Revenue growth accelerated to 8.8% in 2026Q2, though net income remains highly volatile due to non-operating charges, as evidenced by the swing from a $1.7 billion loss in 2025Q2 to a $710.4 million profit in 2026Q2.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 12.46B | 12.04B | 12.1B | 12.6B | 12.7B | 10.32B | 8.86B | 8.92B | 8.93B | 8.19B | 7.5B | 7.82B | 10.44B | 10.18B | 9.61B | 10.08B | 9.03B | 8.26B | 10.41B | 9.15B | 8.85B | 8.14B | 7.41B | 6.3B | 5.4B | 5.72B | 5.47B | 5.02B | 4.92B | 4.64B | 4.01B |
| Revenue Growth % | 3.69% | -0.52% | -3.96% | -0.78% | 23.01% | 16.56% | -0.7% | -0.13% | 9.07% | 9.11% | -4.1% | -25.05% | 2.54% | 5.92% | -4.66% | 11.7% | 9.32% | -20.72% | 13.84% | 3.36% | 8.68% | 9.88% | 17.69% | 16.59% | -5.53% | 4.57% | 8.9% | 2.06% | 6.06% | 15.71% | 3.7% |
| Cost of Goods Sold | 8.48B | 8.26B | 8.17B | 8.83B | 9.34B | 7.19B | 5.86B | 5.98B | 6.19B | 5.75B | 5.18B | 5.6B | 7.63B | 7.47B | 7.05B | 7.32B | 6.5B | 6.04B | 7.69B | 6.7B | 6.56B | 6.01B | 5.46B | 4.61B | 3.83B | 4.1B | 3.83B | 3.5B | 2.83B | 2.74B | 2.41B |
| COGS % of Revenue | - | 68.59% | 67.51% | 70.1% | 73.54% | 69.61% | 66.15% | 67% | 69.31% | 70.27% | 69% | 71.55% | 73.09% | 73.4% | 73.37% | 72.56% | 72.05% | 73.18% | 73.87% | 73.23% | 74.1% | 73.82% | 73.72% | 73.26% | 70.87% | 71.76% | 69.97% | 69.75% | 57.48% | 59% | 60.08% |
| Gross Profit | 3.99B | 3.78B | 3.93B | 3.77B | 3.36B | 3.14B | 3B | 2.94B | 2.74B | 2.43B | 2.33B | 2.23B | 2.81B | 2.71B | 2.56B | 2.77B | 2.52B | 2.21B | 2.72B | 2.45B | 2.29B | 2.13B | 1.95B | 1.68B | 1.57B | 1.61B | 1.64B | 1.52B | 2.09B | 1.9B | 1.6B |
| Gross Margin % | 31.98% | 31.41% | 32.49% | 29.9% | 26.46% | 30.39% | 33.85% | 33% | 30.69% | 29.73% | 31% | 28.45% | 26.91% | 26.6% | 26.63% | 27.44% | 27.95% | 26.82% | 26.13% | 26.77% | 25.9% | 26.18% | 26.28% | 26.74% | 29.13% | 28.24% | 30.03% | 30.25% | 42.52% | 41% | 39.92% |
| Gross Profit Growth % | - | -3.83% | 4.38% | 12.11% | 7.12% | 4.63% | 1.86% | 7.4% | 12.59% | 4.63% | 4.51% | -20.75% | 3.72% | 5.8% | -7.48% | 9.66% | 13.95% | -18.64% | 11.11% | 6.86% | 7.5% | 9.47% | 15.65% | 7.04% | -2.54% | -1.64% | 8.09% | -27.38% | 9.98% | 18.85% | 3.36% |
| Operating Expenses | 1.69B | 4.66B | -534.2M | 1.27B | 1.02B | 869.1M | 760.6M | 799M | 775.1M | 996.1M | 791.3M | 992.9M | 1.47B | 1.38B | 1.28B | 1.14B | 1.06B | 1.37B | 1.23B | 1.07B | 1.23B | 1.13B | 1.05B | 1.09B | 798.6M | 869.1M | 810.7M | 794M | 1.26B | 1.2B | 1.01B |
| OpEx % of Revenue | - | 38.7% | -4.41% | 10.1% | 8.04% | 8.42% | 8.59% | 8.96% | 8.68% | 12.17% | 10.55% | 12.69% | 14.08% | 13.59% | 13.29% | 11.35% | 11.74% | 16.57% | 11.77% | 11.74% | 13.91% | 13.87% | 14.18% | 17.3% | 14.79% | 15.2% | 14.83% | 15.82% | 25.64% | 25.88% | 25.17% |
| Selling, General & Admin | 897.6M | 906.1M | 942.4M | 957M | 900.6M | 828.4M | 742.1M | 750M | 760.8M | 713.5M | 683.8M | 792.3M | 1.05B | 1.09B | 946.8M | 1.01B | 962M | 1.27B | 1.12B | 999.8M | 1.07B | 1.01B | 956.2M | 832.6M | 715.1M | 752.1M | 714.7M | 690.6M | 659.8M | 627.6M | 920M |
