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Air Products and Chemicals APD Middle East and India — Equity affiliates' income

Other segment segments

Americas
$55.8M+78.8%
Europe
$31.9M+15.2%
Asia
$11.7M+11.4%
Corporate and other
$800K-83.0%

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CHDNLive and Historical — Equity in income of unconsolidated affiliates
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FTISubsea — Income from equity affiliates (Note 9)
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ABRStructured Business — Income (loss) from equity affiliates
$4.41M+370%
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ABRAgency Business — Income (loss) from equity affiliates
$0

Other financials

Income statement

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Revenue$3.2B-0.2%
Gross profit$1.0B+1.4%
Operating income-$2.1B
Net income-$1.4B
EPS (diluted)-$6.47

Balance sheet

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Cash & equivalents$980.5M-47.2%
Total debt$1.4B+86.7%
Total equity$13.9B-7.6%
Total assets$40.4B-1.5%

Cash flow

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Operating cash flow$1.3B+3.5%
CapEx$995.7M-34.4%
Free cash flow$309.5M+221%

Valuation

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Market cap$67.57B+5.2%
Enterprise value$67.98B+7.7%
P/S5.4×0.0×

Profitability

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Gross margin32.1%+0.8pp
Operating margin-21.5%-45.5pp
Net margin-0.4%-0.7pp
FCF margin-2.4%-1.2pp

Returns & leverage

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Return on equity-10.3%-15.1pp
Debt / equity0.1×+0.1×
Current ratio1.1×-0.3×

Where this comes from

Reported directly by Air Products and Chemicals in its filing.

Tagged under the XBRL concept us-gaap:IncomeLossFromEquityMethodInvestments.

The source filing: Air Products and Chemicals’s 10-Q, filed April 30, 2026.

Filed
Apr 30, 2026, 11:07 AM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q1 2026
Accession
0000002969-26-000020
Line itemAmericasAsiaEuropeMiddle East and IndiaCorporate and otherTotal
Operating income (loss)(C)373.9240.0211.64.6(77.4)752.7
Other segment information:
Depreciation and amortization171.7116.872.56.08.0375.0
Equity affiliates' income55.811.731.979.20.8179.4
Three Months Ended 31 March 2025
Sales(A)$1,287.2$774.1$727.4$32.8$94.7$2,916.2
Cost of sales(873.5)(554.4)(474.0)(32.3)(119.7)(2,053.9)
Selling and administrative expense(49.8)(30.0)(59.2)(6.3)(76.7)(222.0)

Item 1. Financial Statements (Unaudited)

FAQ

What is Air Products and Chemicals's middle east and india — equity affiliates' income?
Air Products and Chemicals (APD) reported middle east and india — equity affiliates' income of $79.2M in Q1 2026.
How has Air Products and Chemicals's middle east and india — equity affiliates' income changed year-over-year?
Air Products and Chemicals's middle east and india — equity affiliates' income increased by 1.3% year-over-year, from $78.2M to $79.2M.
What is the long-term trend for Air Products and Chemicals's middle east and india — equity affiliates' income?
Over 2 years (2023 to 2025), Air Products and Chemicals's middle east and india — equity affiliates' income has grown at a -1.3% compound annual growth rate (CAGR), from $349.8M to $340.9M.
What does middle east and india — equity affiliates' income mean?
The company's share of net income from joint ventures and equity-accounted investments operating within the Middle East and India. This reflects the performance of partnerships that are not fully consolidated.

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