APD
Updated: 24/09/2026, 08:32:42
Operating globally, Air Products and Chemicals, Inc. (APD) is a prominent supplier of industrial gases, specialized equipment, and associated services. The company's diverse product range includes atmospheric gases such as oxygen, nitrogen, and argon, as well as various process gases like hydrogen, helium, carbon dioxide, carbon monoxide, and syngas. They also provide a selection of specialty gases. APD is involved in the fabrication of crucial machinery for gas production and handling, including air separation units and non-cryogenic generators. These products and services cater to a broad spectrum of industries, including but not limited to refining, chemical processing, gasification, metals production, general manufacturing, food and beverage, electronics, medical imaging, and energy generation. Moreover, the company's capabilities extend to designing and manufacturing advanced systems for air separation, hydrocarbon recovery and purification, the liquefaction of natural gas, and the secure transportation and storage of liquid helium and hydrogen. APD also engages in a strategic partnership with Baker Hughes Company to further innovate hydrogen compression systems. The firm was established in 1940 and is based in Allentown, Pennsylvania.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
N/A
FY — · Reported
Net income
$-0.4B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
N/A
FY — · Reported
R&D intensity
N/A
FY — · Reported
Share repurchases
N/A
FY — · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
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Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
Delaware corporation founded 1940; world-leading industrial gases company serving energy, environmental, and emerging markets
“Air Products and Chemicals, Inc., a Delaware corporation founded in 1940, is a world-leading industrial gases company”
Company overview
Air Products, a Delaware corporation founded in 1940, is a world-leading industrial gases company serving ~50 countries via on-site and merchant supply modes
“Air Products and Chemicals, Inc., a Delaware corporation founded in 1940, is a world-leading industrial gases company”
Reportable segments
Five reportable segments: Americas, Asia, Europe, Middle East and India, and Corporate and other
“we manage our operations, assess performance, and report earnings under five reportable segments: Americas, Asia, Europe, Middle East and India, and Corporate and other”
JIGPC joint venture (Middle East and India segment)
55% equity-method investment in JIGPC (Middle East and India segment), carrying value $3.1B (FY2024: $2.9B), incl. ~$115M final shareholder-loan investment completed Q2 FY2025
“The carrying value of our investment, including amounts attributable to noncontrolling interests, totaled $3.1 billion and $2.9 billion as of 30 September 2025 and 2024, respectively.”
Reportable segments
Industrial gases organized regionally in Americas, Asia, Europe, Middle East and India; Corporate and other includes sale of equipment businesses and corporate costs
“Our industrial gases business is organized and operated regionally in the Americas, Asia, Europe, and Middle East and India segments”
Product families
Atmospheric gases, process gases, specialty gases, and sale of equipment including turbomachinery, membrane systems, and cryogenic containers
“our sale of equipment businesses provide specialized products such as turbomachinery, membrane systems, and cryogenic containers to customers worldwide”
Supply modes and on-site share of revenue
Majority of sales via on-site and merchant supply modes; approximately half of total revenue from on-site with energy cost pass-through provisions
“Approximately half our total revenue is generated through the on-site supply mode, which is governed by contracts that are generally long-term in nature with provisions that allow us to pass through changes in energy costs to our customers.”
Sale of equipment businesses
Sale of equipment businesses provide turbomachinery, membrane systems, and cryogenic containers to customers worldwide
“our sale of equipment businesses provide specialized products such as turbomachinery, membrane systems, and cryogenic containers to customers worldwide”
Large-scale clean energy project families
Significant portion of business involves clean hydrogen, carbon capture, gasification, and other large-scale multi-year, multi-billion-dollar projects
“A significant portion of our business involves clean hydrogen, carbon capture, gasification, and other large-scale projects that involve challenging engineering, permitting, procurement, and construction phases”
Regional industrial gases share of sales
Regional industrial gases sales constituted over 90% of consolidated sales in fiscal years 2025, 2024, and 2023, approximately half attributable to atmospheric gases
“Overall regional industrial gases sales constituted over 90% of consolidated sales in fiscal years 2025, 2024, and 2023, approximately half of which were attributable to atmospheric gases.”
