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Air Products & Chemicals cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$310M in Q3 FY26

Operating cash flow$1.3B
Capital spending−$996M
Free cash flow+$310M
Cash conversion cycle-49 days

Analysis

In Q3 FY26, Air Products & Chemicals generated $1.3B of operating cash flow and spent $996M on capital projects, leaving free cash flow of $310M. That is $950M more than in Q3 FY25 (−$640M).

Operating cash flow was $1.3B against net income of −$1.4B. The largest differences: deferred taxes −$637M, depreciation & amortization +$385M, other operating capital +$46.8M.

Its cash conversion cycle was -49 days (receivables 55 + inventory 33 − payables 137): suppliers fund its working capital.

Free cash flow

Air Products & Chemicals: free cash flow by quarterAir Products & Chemicals: free cash flow by quarter−$1.3BQ1 FY25−$1.6BQ2 FY25−$640MQ3 FY25−$350MQ1 FY26−$3.9MQ2 FY26$310MQ3 FY26
Operating cash flow less capital spending.
Air Products & Chemicals: operating cash flow against capital spendingAir Products & Chemicals: operating cash flow against capital spendingOperating cash flowCapital spending$812M$2.1BQ1 FY25$328M$1.9BQ2 FY25$856M$1.5BQ3 FY25$901M$1.3BQ1 FY26$1.1B$1.1BQ2 FY26$1.3B$996MQ3 FY26
Latest (Q3 FY26): Operating cash flow $1.3B, Capital spending $996M.

Capital allocation, year by year

Air Products & Chemicals: where the cash came from (up) and went (down), by fiscal yearAir Products & Chemicals: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsDividendsFY21: Operating cash flow $3.3BFY21: Net borrowing −$283MFY21: Shares issued $10.6MFY21: Capital spending −$2.5BFY21: Acquisitions −$10.5MFY21: Dividends −$1.3B$3.3BFY21FY22: Operating cash flow $3.2BFY22: Net borrowing $384MFY22: Shares issued $19.3MFY22: Capital spending −$2.9BFY22: Acquisitions −$65.1MFY22: Dividends −$1.4B$3.6BFY22FY23: Operating cash flow $3.2BFY23: Net borrowing $3.2BFY23: Shares issued $24.0MFY23: Capital spending −$4.6BFY23: Dividends −$1.5B$6.4BFY23FY24: Operating cash flow $3.6BFY24: Net borrowing $3.9BFY24: Shares issued $7.9MFY24: Capital spending −$6.8BFY24: Dividends −$1.6B$7.6BFY24FY25: Operating cash flow $3.3BFY25: Net borrowing $3.9BFY25: Shares issued $1.1MFY25: Capital spending −$7.0BFY25: Acquisitions −$59.9MFY25: Dividends −$1.6B$7.1BFY25
Over these 5 years operating cash flow totalled $16.6B; the largest uses were capital spending ($23.8B) and dividends ($7.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$980M
Debt$17.8B
Net debt$16.8B
Due within a year$717M

Air Products & Chemicals funds itself: free cash flow was — over the last twelve months, and $980M of cash and investments stands against $17.8B of debt ($717M due within a year, 1.4× covered by cash).

Air Products & Chemicals: debt maturities by year (FY25)Air Products & Chemicals: debt maturities by year (FY25)$717MYear 1$906MYear 2$1.4BYear 3$1.1BYear 4$1.1BYear 5$12.7BAfter year 5
Principal due in each year as disclosed in the annual report, against $980M of cash and investments now.

Where the cash came from and went

Air Products & Chemicals: sources (+) and uses (−) of cash, Q3 FY26Air Products & Chemicals: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$1.3BCapital spending−$996MDividends−$403MPartners$181MNet borrowing (+) / repaid (−)−$62.0MCash drawn (+) / kept (−)−$29.5MOther investing$3.0MExchange rates$2.3MOther financing−$1.3M

From profit to cash

Air Products & Chemicals: net income to operating cash flow, Q3 FY26Air Products & Chemicals: net income to operating cash flow, Q3 FY26Net income−$1.4BDepreciation & amortization$385MStock-based pay$12.2MDeferred taxes−$637MGains on investments−$700KReceivables$5.1MInventory$14.9MPayables$43.8MOther operating capital$46.8MOperating cash flow$1.3B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY265533137-49
Q2 FY265432121-35
Q1 FY265634137-46
Q3 FY255735151-59
Q2 FY255633141-52
Q1 FY255734136-44

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$1.3B−$996M−$403M−$62.0M—−$29.5M$310M
Q2 FY26$1.1B−$1.1B−$399M$240M—$75.4M−$3.9M
Q1 FY26$901M−$1.3B−$398M−$120M—$830M−$350M
Q3 FY25$856M−$1.5B−$398M$1.5B—−$833M−$640M
Q2 FY25$328M−$1.9B−$394M$1.9B—$354M−$1.6B
Q1 FY25$812M−$2.1B−$394M$426M$1.1M$1.1B−$1.3B

Air Products & Chemicals: income statement and cash flow

Air Products & Chemicals, Q4 FY26: revenue $3.6B (+12% year over year), operating margin 17.8%. The chart follows the revenue to costs, profit and cash.

Air Products & Chemicals: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.