Air Products and Chemicals, Inc.
airproducts.comWhat Do They Do?
Supplies industrial gases to refiners, chemical makers and manufacturers, and sells equipment for producing, processing and transporting those gases.
10-K for FY2025, filed Nov 20, 2025We serve a broad range of industries, including refining, chemicals, metals, electronics, manufacturing, medical, and food, providing…View ↗
Our industrial gases business, which is organized and operated regionally in the Americas, Asia, Europe, and Middle East and India…View ↗
We design and manufacture equipment for air separation, hydrocarbon recovery and purification, and liquid helium and liquid hydrogen…View ↗
How Do They Make Money?
On-site industrial gas customers buy under long-term contracts with monthly charges or minimum purchases as gases are supplied; merchant customers order bulk or packaged gases for delivery. Equipment customers pay for custom gas systems as work progresses when contracts permit, or at shipment under other contracts.
10-K for FY2025, filed Nov 20, 2025On-site Gases—This supply mode serves customers who require large volumes of gases and have relatively constant demand. Gases are produced…View ↗
Merchant Gases—This supply mode includes liquid bulk and packaged gas products. Liquid bulk gases are delivered in either liquid or gaseous…View ↗
Our sale of equipment contracts are generally comprised of a single performance obligation as the individual promised goods or services…View ↗
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10-K for FY2025, filed Nov 20, 2025
FY2025 revenue by product or service ↗
$12B
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10-K for FY2025, filed Nov 20, 2025
$12B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
On-site
Recurring
10-K for FY2025, filed Nov 20, 2025 |
51%
FY2022: 52%
|
On-site, FY2025
$6.2B Sources
|
Recurring |
|
Merchant
Sold outright
10-K for FY2025, filed Nov 20, 2025 |
44%
FY2022: 40%
|
Merchant, FY2025
$5.3B Sources
|
Sold outright |
|
Sale of Equipment
Sold outright
|
4.3%
FY2022: 7.6%
|
Sale of Equipment, FY2025
$520M Sources
|
Sold outright |
Who Are Their Customers?
Large-volume customers in energy, refining, chemicals, metals and electronics receive on-site gas supply; other industrial users receive bulk or packaged gases, while chemical, oil-and-gas and steel businesses buy gas-processing equipment.
10-K for FY2025, filed Nov 20, 2025On-site Gases— This supply mode serves customers primarily in the energy production and refining, chemical, metals, and electronics…View ↗
We design and manufacture equipment for air separation, hydrocarbon recovery and purification, and liquid helium and liquid hydrogen…View ↗
We do not have a homogeneous customer base or end market, and no single customer accounts for more than 10% of our consolidated sales. We…View ↗
Do Revenues Turn Into Profits?
No. It lost $394.5M in FY2025.
10-K for FY2025, filed Nov 20, 2025
How Are They Changing?
- Net income
-
Sources
10-Q for Q3 FY2026, filed Jul 30, 2026
−$1.4BView ↗
- ▼ Now a loss
- vs $713.8M in Q3 FY2025
10-Q for Q3 FY2026, filed Jul 30, 2026
Open tableView ↗
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Jun 30, 2026
Exits Louisiana, Arizona and other clean-energy projects
The company expects pre-tax charges up to $2.9 billion in fiscal 2026's third quarter, mainly for asset write-downs and contract cancellations.
Sources
8-K, filed Jun 30, 2026
On June 26, 2026, Air Products and Chemicals, Inc. (the “Company”) determined that, as part of a review initiated by its Board of Directors…View ↗
Growing. Revenue grew 17% in 4 years, from $10.3B in FY2021 to $12B in FY2025, about 4% a year.
Portfolio focus
The latest report emphasizes the core industrial gas business and describes cancellations and reductions to energy-transition projects, compared with the earlier strategy pairing core gas growth with world-scale clean-hydrogen projects.
10-K for FY2022, filed Nov 22, 2022 10-K for FY2025, filed Nov 20, 2025Air Products and Chemicals, Inc., a Delaware corporation originally founded in 1940, provides essential industrial gases, related…View ↗
Fiscal year 2025 was a transitional year for Air Products, marked by a renewed focus on our core industrial gas business under the…View ↗
LNG equipment sale The earlier business included LNG process technology and equipment; the latest report says that business was sold to Honeywell and describes other gas-equipment lines without it.
Who Do They Compete With?
Competes with Air Liquide, Linde, and Messer Group
10-K for FY2025, filed Nov 20, 2025Each of the regional industrial gases segments competes against three global industrial gas companies: Air Liquide S.A., Linde plc, and…View ↗
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