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Air Products & Chemicals

Logo: AIR Products, Public domain, via Wikimedia Commons5

American multinational company

Air Products and Chemicals, Inc. is a U.S.-based international corporation whose principal business is selling gases and chemicals for industrial use.3 From Wikipedia, CC BY-SA 4.0

$296.19 up 3.66 (1.25%)Price as of Oct 15, 2026 at 19:45 UTC

Last updated Oct 16, 2026.

Overview

$12.0BRevenue, fiscal 20256
-$394.5MNet income, fiscal 20256
1940Founded1

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  • TickerAPD on NYSE1
  • IndustryIndustrial Inorganic Chemicals1
  • HeadquartersDetroit1
  • Founded inDetroit1
  • Websiteairproducts.com
  • Legal formDelaware corporation1
  • Incorporated inDE7
  • Business address1940 Air Products Blvd., Allentown, Pa 18106-55007
  • Filer categoryLarge accelerated filer7
Air Products Headquarters, Trexlertown
Photo: CyberXRef, CC BY-SA 3.0, via Wikimedia Commons9

Air Products and Chemicals, Inc. is a U.S.-based international corporation whose principal business is selling gases and chemicals for industrial use. Air Products is headquartered in Trexlertown, Pennsylvania, in the Lehigh Valley region of eastern Pennsylvania.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-7.3%Operating margin6
-3.3%Net margin6
-0.5%Revenue growth, 20256
-2.6%Return on equity6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

On-site brought in 51% of the revenue Air Products & Chemicals broke down this way in fiscal 2025.

  1. On-site$6.2B651%up 5% from 2024
  2. Merchant$5.3B644%up 0% from 2024
  3. Sale of Equipment$520.0M64%down 41% from 2024
Products and services by year
Products and services202320242025
On-site$6.2B$5.9B$6.2B
Merchant$5.5B$5.3B$5.3B
Sale of Equipment$889.0M$878.4M$520.0M

Business segments

Americas brought in 43% of the revenue Air Products & Chemicals broke down this way in fiscal 2025.

  1. Americas$5.1B643%up 2% from 2024
  2. Asia$3.3B627%up 1% from 2024
  3. Europe$3.0B625%up 6% from 2024
  4. Corporate Segment and Other Operating$520.0M64%down 41% from 2024
  5. Middle East And India$135.9M61%up 1% from 2024
Business segments by year
Business segments202320242025
Americas$5.4B$5.0B$5.1B
Asia$3.2B$3.2B$3.3B
Europe$3.0B$2.8B$3.0B
Corporate Segment and Other Operating$889.0M$878.4M$520.0M
Middle East And India$162.5M$134.4M$135.9M

Regions

Other Foreign Operations brought in 45% of the revenue Air Products & Chemicals broke down this way in fiscal 2025.

  1. Other Foreign Operations$5.4B645%up 3% from 2024
  2. United States$4.7B639%down 5% from 2024
  3. China$1.9B616%down 1% from 2024
Regions by year
Regions202320242025
Other Foreign Operations$5.4B$5.2B$5.4B
United States$5.2B$4.9B$4.7B
China$2.0B$2.0B$1.9B

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue69¢$8.3B
  • Research and development1¢$96.3M
  • Selling, general and admin8¢$906.1M
  • Other costs22¢$2.7B
  • Income tax1¢$94.3M

Out of $12.0B in revenue.6 The company lost money this year.

