Air Products Q4 FY25: where the revenue came from and where it went
The whole income statement of Air Products for this quarter, as one diagram: what earned the revenue, and what it went on.
- Period
- Jul 1 – Sep 30, 2025
- Reported
- Nov 20, 2025
Revenue$3.17B
−1% year over year
Gross profit$1.02B
32% margin
Operating profit$0.02B
1% margin
Net profit$0.01B
0% margin
The numbers
| Item | Value | Share of revenue | Year over year |
|---|---|---|---|
| Revenue | 3.17 | 100% | −1% |
| Onsite | 1.60 | 50% | +2% |
| Merchant | 1.39 | 44% | +2% |
| Sale of equipment | 0.19 | 6% | −28% |
| Cost of revenue | −2.15 | 68% | |
| Gross profit | 1.02 | 32% margin | −52pp |
| R&D | −0.03 | 1% | +0pp |
| SG&A | −0.22 | 7% | +0pp |
| Other | −0.76 | 24% | +0pp |
| Operating profit | 0.02 | 1% margin | −76pp |
| Other income, net | 0.10 | ||
| Tax | −0.11 | ||
| Net profit | 0.01 | 0% margin | −61pp |
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