Air Products and Chemicals, Inc. (APD) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | 1.1B | 900.7M | 1.26B | 855.8M | 328.1M | 811.7M | 957M | 1.26B | 801.7M | 626.6M | 1B | 845.4M | 638.7M | 719.3M | 1.02B | 908.2M | 519.8M | 785.2M | 826.3M | 928.6M |
| Operating CF Margin % | 34.8% | 29.03% | 39.82% | 28.31% | 11.25% | 27.69% | 30.02% | 42.25% | 27.36% | 20.91% | 31.41% | 27.87% | 19.96% | 22.66% | 28.49% | 28.48% | 17.65% | 26.22% | 29.08% | 35.65% |
| Operating CF Growth % | 236.39% | 10.96% | 31.79% | -32.15% | -59.07% | 29.54% | -4.52% | 49.21% | 25.52% | -12.89% | -1.45% | -6.91% | 22.87% | -8.39% | 23.08% | -2.2% | -36.01% | 1.36% | -33.98% | 19.87% |
| Net Income | 738M | 678.2M | 4.9M | 721.8M | -1.73B | 617.4M | 1.96B | 696.6M | 572.4M | 609.3M | 685.2M | 595.6M | 439.8M | 572.2M | 570.5M | 582.1M | 530.5M | 560.4M | 558.6M | 525.4M |
| Depreciation & Amortization | 375M | 370.7M | 412.8M | 401M | 383.6M | 366.8M | 380.8M | 360.3M | 360.8M | 349.2M | 357.3M | 339.9M | 339.6M | 321.5M | 332.8M | 337.2M | 335.9M | 332.3M | 332.6M | 335.7M |
| Stock-Based Compensation | 15.9M | 10.6M | 10.6M | 11M | 38.3M | 16.4M | 15.6M | 17.7M | 14.7M | 13.8M | 14.1M | 14.6M | 15.1M | 16.1M | 11.4M | 10.5M | 10.7M | 15.8M | 9.9M | 12.2M |
| Deferred Taxes | 47.4M | 78.2M | 0 | 42.9M | -568.7M | -6.3M | 5M | -81.2M | -6.6M | 13.5M | -10.6M | -43.1M | 15.2M | 13.8M | -36.7M | 17.7M | 35.6M | 15.7M | 7M | 10.9M |
| Other Non-Cash Items | -16.4M | -21.9M | 606.1M | 45.1M | 2.89B | -166.1M | -1.46B | 17.9M | -23.1M | 10.4M | -377.7M | 108.5M | 80.7M | 133.3M | -36.5M | -10.2M | -124M | -145.7M | -136.7M | -8.6M |
| Working Capital Changes | -56.2M | -215.1M | 226.8M | -366M | -687M | -16.5M | 53M | 250.1M | -116.5M | -369.6M | 334.6M | -170.1M | -251.7M | -337.6M | 175.5M | -29.1M | -268.9M | 6.7M | 54.9M | 53M |
| Change in Receivables | -18M | -21.7M | 55.1M | -133.8M | -21.6M | -38.8M | -148.6M | 72.7M | 52M | -52.7M | 179.9M | -211.2M | 121.6M | 40.4M | -85.5M | -186.6M | -70.4M | -132.7M | -46.2M | -9.5M |
| Change in Inventory | 16M | -11M | -200K | -11.2M | -30.8M | 6.4M | -26.8M | -38.3M | -24.1M | -48.6M | 4.1M | -21.2M | -9.5M | -102.8M | -13.5M | -23.5M | -23.6M | -33.7M | -10.8M | -11M |
| Change in Payables | -55.1M | 0 | 0 | -167.4M | -78.2M | 30.5M | -163.6M | 125.9M | -32.5M | 0 | 166.8M | 40.4M | -193.7M | -257.6M | 212.4M | 197M | -44.5M | 181.6M | 70M | 42M |
| Cash from Investing | -1.08B | -1.24B | -1.49B | -1.26B | -2.24B | -2.18B | 4.4M | -1.55B | -1.56B | -1.67B | -1.47B | -1.92B | -2.22B | -256.2M | -1.01B | -208.3M | -916.7M | -1.72B | -414.9M | -1.73B |
| Capital Expenditures | 1.25B | -1.25B | -1.52B | -1.5B | -1.89B | -2.12B | -2.08B | -1.61B | -1.67B | -1.45B | -1.46B | -1.32B | -1.01B | -834.2M | -787.4M | -705.5M | -769.8M | -663.8M | -616.4M | -620M |