| SG&A % of Revenue | - | 7.53% | 7.79% | 7.6% | 7.09% | 8.02% | 8.38% | 8.41% | 8.52% | 8.71% | 9.11% | 10.13% | 10.1% | 10.7% | 9.85% | 10.06% | 10.66% | 15.44% | 10.76% | 10.93% | 12.15% | 12.45% | 12.9% | 13.22% | 13.24% | 13.15% | 13.07% | 13.76% | 13.41% | 13.53% | 22.95% |
| Research & Development | 93.4M | 96.3M | 100.2M | 105.6M | 102.9M | 93.5M | 83.9M | 72.9M | 64.5M | 57.8M | 71.6M | 76.4M | 141.4M | 133.7M | 126.4M | 118.8M | 114.7M | 116.3M | 130.7M | 129M | 151.4M | 132.7M | 126.7M | 121.1M | 120.6M | 122.5M | 124.4M | 123.1M | 112M | 113.7M | 114M |
| R&D % of Revenue | - | 0.8% | 0.83% | 0.84% | 0.81% | 0.91% | 0.95% | 0.82% | 0.72% | 0.71% | 0.95% | 0.98% | 1.35% | 1.31% | 1.32% | 1.18% | 1.27% | 1.41% | 1.26% | 1.41% | 1.71% | 1.63% | 1.71% | 1.92% | 2.23% | 2.14% | 2.28% | 2.45% | 2.28% | 2.45% | 2.84% |
| Other Operating Expenses | 0 | 3.66B | -1.58B | 209.8M | 17.8M | -52.8M | -65.4M | -23.9M | -50.2M | 224.8M | 35.9M | 124.2M | 273.9M | 161.4M | 204.2M | 11.3M | -12.1M | -23M | -25.8M | -55.1M | 4.8M | -16.6M | -32.1M | 136M | -37.1M | -5.5M | -28.4M | -19.7M | 489.4M | 459.1M | -25M |
| Operating Income | 2.29B | -877M | 4.47B | 2.49B | 2.34B | 2.28B | 2.24B | 2.14B | 1.97B | 1.44B | 1.54B | 1.23B | 1.34B | 1.32B | 1.28B | 1.62B | 1.39B | 846.3M | 1.5B | 1.38B | 1.06B | 995.5M | 879.6M | 594.5M | 761.1M | 745.4M | 830.8M | 705M | 830.2M | 701.2M | 591M |
| Operating Margin % | 18.41% | -7.29% | 36.91% | 19.8% | 18.42% | 22.1% | 25.27% | 24.04% | 22.01% | 17.59% | 20.46% | 15.76% | 12.83% | 13.01% | 13.34% | 16.09% | 15.39% | 10.25% | 14.36% | 15.04% | 11.93% | 12.22% | 11.87% | 9.44% | 14.09% | 13.04% | 15.2% | 14.04% | 16.88% | 15.12% | 14.75% |
| Operating Income Growth % | - | -119.64% | 79.03% | 6.66% | 2.52% | 1.96% | 4.35% | 9.1% | 36.5% | -6.19% | 24.48% | -7.91% | 1.11% | 3.28% | -20.95% | 16.79% | 64.13% | -43.42% | 8.74% | 30.31% | 6.04% | 13.18% | 47.96% | -21.89% | 2.11% | -10.28% | 17.84% | -15.08% | 18.4% | 18.65% | 2.53% |
| EBITDA | 3.85B | 687.2M | 5.92B | 3.85B | 3.68B | 3.6B | 3.42B | 3.23B | 2.94B | 2.31B | 2.39B | 2.09B | 2.3B | 2.23B | 2.12B | 2.5B | 2.25B | 1.69B | 2.36B | 2.22B | 1.82B | 1.7B | 1.59B | 1.25B | 1.35B | 1.32B | 1.41B | 1.23B | 1.32B | 1.16B | 1B |
| EBITDA Margin % | 30.92% | 5.71% | 48.9% | 30.58% | 28.96% | 34.9% | 38.65% | 36.18% | 32.88% | 28.16% | 31.85% | 26.73% | 21.99% | 21.92% | 22.09% | 24.76% | 24.95% | 20.43% | 22.71% | 24.22% | 20.55% | 20.9% | 21.51% | 19.84% | 25.04% | 23.06% | 25.73% | 24.55% | 26.83% | 25.02% | 25.02% |
| EBITDA Growth % | 29.81% | -88.39% | 53.58% | 4.78% | 2.06% | 5.26% | 6.05% | 9.91% | 27.34% | -3.51% | 14.25% | -8.9% | 2.9% | 5.1% | -14.94% | 10.82% | 33.55% | -28.68% | 6.73% | 21.83% | 6.86% | 6.73% | 27.63% | -7.61% | 2.56% | -6.26% | 14.15% | -6.62% | 13.73% | 15.68% | 4.65% |
| D&A (Non-Cash Add-back) | 1.56B | 1.56B | 1.45B | 1.36B | 1.34B | 1.32B | 1.19B | 1.08B | 970.7M | 865.8M | 854.6M | 858.5M | 956.9M | 907M | 840.8M | 873.9M | 863.4M | 840.3M | 869M | 840M | 763M | 706.3M | 714.9M | 654.8M | 591.1M | 573M | 575.7M | 527.2M | 489.4M | 459.1M | 412M |
