5 610.8 +12.9%
Show Legal Entity breakouts
NEOM Green Hydrogen Company · Variable Interest Entity Primary Beneficiary 107.2 120.6 -11.1%
Total Current Assets 5,825.8 6,363 -8.4%
Show Legal Entity breakouts
NEOM Green Hydrogen Company · Variable Interest Entity Primary Beneficiary 169.3 193 -12.3%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 3,968.5 3,197.2 +24.1%
Non-Current Assets
Property, Plant & Equipment 25,337.8 23,370.9 +8.4%
Show Geography breakouts
CN 2,654.6 3,845.7 -31.0%
Other foreign operations 6,863.5 5,285.7 +29.9%
SA 6,910.6 5,080.2 +36.0%
US 8,909.1 9,159.3 -2.7%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level3 · Fair Value Measurements Nonrecurring 22.5 — —
Show Legal Entity breakouts
NEOM Green Hydrogen Company · Variable Interest Entity Primary Beneficiary 6,593.9 3,929.9 +67.8%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Nonrecurring · Project Exit Costs 22.5 — —
Goodwill 963.9 905.1 +6.5%
Show Business Segments breakouts
Americas 143.5 146.3 -1.9%
Asia 172.5 174.7 -1.3%
Corporate And Other 34.2 34 +0.6%
Europe 597.9 534.3 +11.9%
Middle East and India 15.8 15.8 0.0%
Operating Lease Right-of-Use Assets 944 1,047.7 -9.9%
Show Legal Entity breakouts
NEOM Green Hydrogen Company · Variable Interest Entity Primary Beneficiary 218 233.9 -6.8%
Net Investment In Lease Excluding Accrued Interest After Allowance For Credit Loss Noncurrent 307.1 392.1 -21.7%
Other Non-Current Assets 1,021.3 1,171.5 -12.8%
Show Legal Entity breakouts
NEOM Green Hydrogen Company · Variable Interest Entity Primary Beneficiary 153.5 37.1 +313.7%
Assets Noncurrent 35,233.7 33,211.6 +6.1%
Show Legal Entity breakouts
NEOM Green Hydrogen Company · Variable Interest Entity Primary Beneficiary 6,965.4 4,200.9 +65.8%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 16,490.1 14,719.8 +12.0%
Total Assets 41,059.5 39,574.6 +3.8%
Show Business Segments breakouts
Americas · Operating Segments 12,058.7 12,383.8 -2.6%
Asia · Operating Segments 6,712.2 7,436.5 -9.7%
Corporate And Other · Operating Segments 4,452.4 5,427.7 -18.0%
Europe · Operating Segments 6,916.8 5,849.2 +18.3%
Middle East and India · Operating Segments 10,919.4 8,477.4 +28.8%
Show Legal Entity breakouts
NEOM Green Hydrogen Company · Variable Interest Entity Primary Beneficiary 7,134.7 4,393.9 +62.4%
Show Consolidation Items breakouts
Operating Segments 41,059.5 39,574.6 +3.8%
Intangible Assets 258.4 275.3 -6.1%
Show Finite Lived Intangible Assets By Major Class breakouts
Customer Relationships 213.8 226.7 -5.7%
Other Intangible Assets 34.5 36.4 -5.2%
Patented Technology 10.1 12.2 -17.2%
Deferred Tax Assets 127.9 127.8 +0.1%
Other Assets
Investments In Affiliates Subsidiaries Associates And Joint Ventures 5,366.1 4,792.5 +12.0%
Show Business Segments breakouts
Americas · Operating Segments 555.2 472.9 +17.4%
Asia · Operating Segments 331.3 322.9 +2.6%
Corporate And Other · Operating Segments 116.5 105.2 +10.7%
Europe · Operating Segments 649.9 573.8 +13.3%
Middle East and India · Operating Segments 3,713.2 3,317.7 +11.9%
Show Consolidation Items breakouts
Operating Segments 5,366.1 4,792.5 +12.0%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Blue Hydrogen Industrial Gases Company 164.6 — —
