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% |
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.