What is Air Products and Chemicals's R&D?

Air Products and Chemicals (APD) reported R&D of $21.6M in Q1 2026.

How has Air Products and Chemicals's R&D changed year-over-year?

Air Products and Chemicals's R&D decreased by 5.7% year-over-year, from $22.9M to $21.6M.

What is the long-term trend for Air Products and Chemicals's R&D?

Over 4 years (2021 to 2025), Air Products and Chemicals's R&D has grown at a 0.7% compound annual growth rate (CAGR), from $93.5M to $96.3M.

Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

Air Products and Chemicals APD R&D

R&D at other companies

LindeLIN

$38M0.0%

Ichor HoldingsICHR

$5.53M-5.9%

BalchemBCPC

$5.88M+26.1%

UCT

Ultra Clean HoldingsUCTT

$8.5M+11.8%

Baker HughesBKR

$133M-8.9%

Aspen AerogelsASPN

$2.72M-37.1%

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$65.29B+11.1%

Enterprise value$65.25B+13.1%

P/E31.1×-6.8×

P/S5.2×+0.4×

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:ResearchAndDevelopmentExpense.

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 R&D?: Air Products and Chemicals (APD) reported R&D of $21.6M in Q1 2026.
How has Air Products and Chemicals's R&D changed year-over-year?: Air Products and Chemicals's R&D decreased by 5.7% year-over-year, from $22.9M to $21.6M.
What is the long-term trend for Air Products and Chemicals's R&D?: Over 4 years (2021 to 2025), Air Products and Chemicals's R&D has grown at a 0.7% compound annual growth rate (CAGR), from $93.5M to $96.3M.
What does R&D mean?: Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.