Financial statements

Revenue10111213146$12.0B in 2025+35% since 2018
0$5.0B$10.0B$15.0B2018: $8.9B$8.9B20182019: $8.9B$8.9B2019−0%2020: $8.9B$8.9B2020−1%2021: $10.3B$10.3B2021+17%2022: $12.7B$12.7B2022+23%2023: $12.6B$12.6B2023−1%2024: $12.1B$12.1B2024−4%2025: $12.0B$12.0B2025−1%
Gross profit1510$3.0B in 2020+9% since 2018
0$1.0B$2.0B$3.0B2018: $2.7B$2.7B20182019: $2.9B$2.9B2019+6%2020: $3.0B$3.0B2020+3%
Operating income10111213146-$877.0M in 2025
-$2.0B0$2.0B$4.0B$6.0B2018: $2.0B$2.0B20182019: $2.1B$2.1B2019+9%2020: $2.2B$2.2B2020+4%2021: $2.3B$2.3B2021+2%2022: $2.3B$2.3B2022+3%2023: $2.5B$2.5B2023+7%2024: $4.5B$4.5B2024+79%2025: -$877.0M-$877.0M2025
Net income10111213146-$394.5M in 2025
-$2.0B0$2.0B$4.0B2018: $1.5B$1.5B20182019: $1.8B$1.8B2019+18%2020: $1.9B$1.9B2020+7%2021: $2.1B$2.1B2021+11%2022: $2.3B$2.3B2022+7%2023: $2.3B$2.3B2023+2%2024: $3.8B$3.8B2024+66%2025: -$394.5M-$394.5M2025

Every line of the income statement in the latest annual report, as filed.6

Period ending2025-09-302024-09-302023-09-30
Sales$12.0B$12.1B$12.6B
Cost of sales$8.3B$8.2B$8.8B
Selling and administrative expense$906.1M$942.4M$957.0M
Research and development expense$96.3M$100.2M$105.6M
Business and asset actions$3.7B$57.0M$244.6M
Shareholder activism-related costs$86.3M$0$0
Gain on sale of business$67.3M$1.6B$0
Other income (expense), net$110.1M$58.2M$34.8M
Operating Income (Loss)-$877.0M$4.5B$2.5B
Equity affiliates' income$647.7M$647.7M$604.3M
Interest expense$214.0M$218.8M$177.5M
Other non-operating income (expense), net$2.6M-$73.8M-$39.0M
Income (Loss) From Continuing Operations Before Taxes-$440.7M$4.8B$2.9B
Income tax expense (benefit)-$94.3M$944.9M$551.2M
Income (Loss) From Continuing Operations-$346.4M$3.9B$2.3B
Income (Loss) from discontinued operations, net of tax-$8.0M-$13.9M$7.4M
Net Income (Loss)-$354.4M$3.9B$2.3B
Net income attributable to noncontrolling interests$40.1M$34.2M$38.4M
Net Income (Loss) Attributable to Air Products-$394.5M$3.8B$2.3B
Net income (loss) from continuing operations-$386.5M$3.8B$2.3B
Net income (loss) from discontinued operations-$8.0M-$13.9M$7.4M
Basic earnings (loss) per share from continuing operations (in dollars per share)-$2$17$10
Basic earnings (loss) per share from discontinued operations (in dollars per share)-$0-$0$0
Basic Earnings (Loss) Per Share Attributable to Air Products (in dollars per share)-$1.77$17.21$10.35
Diluted earnings (loss) per share from continuing operations (in dollars per share)-$2$17$10
Diluted earnings (loss) per share from discontinued operations (in dollars per share)-$0-$0$0
Diluted Earnings (Loss) Per Share Attributable to Air Products (in dollars per share)-$1.77$17.18$10.33
Basic (in shares)222.7M shares222.5M shares222.3M shares
Diluted (in shares)222.7M shares222.8M shares222.7M shares

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The story

20th century

Air Products was founded in Detroit in 1940 by Leonard Parker Pool with the objective of establishing on-site production and sales of various forms of industrial gas.

The following year, in 1941, the U.S. entered World War II, and Air Products began manufacturing mobile generators for the production of oxygen used in high elevation military flights and necessary to meet the needs of the U.S. Air Force and allied air forces.

In 1944, the company relocated its headquarters from Detroit to Chattanooga, Tennessee, where it expanded its oxygen production manufacturing capacity to meet the needs of the U.S. military and its allies in their war against Nazi Germany and the Axis powers.

Following the end of World War II, the company relocated its headquarters and operations to Emmaus, Pennsylvania in the manufacturing-intensive Lehigh Valley region of eastern Pennsylvania. In the late 1950s, it completed the development of its current corporate headquarters in neighboring Trexlertown.

Air Products serves customers in technology, energy, healthcare, food, and industrial markets worldwide with atmospheric industrial gases, including oxygen, nitrogen, argon, hydrogen, and carbon dioxide, process and specialty gases, performance materials, and chemical intermediates.

