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Air Products and Chemicals APD Merchant — Sales

Other product segments

Onsite
$1.71B+10.3%
Saleof Equipment
$137.1M+44.8%

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Other financials

Income statement

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Revenue$3.2B+8.8%
Gross profit$987.4M+14.5%
Operating income$752.7M+132%
Net income$710.4M+141%
EPS (diluted)$3.19+141%

Balance sheet

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Cash & equivalents$951.0M-36.2%
Total debt$914.5M-35.2%
Total equity$15.6B+6.4%
Total assets$41.6B+7.1%

Cash flow

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Operating cash flow$1.1B+236%
CapEx$1.1B-41.4%
Free cash flow-$3.9M+99.8%

Valuation

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Market cap$62.34B+3.5%
Enterprise value$62.3B+3.6%
P/E29.7×-9.6×
P/S5×0.0×

Profitability

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Gross margin32%0.0pp
Operating margin18.3%+6.0pp
Net margin16.9%+4.1pp
FCF margin-10%-4.2pp

Returns & leverage

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Return on equity13.9%+3.5pp
Debt / equity0.1×0.0×
Current ratio1.4×+0.4×

Where this comes from

Reported directly by Air Products and Chemicals in its filing.

Tagged under the XBRL concept us-gaap:Revenues.

The official record: Air Products and Chemicals’s 10-Q, filed April 30, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Air Products and Chemicals's merchant — sales?
Air Products and Chemicals (APD) reported merchant — sales of $1.32B in Q1 2026.
How has Air Products and Chemicals's merchant — sales changed year-over-year?
Air Products and Chemicals's merchant — sales increased by 4.3% year-over-year, from $1.27B to $1.32B.
What is the long-term trend for Air Products and Chemicals's merchant — sales?
Over 4 years (2021 to 2025), Air Products and Chemicals's merchant — sales has grown at a 4.5% compound annual growth rate (CAGR), from $4.47B to $5.34B.
What does merchant — sales mean?
This metric represents the total revenue generated from the merchant industrial gas business, where products are typically supplied via bulk delivery or small on-site plants to a diverse range of customers. It reflects the company's ability to monetize gas volumes across various industries such as food, metals, and chemicals through standard supply contracts. This segment is a primary driver of recurring revenue and serves as a key indicator of industrial demand and market penetration.