At a glance
Air Products and Chemicals Inc is worth $70.38B. Revenue fell 0.5% to $12.04B in fiscal 2025, at a loss; over 5 years it has grown 6.3% a year. It pays a 2.28% dividend yield, raised every year for at least 9 years, and returned $7.29B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +33.7% over the past year with dividends reinvested and +3.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 30.9% in the 2020 crash (S&P 500: 33.7%) and 28.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 8 months after the lows.
The business in plain English
Air Products & Chemicals, founded in 1940, is a major global industrial gases company. It makes atmospheric gases such as oxygen, nitrogen and argon, separated from super-chilled air, and process gases such as hydrogen, helium, carbon dioxide and syngas (a mix of hydrogen and carbon monoxide). Customers include oil refiners, chemical makers, metals producers, electronics plants, and medical and food companies.
Gas reaches customers in two main ways. On-site supply, about 51% of the $12.0 billion in sales for the fiscal year ended September 30, 2025, means building a plant at or beside a big customer, or piping gas from a central plant, under 15- to 20-year contracts. These often include fixed monthly charges or minimum purchases, and pricing terms help pass energy cost swings to customers. Merchant supply, about 44%, delivers gas by tanker truck or in cylinders under shorter contracts, generally five years or less. Equipment sales made up about 4%.
By segment, the Americas generated about 43% of fiscal 2025 sales, Asia 27%, Europe 25%, and Middle East and India 1%. About 60% of sales came from outside the United States, with China alone at 16%. The company also builds large clean hydrogen projects, such as the NEOM Green Hydrogen Project in Saudi Arabia, though it exited some clean energy projects in fiscal 2025.
Price history
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APD +33.7% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| On-site | $6.18B | 51.3% |
| Merchant | $5.34B | 44.3% |
| Sale of Equipment | $520.0M | 4.3% |
By business segment
| Americas | $5.13B | 42.6% |
| Asia | $3.27B | 27.2% |
| Europe | $2.98B | 24.8% |
| Middle East and India | $135.9M | 1.1% |
By geography
| Other foreign operations | $5.41B | 45% |
| U.S. | $4.69B | 39% |
| CHINA | $1.93B | 16.1% |
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was $3.16B, up 4.6% from a year earlier, and net income was $-1.44B (-301.8%).
- For fiscal 2025, revenue was $12.04B (-0.5% year over year; +6.3% a year from FY2020 to FY2025) with a -3.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.3% good |
|---|---|
| Operating margin | -7.3% weak |
| Free cash flow margin | -31.3% weak |
| Return on equity (FY2025) | -2.6% weak |
| Return on assets (FY2025) | -1% weak |
| Net cash (cash minus debt) | $-16.72B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $8.86B | $1.89B | $755.7M |
| FY2021 | $10.32B | $2.10B | $871.0M |
| FY2022 | $12.70B | $2.26B | $244.1M |
| FY2023 | $12.60B | $2.30B | $-1.42B |
| FY2024 | $12.10B | $3.83B | $-3.15B |
| FY2025 | $12.04B | $-394.5M | $-3.77B |
Valuation snapshot
| Market value | $70.38B |
|---|---|
| P/E ratio | — |
| Dividend yield | 2.28% |
Rank among 1514 US companies
Market value at each year end
Air Products and Chemicals’s market value went from $31.26B at the end of 2016 to $70.38B on Nov 2, 2026, about 2.3 times as much; since the end of 2025 it is up 28%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $70.38B | +28.0% |
| 2025 | $55.00B | -14.8% |
| 2024 | $64.53B | +6.1% |
| 2023 | $60.84B | -11.0% |
| 2022 | $68.39B | +1.4% |
| 2021 | $67.46B | +11.6% |
| 2020 | $60.46B | +16.6% |
| 2019 | $51.86B | +47.5% |
| 2018 | $35.15B | -2.0% |
| 2017 | $35.87B | +14.7% |
| 2016 | $31.26B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| APD price data to Nov 2, 2026 | +31.3% | +33.7% | +5.7% | +3.8% | +11.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +31.3% |
| 2025 | -12.7% |
| 2024 | +8.1% |
| 2023 | -9.0% |
| 2022 | +3.9% |
| 2021 | +13.8% |
| 2020 | +18.8% |
| 2019 | +50.0% |
| 2018 | +0.3% |
| 2017 | +17.1% |
| 2016 | +23.9% |
| 2015 | -7.6% |
| 2014 | +32.1% |
| 2013 | +36.9% |
| 2012 | +1.7% |
| 2011 | -3.8% |
| 2010 | +15.1% |
| 2009 | +65.3% |
| 2008 | -47.9% |
| 2007 | +42.6% |
| 2006 | +21.0% |
| 2005 | +4.2% |
| 2004 | +11.8% |
| 2003 | +25.9% |
| 2002 | -7.3% |
| 2001 | +16.4% |
| 2000 | +24.7% |
| 1999 | -14.5% |
| 1998 | -1.1% |
| 1997 | +20.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 52.3% over that stretch · deepest drop along the way 60.3%, back to its old high 31.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 30.9% over that stretch · deepest drop along the way 30.9%, back to its old high 3.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 20.9% over that stretch · deepest drop along the way 28.3%, back to its old high 8.3 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 1 sales ($824K).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 1, 2026 | Melissa N. Schaeffer Exec Vice President and CFO | sell | $824K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.51% | Mar 31, 2026 |
| BlackRock, Inc. | 6.6% | Mar 31, 2025 |
| Vanguard Portfolio Management | 5.36% | Sep 30, 2026 |
| Capital Research Global Investors | 4.7% | Mar 31, 2026 |
| Capital International Investors | 4.6% | Mar 31, 2026 |
ETFs with the most weight in APD
| IYM iShares U.S. Basic Materials ETF | 7.77% |
| IBAT iShares Energy Storage & Materials ETF | 6.25% |
| XLB Materials Select Sector SPDR Fund | 5.36% |
| VAW Vanguard Materials ETF | 5.19% |
| FMAT Fidelity MSCI Materials Index ETF | 4.9% |
| FCTE SMI 3Fourteen Full-Cycle Trend ETF | 4.77% |
| RSPM Invesco S&P 500 Equal Weight Materials ETF | 3.77% |
| BLCR iShares Large Cap Core Active ETF | 3.58% |
What could go wrong
- Clean hydrogen bets may not pay off. Some clean hydrogen projects, made with renewable power or carbon capture, rest on demand tied to cutting emissions. If that focus fades, demand could fall short. It exited some clean energy projects in fiscal 2025.
