Air Products and Chemicals, Inc. reported a challenging fiscal year 2025, concluding on September 30, 2025, with total sales of $12.0 billion, a slight decrease of 1% from the previous year. The decline was primarily attributed to a 4% drop in sales volume, which was partially offset by a 2% increase in energy cost pass-through to customers and a 1% rise in pricing for non-helium merchant products. The company experienced an operating loss of $877 million, a significant shift from the operating income of $4.5 billion reported in fiscal year 2024, largely due to approximately $3.7 billion in pre-tax charges related to business and asset actions.
In terms of strategic developments, Air Products undertook a portfolio reshaping initiative under new CEO Eduardo Menezes, who joined in February 2025. This included the cancellation and descoping of several large energy transition projects, which were deemed unviable under current market conditions. The company also focused on enhancing operational efficiency through targeted productivity initiatives and disciplined capital allocation, aiming to improve execution and reduce capital expenditures over time.
Operationally, Air Products reported a total employee headcount of approximately 21,300 as of September 30, 2025, with over 99% of employees working full-time. The company continues to maintain a diverse customer base across various industries, including refining, chemicals, and electronics, with no single customer accounting for more than 10% of consolidated sales. The company’s equity affiliates contributed income of $647.7 million, remaining flat compared to the previous year, with increased contributions from Europe and Asia offset by declines in other regions.
Looking ahead, Air Products expressed optimism about its long-term growth prospects, particularly in the industrial gases and clean energy sectors. The company anticipates earnings growth in fiscal year 2026, driven by new plant onstreams, continued pricing discipline, and productivity improvements. Despite the challenges faced in fiscal year 2025, Air Products remains committed to cost control and reducing capital expenditures while rewarding shareholders through consistent dividend payments, marking 43 consecutive years of dividend increases.
About Air Products & Chemicals, Inc.
Air Products and Chemicals, Inc. is a global industrial gases company providing atmospheric, process, and specialty gases, along with related equipment and applications expertise. Serving diverse industries such as refining, chemicals, metals, electronics, manufacturing, medical, and food, it operates regional businesses supported by pipeline networks and long-term contracts. The company also develops and operates large-scale clean hydrogen projects, emphasizing sustainability and low-carbon energy solutions worldwide.
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