APD Stock Cash Flow Statements

Air Products and Chemicals Quarterly Cash Flow Statements Chart

Quarterly

Annual

Stock-Based Compensation

Operating Cash Flow

Investing Cash Flow

Financing Cash Flow

Air Products and Chemicals Quarterly Cash Flow Statements Table

Quarterly

Annual

Unit: USD	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2009-12-31	2009-06-30	2009-03-31	2008-12-31	2008-06-30	2008-03-31	2007-12-31	2007-06-30

operating activities
net income	723,200,000	-1,737,500,000	649,800,000	1,951,000,000	708,900,000	580,900,000	621,600,000	694,400,000	610,500,000	449,900,000	583,800,000	593,000,000	587,100,000	536,800,000	549,600,000	618,800,000	532,300,000	477,100,000	486,700,000	494,700,000	457,100,000	490,400,000	488,900,000	518,700,000	500,200,000	433,500,000	357,000,000	459,700,000	585,300,000	161,700,000	475,000,000	104,100,000	2,135,700,000	306,400,000	400,900,000	354,100,000	-465,500,000	372,000,000	350,000,000	333,200,000	296,900,000	337,500,000	79,000,000	323,500,000	291,500,000	299,100,000	147,300,000	298,400,000	299,600,000	287,200,000	142,300,000	492,500,000	302,200,000	256,300,000	339,100,000	335,000,000	311,500,000	275,900,000	278,000,000	256,800,000	113,200,000	205,600,000	68,600,000	70,100,000	314,300,000	263,700,000	284,900,000
less: net income attributable to noncontrolling interests of continuing operations												9,900,000	5,000,000	6,300,000	-10,800,000					7,900,000	10,600,000			15,500,000	12,200,000	12,200,000	9,500,000	6,800,000	14,300,000	7,100,000	6,300,000	2,200,000	5,700,000	6,600,000
net income attributable to air products	713,800,000	-1,730,600,000	617,400,000	1,949,900,000	696,600,000	572,400,000	609,300,000	692,600,000	595,600,000	439,800,000	572,200,000	583,100,000	582,100,000	530,500,000	560,400,000	610,400,000	533,600,000	473,100,000	482,000,000	486,800,000	446,500,000	477,800,000	475,600,000	503,200,000	488,000,000	421,300,000	347,500,000	452,900,000	571,000,000	154,600,000	468,700,000	101,900,000	2,130,000,000	299,800,000	394,000,000	346,800,000	-473,300,000	363,600,000	344,500,000	318,800,000	290,000,000	324,600,000	104,000,000	314,000,000	283,500,000	290,200,000	137,100,000	288,400,000	290,400,000	278,300,000	138,700,000	484,500,000	296,000,000	248,100,000	324,800,000	326,500,000	304,300,000	268,600,000	272,100,000	251,800,000
net income from discontinued operations
net income from continuing operations attributable to air products
adjustments to reconcile income to cash from operating activities:
depreciation and amortization	401,000,000	383,600,000	366,800,000	380,800,000	360,300,000	360,800,000	349,200,000	357,300,000	339,900,000	339,600,000	321,500,000	332,800,000	337,200,000	335,900,000	332,300,000	332,600,000	335,700,000	329,300,000	323,700,000	310,500,000	290,600,000	294,700,000	289,200,000	293,600,000	269,100,000	262,100,000	258,000,000	257,200,000	467,900,000	227,900,000	231,000,000	216,900,000	211,800,000	206,100,000	230,500,000	230,600,000	232,100,000	232,700,000	234,600,000	233,000,000	233,300,000	235,500,000	254,600,000	239,000,000	229,100,000	234,200,000	232,600,000	229,700,000	226,200,000	218,500,000	220,300,000	212,200,000	195,800,000	212,500,000	216,600,000	222,200,000	217,500,000	217,600,000	214,600,000	217,100,000	217,100,000	197,100,000	200,600,000	226,600,000	224,100,000	218,000,000	212,900,000
deferred income taxes	42,900,000	-533,800,000	-6,300,000	5,000,000	-81,200,000	-6,600,000	13,500,000	-10,600,000	-43,100,000	15,200,000	13,800,000	-36,700,000	17,700,000	35,600,000	15,700,000	7,000,000	10,900,000	28,500,000	47,600,000	5,000,000	105,000,000	30,600,000	24,400,000	19,800,000	10,300,000	28,500,000	-1,000,000		-94,400,000	-76,700,000	40,100,000	-9,500,000	-45,000,000	-23,600,000	-17,500,000	-6,600,000	44,100,000	42,900,000	-15,600,000	-35,000,000	27,300,000	26,200,000	55,700,000	33,400,000	3,400,000	33,000,000	4,400,000	-24,400,000	-4,600,000	37,400,000	-47,900,000	60,000,000	26,800,000	26,300,000	111,500,000	12,100,000	64,400,000	-2,300,000	15,500,000	115,300,000	-83,400,000	42,400,000	-600,000	-104,200,000	13,800,000	20,800,000	-10,800,000
tax reform repatriation	0																							0	3,200,000	0	46,200,000	-69,700,000	310,300,000	310,300,000
gain on sale of business
business and asset actions	24,100,000			0	0			0	59,000,000
undistributed earnings of equity method investments	-8,400,000	-81,000,000	-48,400,000		-5,900,000			-131,100,000	-52,000,000			-29,900,000	16,000,000	-83,500,000	-117,300,000	-60,400,000	-19,100,000	-47,900,000	-10,800,000
