Materials · Industrial Gases
Air Products: revenue, profit and dividends
In fiscal 2025, Air Products had revenue of $12B, up 4.4% a year on average since 2015, and a net loss of $394M. Its dividend per share has gone up 16 years in a row, to $7.14.
Revenue, fiscal 2025
average annual revenue growth since 2015 · −0.5% vs 2024
- Ticker
- APD · NYSE
- Sector
- Materials
- Sub-industry
- Industrial Gases
- Headquarters
- Upper Macungie Township, Pennsylvania
- Founded
- 1940
- In the S&P 500 since
- April 30, 1985
- Latest fiscal year
- 2025, ended September 30, 2025
- SEC filer
- Air Products & Chemicals, Inc. · CIK 0000002969
Revenue and net income
Revenue went from $9.15B in 2007 to $12B in 2025. Net loss in 2025.
Diluted earnings per share
Diluted EPS went from $4.64 in 2007 to −$1.77 in 2025.
Dividends per share
Raised every year in the data: 16 years in a row, from 2010 to 2025. Ten-year growth: 8.4% a year.
Shares outstanding
2.5% more shares in 2025 than in 2015 (217M → 223M): new shares outweighed buybacks.
Operating cash flow, capex and free cash flow
Free cash flow (operating cash flow minus capital expenditure) was −$3.77B in 2025, −31.3% of revenue. Negative in 2023–2025.
The chart data could not be loaded. The table below has the same figures.
Year by year
| Fiscal year | Revenue | Net income | Net margin | Diluted EPS | Dividend | Shares | Operating cash flow | Capex | Free cash flow |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | $12B | −$394M | −3.3% | −$1.77 | $7.14 | 223M | $3.26B | $7.02B | −$3.77B |
| 2024 | $12.1B | $3.83B | 31.6% | $17.18 | $7.06 | 223M | $3.65B | $6.8B | −$3.15B |
| 2023 | $12.6B | $2.3B | 18.3% | $10.33 | $6.87 | 223M | $3.21B | $4.63B | −$1.42B |
| 2022 | $12.7B | $2.26B | 17.8% | $10.14 | $6.36 | 222M | $3.17B | $2.93B | $244M |
| 2021 | $10.3B | $2.1B | 20.3% | $9.43 | $5.84 | 222M | $3.34B | $2.46B | $871M |
| 2020 | $8.86B | $1.89B | 21.3% | $8.49 | $5.18 | 222M | $3.26B | $2.51B | $756M |
| 2019 | $8.92B | $1.76B | 19.7% | $7.94 | $4.58 | 222M | $2.97B | $1.99B | $980M |
| 2018 | $8.93B | $1.5B | 16.8% | $6.78 | $4.25 | 221M | $2.55B | $1.57B | $979M |
| 2017 | $8.19B | $3.0B | 36.6% | $13.65 | $3.71 | 220M | $2.53B | $1.04B | $1.49B |
| 2016 | $7.5B | $631M | 8.4% | $2.89 | $3.39 | 218M | $2.26B | $908M | $1.35B |
| 2015 | $7.82B | $1.28B | 16.3% | $5.88 | $3.20 | 217M | $2.05B | $1.16B | $885M |
| 2014 | $10.4B | $992M | 9.5% | $4.61 | $3.02 | 215M | $2.19B | $1.36B | $827M |
| 2013 | $10.2B | $994M | 9.8% | $4.68 | $2.77 | 212M | $1.55B | $1.52B | $28.9M |
| 2012 | $9.61B | $1.17B | 12.1% | $5.44 | $2.50 | 215M | $1.77B | $1.52B | $244M |
| 2011 | $9.67B | $1.22B | 12.7% | $5.63 | $2.23 | 218M | $1.71B | $1.31B | $401M |
| 2010 | $8.62B | $1.03B | 11.9% | $4.74 | $1.92 | 217M | $1.49B | $989M | $496M |
| 2009 | $8.26B | $631M | 7.6% | $2.96 | $1.79 | 214M | $1.33B | $1.18B | $150M |
| 2008 | $10.4B | $910M | 8.7% | $4.15 | — | 219M | $1.66B | $1.09B | $574M |
| 2007 | $9.15B | $1.04B | 11.3% | $4.64 | — | 223M | $1.5B | $1.01B | $487M |
Fiscal years, labelled by the year in which they end. US dollars; per-share figures and share counts adjusted for splits. —: not in the data.
About these figures
- Older years are as filed at the time and may predate later restatements, mergers or spin-offs. How the figures are made.
Other Industrial Gases companies
Source: SEC EDGAR (company filings), data as of November 8, 2026. Sectors, sub-industries, headquarters and index dates: Wikipedia, CC BY-SA 4.0.