Air Products wrote off $6.6bn of what it built
Capex tripled to $7.0bn while revenue stopped growing. Two years of cancellations later, exit charges equal 23% of all the company spent building since 2019.
4 primary sourcesTicker · 1 article
APD
Every article on this page was built from the company's own filings. The documents they were read from are listed below, so you can check any figure yourself.
Last checked Aug 26, 2026All companies
Figures we worked out for APD
Not a data feed. Each of these was calculated inside one of the articles above, from the filings listed at the bottom of this page. The arithmetic is shown so you can redo it — and it is re-run every time this site is built.
| Figure | Value | Arithmetic |
|---|---|---|
| Air Products wrote off $6.6bn of what it built | ||
| Cumulative project exit charges | $6,566m | 5518.4 + 1047.4 |
| The two waves sum to the same total | $6,566m | 3658.4 + 2907.4 |
| Capital spending, FY2019 to FY2025 | 3.53× | 7023 / 1990 |
| Cumulative capex over those seven years | $28,336m | 1990 + 2509 + 2464 + 2927 + 4626 + 6797 + 7023 |
| Exit charges against that cumulative spend | +23.2% | 6565.8 / 28336 |
| Revenue against its fiscal 2022 peak | −5.2% | 12037 / 12699 - 1 |
| Free cash flow in fiscal 2025 | −$3,766m | 3257 - 7023 |
| Net property grew this much; revenue grew 35% | +145.1% | 25338 / 10338 - 1 |
| June-quarter operating margin as reported | −66.3% | -2097.1 / 3161.0 |
9 figures from 1 article. Totals and industry averages that belong to no single company are not listed here.
Primary sources used
- Air Products and Chemicals — Form 8-K, 30 June 2026 (Item 2.06, Material Impairments)Pre-tax charge of up to $2.9bn · cash expenditures estimated not to exceed $925m
- Air Products and Chemicals — Form 10-Q for the quarter ended 30 June 2026Note 4 Business and Asset Actions · the $6,565.8m cumulative table · Note 3 on the NEOM VIE
- Air Products and Chemicals — SEC EDGAR filing history (CIK 0000002969)Fiscal year ends 30 September · the annual reports behind the capex and revenue series
- SEC XBRL company facts — Air ProductsCapital expenditure, operating cash flow, revenue and net property series used in the table
4documents, deduplicated. Links go to the original filing, not to a summary.