gain on sale of assets and investments	-34,600,000	-2,200,000	-10,100,000	-8,100,000	-5,100,000	-16,800,000	-1,400,000	-10,600,000	-1,300,000	-1,600,000	-2,300,000	-2,700,000	-9,600,000	-11,000,000	-800,000	-6,900,000	-4,100,000	-25,100,000	-1,100,000	-8,900,000	3,600,000	-39,400,000	-1,100,000		-15,200,000	-1,600,000	-700,000		-2,400,000	-600,000	-16,400,000	-1,400,000	-1,500,000	-5,000,000																	-2,600,000	-700,000	-200,000	-4,900,000									1,900,000			-6,200,000	-6,700,000
share-based compensation	11,000,000	38,300,000	16,400,000	15,600,000	17,700,000	14,700,000	13,800,000	14,100,000	14,600,000	15,100,000	16,100,000	11,400,000	10,500,000	10,700,000	15,800,000	9,900,000	12,200,000	12,600,000	9,800,000	14,100,000	12,500,000	13,000,000	13,900,000	10,200,000	9,800,000	11,900,000	9,300,000	8,400,000	22,500,000	11,800,000	12,500,000	8,900,000	9,500,000	9,000,000	9,000,000	9,100,000	9,300,000	10,200,000	8,400,000	12,500,000	12,900,000	11,900,000	11,500,000	9,100,000	11,600,000	11,800,000	10,500,000	10,600,000	12,300,000	10,100,000	7,600,000	8,800,000	15,600,000	11,800,000	11,700,000	11,200,000	11,700,000	10,200,000	12,000,000	7,700,000	15,000,000	12,600,000	17,500,000	14,100,000	15,900,000	17,100,000	17,800,000
noncurrent lease receivables	12,100,000	13,000,000	15,000,000	57,000,000	19,000,000	20,200,000	20,000,000	18,700,000	21,400,000	20,100,000	19,400,000	28,500,000	21,600,000	22,100,000	21,800,000	20,500,000	34,900,000	21,500,000	21,900,000	22,500,000	22,000,000	23,600,000	23,500,000
other adjustments	119,200,000	34,800,000	-122,600,000	147,400,000	9,900,000	-6,800,000	33,300,000	-255,300,000	81,400,000	-28,100,000	99,000,000	-165,700,000	-38,200,000	-51,600,000	-49,400,000	-89,900,000	-20,300,000	-25,800,000	19,300,000	8,800,000	53,600,000	23,200,000	30,800,000		2,800,000	-16,200,000	12,700,000	154,800,000	44,700,000	5,300,000	54,700,000	76,700,000	23,300,000	10,700,000	71,600,000	68,600,000	57,000,000	-42,000,000	115,100,000	-4,300,000	1,900,000	-60,500,000	-41,800,000	27,800,000	60,800,000	14,200,000	-238,100,000	68,800,000	32,100,000	60,800,000	75,900,000	500,000	30,200,000	17,900,000	10,300,000	7,700,000	22,100,000	29,600,000	-44,500,000	30,100,000	46,800,000
working capital changes that provided (used) cash, excluding effects of acquisitions:
trade receivables	-24,500,000	-19,100,000	-47,800,000	-100,600,000	-41,300,000	19,100,000	11,800,000	179,900,000	-211,200,000	121,600,000	40,400,000	-85,500,000	-186,600,000	-70,400,000	-132,700,000	-46,200,000	-9,500,000	-30,700,000	-44,100,000	149,400,000	5,700,000	-112,800,000	900,000		-84,100,000	18,200,000	-73,600,000		-30,200,000	-34,200,000	-47,900,000	28,100,000	-96,100,000	42,300,000	126,700,000	-221,600,000	-63,900,000	97,100,000	-4,100,000	-49,200,000	1,300,000	22,300,000	74,400,000	4,900,000	-64,300,000	-17,700,000	93,700,000	-106,700,000	-33,200,000	51,000,000	16,800,000	-58,000,000	-41,700,000	27,800,000	2,000,000	-23,500,000	-70,500,000	-11,500,000	8,800,000	-27,000,000	-6,300,000	64,600,000	101,700,000	-38,000,000	-85,200,000	-77,400,000	-42,000,000
inventories	-11,200,000	-30,800,000	6,400,000	-26,800,000	-38,300,000	-24,100,000	-48,600,000	4,100,000	-21,200,000	-9,500,000	-102,800,000	-13,500,000	-23,500,000	-23,600,000	-33,700,000	-10,800,000	-11,000,000	-15,500,000	-9,900,000	20,100,000	-8,800,000	-8,100,000	-8,400,000		700,000	-3,800,000	-10,400,000		5,500,000	-8,400,000	-38,400,000	24,100,000	10,800,000	9,900,000	-6,900,000	29,300,000	24,500,000	-14,000,000	5,900,000	16,400,000	2,000,000	-16,000,000	-36,100,000	-21,000,000	21,700,000	11,900,000	6,500,000	15,400,000	10,600,000	42,500,000	20,100,000	1,100,000	3,400,000	-23,300,000	-57,900,000	-28,700,000	-5,000,000	-10,200,000	-56,400,000	-18,100,000	30,900,000	12,000,000	-53,700,000	-3,500,000	-8,600,000	-27,300,000	1,900,000
other receivables	-109,300,000	-2,500,000	9,000,000	-48,000,000	114,000,000	32,900,000	-64,500,000	4,700,000	-35,500,000	-56,300,000	-6,700,000	21,000,000	-36,600,000	-200,000	14,000,000	21,900,000	37,900,000	45,800,000	-30,100,000	107,600,000	-22,500,000	-2,100,000	1,400,000	9,200,000	21,000,000	39,300,000	10,300,000	27,700,000	23,200,000	23,800,000	44,700,000	-38,400,000	125,600,000	-7,200,000	61,900,000	-16,700,000	-33,700,000	-23,700,000	101,600,000	22,900,000	-47,900,000	-27,300,000	-29,900,000	600,000	-2,800,000	-900,000	-11,100,000	-10,200,000	8,700,000	-64,400,000	-26,900,000	-5,600,000	6,000,000	8,200,000	11,200,000	-8,000,000	-600,000	11,600,000		11,800,000	33,800,000	56,500,000	-74,200,000