| EBIT | 2.8B | -226.7M | 5.04B | 3.06B | 2.88B | 2.65B | 2.53B | 2.43B | 2.15B | 1.54B | 1.67B | 1.37B | 1.49B | 1.49B | 1.44B | 1.78B | 1.52B | 958.5M | 1.64B | 1.38B | 1.06B | 995.5M | 972.4M | 594.5M | 761.1M | 745.4M | 830.8M | 705M | 830.2M | 701.2M | 565.6M |
| Net Interest Income | -233.2M | -214M | -218.8M | -177.5M | -128M | -141.8M | -109.3M | -137M | -130.5M | -120.6M | -109.1M | -98.6M | -115.7M | -135.4M | -118.3M | -109.8M | -118.5M | -121.9M | -162M | -154.4M | -110.3M | -94.6M | -117.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.1M | 4.2M | 9.4M | 6.4M | 5.4M | 5.7M | 3.4M | 0 | 0 | 8.8M | 9M | 15.4M | 3.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 233.2M | 214M | 218.8M | 177.5M | 128M | 141.8M | 109.3M | 137M | 130.5M | 120.6M | 115.2M | 102.8M | 125.1M | 141.8M | 123.7M | 115.5M | 121.9M | 121.9M | 162M | 163.2M | 119.3M | 110M | 121M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 451.8M | 436.3M | 355.1M | 387.8M | 415.9M | 226M | 186.2M | 145.1M | 49.4M | -23.9M | 19.5M | 32.9M | 26.3M | 26M | 30.1M | 33M | 5M | -9.7M | -17M | -48M | -11.6M | -4.6M | -28.2M | -29.1M | 23.4M | -84.2M | -712.7M | -51.1M | -6.5M | -70.8M | 18.6M |
| Pretax Income | 2.75B | -440.7M | 4.82B | 2.88B | 2.75B | 2.51B | 2.42B | 2.29B | 2.02B | 1.42B | 1.55B | 1.27B | 1.37B | 1.35B | 1.31B | 1.66B | 1.39B | 836.6M | 1.48B | 1.38B | 1.04B | 990.9M | 851.4M | 565.4M | 784.5M | 661.2M | 118.1M | 653.9M | 823.7M | 630.4M | 609M |
| Pretax Margin % | 22.03% | -3.66% | 39.84% | 22.88% | 21.69% | 24.29% | 27.37% | 25.67% | 22.56% | 17.3% | 20.72% | 16.18% | 13.08% | 13.26% | 13.66% | 16.47% | 15.44% | 10.13% | 14.2% | 15.04% | 11.8% | 12.17% | 11.49% | 8.98% | 14.52% | 11.57% | 2.16% | 13.03% | 16.75% | 13.59% | 15.19% |
| Income Tax | 588.9M | -94.3M | 944.9M | 551.2M | 500.8M | 462.8M | 478.4M | 480.1M | 524.3M | 260.9M | 432.6M | 300.2M | 369.4M | 307.9M | 287.3M | 408.4M | 339.5M | 185.3M | 365.3M | 301.2M | 269.1M | 260.7M | 226.6M | 147.2M | 240.8M | 190.5M | -13.7M | 203.4M | 276.9M | 201.1M | 193M |
| Effective Tax Rate % | 21.44% | 21.4% | 19.6% | 19.12% | 18.18% | 18.46% | 19.74% | 20.97% | 26.02% | 18.42% | 27.83% | 23.71% | 27.05% | 22.8% | 21.89% | 24.59% | 24.35% | 22.15% | 24.7% | 21.88% | 25.78% | 26.31% | 26.61% | 26.03% | 30.69% | 28.81% | -11.6% | 31.11% | 33.62% | 31.9% | 31.69% |
| Net Income | 2.11B | -394.5M | 3.83B | 2.3B | 2.26B | 2.1B | 1.89B | 1.76B | 1.5B | 3B | 631.1M | 1.28B | 991.7M | 994.2M | 1.17B | 1.22B | 1.03B | 631.3M | 909.7M | 1.04B | 723.4M | 711.7M | 604.1M | 397.3M | 525.4M | 465.6M | 124.2M | 450.5M | 546.8M | 429.3M | 416M |
| Net Margin % | 16.91% | -3.28% | 31.64% | 18.26% | 17.77% | 20.33% | 21.3% | 19.73% | 16.77% | 36.65% | 8.41% | 16.33% | 9.5% | 9.77% | 12.14% | 12.14% | 11.4% | 7.65% | 8.73% | 11.32% | 8.17% | 8.74% | 8.15% | 6.31% | 9.73% | 8.14% | 2.27% | 8.97% | 11.12% | 9.26% | 10.38% |
