APD at a glance
Air Products (APD, SEC CIK 2969) filed its latest 10-K annual report on November 20, 2025, a 10-Q quarterly report on July 30, 2026, an 8-K current report on July 30, 2026 and Form 4 insider filings as recently as October 1, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended September 30, 2025 (FY2025), Air Products (APD) reported revenue of $12.0 billion (down 0.5% from FY2024) and a net loss of $394.5 million. Diluted EPS was -$1.77.
- As of June 30, 2026, 56 institutional investment managers tracked by SignalX reported holding Air Products (APD) shares worth $27.2 billion in 13F-HR filings.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $12.0B
- −0.5% vs prior year
- Insiders · 90 days
- 0 buys · 0 sells
- No open-market trades
- 13F holders
- 56 funds
- $27.2B · +0 vs prior quarter
- Latest 8-K
- Jul 30, 2026
- Item 2.02
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Sep 30, 2025
Risk Factors
- Regulatory risk: U.S. Foreign Corrupt Practices Act enforcement could lead to civil/criminal penalties and legal costs for violations related to bribery and corruption
- Geopolitical threat: 60% of FY2025 sales from outside U.S., with major projects in China, India, Middle East exposed to political instability, sanctions, and supply disruptions
- Operational vulnerability: Large-scale hydrogen projects face delays and cost overruns from permitting, financing, labor shortages, and unfinalized offtake agreements
- Competitive risk: Failure to develop or deploy new technologies, including AI and green hydrogen, risks lost market position and revenue to advancing competitors
- Financial risk: Pension plan obligations and assumptions subject to market volatility could materially impact future operations and required contributions
Business Overview
- Core business model: Industrial gases and related equipment and services
- No new products, services, or segments described or emphasized this year
- No strategic shift or change in competitive positioning detailed in this filing
- No quantitative metrics such as employee count or R&D spend disclosed in the business section
- Business section primarily consists of references to governance and proxy statement information rather than operational details
Management Discussion & Analysis
- Revenue $12.0B, down 1% YoY ($63.3M decrease) due to 4% lower volumes offset by +2% energy pass-through, +1% pricing
- Adjusted operating income $2.9B, down 3% YoY ($89.8M decrease); adjusted operating margin 23.7% vs 24.4% prior year (-70bps)
- Best segment: Europe sales $3.0B (+6%) with operating income $844.7M (+4%); worst: Corporate & other sales $520M (-41%), operating loss ($367.3M) increased 25%
- Cash flow: operating cash flow $3.3B; capital expenditures $5.1B (-2%); dividends $1.6B (43rd consecutive increase); long-term debt issued $4.4B
- Outlook: FY26 earnings growth expected from new plants, pricing discipline and productivity; capital expenditures $4B forecast focusing on energy transition and core projects; continued dividend increases
AI summary of the APD 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Quarterly revenue $3,161.0 million, up 5% YoY from $3,022.7 million
- GAAP operating margin negative 66.3% vs 26.2%, reflecting $2.9 billion project exit charges
- Adjusted operating margin 25.6% vs 24.5%; adjusted operating income $810.3 million, up 9%
- Best segment Asia: sales $886.0 million, up 9%; operating margin 28.9% vs 26.8%
- Worst segment Middle East and India: sales $34.8 million, down 9%; operating income $8.0 million vs $8.1 million
AI summary of the APD 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 2.02: Results of Operations and Financial Condition
- Q3 fiscal 2026 earnings announcement issued July 30, 2026
- Detailed results and management commentary contained in Exhibit 99.1
Item EX-99.1: Item EX-99.1
- Q3 GAAP loss per share $6.47 and operating loss $2.1B, driven by $2.9B pre-tax project-exit charges
- Underlying adjusted EPS $3.47, up 12%, with adjusted operating income $810M and margin 25.6%, up 110 basis points
Item 7.01: Regulation FD Disclosure
- Exhibit 99.1 contains the substantive Regulation FD disclosure and is the key document for investors
- Management discusses arrangements, expected timing, business outlook, and investment opportunities
Item EX-99.1: Item EX-99.1
- LCEC project cancellation reflects expected returns below Air Products’ stringent criteria, removing a major clean-energy investment commitment
- Fiscal Q3 pre-tax charges up to $2.9B, approximately $2.2B after tax, primarily asset write-downs and contract termination costs
Item 2.06: Material Impairments
- Update concerns the NEOM Green Hydrogen Project, signaling a potentially material project development for APD
- Press release furnished as Exhibit 99.1 contains the substantive details investors should review
Item 2.02: Results of Operations and Financial Condition
- Q2 fiscal 2026 earnings release issued April 30, 2026
- Financial results and management commentary contained in Exhibit 99.1
Item EX-99.1: Item EX-99.1