payables and accrued liabilities	-167,400,000	-78,200,000	30,500,000	-163,600,000	125,900,000	-32,500,000	-268,500,000	162,100,000	75,900,000	-193,700,000	-257,600,000	212,400,000	197,000,000	-44,500,000	167,600,000	48,100,000	4,100,000	111,500,000	24,200,000	152,800,000	-72,900,000	3,600,000	-115,400,000		30,700,000	-70,100,000	-55,400,000		-260,400,000	-113,500,000	263,700,000	78,700,000	-189,000,000	10,400,000	24,400,000	259,100,000	-113,100,000	-113,400,000	-21,100,000	107,100,000	66,800,000	5,000,000	-109,200,000	4,400,000	-64,800,000	-65,200,000	9,500,000	10,500,000	-157,600,000	7,300,000	219,700,000	24,100,000	64,100,000	-58,200,000	135,200,000	66,300,000	-4,600,000	-229,300,000	22,300,000	-289,900,000	-55,600,000	-214,700,000	-42,900,000	-1,300,000	12,700,000	-85,900,000	-24,200,000
other working capital	-53,600,000	-556,400,000	-14,600,000	392,000,000	89,800,000	-111,900,000	200,000	-16,200,000	21,900,000	-113,800,000	-10,900,000	41,100,000	20,600,000	-130,200,000	-8,500,000	41,900,000	31,500,000	-94,900,000	-47,500,000	33,700,000	-51,200,000	-71,500,000	-41,600,000	17,900,000	-13,100,000	-53,600,000	57,500,000		13,300,000	5,500,000	-104,000,000	1,400,000	-83,000,000	31,600,000	-61,300,000	17,300,000	-34,000,000	20,600,000	1,600,000	35,400,000	-56,700,000	15,400,000	41,700,000	-27,400,000	23,400,000	15,200,000	-44,200,000	-24,000,000	20,100,000	-16,000,000	-64,400,000	126,500,000	-142,400,000	45,700,000	15,900,000	8,300,000	-56,000,000	34,000,000	44,300,000	-76,100,000	99,100,000
cash from operating activities	855,800,000	328,100,000	811,700,000	957,000,000	1,261,400,000	801,700,000	626,600,000	1,002,300,000	845,400,000	638,700,000	719,300,000	957,400,000	908,200,000	519,800,000	785,200,000	826,300,000	928,600,000	805,600,000	774,700,000	1,251,500,000	774,700,000	571,500,000	667,000,000	966,500,000	717,600,000	630,600,000	655,200,000	691,400,000	1,110,100,000	564,100,000	920,700,000	752,200,000	286,900,000	574,300,000	873,100,000	746,800,000	514,000,000	573,500,000	779,900,000	690,700,000	480,600,000	486,600,000	602,400,000	559,300,000	478,500,000	546,200,000	501,900,000	453,000,000	319,800,000	278,400,000	520,500,000	513,400,000	300,500,000	430,700,000	624,500,000	502,000,000	290,100,000	336,600,000	489,200,000	193,900,000	403,500,000	254,500,000	199,200,000	472,700,000	266,000,000	368,000,000	425,100,000
investing activities
additions to plant and equipment, including long-term deposits	-1,495,800,000	-1,891,500,000	-2,117,600,000	-2,075,200,000	-1,606,600,000	-1,669,400,000	-1,445,500,000	-1,462,900,000	-1,322,400,000	-1,006,900,000	-834,200,000	-787,400,000	-705,500,000	-769,800,000	-663,800,000	-616,400,000	-620,000,000	-563,600,000	-664,200,000	-463,800,000
acquisitions, less cash acquired												0	0	-30,500,000	-34,600,000	-700,000									-700,000				-271,400,000	-237,100,000									0	0	-11,900,000	-22,600,000					-99,300,000				-689,600,000	-147,400,000			-900,000				0	-9,900,000	-28,200,000	0	-1,600,000	-1,400,000	-300,000	-1,400,000	-506,800,000
investment in and advances to unconsolidated affiliates	0							0	0			-7,500,000	0	-18,200,000	-1,632,700,000	-100,000	-6,100,000			0	-1,700,000	-15,600,000	-7,100,000		-14,300,000						0	800,000	-100,000	-8,800,000					0								1,100,000	0			0	-154,200,000	0	-21,200,000	200,000	-21,800,000			-100,000	-3,000,000	-1,000,000	0	-100,000				1,100,000
investment in financing receivables	-18,000,000	-20,500,000	-15,300,000	-6,800,000	-3,800,000	-90,600,000	-301,800,000	-100,000
proceeds from sale of assets and investments	148,900,000	2,100,000	34,400,000	1,852,500,000	6,100,000	16,000,000	4,200,000	12,100,000	6,100,000	3,200,000	4,000,000	13,400,000	7,500,000	24,200,000	1,100,000	7,500,000	15,200,000	12,200,000	2,600,000	6,000,000	6,300,000	52,800,000	15,200,000	2,300,000	5,000,000	2,700,000	1,100,000	3,000,000	34,400,000	10,600,000	21,800,000	7,200,000	2,100,000	11,400,000	8,900,000	6,000,000	23,400,000	47,200,000	40,200,000	4,300,000	7,100,000	3,700,000	11,600,000	22,800,000	5,700,000	5,500,000	27,400,000	19,000,000	3,600,000	2,800,000	39,000,000	1,000,000	600,000	11,900,000	19,300,000	11,000,000	18,100,000	33,200,000	19,800,000	13,100,000	5,100,000	6,100,000	18,900,000	4,300,000	5,500,000	9,000,000	29,600,000
purchases of short-term investments
proceeds from short-term investments
other investing activities	51,800,000	31,900,000	29,000,000	26,500,000	15,800,000	17,200,000	12,900,000	0	56,000,000	-52,900,000	1,700,000	100,000	400,000	100,000	6,400,000	1,700,000	1,000,000	-200,000	3,300,000	1,000,000	1,000,000	0	1,900,000		-1,900,000	-400,000	3,100,000		-2,600,000	1,500,000	-800,000	100,000	-100,000	-1,500,000	0	800,000	-4,500,000	2,000,000	-800,000	-2,100,000	-700,000	2,200,000	-2,200,000	1,200,000			800,000	-1,300,000	100,000	-1,600,000
