Air Products and Chemicals Inc
Statements
Segments
US companies must disclose in their mandatory reports how revenue breaks down across business segments, regions and product lines. We read that breakdown for you straight from the annual and quarterly reports (10-K and 10-Q) of Air Products and Chemicals Inc (APD). It shows which part of the business is growing — and which one is holding it back.
Revenue by business segment
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Americas | $3.63B 41.0% | $4.17B 40.4% · +14.8% | $5.37B 42.3% · +28.8% | $5.37B 42.6% · +0.0% | $5.04B 41.7% · -6.1% | $5.13B 42.6% · +1.7% |
| Asia | $2.72B 30.7% | $2.92B 28.3% · +7.5% | $3.14B 24.8% · +7.6% | $3.22B 25.5% · +2.3% | $3.22B 26.6% · +0.3% | $3.27B 27.2% · +1.4% |
| Europe | $1.85B 20.9% | $2.35B 22.7% · +27.0% | $3.09B 24.3% · +31.6% | $2.96B 23.5% · -4.0% | $2.82B 23.3% · -4.7% | $2.98B 24.8% · +5.7% |
| Corporate and other | $582.8M 6.6% | $789.7M 7.6% · +35.5% | $970.8M 7.6% · +22.9% | $889.0M 7.1% · -8.4% | $878.4M 7.3% · -1.2% | $520.0M 4.3% · -40.8% |
| Middle East and India | – | – | – | $162.5M 1.3% | $134.4M 1.1% · -17.3% | $135.9M 1.1% · +1.1% |
| Middle East and India | $79.3M 0.9% | $99.3M 1.0% · +25.2% | $129.5M 1.0% · +30.4% | – | – | – |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Americas | $1.01B 27.9% | $1.07B 25.6% | $1.17B 21.9% | $1.44B 26.8% | $1.57B 31.1% | $1.52B 29.6% |
| Asia | $870.3M 32.0% | $838.3M 28.7% | $898.3M 28.6% | $906.5M 28.2% | $859.2M 26.6% | $851.1M 26.0% |
| Europe | $454.8M 24.6% | $529.4M 22.6% | $503.4M 16.3% | $663.4M 22.4% | $810.0M 28.7% | $844.7M 28.3% |
| Corporate and other | -$152.2M -26.1% | -$193.4M -24.5% | -$184.7M -19.0% | -$287.3M -32.3% | -$292.7M -33.3% | -$367.3M -70.6% |
| Middle East and India | – | – | – | $16.9M 10.4% | $5.9M 4.4% | $9.6M 7.1% |
| Middle East and India | $18.5M 23.3% | $28.0M 28.2% | $21.1M 16.3% | – | – | – |
Large figure: segment operating income. Below it the margin, that is operating income measured against the revenue of the same segment.
Revenue by region
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Other foreign operations | $3.78B 42.6% | $4.60B 44.6% · +21.8% | $5.48B 43.1% · +19.1% | $5.38B 42.7% · -1.8% | $5.24B 43.3% · -2.7% | $5.41B 45.0% · +3.4% |
| U.S. | $3.36B 37.9% | $3.90B 37.7% · +16.0% | $5.23B 41.2% · +34.3% | $5.23B 41.5% · +0.1% | $4.91B 40.6% · -6.1% | $4.69B 39.0% · -4.5% |
| China | $1.72B 19.4% | $1.83B 17.7% · +6.3% | $1.99B 15.7% · +8.9% | $1.99B 15.8% · -0.1% | $1.95B 16.1% · -1.8% | $1.93B 16.1% · -0.9% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Revenue by product line
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| On-site | $4.32B 48.8% | $5.06B 49.0% · +17.1% | $6.63B 52.2% · +31.1% | $6.18B 49.0% · -6.8% | $5.89B 48.7% · -4.6% | $6.18B 51.3% · +4.9% |
| Merchant | $3.95B 44.6% | $4.47B 43.3% · +13.2% | $5.09B 40.1% · +13.9% | $5.53B 43.9% · +8.6% | $5.33B 44.0% · -3.7% | $5.34B 44.3% · +0.1% |
| Sale of Equipment | $582.8M 6.6% | $789.7M 7.6% · +35.5% | $970.8M 7.6% · +22.9% | $889.0M 7.1% · -8.4% | $878.4M 7.3% · -1.2% | $520.0M 4.3% · -40.8% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Segment and region names are the ones the company itself uses and are shown as reported. Change and share refer to revenue.
Data as of: August 7, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q) · Segment figures: SEC EDGAR (10-K/10-Q reports)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.