- Q2 FY26 sales $3.2B, up 9%, with volumes up 4% and adjusted EPS $3.20, up 19% year over year
- Adjusted operating margin 23.7% versus 21.6%, reflecting productivity and higher volumes despite helium pricing pressure
AI summaries of APD 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for APD
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Patel Bhavesh V. | A | Sep 30, 2026 | 138.12 | $279.19 |
| CALAWAY TONIT M | A | Sep 30, 2026 | 20.176 | $279.19 |
| Ungerleider Howard I | A | Sep 30, 2026 | 6.323 | $279.19 |
| Graziano Jessica | A | Sep 30, 2026 | 170.004 | $279.19 |
| Evans Andrew W | A | Sep 30, 2026 | 8.09 | $279.19 |
| Stern Alfred | A | Sep 30, 2026 | 99.111 | $279.19 |
| REILLEY DENNIS H | A | Sep 30, 2026 | 17.499 | $279.19 |
| Smith Wayne Thomas | A | Sep 30, 2026 | 33.827 | $279.19 |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $12.1B | $12.0B |
| Operating Income | - | $4.5B | -$877.0M |
| Net Income | $2.3B | $3.8B | -$394.5M |
| Op. Margin | - | 36.9% | -7.3% |
| Net Margin | - | 31.6% | -3.3% |
| Balance Sheet | |||
| Total Assets | $32.0B | $39.6B | $41.1B |
| Equity | - | $17.0B | $15.0B |
| ROE | - | 22.5% | -2.6% |
| Per Share | |||
| EPS | $10.33 | $17.18 | $-1.77 |
| Cash Flow | |||
| Operating CF | - | $3.6B | $3.3B |
| CapEx | $4.6B | $6.8B | $7.0B |
Source: XBRL data in Air Products (APD)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate APD share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 56 | $27.16B |
| Q1 2026 | 56 | $26.36B |
| Q4 2025 | 53 | $22.23B |
| Q3 2025 | 55 | $27.86B |
| Q2 2025 | 52 | $26.34B |
| Q1 2025 | 50 | $20.98B |
| Q4 2024 | 46 | $15.73B |
| Q3 2024 | 40 | $8.22B |
- Vanguard Portfolio Management LLC+3.14M (+55%)
- Viking Global Investors+636.3K (+16%)
- BlackRock+262.3K (+1%)
- Millennium Management+224.2K (+42%)
- Citigroup+162.4K (+59%)
- JPMorgan Chase & Co−795.3K (-13%)
- Citadel Advisors LLC−552.9K (-54%)
- Goldman Sachs Group−311.8K (-18%)
- Bank of America Corp−292.6K (-7%)
- D.E. Shaw & Co−140.9K (-20%)
Source: 13F-HR filings on SEC EDGAR (aggregated from 408 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
APD filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
8-K current reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Oct 1, 2026 | - | - | - |
| 4 | Oct 1, 2026 | - | - | - |
| 4 | Oct 1, 2026 | - | - | - |
| 4 | Oct 1, 2026 | - | - | - |
| 4 | Oct 1, 2026 | - | - | - |
| 4 | Oct 1, 2026 | - | - | - |
| 4 | Oct 1, 2026 | - | - | - |
| 4 | Oct 1, 2026 | - | - | - |
| 4 | Sep 11, 2026 | - | - | - |
| 8-K | Jul 30, 2026 | - | Analysis | - |
| 10-Q | Jul 30, 2026 | Jun 30, 2026 | Analysis | |
| 4 | Jul 2, 2026 | - | - | - |
| 4 | Jul 2, 2026 | - | - | - |
| 4 | Jul 2, 2026 | - | - | - |
| 4 | Jul 2, 2026 | - | - | - |
| 4 | Jul 2, 2026 | - | - | - |
| 4 | Jul 2, 2026 | - | - | - |
| 4 | Jul 2, 2026 | - | - | - |
| 4 | Jul 2, 2026 | - | - | - |
| 8-K | Jun 30, 2026 | - | Analysis | - |
| 4 | May 4, 2026 | - | - | - |
| 8-K | Apr 30, 2026 | - | Analysis | - |
| 10-Q | Apr 30, 2026 | Mar 31, 2026 | Analysis | |
| SC 13G | Apr 29, 2026 | - | - | |
| 4 | Apr 1, 2026 | - | - | - |
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APD SEC filings: frequently asked questions
Which institutions hold APD stock?
As of June 30, 2026, the largest Air Products (APD) holders among the 13F filers tracked by SignalX were BlackRock ($5.4 billion), Vanguard Capital Management LLC ($4.3 billion), State Street Corp ($3.0 billion), Vanguard Portfolio Management LLC ($2.6 billion), JPMorgan Chase & Co ($1.4 billion). 13F-HR reports are filed up to 45 days after each quarter ends.
What was APD's revenue in fiscal year 2025?
For the fiscal year ended September 30, 2025 (FY2025), Air Products (APD) reported revenue of $12.0 billion (down 0.5% from FY2024) and a net loss of $394.5 million. Diluted EPS was -$1.77. The figures come from the XBRL data in the 10-K.
What are the main risks in APD's latest 10-K?
In the 10-K filed November 20, 2025, Air Products (APD) flagged: Regulatory risk: U.S. Foreign Corrupt Practices Act enforcement could lead to civil/criminal penalties and legal costs for violations related to bribery and corruption. Geopolitical threat: 60% of FY2025 sales from outside U.S., with major projects in China, India, Middle East exposed to political instability, sanctions, and supply disruptions. (AI summary of the Risk Factors section.)
What did APD report in its latest 8-K?
Air Products (APD) filed an 8-K on July 30, 2026 reporting Item 2.02 (Results of Operations and Financial Condition). Q3 fiscal 2026 earnings announcement issued July 30, 2026.
What are the latest APD SEC filings?
Air Products (APD) filed its latest 10-K annual report on November 20, 2025, a 10-Q quarterly report on July 30, 2026, an 8-K current report on July 30, 2026 and a Form 4 insider filing on October 1, 2026.
What is APD's SEC CIK number?
Air Products (APD)'s SEC Central Index Key (CIK) is 2969. EDGAR lists every APD filing under that number.
Ask anything about APD
The research agent reads APD's filings, financials, insider trades and 13F holders, then answers with sources.