cash from investing activities	-1,261,600,000	-2,237,300,000	-2,182,100,000	-145,400,000	-1,547,800,000	-1,560,400,000	-1,665,600,000	-1,516,600,000	-1,923,800,000	-2,219,800,000	-256,200,000	-1,013,100,000	-208,300,000	-916,700,000	-1,719,100,000	-414,900,000	-1,734,800,000	-601,400,000	18,200,000	770,900,000	-3,624,500,000	-445,700,000	-260,700,000		-553,400,000	-655,600,000	-226,500,000	1,057,500,000	-544,900,000	-484,900,000	393,100,000	141,600,000	-1,714,300,000	-238,100,000	-249,600,000	-255,700,000	-165,300,000	-301,400,000	-360,700,000	-399,200,000	-376,600,000	-463,200,000	-407,900,000	-438,700,000	-405,800,000	-385,600,000	-478,800,000	-516,000,000	-346,400,000	-355,800,000	-993,900,000	-677,700,000	-406,600,000	-357,000,000	-361,000,000	-370,700,000	-203,700,000	-276,800,000	-248,600,000	-275,400,000	-228,000,000	-245,600,000	-305,300,000	-270,700,000	-253,400,000	-400,100,000	-730,500,000
financing activities
long-term debt proceeds	1,975,700,000	1,543,300,000	459,200,000	558,400,000	470,900,000	2,838,600,000	810,400,000	1,399,900,000	224,700,000	1,415,300,000	476,300,000	409,200,000	269,500,000	35,900,000	51,600,000	18,000,000	68,100,000			100,000								0	500,000		200,000	900,000	100,000	1,200,000	573,500,000				800,000	700,000	336,400,000	900,000	403,700,000	18,100,000	37,800,000	1,400,000	405,100,000	18,100,000	426,700,000	77,300,000	490,800,000	9,500,000	0	400,100,000	350,600,000	16,200,000	4,500,000	38,500,000	115,300,000	53,100,000	6,600,000	5,300,000	109,000,000	19,100,000	301,100,000	160,500,000
payments on long-term debt	-47,800,000	-320,200,000	-12,100,000	-409,500,000	-12,000,000	-9,900,000	-54,800,000	-9,600,000	-9,800,000	-400,100,000	-195,900,000	0	0	0	-400,000,000	-100,000	-446,900,000	-14,800,000	-1,100,000	-403,200,000	0	-600,000	-2,800,000		-2,700,000	-100,000	-2,600,000		-409,200,000	-408,600,000	-400,000	-13,800,000	-455,300,000	-14,400,000	-358,700,000	-56,100,000	-4,700,000	-65,500,000	-149,500,000	-174,600,000	-346,100,000	-38,500,000	-16,900,000	-100,500,000	-57,200,000	-434,000,000	-21,800,000	-23,700,000	-327,000,000	-65,000,000	-13,000,000	-469,000,000	-5,300,000	-3,300,000	-4,700,000	-10,300,000	-34,500,000	-137,600,000	-326,600,000	-26,000,000	-25,800,000	-2,800,000	-41,400,000	-3,100,000	-53,100,000	-41,600,000	-19,100,000
net increase in commercial paper and short-term borrowings							1,020,900,000	-299,100,000	583,600,000	-12,200,000	-4,100,000	-237,100,000	44,100,000	97,800,000	113,100,000	-37,700,000	5,100,000	29,100,000	4,500,000					-33,800,000										-772,200,000	290,600,000	-435,000,000	-45,300,000	45,500,000	162,000,000	67,700,000	300,000	54,000,000	-274,000,000	51,800,000	31,800,000	339,100,000	-343,100,000	176,400,000	-104,700,000	709,100,000	181,300,000	18,700,000			-177,600,000	70,600,000				-51,600,000	-84,000,000	37,500,000	145,700,000	-320,900,000	-35,200,000	120,100,000	431,400,000
dividends paid to shareholders	-398,300,000	-393,800,000	-393,600,000	-393,500,000	-393,500,000	-389,000,000	-388,900,000	-388,700,000	-388,700,000	-359,800,000	-359,400,000	-359,400,000	-359,200,000	-332,600,000	-332,100,000	-332,000,000	-332,000,000	-296,500,000	-296,200,000	-296,000,000	-295,900,000	-256,000,000	-255,700,000		-255,300,000	-241,600,000	-241,500,000		-415,500,000	-207,500,000	-207,000,000	-206,900,000	-187,100,000	-186,900,000	-186,300,000	-185,800,000	-174,700,000	-174,400,000	-174,100,000	-174,000,000	-165,000,000	-164,400,000	-164,000,000	-163,500,000	-150,300,000	-149,900,000	-148,800,000	-147,900,000	-132,900,000	-136,000,000	-135,500,000	-135,300,000	-122,200,000	-121,900,000	-123,700,000	-122,900,000	-105,300,000	-104,800,000	-104,100,000	-95,100,000	-94,500,000	-92,200,000	-92,100,000	-92,700,000	-81,500,000	-81,900,000	-82,400,000
proceeds from stock option exercises	0	0	1,100,000	1,700,000	500,000	400,000	5,300,000	4,500,000	2,400,000	3,100,000	14,000,000	3,000,000	1,900,000	1,100,000	13,300,000	2,500,000	3,400,000	3,100,000	1,600,000	10,900,000	3,000,000	14,700,000	5,500,000	4,800,000	17,900,000	40,700,000	4,700,000	18,000,000	52,700,000	34,400,000	30,200,000	18,300,000	9,200,000	10,700,000	65,100,000	40,700,000	25,200,000	10,300,000	28,800,000	15,300,000	35,100,000	42,100,000	35,100,000	48,800,000	37,800,000	19,900,000	93,300,000	70,400,000	35,700,000	27,000,000	35,600,000	12,800,000	68,000,000	7,900,000	23,800,000	51,800,000	35,800,000	36,800,000	45,800,000	27,700,000	8,100,000	5,700,000	1,100,000	39,100,000	8,800,000	33,000,000	41,500,000
investments by noncontrolling interests	130,200,000	74,800,000	280,900,000	149,800,000	136,100,000	108,100,000	34,500,000	46,100,000	116,000,000