Jazan Integrated Gasification and Power Company ("JIGPC") 115 — —
Intangible Assets Net Excluding Goodwill 293.5 311.6 -5.8%
Notes Receivable Net 1,000 1,220.2 -18.0%
Show Asset Acquisition breakouts
Natural Gas-To-Syngas Processing Facility 1 920 -99.9%
Current Liabilities
Accounts Payable And Accrued Liabilities Current 3,237.7 2,926.2 +10.6%
Show Legal Entity breakouts
NEOM Green Hydrogen Company · Variable Interest Entity Primary Beneficiary 201.7 308.4 -34.6%
Accrued Income Taxes Current 179.4 558.5 -67.9%
Show Legal Entity breakouts
NEOM Green Hydrogen Company · Variable Interest Entity Primary Beneficiary 1.2 2 -40.0%
Short Term Borrowings 34.7 83.5 -58.4%
Show Debt Instrument breakouts
Saudi Riyal Loan Facility Variable-Rate 5.60% · NEOM Green Hydrogen Company 24 51.6 -53.5%
Show Legal Entity breakouts
NEOM Green Hydrogen Company · Variable Interest Entity Primary Beneficiary 24 51.6 -53.5%
Long Term Debt And Capital Lease Obligations Current 716.3 611.4 +17.2%
Show Related Party Transactions By Related Party breakouts
Related Party 59 200 -70.5%
Liabilities Of Disposal Group Including Discontinued Operation Current 50.5 — —
Total Current Liabilities 4,218.6 4,179.6 +0.9%
Show Legal Entity breakouts
NEOM Green Hydrogen Company · Variable Interest Entity Primary Beneficiary 226.9 362 -37.3%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 1,441.4 1,138.3 +26.6%
Deferred Revenue (Current) 253.4 240 +5.6%
Non-Current Liabilities
Long Term Debt And Capital Lease Obligations (Q) — — —
Show Legal Entity breakouts
NEOM Green Hydrogen Company · Variable Interest Entity Primary Beneficiary 4,677.6 3,053.3 +53.2%
NEOM Green Hydrogen Company · Variable Interest Entity Primary Beneficiary 4,677.6 3,053.3 +53.2%
Show Related Party Transactions By Related Party breakouts
Nonrelated Party 16,769.9 13,428.6 +24.9%
Related Party 177.5 104.4 +70.0%
Operating Lease Liabilities 616 677.9 -9.1%
Show Legal Entity breakouts
NEOM Green Hydrogen Company · Variable Interest Entity Primary Beneficiary 17.8 24.5 -27.3%
Other Non-Current Liabilities 1,348.1 1,350.5 -0.2%
Show Legal Entity breakouts
NEOM Green Hydrogen Company · Variable Interest Entity Primary Beneficiary 1.6 30.4 -94.7%
Deferred Tax Liabilities 579.6 1,159.9 -50.0%
Show Legal Entity breakouts
NEOM Green Hydrogen Company · Variable Interest Entity Primary Beneficiary 13.8 3.2 +331.3%
Liabilities Noncurrent 19,491.1 16,721.3 +16.6%
Show Legal Entity breakouts
NEOM Green Hydrogen Company · Variable Interest Entity Primary Beneficiary 4,710.8 3,111.4 +51.4%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 12,626.3 11,690.4 +8.0%
Total Liabilities 23,709.7 20,900.9 +13.4%
Show Legal Entity breakouts
NEOM Green Hydrogen Company · Variable Interest Entity Primary Beneficiary 4,937.7 3,473.4 +42.2%
Long-Term Debt (Q) — — —
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 17,663.7 14,144.4 +24.9%
Contract With Customer Liability Noncurrent 283.6 290 -2.2%
Stockholders' Equity
Common Stock 249.4 249.4 0.0%
Additional Paid In Capital Common Stock 1,306.5 1,253.2 +4.3%
Retained Earnings 17,558.6 19,545.7 -10.2%
Accumulated Other Comprehensive Income -2,087.8 -2,027.7 -3.0%
Show Legal Entity breakouts
