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Air Products and Chemicals (APD) investor relations material
Air Products and Chemicals Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary6 Nov, 2025
Executive summary
Fiscal 2025 adjusted EPS of $12.03 and adjusted operating income of $2.9B exceeded guidance midpoint, with a 23.7% operating income margin and 10.1% return on capital, despite $3.7B in pre-tax charges for project exits and cost reduction initiatives.
Returned $1.6B to shareholders, marking over 40 consecutive years of dividend increases.
Divestiture of the LNG business completed in September 2024; focus restored on core industrial gases and rationalization of energy transition projects.
Identified 3,600 headcount reductions since 2022, targeting $250M in annual cost savings and a 16% reduction from peak headcount.
GAAP results show a loss per share of $1.74 and operating loss of $877M, mainly due to one-time charges.
Financial highlights
FY2025 sales reached $12.0B, with adjusted EPS of $12.03, down 3% year-over-year due to LNG divestiture and project exits; excluding these, EPS was up 3%.
Adjusted operating income was $2.9B, margin 23.7%, down 70 bps year-over-year; adjusted EBITDA was $5.08B, up 1%.
Operating cash flow totaled $3.3B; $1.6B was returned to shareholders.
Net debt to adjusted EBITDA stood at 2.2x, with long-term debt rising to $16.8B.
Q4FY25 adjusted EPS was $3.39, down 5% year-over-year but up 10% sequentially.
Outlook and guidance
FY2026 adjusted EPS guidance: $12.85–$13.15, up 7–9% year-over-year, with Q1 guidance of $2.95–$3.10.
FY2026 capital expenditures expected at ~$4B, down ~$1B from prior year, with a long-term target of $2.5B per year post-2027.
Modest cash flow positivity expected in 2026, aiming for cash flow neutrality through 2028.
Focus on price, productivity, and new asset contributions, with continued helium headwinds and rationalization of Asia gasification assets.
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Next Air Products and Chemicals earnings date
Q1 20265 Feb, 2026
Next Air Products and Chemicals earnings date
Q1 20265 Feb, 2026
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Frequently asked questions
Industrial Gases Experts
Air Products and Chemicals, more often than not referred to as Air Products, is an American company operating globally. The core of its business is selling various types of gases and chemicals, and a majority of the company’s revenues are generated from the Americas, Asia, and Europe. The company is headquartered in Allentown, Pennsylvania and its shares have been trading on the NYSE since 1962.
History and Spin-Off
Air Products was founded in 1940 in Detroit, Michigan by Leonard Parker Pool. His idea was to sell Oxygen to mid-level consumers, but business proved slow at first. When the US got involved in the Second World War, this all changed. Air Products began selling oxygen generators to help the Allied war effort. After the war, Air Products gained enough momentum to continue to grow and eventually started selling a wide array of different gases and chemicals to civilian clients.
Air Products has, like many similar companies, conducted various spin-offs during the years. These spin-offs allow the two resulting companies to better hone in on one niche and area of specialization. One of the most notable ones was the spin-off of its Materials Technologies business into Versum (now a part of MERCK).
The Products and Customers
Air Products supplies customers in a wide array of fields. Their primary customer base can be found in technology, energy, food production, industries, healthcare, and more. Wherever there is a need for specialty gases, Air Products is more than likely ready to supply it. The company supplies various atmospheric gases such as oxygen, nitrogen, argon, carbon dioxide, and hydrogen. Outside of these, it also supplies process and specialty gases as well as various coatings and related technology and equipment. When looking at the competition, we find names such as Air Liquide and Linde amongst Air Products peers.
A Long-Standing Relationship with NASA
Air Products has had a working relationship with NASA for decades. It has supplied the liquid oxygen and hydrogen needed for the space shuttle’s external tanks. The gases supplied by Air Products have been used for every space shuttle launch in recent decades, as well as the Apollo and Mercury missions.
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