Air Products and Chemicals, Inc.

NYSE-APD

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Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	-354.4	1,586.5	1,572.2	3,890.6	3,862.4	2,605.8
Net Income
Depreciation & Amortization	1,564.2	1,532.2	1,491.5	1,468.7	1,451.1	1,427.6
Depreciation and Amortization
Stock Based Compensation	76.4	81.3	88	64.4	61.8	60.3
Share-Based Compensation
Other Adjustments	2,769.7	-624.1	-828.4	-368.5	-1,661.8	-627.8
Net Income from Discontinued Operations
Deferred Income Taxes
Income on Extinguishment of Debt
Gain on Previously Held Equity Interest
Facility Closure
Tax Reform Repatriation
Gain on Sale of Business
Business and Asset Actions
Undistributed Earnings of Equity Method Investments
Gain on Sale of Assets and Investments
Goodwill and Intangible Asset Impairment Charge
Equity Method Investment Impairment Charge
Write-Down of Long-Lived Assets Associated with Restructuring
Other Adjustments
Less: Net Income Attributable to Noncontrolling Interests of Continuing Operations
Less: Net Income Attributable to Noncontrolling Interests of Discontinued Operations
Changes in Trade Receivables	-29.2	-342.8	-136.3	-62.7	-76.6	256.6
Trade Receivables
Other Receivables
Changes in Inventories	-35.8	-62.4	-89.5	-82.8	-137.8	-106.9
Inventories
Changes in Accounts Payable	-224	-378.7	-85.4	-39.7	-338.7	-13
Payables and Accrued Liabilities
Changes in Other Operating Activities	-550.2	-171.5	-24.1	412.2	452.1	4.9
Noncurrent Lease Receivables
Contracts in Progress, Less Progress Billings
Other Working Capital
Cash Provided by Operating Activities
Less: Net Income Attributable to Noncontrolling Interests of Continuing Operations
Cash from Operating Activities	3,256.8	2,952.6	3,358.2	3,831.8	3,646.7	3,692
Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-7,022.6	-7,580.1	-7,690.9	-7,468.8	-6,796.7	-6,184.4
Additions to Plant and Equipment, Including Long-Term Deposits
Purchases of Investments	-508	—	-183.9	-206	-141.4	-338.1
Investment in and Advances to Unconsolidated Affiliates
Purchases of Short-Term Investments
Proceeds from Sale of Investments	122.5	180.1	114.4	355.6	470.7	544.1
Proceeds from Short-Term Investments
Payments for Business Acquisitions	-59.9	—	—	—	—	—
Acquisitions, Less Cash Acquired
Other Investing Activities	299.3	2,116.5	1,951.9	1,881	1,548.2	-284
Investment in Financing Receivables
Proceeds from Sale of Assets and Investments
Proceeds from Other Investing Activities
Cash Provided by Investing Activities
Cash from Investing Activities	-7,168.7	-5,826.4	-6,112.6	-5,435.7	-4,919.2	-6,290.4
Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Short-Term Debt	-74.7	108.1	487.6	-1,332.3	-289.9	-482.4
Change in Commercial Paper and Short-Term Borrowings
Net Issuance / (Repayments) of Short-Term Debt	-74.7	108.1	487.6	-1,332.3	-289.9	-482.4
Issuance of Long-Term Debt	4,386.7	4,536.6	3,031.8	4,327.1	4,678.3	5,519.8
Long-Term Debt Proceeds
Repayments of Long-Term Debt	-429.9	-789.6	-753.8	-443.5	-486.2	-86.3
Payments on Long-Term Debt
Net Issuance / (Repayments) of Long-Term Debt	3,956.8	3,747	2,278	3,883.6	4,192.1	5,433.5
Issuance of Common Shares	1.1	—	3.9	3.7	7.9	10.7
Proceeds from Stock Option Exercises
Net Issuance / (Repurchases) of Common Shares	1.1	—	3.9	3.7	7.9	10.7
Common Share Dividends Paid	-1,584.1	-1,579.2	-1,574.4	-1,569.6	-1,564.9	-1,560.1
Dividends Paid to Shareholders
Other Financing Activities	496.1	549.1	559.3	567.2	270.2	72.6
Investments by Noncontrolling Interests
Distributions to Noncontrolling Interests
Other Financing Activities
Cash Provided by Financing Activities
Cash from Financing Activities	2,795.2	2,802	1,728	1,526.8	2,615.4	3,358.4
Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	-3,765.8	-4,627.5	-4,332.7	-3,637	-3,150	-2,492.4
NOPAT	-763.2	1,296.1	1,261.7	3,600.4	3,618	2,286.8
Levered Free Cash Flow	-2,780.8	-1,241	-2,085.6	691.1	2,374.3	2,650.2
Unlevered Free Cash Flow	-7,031.6	-5,364.4	-5,136.7	-2,110	-1,752	-2,585
Net Change in Cash	-1,116.7	-71.8	-1,026.4	-77.1	1,342.9	760