| Net Income Growth % | 37.44% | -110.31% | 66.43% | 1.95% | 7.48% | 11.26% | 7.2% | 17.51% | -50.08% | 375.42% | -50.61% | 28.86% | -0.25% | -14.83% | -4.65% | 18.96% | 63.01% | -30.6% | -12.16% | 43.16% | 1.64% | 17.81% | 52.05% | -24.38% | 12.84% | 274.88% | -72.43% | -17.61% | 27.37% | 3.2% | 13.04% |
| Net Income (Continuing) | 2.16B | -346.4M | 3.88B | 2.33B | 2.25B | 2.04B | 1.95B | 1.81B | 1.49B | 1.16B | 1.12B | 965.9M | 996M | 1.04B | 1.03B | 1.25B | 1.05B | 651.3M | 1.09B | 1.08B | 774.9M | 730.2M | 624.8M | 400.2M | 525.4M | 465.6M | 124.2M | 450.5M | 546.8M | 429.3M | 416.4M |
| Discontinued Operations | -1000K | -8M | -13.9M | 7.4M | 12.6M | 70.3M | 0 | 0 | 42.2M | 1.87B | 0 | 344.6M | 0 | 0 | 0 | 8.9M | 0 | 0 | 0 | -55.5M | -29.8M | 4.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 2.5B | 2.32B | 1.64B | 1.35B | 558.4M | 548.3M | 363.3M | 334.7M | 318.8M | 99.3M | 133.8M | 132.1M | 155.6M | 156.8M | 146.1M | 142.9M | 150.7M | 138.1M | 136.2M | 177.3M | 178M | 181.1M | 168.9M | 188.1M | 184.4M | 118M | 115.5M | 127.3M | 8.5M | 0 | 0 |
| EPS (Diluted) | 9.45 | -1.77 | 17.18 | 10.30 | 10.08 | 9.12 | 8.55 | 7.94 | 6.78 | 13.65 | 2.89 | 5.88 | 4.61 | 4.68 | 5.44 | 5.63 | 4.74 | 2.96 | 4.15 | 4.64 | 3.18 | 3.08 | 2.64 | 1.78 | 2.36 | 2.12 | 0.57 | 2.09 | 2.48 | 1.91 | 1.83 |
| EPS Growth % | 37.38% | -110.3% | 66.8% | 2.18% | 10.53% | 6.67% | 7.68% | 17.11% | -50.33% | 372.32% | -50.85% | 27.55% | -1.5% | -13.97% | -3.37% | 18.78% | 60.14% | -28.67% | -10.56% | 45.91% | 3.25% | 16.67% | 48.31% | -24.58% | 11.32% | 271.93% | -72.73% | -15.73% | 29.84% | 4.37% | 10.91% |
| EPS (Basic) | - | -1.77 | 17.21 | 10.31 | 10.11 | 9.16 | 8.59 | 7.99 | 6.83 | 13.76 | 2.92 | 5.95 | 4.66 | 4.74 | 5.53 | 5.75 | 4.85 | 3.01 | 4.29 | 4.79 | 3.26 | 3.15 | 2.70 | 1.81 | 2.42 | 2.17 | 0.58 | 2.12 | 2.54 | 1.95 | 1.86 |
| Diluted Shares Outstanding | 222.9M | 222.9M | 222.8M | 222.7M | 222.5M | 222.5M | 222.3M | 221.6M | 220.8M | 219.8M | 218.3M | 217.3M | 215.2M | 212.3M | 214.7M | 217.6M | 217.1M | 213.5M | 219.2M | 223.2M | 227.5M | 231.4M | 228.9M | 224M | 223M | 219.3M | 216M | 216M | 220.1M | 224.76M | 227.54M |
| Basic Shares Outstanding | 222.8M | 222.8M | 222.5M | 222.3M | 222M | 221.6M | 221.2M | 220.3M | 219.3M | 218M | 216.4M | 214.9M | 212.7M | 209.7M | 211.2M | 213M | 212.2M | 209.9M | 212.2M | 216.2M | 221.7M | 225.7M | 223.8M | 220M | 217M | 214.8M | 213M | 212.2M | 215.5M | 220.15M | 223.87M |
| Dividend Payout Ratio | - | - | 40.88% | 65.06% | 61.31% | 59.87% | 58.49% | 56.48% | 59.94% | 26.26% | 114.28% | 53.02% | 63.3% | 56.89% | 44.11% | 37.31% | 38.74% | 59.13% | 38.4% | 30.13% | 40.59% | 38.81% | 36.24% | 47.47% | 33.42% | 35.48% | 125.36% | 32.45% | 24.51% | 28.84% | 28.05% |
Megaproject execution and impairment
According to the most recent quarterly filings, APD achieved an 8.8% year-over-year revenue growth in 2026Q2, marking a notable recovery from the stagnant or negative growth periods observed throughout 2024 and early 2025, suggesting a potential stabilization in project-based equipment demand and core industrial gas volumes.