other financing activities	-19,700,000	-20,300,000	-39,800,000	-6,800,000	-15,400,000	-45,700,000	-64,600,000	-126,500,000	-32,700,000	-30,100,000	-16,500,000	-25,200,000	17,200,000	-2,700,000	-31,000,000	-5,100,000	2,400,000	-9,800,000	-15,900,000	-25,700,000	-44,800,000	-2,700,000	-6,900,000		-5,200,000	-400,000	-12,400,000		-21,700,000	-18,700,000	-10,100,000	-8,500,000	-9,800,000	-12,900,000	-9,500,000	-9,400,000	-6,200,000	-18,800,000	-11,500,000	-11,200,000	-14,700,000	-19,400,000	-11,300,000	-9,100,000	-7,900,000	-18,800,000	-6,300,000	-8,900,000	-18,100,000	-1,800,000	-10,800,000	-2,900,000	-13,100,000	-100,000	-28,600,000	-3,600,000	-500,000	1,300,000	1,700,000
cash from financing activities	1,209,200,000	1,550,900,000	274,200,000	-232,300,000	135,200,000	1,349,700,000	1,362,800,000	510,700,000	495,500,000	689,000,000	-85,600,000	-188,500,000	-26,500,000	-200,500,000	-585,100,000	-217,800,000	-699,900,000	-196,100,000	-307,100,000	-720,800,000	4,543,300,000	-267,500,000	-270,300,000		-201,000,000	-170,000,000	-289,800,000		-815,600,000	-641,100,000	-186,500,000	-192,600,000	-687,300,000	-974,500,000	379,700,000	-251,900,000	-200,900,000	-198,000,000	-416,700,000	-272,100,000	-144,700,000	-111,900,000	-21,600,000	-145,000,000	-99,500,000	-238,200,000	-9,700,000	82,400,000	-114,400,000	157,100,000	559,200,000	-564,500,000	15,200,000	-88,300,000	-252,100,000	23,500,000	-65,300,000	-190,600,000	-279,700,000	-83,700,000	-187,700,000	-44,900,000	122,900,000	-334,000,000	-226,100,000	21,900,000	299,800,000
effect of exchange rate changes on cash	29,500,000	4,200,000	-38,000,000	24,700,000	-8,100,000	-18,600,000	21,800,000	-17,700,000	-21,800,000	3,500,000	42,500,000	-61,800,000	-64,700,000	-7,600,000	3,800,000	-16,300,000	11,400,000	-16,500,000	49,200,000	30,000,000	7,800,000	-44,300,000	21,400,000		-2,300,000	7,600,000	-6,900,000		28,200,000	14,000,000	11,900,000	9,300,000	8,400,000	-16,200,000	3,800,000	-3,200,000	8,300,000	-1,400,000	-11,400,000	200,000	-2,400,000	-9,300,000	-16,800,000	5,100,000	-3,900,000	4,300,000	17,200,000	-5,400,000	-7,500,000	7,100,000	6,900,000	-29,200,000	4,300,000	-600,000	-19,000,000	5,000,000	2,000,000	3,700,000	8,100,000		2,800,000	-2,800,000	-1,800,000	1,700,000	1,700,000	1,700,000	0
increase in cash and cash items	832,900,000	-354,100,000	-1,134,200,000	604,000,000	-159,300,000	572,400,000	345,600,000				420,000,000			-605,000,000	-1,515,200,000	177,300,000	-1,494,700,000	-1,700,000	535,000,000	1,331,600,000			157,400,000				132,000,000		-206,700,000		941,000,000	463,300,000	1,202,500,000	-664,000,000	986,500,000	201,700,000	34,000,000	72,700,000								-62,800,000				91,200,000	93,200,000				-7,600,000					-165,200,000	-9,400,000	-38,800,000	15,000,000	-12,600,000	42,300,000	56,000,000	-5,600,000
cash and cash items – beginning of year	0	0	2,979,700,000	0	0	0	1,617,000,000	0	0	0	2,711,000,000	0	0	0	4,468,900,000	0	0	0	5,253,000,000	0	0	0	2,248,700,000	0	0	0	2,791,300,000	0	3,273,600,000	3,273,600,000	0	0	0	1,330,800,000	0	0	0	206,400,000	0	0	0	336,600,000		0	0	450,400,000		0	0	454,400,000		0	0	422,500,000		0	0	374,300,000
cash and cash items – end of period	832,900,000	-354,100,000	1,845,500,000	604,000,000	-159,300,000	572,400,000	1,962,600,000	-20,700,000	-604,700,000	-888,600,000	3,131,000,000	-246,400,000	608,700,000	-605,000,000	2,953,700,000	177,300,000	-1,494,700,000	-1,700,000	5,788,000,000	1,331,600,000	1,701,300,000	-186,000,000	2,406,100,000	-448,100,000	-39,100,000	-187,400,000	2,923,300,000	-195,200,000	3,066,900,000	2,722,600,000	941,000,000	463,300,000	1,202,500,000	666,800,000	986,500,000	201,700,000	34,000,000	279,100,000	-8,900,000	19,600,000	-43,100,000	238,800,000		-19,300,000	-30,700,000	387,600,000		17,200,000	-144,000,000	545,600,000		28,200,000	-74,300,000	407,300,000		159,800,000	23,100,000	247,200,000
common stock
balance as of 30 september 2024	0	1,003,800,000	249,400,000
other comprehensive income
dividends on common stock
distributions to noncontrolling interests
issuance of treasury shares for stock option and award plans	-1,000,000
purchase of noncontrolling interests
other equity transactions
balance as of 30 june 2025
less: net income attributable to noncontrolling interests		-6,900,000	32,400,000		12,300,000	8,500,000	12,300,000		14,900,000	10,100,000	11,600,000												13,300,000												6,900,000	7,300,000	7,800,000	8,400,000	5,500,000	14,400,000	6,900,000	12,900,000	-25,000,000	9,500,000	8,000,000	8,900,000	10,200,000	10,000,000	9,200,000	8,900,000	3,600,000	8,000,000	6,200,000	8,200,000	14,300,000	8,500,000	7,200,000	7,300,000	5,900,000	5,000,000