- Big projects in less stable markets. Several of its larger, more complex projects are in China, India, the Middle East and Uzbekistan, some with local partners. Political instability, unexpected government actions or weak legal systems could delay or derail them.
- Customers cluster in a few industries. No single customer tops 10% of sales, but customers cluster in refining, chemicals and electronics. A slump in one of those industries, or losing a big long-term customer, could hurt results.
- Possible write-downs on plants and assets. If customers shut down or default, or projects start late, the company may have to write down the value of plants and other assets. It disclosed an asset write-down on June 30, 2026.
- Tariffs, sanctions and currency swings. About 60% of fiscal 2025 sales came from outside the United States. Tariffs, sanctions, trade limits and tensions between countries can cut demand or disrupt supply, while currency moves can shrink reported profits.
- Weak economies and spare capacity. Slower economies have cut demand for its gases and equipment before and could again. Spare production capacity, at Air Products or its rivals, can make it harder to hold prices and earn profits.
Recent events
- Quarterly results released
- Asset impairment; Investor presentation or announcement
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Executive or board change; Other company announcement
- Quarterly results released
For income and retirement investors
Air Products has raised its regular dividend for at least nine straight fiscal years through fiscal 2025, and the streak may be longer. Dividends per share grew from $5.18 in fiscal 2020 to $7.14 in fiscal 2025, about 6.6% a year. The yield was 2.35% as of October 28, 2026. Coverage is the weak spot. The company posted a net loss in fiscal 2025, and free cash flow (cash from operations minus capital spending) was negative $3.8 billion, while dividends paid totaled $1.6 billion. It repurchased no shares from fiscal 2021 through 2025.
The share price has fallen hard in past downturns. It dropped 60.3% during the 2008 financial crisis and did not recover until July 2011. It fell 30.9% in the 2020 COVID crash, regaining its high about 3.5 months after the low, and 28.3% in the 2022 bear market, recovering after about 8.3 months. Like any single stock, APD carries more risk than a diversified fund.
Questions investors ask
How does Air Products make money?
Air Products makes money mainly by producing and selling industrial gases such as oxygen, nitrogen, argon, hydrogen and helium. Sales were $12.0 billion in the fiscal year ended September 30, 2025. About 51% came from on-site supply, where it runs plants at or near big customers, or pipes gas to them, under 15- to 20-year contracts. About 44% came from merchant gases delivered by tanker truck or in cylinders, and about 4% from selling equipment.
Does Air Products raise its dividend every year?
Yes, so far. Its fiscal year ends September 30. Air Products has raised its regular dividend for at least nine straight fiscal years through fiscal 2025, and the streak may be longer. Dividends per share grew from $5.18 in fiscal 2020 to $7.14 in fiscal 2025, about 6.6% a year. The dividend yield was 2.35% as of October 28, 2026. Past increases do not guarantee future ones, especially after a net loss in fiscal 2025.
Is Air Products' dividend covered by earnings?
Not in fiscal 2025. Air Products reported a net loss of $394.5 million, or $1.77 a share, in the fiscal year ended September 30, 2025, while paying $7.14 a share in dividends. Free cash flow was negative $3.8 billion because capital spending exceeded cash from operations, yet dividends paid totaled $1.6 billion, so the payout relied on other sources of cash. It also lost $1.44 billion in the quarter ended June 30, 2026.
Who are Air Products' main competitors?
Air Products' main global rivals are Air Liquide, Linde and Messer, according to its annual report, plus regional suppliers in each market. Competition rests mainly on price, reliable supply and finding new uses for gases. Air Products says it has an edge where it owns pipeline networks, which deliver gas reliably and economically to large customers. In equipment, competition centers on plant efficiency, technology, service and price.
How has Air Products stock performed over the long term?
Well over 10 years, but weakly over five. As of October 28, 2026, the share price had gained about 11.4% a year over 10 years, or 193% in total, but only about 2.9% a year over five years. It rose about 23.9% over one year to that date. In calendar years, it fell 12.7% in 2025 and 9% in 2023. Its worst drop was 60.3%, during the 2008 financial crisis.