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Air Products & Chemicals (APD) Q4 FY25 earnings results (fourth quarter fiscal 2025)

10-K filed Nov 20, 2025

Air Products & Chemicals (APD) reported revenue of $3.2B for the fourth quarter fiscal 2025 (Q4 FY25), -0.6% from a year earlier and +5% from the quarter before. Operating margin was 0.5%, net earnings $4.9M (0.2% of revenue).

Revenue$3.2B
Year over year-0.6%
Quarter over quarter+5%
Operating margin0.5%
Net earnings$4.9M

Air Products & Chemicals, Q4 FY25: revenue $3.2B (-0.6% year over year), operating margin 0.5%, net earnings $4.9M, operating cash flow $1.3B. The chart follows the revenue to costs, profit and cash.

Q4 FY25AmountQ/QY/Y
Revenue$3.2B+5%-0.6%
Operating profit$16.8M-98%-99%
Net earnings$4.9M-99%-100%
Operating cash flow$1.3B+47%+32%

What changed

Revenue was $3.2B in Q4 FY25, down 1% year over year and up 5% from the previous quarter.

Operating profit was $0.02B, a 0.5% margin (down 75.5 points year over year). Total costs grew 313% against a revenue fall of 1%. The fastest-growing cost line was Other operating costs (+48%). Net earnings were $4.9M, down 100% year over year. The effective tax rate was 91.7%. Non-operating items added $0.10B, 86% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was $1.3B (up 32% year over year), 12487% of net income including minority interests. Non-cash charges added back $0.41B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.83B. Capital expenditures of $1.5B exceeded it, leaving free cash flow of −$0.26B.

Questions

What was Air Products & Chemicals' revenue in the fourth quarter fiscal 2025?

Air Products & Chemicals (APD) reported revenue of $3.2B for the fourth quarter fiscal 2025 (Q4 FY25), -0.6% from a year earlier and +5% from the quarter before.

Was Air Products & Chemicals profitable in the fourth quarter fiscal 2025?

Operating profit was $16.8M (0.5% of revenue) and net earnings $4.9M.

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Source: Air Products & Chemicals 10-K on SEC EDGAR.