TTM
18.4%
YoY change
−44.19pp
Trough year (2025)
-7.3%
Peak year (2024)
36.9%
Latest annual
-7.3%
Operating Margin history chart for Air Products and Chemicals (APD) from 1985 to 2025
Latest: -7.3%
Operating Margin change chart for Air Products and Chemicals (APD) from 1985 to 2025
Latest: −44.19pp
Operating Margin history table for Air Products and Chemicals (APD) from 1985 to 2025
| 2025 | -7.3% | -44.19pp | ||
| 2024 | 36.9% | +17.11pp | ||
| 2023 | 19.8% | +1.38pp | ||
| 2022 | 18.4% | -3.68pp | ||
| 2021 | 22.1% | -3.17pp | ||
| 2020 | 25.3% | +1.22pp | ||
| 2019 | 24.0% | +2.03pp | ||
| 2018 | 22.0% | +4.42pp | ||
| 2017 | 17.6% | -2.87pp | ||
| 2016 | 20.5% | +4.70pp | ||
| 2015 | 15.8% | +2.93pp | ||
| 2014 | 12.8% | -0.18pp | ||
| 2013 | 13.0% | -0.33pp | ||
| 2012 | 13.3% | -2.75pp | ||
| 2011 | 16.1% | +0.70pp | ||
| 2010 | 15.4% | +5.14pp | ||
| 2009 | 10.3% | -4.11pp | ||
| 2008 | 14.4% | -0.67pp | ||
| 2007 | 15.0% | +3.11pp | ||
| 2006 | 11.9% | -0.30pp | ||
| 2005 | 12.2% | +0.36pp | ||
| 2004 | 11.9% | +2.43pp | ||
| 2003 | 9.4% | -4.65pp | ||
| 2002 | 14.1% | +1.05pp | ||
| 2001 | 13.0% | -2.16pp | ||
| 2000 | 15.2% | +1.15pp | ||
| 1999 | 14.0% | -2.83pp | ||
| 1998 | 16.9% | +1.76pp | ||
| 1997 | 15.1% | +0.37pp | ||
| 1996 | 14.7% | -0.17pp | ||
| 1995 | 14.9% | +0.97pp | ||
| 1994 | 13.9% | +3.68pp | ||
| 1993 | 10.3% | -4.40pp | ||
| 1992 | 14.7% | +0.69pp | ||
| 1991 | 14.0% | +0.53pp | ||
| 1990 | 13.4% | -0.17pp | ||
| 1989 | 13.6% | -1.33pp | ||
| 1988 | 14.9% | +0.40pp | ||
| 1987 | 14.5% | +1.60pp | ||
| 1986 | 12.9% | -0.35pp | ||
| 1985 | 13.3% | — |
- 2025-7.3%-44.19pp
- 202436.9%+17.11pp
- 202319.8%+1.38pp
- 202218.4%-3.68pp
- 202122.1%-3.17pp
- 202025.3%+1.22pp
- 201924.0%+2.03pp
- 201822.0%+4.42pp
- 201717.6%-2.87pp
- 201620.5%+4.70pp
- 201515.8%+2.93pp
- 201412.8%-0.18pp
- 201313.0%-0.33pp
- 201213.3%-2.75pp
- 201116.1%+0.70pp
- 201015.4%+5.14pp
- 200910.3%-4.11pp
- 200814.4%-0.67pp
- 200715.0%+3.11pp
- 200611.9%-0.30pp
- 200512.2%+0.36pp
- 200411.9%+2.43pp
- 20039.4%-4.65pp
- 200214.1%+1.05pp
- 200113.0%-2.16pp
- 200015.2%+1.15pp
- 199914.0%-2.83pp
- 199816.9%+1.76pp
- 199715.1%+0.37pp
- 199614.7%-0.17pp
- 199514.9%+0.97pp
- 199413.9%+3.68pp
- 199310.3%-4.40pp
- 199214.7%+0.69pp
- 199114.0%+0.53pp
- 199013.4%-0.17pp
- 198913.6%-1.33pp
- 198814.9%+0.40pp
- 198714.5%+1.60pp
- 198612.9%-0.35pp
- 198513.3%—
Operating Margin values are taken from Air Products and Chemicals's reported income statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
About Operating Margin at Air Products and Chemicals (APD)
According to Air Products and Chemicals's latest reported financial statements, the company's latest reported operating margin is 18.4%. Operating margin is operating income divided by revenue — the share of each sales dollar left after cost of goods sold and operating expenses (SG&A, R&D), but before interest and taxes. It isolates how profitable the core business is before financing and tax decisions, so it is comparable across companies with different capital structures.
Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .
The 2025 reading of Air Products and Chemicals (APD) operating margin is -7.29% – contracted 44.2 percentage points year-over-year.
The record annual operating margin stands at 36.91%, reached in 2024; the historical low of -7.29% was recorded in 2025.
Air Products and Chemicals Operating Margin by Year
Air Products and Chemicals Operating Margin 2025: -7.3%
In 2025, Air Products and Chemicals reported operating margin of -7.29%, contracted 44.2 percentage points from 2024. This figure represents the lowest annual value in the available history.
Air Products and Chemicals Operating Margin 2024: 36.9%
Air Products and Chemicals operating margin in 2024 was 36.91%, expanded 17.1 percentage points from 2023. This figure represents the highest annual value in the available history.
Air Products and Chemicals Operating Margin 2023: 19.8%
2023's operating margin for Air Products and Chemicals came in at 19.80%, expanded 1.4 percentage points from 2022.
Air Products and Chemicals Operating Margin 2022: 18.4%
Air Products and Chemicals posted operating margin of 18.42% in 2022, contracted 3.7 percentage points from 2021.
Air Products and Chemicals Operating Margin 2021: 22.1%
Air Products and Chemicals operating margin in 2021 was 22.10%.
See more financial history for Air Products and Chemicals (APD).
Sector peers by Operating Margin
Basic Materials peers of Air Products and Chemicals (APD), ranked by their latest operating margin
| 56.9% | |
| 54.6% | |
| 52.6% | |
| 28.8% | |
| 27.8% | |
| 17.5% | |
| 16.1% | |
| 13.2% |
- 52.6%
- 28.8%
- 17.5%
- 13.2%
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Air Products and Chemicals (APD) Key Financials
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