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Air Products and Chemicals APD Q4 2025 Annual earnings

Reported November 6, 2025 · Before market open

Revenue$3.2BMiss by $9.3MDiluted EPS$3.39Beat by $0.01
Revenue estimate$3.2B
EPS estimate$3.38

Next report

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

Financials

Q4 2025

Income statement

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Revenue$3.2B-0.6%
Gross profit$1.0B-5.7%
Operating income--100%
Net income--100%
EPS (diluted)$0.00-100%

Balance sheet

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Cash & equivalents$1.9B-37.7%
Total debt$742.5M-13.8%
Total equity$15.0B-11.8%
Total assets$41.1B+3.8%

Cash flow

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Operating cash flow$1.3B+31.8%
CapEx$1.5B-26.9%
Free cash flow-$256.5M+77.1%

Valuation & ratios

Valuation

as of 09/30/25
See full
Market cap$60.69B-8.3%
Enterprise value$59.58B-7.0%
P/S5×-0.4×

Profitability

See full
Gross margin31.4%-1.1pp
Operating margin-7.4%-44.3pp
Net margin-3.3%-35.0pp
FCF margin-31.3%+7.9pp

Returns & leverage

See full
Return on equity-2.5%-26.9pp
Debt / equity0×0.0×
Current ratio1.4×-0.1×

Segments

By segment

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Americas$1.3B-1.3%
Asia$869.8M+1.0%
Europe$789.4M+8.0%
Corporate And Other$185.6M-27.9%
Middle East and India$32.0M—

By product

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Onsite$1.6B+1.6%
Merchant$1.4B+1.9%
Saleof Equipment$185.6M-27.9%

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 $51.1M
Q4 2025$3.2BMiss by $9.3M
Q3 2025$3.0BBeat by $34.2MQ2 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 $0.12
Q4 2025$3.39Beat by $0.01
Q3 2025$3.09Beat by $0.10Q2 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 Q4 2025 earnings?
Air Products and Chemicals (APD) reported Q4 2025 earnings on November 6, 2025 before market open.
What were Air Products and Chemicals's Q4 2025 revenue and EPS?
Air Products and Chemicals reported revenue of $3.2B and diluted EPS of $3.39 for Q4 2025.
Did Air Products and Chemicals beat estimates in Q4 2025?
Revenue missed the consensus estimate of $3.2B by $9.3M. EPS beat the consensus estimate of $3.38 by $0.01.
How did Air Products and Chemicals's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 0.6% from $3.2B a year earlier and diluted EPS declined 4.8% from $3.56.
Where can I find Air Products and Chemicals's Q4 2025 SEC filings?
You can read the 8-K earnings release (0000002969-25-000051) and the 10-K periodic report (0000002969-25-000055) directly on SEC EDGAR. The filing index links above go to sec.gov.