Translation-only currency exposure, no hedging
Primarily exposed to translational currency risk; does not hedge translation of foreign subsidiaries' earnings into USD
“Our policy is to minimize cash flow volatility from changes in currency exchange rates. We choose not to hedge the translation of our foreign subsidiaries’ earnings into dollars.”
Helium sourcing and storage
Helium sourced globally as byproduct; inventory maintained in ISO containers and underground storage in Amarillo and Beaumont, Texas
“we maintain an inventory of helium in our fleet of ISO containers as well as in underground storage facilities in Amarillo, Texas and Beaumont, Texas.”
Global cost reduction plan
Global cost reduction plan (initiated June 2023): $207.7M cumulative costs for ~3,600 employees globally; FY2025 charge $123.7M; substantially complete by end of FY2026
“Since the plan was initiated in 2023, we incurred costs totaling $207.7 for approximately 3,600 employees globally.”
Acquisition of Ijsfabriek Strombeek
Acquired 100% of Ijsfabriek Strombeek (Belgium) on 30 April 2025 for $74.2M net consideration; merchant/medical gases, dry ice, CO2; goodwill $31.3M; customer-relationship intangibles ~10-yr amortization
“we acquired a 100% interest in Ijsfabriek Strombeek, an independent industrial gases company located in Belgium”
Pipeline network advantage
Competitive advantage in locations with pipeline networks
“We derive a competitive advantage in locations where we have pipeline networks, which enable us to provide a reliable and economic supply of products to our larger customers.”
Sales decline drivers
Lower volumes reflect LNG sale, lower global helium demand, and project exits, partially offset by higher on-sites and favorable non-helium merchant
“Lower volumes primarily reflect the September 2024 LNG sale, lower global helium demand, and previously announced project exits”
Climate policy demand for green/blue hydrogen
Green and blue hydrogen projects largely based on expected demand for technologies and projects to limit global climate change; could be hurt if sectors reduce decarbonization focus
“certain of our green and blue hydrogen projects are largely based on expected demand for technologies and projects to limit the impact of global climate change”
World Energy SAF project exit
Terminated MPA and exited World Energy SAF project in Q2 FY2025; ~$1.9 billion exit charges incl. ~$1.6B asset write-down and $300M financing receivable credit loss allowance
“we recorded project exit charges totaling approximately $1.9 billion, the majority of which were recognized at the time of the announcement”
FY2025 sale of Singapore business
Sold 100% of a Singapore subsidiary in April 2025 for $104.3M cash; gain $67.3M ($51.9M after tax); divested business contributed ~$50M annual Asia segment sales, primarily merchant gas
“The transaction resulted in cash proceeds of $104.3, which was received in full upon closing.”
FY2024 sale of LNG business to Honeywell
Sold LNG process technology and equipment business to Honeywell for ~$1.8B cash on 30 September 2024; gain ~$1.6B (~$1.2B after tax); business generated ~$135M FY2024 operating income
“we completed the sale of our liquefied natural gas ("LNG") process technology and equipment business to Honeywell International Inc. for approximately $1.8 billion in an all-cash transaction”
Sale of LNG business to Honeywell
Sold former LNG process technology and equipment business to Honeywell International Inc. on 30 September 2024; $1.6 billion pre-tax gain
“our former liquefied natural gas ("LNG") process technology and equipment business, which we sold to Honeywell International Inc. on 30 September 2024”
LNG business sale to Honeywell
LNG process technology and equipment business sold to Honeywell 30 September 2024; ~$1.6B pre-tax gain in Q4 FY2024
“its sale to Honeywell International Inc. on 30 September 2024”
Held-for-sale China coal gasification plants
Two China coal gasification plants held for sale (assets $427.7M, liabilities $50.5M) after $425M impairment; sales expected to complete in FY2026
“We expect to complete the sales of these plants in fiscal year 2026.”
