AIR PRODUCTS AND CHEMICALS, INC. (APD) FY2025 Annual Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2024-10-01 to 2025-09-30

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AIR PRODUCTS AND CHEMICALS, INC. cash flow reconciliation, Oct 1, 2024 through Sep 30, 2025One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash, including disposal groups and discontinued operations. Intermediate calculation bars are lighter gray. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.Business and asset actions → operating reconciliation: $3,747,000,000.00Depreciation and amortization → operating reconciliation: $1,564,200,000.00Share-based compensation → operating reconciliation: $76,400,000.00Noncurrent lease receivables → operating reconciliation: $52,500,000.00Other adjustments → operating reconciliation: $48,000,000.00Other receivables → operating reconciliation: $7,100,000.00operating reconciliation → Net cash from operating activities: $3,256,800,000.00operating reconciliation → Net income (loss) from continuing operations attributable to Air Products: $386,500,000.00operating reconciliation → Other working capital: $562,600,000.00operating reconciliation → Deferred income taxes: $554,800,000.00operating reconciliation → Undistributed earnings of equity method investments: $269,800,000.00operating reconciliation → Payables and accrued liabilities: $224,000,000.00operating reconciliation → Gain on sale of business: $67,300,000.00operating reconciliation → Gain on sale of assets and investments: $66,400,000.00operating reconciliation → Trade receivables: $36,300,000.00operating reconciliation → Inventories: $35,800,000.00operating reconciliation → Tax reform repatriation: $34,900,000.00Long-term debt proceeds → financing reconciliation: $4,386,700,000.00Investments by noncontrolling interests → financing reconciliation: $594,600,000.00Proceeds from stock option exercises → financing reconciliation: $1,100,000.00financing reconciliation → Net cash from financing activities: $2,795,200,000.00financing reconciliation → Dividends paid to shareholders: $1,584,100,000.00financing reconciliation → Payments on long-term debt: $429,900,000.00financing reconciliation → Other financing activities: $91,300,000.00financing reconciliation → Net (decrease) increase in commercial paper and short-term borrowings: $74,700,000.00financing reconciliation → Distributions to noncontrolling interests: $7,200,000.00Net cash used in investing activities → investing reconciliation: $7,168,700,000.00Proceeds from sale of assets and investments → investing reconciliation: $245,800,000.00Proceeds from short-term investments → investing reconciliation: $122,500,000.00Proceeds from other investing activities → investing reconciliation: $115,400,000.00investing reconciliation → Additions to plant and equipment, including long-term deposits: $7,022,600,000.00investing reconciliation → Investment in and advances to unconsolidated affiliates: $390,400,000.00investing reconciliation → Purchases of short-term investments: $117,600,000.00investing reconciliation → Investment in financing receivables: $61,900,000.00investing reconciliation → Acquisitions, less cash acquired: $59,900,000.00Beginning cash: Cash, cash equivalents, and restricted cash, including disposal groups and discontinued operations → Cash sources and uses: $2,979,700,000.00Net cash from operating activities → Cash sources and uses: $3,256,800,000.00Net cash from financing activities → Cash sources and uses: $2,795,200,000.00Cash sources and uses → Exchange-rate effect: $7,000,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash, including disposal groups and discontinued operations: $1,856,000,000.00Cash sources and uses → Net cash used in investing activities: $7,168,700,000.00Net income (loss) from continuing operations attributable to Air Products: -$386,500,000.00Continuing ops income (loss)−$386.50 MDepreciation and amortization: $1,564,200,000.00Depreciation & amortization+$1.56 BDeferred income taxes: -$554,800,000.00Deferred income taxes−$554.80 MTax reform repatriation: -$34,900,000.00Tax reform repatriation−$34.90 MBusiness and asset actions: $3,747,000,000.00Restructuring charges+$3.75 BGain on sale of business: -$67,300,000.00Business sale gain & loss−$67.30 MUndistributed earnings of equity method investments: -$269,800,000.00Equity-method income, net−$269.80 MGain on sale of assets and investments: -$66,400,000.00Investment sale gain & loss−$66.40 MShare-based compensation: $76,400,000.00Stock-based compensation+$76.40 MNoncurrent lease receivables: $52,500,000.00Noncurrent lease receivables+$52.50 MOther adjustments: $48,000,000.00Other operating, net+$48.00 MTrade receivables: -$36,300,000.00Accounts receivable−$36.30 MInventories: -$35,800,000.00Inventories−$35.80 MOther receivables: $7,100,000.00Other receivables+$7.10 MPayables and accrued liabilities: -$224,000,000.00Payables & accrued liabilities−$224.00 MOther working capital: -$562,600,000.00Other working capital, net−$562.60 MNet cash from operating activities: $3,256,800,000.00Operating cash+$3.26 Boperating reconciliation: $5,495,200,000.00Long-term debt proceeds: $4,386,700,000.00Long-term debt issued+$4.39 BPayments on long-term debt: -$429,900,000.00Long-term debt repaid−$429.90 MNet (decrease) increase in commercial paper and short-term borrowings: -$74,700,000.00Short-term debt, net−$74.70 MDividends paid to shareholders: -$1,584,100,000.00Common dividends paid−$1.58 BProceeds from stock option exercises: $1,100,000.00Stock option exercises+$1.10 MInvestments by noncontrolling interests: $594,600,000.00From noncontrolling interests+$594.60 MDistributions to noncontrolling interests: -$7,200,000.00Distributions to noncontrolling interests−$7.20 MOther financing activities: -$91,300,000.00Other financing, net−$91.30 MNet cash from financing activities: $2,795,200,000.00Financing cash+$2.80 Bfinancing reconciliation: $4,982,400,000.00Additions to plant and equipment, including long-term deposits: -$7,022,600,000.00PP&E purchases−$7.02 BAcquisitions, less cash acquired: -$59,900,000.00Acquisitions, net of cash−$59.90 MInvestment in and advances to unconsolidated affiliates: -$390,400,000.00Investments in affiliates−$390.40 MInvestment in financing receivables: -$61,900,000.00Finance receivable purchases−$61.90 MProceeds from sale of assets and investments: $245,800,000.00Investing asset sales+$245.80 MPurchases of short-term investments: -$117,600,000.00Short-term investment purchases−$117.60 MProceeds from short-term investments: $122,500,000.00Short-term investment proceeds+$122.50 MProceeds from other investing activities: $115,400,000.00Other investing, net+$115.40 MNet cash used in investing activities: -$7,168,700,000.00. Cash required to fund net payments.Investing cash−$7.17 Binvesting reconciliation: $7,652,400,000.00Cash sources and uses: $9,031,700,000.00Beginning cash: Cash, cash equivalents, and restricted cash, including disposal groups and discontinued operations: $2,979,700,000.00Beginning cash$2.98 BEnding cash: Cash, cash equivalents, and restricted cash, including disposal groups and discontinued operations: $1,856,000,000.00Ending cash$1.86 BExchange-rate effect: -$7,000,000.00FX effect−$7.00 MCASH RECONCILIATIONOperatingflowsFinancingflowsInvestingflowsNet loss −$386.50M + net operating adjustments $3.64B = operating cash +$3.26BFree cash flow−$3.77 BOperating cash − cash spent on PP&ECash flow / Net incomeUnavailableOperating cash flow ÷ net incomeNet cash change−$1.12 BEnding cash − beginning cash
Chart details

