Income StatementBalance SheetCash FlowSegments
Air Products and Chemicals logo

Air Products and Chemicals Cash Flow Statement

Operating, investing, and financing cash movements

Air Products and Chemicals generated $4.1B in operating cash flow over the trailing twelve months. After $5.4B in capital expenditures, free cash flow was -$1.3B. Free cash flow increased 0.7% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$4.1BNet Cash From Investing (TTM)-$5.1BNet Cash From Financing-$101.0MCapital Expenditures (TTM)$5.4BDepreciation And Amortization Cf (TTM)$1.6BNet Change In Cash (TTM)$292.6M
Latest FilingQ1 2026
Report Date2026-04-30
Market Cap$62.0B
P/E Ratio29.51
ROE13.85%

Investing

MetricQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Payments to acquire interest in subsidiaries and affiliates$0.0$365.4M$0.0$25.0M$20.0M—
Payments to Acquire Finance Receivables$15.3M$20.5M$18.0M$8.1M$0.0$0.0
Capital expenditures$2.1B$1.9B$1.5B$1.5B$1.3B$1.1B
Payments to acquire finance receivables$15.3M$20.5M$18.0M$8.1M$0.0$0.0
Payments to Acquire Finance Receivables$15.3M$20.5M$18.0M$8.1M$0.0$0.0
Proceeds from Sale of Assets (Investing)$34.4M$2.1M$148.9M$60.4M$26.1M$22.9M
Payment for (Proceeds from) Other Investing Activity-$29.0M-$31.9M-$51.8M-$2.7M-$2.2M-$8.8M
Payments to Acquire Short-Term Investments$117.6M———$0.0$0.0
Proceeds from maturities of short-term investments$5.0M$6.1M$111.4M$0.0$0.0$0.0
Net cash from investing activities-$2.2B-$2.2B-$1.3B-$1.5B-$1.2B-$1.1B
Payments to Acquire Finance Receivables$15.3M$20.5M$18.0M$8.1M$0.0$0.0

Financing

MetricQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Proceeds from minority shareholders$280.9M$74.8M$130.2M$108.7M$61.0M$59.5M
Proceeds from issuance of debt$459.2M$1.5B$2.0B$408.5M$382.5M$56.7M
Repayments of debt$12.1M$320.2M$47.8M$49.8M$569.6M$19.1M
Dividends paid$393.6M$393.8M$398.3M$398.4M$398.4M$398.6M
Other, net-$38.7M-$20.3M-$20.8M-$11.5M-$32.9M-$1.9M
Proceeds from (Repayments of) Short-Term Debt-$21.5M$667.1M-$430.9M-$289.4M$67.3M$202.4M
Net proceeds from sales of subsidiary shares$280.9M$74.8M$130.2M$108.7M$61.0M$59.5M
Payment of Deferred Purchase Consideration-$38.7M-$20.3M-$20.8M-$11.5M-$32.9M-$1.9M
Noncontrolling interest transactions and other-$38.7M-$20.3M-$20.8M-$11.5M-$32.9M-$1.9M
Proceeds from Minority Shareholders$280.9M$74.8M$130.2M$108.7M$61.0M$59.5M
Proceeds from Sale of Noncontrolling Interests$280.9M$74.8M$130.2M$108.7M$61.0M$59.5M
Net cash from financing activities$274.2M$1.6B$1.2B—-$490.1M-$101.0M
Noncontrolling Interests Activity and Other-$38.7M-$20.3M-$20.8M-$11.5M-$32.9M-$1.9M
Proceeds from Minority Shareholders$280.9M$74.8M$130.2M$108.7M$61.0M$59.5M
Proceeds from Minority Shareholders$280.9M$74.8M$130.2M$108.7M$61.0M$59.5M
Net Change in Short-term Borrowings and Indebtedness to Subsidiaries-$21.5M$667.1M-$430.9M-$289.4M$67.3M$202.4M

Operating

MetricQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Change in accounts payable$30.5M-$78.2M-$167.4M-$8.9M-$191.3M-$55.1M
Change in accounts receivable$47.8M$19.1M$24.5M—-$6.1M$23.6M
Change in inventories-$6.4M$30.8M$11.2M$200.0K$11.0M-$16.0M
Other working capital changes-$122.6M$34.8M$119.2M$16.6M-$25.2M—
Deferred income taxes-$6.3M-$533.8M$0.0-$57.6M$78.2M$47.4M
Depreciation and amortization$366.8M$383.6M$401.0M$412.8M$370.7M$375.0M
Restructuring and other charges$0.0$2.9B$24.1M$795.0M$22.0M$0.0
Net cash from operating activities$811.7M$328.1M$855.8M$1.3B$900.7M$1.1B
Net income$617.4M-$1.7B$713.8M$0.0$678.2M$710.4M
Gain (Loss) on Sale of Investments$10.1M$2.2M$34.6M$19.5M$2.2M$1.8M
Income Loss From Equity Method Investments Net Of Dividends Or Distributions$48.4M$81.0M$8.4M$132.0M$28.5M$6.2M
Increase (Decrease) in Leasing Receivables-$15.0M-$13.0M-$12.1M-$12.4M-$12.0M-$12.1M
Increase (Decrease) in Other Receivables-$9.0M—$109.3M-$109.9M$27.8M—
Tax reform repatriation-$8.7M-$8.7M-$8.7M-$8.7M——
Stock-based compensation$16.4M$38.3M$11.0M$10.7M$10.6M$15.9M

Free Cash Flow

MetricQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Free cash flow-$1.3B-$1.6B-$640.0M-$256.5M-$350.5M-$3.9M

Other

MetricQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Effect of exchange rate changes on cash-$38.0M——-$2.7M$2.7M—
Net increase (decrease) in cash-$1.1B-$354.1M—-$468.3M-$829.6M-$75.4M
Payments to Noncontrolling Interests$1.8M$1.8M$1.8M$1.8M——