purchases of investments		0	-117,600,000	0	-5,000,000	-80,900,000	-55,500,000	-196,700,000	-152,900,000	-271,300,000	-19,200,000	-389,900,000	-338,500,000	-182,000,000	-727,400,000	-146,900,000	-1,384,800,000	-410,500,000	-158,500,000	-350,000,000					0	0	-5,300,000		-345,700,000	-212,200,000	-204,000,000	-665,400,000
proceeds from investments		6,100,000	5,000,000	57,600,000	45,700,000	247,300,000	120,100,000	131,000,000	154,400,000	20,100,000	591,500,000	158,200,000	827,800,000	59,500,000	1,331,900,000	340,000,000	269,700,000	410,500,000	855,000,000	1,761,000,000	0	0	177,000,000	0	2,600,000	9,900,000	178,000,000	3,000,000	612,900,000	208,900,000	817,200,000	1,073,500,000
increase in commercial paper and short-term borrowings		667,100,000	-21,500,000	-106,600,000
balance as of 31 march 2025
balance as of 31 december 2024			249,400,000
net income (income) from discontinued operations
undistributed earnings to equity method investments
discontinued operations
cash from discontinued operations																0	0											0	15,500,000	-3,100,000	-198,200,000	-247,200,000	3,308,800,000	-9,500,000	-20,500,000	-34,300,000							-157,100,000	0	0	10,500,000	1,000,000	3,200,000	4,500,000	4,400,000	500,000	786,200,000												117,700,000	254,100,000	64,500,000
balance as of 30 september 2021
other comprehensive loss
balance as of 30 september 2022
balance as of 30 september 2023				0	0
balance as of 30 june 2024
decrease in commercial paper and short-term borrowings
balance as of 31 march 2024
(undistributed) distributed earnings of equity method investments							-41,500,000
balance at 30 september 2023							249,400,000
balance at 31 december 2023							249,400,000
facility closure																0	0							0	0	0	29,000,000
decrease in cash and cash items								-20,700,000	-604,700,000																-39,100,000					-551,000,000									-8,900,000	19,600,000	-43,100,000	-97,800,000						17,200,000					-74,300,000	-15,200,000			23,100,000	-127,100,000
balance as of 30 september 2020
balance at 30 september 2022									0	0	249,400,000
dividends to noncontrolling interests
balance at 30 june 2023
balance at 31 march 2023
distributed (undistributed) earnings of equity method investments											17,200,000
balance at 31 december 2022											249,400,000
net (income) income from discontinued operations
balance as of 30 september 2019
investments by noncontrolling interest
income from discontinued operations																			-10,300,000		0													-48,200,000	8,000,000	8,900,000								0	0	-3,100,000		-600,000	-1,100,000	-1,400,000	-1,600,000	-127,300,000
income from continuing operations attributable to air products													582,100,000	530,500,000	560,400,000	558,600,000	525,400,000	473,100,000	471,700,000	486,800,000	446,500,000			503,200,000	488,000,000	421,300,000	347,500,000	452,900,000	572,000,000	155,600,000	474,200,000	104,200,000	304,400,000	251,600,000	402,000,000	355,700,000			344,500,000	318,800,000	290,000,000	324,600,000	102,500,000	314,000,000	283,500,000	287,100,000	150,200,000	287,800,000	289,300,000	276,900,000	137,100,000	357,200,000
balance at 30 september 2021													0	0	249,400,000
balance at 30 june 2022
balance at 31 march 2022
balance at 31 december 2021															249,400,000
(income) income from discontinued operations																-51,800,000	-8,200,000												1,000,000	1,000,000		2,300,000
fiscal year ended 30 september
balance 30 september 2018
cumulative change in accounting principle
balance 30 september 2019
balance 30 september 2020
balance 30 september 2021
less: net income attributable to noncontrolling interest of continuing operations																	-1,300,000	4,000,000	4,700,000
balance at 30 september 2020																	0	0	249,400,000
balance at 30 june 2021
balance at 31 march 2021
investment in and advances to equity method investments																			-20,000,000
balance at 31 december 2020																			249,400,000
loss (income) from discontinued operations
undistributed (earnings) losses of unconsolidated affiliates																				-50,900,000	-9,400,000	-75,400,000	-26,200,000
year ended 30 september
balance 30 september 2017
lu'an joint venture
net decrease in commercial paper and short-term borrowings																					-14,700,000	-22,900,000	-10,400,000			31,400,000	-38,000,000		-22,400,000	-40,700,000		17,400,000																						-315,400,000				-33,300,000
balance at 30 september 2019																					0	0	249,400,000
balance at 30 june 2020