| CapEx % of Revenue | 39.45% | 40.33% | 47.92% | 49.49% | 64.86% | 72.24% | 65.1% | 53.82% | 56.97% | 48.23% | 45.84% | 43.59% | 31.46% | 26.28% | 22.06% | 22.12% | 26.14% | 22.17% | 21.7% | 23.8% |
| Acquisitions | 20M | -20M | 0 | -59.9M | 0 | 0 | 2B | 0 | 0 | 0 | 58.2M | 122.1M | -912M | 4M | -7.5M | 7.5M | -48.7M | -1.67B | -800K | -15.9M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.4B | 28.3M | 30M | 182.7M | -351.9M | 48.1M | 19.7M | 18.1M | -57.4M | -284.7M | 500K | -725M | -49.7M | 1.7M | 13.5M | 400K | 24.3M | 7.5M | 9.2M | 16.2M |
| Cash from Financing | -101M | -490.1M | -239.1M | 1.21B | 1.55B | 274.2M | -382.1M | 135.2M | 1.35B | 1.36B | 464.6M | 495.5M | 689M | -85.6M | -188.5M | -26.5M | -200.5M | -585.1M | -217.8M | -699.9M |
| Debt Issued (Net) | 240M | -119.8M | 69.3M | 1.5B | 1.89B | 425.6M | 42.3M | 407.5M | 1.68B | 1.78B | 1.09B | 798.5M | 1B | 276.3M | 172.1M | 313.6M | 133.7M | -235.3M | -19.8M | -373.7M |
| Equity Issued (Net) | 0 | 0 | -1.1M | 0 | 0 | 1.1M | 1.7M | 500K | 400K | 5.3M | 4.5M | 2.4M | 3.1M | 14M | 3M | 1.9M | 1.1M | 13.3M | 2.5M | 3.4M |
| Dividends Paid | -398.6M | -398.4M | -398.4M | -398.3M | -393.8M | -393.6M | -393.5M | -393.5M | -389M | -388.9M | -388.7M | -388.7M | -359.8M | -359.4M | -359.4M | -359.2M | -332.6M | -332.1M | -332M | -332M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 57.6M | 28.1M | 91.1M | 110.5M | 54.5M | 241.1M | -32.6M | 120.7M | 62.4M | -24.8M | -242.4M | 85.7M | 45.8M | -16.5M | -4.2M | 17.2M | -2.7M | -31M | 131.5M | 2.4M |
| Net Change in Cash | -75.4M | -829.6M | -468.3M | 832.9M | -354.1M | -1.13B | 604M | -159.3M | 572.4M | 345.6M | -20.7M | -604.7M | -888.6M | 420M | -246.4M | 608.7M | -605M | -1.52B | 177.3M | -1.49B |
| Free Cash Flow | 2.35B | -350.5M | -256.5M | -640M | -1.56B | -1.31B | -1.12B | -345.2M | -867.7M | -818.9M | -460M | -477M | -368.2M | -114.9M | 229.6M | 202.7M | -250M | 121.4M | 209.9M | 308.6M |
| FCF Margin % | 74.24% | -11.3% | -8.1% | -21.17% | -53.61% | -44.55% | -35.08% | -11.56% | -29.61% | -27.32% | -14.41% | -15.72% | -11.51% | -3.62% | 6.43% | 6.36% | -8.49% | 4.05% | 7.39% | 11.85% |
| FCF Growth % | 250.63% | 73.16% | 77.06% | -85.4% | -80.18% | -59.47% | -143.09% | 27.63% | -135.66% | -612.71% | -300.35% | -335.32% | -47.28% | -194.65% | 9.39% | -34.32% | -200.52% | 9.86% | -73.35% | 190.79% |
| FCF per Share | 10.56 | -1.57 | -1.15 | -2.87 | -7.02 | -5.86 | -5.02 | -1.55 | -3.90 | -3.68 | -2.06 | -2.14 | -1.65 | -0.52 | 1.03 | 0.91 | -1.12 | 0.55 | 0.94 | 1.39 |
| FCF Conversion (FCF/Net Income) | 1.55x | 1.33x | 257.39x | 1.20x | -0.19x | 1.31x | 0.49x | 1.81x | 1.40x | 1.03x | 1.45x | 1.42x | 1.45x | 1.26x | 1.74x | 1.56x | 0.98x | 1.40x | 1.35x | 1.74x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | -123.6M | 0 | 0 | 123.6M | 0 | 0 | 231.7M | 90.1M | 0 | 0 | 238.5M | 88.5M | 0 | 0 | 0 | 0 | 0 | 0 |