00000029699/302025Q3false.3335050http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensexbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureapd:renewalapd:positioniso4217:EURapd:borrowingiso4217:BRLapd:siteapd:surfaceImpoundmentUnitapd:segment00000029692024-10-012025-06-300000002969us-gaap:CommonClassAMember2024-10-012025-06-300000002969apd:A0500EuroNotesDue2028Member2024-10-012025-06-300000002969apd:A2.950NotesDue2031Member2024-10-012025-06-300000002969apd:A0800EuroNotesDue2032Member2024-10-012025-06-300000002969apd:A3.250EuroNotesDue2032Member2024-10-012025-06-300000002969apd:A4000EuroNotesDue2035Member2024-10-012025-06-300000002969apd:A3.450NotesDue2037Member2024-10-012025-06-3000000029692025-06-3000000029692025-04-012025-06-3000000029692024-04-012024-06-3000000029692023-10-012024-06-3000000029692024-09-300000002969us-gaap:NonrelatedPartyMember2025-06-300000002969us-gaap:NonrelatedPartyMember2024-09-300000002969us-gaap:RelatedPartyMember2025-06-300000002969us-gaap:RelatedPartyMember2024-09-300000002969apd:NEOMGreenHydrogenCompanyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-06-300000002969apd:NEOMGreenHydrogenCompanyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-09-3000000029692023-09-3000000029692024-06-300000002969us-gaap:CommonStockMember2024-09-300000002969us-gaap:AdditionalPaidInCapitalMember2024-09-300000002969us-gaap:RetainedEarningsMember2024-09-300000002969us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300000002969us-gaap:TreasuryStockCommonMember2024-09-300000002969us-gaap:ParentMember2024-09-300000002969us-gaap:NoncontrollingInterestMember2024-09-300000002969us-gaap:RetainedEarningsMember2024-10-012025-06-300000002969us-gaap:ParentMember2024-10-012025-06-300000002969us-gaap:NoncontrollingInterestMember2024-10-012025-06-300000002969us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-10-012025-06-300000002969us-gaap:AdditionalPaidInCapitalMember2024-10-012025-06-300000002969us-gaap:TreasuryStockCommonMember2024-10-012025-06-300000002969us-gaap:CommonStockMember2025-06-300000002969us-gaap:AdditionalPaidInCapitalMember2025-06-300000002969us-gaap:RetainedEarningsMember2025-06-300000002969us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300000002969us-gaap:TreasuryStockCommonMember2025-06-300000002969us-gaap:ParentMember2025-06-300000002969us-gaap:NoncontrollingInterestMember2025-06-300000002969us-gaap:CommonStockMember2023-09-300000002969us-gaap:AdditionalPaidInCapitalMember2023-09-300000002969us-gaap:RetainedEarningsMember2023-09-300000002969us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300000002969us-gaap:TreasuryStockCommonMember2023-09-300000002969us-gaap:ParentMember2023-09-300000002969us-gaap:NoncontrollingInterestMember2023-09-300000002969us-gaap:RetainedEarningsMember2023-10-012024-06-300000002969us-gaap:ParentMember2023-10-012024-06-300000002969us-gaap:NoncontrollingInterestMember2023-10-012024-06-300000002969us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-10-012024-06-300000002969us-gaap:AdditionalPaidInCapitalMember2023-10-012024-06-300000002969us-gaap:TreasuryStockCommonMember2023-10-012024-06-300000002969us-gaap:CommonStockMember2024-06-300000002969us-gaap:AdditionalPaidInCapitalMember2024-06-300000002969us-gaap:RetainedEarningsMember2024-06-300000002969us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300000002969us-gaap:TreasuryStockCommonMember2024-06-300000002969us-gaap:ParentMember2024-06-300000002969us-gaap:NoncontrollingInterestMember2024-06-300000002969us-gaap:CommonStockMember2025-03-310000002969us-gaap:AdditionalPaidInCapitalMember2025-03-310000002969us-gaap:RetainedEarningsMember2025-03-310000002969us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310000002969us-gaap:TreasuryStockCommonMember2025-03-310000002969us-gaap:ParentMember2025-03-310000002969us-gaap:NoncontrollingInterestMember2025-03-3100000029692025-03-310000002969us-gaap:RetainedEarningsMember2025-04-012025-06-300000002969us-gaap:ParentMember2025-04-012025-06-300000002969us-gaap:NoncontrollingInterestMember2025-04-012025-06-300000002969us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300000002969us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300000002969us-gaap:TreasuryStockCommonMember2025-04-012025-06-300000002969us-gaap:CommonStockMember2024-03-310000002969us-gaap:AdditionalPaidInCapitalMember2024-03-310000002969us-gaap:RetainedEarningsMember2024-03-310000002969us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000002969us-gaap:TreasuryStockCommonMember2024-03-310000002969us-gaap:ParentMember2024-03-310000002969us-gaap:NoncontrollingInterestMember2024-03-3100000029692024-03-310000002969us-gaap:RetainedEarningsMember2024-04-012024-06-300000002969us-gaap:ParentMember2024-04-012024-06-300000002969us-gaap:NoncontrollingInterestMember2024-04-012024-06-300000002969us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300000002969us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300000002969us-gaap:TreasuryStockCommonMember2024-04-012024-06-300000002969apd:NEOMGreenHydrogenCompanyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-05-012023-05-310000002969us-gaap:NonrecourseMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapd:NEOMGreenHydrogenProjectFinancingPrimaryMemberapd:NEOMGreenHydrogenCompanyMember2025-06-300000002969us-gaap:NonrecourseMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapd:NEOMGreenHydrogenProjectFinancingWorkingCapitalMemberapd:NEOMGreenHydrogenCompanyMember2025-06-300000002969us-gaap:NonrecourseMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapd:NEOMGreenHydrogenCompanyMember2025-06-300000002969us-gaap:NonrecourseMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapd:NEOMGreenHydrogenCompanyMember2024-09-300000002969us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapd:SaudiRiyalLoanFacilityVariableRate5.60Memberapd:NEOMGreenHydrogenCompanyMember2025-06-300000002969us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapd:SaudiRiyalLoanFacilityVariableRate5.60Memberapd:NEOMGreenHydrogenCompanyMember2024-09-300000002969apd:DeDesignatedInterestRateSwapsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapd:NEOMGreenHydrogenCompanyMember2025-04-012025-06-300000002969apd:DeDesignatedInterestRateSwapsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapd:NEOMGreenHydrogenCompanyMember2024-04-012024-06-300000002969apd:DeDesignatedInterestRateSwapsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapd:NEOMGreenHydrogenCompanyMember2024-10-012025-06-300000002969apd:DeDesignatedInterestRateSwapsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapd:NEOMGreenHydrogenCompanyMember2023-10-012024-06-300000002969apd:AramcoMemberapd:JazanIntegratedGasificationAndPowerCompanyMember2021-10-012021-12-310000002969apd:JazanIntegratedGasificationAndPowerCompanyMember2025-06-300000002969apd:JazanIntegratedGasificationAndPowerCompanyMember2024-09-300000002969apd:WorldEnergyMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-09-300000002969apd:WorldEnergyMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-11-012023-11-300000002969apd:WorldEnergyMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-10-012025-06-300000002969apd:NEOMGreenHydrogenCompanyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-10-012025-06-300000002969us-gaap:OperatingIncomeLossMemberapd:ProjectExitCostsMember2024-10-012025-06-300000002969apd:IncomeLossFromEquityMethodInvestmentsMemberapd:ProjectExitCostsMember2024-10-012025-06-300000002969us-gaap:FairValueMeasurementsNonrecurringMemberapd:ProjectExitCostsMember2025-06-300000002969apd:ProjectExitCostsMember2024-10-012025-06-300000002969apd:ProjectExitCostsMember2025-06-300000002969us-gaap:OperatingIncomeLossMemberapd:ProjectExitCostsMember2025-01-012025-03-310000002969us-gaap:OperatingIncomeLossMemberapd:ProjectExitCostsMember2025-04-012025-06-300000002969apd:ProjectExitCostsMember2025-04-012025-06-300000002969apd:GlobalCostReductionPlanMember2023-06-012025-06-300000002969apd:GlobalCostReductionPlanMember2025-01-012025-03-310000002969apd:GlobalCostReductionPlanMember2024-01-012024-03-310000002969apd:GlobalCostReductionPlanMember2024-04-012024-06-300000002969apd:GlobalCostReductionPlanMember2025-04-012025-06-300000002969apd:GlobalCostReductionPlanMember2024-09-300000002969apd:GlobalCostReductionPlanMember2024-10-012025-06-300000002969apd:GlobalCostReductionPlanMember2025-06-300000002969apd:IjsfabriekStrombeekCompanyMember2025-04-300000002969apd:IjsfabriekStrombeekCompanyMember2025-04-302025-04-300000002969apd:IjsfabriekStrombeekCompanyMemberus-gaap:CustomerRelationshipsMember2025-04-302025-04-300000002969apd:SingaporeSubsidiaryMember2025-03-310000002969us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberapd:SingaporeSubsidiaryMember2025-04-012025-06-300000002969us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberapd:SingaporeSubsidiaryMember2025-04-302025-04-300000002969us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberapd:HershamRegionalOfficeMember2025-04-012025-06-300000002969apd:AirProductsQudraAPQMember2025-06-300000002969apd:AirProductsQudraAPQMemberapd:BlueHydrogenIndustrialGasesCompanyMember2025-06-300000002969apd:BlueHydrogenIndustrialGasesCompanyMember2025-01-012025-03-310000002969apd:BlueHydrogenIndustrialGasesCompanyMember2025-06-300000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberapd:AmericasSegmentMember2025-04-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberapd:AsiaSegmentMember2025-04-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberapd:EuropeSegmentMember2025-04-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberapd:MiddleEastAndIndiaSegmentMember2025-04-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberus-gaap:CorporateAndOtherMember2025-04-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMember2025-04-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberapd:AmericasSegmentMember2025-04-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberapd:AsiaSegmentMember2025-04-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberapd:EuropeSegmentMember2025-04-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberapd:MiddleEastAndIndiaSegmentMember2025-04-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberus-gaap:CorporateAndOtherMember2025-04-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:MerchantMember2025-04-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberapd:AmericasSegmentMember2025-04-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberapd:AsiaSegmentMember2025-04-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberapd:EuropeSegmentMember2025-04-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberapd:MiddleEastAndIndiaSegmentMember2025-04-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberus-gaap:CorporateAndOtherMember2025-04-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMember2025-04-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:AmericasSegmentMember2025-04-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:AsiaSegmentMember2025-04-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:EuropeSegmentMember2025-04-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:MiddleEastAndIndiaSegmentMember2025-04-012025-06-300000002969us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2025-04-012025-06-300000002969us-gaap:OperatingSegmentsMember2025-04-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberapd:AmericasSegmentMember2024-04-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberapd:AsiaSegmentMember2024-04-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberapd:EuropeSegmentMember2024-04-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberapd:MiddleEastAndIndiaSegmentMember2024-04-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberus-gaap:CorporateAndOtherMember2024-04-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMember2024-04-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberapd:AmericasSegmentMember2024-04-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberapd:AsiaSegmentMember2024-04-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberapd:EuropeSegmentMember2024-04-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberapd:MiddleEastAndIndiaSegmentMember2024-04-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberus-gaap:CorporateAndOtherMember2024-04-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:MerchantMember2024-04-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberapd:AmericasSegmentMember2024-04-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberapd:AsiaSegmentMember2024-04-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberapd:EuropeSegmentMember2024-04-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberapd:MiddleEastAndIndiaSegmentMember2024-04-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberus-gaap:CorporateAndOtherMember2024-04-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMember2024-04-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:AmericasSegmentMember2024-04-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:AsiaSegmentMember2024-04-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:EuropeSegmentMember2024-04-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:MiddleEastAndIndiaSegmentMember2024-04-012024-06-300000002969us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2024-04-012024-06-300000002969us-gaap:OperatingSegmentsMember2024-04-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberapd:AmericasSegmentMember2024-10-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberapd:AsiaSegmentMember2024-10-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberapd:EuropeSegmentMember2024-10-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberapd:MiddleEastAndIndiaSegmentMember2024-10-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberus-gaap:CorporateAndOtherMember2024-10-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMember2024-10-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberapd:AmericasSegmentMember2024-10-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberapd:AsiaSegmentMember2024-10-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberapd:EuropeSegmentMember2024-10-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberapd:MiddleEastAndIndiaSegmentMember2024-10-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberus-gaap:CorporateAndOtherMember2024-10-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:MerchantMember2024-10-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberapd:AmericasSegmentMember2024-10-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberapd:AsiaSegmentMember2024-10-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberapd:EuropeSegmentMember2024-10-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberapd:MiddleEastAndIndiaSegmentMember2024-10-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberus-gaap:CorporateAndOtherMember2024-10-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMember2024-10-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:AmericasSegmentMember2024-10-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:AsiaSegmentMember2024-10-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:EuropeSegmentMember2024-10-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:MiddleEastAndIndiaSegmentMember2024-10-012025-06-300000002969us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2024-10-012025-06-300000002969us-gaap:OperatingSegmentsMember2024-10-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberapd:AmericasSegmentMember2023-10-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberapd:AsiaSegmentMember2023-10-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberapd:EuropeSegmentMember2023-10-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberapd:MiddleEastAndIndiaSegmentMember2023-10-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberus-gaap:CorporateAndOtherMember2023-10-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMember2023-10-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberapd:AmericasSegmentMember2023-10-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberapd:AsiaSegmentMember2023-10-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberapd:EuropeSegmentMember2023-10-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberapd:MiddleEastAndIndiaSegmentMember2023-10-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberus-gaap:CorporateAndOtherMember2023-10-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:MerchantMember2023-10-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberapd:AmericasSegmentMember2023-10-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberapd:AsiaSegmentMember2023-10-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberapd:EuropeSegmentMember2023-10-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberapd:MiddleEastAndIndiaSegmentMember2023-10-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberus-gaap:CorporateAndOtherMember2023-10-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMember2023-10-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:AmericasSegmentMember2023-10-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:AsiaSegmentMember2023-10-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:EuropeSegmentMember2023-10-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:MiddleEastAndIndiaSegmentMember2023-10-012024-06-300000002969us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2023-10-012024-06-300000002969us-gaap:OperatingSegmentsMember2023-10-012024-06-300000002969apd:FinancingAndLeaseArrangmentMemberapd:RevenueSourceConcentrationRiskMemberus-gaap:SalesRevenueNetMember2023-10-012024-06-300000002969apd:FinancingAndLeaseArrangmentMemberapd:RevenueSourceConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-10-012025-06-3000000029692025-07-012025-06-3000000029692030-07-012025-06-300000002969apd:AmericasSegmentMember2024-09-300000002969apd:AsiaSegmentMember2024-09-300000002969apd:EuropeSegmentMember2024-09-300000002969apd:MiddleEastAndIndiaSegmentMember2024-09-300000002969us-gaap:CorporateAndOtherMember2024-09-300000002969apd:AmericasSegmentMember2024-10-012025-06-300000002969apd:AsiaSegmentMember2024-10-012025-06-300000002969apd:EuropeSegmentMember2024-10-012025-06-300000002969apd:MiddleEastAndIndiaSegmentMember2024-10-012025-06-300000002969us-gaap:CorporateAndOtherMember2024-10-012025-06-300000002969apd:AmericasSegmentMember2025-06-300000002969apd:AsiaSegmentMember2025-06-300000002969apd:EuropeSegmentMember2025-06-300000002969apd:MiddleEastAndIndiaSegmentMember2025-06-300000002969us-gaap:CorporateAndOtherMember2025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMember2024-10-012025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-10-012025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-09-300000002969us-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2023-10-012024-09-300000002969us-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2024-10-012025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2024-09-300000002969us-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2023-10-012024-09-300000002969us-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2024-10-012025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2024-09-300000002969us-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2023-10-012024-09-300000002969us-gaap:ForwardContractsMember2025-06-300000002969us-gaap:ForwardContractsMember2024-10-012025-06-300000002969us-gaap:ForwardContractsMember2024-09-300000002969us-gaap:ForwardContractsMember2023-10-012024-09-300000002969us-gaap:ForeignCorporateDebtSecuritiesMemberapd:EuroDenominatedMember2024-10-012025-06-300000002969us-gaap:ForeignCorporateDebtSecuritiesMemberapd:EuroDenominatedMember2023-10-012024-09-300000002969us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2025-06-300000002969us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2024-10-012025-06-300000002969us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2024-09-300000002969us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2023-10-012024-09-300000002969us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-06-300000002969us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-10-012025-06-300000002969us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-09-300000002969us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2023-10-012024-09-300000002969us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2025-06-300000002969us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2024-10-012025-06-300000002969us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2024-09-300000002969us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2023-10-012024-09-300000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2025-06-300000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2024-10-012025-06-300000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2024-09-300000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2023-10-012024-09-300000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-06-300000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-10-012025-06-300000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-09-300000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2023-10-012024-09-300000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NondesignatedMember2025-06-300000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NondesignatedMember2024-10-012025-06-300000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NondesignatedMember2024-09-300000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NondesignatedMember2023-10-012024-09-300000002969apd:CurrentPortionOfLongTermDebtMember2025-06-300000002969apd:CurrentPortionOfLongTermDebtMember2024-09-300000002969us-gaap:LongTermDebtMember2025-06-300000002969us-gaap:LongTermDebtMember2024-09-300000002969us-gaap:ForwardContractsMemberus-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300000002969us-gaap:ForwardContractsMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300000002969us-gaap:InterestRateContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-06-300000002969us-gaap:InterestRateContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300000002969us-gaap:InterestRateContractMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-06-300000002969us-gaap:InterestRateContractMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300000002969us-gaap:ForwardContractsMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300000002969us-gaap:ForwardContractsMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300000002969us-gaap:InterestRateContractMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-06-300000002969us-gaap:InterestRateContractMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300000002969us-gaap:InterestRateContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-06-300000002969us-gaap:InterestRateContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300000002969us-gaap:DesignatedAsHedgingInstrumentMember2025-06-300000002969us-gaap:DesignatedAsHedgingInstrumentMember2024-09-300000002969us-gaap:ForwardContractsMemberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMember2025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMember2024-09-300000002969us-gaap:ForwardContractsMemberus-gaap:AccruedLiabilitiesMemberus-gaap:NondesignatedMember2025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:AccruedLiabilitiesMemberus-gaap:NondesignatedMember2024-09-300000002969us-gaap:InterestRateContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMember2025-06-300000002969us-gaap:InterestRateContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMember2024-09-300000002969us-gaap:InterestRateContractMemberus-gaap:AccruedLiabilitiesMemberus-gaap:NondesignatedMember2025-06-300000002969us-gaap:InterestRateContractMemberus-gaap:AccruedLiabilitiesMemberus-gaap:NondesignatedMember2024-09-300000002969us-gaap:ForwardContractsMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:NondesignatedMember2025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:NondesignatedMember2024-09-300000002969us-gaap:ForwardContractsMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMember2025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMember2024-09-300000002969us-gaap:InterestRateContractMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:NondesignatedMember2025-06-300000002969us-gaap:InterestRateContractMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:NondesignatedMember2024-09-300000002969us-gaap:InterestRateContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMember2025-06-300000002969us-gaap:InterestRateContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMember2024-09-300000002969us-gaap:NondesignatedMember2025-06-300000002969us-gaap:NondesignatedMember2024-09-300000002969us-gaap:ForwardContractsMemberus-gaap:NetInvestmentHedgingMember2025-04-012025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:NetInvestmentHedgingMember2024-04-012024-06-300000002969us-gaap:ForwardContractsMemberus-gaap:NetInvestmentHedgingMember2024-10-012025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:NetInvestmentHedgingMember2023-10-012024-06-300000002969us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:NetInvestmentHedgingMember2025-04-012025-06-300000002969us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:NetInvestmentHedgingMember2024-04-012024-06-300000002969us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:NetInvestmentHedgingMember2024-10-012025-06-300000002969us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:NetInvestmentHedgingMember2023-10-012024-06-300000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2025-04-012025-06-300000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2024-04-012024-06-300000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2024-10-012025-06-300000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2023-10-012024-06-300000002969us-gaap:NetInvestmentHedgingMember2025-04-012025-06-300000002969us-gaap:NetInvestmentHedgingMember2024-04-012024-06-300000002969us-gaap:NetInvestmentHedgingMember2024-10-012025-06-300000002969us-gaap:NetInvestmentHedgingMember2023-10-012024-06-300000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMember2025-04-012025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMember2024-04-012024-06-300000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMember2023-10-012024-06-300000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMember2025-04-012025-06-300000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMember2024-04-012024-06-300000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMember2024-10-012025-06-300000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMember2023-10-012024-06-300000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMember2025-04-012025-06-300000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMember2024-04-012024-06-300000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMember2024-10-012025-06-300000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMember2023-10-012024-06-300000002969us-gaap:CashFlowHedgingMember2025-04-012025-06-300000002969us-gaap:CashFlowHedgingMember2024-04-012024-06-300000002969us-gaap:CashFlowHedgingMember2024-10-012025-06-300000002969us-gaap:CashFlowHedgingMember2023-10-012024-06-300000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesMember2025-04-012025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesMember2024-04-012024-06-300000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2025-04-012025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-04-012024-06-300000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2025-04-012025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2024-04-012024-06-300000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2025-04-012025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-04-012024-06-300000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesMember2025-04-012025-06-300000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesMember2024-04-012024-06-300000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2025-04-012025-06-300000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-04-012024-06-300000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2025-04-012025-06-300000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2024-04-012024-06-300000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2025-04-012025-06-300000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-04-012024-06-300000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesMember2025-04-012025-06-300000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesMember2024-04-012024-06-300000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2025-04-012025-06-300000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-04-012024-06-300000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2025-04-012025-06-300000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2024-04-012024-06-300000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2025-04-012025-06-300000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-04-012024-06-300000002969us-gaap:CashFlowHedgingMemberus-gaap:SalesMember2025-04-012025-06-300000002969us-gaap:CashFlowHedgingMemberus-gaap:SalesMember2024-04-012024-06-300000002969us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2025-04-012025-06-300000002969us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-04-012024-06-300000002969us-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2025-04-012025-06-300000002969us-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2024-04-012024-06-300000002969us-gaap:CashFlowHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2025-04-012025-06-300000002969us-gaap:CashFlowHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-04-012024-06-300000002969us-gaap:OtherContractMemberus-gaap:FairValueHedgingMemberus-gaap:SalesMember2025-04-012025-06-300000002969us-gaap:OtherContractMemberus-gaap:FairValueHedgingMemberus-gaap:SalesMember2024-04-012024-06-300000002969us-gaap:OtherContractMemberus-gaap:FairValueHedgingMemberus-gaap:CostOfSalesMember2025-04-012025-06-300000002969us-gaap:OtherContractMemberus-gaap:FairValueHedgingMemberus-gaap:CostOfSalesMember2024-04-012024-06-300000002969us-gaap:OtherContractMemberus-gaap:FairValueHedgingMemberus-gaap:InterestExpenseMember2025-04-012025-06-300000002969us-gaap:OtherContractMemberus-gaap:FairValueHedgingMemberus-gaap:InterestExpenseMember2024-04-012024-06-300000002969us-gaap:OtherContractMemberus-gaap:FairValueHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2025-04-012025-06-300000002969us-gaap:OtherContractMemberus-gaap:FairValueHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-04-012024-06-300000002969us-gaap:FairValueHedgingMemberus-gaap:SalesMember2025-04-012025-06-300000002969us-gaap:FairValueHedgingMemberus-gaap:SalesMember2024-04-012024-06-300000002969us-gaap:FairValueHedgingMemberus-gaap:CostOfSalesMember2025-04-012025-06-300000002969us-gaap:FairValueHedgingMemberus-gaap:CostOfSalesMember2024-04-012024-06-300000002969us-gaap:FairValueHedgingMemberus-gaap:InterestExpenseMember2025-04-012025-06-300000002969us-gaap:FairValueHedgingMemberus-gaap:InterestExpenseMember2024-04-012024-06-300000002969us-gaap:FairValueHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2025-04-012025-06-300000002969us-gaap:FairValueHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-04-012024-06-300000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesMember2024-10-012025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesMember2023-10-012024-06-300000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-10-012025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2023-10-012024-06-300000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2024-10-012025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2023-10-012024-06-300000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-10-012025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2023-10-012024-06-300000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesMember2024-10-012025-06-300000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesMember2023-10-012024-06-300000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-10-012025-06-300000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2023-10-012024-06-300000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2024-10-012025-06-300000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2023-10-012024-06-300000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-10-012025-06-300000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2023-10-012024-06-300000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesMember2024-10-012025-06-300000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesMember2023-10-012024-06-300000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-10-012025-06-300000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2023-10-012024-06-300000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2024-10-012025-06-300000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2023-10-012024-06-300000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-10-012025-06-300000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2023-10-012024-06-300000002969us-gaap:CashFlowHedgingMemberus-gaap:SalesMember2024-10-012025-06-300000002969us-gaap:CashFlowHedgingMemberus-gaap:SalesMember2023-10-012024-06-300000002969us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-10-012025-06-300000002969us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2023-10-012024-06-300000002969us-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2024-10-012025-06-300000002969us-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2023-10-012024-06-300000002969us-gaap:CashFlowHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-10-012025-06-300000002969us-gaap:CashFlowHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2023-10-012024-06-300000002969us-gaap:OtherContractMemberus-gaap:FairValueHedgingMemberus-gaap:SalesMember2024-10-012025-06-300000002969us-gaap:OtherContractMemberus-gaap:FairValueHedgingMemberus-gaap:SalesMember2023-10-012024-06-300000002969us-gaap:OtherContractMemberus-gaap:FairValueHedgingMemberus-gaap:CostOfSalesMember2024-10-012025-06-300000002969us-gaap:OtherContractMemberus-gaap:FairValueHedgingMemberus-gaap:CostOfSalesMember2023-10-012024-06-300000002969us-gaap:OtherContractMemberus-gaap:FairValueHedgingMemberus-gaap:InterestExpenseMember2024-10-012025-06-300000002969us-gaap:OtherContractMemberus-gaap:FairValueHedgingMemberus-gaap:InterestExpenseMember2023-10-012024-06-300000002969us-gaap:OtherContractMemberus-gaap:FairValueHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-10-012025-06-300000002969us-gaap:OtherContractMemberus-gaap:FairValueHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2023-10-012024-06-300000002969us-gaap:FairValueHedgingMemberus-gaap:SalesMember2024-10-012025-06-300000002969us-gaap:FairValueHedgingMemberus-gaap:SalesMember2023-10-012024-06-300000002969us-gaap:FairValueHedgingMemberus-gaap:CostOfSalesMember2024-10-012025-06-300000002969us-gaap:FairValueHedgingMemberus-gaap:CostOfSalesMember2023-10-012024-06-300000002969us-gaap:FairValueHedgingMemberus-gaap:InterestExpenseMember2024-10-012025-06-300000002969us-gaap:FairValueHedgingMemberus-gaap:InterestExpenseMember2023-10-012024-06-300000002969us-gaap:FairValueHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-10-012025-06-300000002969us-gaap:FairValueHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2023-10-012024-06-300000002969us-gaap:ForwardContractsMemberus-gaap:NondesignatedMemberus-gaap:OtherOperatingIncomeExpenseMember2025-04-012025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:NondesignatedMemberus-gaap:OtherOperatingIncomeExpenseMember2024-04-012024-06-300000002969us-gaap:ForwardContractsMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2025-04-012025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-04-012024-06-300000002969apd:DeDesignatedInterestRateSwapsMemberus-gaap:NondesignatedMemberus-gaap:OtherOperatingIncomeExpenseMember2025-04-012025-06-300000002969apd:DeDesignatedInterestRateSwapsMemberus-gaap:NondesignatedMemberus-gaap:OtherOperatingIncomeExpenseMember2024-04-012024-06-300000002969apd:DeDesignatedInterestRateSwapsMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2025-04-012025-06-300000002969apd:DeDesignatedInterestRateSwapsMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-04-012024-06-300000002969us-gaap:OtherContractMemberus-gaap:NondesignatedMemberus-gaap:OtherOperatingIncomeExpenseMember2025-04-012025-06-300000002969us-gaap:OtherContractMemberus-gaap:NondesignatedMemberus-gaap:OtherOperatingIncomeExpenseMember2024-04-012024-06-300000002969us-gaap:OtherContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2025-04-012025-06-300000002969us-gaap:OtherContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-04-012024-06-300000002969us-gaap:OtherOperatingIncomeExpenseMemberus-gaap:NondesignatedMember2025-04-012025-06-300000002969us-gaap:OtherOperatingIncomeExpenseMemberus-gaap:NondesignatedMember2024-04-012024-06-300000002969us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:NondesignatedMember2025-04-012025-06-300000002969us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:NondesignatedMember2024-04-012024-06-300000002969us-gaap:ForwardContractsMemberus-gaap:NondesignatedMemberus-gaap:OtherOperatingIncomeExpenseMember2024-10-012025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:NondesignatedMemberus-gaap:OtherOperatingIncomeExpenseMember2023-10-012024-06-300000002969us-gaap:ForwardContractsMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-10-012025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2023-10-012024-06-300000002969apd:DeDesignatedInterestRateSwapsMemberus-gaap:NondesignatedMemberus-gaap:OtherOperatingIncomeExpenseMember2024-10-012025-06-300000002969apd:DeDesignatedInterestRateSwapsMemberus-gaap:NondesignatedMemberus-gaap:OtherOperatingIncomeExpenseMember2023-10-012024-06-300000002969apd:DeDesignatedInterestRateSwapsMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-10-012025-06-300000002969apd:DeDesignatedInterestRateSwapsMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2023-10-012024-06-300000002969us-gaap:OtherContractMemberus-gaap:NondesignatedMemberus-gaap:OtherOperatingIncomeExpenseMember2024-10-012025-06-300000002969us-gaap:OtherContractMemberus-gaap:NondesignatedMemberus-gaap:OtherOperatingIncomeExpenseMember2023-10-012024-06-300000002969us-gaap:OtherContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-10-012025-06-300000002969us-gaap:OtherContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2023-10-012024-06-300000002969us-gaap:OtherOperatingIncomeExpenseMemberus-gaap:NondesignatedMember2024-10-012025-06-300000002969us-gaap:OtherOperatingIncomeExpenseMemberus-gaap:NondesignatedMember2023-10-012024-06-300000002969us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:NondesignatedMember2024-10-012025-06-300000002969us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:NondesignatedMember2023-10-012024-06-300000002969us-gaap:ForwardContractsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-09-300000002969us-gaap:ForwardContractsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300000002969us-gaap:InterestRateContractMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2025-06-300000002969us-gaap:InterestRateContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300000002969us-gaap:InterestRateContractMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-09-300000002969us-gaap:InterestRateContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300000002969us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-06-300000002969us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300000002969us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-09-300000002969us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300000002969us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMember2025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-06-300000002969us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000002969us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-09-300000002969us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-09-300000002969us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-09-300000002969us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2025-06-300000002969us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-06-300000002969us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-06-300000002969us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-06-300000002969us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000002969us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-09-300000002969us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-09-300000002969us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-09-300000002969us-gaap:FairValueMeasurementsRecurringMember2025-06-300000002969us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-06-300000002969us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-06-300000002969us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-06-300000002969us-gaap:FairValueMeasurementsRecurringMember2024-09-300000002969us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-09-300000002969us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-09-300000002969us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-09-300000002969us-gaap:FairValueMeasurementsNonrecurringMemberapd:ProjectExitCostsMember2025-03-310000002969us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberapd:ProjectExitCostsMember2025-06-300000002969us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberapd:ProjectExitCostsMember2025-03-310000002969us-gaap:FairValueMeasurementsNonrecurringMemberapd:ProjectExitCostsMember2025-04-012025-06-300000002969us-gaap:FairValueMeasurementsNonrecurringMemberapd:ProjectExitCostsMember2025-01-012025-03-310000002969us-gaap:SeniorNotesMember2025-02-280000002969apd:U.S.DollarDenominatedSeniorNotesMemberus-gaap:SeniorNotesMember2025-06-300000002969apd:EuroDenominatedSeniorNotesMemberus-gaap:SeniorNotesMember2025-06-300000002969us-gaap:SeniorNotesMember2025-06-300000002969apd:EuroDenominatedSeniorNotesMemberus-gaap:SeniorNotesMember2025-04-012025-06-300000002969apd:NotesFourPointThreeZeroZeroPercentDue2028Memberus-gaap:SeniorNotesMember2025-06-300000002969apd:NotesFourPointNineZeroZeroPercentDue2033Memberus-gaap:SeniorNotesMember2025-06-300000002969apd:EurobondsTwoPointNineFiveZeroPercentDue2031Memberus-gaap:SeniorNotesMember2025-06-300000002969apd:EurobondsThreePointTwoFiveZeroPercentDue2032Memberus-gaap:SeniorNotesMember2025-06-300000002969apd:EurobondsThreePointFourFiveZeroPercentDue2037Memberus-gaap:SeniorNotesMember2025-06-300000002969us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberapd:A364DayCreditAgreementMember2025-04-012025-06-300000002969us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberapd:A364DayCreditAgreementMember2025-06-300000002969us-gaap:RevolvingCreditFacilityMemberapd:A2024CreditAgreementMemberus-gaap:LineOfCreditMember2025-04-012025-06-300000002969us-gaap:RevolvingCreditFacilityMemberapd:A2024CreditAgreementMemberus-gaap:LineOfCreditMember2025-06-300000002969us-gaap:ForeignLineOfCreditMemberapd:CreditFacilitiesForeignSubsidiariesMember2025-06-300000002969us-gaap:ForeignLineOfCreditMemberapd:CreditFacilitiesForeignSubsidiariesMember2024-09-300000002969apd:SaudiRiyalLoanFacilityVariableRateSevenPointThreeFivePercentMemberapd:BlueHydrogenIndustrialGasesCompanyMember2025-03-310000002969apd:SaudiRiyalLoanFacilityVariableRateTwoPointZeroPercentMemberapd:BlueHydrogenIndustrialGasesCompanyMember2025-03-310000002969apd:SaudiRiyalLoanFacilityVariableRateSevenPointThreeFivePercentMemberus-gaap:BondsMember2024-09-300000002969apd:SaudiRiyalLoanFacilityVariableRateTwoPointZeroPercentMemberus-gaap:BondsMember2024-09-300000002969country:USus-gaap:PensionPlansDefinedBenefitMember2025-04-012025-06-300000002969us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2025-04-012025-06-300000002969us-gaap:PensionPlansDefinedBenefitMember2025-04-012025-06-300000002969country:USus-gaap:PensionPlansDefinedBenefitMember2024-04-012024-06-300000002969us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2024-04-012024-06-300000002969us-gaap:PensionPlansDefinedBenefitMember2024-04-012024-06-300000002969country:USus-gaap:PensionPlansDefinedBenefitMember2024-10-012025-06-300000002969us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2024-10-012025-06-300000002969us-gaap:PensionPlansDefinedBenefitMember2024-10-012025-06-300000002969country:USus-gaap:PensionPlansDefinedBenefitMember2023-10-012024-06-300000002969us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2023-10-012024-06-300000002969us-gaap:PensionPlansDefinedBenefitMember2023-10-012024-06-300000002969srt:MinimumMemberus-gaap:PensionPlansDefinedBenefitMember2025-06-300000002969srt:MaximumMemberus-gaap:PensionPlansDefinedBenefitMember2025-06-300000002969us-gaap:PensionPlansDefinedBenefitMember2023-10-012024-09-300000002969us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-04-012025-06-300000002969us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-10-012025-06-300000002969us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-04-012024-06-300000002969us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-10-012024-06-300000002969apd:AllegedAnticompeteLitigationMember2010-09-012010-09-300000002969apd:AllegedAnticompeteLitigationMember2024-10-012025-06-300000002969apd:AllegedAnticompeteLitigationMember2025-06-300000002969us-gaap:EnvironmentalIssueMember2025-06-300000002969us-gaap:EnvironmentalIssueMember2024-09-300000002969srt:MinimumMemberus-gaap:EnvironmentalIssueMember2025-06-300000002969srt:MaximumMemberus-gaap:EnvironmentalIssueMember2025-06-300000002969apd:PaceFloridaMember2025-06-300000002969us-gaap:SegmentDiscontinuedOperationsMemberapd:PaceFloridaMember2005-10-012006-09-300000002969apd:PaceFloridaMember2006-09-300000002969apd:PaceFloridaMemberus-gaap:EnvironmentalIssueMember2025-06-300000002969apd:PaceFloridaMember2019-10-012020-09-300000002969us-gaap:SegmentDiscontinuedOperationsMemberapd:PaceFloridaMember2019-10-012020-09-300000002969apd:PaceFloridaMember2023-10-012024-09-300000002969us-gaap:SegmentDiscontinuedOperationsMemberapd:PaceFloridaMember2023-10-012024-09-300000002969apd:PiedmontSouthCarolinaMember2025-06-300000002969us-gaap:SegmentDiscontinuedOperationsMemberapd:PiedmontSouthCarolinaMember2007-10-012008-09-300000002969apd:PiedmontSouthCarolinaMember2008-09-300000002969apd:PiedmontSouthCarolinaMember2025-04-012025-06-300000002969us-gaap:SegmentDiscontinuedOperationsMemberapd:PiedmontSouthCarolinaMember2025-04-012025-06-300000002969apd:PasadenaTexasMemberMember2025-06-300000002969apd:PasadenaTexasMemberMember2012-09-300000002969apd:PasadenaTexasMemberMember2011-10-012012-09-300000002969apd:LongTermIncentivePlanMember2025-06-300000002969apd:ExecutiveSeparationCostsMember2024-10-012025-06-300000002969apd:MarketBasedDeferredStockUnitMember2024-10-012025-06-300000002969apd:TimeBasedDeferredStockUnitMember2024-10-012025-06-300000002969us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-03-310000002969us-gaap:AccumulatedTranslationAdjustmentMember2025-03-310000002969us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-03-310000002969us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-04-012025-06-300000002969us-gaap:AccumulatedTranslationAdjustmentMember2025-04-012025-06-300000002969us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-04-012025-06-300000002969us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-06-300000002969us-gaap:AccumulatedTranslationAdjustmentMember2025-06-300000002969us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-06-300000002969us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-09-300000002969us-gaap:AccumulatedTranslationAdjustmentMember2024-09-300000002969us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-09-300000002969us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-10-012025-06-300000002969us-gaap:AccumulatedTranslationAdjustmentMember2024-10-012025-06-300000002969us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-10-012025-06-300000002969us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-04-012025-06-300000002969us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-04-012024-06-300000002969us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-10-012025-06-300000002969us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-10-012024-06-300000002969us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedTranslationAdjustmentMember2025-04-012025-06-300000002969us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedTranslationAdjustmentMember2024-04-012024-06-300000002969us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedTranslationAdjustmentMember2024-10-012025-06-300000002969us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedTranslationAdjustmentMember2023-10-012024-06-300000002969us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-04-012025-06-300000002969us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-04-012024-06-300000002969us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-10-012025-06-300000002969us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-10-012024-06-300000002969us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberapd:LiquifiedNaturalGasLNGProcessTechnologyAndEquipmentBusinessMember2024-10-012025-06-300000002969apd:MantleRidgeLPAndAffiliatesTransactionMembersrt:AffiliatedEntityMember2025-04-012025-06-300000002969apd:LuAnCleanEnergyCompanyTransactionMemberus-gaap:RelatedPartyMember2025-06-300000002969apd:LuAnCleanEnergyCompanyTransactionMemberus-gaap:RelatedPartyMember2024-09-300000002969apd:ExecutiveSeparationCostsMember2025-04-012025-06-300000002969apd:NaturalGasToSyngasProcessingFacilityMember2023-05-252023-05-250000002969apd:NaturalGasToSyngasProcessingFacilityMember2025-06-300000002969apd:NaturalGasToSyngasProcessingFacilityMember2024-09-300000002969us-gaap:ContractsAccountedForUnderPercentageOfCompletionMember2025-04-012025-06-300000002969us-gaap:ContractsAccountedForUnderPercentageOfCompletionMember2024-10-012025-06-300000002969us-gaap:ContractsAccountedForUnderPercentageOfCompletionMember2024-04-012024-06-300000002969us-gaap:ContractsAccountedForUnderPercentageOfCompletionMember2023-10-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:MiddleEastAndIndiaMember2025-04-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:MiddleEastAndIndiaMember2024-04-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:MiddleEastAndIndiaMember2024-10-012025-06-300000002969us-gaap:OperatingSegmentsMemberapd:MiddleEastAndIndiaMember2023-10-012024-06-300000002969us-gaap:OperatingSegmentsMemberapd:AmericasSegmentMember2025-06-300000002969us-gaap:OperatingSegmentsMemberapd:AsiaSegmentMember2025-06-300000002969us-gaap:OperatingSegmentsMemberapd:EuropeSegmentMember2025-06-300000002969us-gaap:OperatingSegmentsMemberapd:MiddleEastAndIndiaMember2025-06-300000002969us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2025-06-300000002969us-gaap:OperatingSegmentsMember2025-06-300000002969us-gaap:OperatingSegmentsMemberapd:AmericasSegmentMember2024-09-300000002969us-gaap:OperatingSegmentsMemberapd:AsiaSegmentMember2024-09-300000002969us-gaap:OperatingSegmentsMemberapd:EuropeSegmentMember2024-09-300000002969us-gaap:OperatingSegmentsMemberapd:MiddleEastAndIndiaMember2024-09-300000002969us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2024-09-300000002969us-gaap:OperatingSegmentsMember2024-09-300000002969us-gaap:MaterialReconcilingItemsMember2025-04-012025-06-300000002969us-gaap:MaterialReconcilingItemsMember2024-04-012024-06-300000002969us-gaap:MaterialReconcilingItemsMember2024-10-012025-06-300000002969us-gaap:MaterialReconcilingItemsMember2023-10-012024-06-30