FY2023 Asia/Europe project write-offs
FY2023 noncash charge of $217.6M to write off exited projects in Asia and Europe, including Indonesia coal gasification withdrawal and suspended Ukraine project
“a project in Ukraine that was permanently suspended due to Russia's invasion of the country”
Renewed focus on core industrial gas business
FY2025 transitional year: renewed focus on core industrial gas business under new CEO (joined February 2025), cancelled/descoped large energy transition projects, strict capital return thresholds
“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.”
Clean hydrogen portfolio and FY2025 project exits
Primarily gray hydrogen today; advancing blue/green hydrogen including NEOM; exited certain clean energy projects in FY2025 while continuing focused investments
“In fiscal year 2025, we exited certain clean energy projects as discussed in Note 5, Business and Asset Actions”
Largest production cost inputs
Electricity is the largest cost component in atmospheric gases production; natural gas is the primary raw material for SMR hydrogen; mitigated contractually
“Electricity is the largest cost component in the production of atmospheric gases.”
Cost inflation and depreciation
Higher costs driven by fixed-cost inflation and depreciation, partially offset by productivity improvements across all segments
“The higher costs were driven by fixed-cost inflation and depreciation, partially offset by productivity improvements across all segments.”
Large projects in emerging markets
Larger, more complex projects located in China, India, the Middle East, and Uzbekistan, with risk of seizure, cancellation, civil unrest, and government actions
“Certain of our larger and more complex projects are located in markets outside the United States, such as China, India, the Middle East, and Uzbekistan”
War/conflict catastrophic event exposure
Disclosed catastrophic risks include Russia's invasion of Ukraine, Middle East conflicts, extreme weather, and pandemics disrupting operations, suppliers, and customers
“severe weather conditions such as hurricanes, floods, earthquakes, storms, epidemics, pandemics, acts of war, and terrorism”
FY2026 outlook
FY2026: earnings growth expected from new plant onstreams, pricing discipline, productivity; committed to cost control, capex reduction; mitigating inflation and helium headwinds
“In fiscal year 2026, we expect to achieve earnings growth from new plant onstreams, continued pricing discipline, and productivity improvements.”
Clean energy market development
Clean energy markets have not developed as previously anticipated, but company remains confident in long-term industrial gases and clean energy demand fundamentals
“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.”
Project review ongoing
Project review initiated Q2 FY2025 remains ongoing and may result in additional costs in future periods; exit activities expected substantially complete within next twelve months
“The review remains ongoing and may result in additional costs in future periods.”
FY2025 business and asset action charges
FY2025 operating loss of $877.0 included approximately $3.7 billion pre-tax charges for business and asset actions ($3.0 billion after tax, $13.68/share), from cancellation/descoping of large energy transition projects
“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)”
Shareholder activism-related costs
Shareholder activism-related costs of $0.32 per share in FY2025 EPS bridge
“Shareholder activism-related costs0.32”
Extensive government regulation incl. anti-bribery
Subject to extensive US and foreign regulation including FCPA, UK Bribery Act, and China anti-bribery enforcement; export controls could restrict shipments
“Increasingly aggressive enforcement of anti-bribery and anti-corruption requirements, including the U.S. Foreign Corrupt Practices Act, the United Kingdom Bribery Act and the China Anti-Un”
Clean hydrogen projects built before offtake finalization
Large-scale clean hydrogen projects are being built before finalization of offtake agreements for a substantial percentage of expected production
“our large-scale clean hydrogen projects are being built before finalization of offtake agreements for a substantial percentage of expected production”
Project execution and cost escalation risk
Past and potential future project difficulties including delays, scope changes, cost overruns, regulatory permits/rights-of-way, labor availability, and cancellations
“delays related to obtaining regulatory permits and rights-of-way, inability to find adequate sources of labor in the locations where we are building new plants, weather-related delays”
Exit estimate uncertainty
Final settlement of exit items may differ materially from current estimates, potentially impacting future periods; $178.3M accrued at 30 September 2025
“Final settlement of these items may differ materially from our current estimates, which could impact our consolidated financial statements in future periods.”
