How does Air Products and Chemicals (APD) make money?

Air Products and Chemicals (APD) generates revenue primarily from On-site, which accounted for 52% of total revenue in TTM through Q1 2026. The company reported $12.46B in revenue and converted 16.9% of it into net profit, equivalent to roughly $2.11B in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of Air Products and Chemicals (APD)?

Air Products and Chemicals (APD) reported a gross profit margin of 32% in TTM through Q1 2026, equivalent to $3.99B in gross profit on $12.46B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of Air Products and Chemicals (APD)?

Air Products and Chemicals (APD) reported an operating profit margin of 18.4% in TTM through Q1 2026, equivalent to $2.29B in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of Air Products and Chemicals (APD)?

Air Products and Chemicals (APD) reported a net profit margin of 16.9% in TTM through Q1 2026, equivalent to $2.11B in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is Air Products and Chemicals (APD) profitable?

Yes. Air Products and Chemicals (APD) reported $2.11B in net income for TTM through Q1 2026, with a net profit margin of 16.9%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

How much does Air Products and Chemicals (APD) invest in research and development?

Air Products and Chemicals (APD) invested $93.40M in research and development during TTM through Q1 2026, roughly 0.7% of total revenue. R&D spending funds the company's future product pipeline and is expensed in full on the income statement rather than capitalised, which makes the operating margin sensitive to how aggressively management chooses to reinvest in innovation.

How much does Air Products and Chemicals (APD) spend on capital expenditures?

Air Products and Chemicals (APD) spent $3.01B on capital expenditures (CapEx) during TTM through Q1 2026, roughly 24.2% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does Air Products and Chemicals (APD) generate?

Air Products and Chemicals (APD) generated $1.11B in free cash flow during TTM through Q1 2026, a free-cash-flow margin of 8.9%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What is the effective tax rate of Air Products and Chemicals (APD)?

Air Products and Chemicals (APD) had an effective tax rate of 21.4% in TTM through Q1 2026. The effective rate is the actual share of pre-tax income paid as income taxes and can differ materially from the statutory rate due to foreign earnings mix, tax credits (such as R&D), share-based compensation deductions, and one-off discrete items.

What are the main business segments of Air Products and Chemicals (APD)?

Air Products and Chemicals (APD) reports revenue across 3 reportable product segments, led by On-site at 52% of total revenue in TTM through Q1 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

Where does Air Products and Chemicals (APD) generate most of its revenue?

Americas Segment is the largest geographic market for Air Products and Chemicals (APD), accounting for 44.4% of revenue in the most recent annual filing. The complete regional split — including international markets and any Rest-of-World rollup — is shown in the revenue-by-geography table on this page.

How Air Products and Chemicals Makes Money: 2026 Visual Revenue Map

Air Products and Chemicals (APD) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported April 30, 2026).

Air Products and Chemicals (APD) Revenue by Product Segment — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for Air Products and Chemicals (APD) in TTM through Q1 2026.
Segment	Revenue (USD)	% of total
On-site	$6.49B	52%
Merchant	$5.40B	43.3%
Sale of Equipment	$582.60M	4.7%
Total	$12.46B	100%

On-site$6.49B
Merchant$5.40B
Sale of Equipment$582.60M
Total$12.46B

Air Products and Chemicals (APD) Revenue by Geography — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported regions changed mid-year.

Revenue contribution by geographic region for Air Products and Chemicals (APD), TTM through Q1 2026
Region	Revenue (USD)	% of total
Americas Segment	$5.28B	44.4%
Asia Segment	$3.34B	28.1%
Europe Segment	$3.13B	26.4%
Middle East And India Segment	$129.80M	1.1%
Total	$11.88B	100%

Americas Segment
Asia Segment
Europe Segment
Middle East And India Segment
Total

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, Air Products and Chemicals (APD) reports revenue across 3 operating segments; the largest segment was On-site at 52%, followed by Merchant (43.3%) and Sale of Equipment (4.7%). Separately, by end-market geography, Americas Segment accounted for 44.4% of revenue, followed by Asia Segment (28.1%) and Europe Segment (26.4%).

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