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Air Products and Chemicals APD Q3 2025 earnings

Reported July 31, 2025 · Before market open

Revenue$3.0BBeat by $34.2MDiluted EPS$3.09Beat by $0.10
Revenue estimate$3.0B
EPS estimate$2.99

Next report

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

Financials

Q3 2025

Income statement

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Revenue$3.0B+1.2%
Gross profit$982.6M+0.3%
Operating income$790.6M+7.2%
Net income$713.8M+2.5%
EPS (diluted)$3.20+2.2%

Balance sheet

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Cash & equivalents$2.3B-2.2%
Total debt$1.2B+48.1%
Total equity$15.5B+2.9%
Total assets$41.7B+12.7%

Cash flow

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Operating cash flow$855.8M-32.2%
CapEx$1.5B-6.9%
Free cash flow-$640.0M-85.4%

Valuation & ratios

Valuation

as of 06/30/25
See full
Market cap$62.53B+9.0%
Enterprise value$61.39B+10.0%
P/E40.3×+18.0×
P/S5.2×+0.4×

Profitability

See full
Gross margin31.9%+0.2pp
Operating margin12.7%-10.3pp
Net margin12.9%-8.4pp
FCF margin-38.4%+243pp

Returns & leverage

See full
Return on equity10.1%-7.5pp
Debt / equity0.1×0.0×
Current ratio1.3×0.0×

Segments

By segment

See full
Americas$1.3B+2.1%
Asia$810.0M+2.6%
Europe$770.5M+11.1%
Corporate And Other$142.9M-39.2%

By product

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Onsite$1.5B+8.4%
Merchant$1.3B+0.7%
Saleof Equipment$142.9M-39.2%

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 $9.3M
Q3 2025$3.0BBeat by $34.2M
Q2 2025$2.9BMiss by $2.4MQ1 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 $0.01
Q3 2025$3.09Beat by $0.10
Q2 2025$2.69Miss by $0.14Q1 2025$2.86Miss by $0.27

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Questions, answered.

When did Air Products and Chemicals report Q3 2025 earnings?
Air Products and Chemicals (APD) reported Q3 2025 earnings on July 31, 2025 before market open.
What were Air Products and Chemicals's Q3 2025 revenue and EPS?
Air Products and Chemicals reported revenue of $3.0B and diluted EPS of $3.09 for Q3 2025.
Did Air Products and Chemicals beat estimates in Q3 2025?
Revenue beat the consensus estimate of $3.0B by $34.2M. EPS beat the consensus estimate of $2.99 by $0.10.
How did Air Products and Chemicals's Q3 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 1.3% from $3.0B a year earlier and diluted EPS declined 3.4% from $3.20.
Where can I find Air Products and Chemicals's Q3 2025 SEC filings?
You can read the 10-Q periodic report (0000002969-25-000044) directly on SEC EDGAR. The filing index links above go to sec.gov.