Filing Flows › Air Products & Chemicals (APD) › Q4 FY25
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).
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 FY25 | Amount | Q/Q | Y/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.