AIR PRODUCTS AND CHEMICALS, INC. cash flow reconciliation, Oct 1, 2024 through Sep 30, 2025

Cash flows for Oct 1, 2024 through Sep 30, 2025. Cash basis: Cash, cash equivalents, and restricted cash, including disposal groups and discontinued operations. Beginning cash: Sep 30, 2024. Ending cash: Sep 30, 2025. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Sep 30, 2024
2,979,700,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash, including disposal groups and discontinued operations
Operating activities
3,256,800,000 US dollars. Net cash provided.
Net income (loss) from continuing operations attributable to Air Products
negative 386,500,000 US dollars
Depreciation and amortization
1,564,200,000 US dollars
Deferred income taxes
negative 554,800,000 US dollars
Tax reform repatriation
negative 34,900,000 US dollars
Business and asset actions
3,747,000,000 US dollars
Gain on sale of business
negative 67,300,000 US dollars
Undistributed earnings of equity method investments
negative 269,800,000 US dollars
Gain on sale of assets and investments
negative 66,400,000 US dollars
Share-based compensation
76,400,000 US dollars
Noncurrent lease receivables
52,500,000 US dollars
Other adjustments
48,000,000 US dollars
Trade receivables
negative 36,300,000 US dollars
Inventories
negative 35,800,000 US dollars
Other receivables
7,100,000 US dollars
Payables and accrued liabilities
negative 224,000,000 US dollars
Other working capital
negative 562,600,000 US dollars
Investing activities
negative 7,168,700,000 US dollars. Net cash used.
Additions to plant and equipment, including long-term deposits
negative 7,022,600,000 US dollars
Acquisitions, less cash acquired
negative 59,900,000 US dollars
Investment in and advances to unconsolidated affiliates
negative 390,400,000 US dollars
Investment in financing receivables
negative 61,900,000 US dollars
Proceeds from sale of assets and investments
245,800,000 US dollars
Purchases of short-term investments
negative 117,600,000 US dollars
Proceeds from short-term investments
122,500,000 US dollars
Proceeds from other investing activities
115,400,000 US dollars
Financing activities
2,795,200,000 US dollars. Net cash provided.
Long-term debt proceeds
4,386,700,000 US dollars
Payments on long-term debt
negative 429,900,000 US dollars
Net (decrease) increase in commercial paper and short-term borrowings
negative 74,700,000 US dollars
Dividends paid to shareholders
negative 1,584,100,000 US dollars
Proceeds from stock option exercises
1,100,000 US dollars
Investments by noncontrolling interests
594,600,000 US dollars
Distributions to noncontrolling interests
negative 7,200,000 US dollars
Other financing activities
negative 91,300,000 US dollars
Operating adjustment reconciliation
5,495,200,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
financing gross reconciliation
4,982,400,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
investing gross reconciliation
7,652,400,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
Exchange-rate effect
negative 7,000,000 US dollars
Ending cash on Sep 30, 2025
1,856,000,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash, including disposal groups and discontinued operations
Cash sources and uses
9,031,700,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
negative 1,123,700,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
Unavailable. Operating cash flow and reconciliation net income for the same period are required.
Operating cash flow
3,256,800,000 US dollars. Operating cash flow used in the free cash flow calculation.
Cash purchases of property, plant and equipment
7,022,600,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
negative 3,765,800,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

Chart connections

  • Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
  • Financing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Investing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Operating reconciliation adjustments are not all independent cash receipts.
  • Net loss −$386.50M + net operating adjustments $3.64B = operating cash +$3.26B. The loss reduces the earnings basis of the reconciliation; it is not a cash payment. The signed loss remains a deduction at the operating reconciliation junction.
  • Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
  • The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
  • Operating cash flow minus cash purchases of property, plant and equipment equals free cash flow: 3,256,800,000 US dollars minus 7,022,600,000 US dollars equals negative 3,765,800,000 US dollars.
AIR PRODUCTS AND CHEMICALS, INC. (APD) FY2025 Annual Statement of Cash Flows Sankey chart
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