00000029699/302026Q1false.33335050http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpense5xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureapd:positioniso4217:EURapd:siteapd:surfaceImpoundmentUnitapd:segment00000029692025-10-012025-12-310000002969us-gaap:CommonClassAMember2025-10-012025-12-310000002969apd:A0500EuroNotesDue2028Member2025-10-012025-12-310000002969apd:A2.950NotesDue2031Member2025-10-012025-12-310000002969apd:A0800EuroNotesDue2032Member2025-10-012025-12-310000002969apd:A3.250EuroNotesDue2032Member2025-10-012025-12-310000002969apd:A4000EuroNotesDue2035Member2025-10-012025-12-310000002969apd:A3.450NotesDue2037Member2025-10-012025-12-3100000029692025-12-3100000029692024-10-012024-12-3100000029692025-09-300000002969us-gaap:NonrelatedPartyMember2025-12-310000002969us-gaap:NonrelatedPartyMember2025-09-300000002969us-gaap:RelatedPartyMember2025-12-310000002969us-gaap:RelatedPartyMember2025-09-300000002969apd:NEOMGreenHydrogenCompanyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-12-310000002969apd:NEOMGreenHydrogenCompanyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-09-3000000029692024-09-3000000029692024-12-310000002969us-gaap:CommonStockMember2025-09-300000002969us-gaap:AdditionalPaidInCapitalMember2025-09-300000002969us-gaap:RetainedEarningsMember2025-09-300000002969us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-09-300000002969us-gaap:TreasuryStockCommonMember2025-09-300000002969us-gaap:ParentMember2025-09-300000002969us-gaap:NoncontrollingInterestMember2025-09-300000002969us-gaap:RetainedEarningsMember2025-10-012025-12-310000002969us-gaap:ParentMember2025-10-012025-12-310000002969us-gaap:NoncontrollingInterestMember2025-10-012025-12-310000002969us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-10-012025-12-310000002969us-gaap:AdditionalPaidInCapitalMember2025-10-012025-12-310000002969us-gaap:TreasuryStockCommonMember2025-10-012025-12-310000002969us-gaap:CommonStockMember2025-12-310000002969us-gaap:AdditionalPaidInCapitalMember2025-12-310000002969us-gaap:RetainedEarningsMember2025-12-310000002969us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310000002969us-gaap:TreasuryStockCommonMember2025-12-310000002969us-gaap:ParentMember2025-12-310000002969us-gaap:NoncontrollingInterestMember2025-12-310000002969us-gaap:CommonStockMember2024-09-300000002969us-gaap:AdditionalPaidInCapitalMember2024-09-300000002969us-gaap:RetainedEarningsMember2024-09-300000002969us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300000002969us-gaap:TreasuryStockCommonMember2024-09-300000002969us-gaap:ParentMember2024-09-300000002969us-gaap:NoncontrollingInterestMember2024-09-300000002969us-gaap:RetainedEarningsMember2024-10-012024-12-310000002969us-gaap:ParentMember2024-10-012024-12-310000002969us-gaap:NoncontrollingInterestMember2024-10-012024-12-310000002969us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-10-012024-12-310000002969us-gaap:AdditionalPaidInCapitalMember2024-10-012024-12-310000002969us-gaap:TreasuryStockCommonMember2024-10-012024-12-310000002969us-gaap:CommonStockMember2024-12-310000002969us-gaap:AdditionalPaidInCapitalMember2024-12-310000002969us-gaap:RetainedEarningsMember2024-12-310000002969us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000002969us-gaap:TreasuryStockCommonMember2024-12-310000002969us-gaap:ParentMember2024-12-310000002969us-gaap:NoncontrollingInterestMember2024-12-310000002969apd:NEOMGreenHydrogenCompanyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-05-012023-05-310000002969us-gaap:NonrecourseMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapd:NEOMGreenHydrogenProjectFinancingPrimaryMemberapd:NEOMGreenHydrogenCompanyMember2025-12-310000002969us-gaap:NonrecourseMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapd:NEOMGreenHydrogenProjectFinancingWorkingCapitalMemberapd:NEOMGreenHydrogenCompanyMember2025-12-310000002969us-gaap:NonrecourseMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapd:NEOMGreenHydrogenCompanyMember2025-12-310000002969us-gaap:NonrecourseMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapd:NEOMGreenHydrogenCompanyMember2025-09-300000002969us-gaap:NonrecourseMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapd:SaudiRiyalFacilityTwoPointZeroZeroPercentMemberapd:NEOMGreenHydrogenCompanyMember2025-10-012025-12-310000002969us-gaap:NonrecourseMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapd:SaudiRiyalFacilityTwoPointZeroZeroPercentMemberapd:NEOMGreenHydrogenCompanyMember2025-12-310000002969us-gaap:NonrecourseMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapd:SaudiRiyalLoanFacilityVariableRate5.00Memberapd:NEOMGreenHydrogenCompanyMember2025-12-310000002969us-gaap:NonrecourseMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapd:SaudiRiyalLoanFacilityVariableRate5.00Memberapd:NEOMGreenHydrogenCompanyMember2025-09-300000002969apd:DeDesignatedInterestRateSwapsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapd:NEOMGreenHydrogenCompanyMember2024-10-012024-12-310000002969apd:AramcoMemberapd:JazanIntegratedGasificationAndPowerCompanyMember2021-10-012021-12-310000002969apd:JazanIntegratedGasificationAndPowerCompanyMember2025-12-310000002969apd:JazanIntegratedGasificationAndPowerCompanyMember2025-09-300000002969apd:WorldEnergyMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-02-242025-12-310000002969apd:NEOMGreenHydrogenCompanyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-10-012025-12-310000002969apd:ProjectExitCostsMember2025-10-012025-12-310000002969us-gaap:OperatingIncomeLossMemberapd:ProjectExitCostsMember2025-10-012025-12-310000002969us-gaap:OtherNonoperatingIncomeExpenseMemberapd:ProjectExitCostsMember2025-10-012025-12-310000002969apd:ProjectExitCostsMember2025-02-242025-12-310000002969apd:ProjectExitCostsMember2025-09-300000002969apd:ProjectExitCostsMember2025-12-310000002969apd:GlobalCostReductionPlanMember2023-06-012025-12-310000002969apd:GlobalCostReductionPlanMember2025-10-012025-12-310000002969apd:GlobalCostReductionPlanMember2024-10-012024-12-310000002969apd:GlobalCostReductionPlanMember2025-09-300000002969apd:GlobalCostReductionPlanMember2025-12-310000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberapd:AmericasSegmentMember2025-10-012025-12-310000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberapd:AsiaSegmentMember2025-10-012025-12-310000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberapd:EuropeSegmentMember2025-10-012025-12-310000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberapd:MiddleEastAndIndiaSegmentMember2025-10-012025-12-310000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberus-gaap:CorporateAndOtherMember2025-10-012025-12-310000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMember2025-10-012025-12-310000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberapd:AmericasSegmentMember2025-10-012025-12-310000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberapd:AsiaSegmentMember2025-10-012025-12-310000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberapd:EuropeSegmentMember2025-10-012025-12-310000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberapd:MiddleEastAndIndiaSegmentMember2025-10-012025-12-310000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberus-gaap:CorporateAndOtherMember2025-10-012025-12-310000002969us-gaap:OperatingSegmentsMemberapd:MerchantMember2025-10-012025-12-310000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberapd:AmericasSegmentMember2025-10-012025-12-310000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberapd:AsiaSegmentMember2025-10-012025-12-310000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberapd:EuropeSegmentMember2025-10-012025-12-310000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberapd:MiddleEastAndIndiaSegmentMember2025-10-012025-12-310000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberus-gaap:CorporateAndOtherMember2025-10-012025-12-310000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMember2025-10-012025-12-310000002969us-gaap:OperatingSegmentsMemberapd:AmericasSegmentMember2025-10-012025-12-310000002969us-gaap:OperatingSegmentsMemberapd:AsiaSegmentMember2025-10-012025-12-310000002969us-gaap:OperatingSegmentsMemberapd:EuropeSegmentMember2025-10-012025-12-310000002969us-gaap:OperatingSegmentsMemberapd:MiddleEastAndIndiaSegmentMember2025-10-012025-12-310000002969us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2025-10-012025-12-310000002969us-gaap:OperatingSegmentsMember2025-10-012025-12-310000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberapd:AmericasSegmentMember2024-10-012024-12-310000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberapd:AsiaSegmentMember2024-10-012024-12-310000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberapd:EuropeSegmentMember2024-10-012024-12-310000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberapd:MiddleEastAndIndiaSegmentMember2024-10-012024-12-310000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMemberus-gaap:CorporateAndOtherMember2024-10-012024-12-310000002969us-gaap:OperatingSegmentsMemberapd:OnsiteMember2024-10-012024-12-310000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberapd:AmericasSegmentMember2024-10-012024-12-310000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberapd:AsiaSegmentMember2024-10-012024-12-310000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberapd:EuropeSegmentMember2024-10-012024-12-310000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberapd:MiddleEastAndIndiaSegmentMember2024-10-012024-12-310000002969us-gaap:OperatingSegmentsMemberapd:MerchantMemberus-gaap:CorporateAndOtherMember2024-10-012024-12-310000002969us-gaap:OperatingSegmentsMemberapd:MerchantMember2024-10-012024-12-310000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberapd:AmericasSegmentMember2024-10-012024-12-310000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberapd:AsiaSegmentMember2024-10-012024-12-310000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberapd:EuropeSegmentMember2024-10-012024-12-310000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberapd:MiddleEastAndIndiaSegmentMember2024-10-012024-12-310000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMemberus-gaap:CorporateAndOtherMember2024-10-012024-12-310000002969us-gaap:OperatingSegmentsMemberapd:SaleofEquipmentMember2024-10-012024-12-310000002969us-gaap:OperatingSegmentsMemberapd:AmericasSegmentMember2024-10-012024-12-310000002969us-gaap:OperatingSegmentsMemberapd:AsiaSegmentMember2024-10-012024-12-310000002969us-gaap:OperatingSegmentsMemberapd:EuropeSegmentMember2024-10-012024-12-310000002969us-gaap:OperatingSegmentsMemberapd:MiddleEastAndIndiaSegmentMember2024-10-012024-12-310000002969us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2024-10-012024-12-310000002969us-gaap:OperatingSegmentsMember2024-10-012024-12-310000002969apd:FinancingAndLeaseArrangmentMemberapd:RevenueSourceConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-10-012025-12-310000002969apd:FinancingAndLeaseArrangmentMemberapd:RevenueSourceConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-10-012024-12-3100000029692026-01-012025-12-3100000029692031-01-012025-12-310000002969apd:AmericasSegmentMember2025-09-300000002969apd:AsiaSegmentMember2025-09-300000002969apd:EuropeSegmentMember2025-09-300000002969apd:MiddleEastAndIndiaSegmentMember2025-09-300000002969us-gaap:CorporateAndOtherMember2025-09-300000002969apd:AmericasSegmentMember2025-10-012025-12-310000002969apd:AsiaSegmentMember2025-10-012025-12-310000002969apd:EuropeSegmentMember2025-10-012025-12-310000002969apd:MiddleEastAndIndiaSegmentMember2025-10-012025-12-310000002969us-gaap:CorporateAndOtherMember2025-10-012025-12-310000002969apd:AmericasSegmentMember2025-12-310000002969apd:AsiaSegmentMember2025-12-310000002969apd:EuropeSegmentMember2025-12-310000002969apd:MiddleEastAndIndiaSegmentMember2025-12-310000002969us-gaap:CorporateAndOtherMember2025-12-310000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMember2025-10-012025-12-310000002969us-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-12-310000002969us-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-10-012025-12-310000002969us-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-09-300000002969us-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-10-012025-09-300000002969us-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2025-12-310000002969us-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2025-10-012025-12-310000002969us-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2025-09-300000002969us-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2024-10-012025-09-300000002969us-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2025-12-310000002969us-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2025-10-012025-12-310000002969us-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2025-09-300000002969us-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2024-10-012025-09-300000002969us-gaap:ForwardContractsMember2025-12-310000002969us-gaap:ForwardContractsMember2025-10-012025-12-310000002969us-gaap:ForwardContractsMember2025-09-300000002969us-gaap:ForwardContractsMember2024-10-012025-09-300000002969us-gaap:ForeignCorporateDebtSecuritiesMemberapd:EuroDenominatedMember2025-10-012025-12-310000002969us-gaap:ForeignCorporateDebtSecuritiesMemberapd:EuroDenominatedMember2024-10-012025-09-300000002969us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2025-12-310000002969us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2025-10-012025-12-310000002969us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2025-09-300000002969us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2024-10-012025-09-300000002969us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-12-310000002969us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-10-012025-12-310000002969us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-09-300000002969us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-10-012025-09-300000002969us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2025-12-310000002969us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2025-10-012025-12-310000002969us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2025-09-300000002969us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2024-10-012025-09-300000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2025-12-310000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2025-10-012025-12-310000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2025-09-300000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2024-10-012025-09-300000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-12-310000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-10-012025-12-310000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-09-300000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-10-012025-09-300000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NondesignatedMember2025-12-310000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NondesignatedMember2025-10-012025-12-310000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NondesignatedMember2025-09-300000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NondesignatedMember2024-10-012025-09-300000002969apd:CurrentPortionOfLongTermDebtMember2025-12-310000002969apd:CurrentPortionOfLongTermDebtMember2025-09-300000002969us-gaap:LongTermDebtMember2025-12-310000002969us-gaap:LongTermDebtMember2025-09-300000002969us-gaap:ForwardContractsMemberus-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-12-310000002969us-gaap:ForwardContractsMemberus-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-09-300000002969us-gaap:ForwardContractsMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-12-310000002969us-gaap:ForwardContractsMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-09-300000002969us-gaap:InterestRateContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-12-310000002969us-gaap:InterestRateContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-09-300000002969us-gaap:InterestRateContractMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-12-310000002969us-gaap:InterestRateContractMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-09-300000002969us-gaap:ForwardContractsMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-12-310000002969us-gaap:ForwardContractsMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-09-300000002969us-gaap:ForwardContractsMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-12-310000002969us-gaap:ForwardContractsMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-09-300000002969us-gaap:InterestRateContractMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-12-310000002969us-gaap:InterestRateContractMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-09-300000002969us-gaap:InterestRateContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-12-310000002969us-gaap:InterestRateContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-09-300000002969us-gaap:DesignatedAsHedgingInstrumentMember2025-12-310000002969us-gaap:DesignatedAsHedgingInstrumentMember2025-09-300000002969us-gaap:ForwardContractsMemberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMember2025-12-310000002969us-gaap:ForwardContractsMemberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMember2025-09-300000002969us-gaap:ForwardContractsMemberus-gaap:AccruedLiabilitiesMemberus-gaap:NondesignatedMember2025-12-310000002969us-gaap:ForwardContractsMemberus-gaap:AccruedLiabilitiesMemberus-gaap:NondesignatedMember2025-09-300000002969us-gaap:ForwardContractsMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:NondesignatedMember2025-12-310000002969us-gaap:ForwardContractsMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:NondesignatedMember2025-09-300000002969us-gaap:ForwardContractsMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMember2025-12-310000002969us-gaap:ForwardContractsMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMember2025-09-300000002969us-gaap:InterestRateContractMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:NondesignatedMember2025-12-310000002969us-gaap:InterestRateContractMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:NondesignatedMember2025-09-300000002969us-gaap:InterestRateContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMember2025-12-310000002969us-gaap:InterestRateContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMember2025-09-300000002969us-gaap:NondesignatedMember2025-12-310000002969us-gaap:NondesignatedMember2025-09-300000002969us-gaap:ForwardContractsMemberus-gaap:NetInvestmentHedgingMember2025-10-012025-12-310000002969us-gaap:ForwardContractsMemberus-gaap:NetInvestmentHedgingMember2024-10-012024-12-310000002969us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:NetInvestmentHedgingMember2025-10-012025-12-310000002969us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:NetInvestmentHedgingMember2024-10-012024-12-310000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2025-10-012025-12-310000002969us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2024-10-012024-12-310000002969us-gaap:NetInvestmentHedgingMember2025-10-012025-12-310000002969us-gaap:NetInvestmentHedgingMember2024-10-012024-12-310000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMember2024-10-012024-12-310000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMember2025-10-012025-12-310000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMember2024-10-012024-12-310000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMember2025-10-012025-12-310000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMember2024-10-012024-12-310000002969us-gaap:CashFlowHedgingMember2025-10-012025-12-310000002969us-gaap:CashFlowHedgingMember2024-10-012024-12-310000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesMember2025-10-012025-12-310000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesMember2024-10-012024-12-310000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2025-10-012025-12-310000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-10-012024-12-310000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2025-10-012025-12-310000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2024-10-012024-12-310000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2025-10-012025-12-310000002969us-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-10-012024-12-310000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesMember2025-10-012025-12-310000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesMember2024-10-012024-12-310000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2025-10-012025-12-310000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-10-012024-12-310000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2025-10-012025-12-310000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2024-10-012024-12-310000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2025-10-012025-12-310000002969apd:ForwardContractsExcludedComponentMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-10-012024-12-310000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesMember2025-10-012025-12-310000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesMember2024-10-012024-12-310000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2025-10-012025-12-310000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-10-012024-12-310000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2025-10-012025-12-310000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2024-10-012024-12-310000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2025-10-012025-12-310000002969us-gaap:OtherContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-10-012024-12-310000002969us-gaap:CashFlowHedgingMemberus-gaap:SalesMember2025-10-012025-12-310000002969us-gaap:CashFlowHedgingMemberus-gaap:SalesMember2024-10-012024-12-310000002969us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2025-10-012025-12-310000002969us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-10-012024-12-310000002969us-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2025-10-012025-12-310000002969us-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2024-10-012024-12-310000002969us-gaap:CashFlowHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2025-10-012025-12-310000002969us-gaap:CashFlowHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-10-012024-12-310000002969us-gaap:OtherContractMemberus-gaap:FairValueHedgingMemberus-gaap:SalesMember2025-10-012025-12-310000002969us-gaap:OtherContractMemberus-gaap:FairValueHedgingMemberus-gaap:SalesMember2024-10-012024-12-310000002969us-gaap:OtherContractMemberus-gaap:FairValueHedgingMemberus-gaap:CostOfSalesMember2025-10-012025-12-310000002969us-gaap:OtherContractMemberus-gaap:FairValueHedgingMemberus-gaap:CostOfSalesMember2024-10-012024-12-310000002969us-gaap:OtherContractMemberus-gaap:FairValueHedgingMemberus-gaap:InterestExpenseMember2025-10-012025-12-310000002969us-gaap:OtherContractMemberus-gaap:FairValueHedgingMemberus-gaap:InterestExpenseMember2024-10-012024-12-310000002969us-gaap:OtherContractMemberus-gaap:FairValueHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2025-10-012025-12-310000002969us-gaap:OtherContractMemberus-gaap:FairValueHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-10-012024-12-310000002969us-gaap:FairValueHedgingMemberus-gaap:SalesMember2025-10-012025-12-310000002969us-gaap:FairValueHedgingMemberus-gaap:SalesMember2024-10-012024-12-310000002969us-gaap:FairValueHedgingMemberus-gaap:CostOfSalesMember2025-10-012025-12-310000002969us-gaap:FairValueHedgingMemberus-gaap:CostOfSalesMember2024-10-012024-12-310000002969us-gaap:FairValueHedgingMemberus-gaap:InterestExpenseMember2025-10-012025-12-310000002969us-gaap:FairValueHedgingMemberus-gaap:InterestExpenseMember2024-10-012024-12-310000002969us-gaap:FairValueHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2025-10-012025-12-310000002969us-gaap:FairValueHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-10-012024-12-310000002969us-gaap:ForwardContractsMemberus-gaap:NondesignatedMemberus-gaap:OtherOperatingIncomeExpenseMember2025-10-012025-12-310000002969us-gaap:ForwardContractsMemberus-gaap:NondesignatedMemberus-gaap:OtherOperatingIncomeExpenseMember2024-10-012024-12-310000002969us-gaap:ForwardContractsMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2025-10-012025-12-310000002969us-gaap:ForwardContractsMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-10-012024-12-310000002969apd:DeDesignatedInterestRateSwapsMemberus-gaap:NondesignatedMemberus-gaap:OtherOperatingIncomeExpenseMember2025-10-012025-12-310000002969apd:DeDesignatedInterestRateSwapsMemberus-gaap:NondesignatedMemberus-gaap:OtherOperatingIncomeExpenseMember2024-10-012024-12-310000002969apd:DeDesignatedInterestRateSwapsMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2025-10-012025-12-310000002969apd:DeDesignatedInterestRateSwapsMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-10-012024-12-310000002969us-gaap:OtherContractMemberus-gaap:NondesignatedMemberus-gaap:OtherOperatingIncomeExpenseMember2025-10-012025-12-310000002969us-gaap:OtherContractMemberus-gaap:NondesignatedMemberus-gaap:OtherOperatingIncomeExpenseMember2024-10-012024-12-310000002969us-gaap:OtherContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2025-10-012025-12-310000002969us-gaap:OtherContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-10-012024-12-310000002969us-gaap:OtherOperatingIncomeExpenseMemberus-gaap:NondesignatedMember2025-10-012025-12-310000002969us-gaap:OtherOperatingIncomeExpenseMemberus-gaap:NondesignatedMember2024-10-012024-12-310000002969us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:NondesignatedMember2025-10-012025-12-310000002969us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:NondesignatedMember2024-10-012024-12-310000002969us-gaap:ForwardContractsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2025-12-310000002969us-gaap:ForwardContractsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310000002969us-gaap:ForwardContractsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2025-09-300000002969us-gaap:ForwardContractsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300000002969us-gaap:InterestRateContractMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2025-12-310000002969us-gaap:InterestRateContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310000002969us-gaap:InterestRateContractMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2025-09-300000002969us-gaap:InterestRateContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300000002969us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-12-310000002969us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310000002969us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-09-300000002969us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300000002969us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000002969us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000002969us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000002969us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000002969us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000002969us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000002969us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000002969us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000002969us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000002969us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000002969us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000002969us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000002969us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000002969us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000002969us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000002969us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000002969us-gaap:FairValueMeasurementsRecurringMember2025-12-310000002969us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000002969us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000002969us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000002969us-gaap:FairValueMeasurementsRecurringMember2025-09-300000002969us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000002969us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000002969us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000002969us-gaap:FairValueMeasurementsNonrecurringMemberapd:ProjectExitCostsMemberapd:DisposalGroupIncludingDiscontinuedOperationAssetsCurrentMember2025-07-012025-09-300000002969us-gaap:FairValueMeasurementsNonrecurringMemberapd:ProjectExitCostsMemberus-gaap:PropertyPlantAndEquipmentMember2024-10-012025-09-300000002969us-gaap:FairValueMeasurementsNonrecurringMemberapd:ProjectExitCostsMember2025-12-310000002969us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberapd:ProjectExitCostsMember2025-12-310000002969country:USus-gaap:PensionPlansDefinedBenefitMember2025-10-012025-12-310000002969us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2025-10-012025-12-310000002969us-gaap:PensionPlansDefinedBenefitMember2025-10-012025-12-310000002969country:USus-gaap:PensionPlansDefinedBenefitMember2024-10-012024-12-310000002969us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2024-10-012024-12-310000002969us-gaap:PensionPlansDefinedBenefitMember2024-10-012024-12-310000002969srt:MinimumMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000002969srt:MaximumMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000002969us-gaap:PensionPlansDefinedBenefitMember2024-10-012025-09-300000002969us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-10-012025-12-310000002969us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-10-012024-12-310000002969us-gaap:EnvironmentalIssueMember2025-12-310000002969us-gaap:EnvironmentalIssueMember2025-09-300000002969srt:MinimumMemberus-gaap:EnvironmentalIssueMember2025-12-310000002969srt:MaximumMemberus-gaap:EnvironmentalIssueMember2025-12-310000002969apd:PaceFloridaMember2025-12-310000002969us-gaap:SegmentDiscontinuedOperationsMemberapd:PaceFloridaMember2005-10-012006-09-300000002969apd:PaceFloridaMember2006-09-300000002969apd:PaceFloridaMemberus-gaap:EnvironmentalIssueMember2025-12-310000002969apd:PaceFloridaMember2019-10-012020-09-300000002969us-gaap:SegmentDiscontinuedOperationsMemberapd:PaceFloridaMember2019-10-012020-09-300000002969apd:PaceFloridaMember2023-10-012024-09-300000002969us-gaap:SegmentDiscontinuedOperationsMemberapd:PaceFloridaMember2023-10-012024-09-300000002969apd:PiedmontSouthCarolinaMember2025-12-310000002969us-gaap:SegmentDiscontinuedOperationsMemberapd:PiedmontSouthCarolinaMember2007-10-012008-09-300000002969apd:PiedmontSouthCarolinaMember2008-09-300000002969apd:PiedmontSouthCarolinaMember2025-04-012025-06-300000002969us-gaap:SegmentDiscontinuedOperationsMemberapd:PiedmontSouthCarolinaMember2025-04-012025-06-300000002969apd:PasadenaTexasMemberMember2025-12-310000002969apd:PasadenaTexasMemberMember2012-09-300000002969apd:PasadenaTexasMemberMember2011-10-012012-09-300000002969apd:LongTermIncentivePlanMember2025-12-310000002969us-gaap:PerformanceSharesMember2025-10-012025-12-310000002969apd:PerformanceSharesInternalBasedMemberMember2025-10-012025-12-310000002969apd:PerformanceSharesMarketBasedMemberMember2025-10-012025-12-310000002969apd:TimeBasedDeferredStockUnitMember2025-10-012025-12-310000002969us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-09-300000002969us-gaap:AccumulatedTranslationAdjustmentMember2025-09-300000002969us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-09-300000002969us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-10-012025-12-310000002969us-gaap:AccumulatedTranslationAdjustmentMember2025-10-012025-12-310000002969us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-10-012025-12-310000002969us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-12-310000002969us-gaap:AccumulatedTranslationAdjustmentMember2025-12-310000002969us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-12-310000002969us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-10-012025-12-310000002969us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-10-012024-12-310000002969us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-10-012025-12-310000002969us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-10-012024-12-310000002969apd:LuAnCleanEnergyCompanyTransactionMemberus-gaap:RelatedPartyMember2025-12-310000002969apd:LuAnCleanEnergyCompanyTransactionMemberus-gaap:RelatedPartyMember2025-09-300000002969apd:SeniorNoteOnePointFivePercentMemberus-gaap:SeniorNotesMember2025-10-012025-12-310000002969apd:SeniorNoteOnePointFivePercentMemberus-gaap:SeniorNotesMember2025-10-310000002969us-gaap:ContractsAccountedForUnderPercentageOfCompletionMember2025-10-012025-12-310000002969us-gaap:ContractsAccountedForUnderPercentageOfCompletionMember2024-10-012024-12-310000002969us-gaap:OperatingSegmentsMemberapd:AmericasSegmentMember2025-12-310000002969us-gaap:OperatingSegmentsMemberapd:AsiaSegmentMember2025-12-310000002969us-gaap:OperatingSegmentsMemberapd:EuropeSegmentMember2025-12-310000002969us-gaap:OperatingSegmentsMemberapd:MiddleEastAndIndiaSegmentMember2025-12-310000002969us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2025-12-310000002969us-gaap:OperatingSegmentsMember2025-12-310000002969us-gaap:OperatingSegmentsMemberapd:AmericasSegmentMember2025-09-300000002969us-gaap:OperatingSegmentsMemberapd:AsiaSegmentMember2025-09-300000002969us-gaap:OperatingSegmentsMemberapd:EuropeSegmentMember2025-09-300000002969us-gaap:OperatingSegmentsMemberapd:MiddleEastAndIndiaSegmentMember2025-09-300000002969us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2025-09-300000002969us-gaap:OperatingSegmentsMember2025-09-300000002969us-gaap:MaterialReconcilingItemsMember2025-10-012025-12-310000002969us-gaap:MaterialReconcilingItemsMember2024-10-012024-12-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended 3031 ~~June~~December 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-04534

AIR PRODUCTS AND CHEMICALS, INC.

(Exact name of registrant as specified in its charter)

Delaware

23-1274455

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

1940 Air Products Boulevard

Allentown, Pennsylvania 18106-5500

(Address of principal executive offices and Zip Code)

610-481-4911

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $1.00 per share	APD	New York Stock Exchange
0.500% Euro Notes due 2028	APD28	New York Stock Exchange
2.950% Euro Notes due 2031	APD31	New York Stock Exchange
0.800% Euro Notes due 2032	APD32	New York Stock Exchange
3.250% Euro Notes due 2032	APD32B	New York Stock Exchange
4.000% Euro Notes due 2035	APD35	New York Stock Exchange
3.450% Euro Notes due 2037	APD37	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of common stock, par value $1 per share, outstanding at 3031 ~~June~~December 2025 was 222,~~553~~656,~~640~~008.

AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries

QUARTERLY REPORT ON FORM 10-Q

For the quarterly period ended 3031 ~~June~~December 2025

TABLE OF CONTENTS

Forward-Looking Statements			3
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Consolidated Income Statements – Three and Nine Months Ended 30 June 2025 and 2024			5
Consolidated Income Statements – Three Months Ended 31 December 2025 and 2024			5
Consolidated Comprehensive Income Statements – Three and Nine Months Ended 30 June 2025 and 2024			6
Consolidated Comprehensive Income Statements – Three Months Ended 31 December 2025 and 2024			6
Consolidated Balance Sheets – 30 June 2025 and 30 September 2024			7
Consolidated Balance Sheets – 31 December 2025 and 30 September 2025			7
Consolidated Statements of Cash Flows – Nine Months Ended 30 June 2025 and 2024			8
Consolidated Statements of Cash Flows – Three Months Ended 31 December 2025 and 2024			8
Consolidated Statements of Equity – Three and Nine Months Ended 30 June 2025 and 2024			9
Consolidated Statements of Equity – Three Months Ended 31 December 2025 and 2024			9
Notes to Consolidated Financial Statements			1110
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			4538
Item 3. Quantitative and Qualitative Disclosures About Market Risk			8158
Item 4. Controls and Procedures			8158
PART II—OTHER INFORMATION
Item 5. Other Information			82
Item 1A. Risk Factors			59
Item 6. Exhibits			83
Item 5. Other Information			59
Signature			84
Item 6. Exhibits			60
Signature			61

Table of Contents

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts and can generally be identified by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” "future," “goal,” “intend,” “may,” “outlook,” “plan,” “position,” “possible,” “potential,” “project,” “should,” “target,” “will,” “would,” and similar expressions or variations thereof, or the negative thereof, but these terms are not the exclusive means of identifying such statements. Forward-looking statements are based on management’s expectations and assumptions as of the date of this report and are not guarantees of future performance. You are cautioned not to place undue reliance on our forward-looking statements.

Forward-looking statements may relate to a number of matters, including expectations regarding revenue, margins, expenses, earnings, tax provisions, cash flows, pension obligations, share repurchases or other statements regarding economic conditions or our business outlook; statements regarding capital expenditures and plans, projects, investment opportunities, and potential transactions that are subject to ongoing negotiations and their expected impact and timing; strategies and objectives for our future operations, including our ability to win new projects and execute the projects in our backlog; and statements regarding our expectations with respect to pending legal claims or disputes. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including, without limitation:

•changes in global or regional economic conditions, inflation, and supply and demand dynamics in the market segments we serve, including demand for technologies and projects to limit the impact of global climate change;

•changes in the financial markets that may affect the availability and terms on which we may obtain financing;

•the ability to execute agreements with customers and implement price increases to offset cost increases;

•disruptions to our supply chain and related distribution delays and cost increases;

•risks associated with having extensive international operations, including political risks, risks associated with unanticipated government actions and risks of investing in developing markets;

•project delays, scope changes, cost escalations, contract terminations, customer cancellations, or postponement of projects and sales;

•our ability to safely develop, operate, and manage costs of large-scale and technically complex projects;

•the future financial and operating performance of major customers, joint ventures, and equity affiliates;

•our ability to safely and effectively develop, implement, and operate new technologies and to market products produced utilizing new technologies;

•our ability to execute the projects in our backlog and refresh our pipeline of new projects;

•tariffs, economic sanctions and regulatory activities in jurisdictions in which we, ~~and~~ our affiliates and joint ventures, and our customers and other counterparties operate;

•the impact of environmental, tax, safety, or other legislation, as well as regulations and other public policy initiatives affecting our business and the business of our affiliates and related compliance requirements, including legislation, regulations, or policies intended to address global climate change;

•changes in tax rates and other changes in tax law;

•safety incidents relating to our operations;

•the timing, impact, and other uncertainties relating to acquisitions, divestitures, ~~and~~ joint venture activities and other commercial transactions, as well as our ability to integrate acquisitions and separate divested businesses, respectively;

Table of Contents

FORWARD-LOOKING STATEMENTS (CONTINUED)

•risks relating to cybersecurity incidents, including risks from the interruption, failure or compromise of our information systems or those of our business partners or service providers;

•catastrophic events, such as natural disasters and extreme weather events, pandemics and other public health crises, acts of war, including Russia’s invasion of Ukraine and new and ongoing conflicts in the Middle East, or terrorism;

•the impact on our business and customers of price fluctuations in oil and natural gas and disruptions in markets and the economy due to oil and natural gas price volatility;

•costs and outcomes of legal or regulatory proceedings and investigations;

•asset impairments due to economic conditions or specific events;

•significant fluctuations in inflation, interest rates, and foreign currency exchange rates from those currently anticipated;

•damage to facilities, pipelines or delivery systems, including those we are constructing or that we own or operate for third parties;

•availability and cost of electric power, natural gas, and other raw materials; and

•the commencement and success of any productivity and operational improvement programs.

In addition to the foregoing factors, forward-looking statements contained herein are qualified with respect to the risks disclosed elsewhere in this document, including in Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations, and Item 3, Quantitative and Qualitative Disclosures About Market Risk, as well as with respect to the risks described in Item 1A, Risk Factors, to our Annual Report on Form 10-K for the fiscal year ended 30 September ~~2024~~2025 and in Part II, Item 1A, Risk Factors, of this Quarterly Report on Form 10-Q. Any of these factors, as well as those not currently anticipated by management, could cause our results of operations, financial condition or liquidity to differ materially from what is expressed or implied by any forward-looking statement. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in assumptions, beliefs, or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.