JIGPC earnings proportionality risk
Certain JIGPC shareholders receive preferred cash distributions; Air Products' earnings may not be proportionate to its ownership interest
“the earnings attributable to Air Products may not be proportionate to our ownership interest in the venture”
Competition risk
Faces strong competition from large global competitors and many smaller regional competitors; competitor new technologies and pricing policies could weaken demand or pricing
“We face strong competition from large global competitors and many smaller regional competitors in many of our business segments.”
Financing availability and debt rating risk
Borrowing costs affected by short/long-term debt ratings; project financing may impose performance requirements whose breach could cause default and acceleration of cash outflows
“our borrowing costs can be affected by short and long-term debt ratings assigned by independent rating agencies”
Cyclicality and excess capacity pricing risk
Weak economic conditions and excess capacity in own or competitors' facilities can reduce pricing power, utilization, and cause impairments
“Excess capacity in our manufacturing facilities or those of our competitors could decrease our ability to maintain pricing and generate profits.”
Operational hazards and aging assets
Facilities, pipelines, and delivery systems carry hazards including leaks, fire, explosions, toxic releases, and cyber incidents; results depend on maintaining and replacing aging assets
“such as pipeline leaks and ruptures, fire, explosions, toxic releases, mechanical failures, vehicle accidents, or cyber incidents”
Broad industrial customer base spanning refining, chemicals, metals, electronics, manufacturing, medical, and food drives gas demand.
“We serve a broad range of industries, including refining, chemicals, metals, electronics, manufacturing, medical, and food”
Refining is one of the industries with customer concentrations; uses hydrogen to convert heavy crude and lower sulfur content.
“concentrations of customers in specific industries, primarily refining, chemicals, and electronics”
Green and blue hydrogen demand depends on public and private sector focus on carbon emission reduction; reduced focus would hurt revenues, margins, and utilization.
“Demand for our solutions could be negatively impacted if the public and private sectors reduce their focus on reducing carbon emissions.”
Project exits of ~$755M related to smaller-scale clean-energy projects driven by challenging commercial conditions, unfavorable regulatory actions, and slower-than-expected development in energy-transition markets.
“primarily supporting the energy transition. These exits were driven by challenging commercial conditions, unfavorable regulatory actions, project-specific economic factors, and slower-than-expected development in certain markets”
Exit of World Energy SAF project drove ~$1.9B of FY2025 charges including $300M financing receivable credit loss; remaining earnings impacts possible during exit finalization.
“we recorded project exit charges totaling approximately $1.9 billion”
Company cancelled and descoped several large energy transition projects as clean energy markets underdeveloped; NEOM green hydrogen remains on track for 2027.
“cancellation and descoping of several large energy transition projects”
Electronics is a named customer concentration industry; on-site gases serve electronics customers; helium used in semiconductor manufacturing.
“Gases are produced and supplied... customers primarily in the energy production and refining, chemical, metals, and electronics industries”
Natural gas is a key input whose availability and cost is a disclosed risk; oil and gas price volatility also affects business and customers.
“the impact on our business and customers of price fluctuations in oil and natural gas and disruptions in markets and the economy due to oil and natural gas price volatility”
Fixed-cost inflation raised costs and reduced adjusted operating income; inflationary pressures are a stated FY2026 mitigation priority.
“Cost discipline remains a top priority as we seek to mitigate the impact of ongoing inflationary pressures and continued helium headwinds”
Natural gas is the primary raw material for steam methane reformers producing hydrogen, carbon monoxide, and syngas; mitigated via pricing formulas, surcharges, cost pass-through, and tolling.
“steam methane reformers use natural gas as the primary raw material”
Two China coal gasification plants impaired ($425M) and held for sale due to customer-related challenges; also a clean-hydrogen JV equity investment other-than-temporarily impaired.
