Air Products and Chemicals Inc
NYSE: APD · BASIC MATERIALS · SPECIALTY CHEMICALS
Updated 2026-06-12
Air Products and Chemicals Inc (APD) Financial statements
SEC filings — annual and quarterly data.
Margin trends — annual
| Year | Revenue | Net income | Gross margin | Op. margin | Profit margin |
|---|---|---|---|---|---|
| 2006 | $8.85B | $723.40M | 25.90% | 11.93% | 8.17% |
| 2007 | $9.15B | $1.04B | 26.77% | 15.04% | 11.32% |
| 2008 | $10.41B | $909.70M | 26.13% | 14.36% | 8.73% |
| 2009 | $8.26B | $631.30M | 26.82% | 10.25% | 7.65% |
| 2010 | $9.03B | $1.03B | 27.95% | 15.39% | 11.40% |
| 2011 | $10.08B | $1.22B | 27.44% | 16.09% | 12.14% |
| 2012 | $9.61B | $1.17B | 26.63% | 13.34% | 12.14% |
| 2013 | $10.18B | $994.20M | 26.60% | 13.01% | 9.77% |
| 2014 | $10.44B | $991.70M | 26.91% | 12.83% | 9.50% |
| 2015 | $7.82B | $1.28B | 28.45% | 15.76% | 16.33% |
| 2016 | $7.50B | $631.10M | 31.00% | 20.46% | 8.41% |
| 2017 | $8.19B | $3.00B | 29.73% | 17.59% | 36.65% |
| 2018 | $8.93B | $1.50B | 30.69% | 22.01% | 16.77% |
| 2019 | $8.92B | $1.76B | 33.00% | 24.04% | 19.73% |
| 2020 | $8.86B | $1.89B | 33.85% | 25.27% | 21.30% |
| 2021 | $10.32B | $2.10B | 30.39% | 22.10% | 20.33% |
| 2022 | $12.70B | $2.26B | 26.46% | 18.42% | 17.77% |
| 2023 | $12.60B | $2.30B | 29.90% | 19.80% | 18.26% |
| 2024 | $12.10B | $3.83B | 32.49% | 36.91% | 31.64% |
| 2025 | $12.04B | $-394.50M | 31.41% | -7.29% | -3.28% |
Frequently asked questions
What is Air Products and Chemicals Inc's revenue?
Air Products and Chemicals Inc's trailing twelve-month revenue is $12.46B, and consensus projects about $16.10B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is APD?
In its most recent fiscal year, APD ran a gross margin of 31.41%, an operating margin of -7.29%, and a net margin of -3.28%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does APD generate?
APD produced $-3.77B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is APD's balance sheet healthy?
APD holds $1.86B in cash and equivalents against $16.95B in long-term debt, on $15.02B of shareholder equity. That debt is best read against the cash flow the business throws off each year.