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Air Products and Chemicals APD Q2 2025 earnings

Reported May 1, 2025 · Before market open

Revenue$2.9BMiss by $2.4MDiluted EPS$2.69Miss by $0.14
Revenue estimate$2.9B
EPS estimate$2.83

Next report

Jul 30, 2026 (In 2 weeks)
Revenue estimate$3.2B
EPS estimate$3.35

Financials

Q2 2025

Income statement

See full
Revenue$2.9B-0.5%
Gross profit$862.3M-8.1%
Operating income-$2.3B-465%
Net income-$1.7B-402%
EPS (diluted)-$7.77-402%

Balance sheet

See full
Cash & equivalents$1.5B-41.2%
Total debt$1.4B+68.7%
Total equity$14.7B-1.4%
Total assets$38.9B+8.2%

Cash flow

See full
Operating cash flow$328.1M-59.1%
CapEx$1.9B+13.3%
Free cash flow-$1.6B-80.2%

Valuation & ratios

Valuation

as of 03/31/25
See full
Market cap$65.61B+21.8%
Enterprise value$65.53B+25.6%
P/E42.8×+21.0×
P/S5.5×+1.0×

Profitability

See full
Gross margin31.9%+0.5pp
Operating margin12.3%-9.8pp
Net margin12.8%-7.6pp
FCF margin-36%+72.9pp

Returns & leverage

See full
Return on equity10.4%-6.7pp
Debt / equity0.1×0.0×
Current ratio1×-0.5×

Segments

By segment

See full
Americas$1.3B+3.3%
Asia$774.1M-0.7%
Europe$727.4M+8.9%
Corporate And Other$94.7M-52.9%

By product

See full
Onsite$1.6B+10.5%
Merchant$1.3B-4.2%
Saleof Equipment$94.7M-52.9%

By geography

See full
Other foreign operations$1.4B+3.4%

Versus estimates

Revenue

Q2 2026$3.2BBeat by $102.0MQ1 2026$3.1BBeat by $51.1MQ4 2025$3.2BMiss by $9.3MQ3 2025$3.0BBeat by $34.2M
Q2 2025$2.9BMiss by $2.4M
Q1 2025$2.9BMiss by $19.6M

Diluted EPS

Q2 2026$3.20Beat by $0.14Q1 2026$3.16Beat by $0.12Q4 2025$3.39Beat by $0.01Q3 2025$3.09Beat by $0.10
Q2 2025$2.69Miss by $0.14
Q1 2025$2.86Miss by $0.27

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Questions, answered.

When did Air Products and Chemicals report Q2 2025 earnings?
Air Products and Chemicals (APD) reported Q2 2025 earnings on May 1, 2025 before market open.
What were Air Products and Chemicals's Q2 2025 revenue and EPS?
Air Products and Chemicals reported revenue of $2.9B and diluted EPS of $2.69 for Q2 2025.
Did Air Products and Chemicals beat estimates in Q2 2025?
Revenue missed the consensus estimate of $2.9B by $2.4M. EPS missed the consensus estimate of $2.83 by $0.14.
How did Air Products and Chemicals's Q2 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 0.5% from $2.9B a year earlier and diluted EPS declined 5.6% from $2.85.
Where can I find Air Products and Chemicals's Q2 2025 SEC filings?
You can read the 10-Q periodic report (0000002969-25-000027) directly on SEC EDGAR. The filing index links above go to sec.gov.