additions to plant and equipment																						-482,900,000	-447,700,000		-544,100,000	-560,100,000	-403,400,000		-572,500,000	-256,600,000	-232,900,000	-274,600,000	-293,000,000	-239,200,000	-258,500,000	-262,500,000	-184,200,000	-350,600,000	-400,100,000	-397,100,000	-371,100,000	-446,500,000	-419,300,000	-462,700,000	-411,100,000	-391,100,000	-408,800,000	-408,100,000	-350,300,000	-357,000,000	-354,500,000	-431,600,000	-385,200,000	-349,700,000	-386,400,000	-352,600,000	-305,800,000	-306,900,000	-273,700,000	-288,800,000	-283,500,000	-324,100,000	-291,700,000	-273,000,000	-258,300,000	-271,200,000
balance at 31 march 2020
balance at 31 december 2019																							249,400,000
undistributed earnings of unconsolidated affiliates																									-29,700,000				3,100,000	34,000,000	-25,700,000	-2,900,000	-24,600,000	-6,900,000	-16,900,000	-27,200,000	-14,700,000	7,000,000	-28,000,000	-16,600,000	-26,700,000	-31,300,000	-39,300,000	-17,500,000			-11,600,000	-21,300,000			-10,800,000	-17,800,000	-14,600,000	-10,400,000	-29,100,000	-10,700,000	-22,600,000	14,900,000	-15,400,000	-8,400,000	-10,500,000	-24,100,000	-10,900,000	-17,000,000	-35,400,000	-7,200,000	-18,900,000
noncurrent capital lease receivables																								22,900,000	24,100,000	22,800,000	24,800,000	23,700,000	47,200,000	23,300,000	22,800,000	24,000,000	23,100,000	22,300,000	24,000,000	21,300,000	27,700,000	12,500,000	-5,600,000	4,800,000	-600,000	-8,100,000	8,200,000	10,700,000	11,100,000	-10,000,000	-27,200,000	-1,000,000	-29,800,000	-93,400,000	-78,400,000	-94,200,000	-48,700,000	-61,200,000	-116,800,000	-57,300,000	-60,700,000	-37,700,000	-12,900,000	-30,700,000	-22,000,000	-15,900,000	-37,000,000	-42,000,000	-70,800,000	-47,700,000	-3,500,000
goodwill and intangible asset impairment charge																															0
equity method investment impairment charge																															0
write-down of long-lived assets associated with cost reduction actions
balance 30 september 2016
spin-off of versum
balance at 30 september 2018																									0	0	249,400,000
balance at 30 june 2019
balance at 31 march 2019
undistributed losses of unconsolidated affiliates																											1,000,000
balance at 31 december 2018																											249,400,000
less: net income attributable to noncontrolling interests of discontinued operations
loss on extinguishment of debt
working capital changes that provided (used) cash, excluding effects of acquisitions and divestitures:
contracts in progress, less progress billings																												15,100,000	-12,200,000		-700,000	-13,600,000	17,600,000	-22,600,000	28,700,000	27,900,000	-15,300,000	-20,000,000	36,500,000	17,100,000	-23,000,000	6,800,000	-4,300,000	-18,700,000	-15,000,000	32,600,000	-12,300,000	37,500,000	-19,100,000	-22,300,000	-26,200,000	-14,800,000	7,700,000	-9,600,000	-4,200,000	-21,700,000
less: cash and cash items – discontinued operations																																		11,300,000
cash and cash items – continuing operations																														2,722,600,000	941,000,000	463,300,000	1,213,800,000	655,500,000															-144,000,000	545,600,000		41,700,000
balance 30 september 2015
tax benefit of stock option and award plans
sales																														254,800,000
cost of sales																													3,300,000	179,000,000
selling and administrative																													2,100,000	20,400,000
research and development																														5,100,000
other income																													700,000	-400,000
operating income																														49,900,000
equity affiliates’ income																														300,000
income before taxes																													-4,700,000	50,200,000
income tax benefit																													-300,000	-50,500,000
income from operations of discontinued operations, net of tax																													-4,400,000	100,700,000
gain on disposal, net of tax																													1,832,500,000
income from discontinued operations, net of tax																													1,828,100,000	100,700,000																																		-19,300,000	-61,200,000	-6,700,000
write-down of long-lived assets associated with restructuring																																	0	45,700,000					19,600,000
loss on disposal, net of tax
(income) income from discontinued operations attributable to air products
gain on previously held equity interest																																							0	0	0	-17,900,000									0
payment for subsidiary shares to noncontrolling interests
balance 30 september 2014
cash dividends
share-based compensation expense
other																																																															-25,600,000	39,300,000	20,600,000	-30,100,000	34,600,000
1.