Table of Contents

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

Air Products and Chemicals, Inc. and Subsidiaries

CONSOLIDATED INCOME STATEMENTS

(Unaudited)

	Three Months Ended		~~Nine Months Ended~~
	30 June		30 June
	31 December
(Millions of U.S. Dollars, except for share and per share data)	2025	2024	~~2025~~	~~2024~~
Sales	$3,~~022~~102.75	$2,~~985~~931.5	~~$8,870.4~~	~~$8,913.1~~
Cost of sales	2,~~040~~107.15	2,~~005~~016.65	~~6,110.5~~	~~6,064.3~~
Selling and administrative expense	~~222~~228.67	~~235~~242.4	~~687.0~~	~~714.4~~
Research and development expense	2420.14	2722.0	~~69.0~~	~~78.1~~
Business and asset actions	2422.10	—	~~2,952.0~~	~~57.0~~
Shareholder activism-related costs	~~25.0~~—	—29.9	~~86.3~~	—
Gain on sale of business	67.3	—	67.3	—
Other income (expense), net	10.6	22.9
Other income (expense), net	36.5	20.1	73.3	42.4
Operating Income	734.5	643.6
Operating Income (Loss)	790.6	737.6	(893.8)	2,041.7
Equity affiliates' income	172.2	150.6
Equity affiliates' income	167.6	168.9	463.7	470.6
Interest expense	54.5	42.6
Interest expense	61.4	55.7	146.2	169.1
Other non-operating income (expense), net	(1.4)	38.9
Other non-operating income (expense), net	(6.0)	(1.3)	14.3	(25.3)
Income Before Taxes	850.8	790.5
Income (Loss) From Continuing Operations Before Taxes	890.8	849.5	(562.0)	2,317.9
Income tax expense	159.4	140.7
Income tax expense (benefit)	159.6	140.6	(205.5)	406.5
Net Income	691.4	649.8
Income (Loss) From Continuing Operations	731.2	708.9	(356.5)	1,911.4
Net income attributable to noncontrolling interests	13.2	32.4
Loss from discontinued operations, net of tax	(8.0)	—	(8.0)	—
Net Income Attributable to Air Products	$678.2	$617.4
Net Income (Loss)	723.2	708.9	(364.5)	1,911.4
Per Share Data (U.S. Dollars per share)
Net income attributable to noncontrolling interests	9.4	12.3	34.9	33.1
Basic earnings per share attributable to Air Products	$3.04	$2.77
Net Income (Loss) Attributable to Air Products	$713.8	$696.6	($399.4)	$1,878.3
Diluted earnings per share attributable to Air Products	$3.04	$2.77
Net Income (Loss) Attributable to Air Products
Net income (loss) from continuing operations	$721.8	$696.6	($391.4)	$1,878.3
Net loss from discontinued operations	(8.0)	—	(8.0)	—
Net Income (Loss) Attributable to Air Products	$713.8	$696.6	($399.4)	$1,878.3
Per Share Data(A) (U.S. Dollars per share)
Basic earnings (loss) per share from continuing operations	$3.24	$3.13	($1.76)	$8.44
Basic loss per share from discontinued operations	(0.04)	—	(0.04)	—
Basic Earnings (Loss) Per Share Attributable to Air Products	$3.20	$3.13	($1.79)	$8.44
Diluted earnings (loss) per share from continuing operations	$3.24	$3.13	($1.76)	$8.43
Diluted loss per share from discontinued operations	(0.04)	—	(0.04)	—
Diluted Earnings (Loss) Per Share Attributable to Air Products	$3.20	$3.13	($1.79)	$8.43
Weighted Average Common Shares (in millions)
Basic	222.8	222.57	~~222.7~~	~~222.5~~
Diluted	222.9	222.89	~~222.7~~	~~222.8~~

(A) Earnings (loss) per share is calculated independently for each component and may not sum to total earnings (loss) per share due to rounding.

The accompanying notes are an integral part of these statements.

Table of Contents

Air Products and Chemicals, Inc. and Subsidiaries

CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS

(Unaudited)

	Three Months Ended
	30 June
	31 December
(Millions of U.S. Dollars)	2025	2024
Net Income	$~~723~~691.24	$~~708~~649.98
Other Comprehensive Income (Loss), net of tax:
Translation adjustments, net of tax of ($81.0) and $4.9	528.4	(140.2)
Translation adjustments, net of tax of ($1.2) and $46.2	73.5	(624.0)
Net gain on derivatives, net of tax of $17.1 and ($3.8)	40.9	13.5
Net gain on derivatives, net of tax of $0.9 and ($22.0)	35.5	65.7
Reclassification adjustments:
Currency translation adjustment	3.3	—
Derivatives, net of tax of $4.8 and $27.8	16.6	91.9
Derivatives, net of tax of ($15.6) and $5.1	(52.2)	15.5
Pension and postretirement benefits, net of tax of $3.4 and $3.3	9.3	11.0
Pension and postretirement benefits, net of tax of $3.4 and $4.5	11.5	13.8
Total Other Comprehensive Income (Loss)	134.9	(455.4)
Total Other Comprehensive Income (Loss)	531.9	(97.4)
Comprehensive Income	$826.3	$194.4
Comprehensive Income	$1,255.1	$611.5
Net Income Attributable to Noncontrolling Interests	13.2	32.4
Net Income Attributable to Noncontrolling Interests	9.4	12.3
Other Comprehensive Income Attributable to Noncontrolling Interests	24.2	103.1
Other Comprehensive Income Attributable to Noncontrolling Interests	24.0	17.8
Comprehensive Income Attributable to Air Products	$788.9	$58.9
Comprehensive Income Attributable to Air Products	$1,221.7	$581.4

The accompanying notes are an integral part of these statements.

	Nine Months Ended
	30 June
(Millions of U.S. Dollars)	2025	2024
Net Income (Loss)	($364.5)	$1,911.4
Other Comprehensive Income, net of tax:
Translation adjustments, net of tax of ($69.1) and ($8.2)	6.7	16.6
Net gain (loss) on derivatives, net of tax of ($1.0) and $1.9	61.6	(65.3)
Reclassification adjustments:
Currency translation adjustment	5.8	—
Derivatives, net of tax of $9.9 and $2.9	32.7	8.1
Pension and postretirement benefits, net of tax of $10.3 and $13.2	33.5	41.1
Total Other Comprehensive Income	140.3	0.5
Comprehensive Income (Loss)	($224.2)	$1,911.9
Net Income Attributable to Noncontrolling Interests	34.9	33.1
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interests	82.4	(57.8)
Comprehensive Income (Loss) Attributable to Air Products	($341.5)	$1,936.6

Table of Contents

Air Products and Chemicals, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	30 June	30 September
	31 December	30 September
(Millions of U.S. Dollars, except for share and per share data)	2025	~~2024~~2025
Assets
Current Assets
Cash and cash items	$21,~~324~~026.34	$21,~~979~~856.70
Short-term investments	—	5.0
Trade receivables, net	1,894.9	1,901.2
Trade receivables, net	1,943.5	1,821.6
Inventories	788.1	776.5
Inventories	797.7	766.0
Prepaid expenses	163.8	174.9
Prepaid expenses	234.0	179.9
Assets held for sale	472.6	427.7
Other receivables and current assets	~~848~~757.14	~~610~~689.85
Total Current Assets	$65,~~147~~103.62	$65,~~363~~825.08
Investment in net assets of and advances to equity affiliates	5,~~227~~440.81	45,~~792~~366.51
Plant and equipment, at cost	4243,~~985~~785.2	3942,~~950~~754.98
Less: accumulated depreciation	17,~~345~~643.21	1617,~~580~~417.0
Plant and equipment, net	$2526,~~640~~142.01	$2325,~~370~~337.98
Goodwill, net	~~969~~971.75	~~905~~963.19
Intangible assets, net	~~302~~294.4	~~311~~293.65
Operating lease right-of-use assets, net	~~976~~925.92	~~1,047~~944.70
Noncurrent lease receivables	~~318~~299.26	~~392~~307.1
Financing receivables	~~983~~964.36	1,~~220~~000.20
Other noncurrent assets	1,~~093~~100.20	1,~~171~~021.53
Total Noncurrent Assets	$3536,~~511~~137.5	$3335,~~211~~233.67
Total Assets(A)	$41,~~659~~240.17	$3941,~~574~~059.65
Liabilities and Equity
Current Liabilities
Payables and accrued liabilities	$3,~~368~~035.13	$23,~~926~~237.27
Accrued income taxes	~~156~~174.35	~~558~~179.54
Short-term borrowings	~~536~~66.27	8334.57
Current portion of long-term debt	~~699~~169.08	~~611~~716.43
Total Current Liabilities	$4,759.6	$4,179.6
Liabilities held for sale	51.6	50.5
Long-term debt	16,411.7	13,428.6
Total Current Liabilities	$3,497.9	$4,218.6
Long-term debt – related party	47.5	104.4
Long-term debt	17,114.6	16,769.9
Noncurrent operating lease liabilities	646.6	677.9
Long-term debt – related party	180.7	177.5
Other noncurrent liabilities	1,351.8	1,350.5
Noncurrent operating lease liabilities	607.0	616.0
Deferred income taxes	673.9	1,159.9
Other noncurrent liabilities	1,341.5	1,348.1
Total Noncurrent Liabilities	$19,131.5	$16,721.3
Deferred income taxes	661.9	579.6
Total Liabilities(A)	$23,891.1	$20,900.9
Total Noncurrent Liabilities	$19,905.7	$19,491.1
Commitments and Contingencies - See Note 14
Total Liabilities(A)	$23,403.6	$23,709.7
Commitments and Contingencies - See Note 11
Air Products Shareholders’ Equity
Common stock (par value $1 per share; issued 2025 and 2024 - 249,455,584 shares)	249.4	249.4
Common stock (par value $1 per share; issued 2026 and 2025 - 249,455,584 shares)	249.4	249.4
Capital in excess of par value	1,~~302~~305.16	1,~~253~~306.25
Retained earnings	17,~~952~~838.90	1917,~~545~~558.76
Accumulated other comprehensive loss	(1,~~969~~977.81)	(2,~~027~~087.78)
Treasury stock, at cost (2025 - 26,901,944 shares; 2024 - 27,083,166 shares)	(1,997.1)	(1,984.1)
Treasury stock, at cost (2026 - 26,799,576 shares; 2025 - 26,867,328 shares)	(2,004.6)	(2,001.8)
Total Air Products Shareholders’ Equity	$15,~~537~~411.53	$1715,~~036~~024.59
Noncontrolling Interests(A)	2,~~230~~425.58	12,~~637~~324.29
Total Equity	$17,~~768~~837.01	$1817,~~673~~349.78
Total Liabilities and Equity	$41,~~659~~240.17	$3941,~~574~~059.65

(A)Includes balances associated with a consolidated variable interest entity ("VIE"), including amounts reflected in "Total Assets" that can only be used to settle obligations of the VIE of $67,~~759~~684.16 and $47,~~393~~134.97 as of 3031 ~~June~~December 2025 and 30 September ~~2024~~2025, respectively, as well as liabilities of the VIE reflected within "Total Liabilities" for which creditors do not have recourse to the general credit of Air Products of $45,~~693~~304.98 and $34,~~473~~937.47 as of 3031 ~~June~~December 2025 and 30 September ~~2024~~2025, respectively. Refer to Note 3, Variable Interest Entities, for additional information regarding the NEOM Green Hydrogen Company joint venture.

The accompanying notes are an integral part of these statements.

Table of Contents

Air Products and Chemicals, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine Months Ended
	Three Months Ended
	30 June
	31 December
(Millions of U.S. Dollars)	2025	2024
Operating Activities
Net income (loss)	($364.5)	$1,911.4
Net income	$691.4	$649.8
Less: Net income attributable to noncontrolling interests of continuing operations	34.9	33.1
Less: Net income attributable to noncontrolling interests	13.2	32.4
Net income (loss) attributable to Air Products	($399.4)	$1,878.3
Net income attributable to Air Products	$678.2	$617.4
Net loss from discontinued operations	8.0	—
Net income (loss) from continuing operations attributable to Air Products	(391.4)	1,878.3
Adjustments to reconcile income to cash provided by operating activities:
Depreciation and amortization	$~~1,151~~370.47	$~~1,070~~366.38
Deferred income taxes	~~(497~~78.2)	(746.3)
Tax reform repatriation	(34.9)	—
Business and asset actions	22.0	—
Gain on sale of business	(67.3)	—
Undistributed earnings of equity method investments	(28.5)	(48.4)
Business and asset actions	2,952.0	57.0
Gain on sale of assets and investments	(2.2)	(10.1)
Undistributed earnings of equity method investments	(137.8)	(124.1)
Share-based compensation	10.6	16.4
Gain on sale of assets and investments	(46.9)	(23.3)
Noncurrent lease receivables	12.0	15.0
Share-based compensation	65.7	46.2
Other adjustments	(25.2)	(122.6)
Noncurrent lease receivables	40.1	59.2
Other adjustments	31.4	36.4
Working capital changes that provided (used) cash, excluding effects of acquisitions:
Trade receivables	~~(91~~6.4)1	(1047.48)
Inventories	(3511.60)	~~(111~~6.0)4
Other receivables	(~~102~~27.8)	829.40
Payables and accrued liabilities	(~~215~~191.13)	~~(175~~30.1)5
Other working capital	~~(624~~8.6)9	(2114.96)
Cash Provided by Operating Activities	$~~1,995~~900.67	$~~2,689~~811.7
Investing Activities
Additions to plant and equipment, including long-term deposits	($51,~~504~~251.92)	($42,~~721~~117.56)
Acquisitions, less cash acquired	(59.9)	—
Investments in and advances to unconsolidated affiliates	(20.0)	—
Investment in and advances to unconsolidated affiliates	(365.4)	—
Investments in financing receivables	—	(15.3)
Investment in financing receivables	(53.8)	(396.2)
Proceeds from sale of assets and investments	26.1	34.4
Proceeds from sale of assets and investments	185.4	26.3
Purchases of short-term investments	—	(117.6)
Purchases of short-term investments	(117.6)	(141.4)
Proceeds from short-term investments	—	5.0
Proceeds from short-term investments	122.5	413.1
Proceeds from other investing activities	2.2	29.0
Other investing activities	112.7	45.9
Cash Used for Investing Activities	($1,242.9)	($2,182.1)
Cash Used for Investing Activities	($5,681.0)	($4,773.8)
Financing Activities
Long-term debt proceeds	$~~3,978~~382.25	$~~4,119~~459.92
Payments on long-term debt	(~~380~~569.16)	(7612.71)
Net increase (decrease) in commercial paper and short-term borrowings	~~214~~67.73	(~~183~~21.35)
Dividends paid to shareholders	(~~1,185~~398.74)	(~~1,171~~393.46)
Proceeds from stock option exercises	1.1	6.2
Investments by noncontrolling interests	61.0	280.9
Investments by noncontrolling interests	485.9	278.7
Other financing activities	(32.9)	(38.7)
Other financing activities	(79.8)	(125.7)
Cash (Used for) Provided by Financing Activities	($490.1)	$274.2
Cash Provided by Financing Activities	$3,034.3	$2,847.7
Effect of Exchange Rate Changes on Cash	2.7	(38.0)
Effect of Exchange Rate Changes on Cash	(4.3)	(4.9)
Decrease in cash and cash items	($829.6)	($1,134.2)
(Decrease) Increase in cash and cash items	($655.4)	$758.7
Cash and cash items – Beginning of Year	1,856.0	2,979.7
Cash and cash items – Beginning of year	2,979.7	1,617.0
Cash and Cash Items – End of Period	$1,026.4	$1,845.5
Cash and Cash Items – End of Period	$2,324.3	$2,375.7

The accompanying notes are an integral part of these statements.

Table of Contents

Air Products and Chemicals, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(Millions of U.S. Dollars, except for per share data)
	Nine Months Ended 30 June 2025
	Three Months Ended 31 December 2025
	Common Stock	Capital in Excess of Par Value	Retained Earnings	AOCL(A)	Treasury Stock	Air ProductsShare-holders'Equity	Non-controlling Interests	TotalEquity
Balance as of 30 September 2024	$249.4	$1,253.2	$19,545.7	($2,027.7)	($1,984.1)	$17,036.5	$1,637.2	$18,673.7
Balance as of 30 September 2025	$249.4	$1,306.5	$17,558.6	($2,087.8)	($2,001.8)	$15,024.9	$2,324.9	$17,349.8
Net income (loss)	—	—	(399.4)	—	—	(399.4)	34.9	(364.5)
Net income	—	—	678.2	—	—	678.2	13.2	691.4
Other comprehensive income	—	—	—	57110.97	—	57110.97	8224.42	~~140~~134.39
Dividends on common stock ($5.35 per share)	—	—	(1,190.5)	—	—	(1,190.5)	—	(1,190.5)
Dividends on common stock ($1.79 per share)	—	—	(398.6)	—	—	(398.6)	—	(398.6)
Distributions to noncontrolling interests	—	—	—	—	—	—	(4.0.4)	(4.0.4)
Share-based compensation	—	6210.5	—	—	—	6210.5	—	6210.5
Issuance of treasury shares for stock option and award plans	—	(13.8)	—	—	(13.0)	(26.8)	—	(26.8)
Issuance of treasury shares for award plans	—	(8.1)	—	—	(2.8)	(10.9)	—	(10.9)
Investments by noncontrolling interests	—	—	—	—	—	—	~~485~~60.96	~~485~~60.96
Purchase of noncontrolling interests	—	—(3.3)	—	—	—	—(3.3)	(53.9)3	~~(5.9)~~—
Other equity transactions	—	~~0.2~~—	(20.92)	—	—	(20.72)	—	(20.72)
Balance as of 30 June 2025	$249.4	$1,302.1	$17,952.9	($1,969.8)	($1,997.1)	$15,537.5	$2,230.5	$17,768.0
Balance as of 31 December 2025	$249.4	$1,305.6	$17,838.0	($1,977.1)	($2,004.6)	$15,411.3	$2,425.8	$17,837.1

	Nine Months Ended 30 June 2024
	Three Months Ended 31 December 2024
	Common Stock	Capital in Excess of Par Value	Retained Earnings	AOCL(A)	Treasury Stock	Air ProductsShare-holders'Equity	Non-controlling Interests	TotalEquity
Balance as of 30 September 2023	$249.4	$1,190.5	$17,289.7	($2,449.4)	($1,967.3)	$14,312.9	$1,347.4	$15,660.3
Balance as of 30 September 2024	$249.4	$1,253.2	$19,545.7	($2,027.7)	($1,984.1)	$17,036.5	$1,637.2	$18,673.7
Net income	—	—	~~1,878~~617.34	—	—	~~1,878~~617.34	3332.14	~~1,911~~649.48
Other comprehensive income (loss)	—	—	—	58(558.35)	—	58(558.35)	~~(57~~103.8)1	0(455.54)
Dividends on common stock ($5.29 per share)	—	—	(1,176.1)	—	—	(1,176.1)	—	(1,176.1)
Dividends on common stock ($1.77 per share)	—	—	(393.8)	—	—	(393.8)	—	(393.8)
Distributions to noncontrolling interests	—	—	—	—	—	—	(151.74)	(151.74)
Share-based compensation	—	4414.03	—	—	—	4414.03	—	4414.03
Issuance of treasury shares for stock option and award plans	—	3(6.48)	—	—	(1715.70)	(1421.38)	—	(1421.38)
Investments by noncontrolling interests	—	—	—	—	—	—	~~278~~281.70	~~278~~281.70
Purchase of noncontrolling interests	—	—	—	—	—	—	(5.9)	(5.9)
Other equity transactions	—	0.2	(2.0)	—	—	(1.8)	—	(1.8)
Balance as of 30 June 2024	$249.4	$1,238.1	$17,989.9	($2,391.1)	($1,985.0)	$15,101.3	$1,585.7	$16,687.0
Balance as of 31 December 2024	$249.4	$1,260.9	$19,767.3	($2,586.2)	($1,999.1)	$16,692.3	$2,046.4	$18,738.7

(A)Accumulated other comprehensive loss.

The accompanying notes are an integral part of these statements.

Table of Contents

Air Products and Chemicals, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF EQUITY (cont.)

(Unaudited)

(Millions of U.S. Dollars, except for per share data)
	Three Months Ended 30 June 2025
	Common Stock	Capital in Excess of Par Value	Retained Earnings	AOCL(A)	Treasury Stock	Air ProductsShare-holders'Equity	Non-controlling Interests	TotalEquity
Balance as of 31 March 2025	$249.4	$1,291.4	$17,637.3	($2,477.7)	($1,997.0)	$14,703.4	$2,076.2	$16,779.6
Net income	—	—	713.8	—	—	713.8	9.4	723.2
Other comprehensive income	—	—	—	507.9	—	507.9	24.0	531.9
Dividends on common stock ($1.79 per share)	—	—	(398.4)	—	—	(398.4)	—	(398.4)
Distributions to noncontrolling interests	—	—	—	—	—	—	(2.6)	(2.6)
Share-based compensation	—	11.5	—	—	—	11.5	—	11.5
Issuance of treasury shares for stock option and award plans	—	(1.0)	—	—	(0.1)	(1.1)	—	(1.1)
Investments by noncontrolling interests	—	—	—	—	—	—	123.5	123.5
Other equity transactions	—	0.2	0.2	—	—	0.4	—	0.4
Balance as of 30 June 2025	$249.4	$1,302.1	$17,952.9	($1,969.8)	($1,997.1)	$15,537.5	$2,230.5	$17,768.0

	Three Months Ended 30 June 2024
	Common Stock	Capital in Excess of Par Value	Retained Earnings	AOCL(A)	Treasury Stock	Air ProductsShare-holders'Equity	Non-controlling Interests	TotalEquity
Balance as of 31 March 2024	$249.4	$1,215.7	$17,690.0	($2,275.9)	($1,965.8)	$14,913.4	$1,421.5	$16,334.9
Net income	—	—	696.6	—	—	696.6	12.3	708.9
Other comprehensive income (loss)	—	—	—	(115.2)	—	(115.2)	17.8	(97.4)
Dividends on common stock ($1.77 per share)	—	—	(393.6)	—	—	(393.6)	—	(393.6)
Distributions to noncontrolling interests	—	—	—	—	—	—	(2.0)	(2.0)
Share-based compensation	—	14.5	—	—	—	14.5	—	14.5
Issuance of treasury shares for stock option and award plans	—	7.9	—	—	(19.2)	(11.3)	—	(11.3)
Investments by noncontrolling interests	—	—	—	—	—	—	136.1	136.1
Other equity transactions	—	—	(3.1)	—	—	(3.1)	—	(3.1)
Balance as of 30 June 2024	$249.4	$1,238.1	$17,989.9	($2,391.1)	($1,985.0)	$15,101.3	$1,585.7	$16,687.0

(A)Accumulated other comprehensive loss

The accompanying notes are an integral part of these statements.

Table of Contents

Air Products and Chemicals, Inc. and Subsidiaries

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Millions of U.S. Dollars, unless otherwise indicated

1.	Basis of Presentation and Major Accounting Policies	1211
2.	New Accounting Guidance	1211
3.	Variable Interest Entities	13
4.	Business and Asset Actions	1716
5.	~~Acquisitions~~Revenue ~~and Divestitures~~Recognition	18
6.	~~Revenue Recognition~~Inventories	19
7.	~~Discontinued Operations~~Goodwill	2119
8.	~~Inventories~~Financial Instruments	2120
9.	~~Goodwill~~Fair Value Measurements	2126
10.	~~Financial~~Retirement ~~Instruments~~Benefits	2229
11.	~~Fair~~Commitments ~~Value~~and ~~Measurements~~Contingencies	29
12.	~~Debt~~Share-Based Compensation	3132
13.	~~Retirement~~Accumulated ~~Benefits~~Other Comprehensive Loss	33
14.	~~Commitments~~Earnings ~~and~~Per ~~Contingencies~~Share	34
15.	~~Share-Based~~Supplemental ~~Compensation~~Information	3734
16.	~~Accumulated~~Business ~~Other~~Segment ~~Comprehensive Loss~~Information	3835
17.	Earnings (Loss) per Share	39
18.	Income Taxes	40
19.	Supplemental Information	41
20.	Business Segment Information	43

1110

Table of Contents

1. BASIS OF PRESENTATION AND MAJOR ACCOUNTING POLICIES

As used in this report, unless the context indicates otherwise, the terms “we”, “our”, “us”, the “Company”, "Air Products", or “registrant” include our controlled subsidiaries and affiliates.

Basis of Presentation

The interim consolidated financial statements of Air Products and Chemicals, Inc. and its controlled subsidiaries included herein have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). ~~Certain~~The information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations. In our opinion, the accompanying ~~statements~~notes ~~reflect~~are ~~adjustments~~an ~~necessary~~integral topart ~~fairly present the financial position, results~~ of ~~operations,~~these and cash flows for those periods indicated and contain adequate disclosures to make the information presented not misleading. Adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the notes to the interim consolidated financial statements.

ToCertain ~~fully~~information ~~understand~~normally ~~the~~included ~~basis~~in offinancial ~~presentation,~~statements ~~the~~prepared ~~interim~~in ~~consolidated~~accordance ~~financial~~with ~~statements~~U.S. ~~and~~generally ~~related~~accepted ~~notes~~accounting ~~included~~principles ~~herein~~("GAAP") ~~should~~has bebeen ~~read~~condensed inor ~~conjunction~~omitted ~~with~~as ~~the~~permitted ~~consolidated~~under ~~financial~~such ~~statements~~rules and ~~notes~~regulations. ~~thereto~~In ~~included~~management’s inopinion, the accompanying statements reflect adjustments necessary to fairly present our ~~Annual~~financial ~~Report~~position, onresults ~~Form~~of ~~10-K~~operations, and cash flows for the ~~fiscal~~periods ~~year~~indicated ~~ended~~and 30contain ~~September~~adequate ~~2024~~disclosures (to make the ~~"2024~~information ~~Form 10-K"),~~presented ~~which~~not ~~was~~misleading. ~~filed~~Adjustments ~~with~~included ~~the~~herein ~~SEC~~are onof 21a ~~November~~normal, ~~2024.~~recurring ~~Results~~nature ofunless ~~operations~~otherwise ~~for~~disclosed in the notes to the interim ~~periods~~consolidated ~~are~~financial ~~not~~statements. ~~necessarily~~Certain ~~indicative~~prior ofperiod ~~the~~information ~~results~~has ofbeen ~~operations~~reclassified ~~for~~to aconform ~~full~~to the current year presentation.

To fully understand the basis of presentation, the interim consolidated financial statements and related notes included herein should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended 30 September 2025 (the "2025 Form 10-K"), which was filed with the SEC on 20 November 2025. Results of operations for interim periods are not necessarily indicative of the results of operations for a full year.

Major Accounting Policies

Refer to our ~~2024~~2025 Form 10-K for a description of our major accounting policies. There ~~have~~were ~~been~~ no significant changes to these accounting policies during the first ~~nine~~quarter ~~months~~ of fiscal year ~~2025~~2026.

Estimates and Assumptions

Preparation of the interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in these statements and the accompanying notes. Actual results could differ from those estimates.

2. NEW ACCOUNTING GUIDANCE

New Accounting Guidance to be Implemented

Climate-Related Disclosures

In March 2024, the SEC issued Release No. 33-11275, “"The Enhancement and Standardization of Climate-Related Disclosures for Investors", which includes final rules for providing annual qualitative and quantitative disclosures regarding certain climate-related topics ~~on an annual basis~~. As a result of legal challenges, the SEC issued an order in April 2024 to stay the effectiveness of the rules pending the completion of judicial review of the consolidated challenges before the United States Court of Appeals for the Eighth Circuit. The SEC subsequently announced its withdrawal of its legal defense to such challenges in March 2025; however, the rules have not been formally rescinded by the SEC. In April 2025, the appellate court suspended its proceedings indefinitely and directed the SEC to file a status report outlining its next steps. In response, the SEC stated in July 2025 that it does not intend to revisit the rules and requested the court to rule on the pending petitions. We continue to monitor these developments.

~~Reportable~~The ~~Segment~~SEC ~~Disclosures~~subsequently announced its withdrawal of its legal defense to such challenges in March 2025; however, the rules have not been formally rescinded by the SEC. In April 2025, the appellate court suspended its proceedings indefinitely and directed the SEC to file a status report outlining its next steps. In response, the SEC stated in July 2025 that it does not intend to revisit the rules and requested the court to rule on the pending petitions.

In ~~November~~September ~~2023~~2025, the ~~Financial~~appellate ~~Accounting~~court ~~Standards~~declined ~~Board~~the ~~(“FASB”)~~SEC's ~~issued~~request ~~Accounting~~and ~~Standard~~placed ~~Update (“ASU”) No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures". We will adopt~~ the ~~update~~litigation ~~upon~~in ~~its effective date~~abeyance, which ~~applies~~will toremain ~~our~~in ~~Annual~~effect ~~Report~~until onthe ~~Form~~SEC ~~10-K~~reconsiders ~~for~~ the ~~fiscal~~rules ~~year~~by ~~ending 30 September 2025~~ notice-and ~~Forms 10~~-Qcomment ~~for~~rulemaking ~~interim~~or ~~periods~~renews ~~thereafter.~~its Upon adoption, we will expand our segment financial information disclosures to include significant expense categories that are regularly provided to our chief operating decision maker as well as other segment items reflected in the reported measure of segment profit or lossdefense. ~~Historical~~We ~~periods~~continue ~~provided in the affected reports will be recast~~ to ~~conform~~monitor tothese ~~the amended presentation~~developments.

1211

Table of Contents

Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740)—Improvements to Income Tax Disclosures”, to expand income tax disclosures, primarily through disaggregation requirements for the rate reconciliation and income taxes paid. The update will be effective in our Annual Report on Form 10-K for the fiscal year ending 30 September 2026, although early adoption is permitted. The amendments should be applied on a prospective basis with a retrospective option. We are evaluating the impact this update will have on our disclosures.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”, which requires additional disclosures of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, intangible asset amortization, as well as selling expenses in the notes to the financial statements. In January 2025, the FASB clarified that the update will be effective in our Annual Report on Form 10-K for the fiscal year ending 30 September 2028 as well as interim periods thereafter, although early adoption is permitted. The amendments should be applied either prospectively after the effective date or retrospectively to any or all periods presented. We are evaluating the impact this update will have on our disclosures.

Measurement of Credit Losses for Accounts Receivable and Contract Assets

In July 2025, the FASB issued ASU 2025-09, “Measurement of Credit Losses for Accounts Receivable and Contract Assets”, which allows an entity to elect a practical expedient to assume that current conditions as of the balance sheet date do not change when estimating expected credit losses. This update will be effective at the beginning of fiscal year 2027, although early adoption is permitted. The amendments should be applied on a prospective basis. We are evaluating the implications of this update. At this time, we do not expect it will have a material impact on our financial statements.

Accounting for Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, “Targeted Improvements to the Accounting for Internal-Use Software”, which establishes criteria for commencing cost capitalization for software projects. This update will be effective at the beginning of fiscal year 2029, although early adoption is permitted. The amendments can be applied prospectively, retrospectively, or via a modified prospective transition method. We are evaluating the impact this update will have on our financial statements.

Government Grants

In December 2025, the FASB issued ASU 2025-10, “Accounting for Government Grants Received by Business Entities”, which provides guidance on the recognition, measurement, and presentation of government grants. This update will be effective at the beginning of fiscal year 2030, although early adoption is permitted. The amendments can be applied on a modified prospective approach, modified retrospective approach, or a full retrospective approach. We are evaluating the impact this update will have on our financial statements.

Interim Reporting

In December 2025, the FASB issued ASU 2025-11, “Interim Reporting (Topic 270): Narrow-Scope Improvements”. This guidance addresses the form and content of interim financial statements, lists interim disclosures required by other codification topics, and establishes a principle for disclosing events since the end of the last annual reporting period that have a material impact. This update will be effective for interim periods beginning in fiscal year 2029, although early adoption is permitted. The ASU can be applied prospectively or retrospectively. We are evaluating the impact this update will have on our disclosures.

Table of Contents

3. VARIABLE INTEREST ENTITIES

We are the primary beneficiary of the NEOM Green Hydrogen Company joint venture ("NGHC"), ~~which is~~ a variable interest entity ("VIE") that is consolidated in our Middle East and India segment. We are not the primary beneficiary of any other material VIEs. We account for a VIE for which we have an equity interest and exercise significant influence but are not the primary beneficiary, such as the Jazan Integrated Gasification and Power Company joint venture ("JIGPC"), as an equity method investment. Additionally, World Energy, LLC ("World Energy") is a VIE for which we have no equity interest and are not the primary beneficiary. Our variable interests in NGHC, JIGPC, and World Energy are further discussed below.

Our other material VIEs are those in which we hold variable interests but are not the primary beneficiary. We have an equity interest and exercise significant influence in the Jazan Integrated Gasification and Power Company joint venture ("JIGPC"), which we account for as an equity method investment in our Middle East and India segment. We have no equity interest in World Energy, LLC ("World Energy"), but hold a variable interest through a financing receivable that was fully reserved in connection with our exit from the sustainable aviation fuel expansion project during the second quarter of fiscal year 2025.

NGHC Joint Venture

The NEOM Green Hydrogen Project is a multi-billion dollar green hydrogen-based ammonia production facility that is being constructed in NEOM City, Saudi Arabia. Owned and operated by NGHC, the facility will be powered by renewable energy to produce green ammonia for Air Products as the exclusive offtaker under a long-term take-if-tendered agreement.

Air Products is an equal owner in NGHC with our joint venture partners, ACWA Power and NEOM Company. While we only hold one-third of the voting interests in the joint venture, substantially all the activities of the joint venture involve or are conducted on behalf of Air Products. Since we have disproportionately few voting rights relative to our economic interests in the joint venture, we determined that NGHC is a VIE. In addition, we determined that we are the primary beneficiary of NGHC since we have the power to unilaterally direct certain significant activities, including key design and construction decisions, and we share power with our joint venture partners related to other activities that are significant to the economic performance of NGHC. Therefore, we consolidate NGHC within the Middle East and India segment.

Under the project financing discussed below, the assets of NGHC can only be used to settle obligations of the joint venture, and creditors of NGHC do not have recourse to the general credit of Air Products. A table summarizing balances associated with NGHC as reflected on our consolidated balance sheets is provided on page 1514.

Project Financing

In May 2023, NGHC finalized the $6.7 billion engineering, procurement, and construction agreement, naming Air Products as the main contractor and system integrator for the facility. To support the project, NGHC secured project financing that is non-recourse to Air Products of approximately $6.1 billion, which is expected to fund about 73% of the project and is being drawn over the construction period. At the same time, NGHC secured additional credit facilities totaling approximately $500, primarily for NGHC's working capital needs. These facilities are also non-recourse to Air Products. Total principal borrowings were $5.3 billion and $4.9 billion as of 31 December 2025 and 30 September 2025, respectively. Long-term principal borrowings of approximately $365 during the first quarter of fiscal year 2026 were primarily drawn under a 2.00% stated-rate Saudi Riyal facility.

The borrowings discussed above are primarily from long-term facilities that are presented net of unamortized discounts and debt issuance costs within "Long-term debt" on our consolidated balance sheets. Short-term borrowings were $36.7 and $24.0 as of 31 December 2025 and 30 September 2025, respectively, under a variable-rate Saudi Riyal facility that carried an interest rate of 5.00% as of 31 December 2025.

Table of Contents

~~Project~~Interest ~~Financing~~Rate Swaps

In May 2023, NGHC ~~finalized~~entered ~~the~~into ~~$6.7~~floating-to-fixed ~~billion~~interest ~~engineering,~~rate ~~procurement,~~swaps ~~and~~designed ~~construction~~to ~~agreement~~hedge ~~with~~long-term ~~Air~~variable-rate ~~Products~~debt ~~named~~facilities asavailable under the ~~main~~project ~~contractor~~financing ~~and~~during ~~system integrator for~~ the ~~facility~~construction period. ~~NGHC~~In ~~secured~~fiscal ~~project~~year ~~financing~~2024, ~~that~~we isdiscontinued ~~non-recourse~~cash toflow ~~Air~~hedge ~~Products~~accounting offor ~~approximately~~certain ~~$6.1~~swaps ~~billion,~~due ~~which is expected~~ to ~~fund~~changes ~~about~~in ~~73% of~~ the ~~project~~anticipated ~~and~~drawdown ~~will~~timeline befor ~~drawn over~~ the ~~construction~~hedged ~~period~~borrowings. AtAs ~~the~~a ~~same time~~result, ~~NGHC~~unrealized ~~secured~~gains ~~additional~~and ~~credit~~losses ~~facilities~~for ~~that~~the ~~are non~~de-~~recourse~~designated toswaps ~~Air~~were ~~Products,~~recorded ~~which~~to ~~total~~"Other ~~approximately~~non-operating ~~$500~~income ~~and~~(expense), ~~are~~net" ~~primarily~~on ~~for~~our ~~NGHC's~~consolidated ~~working~~income ~~capital needs~~statements. ~~Total~~During ~~principal~~the ~~borrowings~~first ~~were~~quarter ~~$4.6 billion and $3.3 billion as~~ of 30fiscal ~~June~~year 2025 ~~and 30 September 2024~~, ~~respectively.~~we ~~These~~recorded ~~balances~~an ~~include~~unrealized ~~short-term~~gain ~~borrowings~~ of $7138.18 ~~and~~ ($5110.6,3 ~~respectively,~~attributable ~~from~~to aAir ~~6.30%~~Products ~~variable~~after ~~rate~~tax), ~~Saudi~~with ~~Riyal facility~~$25.2 ~~The~~attributable ~~remaining~~to ~~borrowings include long-term facilities that are reflected net of unamortized discounts and debt issuance costs within "Long-term debt" on~~ our ~~consolidated~~noncontrolling ~~balance sheets~~partners.

InWe ~~May 2023, NGHC entered into floating~~re-~~to-fixed~~designated ~~interest~~the ~~rate~~affected swaps ~~designed~~as tooutstanding ~~hedge~~borrowings ~~the long-term variable rate debt facilities available~~ under the available project financing ~~during~~became ~~the~~commensurate ~~construction~~with ~~period~~the ofswaps’ ~~the~~notional ~~project~~values. WeThe ~~discontinued~~unrealized ~~cash~~gain ~~flow~~on ~~hedge~~swaps ~~accounting~~that ~~for~~remained ~~certain~~de-designated ~~swaps~~ during the ~~third~~first quarter of fiscal year ~~2024.~~2026 Aswas anot ~~result~~material. As of ~~the~~1 ~~de-designation~~January 2026, ~~unrealized~~all ~~gains~~swaps ~~and~~have ~~losses~~been ~~are recorded to "Other non~~re-~~operating~~designated ~~income (expense), net" on our consolidated income statements~~ as ~~summarized~~cash inflow ~~the~~hedges. ~~table below:~~

	Three Months Ended		Nine Months Ended
	30 June		30 June
	2025	2024	2025	2024
Gain (loss) on de-designation of cash flow hedges	($0.3)	$11.2	$27.0	$11.2
Amount attributable to noncontrolling partners in NGHC	(0.1)	7.3	17.6	7.3
Amount attributable to Air Products after tax	(0.1)	3.0	7.2	3.0

Table of Contents

NGHC Balance Sheet

The table below summarizes balances associated with NGHC as reflected on our consolidated balance sheets:

30 June

30 September

31 December

30 September

2025

~~2024~~2025

Assets

Cash and cash items

$38128.47

$3440.53

Trade receivables, net

121.74

61.71

Prepaid expenses

18.90

3120.27

Other receivables and current assets

~~143~~133.45

~~120~~107.62

Total Current Assets

$~~213~~281.46

$~~193~~169.03

Plant and equipment, net

6,~~154~~995.82

36,~~929~~593.9

Operating lease right-of-use assets, net

~~220~~213.35

~~233~~218.90

Other noncurrent assets

~~170~~194.63

37153.15

Total Noncurrent Assets

$67,~~545~~403.70

$46,~~200~~965.94

Total Assets

$67,~~759~~684.16

$47,~~393~~134.97

Liabilities

Payables and accrued liabilities

$~~295~~201.81

$~~308~~201.47

Accrued income taxes

0.3.0

21.02

Short-term borrowings

7136.07

5124.60

Total Current Liabilities

$~~367~~240.18

$~~362~~226.09

Long-term debt

45,~~284~~027.31

34,~~053~~677.36

Noncurrent operating lease liabilities

1817.19

2417.58

Other noncurrent liabilities

92.40

301.46

Deferred income taxes

1517.0

313.28

Total Noncurrent Liabilities

$45,~~326~~064.80

$34,~~111~~710.48

Total Liabilities

$45,~~693~~304.98

$34,~~473~~937.47

Equity

Accumulated other comprehensive income

$4248.38

$1338.83

Noncontrolling interests

1,~~397~~580.12

~~937~~1,493.6

1514

Table of Contents

JIGPC Joint Venture

JIGPC is a joint venture with Saudi Aramco Power Company (a subsidiary of Aramco), ACWA Power, and Air Products Qudra (“APQ”). JIGPC entered into project financing to purchase power blocks, gasifiers, air separation units, syngas cleanup assets, and utilities to supply electricity, steam, hydrogen, and utilities to Aramco’s refinery and terminal complex under a 25-year agreement, which commenced in the first quarter of fiscal year 2022. JIGPC recorded financing receivables upon acquisition of the assets and recognizes financing income over the supply term.