“the impairment of two coal gasification plants in China that we decided to market for sale in the fourth quarter of fiscal year 2025 due to customer-related challenges”
Majority of revenue generated outside the US; foreign results translated into USD and not hedged, so FX swings affect reported sales, earnings, and cash flows.
“we are exposed to fluctuations in foreign currency exchange rates. Our business is primarily exposed to translational currency risk”
Lower global helium demand reduced volumes; helium headwinds expected to continue into FY2026; pricing driven by non-helium merchant products.
“Lower volumes primarily reflect the September 2024 LNG sale, lower global helium demand, and previously announced project exits”
LNG business divestiture to Honeywell removed ~4% of volumes and drove the $1.6 billion prior-year gain; continued revenue decline attributable to the sale.
“our former liquefied natural gas ("LNG") process technology and equipment business, which we sold to Honeywell International Inc. on 30 September 2024”
NEOM Green Hydrogen Project in Saudi Arabia is the company's flagship green hydrogen project; also a Middle East and India reportable segment.
“carbon-free hydrogen from renewable energy (“green hydrogen”), such as the NEOM Green Hydrogen Project in Saudi Arabia”
On-site contracts pass through energy cost changes to customers, so higher energy pass-through partially offset volume declines in FY2025 sales.
“provisions that allow us to pass through changes in energy costs to our customers”
One of three global industrial gas competitors named across all regional segments; competition based on price, reliability of supply, and applications development.
“competes against three global industrial gas companies: Air Liquide S.A., Linde plc, and Messer Group GmbH”
One of three named global industrial gas competitors in the regional industrial gases business.
“competes against three global industrial gas companies: Air Liquide S.A., Linde plc, and Messer Group GmbH”
Extensive US and foreign regulation including export controls and anti-bribery laws can increase costs, restrict shipments, and expose to penalties.
“Export controls or other regulatory restrictions could prevent us from shipping our products to and from some markets or increase the cost of doing so.”
55% equity-method stake in JIGPC accounted for within the Middle East and India segment; $3.1B carrying value with $115M final FY2025 investment, loss exposure limited to investment.
“e account for our 55% investment, which includes 4% that is attributable to the noncontrolling partner of APQ, under the equity method within the Middle East and India segment”
Helium is produced as a byproduct of natural gas extraction and sourced globally at long distances, requiring ISO container fleet and underground storage.
“Because helium is generally sourced globally at long distances from point of sale, we maintain an inventory of helium in our fleet of ISO containers”
Projects in the Middle East expose large-scale capital investments to civil unrest, war, and security concerns; conflicts named as catastrophic risk factor.
“acts of war, including Russia's invasion of Ukraine and new and ongoing conflicts in the Middle East, or terrorism”
Tariffs, import/trade restrictions, and sanctions can cause demand fluctuations, price volatility, and supply disruptions across international operations.
“the imposition, extension, or expansion of tariffs or international sanctions can cause fluctuations in demand, price volatility, supply disruptions, or loss of property”
Multinational operations subject to tax in US and numerous foreign jurisdictions; OECD global minimum taxes and tax law changes could materially raise effective tax rate.
“global minimum taxes related to the new tax framework established by the Organization for Economic Co-operation and Development”
Unfavorable regulatory actions cited as a driver of the decision to exit U.S.-based clean energy generation and distribution projects.
“These exits were driven by challenging commercial conditions, unfavorable regulatory actions, project-specific economic factors, and slower-than-expected development in certain markets.”
Company emphasized reductions in debt and capital expenditures over time following large project charges, indicating financing cost sensitivity.
“These efforts are helping to improve execution and support reductions in capital expenditures and debt over time.”
Global cost reduction plan: severance/postemployment costs of $207.7M cumulative for ~3,600 employees; remaining $101.6M accrued liability with implementation substantially complete by end of FY2026.
“we incurred costs totaling $207.7 for approximately 3,600 employees globally”
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