The recent uptick in top-line performance suggests that the company may be successfully navigating the lumpy nature of its equipment segment. Investors should monitor whether this growth is driven by sustainable volume increases in the on-site gas business or merely reflects the timing of large-scale project milestones.
As reported in financial statements, the company maintained a gross margin of 31.1% in 2026Q2, demonstrating a consistent ability to preserve pricing power despite the significant operational disruptions and non-recurring charges that caused severe margin compression in previous periods like 2025Q2, where margins dipped significantly.
The stability of the gross margin suggests that the 'over-the-fence' contract model remains effective at insulating the core business from input cost volatility. However, the disparity between gross and operating margins warrants further investigation into the recurring nature of SG&A and the impact of project-related impairments.
Based on the provided income statement data, APD's net income has experienced extreme fluctuations, ranging from a $1.7 billion loss in 2025Q2 to a $1.9 billion gain in 2024Q4, indicating that reported EPS is heavily influenced by non-operating items and significant asset impairment charges.
The erratic nature of the bottom line suggests that investors should focus on normalized earnings metrics to gauge true operational health. The reliance on large-scale, capital-intensive projects introduces a level of accounting complexity that may mask the underlying profitability of the core industrial gas operations.
Data from recent quarterly reports highlights that the company's aggressive pivot toward massive hydrogen infrastructure projects introduces substantial execution risk, as evidenced by the negative operating margins recorded in 2025Q2, which may indicate that the cost of scaling these new technologies is currently outpacing revenue generation.
Short-sellers may focus on the potential for further asset impairments if the transition to green hydrogen fails to meet projected utilization rates. The shift away from the historically stable industrial gas model toward high-beta energy projects appears to have fundamentally altered the company's risk-reward profile.
Quick answers to the most common questions about buying APD stock.
For fiscal year 2025, Air Products and Chemicals, Inc. (APD) reported total revenue of $12.04B. This represents a 200.3% increase compared to $4.01B in 1996.
Air Products and Chemicals, Inc. (APD) reported a net loss of $394.5M for the fiscal year ending 2025.
Air Products and Chemicals, Inc. (APD) reported an operating income of $-877.0M, resulting in an operating profit margin of -7.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Air Products and Chemicals, Inc. (APD) generated $3.78B in gross profit for the year, representing a gross profit margin of 31.4%. This demonstrates the company's core pricing power and production efficiency.