We determined JIGPC is a VIE for which we exercise significant influence but are not the primary beneficiary as we do not have the power to direct the activities that are most significant to its economic performance. Instead, these activities, including plant dispatch, operating and maintenance decisions, budgeting, capital expenditures, and financing, require unanimous approval of the owners or are controlled by the customer. Accordingly, we account for our 55% investment, which includes 4% that is attributable to the noncontrolling partner of APQ, under the equity method within the Middle East and India segment.

Our loss exposure is limited to the carrying value of our investment in the joint venture. ~~The carrying value of our investment~~which, including amounts attributable to noncontrolling interests, totaled $3.01 billion ~~and $2.9 billion~~ as of 30both ~~June~~31 December 2025 and 30 September ~~2024, respectively. The balance as of 30 June~~ 2025 ~~reflects a final investment of approximately $115 that we completed during the second quarter of fiscal year 2025~~. ~~This investment was made in the form of a shareholder loan, which the joint venture used to purchase the remaining project assets.~~

Our total investment in JIGPC primarily consists of shareholder loans that qualify as in-substance common stock in the joint venture. Certain shareholders receive a preferred cash distribution pursuant to the joint venture agreement, which specifies each shareholder’s share of income after considering the amount of cash available for distribution. As such, the earnings attributable to Air Products may not be proportionate to our ownership interest in the venture.

World Energy

In November 2023, we purchased a sustainable aviation fuel (“SAF”) facility in Paramount, California, from World Energy and accounted for the transaction as a financing arrangement because the agreement contained an embedded sales-type lease. ~~As of 30 September 2024, the related financing receivable had a carrying value of approximately $300.~~ Additionally, we entered into a Master Project Agreement ("MPA") that included terms for operation of the acquired facility as well as amended terms for the construction and operation of an SAF expansion project subject to construction at the same location. ~~The~~We ~~MPA~~determined ~~also~~that ~~included a tolling arrangement whereby we would receive feedstock from and produce renewable fuels for~~ World Energy ~~over~~is a ~~term~~VIE, toand ~~conclude~~our 15financing ~~years~~receivable ~~after~~represented ~~onstream~~a ofvariable ~~the~~interest ~~expansion~~in ~~project~~World ~~with~~Energy. ~~the~~We ~~option~~are tonot ~~renew for two five-year terms. Subsequently,~~ the ~~expansion~~primary ~~project~~beneficiary ~~was~~as ~~put~~we ondid ~~hold~~not ~~pending~~control ~~receipt~~key ofoperating ~~permits~~decisions.

WeIn ~~determined~~February ~~that~~2025, ~~World~~we ~~Energy~~terminated isthe aMPA ~~VIE,~~ and announced our ~~financing~~decision ~~receivable~~to ~~represented~~exit athe ~~variable~~project. ~~interest~~Cumulative project exit charges recorded in ~~World~~connection ~~Energy~~with this decision totaled approximately $1.9 billion Wethrough ~~are~~31 ~~not~~December 2025, the ~~primary~~majority ~~beneficiary~~of aswhich wewere dorecognized ~~not~~in ~~have~~the ~~control~~second ~~over~~quarter ~~their~~of ~~key~~fiscal ~~operating~~year ~~decisions,~~2025 ~~including~~and ~~feedstock~~primarily ~~supply,~~related ~~production~~to ofthe ~~renewable~~write-down ~~fuels,~~of plant and ~~negotiating~~equipment. ~~and~~These ~~executing~~project ~~supply~~exit ~~agreements~~charges were recorded with ~~customers.~~other business and asset actions discussed in Note 4, Business and Asset Actions.

During the second quarter of fiscal year 2025, we terminated the MPA and announced our decision to exit the project. In connection with this decision, we recorded project exit charges totaling approximately $1.8 billion, the majority of which were recognized at the time of the announcement. The charges included approximately $1.4 billion to write down assets that had primarily been reflected within "Plant and equipment, net" and $300 to establish an allowance for credit loss equal to the value of the financing receivable, which had previously been placed on non-accrual status. The remaining charge primarily reflects estimated costs to terminate contractual commitments and satisfy other obligations associated with exiting the site. We have no further loss exposure related to our variable interest in World Energy as of 3031 ~~June~~December 2025; however, ~~there could be~~ future impacts to earnings may occur as we finalize our exit from the project. Estimates used to calculate the charges reflect our best judgment based on information available as of 31 December 2025.

The charges discussed above were recorded in aggregate with those related to other actions as described in Note 4, Business and Asset Actions. Estimates used to calculate the charges reflect our best judgment based on information available as of 30 June 2025. The amount and timing of final settlement of these items may differ materially from our current estimates, which could materially impact our consolidated financial statements in future periods.15

Table of Contents

4. BUSINESS AND ASSET ACTIONS

Our consolidated income statements for the periods presented in this report include charges related to business and asset actions that are not reflected in segment results. Charges of $24.1 ($15.4 after tax) and $2,958.8 ($2,306.0 after tax attributable to Air Products) for the three and nine months ended 30 June 2025, respectively, were primarily recognized through operating results for project exit costs related to an ongoing review of our project backlog. The portion of the charge attributable to our noncontrolling partners was $3.5. The nine months ended 30 June 2024 reflect a charge of $57.0 ($43.8 after tax) that was recorded during the second quarter for involuntary termination benefits under our ongoing global cost reduction plan.

Project Exit Costs

During the ~~second~~first quarter of fiscal year ~~2025~~2026, ~~our~~we ~~Board~~recorded ofcharges ~~Directors~~for business and ~~Chief~~asset ~~Executive~~actions ~~Officer~~totaling ~~initiated~~$28.3 a($24.6 ~~review~~after oftax) ~~our~~related to project ~~portfolio~~exits announced in anfiscal ~~effort~~year to2025. ~~streamline~~Of ~~our~~these ~~backlog~~charges, ~~and~~$22.0 ~~prioritize~~were ~~resources~~recorded onwithin ~~projects~~operating ~~that~~income weto ~~believe~~reflect ~~will~~updated ~~enhance~~cost ~~shareholder~~estimates ~~value.~~as ~~In connection with this review,~~ we ~~decided~~settle ~~to exit various projects~~ project‑related tocommitments ~~clean~~and ~~energy~~sell ~~generation~~associated ~~and distribution~~assets. AsThe aremaining ~~result~~$6.3 ofwas ~~these decisions, we~~ recorded ~~project~~to ~~exit~~"Other ~~costs~~non‑operating ofincome $2(expense),~~885.9~~ net" and ~~$6.8~~reflects ~~through~~losses ~~operating~~on ~~results~~cross‑currency ~~and~~interest ~~equity~~rate ~~affiliates'~~swaps ~~income,~~terminated ~~respectively,~~in ~~during~~connection with the ~~first~~early ~~nine~~repayment ~~months~~ of ~~fiscal~~related ~~year~~intercompany ~~2025.~~loans ~~The~~for ~~majority~~one of ~~these~~the ~~costs~~affected ~~are~~gasification ~~related to~~ projects ~~in the Americas segment~~.

~~The~~Project ~~$2,885.9~~exit ~~charge~~decisions ~~recorded~~reached toin ~~operating~~fiscal ~~results~~year ~~primarily~~2025 ~~included~~were ~~the~~part ~~write-down~~of a review initiated by our Board of ~~project~~Directors ~~assets~~and Chief Executive Officer to ~~their~~focus ~~estimated~~resources ~~net~~on ~~realizable~~projects ~~value~~we ofbelieve ~~$22.5,~~will ~~which~~deliver ~~was~~the ~~determined~~greatest ~~using~~value ~~significant~~to ~~unobservable~~our ~~inputs~~shareholders. ~~based~~These onactions ~~our~~primarily ~~best~~affected ~~judgment~~clean‑energy ~~regarding~~generation ~~assumptions~~and wedistribution ~~expect~~projects, ~~market~~including ~~participants~~three ~~would~~U.S.-based ~~use~~projects within the Americas segment, as well as ~~estimated~~several ~~costs~~smaller-scale ~~required~~projects toacross ~~terminate~~our ~~various~~global ~~contractual commitments~~portfolio. The ~~$6.8~~exit ~~charge~~decisions ~~recorded~~were todriven ~~equity~~by ~~affiliates'~~several ~~income~~factors, ~~reflected~~including anchallenging ~~other-than-temporary~~commercial ~~impairment~~conditions ofand aunfavorable ~~joint~~regulatory ~~venture~~actions, as well as customer‑related challenges for two coal gasification plants in China that ~~had~~resulted ~~been~~in ~~formed~~assets toand ~~develop~~liabilities ~~clean~~being ~~hydrogen~~classified ~~infrastructure~~as held for sale. Assets held for sale primarily include plant and equipment. The project review remains ongoing and may result in ~~the~~additional ~~region~~costs in future periods.

~~The~~Cumulative ~~table~~charges ~~below~~incurred ~~provides~~in aconnection ~~reconciliation~~with ofthese decisions totaled approximately $3.6 billion through 31 December 2025, the ~~total~~majority ~~project~~of ~~exit~~which ~~charges~~were recognized ~~through~~in ~~operating~~the ~~loss~~second ~~with~~quarter ~~the~~of ~~corresponding~~fiscal ~~accrual~~year ~~remaining~~2025. ~~within~~Noncash ~~“Payables~~expenses of approximately $3.3 billion included $2.5 billion to write down plant and ~~Accrued~~equipment, ~~Liabilities”~~with onthe remainder primarily related to other assets associated with our ~~balance~~exit ~~sheet~~from the sustainable aviation fuel expansion project with World Energy as ofdiscussed 30in ~~June~~Note ~~2025:~~3, Variable Interest Entities.

Charge for project exit costs(A)			$2,885.9
Noncash expenses(B)			(2,468.2)
Cash payments(C)			(100.4)
Currency translation adjustment			8.5
Amount accrued as of 30 June 2025			$325.8

Cash obligations primarily relate to costs to terminate contractual commitments and settle asset retirement obligations. Total cash outflows are expected to be approximately $360 once the actions are fully implemented. Approximately $200 has been paid through 31 December 2025.

~~(A)Includes~~The ~~$2,861.8~~table ~~recorded~~below inprovides ~~the~~a ~~second~~reconciliation ~~quarter~~of ~~following~~ the ~~initial~~beginning ~~decision~~and toending ~~exit~~liability ~~certain~~balances ~~projects.~~associated Anwith ~~additional~~project ~~$24.1~~exit ~~was~~activities, ~~recorded~~which ~~during~~are ~~the~~reflected ~~third~~within ~~quarter~~“Payables ~~based~~and onAccrued ~~updated~~Liabilities” ~~cost~~on ~~estimates~~our ~~associated~~consolidated ~~with~~balance ~~these actions.~~sheets:

(B)Primarily attributable to plant and equipment and other noncurrent assets associated with the sustainable aviation fuel expansion project with World Energy. Refer to the nonrecurring fair value measurements table in Note 11, Fair Value Measurements, for additional information regarding the net realizable value of assets to be disposed.


Amount accrued as of 30 September 2025			$178.3
Changes in estimates			9.3


Cash payments			(25.7)
Currency translation adjustment			0.1
Amount accrued as of 31 December 2025			$162.0

~~(C)Estimated~~Both ~~cash~~the ~~expenditures~~held-for-sale ~~associated~~assets ~~with~~and ~~these~~other ~~actions~~marketable ~~are~~plant ~~projected~~and equipment were subject to ~~total~~Level ~~approximately~~3 ~~$425.~~fair ~~The~~value ~~remaining~~measurements ~~accrual~~due asto the use of 30significant ~~June~~unobservable ~~2025~~inputs. ~~reflects~~There ~~anticipated~~were ~~costs~~no material changes to ~~settle~~the ~~open~~valuation ~~purchase~~assumptions ~~commitments~~during ~~and~~the ~~asset~~first ~~retirement~~quarter ~~obligations~~of fiscal year 2026. Refer to Note 9, Fair Value Measurements, for additional information.

~~Our~~Estimates ~~estimates~~ related to ~~exiting these projects, including~~ the ~~net~~actions ~~realizable~~described ~~value~~above ~~of assets to be disposed and expected future cash obligations,~~ reflect our best judgment based on information available as of 3031 ~~June~~December 2025. Final settlement of these items may differ materially from ~~our~~ current estimates, which could impact our consolidated financial statements in future periods. While we expect tothe ~~complete~~related exit activities ~~within~~to ~~the~~be ~~next~~completed ~~twelve~~in ~~months~~fiscal year 2026, we cannot predict the occurrence of future events and circumstances that could extend this process beyond one year in certain cases. ~~Additionally, our Board of Directors continues to review the business, which may lead to decisions that could result in additional charges in future periods.~~

1716

Table of Contents

Global Cost Reduction Plan

In June 2023, we initiated a global cost reduction plan that provides severance and other postemployment benefits to employees designated for involuntary separation. In accordance with our accounting policy, we recognize related costs in the period management formally commits to a defined set of actions under the plan. Benefits are determined based on the terms of our established ongoing benefit arrangements. Since the plan was initiated, we have incurred cumulative costs totaling $207.7 for approximately 3,600 employees globally. No costs were incurred under the plan for the periods presented on the consolidated income statements.

~~Since~~The ~~the~~table ~~plan~~below ~~was~~provides ~~initiated~~a inreconciliation ~~2023,~~of wethe ~~incurred~~beginning ~~costs~~and ~~totaling~~ending ~~$150.1~~liability ~~for~~balances ~~approximately~~associated ~~2,400~~with ~~employees~~our ~~globally.~~global Ofcost ~~these~~reduction ~~costs~~plan, ~~$66.1~~which ~~and~~are ~~$57.0~~reflected ~~were~~within ~~recorded~~“Payables ~~during the second quarters of fiscal years 2025~~ and ~~2024,~~Accrued ~~respectively.~~Liabilities” Noon ~~costs~~our ~~were~~consolidated ~~recorded~~balance ~~for the plan during the third quarters of fiscal years 2025 or 2024.~~sheets:

As of 30 September 2024, the liability for unpaid benefits reflected within "Payables and accrued liabilities" on our consolidated balance sheet was $34.0. The table below reconciles this balance to the remaining liability as of 30 June 2025:









Amount accrued as of 30 September 2025			$101.6

Cash payments			(14.8)
Currency translation adjustment			0.1
Amount accrued as of 31 December 2025			$86.9

Amount accrued as of 30 September 2024			$34.0
Charge for severance and other benefits			66.1
Cash payments			(40.5)
Currency translation adjustment			1.8
Amount accrued as of 30 June 2025			$61.4

The remaining liability as of 31 December 2025 relates to employees identified during fiscal year 2025. We expect implementation of these actions to be substantially complete by the end of fiscal year 2026. However, position eliminations are subject to legal requirements that vary by jurisdiction, which may extend this process beyond one year in certain cases.

The remaining liability as of 30 June 2025 primarily relates to employees identified during the second quarter of fiscal year 2025. We expect implementation of these actions to be substantially complete by the end of the second quarter of fiscal year 2026. However, position eliminations are subject to legal requirements that vary by jurisdiction, which may extend this process beyond one year in certain cases.17

5. ACQUISITIONS AND DIVESTITURES

Acquisition of Ijsfabriek Strombeek

On 30 April 2025, we acquired a 100% interest in Ijsfabriek Strombeek, an independent industrial gases company located in Belgium. Total consideration, net of cash acquired, was $74.2, which included $59.9 paid in cash at closing. Ijsfabriek Strombeek produces and distributes a portfolio of merchant gases, including medical gases, dry ice, and carbon dioxide.

We accounted for the acquisition as a business combination within our Europe segment. Assets recognized primarily consisted of plant and equipment of $32.2; goodwill of $31.3; and intangible assets of $15.8. The goodwill is not expected to be deductible for income tax purposes. Intangible assets acquired primarily include customer relationships with a weighted-average amortization period of approximately 10 years. The acquired assets were recorded at their estimated fair values based primarily on a preliminary purchase price allocation. We may record adjustments to these assets during the preliminary purchase price allocation period, which could be up to one year from the acquisition date.

Divestitures

Sale of Business

In April 2025, we completed the sale of our 100% ownership interest in a consolidated subsidiary located in Singapore. The transaction resulted in cash proceeds of $104.3, which was received in full upon closing. As a result of the divestiture, we recognized a gain of $67.3 ($51.9 after tax) that is presented as “Gain on sale of business” on our consolidated income statements for the three and nine months ended 30 June 2025. The gain was not recorded in the results of the Asia segment.

Prior to the divestiture, the subsidiary contributed annual sales of approximately $50 to our Asia segment, primarily through the merchant gas supply mode. Assets divested in the transaction primarily included regionally located on-site production facilities and associated infrastructure.

Table of Contents

~~Sale~~5. REVENUE ~~of Other Assets~~RECOGNITION

InThe ~~June~~majority ~~2025,~~of weour ~~sold~~revenue ais ~~regional~~generated ~~office~~from inour ~~Hersham,~~sale ~~England,~~of ~~for~~gas ~~cash~~customers ~~proceeds~~within ofthe ~~$37~~regional industrial gases segments.7. We ~~recognized~~distribute aproduct ~~gain~~to onour ~~sale~~industrial ofgas ~~$31.3~~customers ~~($23.8~~through ~~after~~either ~~tax)~~our ~~that~~on-site isor ~~presented~~merchant ~~within~~supply ~~“Other~~mode ~~income~~depending ~~(expense)~~on various factors, ~~net”~~including onthe ~~our~~customer's ~~consolidated~~volume ~~income~~requirements ~~statements~~and location. We also design and manufacture equipment for ~~the~~air ~~three~~separation, hydrocarbon recovery and ~~nine~~purification, ~~months~~and ~~ended~~liquid 30helium ~~June~~and ~~2025~~liquid hydrogen transport and storage. The ~~gain~~Corporate ~~was~~and ~~not~~other ~~recorded~~segment inserves ~~the~~our ~~results~~sale of ~~the~~equipment ~~Europe segment~~customers.

Deconsolidation of Blue Hydrogen Industrial Gases Company

In January 2025, our 51%-owned consolidated subsidiary, Air Products Qudra ("APQ"), issued equity in its wholly-owned subsidiary, Blue Hydrogen Industrial Gases Company ("BHIG"), to form a 50/50 joint venture with Saudi Aramco Development Company (a subsidiary of Aramco). BHIG is currently constructing plants and pipelines to distribute hydrogen, nitrogen and oxygen in Saudi Arabia’s Jubail Industrial City.

As a result of the transaction, we determined that APQ no longer holds a controlling financial interest in BHIG. Accordingly, the assets and liabilities associated with the entity were derecognized from our consolidated balance sheet during the second quarter of fiscal year 2025. Amounts derecognized primarily included plant and equipment of approximately $600 and long-term debt, net of deferred financing costs, of approximately $655.

While we no longer control BHIG, we maintain the ability to exercise significant influence regarding key decisions. Accordingly, we recorded an equity method investment for APQ's 50% interest in the entity. This investment is reflected within "Investment in net assets of and advances to equity affiliates" on our consolidated balance sheet and totaled $145.6 as of 30 June 2025.

6. REVENUE RECOGNITION

The majority of our revenue is generated from our sale of gas customers within the regional industrial gases segments. We distribute gases through either our on-site or merchant supply mode depending on various factors, including the customer's volume requirements and location. We also design and manufacture equipment for air separation, hydrocarbon recovery and purification, and liquid helium and liquid hydrogen transport and storage. The Corporate and other segment serves our sale of equipment customers.

Disaggregation of Revenue

The tables provided below present our consolidated sales disaggregated by supply mode for each of our reportable segments ~~for the third quarter and first nine months of fiscal years 2025 and 2024~~. We believe this presentation best depicts the nature, timing, type of customer, and contract terms for our sales.

	Three Months Ended 30 June 2025
	Three Months Ended 31 December 2025
	Americas	Asia	Europe	Middle East and India	Corporateand other	Total	%
On-site	$~~708~~783.19	$~~546~~569.27	$~~265~~264.50	$2316.93	$—	$1,~~543~~633.79	5153	%
Merchant	~~552~~557.98	~~263~~261.8	~~505~~518.0	14.40	—	1,~~336~~351.16	4443	%
Sale of equipment	—	—	—	—	~~142~~117.90	~~142~~117.90	54	%
Total	$1,~~261~~341.07	$~~810~~831.05	$~~770~~782.50	$3830.3	$~~142~~117.90	$3,~~022~~102.75	100	%
	Three Months Ended 30 June 2024
	Americas	Asia	Europe	Middle East and India	Corporateand other	Total	%
On-site	$680.3	$506.9	$218.3	$18.4	$—	$1,423.9	48	%
Merchant	554.4	282.7	475.1	14.4	—	1,326.6	44	%
Sale of equipment	—	—	—	—	235.0	235.0	8	%
Total	$1,234.7	$789.6	$693.4	$32.8	$235.0	$2,985.5	100	%









	Three Months Ended 31 December 2024
	Americas	Asia	Europe	Middle East and India	Corporate and other	Total	%
On-site	$713.1	$529.3	$228.3	$17.6	$—	$1,488.3	51	%
Merchant	574.5	287.8	468.9	15.2	—	1,346.4	46	%
Sale of Equipment	—	—	—	—	96.8	96.8	3	%
Total	$1,287.6	$817.1	$697.2	$32.8	$96.8	$2,931.5	100	%

Table of Contents

	Nine Months Ended 30 June 2025
	Americas	Asia	Europe	Middle East and India	Corporateand other	Total	%
On-site	$2,181.7	$1,598.6	$743.0	$61.2	$—	$4,584.5	52	%
Merchant	1,654.1	802.6	1,452.1	42.7	—	3,951.5	44	%
Sale of Equipment	—	—	—	—	334.4	334.4	4	%
Total	$3,835.8	$2,401.2	$2,195.1	$103.9	$334.4	$8,870.4	100	%
	Nine Months Ended 30 June 2024
	Americas	Asia	Europe	Middle East and India	Corporateand other	Total	%
On-site	$2,089.9	$1,506.0	$672.0	$54.4	$—	$4,322.3	48	%
Merchant	1,642.7	857.1	1,420.5	49.5	—	3,969.8	45	%
Sale of Equipment	—	—	—	—	621.0	621.0	7	%
Total	$3,732.6	$2,363.1	$2,092.5	$103.9	$621.0	$8,913.1	100	%

Interest income associated with financing and lease arrangements accounted for approximately 1% of our total consolidated sales for the periods presented.

Remaining Performance Obligations

As of 3031 ~~June~~December 2025, the transaction price allocated to remaining performance obligations is estimated to be approximately $26 billion. This amount includes fixed-charge contract provisions associated with our on-site and sale of equipment supply modes. We estimate that approximately half of this revenue will be recognized over the next five years and the balance thereafter.

Our remaining performance obligations do not include (1) expected revenue associated with new on-site plants that are not yet on-stream; (2) consideration associated with contracts that have an expected duration of less than one year; and (3) variable consideration for which we recognize revenue at the amount to which we have the right to invoice, including energy cost pass-through to customers.

In the future, actual amounts will differ due to events outside of our control, including, but not limited to, inflationary price escalations; currency exchange rates; and amended, terminated, or renewed contracts.

Table of Contents

Contract Balances

The table below details balances arising from contracts with customers:

30 June

30 September

31 December

30 September

Balance Sheet Location

2025

~~2024~~2025

Assets

Contract assets – current

Other receivables and current assets

$~~135~~142.40

$76152.26

Contract fulfillment costs – current

Other receivables and current assets

~~114~~91.45

~~103~~85.74

Contract assets – noncurrent

Other noncurrent assets

53102.85

—82.3

Contract fulfillment costs – noncurrent

Other noncurrent assets

37.1

33.8

Liabilities

Contract liabilities – current

Payables and accrued liabilities

$~~232~~250.92

$~~240~~253.04

Contract liabilities – noncurrent

Other noncurrent liabilities

~~287~~281.28

~~290~~283.06

During the first ~~nine~~three months of fiscal year ~~2025~~2026, we recognized sales of approximately $9030 associated with sale of equipment contracts that were included within our current contract liabilities as of 30 September ~~2024~~2025.

206. INVENTORIES

Table of Contents

7. DISCONTINUED OPERATIONS

During the third quarter of fiscal year 2025, we recorded a pre-tax loss from discontinued operations of $10.6 ($8.0 after tax) primarily to increase our existing liability for retained environmental remediation obligations associated with production facilities in the atmospheric emulsions and global pressure sensitive adhesives businesses sold in 2008. Refer to the "Piedmont" discussion under Note 14, Commitments and Contingencies, for additional information. The loss did not have an impact on our statement of cash flows for the first nine months of fiscal year 2025.

8. INVENTORIES

The components of inventories are as follows:

30 June

30 September

31 December

30 September

2025

~~2024~~2025

Finished goods

$~~208~~199.95

$~~210~~191.29

Work in process

4938.46

42.24

Raw materials, supplies, and other

~~539~~550.40

~~513~~542.62

Inventories

$~~797~~788.71

$~~766~~776.05

97. GOODWILL

Changes to the carrying amount of consolidated goodwill by segment for the ~~nine~~three months ended 3031 ~~June~~December 2025 are as follows:

	Americas	Asia	Europe	Middle East and India	Corporate and other	Total
Goodwill, net as of 30 September 2024	$146.3	$174.7	$534.3	$15.8	$34.0	$905.1
Goodwill, net as of 30 September 2025	$143.5	$172.5	$597.9	$15.8	$34.2	$963.9
Acquisitions(A)	—	—	31.3	—	—	31.3
Currency translation	2.7	(0.2)	5.1	—	—	7.6
Currency translation	(1.5)	(0.8)	35.5	—	0.1	33.3
Goodwill, net as of 31 December 2025	$146.2	$172.3	$603.0	$15.8	$34.2	$971.5
Goodwill, net as of 30 June 2025	$144.8	$173.9	$601.1	$15.8	$34.1	$969.7

(A)Refer to Note 4, Acquisitions and Divestitures, for additional information.


	31 December	30 September
	2025	2025
Goodwill, gross	$1,265.8	$1,238.6
Accumulated impairment losses(A)	($294.3)	($274.7)
Goodwill, net	$971.5	$963.9

	30 June	30 September
	2025	2024
Goodwill, gross	$1,253.8	$1,199.8
Accumulated impairment losses(B)	(284.1)	(294.7)
Goodwill, net	$969.7	$905.1

(A) Accumulated impairment losses are attributable to our Latin America reporting unit ("LASA") within the Americas segment and include the impact of currency translation.

~~(B)Accumulated~~We review goodwill for impairment ~~losses~~annually ~~are~~in ~~attributable~~the tofourth ~~our~~quarter ~~Latin~~of ~~America~~the ~~reporting~~fiscal ~~unit~~year ~~("LASA")~~and ~~within~~whenever ~~the~~events ~~Americas~~or ~~segment~~changes ~~and~~in ~~include~~circumstances indicate that the ~~impact~~carrying value of ~~currency~~goodwill ~~translation~~might not be recoverable.

We review goodwill for impairment annually in the fourth quarter of the fiscal year and whenever events or changes in circumstances indicate that the carrying value of goodwill might not be recoverable. The business and asset actions discussed in Note 4 did not have a significant impact on the fair value of our reporting units as the majority of the assets were still under construction and did not significantly contribute to previous fair value estimates. Accordingly, we did not perform an interim goodwill impairment test during the first nine months of fiscal year 2025.19

Table of Contents

108. FINANCIAL INSTRUMENTS

Currency Price Risk Management

Our earnings, cash flows, and financial position are exposed to foreign currency risk from foreign currency-denominated transactions and net investments in foreign operations. It is our policy to seek to minimize our cash flow volatility from changes in currency exchange rates. This is accomplished by identifying and evaluating the risk that our cash flows will change in value due to changes in exchange rates and by executing strategies necessary to manage such exposures. Our objective is to maintain economically balanced currency risk management strategies that provide adequate downside protection.

Forward Exchange Contracts

We enter into forward exchange contracts to reduce the cash flow exposure to foreign currency fluctuations associated with highly anticipated cash flows and certain firm commitments, such as the purchase of plant and equipment. We also enter into forward exchange contracts to hedge the cash flow exposure on intercompany loans and third-party debt. This portfolio of forward exchange contracts consists primarily of ~~Euros~~the ~~and~~ U.S. ~~Dollars~~Dollar and each of the Chinese Renminbi, South Korean Won, and Canadian Dollar. The maximum remaining term of any forward exchange contract currently outstanding and designated as a cash flow hedge at 3031 ~~June~~December 2025 is 2.62 years.

Forward exchange contracts are also used to hedge the value of investments in certain foreign subsidiaries and affiliates by creating a liability in a currency in which we have a net equity position. The primary currency pair in this portfolio of forward exchange contracts is ~~Chilean~~the ~~Pesos and~~ U.S. ~~Dollars~~Dollar and Chilean Peso.

We also utilize forward exchange contracts that are not designated as hedges. These contracts are used to economically hedge foreign currency-denominated monetary assets and liabilities, primarily working capital. The primary objective of these forward exchange contracts is to protect the value of foreign currency-denominated monetary assets and liabilities from the effects of volatility in foreign exchange rates that might occur prior to their receipt or settlement. This portfolio of forward exchange contracts consists of multiple foreign currency pairs, with a profile that changes from time to time depending on our business activity and sourcing decisions.

The table below summarizes our outstanding currency price risk management instruments:

30 June 2025

30 September 2024

31 December 2025

30 September 2025

US$Notional

YearsAverageMaturity

US$Notional

YearsAverageMaturity

Forward Exchange Contracts:

Cash flow hedges

$34,~~110~~094.79

0.64

$43,~~003~~625.25

0.6

Net investment hedges

~~160~~87.96

0.15

~~911~~73.49

20.58

Not designated

2,~~836~~653.23

1.42

12,~~880~~968.06

01.32

Total Forward Exchange Contracts

$6,~~107~~835.8

1.0.7

$6,~~794~~668.60

0.89

~~The~~We ~~decrease~~also inuse ~~the~~foreign ~~notional~~currency-denominated ~~value~~debt ofto ~~cash~~hedge ~~flow~~the ~~hedges~~foreign iscurrency ~~primarily~~exposures ~~due~~of toour ~~maturities.~~net ~~The~~investment ~~increase~~ in ~~the~~certain ~~notional~~foreign ~~value~~subsidiaries. ofThe ~~forward~~designated ~~exchange~~foreign ~~contracts~~currency-denominated ~~that~~debt ~~are~~and ~~not~~related ~~designated~~accrued isinterest ~~primarily~~was ~~due~~€3,174.8 tomillion ~~the~~($3,729.8) ~~origination~~at of31 ~~forward~~December ~~exchange~~2025 ~~contracts~~and ~~that~~€3,188.1 ~~offset~~million ~~other~~($3,741.5) ~~forward~~at ~~exchange~~30 ~~contracts~~September ~~previously~~2025. The designated asforeign ~~net~~currency-denominated ~~investment~~debt ~~hedges~~is ~~that~~presented ~~were~~within de"Long-~~designated~~term ~~during~~debt" ~~fiscal~~on ~~year~~our ~~2025~~consolidated balance sheets.

We also use foreign currency-denominated debt to hedge the foreign currency exposures of our net investment in certain foreign subsidiaries. The designated foreign currency-denominated debt and related accrued interest was €3,119.1 million ($3,676.0) at 30 June 2025 and €1,905.7 million ($2,121.9) at 30 September 2024. The designated foreign currency-denominated debt is presented on our consolidated balance sheets within "Long-term debt" as of 30 June 2025 and "Long-term debt" and "Current portion of long-term debt" as of 30 September 2024.

Table of Contents

Debt Portfolio Management

It is our policy to identify, on a continuing basis, the need for debt capital and to evaluate the financial risks inherent in funding the Company with debt capital. Reflecting the result of this ongoing review, we manage our debt portfolio and hedging program with the intent to (1) reduce funding risk with respect to borrowings made by us to preserve our access to debt capital and provide debt capital as required for funding and liquidity purposes, and (2) manage the aggregate interest rate risk and the debt portfolio in accordance with certain debt management parameters.

Table of Contents

Interest Rate Management Contracts

We enter into interest rate swaps to change the fixed/variable interest rate mix of our debt portfolio in order to maintain the percentage of fixed- and variable-rate debt within the parameters set by management. In accordance with these parameters, the agreements are used to manage interest rate risks and costs inherent in our debt portfolio. Our interest rate management portfolio generally consists of fixed-to-floating interest rate swaps (which are designated as fair value hedges), pre-issuance interest rate swaps and treasury locks (which hedge the interest rate risk associated with anticipated fixed-rate debt issuances and are designated as cash flow hedges), and floating-to-fixed interest rate swaps (which are designated as cash flow hedges). As of 3031 ~~June~~December 2025, the outstanding interest rate swaps were denominated in U.S. Dollars. The notional amount of the interest rate swap agreements is equal to or less than the designated debt being hedged. When interest rate swaps are used to hedge variable-rate debt, the indices of the swaps and the debt to which they are designated are the same. It is our policy not to enter into any interest rate management contracts which lever a move in interest rates on a greater than one-to-one basis.

Cross Currency Interest Rate Swap Contracts

We enter into cross currency interest rate swap contracts when our risk management function deems necessary. These contracts may entail both the exchange of fixed- and floating-rate interest payments periodically over the life of the agreement and the exchange of one currency for another currency at inception and at a specified future date. The contracts are used to hedge either certain net investments in foreign operations or non-functional currency cash flows related to intercompany loans. The current cross currency interest rate swap portfolio consists of fixed-to-fixed swaps primarily between the U.S. Dollar and each of the Chinese Renminbi, ~~Indian~~South ~~Rupee~~Korean Won, and ~~Chilean~~New ~~Peso~~Taiwan Dollar.

The table below summarizes our outstanding interest rate management contracts and cross currency interest rate swaps:

	30 June 2025						30 September 2024
	31 December 2025						30 September 2025
	US$Notional	AveragePay %		AverageReceive %		YearsAverageMaturity	US$Notional	AveragePay %		AverageReceive %		YearsAverageMaturity
Interest rate swaps(fair value hedge)	$~~800~~600.0	SOFR		1.6480	%	2.24	$800.0	SOFR		1.64	%	32.0
Interest rate swaps(cash flow hedge)(A)	$23,~~963~~363.20	2.7780	%	SOFR		2019.59	$23,~~159~~106.30	2.7278	%	SOFR		2120.21
Interest rate swaps(not designated)(A)	$~~347~~135.52	3.2628	%	SOFR		19.29	$~~461~~269.41	3.2728	%	SOFR		20.52
Cross currency interest rate swaps(net investment hedge)	$—2,043.8	—2.09	%	—3.72	%	02.03	$1670.73	54.3986	%	34.6453	%	0.25
Cross currency interest rate swaps(cash flow hedge)	$~~308~~102.4	5.1223	%	32.0194	%	1.60	$~~410~~247.67	45.9621	%	23.8012	%	1.96
Cross currency interest rate swaps(not designated)	$—26.5	—0.15	%	—1.85	%	01.04	$~~34.7~~—	~~5.39~~—	%	~~3.64~~—	%	0.20

(A)InWe ~~May~~temporarily ~~2023,~~discontinued ~~NGHC~~cash ~~entered~~flow ~~into~~hedge accounting for certain floating-to-fixed interest rate swaps ~~designed~~related to ~~hedge long-term variable rate debt facilities available under non-recourse~~ project financing ~~during~~for the ~~construction period of the~~ NEOM Green Hydrogen Project. ~~During~~beginning in the third quarter of fiscal year 2024, wedue ~~discontinued~~to ~~cash~~changes ~~flow~~in ~~hedge~~the ~~accounting~~anticipated drawdown timeline for ~~certain~~the ~~instruments~~hedged ~~that~~borrowings. ~~will~~As ~~remain~~of ~~de-designated~~1 ~~until~~January ~~outstanding~~2026, ~~borrowings~~all ~~from~~swaps ~~the~~have ~~available~~been ~~financing~~re-designated ~~are~~as ~~commensurate~~cash ~~with~~flow ~~the~~hedges. ~~notional~~Refer ~~value~~to ofNote ~~the~~3, ~~instruments.~~Variable Interest Entities, for additional information.

