--- title: "Air Products: Business Model" description: "Air Products revenue by business segment and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained." canonical: https://www.getswoopr.com/stocks/companies/air-products/business-model/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Air Products: Business Model & Revenue Engine ## Direct Answer Air Products reports revenue across 5 business segments in its fiscal 2025 Form 10-K. Americas is the largest, with $5.1 billion of revenue (43% of the total), followed by Asia at $3.3 billion (27%). 39% of revenue came from the United States. ## How Does Air Products Make Money? No single line supplies a majority of revenue: the largest, Americas, is 43%, which spreads Air Products's exposure across several demand drivers. Between fiscal 2024 and 2025, Europe grew fastest (+5.7%) and Corporate and Other slowest (-40.8%), so the revenue mix tilts toward Europe while that gap lasts. | Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change | | --- | --- | --- | --- | --- | | Americas | $5.1 billion | $5.0 billion | 42.6% | 1.7% | | Asia | $3.3 billion | $3.2 billion | 27.2% | 1.4% | | Europe | $3.0 billion | $2.8 billion | 24.8% | 5.7% | | Corporate and Other | $520 million | $878 million | 4.3% | -40.8% | | Middle East and India | $136 million | $134 million | 1.1% | 1.1% | ![Bar chart of Air Products revenue by segment for fiscal 2025: Americas 42.6%, Asia 27.2%, Europe 24.8%, Corporate and Other 4.3%, Middle East and India 1.1%.](https://www.getswoopr.com/images/charts/air-products-business-model-segment-mix.webp) *Air Products revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.* ## Which Air Products Segments Earn the Most? | Segment | FY2025 segment operating income | Segment margin | | --- | --- | --- | | Americas | $1.5 billion | 29.6% | | Asia | $851 million | 26.0% | | Europe | $845 million | 28.3% | | Corporate and Other | -$367 million | -70.6% | | Middle East and India | $10 million | 7.1% | Segment operating income is the profit measure Air Products reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within Air Products more safely than against another company. ## What Does Air Products Sell? Air Products also breaks revenue down by product and service line, which shows what customers pay for rather than how management organizes the business. | Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change | | --- | --- | --- | --- | --- | | Onsite | $6.2 billion | $5.9 billion | 51.3% | 4.9% | | Merchant | $5.3 billion | $5.3 billion | 44.3% | 0.1% | | Sale of Equipment | $520 million | $878 million | 4.3% | -40.8% | ## Where Does Air Products's Revenue Come From? Regions follow the definitions in the filing; most companies assign revenue by customer location. | Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change | | --- | --- | --- | --- | --- | | Other Foreign Operations | $5.4 billion | $5.2 billion | 45.0% | 3.4% | | United States | $4.7 billion | $4.9 billion | 39.0% | -4.5% | | China | $1.9 billion | $2.0 billion | 16.1% | -0.9% | ## What the Segment Figures Do Not Show The rows above add up to 100% of Air Products's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin. ## Where These Numbers Come From Every figure on this page is a value Air Products reported in the segment note and revenue disclosures of its Form 10-K filed November 20, 2025 (accession 0000002969-25-000055), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading. Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation. ## Frequently Asked Questions ### What are Air Products's business segments? In its fiscal 2025 Form 10-K, Air Products reports revenue for Americas, Asia, Europe, Corporate and Other and Middle East and India. ### Which part of Air Products brings in the most revenue? Americas, with $5.1 billion of revenue in fiscal 2025, or 43% of the total. ### How much of Air Products's revenue comes from outside the United States? 61% in fiscal 2025, by the geographic breakdown Air Products reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies. ## References - [SEC EDGAR: Air Products & Chemicals, Inc. Form 10-K filed November 20, 2025](https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm) - [SEC EDGAR: Air Products & Chemicals, Inc. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=2969&type=10-K) - [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces) - [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets) ## Related Pages - [Air Products company dossier](https://www.getswoopr.com/stocks/companies/air-products/) - [Air Products financial metrics](https://www.getswoopr.com/stocks/companies/air-products/metrics/) - [Air Products financial risk indicators](https://www.getswoopr.com/stocks/companies/air-products/risks/) - [Air Products peer comparison](https://www.getswoopr.com/stocks/companies/air-products/competitors/) - [Air Products business model and revenue mix](https://www.getswoopr.com/stocks/companies/air-products/business-model/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. 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