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Air Products & Chemicals (APD) earnings and revenue breakdown

Latest: Q4 FY26 · 8-K filed Nov 5, 2026

Q4 FY26 Revenue up 12% year over year to $3.6B · 16¢ of every $1 of revenue kept as net profit · operating margin 17.8%

Air Products & Chemicals made $3.6B in Q4 FY26 (+12% Y/Y). Operating margin 17.8%, net earnings $584M. See where every dollar goes — costs, profit and cash — as a Sankey from the 8-K filed Nov 5, 2026 (preliminary, from the earnings release).

Revenue$3.6B
Year over year+12%
Operating margin17.8%
Net earnings$584M
Operating cash flow—

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Air Products & Chemicals Q4 FY26 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
Air Products & Chemicals Q4 FY26 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $3.6B in Q4 FY26, up 12% year over year and up 12% from the previous quarter.

Operating profit was $0.63B, a 17.8% margin (up 17.3 points year over year). Of the extra revenue versus Q4 FY25, 159% reached operating profit, above the 1% margin then. Total costs fell 7% while revenue rose 12%. The fastest-growing cost line was Cost of revenue (+15%). Net earnings were $0.58B, up 11824% year over year ($0.56B including minority interests, which bore $0.03B of losses). The effective tax rate was 26.3%.

Quarterly history

Air Products & Chemicals revenue by quarterAir Products & Chemicals revenue by quarter$2.9BQ2 FY25$3.0BQ3 FY25$3.2BQ4 FY25$3.1BQ1 FY26$3.2BQ2 FY26$3.2BQ3 FY26$3.6BQ4 FY26
Air Products & Chemicals net earnings by quarterAir Products & Chemicals net earnings by quarter−$1.7BQ2 FY25$714MQ3 FY25$4.9MQ4 FY25$678MQ1 FY26$710MQ2 FY26−$1.4BQ3 FY26$584MQ4 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q4 FY268-KNov 5, 2026$3.6B+12%17.8%$584M—
Q3 FY2610-QJul 30, 2026$3.2B+5%-66.3%−$1.4B$1.3B
Q2 FY2610-QApr 30, 2026$3.2B+9%23.7%$710M$1.1B
Q1 FY2610-QJan 30, 2026$3.1B+6%23.7%$678M$901M
Q4 FY2510-KNov 20, 2025$3.2B-0.6%0.5%$4.9M$1.3B
Q3 FY2510-QJul 31, 2025$3.0B+1%26.2%$714M$856M
Q2 FY2510-QMay 1, 2025$2.9B-0.5%-79.8%−$1.7B$328M

Charts

Air Products & Chemicals: revenue growth, year over year and quarter over quarterAir Products & Chemicals: revenue growth, year over year and quarter over quarterY/YQ/Q0%Q2 FY25+1%+4%Q3 FY25-1%+5%Q4 FY25+6%-2%Q1 FY26+9%+2%Q2 FY26+5%0%Q3 FY26+12%+12%Q4 FY26
Latest (Q4 FY26): Y/Y +12%, Q/Q +12%.
Air Products & Chemicals: where the cash came from (+) and went (−), FY25Air Products & Chemicals: where the cash came from (+) and went (−), FY25Capital spending−$7.0BNet borrowing (+) / repaid (−)$3.9BOperating cash flow$3.3BDividends−$1.6BCash drawn (+) / kept (−)$1.1BPartners$595MOther financing−$98.5MOther investing−$86.2MAcquisitions−$59.9MExchange rates−$7.0MShares issued$1.1M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Air Products & Chemicals: profit against cash, quarter by quarterAir Products & Chemicals: profit against cash, quarter by quarterNet incomeOperating cash flow$2.0BQ4 FY24$650M$812MQ1 FY25−$1.7B$328MQ2 FY25$723M$856MQ3 FY25$10.1MQ4 FY25$691M$901MQ1 FY26$725M$1.1BQ2 FY26−$1.4B$1.3BQ3 FY26
Latest (Q3 FY26): Net income −$1.4B, Operating cash flow $1.3B.
Air Products & Chemicals: diluted shares by fiscal yearAir Products & Chemicals: diluted shares by fiscal year222MFY20222MFY21222MFY22223MFY23223MFY24223MFY25
+0.2% since FY20: more shares outstanding (issuance, stock pay).
Air Products & Chemicals: long-term debt falling due (FY25)Air Products & Chemicals: long-term debt falling due (FY25)$717M2026$906M2027$1.4B2028$1.1B2029$1.1B2030$12.7BLater
Cash $1.9B, short-term investments $0, long-term debt $17.7B at 2025-09-30.
Air Products & Chemicals in its industry: growth against margin (10 companies, SIC 2810)Air Products & Chemicals in its industry: growth against margin (10 companies, SIC 2810)revenue growth, year over year →↑ operating marginmedian +12%median 11%LINTROXVHIMTXKROLXULXFRNLSTDNAPD (+12%, 18%)
Industrial Inorganic Chemicals; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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🔄Rotation against the market and its industry (RRG)interactive

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⚖️Fair value by methodinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Air Products & Chemicals

As used in this report, unless the context indicates otherwise, the terms “we,” “our,” “us,” the “Company,” "Air Products," or “registrant” include our controlled subsidiaries and affiliates. Additional information about Air Products is available on our website at www.airproducts.com. References to our website within this report are inactive textual references only. The content of our website is not incorporated by reference into, and does not form part of, this Annual Report on Form 10-K.

In its own words, from its 10-K, filed Nov 20, 2025.

Air Products & Chemicals against its Industrial Inorganic Chemicals peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +12% against the peers' median +10%. Operating margin: 17.8% against the peers' median 11.4%.

CompanyQuarterRevenueY/YOp. margin
APD Air Products & ChemicalsQ4 FY26$3.6B+12%17.8%
LIN LindeQ3 2026$9.4B+9%22.9%
TROX Tronox HoldingsQ3 2026$827M+18%1.5%
VHI ValhiQ3 2026$589M+17%11.4%
MTX Minerals TechnologiesQ3 2026$555M+4%11.7%
KRO Kronos WorldwideQ3 2026$541M+18%10.7%
LXU LSB IndustriesQ3 2026$159M+2%16.9%
LXFR Luxfer HoldingsQ3 2026$91.7M-4%3.1%
NL NLI HoldingsQ3 2026$44.0M+10%7.1%

Source: Air Products & Chemicals 8-K on SEC EDGAR · CIK 2969 · Industrial Inorganic Chemicals

13F: who owns APD and who is buying

Largest holders of APD (13F)Largest holders of APD (13F)Vanguard Group$5.5BBlackRock$5.4BVanguard Capital Management LLC$4.3BState Farm Mutual Automobile Insu…$3.5BCapital Research Global Investors$3.1BState Street$3.0BCapital International Investors$2.8BDodge & COX$2.8BVanguard Portfolio Management LLC$2.6BGeode Capital Management, LLC$1.5B
Funds' net buying of APD by quarter (13F)Funds' net buying of APD by quarter (13F)$2.0B2024-09$1.4B2024-12$1.8B2025-03$1.1B2025-06−$299M2025-09$130M2025-12−$1.7B2026-03$43.4M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on APD

History

Every quarter: Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results

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