2321

Table of Contents

The table below provides the amounts recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:

Carrying amounts of hedged item

Cumulative hedging adjustment, included in carrying amount

30 June

30 September

30 June

30 September

31 December

30 September

31 December

30 September

Balance Sheet Location

2025

~~2024~~2025

2025

~~2024~~2025

Current portion of long-term debt

$~~547.9~~—

$—549.7

($~~2.0)~~—

($—0.3)

Long-term debt

$1,~~518~~525.97

$21,~~057~~522.15

($2620.32)

($3623.61)

The table below summarizes the fair value and balance sheet location of our outstanding derivatives:

	Balance Sheet Location	3031 ~~June~~December	30 September	Balance Sheet Location	3031 ~~June~~December	30 September
		2025	~~2024~~2025		2025	~~2024~~2025
Derivatives Designated as Hedging Instruments:
Forward exchange contracts	Other receivables and current assets	$9852.46	$7450.57	Payables and accrued liabilities	$4445.13	$21.64
Interest rate management contracts	Other receivables and current assets	65.85	113.21	Payables and accrued liabilities	24.01	10.23
Forward exchange contracts	Other noncurrent assets	109.34	910.61	Other noncurrent liabilities	51.68	153.64
Interest rate management contracts	Other noncurrent assets	~~154~~203.86	34138.32	Other noncurrent liabilities	2748.49	4023.28
Total Derivatives Designated as Hedging Instruments		$~~270~~271.31	$~~119~~212.61		$79100.1	$7848.69
Derivatives Not Designated as Hedging Instruments:
Forward exchange contracts	Other receivables and current assets	$229.69	$1617.58	Payables and accrued liabilities	$258.19	$2114.82
Interest rate management contracts	Other receivables and current assets	—	1.7	Payables and accrued liabilities	—	—
Forward exchange contracts	Other noncurrent assets	0.4	2.7	Other noncurrent liabilities	28.6	30.5
Forward exchange contracts	Other noncurrent assets	8.8	0.2	Other noncurrent liabilities	35.9	0.2
Interest rate management contracts	Other noncurrent assets	7.3	11.8	Other noncurrent liabilities	0.5	—
Interest rate management contracts	Other noncurrent assets	15.7	4.6	Other noncurrent liabilities	—	—
Total Derivatives Not Designated as Hedging Instruments		$17.6	$32.3		$38.0	$44.7
Total Derivatives Not Designated as Hedging Instruments		$47.1	$23.0		$61.0	$22.0
Total Derivatives		$288.7	$244.4		$138.1	$93.6
Total Derivatives		$317.4	$142.6		$140.1	$100.6

Refer to Note 119, Fair Value Measurements, which defines fair value, describes the method for measuring fair value, and provides additional disclosures regarding fair value measurements.

2422

Table of Contents

The tables below summarize gains (losses) recognized in other comprehensive income during the period related to our net investment and cash flow hedging relationships:

Three Months Ended

~~Nine Months Ended~~

30 June

31 December

2025

2024

~~2025~~

~~2024~~

Net Investment Hedging Relationships

Forward exchange contracts

($355.21)

$453.39

~~($1.3)~~

~~$4.1~~

Foreign currency debt

(~~276~~4.92)

14140.84

~~(248.9)~~

~~(26.9)~~

Cross currency interest rate swaps

—

0.4

(0.7)

Cross currency interest rate swaps(A)

(8.2)

0.4

Total Amount Recognized in OCI

(~~312~~17.15)

19194.57

~~(249.8)~~

~~(23.5)~~

Tax effects

754.32

(447.85)

~~59.9~~

~~5.7~~

Net Amount Recognized in OCI

($~~236~~13.83)

$14147.72

~~($189.9)~~

~~($17.8)~~

	Three Months Ended		Nine Months Ended
	30 June		30 June
	2025	2024	2025	2024
Derivatives in Cash Flow Hedging Relationships
Forward exchange contracts	$80.3	($24.6)	($54.1)	$27.0
Forward exchange contracts, excluded components	(1.8)	(6.1)	(8.1)	(18.5)
Other(A)	(20.5)	40.4	122.8	(71.9)
Total Amount Recognized in OCI	58.0	9.7	60.6	(63.4)
Tax effects	(17.1)	3.8	1.0	(1.9)
Net Amount Recognized in OCI	$40.9	$13.5	$61.6	($65.3)

(A)Excluded components for cross currency interest rate swaps are recognized in “Payables and accrued liabilities” and “Other receivables and current assets” as a component of accrued interest payable and accrued interest receivable, respectively. These excluded components are recorded in “Other non-operating income (expense), net” over the life of the cross currency interest rate swap consistent with forward exchange contracts.

(A)Other primarily includes interest rate and cross currency interest rate swaps for which excluded components are recognized in “Payables and accrued liabilities” and “Other receivables and current assets” as a component of accrued interest payable and accrued interest receivable, respectively. These excluded components are recorded in “Other non-operating income (expense), net” over the life of the cross currency interest rate swap. Other also includes the recognition of our share of gains and losses, net of tax, related to interest rate swaps held by our equity affiliates.


	Three Months Ended
	31 December
	2025	2024
Derivatives in Cash Flow Hedging Relationships
Forward exchange contracts	($0.8)	($177.8)
Forward exchange contracts, excluded components	(7.4)	(1.5)
Other(A)	44.6	223.0
Total Amount Recognized in OCI	36.4	43.7
Tax effects	(0.9)	22.0
Net Amount Recognized in OCI	$35.5	$65.7

25(A)Other primarily includes interest rate and cross currency interest rate swaps for which excluded components are recognized in “Payables and accrued liabilities” and “Other receivables and current assets” as a component of accrued interest payable and accrued interest receivable, respectively. These excluded components are recorded in “Other non-operating income (expense), net” over the life of the cross currency interest rate swap consistent with forward exchange contracts. Other also includes the recognition of our share of gains and losses, net of tax, related to interest rate swaps held by our equity affiliates.

Table of Contents

The table below summarizes the location and amounts recognized in income related to our cash flow and fair value hedging relationships by contract type:

	Three Months Ended 30 June
	Three Months Ended 31 December
	Sales		Cost of Sales		Interest Expense			Other Non-Operating Income (Expense), Net
	2025	2024	2025	2024		2025	2024		2025	2024
Total presented in consolidated income statements that includes effects of hedging below	$3,~~022~~102.75	$2,~~985~~931.5	$2,~~040~~107.15	$2,~~005~~016.65		$6154.45	$5542.76		($61.04)	($138.3)9
(Gain) Loss Effects of Cash Flow Hedging:
Forward Exchange Contracts:
Amount reclassified from OCI into income	($01.1)	$0.2	($0.3)2	($0.3)9		$—	$—		($737.6)2	$16129.83
Amount excluded from effectiveness testing recognized in earnings based on amortization approach	—	—	—	—		—	—		25.75	56.71
Other:
Amount reclassified from OCI into income	—	—	—	—		(0.4)	0.95		310.70	(017.43)
Amount reclassified from OCI into income due to de-designation	—	—	—	—		—	—		0.2	(2.3)
Total (Gain) Loss Reclassified from OCI to Income	(1.1)	0.2	0.2	0.9		(0.4)	0.5		22.7	118.1
Total (Gain) Loss Reclassified from OCI to Income	(0.1)	0.2	(0.3)	(0.3)		(0.4)	0.9		(67.0)	19.8
Tax effects	0.2	—	—	(0.1)		0.1	(0.2)		(5.1)	(27.5)
Tax effects	—	—	0.1	0.1		—	(0.4)		15.5	(4.8)
Net (Gain) Loss Reclassified from OCI to Income	($0.9)	$0.2	$0.2	$0.8		($0.3)	$0.3		$17.6	$90.6
Net (Gain) Loss Reclassified from OCI to Income	($0.1)	$0.2	($0.2)	($0.2)		($0.4)	$0.5		($51.5)	$15.0
(Gain) Loss Effects of Fair Value Hedging:
Other:
Hedged items	$—	$—	$—	$—		$83.02	($210.19)		$—	$—
Derivatives designated as hedging instruments	—	—	—	—		(83.02)	(210.1)9		—	—
Total (Gain) Loss Recognized in Income	$—	$—	$—	$—		$—	$—		$—	$—

2624

Table of Contents

	Nine Months Ended 30 June
	Sales		Cost of Sales		Interest Expense			Other Non-Operating Income (Expense), Net
	2025	2024	2025	2024		2025	2024		2025	2024
Total presented in consolidated income statements that includes effects of hedging below	$8,870.4	$8,913.1	$6,110.5	$6,064.3		$146.2	$169.1		$14.3	($25.3)
(Gain) Loss Effects of Cash Flow Hedging:
Forward Exchange Contracts:
Amount reclassified from OCI into income	$0.3	$0.1	$7.3	$1.5		$—	$—		$30.8	($9.8)
Amount excluded from effectiveness testing recognized in earnings based on amortization approach	—	—	—	—		—	—		13.1	16.7
Other:
Amount reclassified from OCI into income	—	—	—	—		0.1	3.3		(9.2)	1.5
Amount reclassified from OCI into income due to de-designation	—	—	—	—		—	—		0.2	(2.3)
Total (Gain) Loss Reclassified from OCI to Income	0.3	0.1	7.3	1.5		0.1	3.3		34.9	6.1
Tax effects	(0.1)	—	(1.5)	(0.3)		(0.2)	(1.3)		(8.1)	(1.3)
Net (Gain) Loss Reclassified from OCI to Income	$0.2	$0.1	$5.8	$1.2		($0.1)	$2.0		$26.8	$4.8
(Gain) Loss Effects of Fair Value Hedging:
Other:
Hedged items	$—	$—	$—	$—		$8.3	$20.0		$—	$—
Derivatives designated as hedging instruments	—	—	—	—		(8.3)	(20.0)		—	—
Total (Gain) Loss Recognized in Income	$—	$—	$—	$—		$—	$—		$—	$—

Table of Contents

The tables below summarize the location and amounts recognized in income related to our derivatives not designated as hedging instruments by contract type:

	Three Months Ended 30 June
	Three Months Ended 31 December
	Other Income (Expense), Net		Other Non-Operating Income (Expense), Net
	2025	2024	2025	2024
The Effects of Derivatives Not Designated as Hedging Instruments:
Forward exchange contracts	$4.0.5	($13.69)	($—0.4)	($01.59)
De-designated interest rate swaps	—	—	0.(1.9)	(838.98)
Other	—	—	—0.5	(0.1.7)
Total (Gain) Loss Recognized in Income	$4.0.5	($13.69)	($0.1.8)	($942.54)

	Nine Months Ended 30 June
	Other Income (Expense), Net		Other Non-Operating Income (Expense), Net
	2025	2024	2025	2024
The Effects of Derivatives Not Designated as Hedging Instruments:
Forward exchange contracts	($2.7)	($1.3)	($0.8)	($1.4)
De-designated interest rate swaps	—	—	(27.2)	(8.9)
Other	—	—	(1.7)	—
Total (Gain) Loss Recognized in Income	($2.7)	($1.3)	($29.7)	($10.3)

The amount of unrealized gains and losses related to cash flow hedges as of 31 December 2025 that are expected to be reclassified to earnings in the next twelve months is not material.

The amount of unrealized gains and losses related to cash flow hedges as of 30 June 2025 that are expected to be reclassified to earnings in the next twelve months is not material.

The cash flows related to derivative contracts are generally reported in the operating activities section of the consolidated statements of cash flows.

Credit Risk-Related Contingent Features

Certain derivative instruments are executed under agreements that require us to maintain a minimum credit rating with both Standard & Poor’s and Moody’s. If our credit rating falls below this threshold, the counterparty to the derivative instruments has the right to request full collateralization on the derivatives’ net liability position. The net liability position of derivatives with credit risk-related contingent features was $5779.49 and $4743.3 as of 3031 ~~June~~December 2025 and 30 September ~~2024~~2025, respectively. Because our current credit rating is above the various pre-established thresholds, no collateral has been posted on these liability positions.

Counterparty Credit Risk Management

We execute financial derivative transactions with counterparties that are highly rated financial institutions, all of which are investment grade at this time. Some of our underlying derivative agreements give us the right to require the institution to post collateral if its credit rating falls below the pre-established thresholds with Standard & Poor’s, Moody’s, or Fitch. The collateral that the counterparties would be required to post was $~~201~~225.68 and $57174.20 as of 3031 ~~June~~December 2025 and 30 September ~~2024~~2025, respectively. No financial institution is required to post collateral at this time, as all have credit ratings at or above threshold.

2825

Table of Contents

119. FAIR VALUE MEASUREMENTS

Fair value is defined as an exit price, or the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels as follows:

Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 — Inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the asset or liability.

Level 3 — Inputs that are unobservable for the asset or liability based on our own assumptions about the assumptions market participants would use in pricing the asset or liability.

The methods and assumptions used to measure the fair value of financial instruments are as follows:

Short-term Investments

Short-term investments primarily include time deposits with original maturities greater than three months and less than one year. We estimated the fair value of our short-term investments, which approximates carrying value as of the balance sheet date, using Level 2 inputs within the fair value hierarchy. Level 2 measurements were based on current interest rates for similar investments with comparable credit risk and time to maturity.

Derivatives

The fair value of our interest rate management contracts and forward exchange contracts are quantified using the income approach and are based on estimates using standard pricing models. These models consider the value of future cash flows as of the balance sheet date, discounted to a present value using discount factors that match both the time to maturity and currency of the underlying instruments. These standard pricing models utilize inputs that are derived from or corroborated by observable market data such as interest rate yield curves as well as currency spot and forward rates; therefore, the fair value of our derivatives is classified as a Level 2 measurement. On an ongoing basis, we randomly test a subset of our valuations against valuations received from the transaction’s counterparty to validate the accuracy of our standard pricing models. Counterparties to these derivative contracts are highly rated financial institutions.

Refer to Note 108, Financial Instruments, for a description of derivative instruments, including details related to the balance sheet line classifications.

Long-term Debt, Including Related Party

The fair value of our debt is based on estimates using standard pricing models that consider the value of future cash flows as of the balance sheet date, discounted to a present value using discount factors that match both the time to maturity and currency of the underlying instruments. These standard valuation models utilize observable market data such as interest rate yield curves and currency spot rates; therefore, the fair value of our debt is classified as a Level 2 measurement.

2926

Table of Contents

The carrying values and fair values of financial instruments were as follows:

30 June 2025

30 September 2024

31 December 2025

30 September 2025

Carrying Value

Fair Value

Carrying Value

Fair Value

Assets

Derivatives

Forward exchange contracts

$~~140~~72.13

$~~100~~81.83

Interest rate management contracts

~~177~~216.34

41163.81

Liabilities

Derivatives

Forward exchange contracts

$~~110~~84.76

$5969.25

Interest rate management contracts

2953.45

4124.41

Long-term debt, including current portion and related party

17,~~158~~465.21

1617,~~741~~141.62

1417,~~144~~663.47

1317,~~897~~348.37

The carrying amounts reported on the consolidated balance sheets for cash and cash items, ~~short-term investments,~~ trade receivables, payables and accrued liabilities, accrued income taxes, and short-term borrowings approximate fair value due to the short-term nature of these instruments. Accordingly, these items have been excluded from the above table.

The table below summarizes assets and liabilities on the consolidated balance sheets that are measured at fair value on a recurring basis:

	30 June 2025				30 September 2024
	31 December 2025				30 September 2025
	Total	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3
Assets at Fair Value
Derivatives
Forward exchange contracts	$~~140~~72.13	$—	$~~140~~72.13	$—	$~~100~~81.83	$—	$~~100~~81.83	$—
Interest rate management contracts	~~177~~216.34	—	~~177~~216.34	—	41163.81	—	41163.81	—
Total Assets at Fair Value	$~~317~~288.47	$—	$~~317~~288.47	$—	$~~142~~244.64	$—	$~~142~~244.64	$—
Liabilities at Fair Value
Derivatives
Forward exchange contracts	$~~110~~84.76	$—	$~~110~~84.76	$—	$5969.25	$—	$5969.25	$—
Interest rate management contracts	2953.45	—	2953.45	—	4124.41	—	4124.41	—
Total Liabilities at Fair Value	$~~140~~138.1	$—	$~~140~~138.1	$—	$~~100~~93.6	$—	$~~100~~93.6	$—

3027

Table of Contents

~~The~~Nonrecurring ~~following~~Fair isValue aMeasurements ~~tabular~~– ~~presentation~~Project ofExit ~~nonrecurring fair value measurements along with the level within the fair value hierarchy in which the fair value measurement in its entirety falls:~~ Activities

31 March 2025

Total

Level 1

Level 2

Level 3

FY25 Charge

Plant and Equipment(A)

$22.5

$1,752.0

We estimate the value of certain long-lived assets associated with exited projects using Level 3 inputs under the fair value hierarchy due to the absence of observable market prices and significant reliance on management judgment and estimation techniques. These assets are described below. For additional information regarding project exit activities, refer to Note 4, Business and Asset Actions.

~~(A) As~~Long-lived aassets ~~result~~that ofmet the ~~project~~held-for-sale ~~exits~~criteria ~~announced~~and inare ~~the~~actively ~~second quarter of fiscal year 2025, we assessed the recoverability of assets capable of~~ being marketed ~~in a secondary equipment market using an orderly liquidation valuation resulting in an impairment loss~~ for ~~the difference between the orderly liquidation value and net book value of the assets as of 31 March 2025~~sale. There have been no significant changes in the estimated net realizable value of the assets as of 30 June 2025. For additional information regarding our project exits, refer to Note 4, Business and Asset Actions, to the consolidated financial statements.

12Because there were no observable market prices available, fair value, including costs to sell, for long-lived assets that met the held-for-sale criteria was estimated using an internally developed discounted cash flow analysis, which resulted in an impairment charge of $350. ~~DEBT~~6 in the fourth quarter of fiscal year 2025. There were no material changes to valuation assumptions during the first quarter of fiscal year 2026. We continue to expect the sales of these assets to be completed in fiscal year 2026. Any gain or loss from the sales will be recognized upon closing based on the carrying amounts classified as held for sale. Interim adjustments may be recorded prior to closing if market participant assumptions or other valuation inputs change, including updates to expected selling price or transaction timing.

~~Registered~~Plant ~~Public~~and ~~Offerings~~equipment that did not meet the held‑for‑sale criteria but are capable of being sold through secondary equipment markets.

InThese ~~February~~assets ~~2025,~~were weevaluated ~~issued~~for ~~Euro-denominated~~recoverability ~~senior~~in ~~fixed-rate~~fiscal ~~notes~~year 2025, ~~with~~and anthe ~~aggregate~~resulting ~~principal~~impairment ~~amount~~loss of ~~€1.0 billion (~~approximately $12.04 1 billion) was inrecorded aprimarily ~~registered~~during ~~public offering (~~the ~~"February~~second ~~2025~~quarter ~~Offering").~~using ~~The~~an ~~related~~orderly ~~proceeds~~liquidation ~~were~~valuation ~~reduced~~approach. byThe ~~deferred~~impairment ~~financing~~charge ~~charges~~reflects ~~and~~the ~~discounts~~difference ofbetween ~~approximately~~the ~~$8.~~estimated Inliquidation ~~June~~value ~~2025, we issued U.S. Dollar-~~ and ~~Euro-denominated~~the ~~senior~~net ~~fixed-rate~~book ~~notes~~value ~~with~~of ~~aggregate~~the ~~principal~~assets ~~amounts~~as of $131 March 2025.1 ~~billion~~There ~~and~~were ~~€500~~no ~~million~~material ~~(approximately~~changes ~~$570), respectively,~~ in ~~registered public offerings (~~the ~~"June~~estimated ~~2025~~net ~~Offerings").~~realizable ~~The~~value ~~related~~for ~~proceeds~~any ~~were~~remaining ~~reduced~~assets bynot ~~deferred~~disposed ~~financing~~as ~~charges and discounts~~ of ~~approximately $12~~31 December 2025. ~~Deferred financing charges and discounts are amortized through interest expense over the life of the underlying bonds.~~

WeThe ~~used~~table ~~the~~below ~~net~~presents ~~proceeds from~~ the ~~February~~nonrecurring ~~2025~~fair ~~Offering~~value tomeasurements ~~repay commercial paper obligations, including those incurred prior to the closing~~ of ~~the~~these ~~February 2025 Offering that were used to repay €300 million aggregate principal amount outstanding of our 1.000% Euro~~long-~~denominated~~lived ~~senior fixed-rate notes at maturity~~assets, ~~plus~~categorized ~~accrued~~within ~~interest. We intend to use~~ the ~~net~~fair ~~proceeds~~value ~~from the June 2025 Offerings to repay commercial paper obligations and for general corporate purposes.~~hierarchy:

The interest rate, maturity, and U.S. Dollar carrying amount of each instrument issued in fiscal year 2025 are summarized below:


Balance Sheet Location	Total Estimated Value	Level 1	Level 2	Level 3
Assets held for sale	$447.9	$—	$—	$447.9
Plant and equipment, net	13.5	—	—	13.5

	Fiscal Year Maturity	30 June 2025
Payable in U.S. Dollars
4.300% Notes	2028	$600.0
4.900% Notes	2033	500.0
Payable in Euros
2.950% Notes	2031	589.3
3.250% Notes	2032	589.3
3.450% Notes	2037	589.3
Total		$2,867.9

Non-Recourse Debt Associated With NGHC

NGHC has access to financing that is being drawn over the construction period of the NEOM Green Hydrogen Project. As of 30 June 2025, NGHC borrowed principal amounts totaling $4.6 billion compared to $3.3 billion as of 30 September 2024. Refer to Note 3, Variable Interest Entities, to the consolidated financial statements for additional information. Creditors of NGHC do not have recourse to the general credit of Air Products.

Table of Contents

~~Committed~~10. RETIREMENT ~~Credit~~BENEFITS ~~Facilities~~

~~During~~The ~~the~~components ~~second quarter~~ of ~~fiscal~~net ~~year~~periodic ~~2025,~~cost wefor ~~refinanced~~ our ~~existing~~defined ~~364-day~~benefit ~~$500~~pension ~~revolving~~plans ~~credit~~for ~~agreement~~the tothree ~~extend~~months ~~its~~ended ~~maturity~~31 ~~date~~December ~~from 27 March~~ 2025 toand 262024 ~~March 2026. All other terms remain consistent with the original agreement. Fees incurred in connection with the refinancing~~ were ~~not~~as ~~material.~~ follows:

We also maintain a five-year $3.0 billion revolving credit agreement that matures on 31 March 2029. Both the 364-day agreement and the five-year agreement are syndicated committed facilities that provide a source of liquidity and support our commercial paper program through the availability of senior unsecured debt to us and certain of our subsidiaries. No borrowings were outstanding under either of the agreements as of 30 June 2025 or 30 September 2024.


	Pension Benefits
	2025			2024
Three Months Ended 31 December	U.S.	International	Total	U.S.	International	Total
Service cost	$1.9	$3.0	$4.9	$2.3	$2.9	$5.2
Non-service cost:
Interest cost	29.0	14.6	43.6	29.9	13.9	43.8
Expected return on plan assets	(35.2)	(17.0)	(52.2)	(33.2)	(14.7)	(47.9)
Prior service cost amortization	0.3	0.3	0.6	0.3	0.2	0.5
Actuarial loss amortization	8.9	2.5	11.4	11.7	2.4	14.1




Other	—	0.3	0.3	—	0.1	0.1
Net Periodic Cost	$4.9	$3.7	$8.6	$11.0	$4.8	$15.8

Our service costs are primarily included within "Cost of sales" and "Selling and administrative expense" on our consolidated income statements. The amount of service costs capitalized in the first three months of fiscal years 2026 and 2025 were not material. The non-service related impacts are presented outside operating results within "Other non-operating income (expense), net."

~~Separately,~~For ~~certain~~the ofthree ~~our~~months ~~foreign~~ended ~~subsidiaries~~31 ~~maintain~~December ~~access~~2025 toand ~~committed~~2024, ~~credit~~our ~~facilities.~~cash Ascontributions ofto 30funded ~~June~~pension ~~2025,~~plans ~~the~~and ~~amount~~benefit ~~available~~payments under ~~foreign~~unfunded ~~committed~~pension ~~credit~~plans ~~facilities~~were ~~totaled~~ $~~420~~5.1 and $8.2, ~~all~~respectively. ofTotal ~~which~~contributions ~~was~~for ~~borrowed~~fiscal ~~and~~year ~~outstanding~~2026 are expected to be approximately $25 to $35. During fiscal year 2025, total contributions were $29.9.

~~As of 30 September 2024, these facilities had a combined maximum borrowing capacity of $1.2 billion, of which $1.1 billion was borrowed and outstanding.~~ During the ~~second~~three ~~quarter~~months ofended ~~fiscal~~31 ~~year~~December 2025 and 2024, we ~~derecognized~~recognized ~~long-term~~actuarial ~~borrowings~~loss ~~from two Saudi Riyal-denominated facilities upon deconsolidation of the Blue Hydrogen Industrial Gases Company~~ (~~"BHIG"~~gain) ~~subsidiary.~~amortization ~~These borrowings had been drawn from a 7.35% variable-rate facility and a 2.00% fixed-rate facility, which had carrying values~~ of $~~451~~0.17 and ($~~222~~0.23) asfor ~~of 30 September 2024, respectively. As further discussed in Note 19, Supplemental Information, we continue to have exposure to BHIG's borrowings through~~ our ~~equity~~other ~~method~~postretirement ~~investment~~benefits ~~in the entity~~plans.

~~Related~~11. COMMITMENTS ~~Party~~AND ~~Debt~~CONTINGENCIES

Refer to Note 19, Supplemental Information.

Table of Contents

13. RETIREMENT BENEFITS

The components of net periodic cost for our defined benefit pension plans for the three and nine months ended 30 June 2025 and 2024 were as follows:

	Pension Benefits
	2025			2024
Three Months Ended 30 June	U.S.	International	Total	U.S.	International	Total
Service cost	$2.3	$3.0	$5.3	$2.4	$2.8	$5.2
Non-service cost:
Interest cost	29.9	14.5	44.4	33.7	14.9	48.6
Expected return on plan assets	(33.1)	(15.3)	(48.4)	(30.0)	(11.7)	(41.7)
Prior service cost amortization	0.2	0.3	0.5	0.3	0.2	0.5
Actuarial loss amortization	11.7	2.4	14.1	14.3	3.2	17.5
Settlements	—	0.3	0.3	—	0.4	0.4
Other	—	0.1	0.1	—	0.6	0.6
Net Periodic Cost	$11.0	$5.3	$16.3	$20.7	$10.4	$31.1

	Pension Benefits
	2025			2024
Nine Months Ended 30 June	U.S.	International	Total	U.S.	International	Total
Service cost	$6.9	$8.6	$15.5	$7.2	$8.4	$15.6
Non-service cost:
Interest cost	89.7	42.2	131.9	101.1	44.7	145.8
Expected return on plan assets	(99.5)	(44.5)	(144.0)	(90.0)	(35.2)	(125.2)
Prior service cost amortization	0.8	0.7	1.5	0.9	0.7	1.6
Actuarial loss amortization	35.1	7.2	42.3	42.9	9.6	52.5
Settlements	—	0.4	0.4	—	0.6	0.6
Other	—	0.2	0.2	—	0.8	0.8
Net Periodic Cost	$33.0	$14.8	$47.8	$62.1	$29.6	$91.7

Our service costs are primarily included within "Cost of sales" and "Selling and administrative expense" on our consolidated income statements. The amount of service costs capitalized in the first nine months of fiscal years 2025 and 2024 were not material. The non-service related impacts are presented outside operating results within "Other non-operating income (expense), net."

For the nine months ended 30 June 2025 and 2024, our cash contributions to funded pension plans and benefit payments under unfunded pension plans were $20.8 and $25.6, respectively. Total contributions for fiscal year 2025 are expected to be approximately $30 to $40. During fiscal year 2024, total contributions were $34.7.

There was no actuarial gain amortization recognized during the three months ended 30 June 2025 for our other postretirement benefits plans. During the nine months ended 30 June 2025, we recognized actuarial gain amortization of $0.4 for our other postretirement benefits plans. During the three and nine months ended 30 June 2024, we recognized actuarial gain amortization of $0.1 and $0.4, respectively, for our other postretirement benefits plan.

Table of Contents

14. COMMITMENTS AND CONTINGENCIES

Litigation

We are involved in various legal proceedings, including commercial, competition, environmental, intellectual property, regulatory, product liability, and insurance matters. We do not currently believe there are any legal proceedings for which it is reasonably possible, individually or in the aggregate, to have a material impact on our financial condition, results of operations, or cash flows.

In September 2010, the Brazilian Administrative Council for Economic Defense ("CADE") issued a decision against our Brazilian subsidiary, Air Products Brasil Ltda., and several other Brazilian industrial gas companies for alleged anticompetitive activities. CADE imposed a civil fine of R$179.2 million (approximately $33.0 as of 30 June 2025) on Air Products Brasil Ltda. This fine was based on a recommendation by a unit of the Brazilian Ministry of Justice, following an investigation beginning in 2003, which alleged violation of competition laws with respect to the sale of industrial and medical gases. The fines are based on a percentage of our total revenue in Brazil in 2003.

We have denied the allegations made by the authorities and filed an appeal in October 2010 with the Brazilian courts. On 6 May 2014, our appeal was granted and the fine against Air Products Brasil Ltda. was dismissed. CADE has appealed that ruling and the matter remains pending. We, with advice of our outside legal counsel, have assessed the status of this matter and have concluded that, although an adverse final judgment after exhausting all appeals is possible, such a judgment is not probable. As a result, no provision has been made in the consolidated financial statements. In the event of an adverse final judgment, we estimate the maximum possible loss to be the full amount of the fine of R$179.2 million (approximately $33.0 as of 30 June 2025) plus interest accrued thereon until final disposition of the proceedings.

Environmental

In the normal course of business, we are involved in legal proceedings under the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA," the federal Superfund law), the Resource Conservation and Recovery Act ("RCRA"), and similar state and foreign environmental laws relating to the designation of certain sites for investigation or remediation. Presently, there are 26 sites on which a final settlement or remediation has not been achieved where we, usually along with others, have been designated as a potentially responsible party by environmental authorities or are otherwise engaged in investigation or remediation, including cleanup activity at certain of our former and current manufacturing sites. We continually monitor these sites for which we have environmental exposure.

Accruals for environmental loss contingencies are recorded when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. As of 3031 ~~June~~December 2025 and 30 September ~~2024~~2025, the consolidated balance sheets included accruals of $8785.41 and $7985.16, respectively, primarily as part of other noncurrent liabilities. These environmental liabilities will be paid over a period of up to 30 years. We estimate the exposure for environmental loss contingencies to range from $8785 to a reasonably possible upper exposure of $~~100~~98 as of 3031 ~~June~~December 2025.

Table of Contents

Actual costs to be incurred at identified sites in future periods may vary from the estimates, given inherent uncertainties in evaluating environmental exposures. Using reasonably possible alternative assumptions of the exposure level could result in an increase to the environmental accrual. Due to these inherent uncertainties, a significant increase to the reasonably possible upper exposure level could occur if a new site is designated, the scope of remediation is increased, a different remediation alternative is identified, or a significant increase in our proportionate share occurs. We do not expect that any sum we may have to pay in connection with environmental matters in excess of the amounts recorded or disclosed above would have a material adverse impact on our financial position or results of operations in any one year.

Pace

As of 3031 ~~June~~December 2025, $5453.4 of the environmental accrual was related to our facility in Pace, Florida.

In 2006, we sold our Amines business, which included operations at the Pace facility and recognized a liability for retained environmental obligations associated with remediation activities at the facility. We are required by the Florida Department of Environmental Protection ("FDEP") and the United States Environmental Protection Agency ("USEPA") to continue our remediation efforts. We recognized a before-tax expense of $42 in fiscal year 2006 in results from discontinued operations and recorded an environmental accrual of $42 in continuing operations on the consolidated balance sheets.

Table of Contents

In the first quarter of 2015, we entered into a consent order with the FDEP requiring us to continue our remediation efforts at the Pace facility and complete a cost review every five years. In fiscal year 2020, we completed an updated cost review of the environmental remediation status at the Pace facility and increased our environmental accrual for this site by $19 in continuing operations on the consolidated balance sheet and recognized a before-tax expense of $19 in results from discontinued operations. In fiscal year 2024, we completed our most recent cost review of the environmental remediation status at the Pace facility. Based on our review, we expect ongoing activities to continue for 30 years. Additionally, we increased our estimate of near-term spending for an optimized groundwater recovery system and future annual costs due to higher inflation. As a result of these changes, we increased our environmental accrual for this site by $19 in continuing operations on the consolidated balance sheets and recognized a before-tax expense of $19 in results from discontinued operations in fiscal year 2024. There have been no significant changes to the estimated exposure.

We have implemented many of the remedial corrective measures at the Pace facility required under the 1995 consent orders issued by the FDEP and the USEPA. Contaminated soils have been bioremediated, and the treated soils have been secured in a lined on-site corrective action management unit. Several groundwater recovery systems have been installed to contain and remove contamination from groundwater. We completed an extensive assessment of the site to determine the efficacy of existing measures, what additional corrective measures may be needed, and whether newer remediation technologies that were not available in the 1990s might be better suited for groundwater remediation. Based on assessment results, we completed a focused feasibility study that identified alternative approaches that may more effectively remove contaminants. We continue to review alternative remedial approaches with the FDEP, and we completed additional field work during 2021 to support the design of an improved groundwater recovery network. This network targets areas of higher contaminant concentration and avoids areas of high groundwater iron which has proven to be a significant operability issue for the project. The design of the optimized recovery system was completed in fiscal year 2024, with construction expected to begin in fiscal year 2026. In the fourth quarter of fiscal year 2024, we completed an updated cost review which resulted in a change in assumptions regarding future operating costs as discussed above.

Table of Contents

Piedmont

As of 3031 ~~June~~December 2025, $10.50 of the environmental accrual was related to a production facility site in Piedmont, South Carolina.

On 30 June 2008, we sold our Elkton, Maryland, and Piedmont, South Carolina, production facilities and the related North American atmospheric emulsions and global pressure sensitive adhesives businesses. In connection with the sale, we recognized a liability for retained environmental obligations associated with remediation activities at the Piedmont site. This site is under active remediation for contamination caused by an insolvent prior owner.

We are required by the South Carolina Department of Health and Environmental Control ("SCDHEC") to address both contaminated soil and groundwater. Numerous areas of soil contamination have been addressed, and contaminated groundwater is being recovered and treated. The SCDHEC issued its final approval to the site-wide feasibility study on 13 June 2017 and the Record of Decision for the site on 27 June 2018, after which we signed a Consent Agreement Amendment memorializing our obligations to complete the cleanup of the site.

Remediation has started in accordance with the design, which includes in-situ chemical oxidation treatment, as well as soil vapor extraction to remove volatile organic compounds from the unsaturated soils beneath the impacted areas of the plant. We estimate that source area remediation and groundwater recovery and treatment will continue through 2033. Thereafter, we currently expect this site to go into a state of monitored natural attenuation through 2038. We recognized a before-tax expense of $24 in 2008 as a component of income from discontinued operations and recorded an environmental liability of $24 in continuing operations on the consolidated balance sheets.

In the third quarter of fiscal year 2025, we completed an updated cost review of the environmental remediation status at Piedmont. Based on our review, we increased our estimate of remaining costs due to the extended period of time that will be required to complete the remediation along with higher annual costs due to inflation. As a result of these changes, we increased the environmental accrual for this site by $9 in continuing operations on the consolidated balance sheets and recognized a before-tax expense of $9 in results from discontinued operations.

Table of Contents

Pasadena

As of 3031 ~~June~~December 2025, $109.07 of the environmental accrual was related to a production facility site in Pasadena, Texas.

During fiscal year 2012, management committed to permanently shutting down our polyurethane intermediates ("PUI") production facility in Pasadena, Texas. In shutting down and dismantling the facility, we have undertaken certain obligations related to soil and groundwater contaminants. We have been pumping and treating groundwater to control off-site contaminant migration in compliance with regulatory requirements and under the approval of the Texas Commission on Environmental Quality ("TCEQ"). We estimate that the pump and treat system will continue to operate until 2042.

We continue to perform additional work to address other environmental obligations at the site. This additional work includes remediating impacted soils as required, investigating groundwater west of the former PUI facility, cleaning production wells, continuing post closure care for two closed RCRA surface impoundment units, and maintaining engineering controls. Additionally, we have conducted an interim corrective action to treat impacted soils as recommended in the TCEQ 2019 Annual Report. We are currently in the process of renewing the site's RCRA permit. In 2012, we estimated the total exposure at this site to be $13. There have been no significant changes to the estimated exposure.

~~Asset Retirement Obligations~~31

Our asset retirement obligations are primarily associated with long-term on-site supply contracts under which we have built a facility on land owned by the customer and are obligated to remove the facility at the end of the contract term. The retirement of assets includes the contractually required removal of a long-lived asset from service and encompasses the sale, removal, abandonment, recycling, or disposal of the assets as required at the end of the contract term. These obligations are primarily reflected within "Other noncurrent liabilities" on the consolidated balance sheets. The timing and/or method of settlement of these obligations are conditional on a future event that may or may not be within our control.

Changes to the carrying amount of our asset retirement obligations were as follows:

30 September 2024			$334.7
Additional accruals(A)			67.4
Liabilities settled			(6.5)
Accretion expense			9.7
Currency translation adjustment			(1.7)
30 June 2025			$403.6

(A)Primarily relates to project exits discussed in Note 4, Business and Asset Actions.

Table of Contents

1512. SHARE-BASED COMPENSATION

Our ~~outstanding~~ share-based compensation program includes performance and time-based deferred stock units. ~~During~~We ~~the~~issue ~~nine~~shares ~~months~~from ~~ended~~treasury 30stock ~~June~~upon ~~2025,~~the wepayout ~~granted~~of ~~both market-based and time-based~~ deferred stock units. ~~The~~As ~~terms~~ of ~~the~~31 ~~awards~~December ~~were~~2025, ~~fixed~~there atwere ~~the grant date~~0.6 ~~All~~million ~~previously~~shares ~~outstanding~~available ~~stock~~for ~~options~~future ~~were~~grant ~~fully~~under ~~exercised~~our ~~during~~Long-Term ~~the~~Incentive ~~first~~Plan ~~quarter~~("LTIP"), ofwhich ~~fiscal~~is ~~year~~shareholder ~~2025~~approved.

We issue shares from treasury stock upon the payout of deferred stock units and the exercise of stock options. As of 30 June 2025, 0.8 million shares remained available for future grant under our Long-Term Incentive Plan ("LTIP"), which is shareholder approved.

Share-based compensation cost recognized on the consolidated income statements is summarized below:

	Three Months Ended		~~Nine Months Ended~~
	30 June		30 June
	31 December
	2025	2024	~~2025~~	~~2024~~
Before-tax share-based compensation cost(A)	$11.0	$17.6	$65.8	$46.0
Before-tax share-based compensation cost	$10.3	$16.5
Income tax benefit	(2.84)	(4.20)	~~(15.8)~~	~~(11.1)~~
After-tax share-based compensation cost	$87.29	$1312.45	~~$50.0~~	~~$34.9~~

~~(A)Fiscal~~Before-tax ~~year~~share-based ~~2025~~compensation ~~includes~~cost ~~noncash~~is ~~executive~~primarily ~~separation~~included ~~costs~~in of"Selling ~~$22.4~~and toadministrative ~~accelerate~~expense" ~~vesting~~on our consolidated income statements. The amount of share-based ~~awards.~~compensation ~~Refer~~cost tocapitalized in the ~~"Shareholder~~first ~~Activism-Related~~three ~~Costs"~~months ~~disclosure~~of infiscal ~~Note~~years ~~19,~~2026 ~~Supplemental~~and ~~Information,~~2025 ~~for~~was ~~additional~~not ~~information~~material.

