Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.50B | $8.19B | $8.93B | $8.92B | $8.86B | $10.3B | $12.7B | $12.6B | $12.1B | $12.0B |
| Revenue growth | — | 9.1% | 9.1% | -0.1% | -0.7% | 16.6% | 23.0% | -0.8% | -4.0% | -0.5% |
| Gross profit | $2.33B | $2.44B | $2.74B | $2.91B | $3.00B | — | — | — | — | — |
| Gross margin | 31.0% | 29.8% | 30.7% | 32.7% | 33.9% | — | — | — | — | — |
| Operating income | $1.54B | $1.44B | $1.97B | $2.14B | $2.24B | $2.28B | $2.34B | $2.49B | $4.47B | -$877M |
| Operating margin | 20.5% | 17.6% | 22.0% | 24.0% | 25.3% | 22.1% | 18.4% | 19.8% | 36.9% | -7.3% |
| Net income | $631M | $3.00B | $1.50B | $1.76B | $1.89B | $2.10B | $2.26B | $2.30B | $3.83B | -$395M |
| Net margin | 8.4% | 36.6% | 16.8% | 19.7% | 21.3% | 20.3% | 17.8% | 18.3% | 31.6% | -3.3% |
| EPS (diluted) | $2.89 | $13.65 | $6.78 | $7.94 | $8.49 | $9.43 | $10.14 | $10.33 | $17.18 | -$1.77 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.26B | $2.53B | $2.55B | $2.97B | $3.26B | $3.34B | $3.17B | $3.21B | $3.65B | $3.26B |
| Capital expenditures | $908M | $1.04B | $1.57B | $1.99B | $2.51B | $2.46B | $2.93B | $4.63B | $6.80B | $7.02B |
| Free cash flow | $1.35B | $1.49B | $979M | $980M | $756M | $871M | $244M | -$1.42B | -$3.15B | -$3.77B |
| Dividends paid | $721M | $788M | $898M | $994M | $1.10B | $1.26B | $1.38B | $1.50B | $1.56B | $1.58B |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $1.29B | $3.27B | $2.79B | $2.25B | $5.25B | $4.47B | $2.71B | $1.62B | $2.98B | $1.86B |
| Total assets | $18.0B | $18.5B | $19.2B | $18.9B | $25.2B | $26.9B | $27.2B | $32.0B | $39.6B | $41.1B |
| Total liabilities | $10.8B | $8.28B | $8.00B | $7.55B | $12.7B | $12.8B | $13.5B | $16.3B | $20.9B | $23.7B |
| Long-term debt | $4.92B | — | — | — | — | — | — | — | — | — |
| Shareholders' equity | $7.08B | $10.1B | $10.9B | $11.1B | $12.1B | $13.5B | $13.1B | $14.3B | $17.0B | $15.0B |
| Retained earnings | $10.5B | $12.8B | $13.4B | $14.1B | $14.9B | $15.7B | $16.5B | $17.3B | $19.5B | $17.6B |
| Shares (wtd avg diluted) | 218M | 220M | 221M | 222M | 222M | 223M | 223M | 223M | 223M | 223M |
Every figure is extracted from Air Products & Chemicals, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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