APD Air Products
FY2025 10-K
Air Products (APD) filed its fiscal year 2025 10-K annual report with the SEC on Nov 20, 2025. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
Business Overview
- • Core business model: Industrial gases and related equipment and services
- • No new products, services, or segments described or emphasized this year
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)
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
Financial SummaryXBRL
Revenue
$12.0B
Net Income
-$395M
Operating Margin
-7.3%
Net Margin
-3.3%
ROE
-2.6%
Total Assets
$41.1B
EPS (Diluted)
$-1.77
Operating Cash Flow
$3.3B
Source: XBRL data from Air Products FY2025 10-K filing on SEC EDGAR. All figures in USD.
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