Before-tax share-based compensation cost is primarily included in "Selling and administrative expense" on our consolidated income statements. The amount of share-based compensation cost capitalized in the first nine months of fiscal years 2025 and 2024 was not material.

Deferred Stock Units

During the ~~nine~~three months ended 3031 ~~June~~December 2025, we granted 95100,~~490~~048 ~~market-based~~performance ~~deferred~~shares ~~stock~~to ~~units.~~be ~~The market-based deferred stock units are~~ earned over the performance period beginning 1 October ~~2024~~2025 and ending 30 September ~~2027, conditioned on the level of our total shareholder return in relation to the S&P 500 Index over the three-year performance period~~2028.

The ~~market-based~~award ~~deferred~~conditions ~~stock~~are ~~units~~equally ~~had~~weighted anbetween ~~estimated grant~~market-~~date~~based ~~fair value of $470.13 per unit~~awards, which ~~was~~consider ~~estimated~~total ~~using~~shareholder areturn ~~Monte~~("TSR") ~~Carlo~~measured ~~simulation~~against ~~model.~~a ~~The~~fixed ~~model~~group ~~utilizes~~of ~~multiple~~companies ~~input variables~~ that ~~determine~~comprise the ~~probability~~S&P of500 ~~satisfying~~Industrials ~~the~~Index ~~market condition stipulated in the grant~~ and ~~calculates~~ the ~~fair~~S&P ~~value~~Materials ofIndex ~~the~~and awards. Wethat ~~generally~~consider ~~expense~~an ~~the~~internal ~~grant-date~~performance ~~fair~~measure ~~value~~for ofreturn ~~these awards~~ on ~~a straight-line basis over the applicable vesting period~~capital. ~~The calculation of the fair value of market-based deferred stock units used the following assumptions:~~

Expected volatility	30.3	%
Risk-free interest rate	4.1	%
Expected dividend yield	2.1	%

The fair value of the portion of the awards subject to the achievement of return on capital targets were valued based on the closing stock price of $260.86 on the grant date. The portion of the awards subject to market conditions were valued using a Monte Carlo simulation on the date of grant with an estimated grant-date fair value of $275.21 per unit. The model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the grant and calculates the fair value of the awards.

InThe ~~addition,~~calculation ~~during~~of the ~~nine~~fair ~~months~~value ~~ended~~of ~~30 June 2025, we granted 137,024 time~~market-based deferred stock units atused athe ~~weighted~~following ~~average grant-date fair value of $330.06.~~assumptions:


Expected volatility	34.5	%
Risk-free interest rate	3.6	%
Expected dividend yield	2.7	%

In addition, during the three months ended 31 December 2025, we granted 121,005 time-based deferred stock units at a weighted average grant-date fair value of $260.80.

We generally expense the grant-date fair value of these awards on a straight-line basis over the applicable vesting period. For the portion of performance shares subject to the achievement of return on capital, we consider the probability of meeting performance targets when recording compensation expense throughout the performance period.

Table of Contents

1613. ACCUMULATED OTHER COMPREHENSIVE LOSS

The ~~tables~~table below ~~summarize~~summarizes changes in accumulated other comprehensive loss ("AOCL"), net of tax, attributable to Air Products for the three ~~and nine~~ months ended 3031 ~~June~~December 2025:

	Derivativesqualifyingas hedges	Foreigncurrencytranslationadjustments	Pension andpostretirementbenefits	Total
Balance at 31 March 2025	$57.1	($2,047.2)	($487.6)	($2,477.7)
Balance at 30 September 2025	$49.3	($1,640.7)	($496.4)	($2,087.8)
Other comprehensive income before reclassifications	4035.95	~~528~~73.45	—	~~569~~109.30
Amounts reclassified from AOCL	~~(52~~16.2)6	~~3.3~~—	119.53	~~(37~~25.4)9
Net current period other comprehensive income (loss)	($11.3)	$531.7	$11.5	$531.9
Net current period other comprehensive income	$52.1	$73.5	$9.3	$134.9
Amount attributable to noncontrolling interests	(727.7)3	31(3.70)	—(0.1)	24.02
Balance at 30 June 2025	$53.5	($1,547.2)	($476.1)	($1,969.8)
Balance at 31 December 2025	$74.1	($1,564.2)	($487.0)	($1,977.1)

The table below summarizes the reclassifications out of AOCL and the affected line item on the consolidated income statements:

	Derivativesqualifyingas hedges	Foreigncurrencytranslationadjustments	Pension andpostretirementbenefits	Total
	Three Months Ended
Balance at 30 September 2024	$27.2	($1,545.3)	($509.6)	($2,027.7)
	31 December
Other comprehensive income before reclassifications	61.6	6.7	—	68.3
	2025	2024
Amounts reclassified from AOCL	32.7	5.8	33.5	72.0
Loss on Cash Flow Hedges, net of tax
Net current period other comprehensive income	$94.3	$12.5	$33.5	$140.3
Sales	($0.9)	$0.2
Amount attributable to noncontrolling interests	68.0	14.4	—	82.4
Cost of sales	0.2	0.8
Balance at 30 June 2025	$53.5	($1,547.2)	($476.1)	($1,969.8)
Interest expense	(0.3)	0.3
Other non-operating income (expense), net	17.6	90.6
Total Loss on Cash Flow Hedges, net of tax	$16.6	$91.9
Pension and Postretirement Benefits, net of tax(A)	$9.3	$11.0

(A)The ~~table~~components ~~below~~of ~~summarizes~~net ~~the~~periodic ~~reclassifications~~benefit/cost reclassified out of AOCL include items such as prior service cost amortization, actuarial loss amortization, settlements, and ~~the~~curtailments ~~affected~~and ~~line~~are ~~item~~included in “Other non-operating income (expense), net” on the consolidated income statements:. Refer to Note 10, Retirement Benefits, for additional information.

	Three Months Ended		Nine Months Ended
	30 June		30 June
	2025	2024	2025	2024
(Gain) Loss on Cash Flow Hedges, net of tax
Sales	($0.1)	$0.2	$0.2	$0.1
Cost of sales	(0.2)	(0.2)	5.8	1.2
Interest expense	(0.4)	0.5	(0.1)	2.0
Other non-operating income (expense), net	(51.5)	15.0	26.8	4.8
Total (Gain) Loss on Cash Flow Hedges, net of tax	($52.2)	$15.5	$32.7	$8.1
Currency translation adjustment associated with business and asset actions	$3.3		$5.8
Pension and Postretirement Benefits, net of tax(A)	$11.5	$13.8	$33.5	$41.1

(A)The components of net periodic benefit/cost reclassified out of AOCL include items such as prior service cost amortization, actuarial loss amortization, settlements, and curtailments and are included in “Other non-operating income (expense), net” on the consolidated income statements. Refer to Note 13, Retirement Benefits, for additional information.

Table of Contents

1714. EARNINGS ~~(LOSS)~~ PER SHARE

The table below details the computation of basic and diluted earnings ~~(loss)~~ per share:

	Three Months Ended		~~Nine Months Ended~~
	30 June		30 June
	31 December
	2025	2024	~~2025~~	~~2024~~
Numerator
Net income (loss) from continuing operations	$721.8	$696.6	($391.4)	$1,878.3
Net income attributable to Air Products	$678.2	$617.4
Net income from discontinued operations	(8.0)	—	(8.0)	—
Net income (loss) attributable to Air Products	$713.8	$696.6	($399.4)	$1,878.3
Denominator (in millions)
Weighted average common shares — Basic	222.8	222.57	~~222.7~~	~~222.5~~
Effect of dilutive securities:
Employee stock option and other award plans	0.1	0.3	—	0.3
Employee award plans	0.1	0.2
Weighted average common shares — Diluted	222.9	222.89	~~222.7~~	~~222.8~~
Per Share Data(A) (U.S. Dollars per share)
Per Share Data (U.S. Dollars per share)
Basic EPS from continuing operations	$3.24	$3.13	($1.76)	$8.44
Basic earnings per share attributable to Air Products	$3.04	$2.77
Basic EPS from discontinued operations	(0.04)	—	(0.04)	—
Diluted earnings per share attributable to Air Products	$3.04	$2.77
Basic earnings (loss) per share attributable to Air Products	$3.20	$3.13	($1.79)	$8.44
Diluted EPS from continuing operations	$3.24	$3.13	($1.76)	$8.43
Diluted EPS from discontinued operations	(0.04)	—	(0.04)	—
Diluted earnings (loss) per share attributable to Air Products	$3.20	$3.13	($1.79)	$8.43

The table below summarizes antidilutive outstanding share-based awards that were excluded from the computation of diluted earnings ~~(loss)~~ per share:

	Three Months Ended			~~Nine Months Ended~~
	30 June			30 June
	31 December
	2025	2024	~~2024~~	~~2025~~	~~2024~~
Antidilutive outstanding share-based awards(A)	0.1		—	0.2	0.1
Antidilutive outstanding share-based awards	0.1	0.1

~~(A)Due to the net loss reported for the nine months ended 30 June 2025, outstanding share-based awards were excluded from the computation of diluted loss per share~~15. SUPPLEMENTAL ~~These~~INFORMATION ~~shares would have had an antidilutive impact, thus diluting the loss per share.~~

39Related Party Transactions

We have related party sales to some of our equity affiliates and joint venture partners as well as other income primarily from fees charged for use of Air Products' patents and technology. Sales to and other income from related parties totaled approximately $85 and $80 for the three months ended 31 December 2025 and 2024, respectively. Sales agreements with related parties include terms that are consistent with those that we believe would have been negotiated at an arm’s length with an independent party. As of 31 December 2025 and 30 September 2025, our consolidated balance sheets included related party trade receivables of approximately $160 and $105, respectively.

As of 31 December 2025, total debt owed to related parties was $240.7, consisting of shareholder loans with our joint venture partner, Lu’An Clean Energy Company. As of 30 September 2025, total debt owed to related parties was $236.5. These amounts included $60.0 and $59.0, respectively, presented within "Current portion of long-term debt" on the consolidated balance sheets.

Prior Year Shareholder Activism-Related Costs

During the first quarter of fiscal year 2025, we recorded shareholder activism-related costs of $29.9 ($21.9 after tax) in connection with a proxy contest. These costs included legal and other professional service fees and proxy solicitation expenses.

Table of Contents

~~18. INCOME~~Income ~~TAXES~~ Taxes

Effective Tax Rate

For the nine months ended 30 June 2025, our consolidated income statements include an income tax benefit of $205.5 compared to an income tax expense of $406.5 for the prior year period. The tax benefit in fiscal year 2025 represents an effective tax rate of 36.6% on the pre-tax loss reported for the nine months ended 30 June 2025 compared to an effective rate of 17.5% for tax expense on the pre-tax income reported for the nine months ended 30 June 2024. The year-to-date rate in fiscal year 2025 was primarily impacted by a pre-tax charge of approximately $3 billion, which was primarily recorded during the second quarter. Our effective tax rate was 1718.97% and 1617.68% for the three months ended 3031 ~~June~~December 2025 and 2024, respectively.

Our estimates related to the items discussed below reflect our best judgment based on information available as of 30 June 2025. The amount and timing of final settlement of these items may differ from our current estimates, which could impact our tax provision in future periods. Similarly, impacts recognized in future periods may impact period tax costs and benefits.

Business and Asset Actions

In fiscal year 2025, we recorded charges related to our decision to exit certain projects and other cost reduction measures as described in Note 4, Business and Asset Actions. These efforts resulted in a pre-tax charge of approximately $3 billion, which was primarily recorded during the second quarter. The related net tax benefit of $649.3 included a $22.5 cost for reserves established for uncertain tax positions related to the deductibility of business and asset actions incurred in foreign subsidiaries and a $15.2 cost primarily related to lower U.S. tax benefits for foreign-derived income. We also incurred a $41.8 increase in our valuation allowance related to tax benefits for foreign business and asset actions for which we could not recognize an income tax benefit.

Tax Reform Adjustment Related to Deemed Foreign Dividends

During the second quarter of fiscal year 2025, we recorded a $34.9 net income tax benefit related to our intent to file a refund claim after the review of several U.S. Tax Court cases regarding the U.S. taxation of deemed foreign dividends in the transition year of the Tax Cuts and Jobs Act (our fiscal year 2018). While we were not a party to these cases, the opinions resulted in a change to our intent to pursue a refund claim. The $34.9 income tax benefit is net of a $67.8 reserve for an uncertain tax position related to the calculation of the refund amount.

Tax on Repatriation of Foreign Earnings

During the second quarter of fiscal year 2025, we recorded a $31.4 cost related to estimated withholding taxes on foreign earnings we no longer intend to indefinitely reinvest. There were no other significant changes to our assumptions regarding the reinvestment of foreign earnings during the first nine months of fiscal year 2025.

Shareholder Activism-Related Costs

As further discussed in Note 19, Supplemental Information, we recorded costs of $86.3 during the first nine months of fiscal year 2025 related to a proxy contest that concluded in January. The net tax benefit associated with these costs was $14.6.

Cash Paid for Taxes, Net of Refunds

Income tax payments, net of refunds, were $~~856~~109.1 and $~~502~~123.26 for the ~~nine~~three months ended 3031 ~~June~~December 2025 and 2024, respectively. ~~The fiscal year 2025 amount included approximately $395 of tax payments related to the gain on the sale of our LNG business in September 2024.~~

40Debt Repayment

~~Table~~During the first quarter of ~~Contents~~fiscal year 2026, we repaid at maturity $550.0 aggregate principal amount of our 1.50% senior notes due October 2025, plus accumulated and unpaid interest through the maturity date.

19. SUPPLEMENTAL INFORMATION

Related Party Transactions

We have related party sales to certain of our equity affiliates and joint venture partners as well as other income primarily from fees charged for use of Air Products' patents and technology. Sales to and other income from related parties totaled approximately $90 and $240 for the three and nine months ended 30 June 2025, respectively, and $80 and $255 for the three and nine months ended 30 June 2024, respectively. Sales agreements with related parties include terms that are consistent with those that we believe would have been negotiated at an arm’s length with an independent party. As of 30 June 2025 and 30 September 2024, our consolidated balance sheets included related party trade receivables of approximately $190 and $120, respectively.

During the third quarter of fiscal year 2025, we reimbursed $24.7 to Mantle Ridge LP and certain of its affiliated entities (collectively, “Mantle Ridge”) for costs they incurred in connection with the proxy contest that concluded in January 2025. Refer to “Shareholder Activism-Related Costs” below for additional information.

Related party debt primarily includes a loan with our joint venture partner, Lu’An Clean Energy Company. Total debt owed to related parties was $298.2 and $304.4 as of 30 June 2025 and 30 September 2024, respectively. The amount outstanding as of 30 June 2025 included short-term borrowings of $196.0 and current portion of long-term debt of $54.7. As of 30 September 2024, the current portion of long-term debt owed to related parties was $200.0.

Shareholder Activism-Related Costs

Our consolidated income statements include shareholder activism-related costs of $25.0 ($18.8 after tax) and $86.3 ($71.7 after tax) for the three and nine months ended 30 June 2025, respectively. These costs were recorded in connection with a proxy contest that concluded in January 2025 following certification of the election of directors at the 2025 Annual Meeting of Shareholders. Mantle Ridge, an Air Products' investor, nominated three of the nine directors elected, including Paul C. Hilal, Mantle Ridge’s founder and Chief Executive Officer ("CEO").

During the third quarter of fiscal year 2025, the Board of Directors voted to authorize a cash reimbursement of $24.7 to Mantle Ridge. Paul C. Hilal abstained from voting on this matter. Costs subject to reimbursement included those incurred by Mantle Ridge for legal counsel, proxy engagement services, governance advisors, communication expenses, and other out-of-pocket costs related to its engagement with Air Products. The Board members who voted on this matter unanimously concluded that these expenses were incurred with the objective of effecting changes to Air Products’ governance structure and strategic direction that serve the interests of long-term shareholder value. Additionally, they viewed the election of three of Mantle Ridge’s nominees by a majority of shares voted at the 2025 Annual Meeting as evidence of broad shareholder support for such changes. Given this level of support, the Board determined that such expenses should be shared pro rata among all shareholders.

Shareholder activism-related costs for the nine months ended 30 June 2025 also include amounts incurred directly by Air Products, such as legal and other professional service fees, proxy solicitation expenses, and executive separation costs related to the departure of our former CEO following the appointment of a new CEO by the Board of Directors. The CEO separation costs included a noncash expense of $22.4 to accelerate vesting of share-based awards and $7.3 for severance and other cash benefits that were paid during the second quarter.

Table of Contents

Uzbekistan Asset Purchase

On 25 May 2023, we entered into an investment agreement with the Government of the Republic of Uzbekistan and Uzbekneftegaz JSC (“UNG”) to purchase a natural gas-to-syngas processing facility in Qashqadaryo Province, Uzbekistan, for $1 billion. Under the agreement, Air Products owns and operates the acquired facility and is supplying all offtake products to UNG under a 15-year on-site contract, with UNG supplying the feedstock natural gas and utilities. Throughout this term, we receive a fixed monthly fee (regardless of whether UNG requires the output) comprised of two components: a plant capacity fee and an operating and maintenance fee.

We are accounting for the transaction as a financing arrangement as we did not obtain accounting control of the facility due to UNG having the unilateral right to reacquire the facility at the end of the contract term. The repurchase price on a discounted basis, which consists of the total monthly plant capacity fees received over the term of the arrangement plus the repurchase option price, exceeds our purchase price. Accordingly, our payments related to the facility are reflected within "Financing receivables" on our consolidated balance sheets. Financing receivables associated with the Uzbekistan transaction were approximately $983 and $920 as of 30 June 2025 and 30 September 2024, respectively.

Changes in Estimates

Changes in estimates on sale of equipment projects accounted for under the cost incurred input method are recognized as a cumulative adjustment for the inception-to-date effect of such change. WeChanges ~~recorded changes~~ to project revenue and cost estimates ~~that~~ unfavorably impacted operating ~~income~~results ~~(loss)~~ by approximately $2033 and $6328 for the first three ~~and nine~~ months ~~ended~~of 30fiscal ~~June~~years ~~2025,~~2026 ~~respectively,~~ and ~~operating income by approximately $50 and $115 for the three and nine months ended 30 June 2024~~2025, respectively.

4216. BUSINESS SEGMENT INFORMATION

~~Table~~We determine our reportable segments based on the manner in which our Chief Operating Decision Maker ("CODM") reviews financial results and allocates resources. The accounting policies applied to our reportable segments are consistent with those used in the preparation of ~~Contents~~our consolidated financial statements. Our reportable segments are as follows:

20. BUSINESS SEGMENT INFORMATION

We manage our operations, assess performance, and report earnings under the following reportable segments:

•Americas;

•Asia;

•Europe;

•Middle East and India; and

•Corporate and other.

~~Our~~The ~~reportable~~Americas, ~~segments~~Asia, ~~reflect~~Europe, ~~the~~and ~~manner~~Middle inEast ~~which our chief operating decision maker reviews results~~ and ~~allocates~~India ~~resources.~~segments Werepresent ~~evaluate~~ the ~~performance~~operations of our ~~segments~~regional ~~based~~industrial ~~upon~~gases ~~segment operating income (loss)~~business. ~~Except~~Each ~~for~~of ~~the~~these ~~Corporate~~segments ~~and~~qualifies ~~other~~as ~~segment, each reportable segment meets the definition of~~ an individual operating segment and does not ~~include~~reflect the aggregation of multiple operating segments. ~~Our~~ Corporate and other ~~segment~~consists ~~includes the aggregation~~ of two operating segments that meet the aggregation criteria under GAAP. All segments also include our share of results from several equity method joint ventures.

Our CODM, who is our Chief Executive Officer, evaluates the performance of our reportable segments through segment operating income. This measure is reviewed regularly in internal management reports and serves as a key metric to monitor actual results against forecasts and prior periods. Segment operating income informs decisions related to resource allocation, including capital investments and employees, and supports strategic planning and long-term project development.

Table of Contents

Summary by Business Segment

	Americas	Asia	Europe	Middle East and India	Corporate and other	Total
Three Months Ended 30 June 2025
Three Months Ended 31 December 2025
Sales	$1,261.0	$810.0	$770.5	$38.3	$142.9	$3,022.7	(A)
Sales(A)	$1,341.7	$831.5	$782.0	$30.3	$117.0	$3,102.5
Operating income (loss)	374.1	216.8	225.2	8.1	(83.1)	741.1	(B)
Cost of sales	(886.6)	(573.2)	(491.7)	(19.9)	(136.1)	(2,107.5)
Depreciation and amortization	192.4	126.7	64.9	6.8	10.2	401.0
Selling and administrative expense	(55.2)	(28.0)	(67.0)	(5.0)	(73.5)	(228.7)
Equity affiliates' income	37.8	9.5	29.7	86.0	4.6	167.6	(B)
Other segment items(B)	3.9	2.0	0.2	0.4	(16.3)	(9.8)
Three Months Ended 30 June 2024
Operating income (loss)(C)	403.8	232.3	223.5	5.8	(108.9)	756.5
Sales	$1,234.7	$789.6	$693.4	$32.8	$235.0	$2,985.5	(A)
Other segment information:
Operating income (loss)	391.1	200.1	204.7	(1.4)	(56.9)	737.6	(B)
Depreciation and amortization	171.9	112.7	69.8	6.2	10.1	370.7
Depreciation and amortization	175.6	115.5	52.2	6.8	10.2	360.3
Equity affiliates' income (loss)	51.7	13.8	23.4	84.5	(1.2)	172.2
Equity affiliates' income	37.5	8.7	26.3	89.2	7.2	168.9	(B)
Expenditures for long-lived assets	503.7	103.6	209.1	405.3	29.5	1,251.2
Three Months Ended 31 December 2024
Sales(A)	$1,287.6	$817.1	$697.2	$32.8	$96.8	$2,931.5
Cost of sales	(855.1)	(572.1)	(449.4)	(25.7)	(114.2)	(2,016.5)
Selling and administrative expense	(54.4)	(31.5)	(61.9)	(7.8)	(86.8)	(242.4)
Other segment items(B)	10.1	2.9	0.6	0.1	(12.8)	0.9
Operating income (loss)(C)	388.2	216.4	186.5	(0.6)	(117.0)	673.5
Other segment information:
Depreciation and amortization	173.4	122.9	54.5	6.5	9.5	366.8
Equity affiliates' income	35.1	10.3	18.2	85.0	2.0	150.6
Expenditures for long-lived assets	690.7	99.9	230.6	1,040.4	56.0	2,117.6
As of 31 December 2025
Investment in net assets of and advances to equity affiliates	$600.3	$338.8	$671.6	$3,714.6	$114.8	$5,440.1
Total assets	12,447.2	6,766.2	7,086.5	11,313.5	3,627.3	41,240.7
As of 30 September 2025
Investment in net assets of and advances to equity affiliates	$555.2	$331.3	$649.9	$3,713.2	$116.5	$5,366.1
Total assets	12,058.7	6,712.2	6,916.8	10,919.4	4,452.4	41,059.5

Nine Months Ended 30 June 2025
Sales	$3,835.8	$2,401.2	$2,195.1	$103.9	$334.4	$8,870.4	(A)
Operating income (loss)	1,128.0	624.6	607.2	4.6	(318.5)	2,045.9	(B)
Depreciation and amortization	544.2	381.4	176.2	19.7	29.9	1,151.4
Equity affiliates' income	104.1	30.3	75.6	249.2	11.3	470.5	(B)
Nine Months Ended 30 June 2024
Sales	$3,732.6	$2,363.1	$2,092.5	$103.9	$621.0	$8,913.1	(A)
Operating income (loss)	1,117.4	614.9	603.3	8.1	(245.0)	2,098.7	(B)
Depreciation and amortization	519.4	343.7	151.2	20.1	35.9	1,070.3
Equity affiliates' income	118.8	21.2	58.7	256.0	15.9	470.6	(B)
Total Assets
30 June 2025	$11,871.1	$7,269.9	$6,871.1	$10,510.1	$5,136.9	$41,659.1
30 September 2024	12,383.8	7,436.5	5,849.2	8,477.4	5,427.7	39,574.6

(A)Sales relate to external customers only. All intersegment sales are eliminated in consolidation.

(B)For ~~Refer~~the toregional ~~the~~segments, ~~"Reconciliation~~other segment items primarily include impacts from transactions not directly related to ~~Consolidated~~our ~~Results"~~principal ~~section~~earnings ~~below~~activities, such as technology and royalty income and gains and losses on asset sales. For the Corporate and other segment, other segment items primarily include research and development expense and the net impact of gains and losses on foreign currency transactions.

43(C)Operating income (loss) for our reportable segments does not include gains or losses that management does not consider to be indicative of underlying business performance, such as charges related to business and asset actions. Refer below for a reconciliation of total segment operating income to consolidated results.

Table of Contents

Reconciliation of Total Segment Operating Income to Consolidated Results

The table below reconciles total segment operating income to income before taxes as reflected on our consolidated income statements:

	Three Months Ended		~~Nine Months Ended~~
	30 June		30 June
	31 December
Operating Income (Loss)	2025	2024	2025	2024
	2025	2024
Total	$741.1	$737.6	$2,045.9	$2,098.7
Total Segment Operating Income	$756.5	$673.5
Business and asset actions	(2422.10)	—	~~(2,952.0)~~	~~(57.0)~~
Shareholder activism-related costs	~~(25.0)~~—	—(29.9)	~~(86.3)~~	—
Gain on sale of business	67.3	—	67.3	—
Consolidated Operating Income	$734.5	$643.6
Gain on sale of other assets(A)	31.3	—	31.3	—
Equity affiliates' income	172.2	150.6
Consolidated Operating Income (Loss)	$790.6	$737.6	($893.8)	$2,041.7
Interest expense	54.5	42.6
Other non-operating income (expense), net	(1.4)	38.9
Income Before Taxes	$850.8	$790.5

~~(A) Reflected on the consolidated income statements within "Other income (expense), net."~~37

The table below reconciles total equity affiliates' income disclosed in the table above to consolidated equity affiliates' income as reflected on our consolidated income statements:
	Three Months Ended		Nine Months Ended
	30 June		30 June
Equity Affiliates' Income	2025	2024	2025	2024
Total	$167.6	$168.9	$470.5	$470.6
Equity method investment impairment associated with business and asset actions	—	—	(6.8)	—
Consolidated Equity Affiliates' Income	$167.6	$168.9	$463.7	$470.6

Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Third Quarter 2025 in Summary			46
First Quarter 2026 in Summary			39
Third Quarter 2025 Results of Operations			48
First Quarter 2026 Results of Operations			41
First Nine Months 2025 in Summary			55
Reconciliations of Non-GAAP Financial Measures			48
First Nine Months 2025 Results of Operations			57
Liquidity and Capital Resources			52
Reconciliations of Non-GAAP Financial Measures			66
Pension Benefits			56
Liquidity and Capital Resources			74
Critical Accounting Policies and Estimates			57
Pension Benefits			79
Critical Accounting Policies and Estimates			80

This Management’s Discussion and Analysis contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements ~~about~~regarding business outlook. These forward-looking statements are based on management’s expectations and assumptions as of the date of this Quarterly Report on Form 10-Q and are not guarantees of future performance. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management,. ~~including~~These factors include, without limitation, those described in "Forward-Looking Statements" and Item 1A, Risk Factors, of our Annual Report on Form 10-K for the fiscal year ended 30 September ~~2024~~2025 (the "~~2024~~2025 Form 10-K"), which was filed with the SEC on 2120 November ~~2024~~2025, as well as in "Forward-Looking Statements" and Part II, Item 1A, Risk Factors, of this Quarterly Report on Form 10-Q.

This discussion should be read intogether ~~conjunction~~ with the accompanying interim consolidated financial statements and ~~the~~related ~~accompanying~~ notes ~~contained~~included in this Quarterly Report on Form 10-Q. Financial information is presented on a continuing operations basis. Unless otherwise stated, amounts ~~discussed~~ are stated in millions of U.S. Dollars, except for per share data, which is calculated and presented on a diluted basis in U.S. Dollars per weighted -average common share.

The financial measures discussed below are presented in accordance with U.S. generally accepted accounting principles ("GAAP"), except as noted. We ~~present~~discuss certain financial measures on an "adjusted", or "non-GAAP", basis, ~~because~~which weexclude ~~believe~~gains ~~such~~or ~~measures~~losses that management does not consider to be representative of our underlying business operations. These adjustments, ~~when~~which ~~viewed~~are ~~together~~described ~~with~~below ~~financial~~for ~~results~~the ~~computed~~periods presented, are not reflected in ~~accordance~~the results of our reportable segments. When viewed together with our GAAP results, ~~provide~~we believe these non-GAAP financial measures offer a more complete understanding of the factors and trends affecting our ~~historical~~ financial performance and support analysis of our results on a more consistent basis. For each non-GAAP financial measure, including adjusted ~~earnings~~operating ~~per~~income, ~~share~~adjusted ~~("EPS")~~operating margin, adjusted ~~EBITDA~~earnings per share, the adjusted effective tax rate, and capital expenditures, we present a reconciliation to the most directly comparable financial measure calculated in accordance with GAAP. These reconciliations and further explanations ~~regarding~~of ~~the~~our use of non-GAAP financial measures are presented under the “Reconciliations of Non-GAAP Financial Measures” section beginning on page 6648.

Comparisons included in the discussion that follows are for the ~~third~~first quarter ~~and first nine months~~ of fiscal year ~~2025~~2026 versus ("vs.") the ~~third~~first quarter ~~and first nine months~~ of fiscal year ~~2024~~2025. The disclosures provided in this Quarterly Report on Form 10-Q are complementary to those made in our ~~2024~~2025 Form 10-K.

We manage our operations, assess performance, and report earnings under five reportable segments: Americas, Asia, Europe, Middle East and India, and Corporate and other. ~~The discussion that follows is based on these operations.~~ Refer to Note 2016, Business Segment Information, to the consolidated financial statements for additional information.

For information concerning activity with our related parties, refer to Note 1915, Supplemental Information, to the consolidated financial statements.

4538

Table of Contents

~~THIRD~~FIRST QUARTER ~~2025~~2026 VS. ~~THIRD~~FIRST QUARTER ~~2024~~2025

~~THIRD~~FIRST QUARTER ~~2025~~2026 IN SUMMARY

•Sales of $3.01 billion increased 16%, or $37171.20, asdue to higher energy cost pass-through to customers of 3%, ~~higher pricing of 1%, and~~ a favorable impact from currency of 12%, ~~were~~and ~~partially~~higher ~~offset~~pricing ~~by lower volumes~~ of 41%. ~~The~~Volumes ~~lower~~were ~~volumes~~flat ~~primarily~~on ~~reflect~~a ~~the~~percentage ~~September~~basis ~~2024~~as ~~LNG~~higher ~~business~~on-sites ~~divestiture,~~were ~~lower~~offset ~~global~~by lower helium demand, and ~~project~~a ~~exits~~significant prior year, ~~partially~~non-recurring ~~offset~~helium bysale ~~higher~~to ~~on-sites~~an existing merchant customer in the Americas segment.

•Operating income of $~~790~~734.65 increased 714%, or $5390.09, ~~reflecting~~primarily ~~gains~~due ~~from~~to ~~the~~favorable ~~sale~~business ofmix, alower ~~business~~costs, and ~~other~~higher ~~assets,~~ non-‑helium merchant pricing,. ~~and~~Operating ~~cost~~margin ~~improvements~~of 23.7% ~~These~~increased ~~benefits~~170 ~~were~~basis ~~partially~~points ~~offset~~("bp") byfrom ~~shareholder~~22.0% ~~activism-related~~in ~~costs,~~the aprior ~~net~~year. ~~charge~~On ~~for~~a ~~updated~~non-GAAP ~~cost~~basis, ~~estimates~~adjusted ~~related~~operating toincome ~~previously~~of ~~announced~~$756.5 ~~business~~increased ~~and~~12%, ~~asset~~or ~~actions~~$83.0, and ~~the~~adjusted ~~September~~operating ~~2024 LNG business divestiture. Operating~~ margin of 2624.24% increased ~~150~~140 ~~basis points ("~~bp") ~~from~~compared 24to 23.70% in the prior year. These non-GAAP results exclude charges recorded in fiscal year 2026 to update cost estimates related to prior-year business and asset actions as well as prior-year shareholder activism-related costs as discussed below.

•~~Equity~~Earnings ~~affiliates'~~per ~~income~~share ("EPS") of $~~167~~3.604 ~~decreased~~increased 110%, or $10.27 per share. A summary table of changes in EPS is presented on page 40. On a non-GAAP basis, adjusted EPS of $3.16 increased 10%, or $0.30 per share, and also excludes non‑operating adjustments for a prior‑year gain on certain de‑designated hedging instruments and non‑service pension cost as discussed below.

•Net income of $723.2 increased 2%, or $14.3, as gains from the sale of a business and other assets, higher non-helium merchant pricing, and cost improvements were partially offset by lower volumes, shareholder activism-related costs, and a charge for business and asset actions.39

•Adjusted EBITDA of $1.3 billion increased 3%, or $42.9, driven by favorable costs and higher pricing, partially offset by lower volumes.

•EPS of $3.24 increased 4%, or $0.11 per share. EPS major factors are summarized in the table presented on page 47.

•Adjusted EPS of $3.09 decreased 3%, or $0.11 per share. Adjusted EPS excludes a net gain of $0.15 per share driven by gains recognized on the sale of a business and other assets as well as other adjustments as summarized in the reconciliation on page 67.

Table of Contents

Summary of Changes in ~~Earnings Per Share~~EPS

The ~~diluted~~ per share impacts for the items presented in the ~~tables~~table below were calculated independently and domay not sum to the total change in EPS due to rounding.

	Three Months Ended		Change vs.Prior Year
	30 June
	31 December
	2025	2024
Earnings per share	$3.20	$3.13	$0.07
EPS	$3.04	$2.77	$0.27
Less: Loss per share from discontinued operations	(0.04)	—	(0.04)
% Change from prior year			10	%
Earnings per share from continuing operations	$3.24	$3.13	$0.11
% Change from prior year			4	%
Operating Items
Underlying business:
Volume			(0.~~08)~~10
Price, net of variable costs			0.0508
Other costs			0.0308
Currency			0.0104
Business and asset actions			(0.07)
Business and asset actions(A)			(0.09)
Shareholder activism-related costs			(0.~~08)~~10
Gain on sale of business			0.23
Total Operating Items			$0.31
Gain on sale of other assets(A)			0.11
Total Operating Items			$0.20
Other Items
Interest expense			(0.02)
Equity affiliates' income			0.08
Interest expense			(0.05)
Other non-operating income/expense, net:
Gain/Loss on de-designation of cash flow hedges(B)			(0.01)
Gain on de-designation of cash flow hedges(B)			(0.05)
Non-service pension cost, net			0.05
Non-operating expense associated with business and asset actions(A)			(0.02)
Other			(0.03)
Non-service pension cost, net			0.03
Change in effective tax rate			(0.05)
Other non-operating			(0.01)
Noncontrolling interests(B)			(0.02)
Change in effective tax rate			0.01
Total Other Items			($0.08)
Noncontrolling interests(B)			(0.03)
Total Change			$0.11
Total Other Items			($0.04)
% Change from prior year			4	%
Total Change			$0.27
% Change from prior year			10	%

(A)~~Reflected~~EPS onimpacts ~~the~~associated ~~consolidated~~with ~~income~~charges ~~statements~~for ~~within~~business ~~"Other~~and ~~income~~asset actions were calculated based on a total after-tax charge of $24.6 (~~expense),~~$0.11 ~~net~~per share)."

(B)~~The~~EPS ~~per share~~ impact reflected within "Gain~~/Loss~~ on de-designation of cash flow hedges" was calculated based on an after-tax ~~loss~~gain attributable to Air Products of $010.~~1 during the third quarter of fiscal year 2025 compared to a gain of $~~3.0 ~~in the prior year period.~~ The ~~loss/~~gain attributable to our noncontrolling ~~interests~~partners was $025.~~1 and $7~~2.~~3 for the three months ended 30 June 2025 and 2024, respectively.~~

47The table below summarizes the per share impact of our non-GAAP adjustments for the first quarter of fiscal years 2026 and 2025. These impacts were calculated independently and may not sum to totals due to rounding.


	Three Months Ended		Change vs. Prior Year
	31 December
	2025	2024
EPS	$3.04	$2.77	$0.27


Business and asset actions	0.11	—	0.11









Shareholder activism-related costs	—	0.10	(0.10)


Gain on de-designation of cash flow hedges	—	(0.05)	0.05
Non-service pension cost, net	0.01	0.04	(0.03)







Adjusted EPS	$3.16	$2.86	$0.30
% Change from prior year			10%

Table of Contents

~~The~~FIRST ~~table~~QUARTER ~~below~~2026 ~~summarizes~~RESULTS ~~the~~OF ~~diluted per share impact of our non-GAAP adjustments for the third quarter of fiscal years 2025 and 2024:~~OPERATIONS

	Three Months Ended		Change vs.Prior Year
	30 June
	2025	2024
Earnings per Share	$3.24	$3.13	$0.11
Business and asset actions	0.07	—	0.07
Shareholder activism-related costs	0.08	—	0.08
Gain on sale of business	(0.23)	—	(0.23)
Gain on sale of other assets	(0.11)	—	(0.11)
(Gain) Loss on de-designation of cash flow hedges	—	(0.01)	0.01
Non-service pension cost, net	0.04	0.09	(0.05)
Adjusted Earnings per Share	$3.09	$3.20	($0.11)
% Change from prior year			(3%)

Discussion of First Quarter Consolidated Results

THIRD QUARTER 2025 RESULTS OF OPERATIONS


	Three Months Ended
	31 December				Change vs. Prior Year
	2025		2024		$	%
GAAP Financial Measures
Sales	$3,102.5		$2,931.5		$171.0	6	%





Operating income	734.5		643.6		90.9	14	%
Operating margin	23.7	%	22.0	%		170	bp
Equity affiliates’ income	$172.2		$150.6		$21.6	14	%




Non-GAAP Financial Measures
Adjusted operating income	$756.5		$673.5		$83.0	12	%
Adjusted operating margin	24.4	%	23.0	%		140 bp

Discussion of Third Quarter Consolidated Results

	Three Months Ended
	30 June				Change vs. Prior Year
	2025		2024		$	%
GAAP Measures
Sales	$3,022.7		$2,985.5		$37.2	1	%
Operating income	790.6		737.6		53.0	7	%
Operating margin	26.2	%	24.7	%		150	bp
Equity affiliates’ income	$167.6		$168.9		($1.3)	(1	%)
Net income	723.2		708.9		14.3	2	%
Non-GAAP Measure
Adjusted EBITDA	$1,309.7		$1,266.8		$42.9	3	%

Sales

The table below summarizes the major factors that impacted consolidated sales for the periods presented:

Volume	(4—	%)
Price	1	%
Energy cost pass-through to customers	3	%
Currency	12	%
Total Consolidated Sales Change	16	%

48Sales of $3.1 billion increased 6%, or $171.0, due to higher energy cost pass-through to customers of 3%, a favorable impact from currency of 2%, and higher pricing of 1%. The increase in energy cost pass-through to customers primarily reflects higher natural gas prices in North America, which are contractually recoverable under our on-site agreements. Currency was favorable as the U.S. Dollar weakened, most notably against the Euro. The 1% total company price improvement, which equates to a 2% improvement for the merchant business, was driven by non-helium pricing actions in the Americas and Europe segments. Volumes were flat as higher on-sites were offset by lower helium demand and a significant, non-recurring helium sale to an existing merchant customer in the Americas segment in the prior year.

