Air Products and Chemicals, Inc.

APDNYSEBasic Materials● Active

$282.35

$-0.50(-0.18%)

Market Cap$62.9B

P/E Ratio—

52W High$307.96

52W Low$229.11

Avg Volume1.2M

Open$283.09

Beta0.75

Overview

Air Products and Chemicals, Inc. (APD) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

APD · free cash flow · updated Jun 8, 2026

Core FCF metrics

APD · FCF · TTM · margin & CAGR

Free cash flow was −$3.77B for FY2025 (fiscal year ending 2025-09-30), down 19.5% year-over-year The FCF margin was -31.3%.

FY2025 Free Cash Flow−$3.77B▼ -19.5% YoY

Trailing 12M (TTM)$1.11BTrailing 4Q sum · TTM positive vs latest FY negative

FCF Margin-31.3%−$3.77B ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

APD · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$3.25B(7.02B)−$3.77B▼ 19.5%-31.3%

FY2024$3.65B(6.80B)−$3.15B▼ 121.8%-26.0%

FY2023$3.21B(4.63B)−$1.42B▼ 567.6%-11.3%

FY2022$3.23B(2.93B)$303.7M▼ 65.4%2.4%

FY2021$3.34B(2.46B)$877.7M▲ +16.1%8.5%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

APD · P/FCF · FCF yield · FCF per share

Air Products and Chemicals, Inc. (APD) trades at a FCF yield of 1.76% and a price-to-free-cash-flow ratio of 56.8x. FCF per share stands at $4.97, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

1.76%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$4.97

TTM FCF ÷ Shares Outstanding

Price / FCF

x56.8

Share Price ÷ FCF per Share

EV / FCF (TTM)

x72.5

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-09-30

Cash flow statement summary

APD · cash flow statement · operating / investing / financing

For FY2025, Air Products and Chemicals, Inc. generated $3.25B in operating cash flow and spent 7.02B in capital expenditures, yielding −$3.77B in free cash flow.

Operating Activities

+$3.25B

Cash from core business operations

2025-09-30

Investing Activities

−$6.58B

CapEx, acquisitions & investments

2025-09-30

Financing Activities

+$2.21B

Buybacks, dividends & debt

2025-09-30

FCF FormulaOperating CF ($3.25B) − |CapEx| (7.02B) = FCF (−$3.77B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Basic Materials)

APD vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Air Products and Chemicals, Inc.YOU

APD

−$3.77B-19.5%-31.3%

Loss

Southern Copper Corporation

Basic Materials · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Air Products and Chemicals, Inc. (APD) reported free cash flow of −$3.77B for FY2025 (fiscal year ending 2025-09-30), down 19.5% year-over-year. The FCF margin was -31.3%.

Based on available data, Air Products and Chemicals, Inc. has maintained positive free cash flow for at least 12 fiscal year(s). FCF peaked at $1.75B in FY2016.

Air Products and Chemicals, Inc.'s FCF yield is 1.76% and price-to-FCF ratio is 56.8x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

APD free cash flow · 8 questions

Air Products and Chemicals, Inc. free cash flow was −$3.77B for FY2025, down 19.5% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $1.11B.

APD free cash flowAPD FCFAPD FCF 2025APD free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Air Products and Chemicals, Inc. · Air Products and Chemicals, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026