Air Products produces refinery hydrogen, liquified natural gas technologies and equipment, epoxy additives, gas cabinets, advanced coatings, and adhesives.

21st century

In 2001, Air Products Received an Award of Merit from the WateReuse Association for Outstanding Water Conservation Efforts for conserving 62 million US gallons (230,000 m3) of drinking water annually by converting to recycled water for the cooling process at its Santa Clara, California manufacturing facility. The award was presented during the 25th Annual WateReuse Symposium. WRA recognizes projects that have advanced the acceptance of water reuse through education, sound science, and technology using reclamation, recycling, reuse, or desalination for the benefit of the public and the environment.

Air Products provided the liquid hydrogen and liquid oxygen fuel for the Space Shuttle external tank. Air Products has had a working relationship with NASA for five decades, supplying the liquid hydrogen used for every Space Shuttle launch and the Mercury and Apollo missions.

Read the full text

Air Products is included on the Dow Jones Sustainability North America Index as one of the best performing sustainable companies for the period of 2008 to 2011.

In January 2004, Air Products (NYSE: APD) was named a Maplecroft Climate Innovation Indexes (CIIs) Leader, the 17th largest U.S.-based company that has undergone evaluation of its climate-related innovation and carbon management programs. Air Products is currently working on several preeminent carbon capture and storage demonstration projects around the world.

In 2010, Air Products was awarded the Rushlight Hydrogen and Fuel Cells industry award for the Series 10 hydrogen fuelling station, which celebrates the leading environmental technologies and innovations by organizations throughout the United Kingdom and Ireland by promoting development in hydrogen and fuel cells and enabling further development and funding to be granted toward reducing carbon emissions.

In March 2010, Corporate Responsibility magazine named Air Products to its 100 Best Corporate Citizens List.

In 2013, Air Products' high purity built-in purifier argon was used to determine a more accurate value for the Boltzmann constant.

In September 2015, Air Products announced its intent to spin off its Materials Technologies business. This new stand alone company was named Versum Materials. The spinoff was completed on October 3, 2016. Versum was later acquired by pharmaceutical company Merck.

In January 2017, Air Products completed the sale of its Performance Materials division to Evonik, leaving the company focused on its industrial gases business.

Air Products initially refused to cease operations in Russia in response to the 2022 invasion of Ukraine and the international sanctions subsequently levied against Russia. However, according to Yale School of Management, the company reversed its position and has since divested its interests in Russia.

In 2022, Air Products announced plans for the development of a green hydrogen production plan in the United Kingdom, located in the Humberside region. In June 2025, the company withdrew its involvement and investment following a 'lack of commitment' by the British government.

From Wikipedia’s article on Air Products, shared under CC BY-SA 4.0.8

Leadership

Who has led Air Products & Chemicals, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (59)

Subsidiaries and ownership

Subsidiaries

  • Air Products

From Wikidata.1

Former names

  • AIR PRODUCTS & CHEMICALS INC /DE/Mar 15, 1994 to Apr 7, 20227

Timeline

  1. Feb 10, 2025New chief executive Eduardo F. Menezes becomes CEO20
  2. Jul 2, 2014New chief executive Seifi Ghasemi becomes CEO21
  3. Jul 1, 2014New chief executive Seifollah Ghasemi becomes CEO1
  4. Oct 3, 2007New chief executive John E. McGlade becomes CEO22
  5. Sep 23, 2003New chief executive John P. Jones Iii. becomes CEO23
  6. Jan 2, 1990Went public Listed on NYSE1
  7. 1940Founded Founded in Detroit1

Recent filings

  1. Oct 1, 20264
  2. Oct 1, 20264
  3. Oct 1, 20264
  4. Oct 1, 20264
  5. Oct 1, 20264
  6. Oct 1, 20264
  7. Oct 1, 20264
  8. Oct 1, 20264
  9. Sep 11, 20264
  10. Jul 30, 20268-K
  11. Jul 30, 202610-Q
  12. Jul 2, 20264
  13. Jul 2, 20264
  14. Jul 2, 20264
  15. Jul 2, 20264

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2

Sources

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