APD Air Products & Chemicals, Inc.

Overview and Growth

In fiscal 2025, Air Products & Chemicals, Inc. recorded $12.04B of revenue, net loss of $394.50M, and an operating cash inflow of $3.26B. Revenue of $12.04B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 0.5% below fiscal 2024 revenue of $12.10B, marking a top-line contraction. Diluted earnings per share were -$1.77, translating the period’s attributable earnings into the amount reported for each diluted share. The per-share result recorded a 110.3% decrease from fiscal 2024 diluted EPS of $17.18. The company employed $41.06B of total assets, the balance-sheet base supporting its current operating and cash-flow results. Asset turnover was 0.29x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

After reported cost of revenue, the company retained $3.78B as gross profit before recognizing operating expenses and other items. Gross profit represented 31.4% of revenue, showing how much of the top line remained after direct costs. The company recorded an operating loss of $877.00M after the reported operating expense base. Relative to revenue, the operating deficit measured 7.3%, showing the shortfall after operating costs. The company ended the period with a net loss of $394.50M, extending the operating result through all remaining items. The net loss equaled 3.3% of revenue, showing the bottom-line deficit relative to the company’s sales base. Before income taxes, the company recorded a loss of $440.70M, bridging the operating result to the final net loss. Measured against revenue, the pretax deficit represented 3.7%. The company recognized an income-tax benefit of $94.30M, increasing after-tax earnings relative to the pretax result. Relative to period-end equity, the net loss represented 2.3%. Relative to total assets, the net loss represented 1.0%. The bottom line deteriorated from $3.83B of income in fiscal 2024 to a $394.50M loss.

Liquidity and Capital Structure

At period end, the $41.06B asset base was financed through $23.71B of liabilities and $17.35B of equity. The near-term balance sheet paired $5.83B of current assets with $4.22B of current liabilities at the reporting date. At 1.38x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Reported cash and equivalents were $1.86B, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 44.0% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Book equity represented 42.3% of total assets, quantifying the balance-sheet share supported by shareholder capital. Liabilities represented 57.7% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 4.5%, comparing reported cash and equivalents with the full positive asset balance. Compared with $39.57B in fiscal 2024, the current asset base moved 3.8% and finished higher. Book equity was 7.1% lower than fiscal 2024 equity of $18.67B, showing how shareholder capital changed year over year. Compared with $2.98B in fiscal 2024, the current cash balance moved 37.7% and finished lower.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $3.26B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Capital expenditures used $7.02B, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital spending absorbed 215.6% of operating cash flow, quantifying the share of cash from operations directed to investment. Operating cash flow and capital spending combined to leave a $3.77B cash deficit after capital spending. Free-cash-flow margin was -31.3%, reflecting a cash deficit equal to 31.3% of revenue after capital spending. Relative to total assets, the post-investment cash deficit measured 9.2%.

Based on the annual report for the fiscal year ending Sep 30, 2025. Analysis generated Oct 21, 2026.