Air Products & Chemicals, Inc.
For the period ended Sep 30, 2025. Filed Nov 20, 2025.
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FY2025 · Filed Nov 20, 2025
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Consolidated Balance Sheets – 30 September 2025 and 2024
CONSOLIDATED BALANCE SHEETS
As of the Fiscal Years Ended 30 September
| (Millions of U.S. Dollars, except for share and per share data) | 2025 | 2024 |
|---|---|---|
| Assets | ||
| Current Assets | ||
| Cash and cash items | $1,856.0 | $2,979.7 |
| Short-term investments | — | 5.0 |
| Trade receivables, net | 1,901.2 | 1,821.6 |
| Inventories | 776.5 | 766.0 |
| Prepaid expenses | 174.9 | 179.9 |
| Assets held for sale | 427.7 | — |
| Other receivables and current assets | 689.5 | 610.8 |
| Total Current Assets | $5,825.8 | $6,363.0 |
| Investment in net assets of and advances to equity affiliates | 5,366.1 | 4,792.5 |
| Plant and equipment, net | 25,337.8 | 23,370.9 |
| Goodwill, net | 963.9 | 905.1 |
| Intangible assets, net | 293.5 | 311.6 |
| Operating lease right-of-use assets, net | 944.0 | 1,047.7 |
| Noncurrent lease receivables | 307.1 | 392.1 |
| Financing receivables | 1,000.0 | 1,220.2 |
| Other noncurrent assets | 1,021.3 | 1,171.5 |
| Total Noncurrent Assets | $35,233.7 | $33,211.6 |
| Total Assets(A) | $41,059.5 | $39,574.6 |
| Liabilities and Equity | ||
| Current Liabilities | ||
| Payables and accrued liabilities | $3,237.7 | $2,926.2 |
| Accrued income taxes | 179.4 | 558.5 |
| Short-term borrowings | 34.7 | 83.5 |
| Current portion of long-term debt | 716.3 | 611.4 |
| Liabilities held for sale | 50.5 | — |
| Total Current Liabilities | $4,218.6 | $4,179.6 |
| Long-term debt | 16,769.9 | 13,428.6 |
| Long-term debt – related party | 177.5 | 104.4 |
| Noncurrent operating lease liabilities | 616.0 | 677.9 |
| Other noncurrent liabilities | 1,348.1 | 1,350.5 |
| Deferred income taxes | 579.6 | 1,159.9 |
| Total Noncurrent Liabilities | $19,491.1 | $16,721.3 |
| Total Liabilities(A) | $23,709.7 | $20,900.9 |
| Air Products Shareholders’ Equity | ||
| Common stock (par value $1 per share; issued 2025 and 2024 - 249,455,584 shares) | $249.4 | $249.4 |
| Capital in excess of par value | 1,306.5 | 1,253.2 |
| Retained earnings | 17,558.6 | 19,545.7 |
| Accumulated other comprehensive loss | (2,087.8) | (2,027.7) |
| Treasury stock, at cost (2025 - 26,867,328 shares; 2024 - 27,083,166 shares) | (2,001.8) | (1,984.1) |
| Total Air Products Shareholders' Equity | $15,024.9 | $17,036.5 |
| Noncontrolling Interests(A) | 2,324.9 | 1,637.2 |
| Total Equity | $17,349.8 | $18,673.7 |
| Total Liabilities and Equity | $41,059.5 | $39,574.6 |
(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 $7,134.7 and $4,393.9 as of 30 September 2025 and 2024, 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 $4,937.7 and $3,473.4 as of 30 September 2025 and 2024, respectively. Refer to Note 3, Variable Interest Entities, for additional information regarding the NEOM Green Hydrogen Company joint venture.
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