Air Products and Chemicals

APD • NYSE • Stock Fundamentals

Air Products & Chemicals, Inc. is a leading global industrial gases company that provides essential atmospheric and process gases, related equipment, and applications expertise. The company is a major developer of clean hydrogen projects and specializes in serving the energy, environmental, and manufacturing sectors. Its core value proposition focuses on improving customer operational efficiency and sustainability through innovative gas solutions and large-scale infrastructure projects.

Market Cap$62.0B

Revenue TTM$12.5B

Net Income TTM$2.1B

P/E Ratio29.51

Net Margin16.87%

EPS TTM$9.43

Free Cash Flow TTM-$1.3B

Employees23.0K

CEOEduardo F. Menezes

CountryUnited States of America

Basic Materials

Chemicals - Specialty

SegmentsSpecialty Chemicals, Industrial Gases, Renewable Energy

Business ModelsAsset-heavy infrastructure, Long-term take-or-pay contracts, Manufacturing, Engineering, Procurement, and Construction (EPC)

Most Recent EarningsApr 30, 2026 · 1 month 11 days agoQ2 2026

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Next EarningsJul 30, 2026 · in 2 monthsBefore Market Open · Q3 2026

Income Statement Balance Sheet Cash Flow Segments

Financials

Based on Q2 2026 filing

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Gross Margin31.98%

Op. Margin18.28%

ROE13.85%

D/E7.85%

Current Ratio1.43

Total Debt$1.2B

Cash$951.0M

CapEx TTM$5.4B

Business Segments

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Regional Industrial Gases

primary

The company's largest business activity, involving the production and distribution of atmospheric gases (oxygen, nitrogen, argon) and process gases (hydrogen, helium, syngas) via on-site pipelines or merchant delivery.

Products

Gray Hydrogen, Blue Hydrogen, Green Hydrogen, Helium, Argon, Syngas, Carbon Monoxide, Nitrogen, Oxygen

Customers

Refining, Chemicals, Metals, Electronics, Manufacturing, Medical, Food

Industrial Gases Equipment

minor

Design and manufacture of specialized cryogenic and gas processing equipment used for air separation, hydrocarbon recovery, and the transport/storage of liquid helium and hydrogen.

Products

Turbomachinery, Membrane systems, Cryogenic containers, Turboexpanders, Air separation units, Hydrocarbon recovery systems

Customers

Chemical manufacturing, Petrochemical manufacturing, Oil and gas recovery, Steel processing, Primary metals processing

Segment Financials

Sale of Equipment — Percent sales by supply mode

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On-site — Percent sales by supply mode

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Middle East and India — Total Assets

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Financing and Lease Arrangement — Interest income associated with financing and lease arrangements as a percentage of total consolidated sales

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Business Overview

Competitive Position

A global leader in industrial gases and hydrogen production, leveraging extensive pipeline networks and proprietary cryogenic technology to maintain high barriers to entry.

Geographies

United States, China, Saudi Arabia, Netherlands, United Kingdom, South Korea, Taiwan, Brazil, Chile

Customer Segments

Industrial enterprises, Energy producers, Healthcare providers, Government agencies

Upstream Dependencies

Electricity, Natural gas, Liquid and solid hydrocarbons, Steel, Aluminum, Compressor subcomponents

Downstream Customers

Oil refineries, Semiconductor manufacturers, Food and beverage processors, Steel and glass manufacturers, Aerospace launch providers, MRI facilities

Competitors & Partners

Partners

NEOM

Joint venture partner for the NEOM Green Hydrogen Project in Saudi Arabia

Subsidiaries

Rotoflow

Business unit manufacturing turboexpanders and rotating equipment

Gardner Cryogenics

Business unit fabricating helium and hydrogen transport and storage containers