Air Products (APD) Q4 2025 10-Q Quarterly Report
Air Products (APD) 10-Q quarterly report for Q4 2025, filed with SEC EDGAR on Jan 30, 2026 for the fiscal period ending Dec 31, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Air Products Q4 2025 10-Q Analysis
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
Air Products Q4 2025 Quarterly FinancialsXBRL
Revenue
$3.1B
▲ +5.8% YoY
Net Income
$678M
▲ +9.8% YoY
Operating Margin
23.7%
▲ +172bp YoY
Net Margin
21.9%
▲ +80bp YoY
ROE
4.4%
▲ +70bp YoY
Total Assets
$41.2B
▲ +3.1% YoY
EPS (Diluted)
$3.04
▲ +9.7% YoY
Operating Cash Flow
$901M
▲ +11.0% YoY
Source: XBRL data from Air Products Q4 2025 10-Q filing on SEC EDGAR. All figures in USD.
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