NEOM Green Hydrogen Company · Variable Interest Entity Primary Beneficiary 38.3 13.8 +177.5%
Treasury Stock Common Value -2,001.8 -1,984.1 -0.9%
Total Stockholders' Equity 15,024.9 17,036.5 -11.8%
Minority Interest 2,324.9 1,637.2 +42.0%
Show Legal Entity breakouts
NEOM Green Hydrogen Company · Variable Interest Entity Primary Beneficiary 1,493.6 937.6 +59.3%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 17,349.8 18,673.7 -7.1%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -496.4 -509.6 +2.6%
Accumulated Gain Loss Net Cash Flow Hedge Parent 49.3 27.2 +81.2%
Accumulated Other Comprehensive Income -2,087.8 -2,027.7 -3.0%
Accumulated Translation Adjustment -1,640.7 -1,545.3 -6.2%
Additional Paid In Capital 1,306.5 1,253.2 +4.3%
Common Stock 249.4 249.4 0.0%
Noncontrolling Interest 2,324.9 1,637.2 +42.0%
Parent 15,024.9 17,036.5 -11.8%
Retained Earnings 17,558.6 19,545.7 -10.2%
Treasury Stock Common -2,001.8 -1,984.1 -0.9%
Total Liabilities & Equity 41,059.5 39,574.6 +3.8%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Depreciation & Amortization 412.8 380.8 +8.4%
Show Business Segments breakouts
Americas · Operating Segments 187.9 179.9 +4.4%
Asia · Operating Segments 137.5 127.3 +8.0%
Corporate And Other · Operating Segments 10 11.2 -10.7%
Europe · Operating Segments 71.2 55.9 +27.4%
Show — breakouts
Depreciation & Amortization 6.2 6.5 -4.6%
Show Consolidation Items breakouts
Operating Segments 412.8 380.8 +8.4%
Deferred Income Taxes -57.6 5 -1252.0%
Income Loss From Equity Method Investments Net Of Dividends Or Distributions -132 -81.9 -61.2%
Gain Loss On Sale Of Investments -19.5 -8.1 -140.7%
Stock-Based Compensation 10.7 15.6 -31.4%
Increase Decrease In Leasing Receivables 12.4 57 -78.2%
Other Operating Activities Cash Flow Statement 16.6 147.4 -88.7%
Change in Accounts Receivable 55.1 -100.6 +154.8%
Change in Inventory -0.2 -26.8 +99.3%
Increase Decrease In Other Receivables 109.9 -48 +329.0%
Increase Decrease In Accounts Payable And Accrued Liabilities -8.9 -163.6 +94.6%
Increase Decrease In Other Operating Capital Net 62 392 -84.2%
Investing Activities
Capital Expenditures -1,517.7 -2,075.2 +26.9%
Payments To Acquire Finance Receivables -8.1 -6.8 -19.1%
Proceeds From Sales Of Assets Investing Activities 60.4 1,852.5 -96.7%
Payments To Acquire Short Term Investments 0 0 —
Proceeds From Sale Maturity And Collection Of Shortterm Investments 0 57.6 -100.0%
Other Investing Activities 2.7 26.5 -89.8%
Financing Activities
Proceeds From Issuance Of Long Term Debt 408.5 558.4 -26.8%
Repayments Of Long Term Debt -49.8 -409.5 +87.8%
Proceeds From Repayments Of Short Term Debt -289.4 -106.6 -171.5%
Payments Of Dividends Common Stock -398.4 -393.5 -1.2%
Proceeds From Stock Options Exercised 0 1.7 -100.0%
Proceeds From Minority Shareholders 108.7 149.8 -27.4%
Proceeds From Payments For Other Financing Activities -11.5 -6.8 -69.1%
Supplemental
Income Taxes Paid 84.6 113.7 -25.6%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents -2.7 24.7 -110.9%
Net Change in Cash -468.3 604 -177.5%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations 1,856 2,979.7 -37.7%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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