Table of Contents

Sales of $3.0 billion increased 1%, or $37.2, as higher energy cost pass-through to customers of 3%, higher pricing of 1%, and a favorable impact from currency of 1% were partially offset by lower volumes of 4%. The increase in energy cost pass-through to customers was primarily due to higher natural gas prices in the U.S. Gulf Coast and California. The 1% total company price improvement, which equates to a 2% improvement for the merchant business, was driven by non-helium pricing actions primarily in the Europe and Americas segments. Currency was favorable as the U.S. Dollar weakened primarily against the British Pound Sterling and the Euro. Unfavorable volumes were driven by the divestiture of the LNG business in September 2024, which resulted in a headwind of approximately 2%, lower global helium demand, and previously announced project exits, partially offset by higher on-sites.

Cost of Sales and Gross Margin

Cost of sales of $2.01 billion increased 25%, or $3491.50, primarily due to higher energy cost pass-through to customers of $~~100,~~79 and an unfavorable currency impact of $~~25,~~47. ~~and~~These ~~higher~~increases ~~power~~were ~~and fuel costs in our merchant business of $10,~~ partially offset by ~~lower~~$22 ~~costs~~ of ~~$102~~lower ~~attributable~~costs related to ~~lower~~ sales volumes. ~~Other~~and ~~costs~~$10 ~~were~~driven ~~relatively~~by ~~flat as~~ productivity improvements and lower ~~planned~~ maintenance, ~~were~~which ~~largely~~more than offset ~~by higher depreciation expense and~~ fixed-cost inflation. Gross margin of 32.51% ~~decreased~~increased 3090 bp from 3231.82% in the prior year ~~primarily~~as ~~due~~the tobenefits from favorable business mix and higher pricing were partially offset by higher energy cost pass-through to customers.

Selling and Administrative Expense

Selling and administrative expense of $~~222~~228.67 decreased 56%, or $1213.87, as productivity improvements were partially offset by ~~fixed-cost~~labor inflation. Selling and administrative expense as a percentage of sales decreased to 7.4% from 78.93% in the prior year.

Research and Development Expense

Research and development expense of $2420.14 decreased 117%, or $21.96. Research and development expense as a percentage of sales decreased to 0.87% from 0.98% in the prior year.

Table of Contents

Business and Asset Actions

During the ~~third~~first quarter of fiscal year ~~2025~~2026, we recorded acharges ~~charge~~ of $2428.13 ($1524.46 after tax, or $0.0711 per share) related to ~~business and asset actions. This charge reflects~~ updated ~~cost~~ estimates ~~associated with our previously announced decision to exit certain clean energy generation and distribution projects. For additional information, refer to the discussion~~ for ~~the~~prior ~~first nine months of fiscal~~ year ~~2025~~project ~~beginning~~exits ~~on page 58 of this Management's Discussion and Analysis~~ as ~~well~~described asin Note 4, Business and Asset Actions, to the consolidated financial statements. ~~The~~These ~~charge~~charges isare not reflected in ~~segment~~the results of our reportable segments.

~~Our~~Of ~~estimates~~the ~~related~~first toquarter ~~exiting~~charge, ~~these~~$22.0 ~~projects~~was ~~reflect~~recorded ~~our~~to ~~best~~operating ~~judgment~~income ~~based~~and onrelated ~~information~~to ~~available~~the assettlement of 30project‑related ~~June~~commitments ~~2025.~~and ~~Final~~sale ~~settlement~~ of ~~these~~associated ~~items~~assets. ~~may~~The ~~differ~~remaining ~~materially~~$6.3 ~~from~~was ~~our~~recorded ~~current~~to ~~estimates,~~"Other ~~which~~non‑operating ~~could~~income ~~impact~~(expense), ~~our~~net" ~~consolidated~~and ~~financial~~reflects ~~statements~~losses inon ~~future~~cross‑currency ~~periods.~~interest ~~Additionally,~~rate ~~our~~swaps ~~Board~~terminated ofin ~~Directors~~connection ~~continues~~with ~~to review~~ the ~~business,~~early ~~which~~repayment ~~may~~of ~~lead~~related tointercompany ~~decisions~~loans ~~that~~for ~~could~~one ~~result~~of inthe ~~additional~~affected ~~charges~~gasification ~~in future periods~~projects.

~~Shareholder~~Our ~~Activism-Related~~estimates ~~Costs~~reflect our best judgment based on information available as of 31 December 2025. Final settlement of these items may differ materially from current estimates, which could impact our consolidated financial statements in future periods.

~~During~~Prior ~~the~~Year third quarter of fiscal year 2025, we recorded shareholder activism-related costs of $25.0 ($18.8 after tax, or $0.08 per share). These costs primarily reflect a cash reimbursement to Mantle Ridge for expenses incurred during its proxy engagement with Air Products. Refer to Note 19, Supplemental Information, for additional information. Shareholder ~~activism~~Activism-~~related~~Related ~~costs are not reflected in segment results.~~ Costs

~~Gain~~During onthe ~~Sale~~first quarter of ~~Business~~fiscal year 2025, we recorded shareholder activism-related costs of $29.9 ($21.9 after tax, or $0.10 per share) in connection with a proxy contest. These costs, which were not reflected in the results of our reportable segments, included legal and other professional service fees and proxy solicitation expenses.

During the third quarter of fiscal year 2025, we recognized a gain of $67.3 ($51.9 after tax, or $0.23 per share) on the sale of our 100% ownership interest in a consolidated subsidiary in Singapore. This gain is not reflected in the results of the Asia segment. Refer to Note 5, Acquisitions and Divestitures, to the consolidated financial statements for additional information. Prior to the divestiture, the subsidiary contributed annual sales of approximately $50 to our Asia segment, primarily through the merchant gas supply mode.

Other Income (Expense), Net

Other income of $3610.56 ~~increased~~decreased 8254%, or $1612.~~4. The increase was driven by a $31.~~3 ~~gain ($23.8 after tax~~, orprimarily ~~$0.11~~due ~~per~~to ~~share)~~the onprior ~~the~~year sale of a ~~regional office in Hersham, England, which was not reflected in the results of the Europe segment~~U.S. Inequity ~~the~~method ~~prior-year quarter, other income benefited from a favorable legal settlement in our Americas segment related to energy management charges in connection with an extreme weather event in 2021~~investment.

Table of Contents

Operating Income and Operating Margin

Operating income of $~~790~~734.65 increased 714%, or $5390.~~0. In fiscal year 2025~~9, wedue ~~recognized~~to ~~pre-tax~~favorable ~~gains~~business ~~totaling~~mix ~~approximately~~of $9926, inlower ~~connection~~costs ~~with the sale~~ of ~~a consolidated subsidiary and a regional office~~$23, ~~as described above. Compared to the prior year,~~ higher pricing, net of power and fuel costs, ~~favorably~~of ~~impacted operating results by~~ $~~15,~~22 driven by non-helium merchant, ~~products.~~and ~~Costs~~favorable ~~were~~currency of $912. ~~favorable~~The aslower costs include productivity improvements and lower ~~planned~~ maintenance, ~~were~~ partially offset by ~~higher depreciation expense,~~ fixed-cost inflation, and athe ~~favorable~~prior ~~legal~~year ~~settlement~~sale ~~recorded~~of ina ~~the~~U.S. ~~prior~~equity ~~year~~method investment. ~~These~~A ~~items~~charge ~~were~~of ~~partially~~$22 ~~offset~~recorded byin ~~shareholder~~fiscal ~~activism-related~~year ~~costs~~2026 ofto ~~$25~~update ~~and~~cost ~~charges~~estimates ~~for~~related to prior-year business and asset actions ofwas ~~$24.~~more ~~Additionally,~~than ~~volumes~~offset ~~were unfavorable~~ by ~~$23,~~prior-year ~~reflecting~~shareholder ~~the~~activism-related ~~September~~costs ~~2024 divestiture~~ of ~~the~~$30. ~~LNG~~Operating ~~business,~~margin ~~lower~~of ~~global~~23.7% ~~helium~~increased ~~demand,~~170 ~~and~~bp ~~previously~~compared ~~announced~~to ~~project exits~~22.0% Inin the prior year, ~~the~~despite ~~LNG~~an ~~business~~approximate ~~contributed~~50-basis-point ~~approximately~~headwind ~~$35~~from inhigher ~~operating~~energy ~~income.~~cost ~~These~~pass-through ~~headwinds~~to ~~were~~customers ~~partially~~driven ~~offset~~ by ~~higher~~the ~~on-site~~Americas ~~volumes~~segment.

~~Operating~~On ~~margin~~a ofnon-GAAP ~~26.2%~~basis, ~~increased~~which ~~150~~excludes bpthe ~~compared~~charge tofor ~~24.7%~~business inand ~~the~~asset actions and prior year, ~~primarily~~shareholder ~~reflecting~~activism-related ~~the~~costs ~~margin~~discussed ~~impact~~above, ofadjusted ~~gains~~operating ~~from~~income ~~the~~of ~~sale~~$756.5 ofincreased a12%, ~~subsidiary~~or $83.0, and aadjusted ~~regional~~operating ~~office,~~margin ~~partially~~of ~~offset~~24.4% byincreased ~~charges~~140 ~~for~~bp ~~business~~compared ~~and~~to ~~asset~~23.0% ~~actions~~in ~~and~~the ~~shareholder~~prior ~~activism-related costs~~year.

Equity Affiliates' Income

Equity affiliates' income of $~~167~~172.62 ~~decreased~~increased 114%, or $121.36, driven by affiliates in the Americas and Europe segments.

Interest Expense

	Three Months Ended
	30 June
	31 December
	2025	2024
Interest incurred	$~~161~~168.10	$~~133~~139.79
Less: Capitalized interest	99113.75	7897.03
Interest expense	$6154.45	$5542.76

Interest expense ~~of $61.4~~ increased 1028%, or $511.79, driven by ~~the~~higher ~~impact~~interest ofincurred ~~project~~on ~~exits~~principal borrowings from Euro- and aU.S. ~~higher~~Dollar-denominated ~~debt~~senior ~~balance,~~fixed-rate notes issued in fiscal year 2025. Higher interest incurred was partially offset by a higher carrying value of ongoing projects under construction.

~~Other Non-Operating Income (Expense), Net~~42

Other non-operating expense of $6.0 increased $4.7 from the prior year. De-designated interest rate swaps related to financing for the NEOM Green Hydrogen Project resulted in an immaterial unrealized loss in the third quarter of fiscal year 2025, compared to a gain of $11.2 ($3.0 after tax, or $0.01 per share) in the prior year. Refer to Note 3, Variable Interest Entities, and Note 10, Financial Instruments, to the consolidated financial statements for additional information. Additionally, we recognized lower interest income on short-term investments in fiscal year 2025. These items were partially offset by a decrease in non-service pension costs, which were $10.9 ($8.1 after tax, or $0.04 per share) for the third quarter of fiscal year 2025 versus $25.3 ($19.1 after tax, or $0.09 per share) in the prior year.

Discontinued Operations

Table of Contents

~~Net~~Other Non-Operating Income (Expense), Net

~~Net~~Other ~~income~~non-operating expense of $~~723~~1.24 ~~increased~~decreased ~~2%, or~~ $1440.3. ~~Fiscal~~compared ~~year~~to ~~2025~~income ~~benefited~~of ~~from~~$38.9 ~~gains recognized~~ in ~~connection~~the ~~with~~prior ~~the~~year, ~~sale~~which ofincluded a ~~consolidated~~$38.8 ~~subsidiary~~gain ~~and~~($10.3 aattributable ~~regional~~to ~~office,~~Air ~~higher~~Products ~~non-helium~~after ~~merchant pricing~~tax, ~~and~~or ~~lower non-service pension costs~~$0.05 ~~Costs~~per ~~were~~share) ~~also~~on ~~favorable,~~certain asinterest ~~productivity~~rate ~~improvements~~swaps ~~and~~held ~~lower planned maintenance were partially offset~~ by ~~higher~~the ~~depreciation~~NEOM ~~expense,~~Green ~~fixed-cost~~Hydrogen ~~inflation,~~Company ~~and~~joint aventure. ~~prior~~The ~~year~~majority ~~legal~~of ~~settlement.~~these ~~These~~swaps ~~items~~ were ~~partially~~re‑designated ~~offset~~as bycash ~~lower~~flow ~~volumes,~~hedges ~~shareholder~~by ~~activism-related~~the ~~costs,~~end ~~and~~of ~~charges~~fiscal ~~for~~year ~~business~~2025, and ~~asset~~the ~~actions.~~impact ~~The~~of ~~lower~~any ~~volumes~~swaps ~~were~~that ~~primarily~~remained ~~associated~~de‑designated ~~with~~in the ~~divestiture~~first quarter of ~~the~~fiscal ~~LNG~~year ~~business~~2026 inwas ~~September~~not ~~2024~~material. ~~Additionally,~~Refer ~~fiscal~~to ~~year~~Note ~~2025~~3, ~~includes~~Variable anInterest ~~after-tax~~Entities, ~~loss~~and ~~from~~Note ~~discontinued operations~~8, ~~primarily~~Financial ~~reflecting~~Instruments, ~~an increase~~ to anthe ~~existing~~consolidated ~~liability~~financial statements for ~~retained~~additional ~~environmental remediation obligations associated with a previously divested business~~information.

~~Adjusted~~Lower ~~EBITDA~~interest income on short-term investments and a loss on cross‑currency interest rate swaps terminated in connection with business and asset actions were partially offset by lower non-service pension costs, which decreased to $3.4 ($2.5 after tax, or $0.01 per share) for the first quarter of fiscal year 2026 compared to $10.5 ($7.9 after tax, or $0.04 per share) in the prior year.

Adjusted EBITDA of $1.3 billion increased 3%, or $42.9, driven by favorable costs and higher pricing, partially offset by lower volumes.

Effective Tax Rate

The effective tax rate equals the income tax provision divided by income before taxes. Equity affiliates' income is primarily included net of income taxes within income before taxes on our consolidated income statements.

Our effective tax rate was 1718.97% and 1617.68% for the three months ended 3031 ~~June~~December 2025 and 2024, respectively. Our effective rate was higher in fiscal year ~~2025~~2026 primarily due to ~~lower~~higher ~~tax~~net ~~benefits~~costs on ~~both~~foreign-related income taxed in the U.S. ~~export income~~ and ~~excess~~lower U.S. tax benefits onfor ~~share~~foreign-~~based~~derived ~~compensation~~income, which were impacted by tax deductions for prior year business and asset actions. Also contributing to the higher ~~net~~current ~~costs~~year rate were prior-year non-recurring gains on ~~foreign~~the de-~~related~~designation ~~income~~of ~~taxed~~cash flow hedges in ~~the~~jurisdictions Uwith lower tax rates.S. These increases were partially offset by ~~larger benefits in fiscal year 2025 for~~ the release of certain unrecognized tax benefits ~~upon~~resulting ~~expiration~~from oftax ~~the~~settlements ~~statute~~in ofthe ~~limitations~~current year.

Our adjusted effective tax rate, which excludes the impact of adjustments presented in the "Reconciliations of Non-GAAP Financial Measures" section beginning on page 6648, was 18.15% and 1618.97% for the three months ended 3031 ~~June~~December 2025 and 2024, respectively.

On 4 July 2025, H.R.1, commonly referred to as the One Big Beautiful Bill Act (OBBBA), was enacted in the United States. OBBBA includes a broad range of tax reform provisions, including extending and modifying certain key Tax Cuts and Jobs Act provisions (both domestic and international), expanding certain Inflation Reduction Act incentives, and accelerating the phase-out of other provisions. We are evaluating the impacts of this legislation on our consolidated financial statements.43

Despite the OBBBA’s revisions to the Inflation Reduction Act incentives, we still anticipate future benefits from tax incentives for certain carbon sequestration and clean hydrogen production projects.

Table of Contents

Discussion of ~~Third~~First Quarter Results by Business Segment

Americas

	Three Months Ended
	30 June				Change vs. Prior Year
	31 December				Change vs. Prior Year
	2025		2024		$	%/bp
Sales	$1,~~261~~341.07		$1,~~234~~287.76		$2654.31	24	%
Operating income	~~374~~403.18		~~391~~388.12		~~(17~~15.0)6	(4	%)
Operating margin	2930.71	%	3130.71	%		~~(200~~—	bp)
Equity affiliates’ income	$3751.87		$3735.51		$016.36	147	%
Adjusted EBITDA	604.3		604.2		0.1	—	%

The table below summarizes the major factors that impacted sales in the Americas segment for the periods presented:

Volume	(64	%)
Price	12	%
Energy cost pass-through to customers	76	%
Currency	—	%
Total Americas Sales Change	24	%

Sales of $1.3 billion increased 24%, or $2654.31, as higher energy cost pass-through to customers of 76% and favorable pricing of 12% were partially offset by lower volumes of 64%. ~~Higher~~The higher energy cost pass-through toreflects ~~customers~~increased ~~was primarily attributable to higher~~ natural gas ~~prices~~rates in the U.S. Gulf Coast and California. Pricing improved for non-helium products. The 2% total segment price increase ~~of 1%~~ equates to a 34% improvement in our merchant business~~, primarily in non-helium product lines~~. Volumes were unfavorable primarily due to ~~lower~~a ~~on-sites~~significant, ~~including~~non-recurring ~~previously~~helium ~~announced~~sale ~~project~~to ~~exits,~~an ~~and~~existing ~~lower~~merchant ~~helium~~customer ~~demand~~in the prior year. Currency was flat compared to the prior year.

Operating income of $~~374~~403.18 ~~decreased~~increased 4%, or $1715.06, ~~primarily~~as ~~due~~higher topricing ~~unfavorable costs~~ of $2116 and ~~lower~~favorable ~~volumes~~business mix of $4,3 were partially offset by higher ~~pricing,~~costs ~~net~~ of ~~power~~$4. ~~and~~Costs ~~fuel~~were ~~costs~~modestly inunfavorable ~~our~~as ~~merchant~~prior‑year ~~business,~~income offrom ~~$9.~~the ~~The~~sale ~~unfavorable~~of ~~costs~~an ~~were~~equity ~~driven~~method byinvestment ~~maintenance-related depreciation~~ and afixed-cost ~~favorable~~inflation ~~prior~~more ~~year~~than ~~legal~~offset ~~settlement~~lower maintenance. Operating margin of 2930.71% ~~decreased~~was ~~200~~flat bpcompared ~~from~~to ~~31.7%~~prior inyear, as the ~~prior~~benefits ~~year,~~from ~~primarily~~favorable ~~due~~business tomix and pricing were offset by a headwind of approximately 150 basis points from higher energy cost pass-‑through to customers.

Equity affiliates’ income of $3751.87 increased 147%, or $016.36, driven by an affiliate in Mexico.

5244

Table of Contents

Asia

	Three Months Ended
	30 June				Change vs. Prior Year
	31 December				Change vs. Prior Year
	2025		2024		$	%/bp
Sales	$~~810~~831.05		$~~789~~817.61		$2014.4	32	%
Operating income	~~216~~232.83		~~200~~216.14		1615.79	87	%
Operating margin	2627.89	%	2526.35	%		~~150~~140	bp
Equity affiliates’ income	$913.58		$810.73		$03.85	934	%
Adjusted EBITDA	353.0		324.3		28.7	9	%

The table below summarizes the major factors that impacted sales in the Asia segment for the periods presented:

Volume	2—	%
Price	(1	%)
Energy cost pass-through to customers	12	%
Currency	1	%
Total Asia Sales Change	32	%

Sales of $~~810~~831.05 increased 32%, or $2014.4, as higher ~~volumes of 2%, higher~~ energy cost pass-through to customers of 12%, and a favorable currency impact of 1%, were partially offset by lower pricing of 1%. ~~The~~primarily ~~higher volumes were~~ driven by ~~on-sites, partially offset by lower~~ helium ~~demand~~. The 1% total segment ~~pricing~~price ~~decline~~decrease ~~of 1%~~ equates to a 4% decline in our merchant business,. ~~which~~Volumes ~~was~~were ~~primarily~~flat ~~attributable~~as tonew on-site assets were offset by lower demand for helium.

Operating income of $~~216~~232.83 increased 87%, or $1615.7.9, ~~Favorable~~due to lower costs of $2515 driven by productivity, ~~primarily~~favorable ~~due~~business tomix ~~productivity~~of ~~improvements~~$7, and ~~lower~~favorable ~~maintenance,~~currency ~~were~~of $4, partially offset by lower pricing of $10. ofDepreciation ~~lower~~was ~~pricing,~~reduced ~~net~~in offiscal ~~power~~year ~~and~~2026 ~~fuel~~due ~~costs,~~to ~~which~~certain ~~was~~coal ~~primarily~~gasification ~~attributable~~assets tobeing ~~helium~~classified as held for sale. Operating margin of 2627.89% increased ~~150~~140 bp from 2526.35% in the prior year~~, as the cost improvement was partially offset by lower helium pricing~~.

Equity affiliates’ income of $913.58 increased 934%, or $03.85, driven by affiliates in China.

5345

Table of Contents

Europe

	Three Months Ended
	30 June				Change vs. Prior Year
	31 December				Change vs. Prior Year
	2025		2024		$	%/bp
Sales	$~~770~~782.50		$~~693~~697.42		$7784.18	1112	%
Operating income	~~225~~223.25		~~204~~186.75		2037.50	1020	%
Operating margin	2928.26	%	2926.57	%		~~(30~~190	bp)
Equity affiliates’ income	$2923.74		$2618.32		$35.42	1329	%
Adjusted EBITDA	319.8		283.2		36.6	13	%

The table below summarizes the major factors that impacted sales in the Europe segment for the periods presented:

Volume	35	%
Price	21	%
Energy cost pass-through to customers	1(2	%)
Currency	58	%
Total Europe Sales Change	1112	%

Sales of $~~770~~782.50 increased 1112%, or $7784.18, due to favorable currency of 58%, higher volumes of 35%, and higher pricing of 21%, ~~and~~partially ~~higher~~offset by lower energy cost pass-through to customers of 12%, primarily due to lower natural gas rates. Favorable currency ~~was~~ primarily ~~attributable~~reflected tothe weakening of the U.S. Dollar against the ~~British Pound Sterling and the~~ Euro. The higher volumes were driven by on-sites, ~~partially~~including ~~offset~~the byimpact ~~lower~~of a prior-year turnaround, and non-helium ~~demand~~merchant. Pricing improved for non-helium products. The 1% total segment price increase ~~of 2%~~ equates to a 42% improvement in our merchant business~~, driven by non-helium product lines~~.

Operating income of $~~225~~223.25 increased 1020%, or $2037.50, due to higher ~~pricing~~volumes of $1421, ~~net~~higher ofpricing ~~power and fuel costs, favorable currency~~ of $816, and ~~higher~~favorable ~~volumes~~currency of $411, partially offset by higher costs of $511. The ~~higher~~increase in costs ~~were~~was ~~driven~~primarily bydue to higher depreciation and fixed-cost inflation, partially offset by productivity-driven improvements. Operating margin of 2928.26% ~~decreased~~increased 30190 bp from 2926.57% in the prior year, as the benefits from higher ~~costs~~volumes and ~~unfavorable~~pricing ~~business mix~~ were partially offset by ~~pricing~~higher costs.

Equity affiliates’ income of $2923.74 increased 1329%, or $35.42, driven by an affiliate in Italy.

~~Middle East and India~~46

	Three Months Ended
	30 June		Change vs. Prior Year
	2025	2024	$	%
Sales	$38.3	$32.8	$5.5	17	%
Operating income (loss)	8.1	(1.4)	9.5	**
Equity affiliates' income	86.0	89.2	(3.2)	(4	%)
Adjusted EBITDA	100.9	94.6	6.3	7	%

** Change versus prior period is not meaningful.

Sales of $38.3 increased 17%, or $5.5, primarily due to higher volumes. Operating income was $8.1 compared to a loss of $1.4 in the prior year, which reflects the impact of lower costs and favorable volumes.

Equity affiliates' income of $86.0 decreased 4%, or $3.2, driven by JIGPC.

Table of Contents

Corporate and other

	Three Months Ended
	30 June		Change vs. Prior Year
	2025	2024	$	%
Sales	$142.9	$235.0	($92.1)	(39	%)
Operating loss	(83.1)	(56.9)	(26.2)	(46	%)
Equity affiliates' income	4.6	7.2	(2.6)	(36	%)
Adjusted EBITDA	(68.3)	(39.5)	(28.8)	(73	%)

Sales of $142.9 decreased 39%, or $92.1, and operating loss of $83.1 increased 46%, or $26.2, primarily due to the divestiture of the LNG business in September 2024. Operating income generated by LNG in the prior year was approximately $35. The headwind from the LNG divestiture was partially offset by lower costs related to sale of equipment and productivity improvements.

Equity affiliates' income of $4.6 decreased 36%, or $2.6, driven by an affiliate in Algeria.

FIRST NINE MONTHS 2025 VS. FIRST NINE MONTHS 2024

FIRST NINE MONTHS 2025 IN SUMMARY

•Sales of $8.9 billion decreased $42.7. On a percentage basis, sales were flat as higher energy cost pass-through to customers of 2% and higher pricing of 1% were offset by lower volumes of 3%. Unfavorable volumes were driven by the September 2024 LNG divestiture, lower global helium demand, and previously announced project exits, partially offset by higher on-sites and favorable non-recurring items in the Americas segment.

•Operating loss was $893.8 and operating margin was negative 10.1%, primarily due to project exit costs in fiscal year 2025. In the prior year, operating income was $2.0 billion and operating margin was 22.9%.

•Equity affiliates' income of $463.7 decreased 1%, or $6.9, primarily due to lower income from JIGPC, a prior year asset sale in an Americas affiliate, and an impairment charge related to a joint venture in China that was recorded during the second quarter of fiscal year 2025. These impacts were partially offset by higher income from an affiliate in Italy.

•Net loss was $364.5, primarily due to materially higher charges for business and asset actions in fiscal year 2025. In the prior year, net income was $1.9 billion.

•Adjusted EBITDA of $3.7 billion increased 1%, or $28.2, as higher pricing and productivity improvements were partially offset by higher costs, lower volumes, and unfavorable currency.

•Loss per share of $1.76 was driven by an after-tax charge attributable to Air Products of $2.3 billion for business and asset actions that was primarily recorded during the second quarter. In the prior year, earnings per share ("EPS") was $8.43. Major factors impacting earnings (loss) per share are summarized in the table presented on page 56.

•Adjusted EPS of $8.63 decreased 3%, or $0.24. Adjusted EPS excludes charges for business and asset actions and other items as summarized in the reconciliation on page 67.

Table of Contents

Summary of Changes in Earnings (Loss) Per Share

The diluted per share impacts presented in the tables below were calculated independently and do not sum to the total change due to rounding.

	Nine Months Ended		Change vs.Prior Year
	30 June
	2025	2024
Earnings (Loss) per share	($1.79)	$8.43	($10.22)
Less: Loss per share from discontinued operations	(0.04)	—	(0.04)
Earnings (Loss) per share from continuing operations	($1.76)	$8.43	($10.19)
% Change from prior year			**
Operating Items
Underlying business:
Volume			($0.22)
Price, net of variable costs			0.19
Other costs			(0.15)
Currency			(0.02)
Business and asset actions(A)			(10.13)
Shareholder activism-related costs			(0.32)
Gain on sale of business			0.23
Gain on sale of other assets(B)			0.11
Total Operating Items			($10.31)
Other Impacts
Equity method investment impairment associated with business and asset actions(A)			($0.02)
Interest expense			0.08
Other non-operating income/expense, net:
Gain on de-designation of cash flow hedges(C)			0.02
Non-service pension cost, net			0.14
Other			(0.07)
Change in effective tax rate, excluding discrete items below			(0.07)
Tax reform adjustment related to deemed foreign dividends			0.16
Tax on repatriation of foreign earnings			(0.14)
Noncontrolling interests(A)(C)			0.02
Total Other Items			$0.12
Total Change			($10.19)
% Change from prior year			**

**Change versus prior period is not meaningful due to materially higher charges for business and asset actions in fiscal year 2025. The per share impact of these charges is primarily reflected in the "Operating Items" section in the table above.

(A)The per share impacts associated with charges for business and asset actions were calculated based on a total after-tax charge attributable to Air Products of $2.3 billion ($10.35 per share). The amount of the charges attributable to our noncontrolling partners was $3.5.

(B)Reflected on the consolidated income statements within "Other income (expense), net."

(C)The per share impact reflected within "Gain on de-designation of cash flow hedges" was calculated based on an after-tax gain attributable to Air Products of $7.2 ($0.03 per share) compared to $3.0 ($0.01 per share) in the prior year. Amounts attributable to our noncontrolling partners were $17.6 and $7.3, respectively.

Table of Contents

The table below summarizes the diluted per share impact of our non-GAAP adjustments for the first nine months of fiscal years 2025 and 2024:

	Nine Months Ended		Change vs.Prior Year
	30 June
	2025	2024
Earnings (Loss) per Share	($1.76)	$8.43	($10.19)
Business and asset actions(A)	10.35	0.20	10.15
Shareholder activism-related costs	0.32	—	0.32
Gain on sale of business	(0.23)	—	(0.23)
Gain on sale of other assets	(0.11)	—	(0.11)
Gain on de-designation of cash flow hedges	(0.03)	(0.01)	(0.02)
Non-service pension cost, net	0.11	0.25	(0.14)
Tax reform adjustment related to deemed foreign dividends	(0.16)	—	(0.16)
Tax on repatriation of foreign earnings	0.14	—	0.14
Adjusted Earnings per Share	$8.63	$8.87	($0.24)
% Change from prior year			(3	%)

(A)The charge for business and asset actions in fiscal year 2025 was primarily recorded within operating results. For additional information regarding this charge, Refer to Note 4, Business and Asset Actions, to the consolidated financial statements.

FIRST NINE MONTHS 2025 RESULTS OF OPERATIONS

Discussion of First Nine Months Consolidated Results

	Nine Months Ended
	30 June				Change vs. Prior Year
	2025		2024		$	%
GAAP Measures
Sales	$8,870.4		$8,913.1		($42.7)	—	%
Operating income (loss)	(893.8)		2,041.7		(2,935.5)	**
Operating margin	(10.1	%)	22.9	%		**
Equity affiliates’ income	$463.7		$470.6		($6.9)	(1	%)
Net income (loss)	(364.5)		1,911.4		(2,275.9)	**
Non-GAAP Measure
Adjusted EBITDA	$3,667.8		$3,639.6		$28.2	1	%

Table of Contents

Sales

The table below summarizes the major factors that impacted consolidated sales for the periods presented:

Volume	(3	%)
Price	1	%
Energy cost pass-through to customers	2	%
Currency	—	%
Total Consolidated Sales Change	—	%

Sales of $8.9 billion decreased $42.7 versus the prior year. On a percentage basis, sales were flat as lower volumes of 3% were partially offset by higher energy cost pass-through to customers of 2% and higher pricing of 1%. Unfavorable volumes were driven by the divestiture of the LNG business in September 2024, which resulted in a headwind of approximately 2%, lower global helium demand, and previously announced project exits within the Americas segment. These items were partially offset by higher on-sites and favorable non-recurring items in the Americas segment during the fiscal half of fiscal year 2025, which included a significant sale of helium to an existing merchant customer and a one-time customer contract amendment. The 1% total company price improvement, which equates to a 2% improvement for the merchant business, was primarily driven by non-helium pricing actions in the Americas and Europe segments.

Cost of Sales and Gross Margin

Cost of sales of $6.1 billion increased 1%, or $46.2, due to higher energy cost pass-through to customers of $191, higher costs of $60, and higher power and fuel costs in our merchant business of $40. The higher costs of $60 were driven by depreciation, fixed-cost inflation, and incentive compensation partially offset by productivity improvements. These impacts were partially offset by lower costs of $223 attributable to sales volumes and a favorable currency impact of $22. Gross margin of 31.1% decreased 90 bp from 32.0% in the prior year.

Selling and Administrative Expense

Selling and administrative expense of $687.0 decreased 4%, or $27.4, as productivity improvements were partially offset by fixed-cost inflation and incentive compensation. Selling and administrative expense as a percentage of sales decreased to 7.7% from 8.0% in the prior year.

Research and Development Expense

Research and development expense of $69.0 decreased 12%, or $9.1. Research and development expense as a percentage of sales decreased to 0.8% from 0.9% in the prior year.

Business and Asset Actions

Our consolidated income statements include charges of $3.0 billion ($2.3 billion after tax attributable to Air Products, or $10.35 per share) and $57.0 ($43.8 after tax, or $0.20 per share) for the nine months ended 30 June 2025 and 2024, respectively, for the initiatives discussed below. Charges for business and asset actions are not reflected in segment results.

The charge in fiscal year 2025 primarily includes project exit costs resulting from an ongoing review of our project backlog, which led to a decision to exit various projects related to clean energy generation and distribution in the second quarter. The affected projects were primarily in our Americas segment. Our estimates related to exiting these projects reflect our best judgment based on information available as of 30 June 2025. Final settlement of these items may differ materially from our current estimates, which could impact our consolidated financial statements in future periods. Additionally, our Board of Directors continues to review the business, which may lead to decisions that could result in additional charges in future periods.

The charge also included $66.1 for involuntary termination benefits for additional actions identified under our existing global cost reduction plan. The charge related to this plan in the prior year was $57.0 ($43.8 after tax, or $0.20 per share). Once all actions under the plan are fully executed, we expect to realize annual pre-tax savings of approximately $185 to $195, primarily through selling and administrative expense.

For additional information, refer to Note 4, Business and Asset Actions, to the consolidated financial statements.

Table of Contents

Shareholder Activism-Related Costs

In fiscal year 2025, we incurred shareholder activism-related costs of $86.3 ($71.7 after tax, or $0.32 per share) in connection with a proxy contest that concluded in January 2025 following certification of the election of directors at the 2025 Annual Meeting of Shareholders. Shareholder activism-related costs are not reflected in segment results.

Shareholder activism-related costs recorded in fiscal year 2025 included $31.9 for legal and other professional service fees as well as incremental proxy solicitation costs related to the 2025 Annual Meeting of Shareholders; $29.7 for executive separation costs for our former CEO, which included a noncash expense of $22.4 to accelerate vesting of share-based awards and $7.3 for severance and other cash benefits; and $24.7 for a cash reimbursement to Mantle Ridge for expenses incurred during its proxy engagement. Refer to Note 19, Supplemental Information, for additional information.

Gain on Sale of Business

Other Income (Expense), Net

Other income of $73.3 increased 73%, or $30.9. The increase was driven by a $31.3 gain ($23.8 after tax, or $0.11 per share) on the sale of a regional office in Hersham, England, during the third quarter of fiscal year 2025. This gain is not reflected in the results of the Europe segment.

Operating Income (Loss) and Operating Margin

Operating loss was $893.8 during the first nine months of fiscal year 2025 compared to income of $2.0 billion in the prior year. The loss in fiscal year 2025 was primarily attributable to significantly higher pre-tax charges for business and asset actions, which totaled $3 billion in fiscal year 2025 versus $57 in the prior year. Volumes were lower by $59 driven by the divestment of the LNG business in September 2024. Operating income contributed by the LNG business in the prior year was approximately $95. Fiscal year 2025 also included shareholder activism-related costs of $86. Additionally, other costs were unfavorable by $40 as fixed-cost inflation, higher depreciation, and incentive compensation were partially offset by productivity improvements. We also recorded pre-tax gains totaling approximately $99 in connection with the sale of a consolidated subsidiary and the sale of a regional office during the third quarter of fiscal year 2025. Additionally, higher pricing driven by non-helium merchant products favorably impacted operating results by $51, net of power and fuel costs.

Operating margin was negative 10.1% compared to positive 22.9% in the prior year, which was primarily attributable to the charge for business and asset actions.

Equity Affiliates' Income

Equity affiliates' income of $463.7 decreased 1%, or $6.9, primarily due to lower income from JIGPC, a prior year asset sale in an Americas affiliate, and an impairment charge related to a joint venture in China that was recorded as part of our business and asset actions during the second quarter of fiscal year 2025. These impacts were partially offset by higher income from an affiliate in Italy.

Interest Expense

	Nine Months Ended
	30 June
	2025	2024
Interest incurred	$446.8	$367.8
Less: Capitalized interest	300.6	198.7
Interest expense	$146.2	$169.1

Interest expense decreased 14%, or $22.9, driven by a higher carrying value of ongoing projects under construction, partially offset by the impact of a higher debt balance and project exits.

Table of Contents

Other Non-Operating Income (Expense), net

Other non-operating income of $14.3 increased $39.6 from an expense of $25.3 in the prior year. The increase was driven by lower non-service pension costs, which were $32.1 ($24.0 after tax, or $0.11 per share) for the first nine months of fiscal year 2025 compared to $75.3 ($56.7 after tax, or $0.25 per share) in the prior year. Additionally, de-designated interest rate swaps related to financing for the NEOM Green Hydrogen Project resulted in an unrealized gain of $27.0 ($7.2 attributable to Air Products after tax, or $0.03 per share), compared to $11.2 ($3.0 after tax, or $0.01 per share) in the prior year. Refer to Note 3, Variable Interest Entities, and Note 10, Financial Instruments, to the consolidated financial statements for additional information. These items were partially offset by lower interest income on short-term investments.

Discontinued Operations

During the third quarter of fiscal year 2025, we recorded a pre-tax loss from discontinued operations of $10.6 ($8.0 after tax) primarily to increase our existing liability for retained environmental remediation obligations associated with production facilities in the atmospheric emulsions and pressure sensitive adhesives businesses sold in 2008. Refer to the "Piedmont" discussion under Note 14, Commitments and Contingencies, for additional information. The loss did not have an impact on our statement of cash flows for the first nine months of fiscal year 2025.

