Short answer
Air Products (APD) filed its Q4 2025 10-Q quarterly report on Jan 30, 2026 for the quarter ended Dec 31, 2025. Quarterly revenue was $3.1B (up 5.8% year over year) with net income of $678M.
Q4 2025 key financials · XBRL
- Revenue
- $3.1B
- +5.8% YoY
- Net income
- $678M
- +9.8% YoY
- Operating margin
- 23.7%
- EPS (diluted)
- $3.04
- +9.7% YoY
Source: XBRL data from the Air Products (APD) Q4 2025 10-Q on SEC EDGAR. USD.
Air Products Q4 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $3.10B, up 6% YoY ($171M increase) driven by 3% energy cost pass-through, 2% currency, and 1% price; volumes flat YoY
- Operating income $734.5M, up 14% YoY ($90.9M increase); operating margin 23.7% vs 22.0% YoY (170 bp increase); adjusted margin 24.4% vs 23.0% YoY (140 bp increase)
- Best segment: Europe sales $782M (+12% YoY), operating income $223.5M (+20%), margin 28.6% vs 26.7% YoY (190 bp increase); Worst: Middle East & India sales $30.3M (-8%), margin improved from loss to 19.1%
- Cash provided by operations $900.7M vs $811.7M prior year; CapEx $910.7M down from $1.21B; debt repayment $570M including $550M senior notes due; cash $1.0B, mostly held overseas
- Management expects FY26 CapEx approx. $4B focused on energy transition and industrial projects; raised quarterly dividend to $1.81/share; notes near-term headwinds from prior-year asset charges and energy pricing pass-through
Risk Factors
- New risk factor: Ongoing SEC climate-related disclosure rules litigation triggers regulatory uncertainty due to indefinite abeyance as of Dec 2025
- Most materially updated risk: Project exit charges of $28.3M in Q1 FY26 due to strategic review and unfavorable regulatory/commercial conditions
- Regulatory risk: Environmental remediation liabilities $85.1M with potential upper exposure significantly increasing if new sites designated or scope expands
- Market risk: Global cost reduction plan impacts 3,600 employees with estimated total cumulative costs of $207.7M ongoing into FY26
- Financial risk: Non-recourse NGHC project financing debt $5.3B as of Dec 2025 with Saudi Riyal facilities carrying 2.00%-5.00% interest rates impacting liquidity management
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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