Direct Answer
Air Products reported revenue of $12.0 billion for the fiscal year ended September 30, 2025, with an operating margin of -7.3% and net income of -$395 million, according to its SEC filings. Revenue fell 0.5% from the prior year.
What Are Air Products's Key Financial Figures?
| Fiscal year | FY2025 ended September 30, 2025 | FY2024 ended September 30, 2024 | FY2023 ended September 30, 2023 | FY2022 ended September 30, 2022 |
|---|---|---|---|---|
| Revenue | $12.0 billion | $12.1 billion | $12.6 billion | $12.7 billion |
| Operating income | -$877 million | $4.5 billion | $2.5 billion | $2.3 billion |
| Operating margin | -7.3% | 36.9% | 19.8% | 18.4% |
| Net income | -$395 million | $3.8 billion | $2.3 billion | $2.3 billion |
| Net margin | -3.3% | 31.6% | 18.3% | 17.8% |
| Operating cash flow | Not reported | Not reported | Not reported | Not reported |
| Capital expenditures | $7.0 billion | $6.8 billion | $4.6 billion | $2.9 billion |
| Free cash flow | Not reported | Not reported | Not reported | Not reported |
Operating margin narrowed by 44.2 percentage points between fiscal 2024 and 2025, which separates pricing and cost discipline from revenue growth alone.
What Does Air Products's Balance Sheet Show?
| Cash and cash equivalents | $1.9 billion |
|---|---|
| Long-term debt | Not reported |
| Total assets | $41.1 billion |
| Total liabilities | $23.7 billion |
| Shareholders' equity | $15.0 billion |
| Current ratio | 1.4x |
Balance sheet values are as of the end of fiscal 2025. Income statement figures describe a whole year; balance sheet figures describe a single day, so the two answer different questions.
Where These Numbers Come From
Every figure on this page is a value Air Products reported in its own SEC filings, read from the SEC's XBRL data (accession 0000002969-25-000055 for fiscal year 2025). Ratios are computed from those reported values. Figures were retrieved on October 12, 2026; a later amendment or a new annual report can change them, and the filing itself always takes precedence over this summary.
Each fiscal year is labeled by the calendar year in which it ended, so a company that names the same period differently in its own filings (many retailers whose year ends in January) may use another label. A year is left out of the table when the SEC data set holds no value for it. A figure shown as "Not reported" means the company did not file a value under the standard tag Swoopr reads, not that the amount was zero. This page is educational and describes reported history only; it is not a forecast or a recommendation.
Frequently Asked Questions
What was Air Products's revenue in fiscal 2025?
Air Products reported revenue of $12.0 billion for the fiscal year ended September 30, 2025, according to its SEC filings.
What is Air Products's operating margin?
Air Products's operating margin was -7.3% in fiscal 2025: operating income of -$877 million on revenue of $12.0 billion.
How much free cash flow did Air Products generate?
Air Products did not report both operating cash flow and capital expenditures under the standard tags for fiscal 2025, so free cash flow is not computed here.