(gain) loss on sale of assets and investments																																																									-5,300,000	-800,000	-5,700,000
working capital changes that provided (used) cash, excluding effects of acquisitions and
divestitures:
debt issuance costs
excess tax benefit from share-based compensation																																			16,700,000	6,800,000	4,800,000	4,900,000	5,200,000	4,000,000	9,300,000	13,400,000	5,800,000	9,900,000	8,500,000	4,100,000	13,300,000	10,300,000	6,200,000	8,100,000	10,800,000	1,700,000	15,700,000	2,800,000	7,300,000	21,700,000	10,100,000	8,500,000	12,800,000	8,200,000
balance 30 september 2013
loss on early retirement of debt
purchase of treasury shares																																															0	0	0	-461,600,000	0	0
payment for subsidiary shares from noncontrolling interests																																											0				-1,400,000	-12,300,000			0	0	0	-58,400,000
balance 30 september 2012
issuance of treasury shares for stock
option and award plans
supplemental cash flow information
cash paid for taxes																																								106,100,000	93,300,000	62,500,000
benefit from spanish tax ruling																																																			0	0
write-down of long-lived assets associated with restructuring / customer bankruptcy
change in restricted cash																																																			15,200,000	54,500,000	4,400,000	2,000,000	6,800,000	2,600,000	13,500,000	-3,100,000	5,400,000	13,200,000	41,500,000	72,400,000	-31,700,000	-3,300,000	3,400,000	-135,700,000
cash (used for) financing activities
cash and cash items—beginning of year
cash and cash items—end of period
balance 30 september 2011
indura business combination
(decrease) in cash and cash items
net income on airgas transaction																																																							0	0
payment of airgas acquisition-related costs
proceeds from sale of airgas stock																																																							0	0
less: cash and cash items—discontinued operations
cash and cash items—continuing operations
balance 30 september 2010
contribution from noncontrolling interests
pension plan contributions																																																-19,700,000	-8,900,000	-230,000,000
investment in airgas stock																																																											0
significant noncash transactions
short-term borrowings associated with saga acquisition																																																											6,300,000
noncurrent liability related to the purchase of shares from noncontrolling interests																																																											2,200,000
balance 30 september 2009
payment of acquisition-related costs																																																							0	-2,400,000
adjustments to reconcile net income to cash from operating activities:
impairment of assets of continuing operations																																																											0	600,000	35,600,000
impairment of assets of discontinued operations																																																													0	0	48,700,000
customer bankruptcy
proceeds from sale of discontinued operations																																																													38,100,000	0	900,000
purchase of treasury stock																																																							-299,200,000	0								0	-370,500,000	-189,700,000	-125,700,000
cash and cash items—end of year
balance 30 september 2008
defined benefit plans measurement date change, net of tax of 14.0
balance 30 september 2008, adjusted
comprehensive income
translation adjustments, net of tax of
net income on derivatives, net of tax of
unrealized holding gain on available-for-sale securities, net of tax of 1.4
pension and postretirement benefits, net of tax of
reclassification adjustments:
currency translation adjustment
derivatives, net of tax of
pension and postretirement benefits, net of tax of 9.8
translation adjustments, net of tax of 69.5
unrealized holding gain on available-for-sale securities, net of tax of 12.1
derivatives, net of tax of 7.0
available-for-sale securities, net of tax of
pension and postretirement benefits, net of tax of 29.5
significant noncash transactions:
significant noncash transaction:
impairment of assets																																																										600,000					32,100,000
acquisition-related costs																																																										31,500,000	31,500,000
contracts in progress																																																										9,800,000	-38,500,000	9,300,000	18,800,000	17,600,000	-6,600,000	8,900,000	28,900,000	47,000,000	-36,500,000
gain on sale of discontinued operations
net decrease in short-term borrowings
cash paid for interest and taxes
interest
taxes
loss on sale of assets and investments																																																												400,000
cash and cash items — beginning of year																																																												488,200,000	0	0	103,500,000	0	0	40,500,000	0
cash and cash items — end of period																																																												323,000,000	-9,400,000	-38,800,000	118,500,000	-12,600,000	42,300,000	96,500,000	-5,600,000
(a) pension plan contributions																																																												255,700,000		110,900,000	42,600,000
excess tax benefit from share-based compensation/other																																																													1,900,000	1,600,000	600,000	24,500,000	4,300,000	21,500,000	12,100,000
pension and other postretirement costs																																																														32,200,000	20,000,000
income tax provision
income from operations of discontinued operations
impairment/write-down to estimated net realizable value, net of tax
operating activities from continuing operations
income from continuing operations																																																																50,800,000	253,100,000	257,000,000	284,900,000
u.s. healthcare impairment
prepaid expenses																																																																-31,100,000	-23,700,000	47,000,000	81,700,000
investing activities from continuing operations
proceeds from insurance settlements																																																																			0
financing activities from continuing operations
gain on a sale of a chemical facility
impairment of loans receivable
investing activities from continuing operations additions to plant and equipment
financing activities from continuing operations long-term debt proceeds

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