Net Income (Loss)

Net loss was $364.5 during the first nine months of fiscal year 2025 compared to net income of $1.9 billion in the prior year. The loss in fiscal year 2025 was primarily attributable to significantly higher after-tax charges for business and asset actions, which totaled $2.3 billion in fiscal year 2025 versus $44 in the prior year. Additionally, the current year reflects shareholder activism-related costs, lower volumes associated with the divestiture of the LNG business in September 2024, and higher costs for fixed-cost inflation, higher depreciation, and incentive compensation, which were partially offset by productivity improvements. Additionally, fiscal year 2025 benefited from gains recognized in connection with the sale of a consolidated subsidiary and the sale of a regional office, higher non-helium merchant pricing, and lower non-service pension costs.

Adjusted EBITDA

Adjusted EBITDA of $3.7 billion increased 1%, or $28.2, as higher pricing and productivity improvements were partially offset by higher costs, lower volumes, and unfavorable currency.

Effective Tax Rate

The current year rate was primarily impacted by a $3.0 billion pre-tax charge for business and asset actions and other items as further discussed below. Our estimates related to many of these items reflect our best judgment based on information available as of 30 June 2025. The amount and timing of final settlement of these items may differ from our current estimates, which could impact our tax provision in future periods.

For additional information, refer to Note 18, Income Taxes, to the consolidated financial statements.

Tax Impact of Business and Asset Actions

During fiscal year 2025, we recorded a pre-tax charge of $3.0 billion for the business and asset actions discussed in Note 4, Business and Asset Actions, to the consolidated financial statements. This charge had a related net income tax benefit of $649.3.

Tax Reform Adjustment Related to Deemed Foreign Dividends

Table of Contents

Tax on Repatriation of Foreign Earnings

Shareholder Activism-Related Costs

During fiscal year 2025, we incurred costs of $86.3 related to a proxy contest as further discussed in Note 19, Supplemental Information, to the consolidated financial statements. We recognized an income tax benefit of $14.6 primarily related to legal and other professional service fees as well as incremental proxy solicitation costs related to the 2025 Annual Meeting of Shareholders.

Other

In addition to the items discussed above, our effective tax rate was higher in fiscal year 2025 due to lower tax benefits on U.S. export income, higher net costs on foreign-related income taxed in the U.S, and an income tax benefit for a tax election related to a non-U.S. subsidiary that occurred in our prior fiscal year but did not recur in fiscal year 2025. These increases were partially offset by larger benefits in fiscal year 2025 for the release of certain unrecognized tax benefits upon expiration of the statute of limitations.

Adjusted Effective Tax Rate

Our adjusted effective tax rate, which excludes the impact of adjustments presented in the "Reconciliations of Non-GAAP Financial Measures" section beginning on page 66, was 18.6% and 17.9% for the nine months ended 30 June 2025 and 2024, respectively.

Table of Contents

Discussion of First Nine Months Results by Business Segment

Americas

	Nine Months Ended
	30 June				Change vs. Prior Year
	2025		2024		$	%/bp
Sales	$3,835.8		$3,732.6		$103.2	3	%
Operating income	1,128.0		1,117.4		10.6	1	%
Operating margin	29.4	%	29.9	%		(50	bp)
Equity affiliates’ income	$104.1		$118.8		($14.7)	(12	%)
Adjusted EBITDA	1,776.3		1,755.6		20.7	1	%

The table below summarizes the major factors that impacted sales in the Americas segment for the periods presented:

Volume	(1	%)
Price	2	%
Energy cost pass-through to customers	3	%
Currency	(1	%)
Total Americas Sales Change	3	%

Sales of $3.8 billion increased 3%, or $103.2, as higher energy cost pass-through to customers of 3% and higher pricing of 2% were partially offset by lower volumes of 1% and an unfavorable currency impact of 1%. Higher energy cost pass-through to customers was primarily attributable to higher natural gas prices. The total segment pricing increase of 2% equates to a 4% improvement in our merchant business, primarily in non-helium product lines. Volumes were unfavorable primarily due to lower on-sites, including previously announced project exits, and lower helium demand despite a significant, non-recurring sale of helium to an existing merchant customer during the first quarter. These headwinds were partially offset by a favorable one-time customer contract amendment in the second quarter of fiscal year 2025.

Operating income of $1.1 billion increased 1%, or $10.6, due to favorable volumes of $49 and positive pricing, net of power and fuel costs in our merchant business, of $38, partially offset by higher costs of $68 and unfavorable currency of $8. The higher costs primarily reflect higher depreciation, fixed-cost inflation, and maintenance, which were partially offset by productivity improvements. Additionally, income recognized on the sale of an equity method investment in the first quarter of fiscal year 2025 was largely offset by a favorable prior year legal settlement. Operating margin of 29.4% decreased 50 bp from 29.9% in the prior year as the margin impacts of higher costs and higher energy cost pass-through to customers were partially offset by favorable business mix. Higher energy cost pass-through to customers accounted for approximately 100 bp of the decline.

Equity affiliates’ income of $104.1 decreased 12%, or $14.7, driven by our share of income from an asset sale in the prior year as well as lower income from an affiliate in Mexico.

Table of Contents

Asia

	Nine Months Ended
	30 June				Change vs. Prior Year
	2025		2024		$	%/bp
Sales	$2,401.2		$2,363.1		$38.1	2	%
Operating income	624.6		614.9		9.7	2	%
Operating margin	26.0	%	26.0	%		—	bp
Equity affiliates’ income	$30.3		$21.2		$9.1	43	%
Adjusted EBITDA	1,036.3		979.8		56.5	6	%

The table below summarizes the major factors that impacted sales in the Asia segment for the periods presented:

Volume	2	%
Price	(1	%)
Energy cost pass-through to customers	2	%
Currency	(1	%)
Total Asia Sales Change	2	%

Sales of $2.4 billion increased 2%, or $38.1, as higher volumes of 2% and higher energy cost pass-through to customers of 2% were partially offset by lower pricing of 1% and an unfavorable currency impact of 1%. Higher on-site volumes were partially offset by lower helium demand. The total segment pricing decline of 1% equates to a 2% decline in our merchant business, which was primarily attributable to helium.

Operating income of $624.6 increased 2%, or $9.7, primarily due to lower costs of $35 partially offset by lower pricing, net of power and fuel costs, of $22 and unfavorable currency of $6. The cost improvement was primarily attributable to productivity and lower maintenance costs, which was partially offset by higher costs related to incentive compensation and fixed-cost inflation. Operating margin of 26.0% was flat versus the prior year as the margin impact of lower costs was offset by lower helium pricing.

Equity affiliates’ income of $30.3 increased 43%, or $9.1, driven by prior year maintenance expense at an affiliate in China as well as higher income from affiliates in Thailand.

Table of Contents

Europe

	Nine Months Ended
	30 June				Change vs. Prior Year
	2025		2024		$	%/bp
Sales	$2,195.1		$2,092.5		$102.6	5	%
Operating income	607.2		603.3		3.9	1	%
Operating margin	27.7	%	28.8	%		(110	bp)
Equity affiliates’ income	$75.6		$58.7		$16.9	29	%
Adjusted EBITDA	859.0		813.2		45.8	6	%

The table below summarizes the major factors that impacted sales in the Europe segment for the periods presented:

Volume	—	%
Price	2	%
Energy cost pass-through to customers	2	%
Currency	1	%
Total Europe Sales Change	5	%

Sales of $2.2 billion increased 5%, or $102.6, due to higher pricing of 2%, higher energy cost pass-through to customers of 2%, and a favorable impact from currency of 1%. The total segment price increase of 2% equates to a 4% improvement in our merchant business, driven by non-helium product lines. Volumes were flat as higher on-sites were offset by lower helium demand.

Operating income of $607.2 increased 1%, or $3.9, due to favorable pricing, net of power and fuel costs, of $35 and favorable currency of $5, partially offset by unfavorable business mix of $24 and higher costs of $12. Higher costs for depreciation and fixed-cost inflation were partially offset by productivity improvements. Operating margin of 27.7% decreased 110 bp from 28.8% in the prior year as the margin impacts of unfavorable business mix, higher costs, and higher energy cost pass-through to customers were partially offset by higher non-helium pricing.

Equity affiliates’ income of $75.6 increased 29%, or $16.9, driven by higher income from our affiliate in Italy.

Middle East and India

	Nine Months Ended
	Three Months Ended
	30 June		Change vs. Prior Year
	31 December		Change vs. Prior Year
	2025	2024	$	%
Sales	$~~103~~30.93	$~~103~~32.98	($—2.5)	—(8	%)
Operating income (loss)	45.68	8(0.16)	(36.5)4	~~(43~~**	%)
Equity affiliates' income	~~249~~84.25	~~256~~85.0	(60.85)	(31	%)
Adjusted EBITDA	273.5	284.2	(10.7)	(4	%)

~~Sales~~** ofPercentage ~~$103.9~~change ~~were~~versus ~~flat~~prior asperiod ~~higher~~is ~~volumes~~not ~~and unfavorable currency were immaterial~~meaningful. ~~Operating income of $4.6 decreased 43%, or $3.5, primarily due to higher costs.~~

~~Equity~~Sales ~~affiliates' income~~ of $~~249~~30.23 decreased 38%, or $62.85, ~~driven~~due byto ~~JIGPC~~lower volumes. Operating income was $5.8 compared to a loss of $0.6 in the prior year, primarily due to lower costs following the deconsolidation of Blue Hydrogen Industrial Gases Company ("BHIG") in the second quarter of fiscal year 2025 as well as productivity improvements.

64Equity affiliates' income of $84.5 decreased 1%, or $0.5.

Table of Contents

Corporate and other

	Nine Months Ended
	Three Months Ended
	30 June		Change vs. Prior Year
	31 December		Change vs. Prior Year
	2025	2024	$	%
Sales	$~~334~~117.40	$~~621~~96.08	($~~286~~20.6)2	~~(46~~21	%)
Operating loss	(~~318~~108.59)	(~~245~~117.0)	~~(73~~8.5)1	~~(30~~7	%)
Equity affiliates' income	11.3	15.9	(4.6)	(29	%)
Equity affiliates' income (loss)	(1.2)	2.0	(3.2)	**
Adjusted EBITDA	(277.3)	(193.2)	(84.1)	(44	%)

~~Sales~~** ofPercentage ~~$334.4~~change ~~decreased~~versus ~~46%, or $286.6, and operating loss of $318.5 increased 30%, or $73.5, primarily due to the divestiture of the LNG business in September 2024. Operating income generated by LNG in the~~ prior ~~year~~period ~~was~~is ~~approximately~~not ~~$95~~meaningful. ~~These impacts were partially offset by productivity improvements.~~

~~Equity~~Sales ~~affiliates'~~of ~~income~~$117.0 increased 21%, or $20.2. Operating loss of $11108.39 decreased 297%, or $48.61, ~~driven~~primarily bydue anto ~~affiliate~~productivity-driven incost ~~Algeria~~improvements.

65Equity affiliates' loss was $1.2 compared to income of $2.0 in the prior year, driven by an affiliate in Algeria.

Table of Contents

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

~~(Millions~~We ofpresent certain financial measures that are not calculated in accordance with U.S. ~~Dollars~~generally ~~unless~~accepted ~~otherwise~~accounting ~~indicated~~principles ("GAAP") because they exclude items that management does not consider to be representative of our underlying business operations. We provide these adjusted non-GAAP financial measures to allow investors, ~~except~~potential ~~for~~investors, ~~per~~securities ~~share~~analysts, ~~data)~~and others to evaluate our business in the same manner as management. When viewed together with our GAAP results, we believe these non-GAAP financial measures offer a more complete understanding of the factors and trends affecting our financial performance and support analysis of our results on a more consistent basis.

WeReaders ~~present~~are ~~certain~~cautioned ~~financial~~that ~~measures, other than in accordance with U.S. generally accepted accounting principles ("GAAP"), on an "adjusted" or "~~non-‑GAAP" ~~basis.~~financial ~~On a consolidated basis, these~~ measures ~~include~~have ~~adjusted~~inherent ~~operating~~limitations ~~income,~~and ~~adjusted~~should ~~earnings~~not ~~per~~be ~~share~~considered ~~("EPS"),~~in ~~adjusted~~isolation ~~EBITDA,~~or ~~the~~as ~~adjusted effective tax rate, and capital expenditures, while on~~ a ~~segment~~substitute ~~basis,~~for wethe ~~present~~corresponding ~~adjusted~~GAAP ~~EBITDA~~measures. InOur ~~addition~~definitions toand ~~these~~calculations ~~measures,~~of ~~we also present certain supplemental~~ non-‑GAAP financial measures tomay ~~help~~differ ~~the~~from ~~reader~~those ~~understand~~used ~~the~~by ~~impact~~other ~~that certain disclosed items~~companies, orwhich ~~"non-GAAP~~may ~~adjustments,"~~limit ~~have on the calculation of our adjusted EPS~~comparability. ~~For each non-GAAP financial measure, we present a reconciliation to the most directly comparable financial measure calculated in accordance with GAAP.~~

~~We provide these non~~Non-GAAP ~~financial~~Performance measures to allow investors, potential investors, securities analysts, and others to evaluate the performance of our business in the same manner as our management. We believe these measures, when viewed together with financial results computed in accordance with GAAP, provide a more complete understanding of the factors and trends affecting our historical financial performance and projected future results. However, we caution readers not to consider these measures in isolation or as a substitute for the most directly comparable measures calculated in accordance with GAAP. Readers should also consider the limitations associated with these non-GAAP financial measures, including the potential lack of comparability of these measures from one company to another.Measures

InManagement ~~many~~uses ~~cases,~~ non-GAAP ~~financial measures are determined by adjusting the most directly comparable GAAP measure to exclude gains or losses that we believe are not representative of our underlying business~~ performance. ~~For example~~measures, weincluding ~~exclude~~adjusted ~~the impact of the non-service components of net periodic benefit/cost for our defined benefit pension plans. Non-service related components are recurring, non-~~operating ~~items that include interest cost~~income, ~~expected~~adjusted ~~returns~~operating ~~on plan assets~~margin, ~~prior service cost amortization, actuarial loss amortization, as well as special termination benefits, curtailments,~~ and ~~settlements.~~adjusted ~~The~~earnings ~~net~~per ~~impact~~share ~~of non-service related components is reflected within “Other non-operating income~~ (~~expense~~"EPS"), ~~net”~~to onassess our ~~consolidated~~performance ~~income~~because ~~statements.~~these ~~Adjusting~~measures ~~for~~exclude ~~the~~items ~~impact~~that ~~of non-service pension components provides~~ management ~~and~~does ~~users~~not ofconsider ~~our~~to ~~financial~~be ~~statements~~representative ~~with a more accurate representation~~ of our underlying business ~~performance~~operations. ~~because~~In ~~these components are driven by factors that are unrelated to our operations~~addition, ~~such~~adjusted asoperating ~~volatility~~income ~~in equity~~ and ~~debt~~adjusted ~~markets.~~EPS ~~Further,~~are ~~non-service~~important ~~related~~ components ~~are not indicative~~ of our ~~defined~~incentive ~~benefit~~compensation plans’. ~~future~~We ~~contribution~~also ~~needs~~use ~~due~~adjusted tooperating ~~the~~margin ~~funded~~to ~~status~~assess ofoperational ~~the~~efficiency, ~~plans.~~cost ~~Additionally~~discipline, ~~our adjustments this quarter include other gains~~ and ~~losses~~overall ~~that are not associated with the ongoing operation of our business~~profitability. ~~These items are oftentimes difficult to predict; however, the reader should be aware that we may recognize similar gains or losses in the future.~~

~~When~~Our ~~applicable,~~non‑GAAP ~~the~~performance ~~tax~~measures ~~impact~~are ofadjusted ~~our~~to ~~pre-tax~~exclude ~~non-GAAP~~gains ~~adjustments~~or ~~reflects~~losses ~~the~~that ~~expected~~management ~~current~~believes ~~and~~are ~~deferred~~not ~~income~~associated ~~tax~~with ~~impact~~the ongoing operations of our ~~non-GAAP adjustments~~business. These ~~tax~~adjustments, ~~impacts~~which are ~~primarily~~described ~~driven~~below byfor the ~~statutory~~periods ~~tax~~presented, ~~rate~~are ofnot reflected in the ~~various~~results ~~relevant~~of ~~jurisdictions~~our ~~and~~reportable ~~the~~segments. ~~taxability~~Although ofthese ~~the~~items ~~adjustments~~are inoften ~~those~~difficult ~~jurisdictions.~~to ~~Additionally~~predict, inreaders ~~some~~should ~~cases,~~be weaware that similar gains or losses may ~~adjust~~occur ~~for~~in ~~tax-only~~future ~~items,~~periods. ~~such~~The asrelated tax effects reflect the expected current and deferred income tax ~~benefit~~impacts ~~related~~of toour ~~U.S.~~non-GAAP ~~tax~~adjustments, ~~reform~~which ~~and~~are ~~additional~~primarily ~~withholding~~driven ~~taxes~~by ~~related~~the tostatutory tax rates of the ~~repatriation~~applicable jurisdictions and the taxability of ~~foreign~~the ~~earnings~~underlying adjustments in those jurisdictions.

66We reconcile each non‑GAAP performance measure to its most directly comparable GAAP measure in the table below, followed by descriptions of each non-GAAP adjustment. Margins are calculated by dividing the applicable line item by consolidated sales for the relevant period. In addition to our non-GAAP performance measures, we also present components used in calculating adjusted EPS to illustrate the per share effect of our non‑GAAP adjustments. All per share amounts are calculated on a diluted basis from continuing operations attributable to Air Products. Because margins and per share amounts are calculated independently, the individual components may not sum to the related totals due to rounding.

Table of Contents

ADJUSTED OPERATING INCOME AND ADJUSTED EPS


	Three Months Ended 31 December
Q1 2026 vs. Q1 2025	Operating Income	Operating Margin		Other Non- Operating Inc/Exp, Net	Income Tax Expense	Net Income Attributable to Air Products	EPS
Q1 2026 GAAP Measures	$734.5	23.7%		($1.4)	$159.4	$678.2	$3.04
Q1 2025 GAAP Measures	643.6	22.0%		38.9	140.7	617.4	2.77
$ GAAP Change	$90.9						$0.27
%/bp GAAP Change	14%	170	bp				10%
Q1 2026 GAAP Measures	$734.5	23.7%		($1.4)	$159.4	$678.2	$3.04


Business and asset actions(A)	22.0	0.7%		6.3	3.1	24.6	0.11













Non-service pension cost, net	—	—%		3.4	0.9	2.5	0.01








Q1 2026 Adjusted Measures	$756.5	24.4%		$8.3	$163.4	$705.3	$3.16
Q1 2025 GAAP Measures	$643.6	22.0%		$38.9	$140.7	$617.4	$2.77












Shareholder activism-related costs	29.9	1.0%		—	8.0	21.9	0.10
Gain on de-designation of cash flow hedges(B)	—	—%		(38.8)	(3.3)	(10.3)	(0.05)
Non-service pension cost, net	—	—%		10.5	2.6	7.9	0.04








Q1 2025 Adjusted Measures	$673.5	23.0%		$10.6	$148.0	$636.9	$2.86
$ Adjusted Change	$83.0						$0.30
%/bp Adjusted Change	12%	140	bp				10%
(A)Charge attributable to noncontrolling interests was $0.6. (B)Gain attributable to noncontrolling interests was $25.2.

InBusiness addition to adjusted EPS, adjusted operating income is an important measure to evaluate our business performance following the appointment of our new Chief Executive Officer in February 2025. The table below provides a reconciliation to the most directly comparable GAAP measure for adjusted operating income, as well as for each of the major components used to calculate adjusted EPS. In periods that we have non-GAAP adjustments, we believe it is important for readers to understand the impact of each such adjustment because management does not consider these impacts when evaluating underlying business performance. Per share impacts are calculated independently and ~~may~~Asset ~~not sum to total GAAP EPS and total adjusted EPS due to rounding.~~Actions

	Three Months Ended 30 June
Q3 2025 vs. Q3 2024	Operating Income/Loss	Equity Affiliates' Income	Other Non-Operating Inc/Exp, Net	Income Tax Benefit/Expense	Net Income/Loss Attributable to Air Products	Earnings/Loss per Share(A)
Q3 2025 GAAP	$790.6	$167.6	($6.0)	$159.6	$721.8	$3.24
Q3 2024 GAAP	737.6	168.9	(1.3)	140.6	696.6	3.13
$ GAAP Change	$53.0					$0.11
% GAAP Change	7%					4%
Q3 2025 GAAP	$790.6	$167.6	($6.0)	$159.6	$721.8	$3.24
Business and asset actions	24.1	—	—	8.7	15.4	0.07
Shareholder activism-related costs	25.0	—	—	6.2	18.8	0.08
Gain on sale of business	(67.3)	—	—	(15.4)	(51.9)	(0.23)
Gain on sale of other assets(B)	(31.3)	—	—	(7.5)	(23.8)	(0.11)
Loss on de-designation of cash flow hedges(C)	—	—	0.3	0.1	0.1	—
Non-service pension cost, net	—	—	10.9	2.8	8.1	0.04
Q3 2025 Adjusted Measures	$741.1	$167.6	$5.2	$154.5	$688.5	$3.09
Q3 2024 GAAP	$737.6	$168.9	($1.3)	$140.6	$696.6	$3.13
Gain on de-designation of cash flow hedges(C)	—	—	(11.2)	(0.9)	(3.0)	(0.01)
Non-service pension cost, net	—	—	25.3	6.2	19.1	0.09
Q3 2024 Adjusted Measures	$737.6	$168.9	$12.8	$145.9	$712.7	$3.20
$ Adjusted Change	$3.5					($0.11)
% Adjusted Change	—%					(3%)

During the first quarter of fiscal year 2026, we recorded charges for business and asset actions totaling $28.3 ($24.6 after tax, or $0.11 per share) related to project exits announced in fiscal year 2025. Of these charges, $22.0 were recorded within operating income to reflect updated cost estimates as we settle project‑related commitments and sell associated assets. The remaining $6.3 was recorded to "Other non‑operating income (expense), net" and reflects losses on cross‑currency interest rate swaps terminated in connection with the early repayment of related intercompany loans for one of the affected gasification projects.

~~(A)Calculated~~Our ~~and~~estimates ~~presented~~reflect our best judgment based on ainformation ~~diluted~~available ~~basis~~as of 31 December 2025. Final settlement of these items may differ materially from ~~continuing~~current ~~operations~~estimates, ~~attributable~~which tocould ~~Air~~impact ~~Products~~our consolidated financial statements in future periods.

~~(B)Reflected~~Prior onYear ~~the~~Shareholder ~~consolidated~~Activism-Related ~~income statements within "Other income (expense), net."~~Costs

~~(C)The~~During ~~loss~~the ~~(gain)~~first ~~attributable~~quarter toof ~~noncontrolling~~fiscal ~~interests~~year ~~was~~2025, we recorded shareholder activism-related costs of $029.19 ~~and~~ ($721.39 after tax, or $0.10 per share) ~~for~~in ~~the~~connection ~~three~~with ~~months~~a ~~ended~~proxy 30contest. ~~June~~These ~~2025~~costs included legal and ~~2024,~~other ~~respectively~~professional service fees and proxy solicitation expenses.

67Prior Year Gain on De-designation of Cash Flow Hedges

In fiscal year 2024, we discontinued cash flow hedge accounting for certain interest rate swaps due to changes in the anticipated drawdown timeline for hedged borrowings related to the NEOM Green Hydrogen Project. These swaps are held by NEOM Green Hydrogen Company, a consolidated joint venture accounted for under the variable interest model, in which Air Products holds a one-third ownership interest. As a result, unrealized gains and losses for the de-designated swaps were recorded to "Other non-operating income (expense), net" on our consolidated income statements. During the first quarter of fiscal year 2025, we recorded an unrealized gain of $38.8 ($10.3 attributable to Air Products after tax, or $0.05 per share), with $25.2 attributable to our noncontrolling partners.

We re-designated the affected swaps as outstanding borrowings under the available project financing became commensurate with the swaps’ notional values. The unrealized gain on swaps that remained de-designated during the first quarter of fiscal year 2026 was not material. As of 1 January 2026, all swaps have been re-designated as cash flow hedges.

Table of Contents

	Nine Months Ended 30 June
2025 vs. 2024	Operating Income/Loss	Equity Affiliates' Income	Other Non-Operating Inc/Exp, Net	Income Tax Benefit/Expense	Net Income/Loss Attributable to Air Products	Earnings/Loss per Share(A)
2025 GAAP	($893.8)	$463.7	$14.3	($205.5)	($391.4)	($1.76)
2024 GAAP	2,041.7	470.6	(25.3)	406.5	1,878.3	8.43
$ GAAP Change	($2,935.5)					($10.19)
% GAAP Change	**					**
2025 GAAP	($893.8)	$463.7	$14.3	($205.5)	($391.4)	($1.76)
Business and asset actions(B)	2,952.0	6.8	—	649.3	2,306.0	10.35
Shareholder activism-related costs	86.3	—	—	14.6	71.7	0.32
Gain on sale of business	(67.3)	—	—	(15.4)	(51.9)	(0.23)
Gain on sale of other assets(C)	(31.3)	—	—	(7.5)	(23.8)	(0.11)
Gain on de-designation of cash flow hedges(D)	—	—	(27.0)	(2.2)	(7.2)	(0.03)
Non-service pension cost, net	—	—	32.1	8.1	24.0	0.11
Tax reform adjustment related to deemed foreign dividends	—	—	—	34.9	(34.9)	(0.16)
Tax on repatriation of foreign earnings	—	—	—	(31.4)	31.4	0.14
2025 Adjusted Measures	$2,045.9	$470.5	$19.4	$444.9	$1,923.9	$8.63
2024 GAAP	$2,041.7	$470.6	($25.3)	$406.5	$1,878.3	$8.43
Business and asset actions	57.0	—	—	13.2	43.8	0.20
Gain on de-designation of cash flow hedges(D)	—	—	(11.2)	(0.9)	(3.0)	(0.01)
Non-service pension cost, net	—	—	75.3	18.6	56.7	0.25
2024 Adjusted Measures	$2,098.7	$470.6	$38.8	$437.4	$1,975.8	$8.87
$ Adjusted Change	($52.8)					($0.24)
% Adjusted Change	(3%)					(3%)

Non-Service Related Pension Items

Non-service related pension items resulted in net non-operating costs of $3.4 (~~A)Calculated~~$2.5 ~~and~~after ~~presented~~tax, onor a$0.01 ~~diluted~~per ~~basis~~share) ~~from~~in ~~continuing~~the ~~operations~~first ~~attributable~~quarter of fiscal year 2026 compared to ~~Air~~$10.5 ~~Products~~($7.9 ~~Because~~after wetax, ~~reported~~or a$0.04 ~~loss~~per ~~from~~share) ~~operations~~ in the first quarter of fiscal year 2025. Non-service related components are recurring, ~~GAAP~~non-operating items that include interest cost, expected returns on plan assets, prior service cost amortization, actuarial loss ~~per~~amortization, ~~share~~as iswell ~~calculated~~as ~~using~~special ~~the~~termination ~~basic~~benefits, ~~weighted~~curtailments, ~~average~~and ~~share~~settlements. ~~value~~The net impact of ~~222.7~~non-service ~~million~~related components is reflected within “Other non-operating income (expense), ~~which~~net” ~~does~~on ~~not~~our ~~consider~~consolidated ~~outstanding~~income ~~share~~statements. Adjusting for the impact of non-~~based~~service ~~awards~~pension ~~due~~components provides management and users of our financial statements with a more accurate representation of our underlying business performance because these components are driven by factors that are unrelated to ~~their~~our ~~anti-dilutive~~operations, ~~effect~~such as volatility in equity and debt markets. ~~Adjusted~~Further, ~~earnings~~non-service ~~per~~related ~~share~~components isare ~~calculated~~not ~~using~~indicative aof ~~diluted~~our ~~weighted~~defined ~~average~~benefit ~~share~~plans’ ~~value~~future contribution needs due to the funded status of ~~222.9~~the ~~million~~plans.

(B)Loss attributable to noncontrolling interests was $3.5.

(C)Reflected on the consolidated income statements in "Other income (expense), net."

(D)Gain attributable to noncontrolling interests was $17.6 and $7.3 for the nine months ended 30 June 2025 and 2024, respectively.

** Change versus prior period is not meaningful due to the $3.0 billion pre-tax charge for business and asset actions in fiscal year 2025. Refer to Note 4, Business and Asset Actions, to the consolidated financial statements for additional information.

Table of Contents

ADJUSTED EBITDA

We define adjusted EBITDA as net income or loss less income or loss from discontinued operations, net of tax, and excluding non-GAAP adjustments, which we do not believe to be indicative of underlying business trends, before interest expense, other non-operating income (expense), net, income tax expense (benefit), and depreciation and amortization expense. Adjusted EBITDA provides a useful metric for management to assess operating performance on both a consolidated and a segment basis.

The table below presents a reconciliation of net income (loss) on a GAAP basis to adjusted EBITDA:

	Three Months Ended30 June			Nine Months Ended 30 June
	2025	2024		2025		2024
Net income (loss)	$723.2		$708.9			($364.5)	$1,911.4
Less: Loss from discontinued operations, net of tax	(8.0)		—			(8.0)	—
Add: Interest expense	61.4		55.7			146.2	169.1
Less: Other non-operating income (expense), net	(6.0)		(1.3)			14.3	(25.3)
Add: Income tax expense (benefit)	159.6		140.6			(205.5)	406.5
Add: Depreciation and amortization	401.0		360.3			1,151.4	1,070.3
Add: Business and asset actions	24.1		—			2,952.0	57.0
Add: Shareholder activism-related costs	25.0		—			86.3	—
Less: Gain on sale of business	67.3		—			67.3	—
Less: Gain on sale of other assets	31.3		—			31.3	—
Add: Equity method investment impairment associated with business and asset actions	—		—			6.8	—
Adjusted EBITDA	$1,309.7		$1,266.8			$3,667.8	$3,639.6
Change GAAP
Net income (loss) $ change	$14.3			($2,275.9)
Net income (loss) % change	2%				**
Change Non-GAAP
Adjusted EBITDA $ change	$42.9			$28.2
Adjusted EBITDA % change	3%			1%

** Change versus prior period is not meaningful due to pre-tax charges for business and asset actions of $3.0 billion in the first nine months of fiscal year 2025, the majority of which were recorded during the second quarter of fiscal year 2025.

Table of Contents

The tables below present a reconciliation of operating income (loss) by segment to adjusted EBITDA by segment for the three and nine months ended 30 June 2025 and 2024:

	Three Months Ended					Nine Months Ended
	30 June		Change vs. Prior Year			30 June		Change vs.Prior Year
Americas	2025	2024	$	%		2025	2024	$	%
Operating income	$374.1	$391.1	($17.0)	(4	%)	$1,128.0	$1,117.4	$10.6	1	%
Add: Depreciation and amortization	192.4	175.6				544.2	519.4
Add: Equity affiliates' income	37.8	37.5				104.1	118.8
Adjusted EBITDA	$604.3	$604.2	$0.1	—	%	$1,776.3	$1,755.6	$20.7	1	%

	Three Months Ended					Nine Months Ended
	30 June		Change vs. Prior Year			30 June		Change vs.Prior Year
Asia	2025	2024	$	%		2025	2024	$	%
Operating income	$216.8	$200.1	$16.7	8	%	$624.6	$614.9	$9.7	2	%
Add: Depreciation and amortization	126.7	115.5				381.4	343.7
Add: Equity affiliates' income	9.5	8.7				30.3	21.2
Adjusted EBITDA	$353.0	$324.3	$28.7	9	%	$1,036.3	$979.8	$56.5	6	%

	Three Months Ended					Nine Months Ended
	30 June		Change vs. Prior Year			30 June		Change vs.Prior Year
Europe	2025	2024	$	%		2025	2024	$	%
Operating income	$225.2	$204.7	$20.5	10	%	$607.2	$603.3	$3.9	1	%
Add: Depreciation and amortization	64.9	52.2				176.2	151.2
Add: Equity affiliates' income	29.7	26.3				75.6	58.7
Adjusted EBITDA	$319.8	$283.2	$36.6	13	%	$859.0	$813.2	$45.8	6	%

Table of Contents

	Three Months Ended					Nine Months Ended
	30 June		Change vs. Prior Year			30 June		Change vs.Prior Year
Middle East and India	2025	2024	$	%		2025	2024	$	%
Operating income (loss)	$8.1	($1.4)	9.5	**		$4.6	$8.1	($3.5)	(43	%)
Add: Depreciation and amortization	6.8	6.8				19.7	20.1
Add: Equity affiliates' income	86.0	89.2				249.2	256.0
Adjusted EBITDA	$100.9	$94.6	$6.3	7	%	$273.5	$284.2	($10.7)	(4	%)

	Three Months Ended					Nine Months Ended
	30 June		Change vs. Prior Year			30 June		Change vs.Prior Year
Corporate and other	2025	2024	$	%		2025	2024	$	%
Operating loss	($83.1)	($56.9)	(26.2)	(46	%)	($318.5)	($245.0)	($73.5)	(30	%)
Add: Depreciation and amortization	10.2	10.2				29.9	35.9
Add: Equity affiliates' income	4.6	7.2				11.3	15.9
Adjusted EBITDA	($68.3)	($39.5)	($28.8)	(73	%)	($277.3)	($193.2)	($84.1)	(44	%)

Table of Contents

ADJUSTED EFFECTIVE TAX RATE

The effective tax rate ~~equals~~represents ~~the~~ income tax ~~provision~~expense divided by income before taxes as reported under GAAP. We calculate our adjusted effective tax rate by adjusting both the numerator and the denominator to exclude the tax and ~~before~~ pre‑tax ~~impacts~~effects of our non-‑GAAP adjustments, respectively. ~~The table below presents a reconciliation of the GAAP effective tax rate to our adjusted effective tax rate:~~

	Three Months Ended30 June				Nine Months Ended30 June
	2025		2024		2025		2024
Income tax expense (benefit)	$159.6		$140.6		($205.5)		$406.5
Income (Loss) from continuing operations before taxes	890.8		849.5		(562.0)		2,317.9
Effective tax rate	17.9	%	16.6	%	36.6	%	17.5	%
Reconciliation of GAAP to Non-GAAP:
Income tax expense (benefit)	$159.6		$140.6		($205.5)		$406.5
Business and asset actions tax impact	8.7		—		649.3		13.2
Shareholder activism-related costs tax impact	6.2		—		14.6		—
Gain on sale of business tax impact	(15.4)		—		(15.4)		—
Gain on sale of other assets tax impact	(7.5)		—		(7.5)		—
(Gain) Loss on de-designation of cash flow hedges tax impact	0.1		(0.9)		(2.2)		(0.9)
Non-service pension cost, net tax impact	2.8		6.2		8.1		18.6
Tax reform adjustment related to deemed foreign dividends	—		—		34.9		—
Tax on repatriation of foreign earnings	—		—		(31.4)		—
Adjusted income tax expense	$154.5		$145.9		$444.9		$437.4
Income (Loss) from continuing operations before taxes	$890.8		$849.5		($562.0)		$2,317.9
Business and asset actions	24.1		—		2,952.0		57.0
Shareholder activism-related costs	25.0		—		86.3		—
Gain on sale of business	(67.3)		—		(67.3)		—
Gain on sale of other assets	(31.3)		—		(31.3)		—
(Gain) Loss on de-designation of cash flow hedges	0.3		(11.2)		(27.0)		(11.2)
Non-service pension cost, net	10.9		25.3		32.1		75.3
Business and asset actions—equity method investment	—		—		6.8		—
Adjusted income from continuing operations before taxes	$852.5		$863.6		$2,389.6		$2,439.0
Adjusted effective tax rate	18.1	%	16.9	%	18.6	%	17.9	%

The table below presents a reconciliation of the GAAP effective tax rate to our adjusted effective tax rate:



	Three Months Ended 31 December
	2025		2024
Income tax expense	$159.4		$140.7
Income before taxes	850.8		790.5
Effective tax rate	18.7	%	17.8	%
Reconciliations of GAAP to Non-GAAP:
Income tax expense	$159.4		$140.7

Business and asset actions tax impact	3.1		—

Shareholder activism-related costs tax impact	—		8.0


Gain on de-designation of cash flow hedges tax impact	—		(3.3)
Non-service pension cost, net tax impact	0.9		2.6














Adjusted income tax expense	$163.4		$148.0

Income before taxes	$850.8		$790.5


Business and asset actions	28.3		—
Shareholder activism-related costs	—		29.9


Gain on de-designation of cash flow hedges	—		(38.8)
Non-service pension cost, net	3.4		10.5











Adjusted income before taxes	$882.5		$792.1
Adjusted effective tax rate	18.5	%	18.7	%

Table of Contents

CAPITAL EXPENDITURES (NON-GAAP)

Capital expenditures is a non-GAAP financial measure that wemanagement ~~define~~uses to evaluate our deployment of capital and assess alignment with our strategic priorities. Our calculation of this measure begins as the sum of cash ~~flows~~paid for additions to plant and equipment, including long-term deposits, acquisitions (less cash acquired), investment in and advances to unconsolidated affiliates, and investment in financing receivables, oneach ~~our consolidated statements~~ of ~~cash flows. Additionally, we adjust additions to plant and equipment to exclude NEOM Green Hydrogen Company (“NGHC”) expenditures funded by the joint venture's project financing,~~ which isare ~~non-recourse~~reported toon ~~Air Products, as well as~~ our ~~partners’~~consolidated ~~equity~~statements ~~contributions to arrive at a measure that we believe is more representative~~ of ~~our~~cash ~~investment activities~~flows. ~~Substantially all the funding we provide to NGHC is limited for use by the venture for its capital expenditures.~~

AWe ~~reconciliation~~then ofadjust ~~cash~~this ~~used~~amount ~~for~~to ~~investing~~exclude ~~activities~~spending for additions to plant and equipment by our ~~reported~~consolidated ~~capital~~joint ~~expenditures~~venture, NEOM Green Hydrogen Company (“NGHC”), to the extent such spending is ~~provided~~funded ~~below:~~by sources other than Air Products’ cash. These other funding sources include NGHC’s project financing, which is non‑recourse to Air Products, as well as equity contributions from the other joint venture partners. Management believes this adjustment provides a more useful view of the capital we deploy to support the ongoing growth of our business.

	Nine Months Ended
	30 June
	2025	2024
Cash used for investing activities	$5,681.0	$4,773.8
Proceeds from sale of assets and investments	185.4	26.3
Purchases of short-term investments	(117.6)	(141.4)

Filing Compare · Air Products & Chemicals, Inc.