Air Products Q1 FY26: 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
- Oct 1 – Dec 31, 2025
- Reported
- Jan 30, 2026
Revenue$3.10B
+6% year over year
Gross profit$1.00B
32% margin
Operating profit$0.74B
24% margin
Net profit$0.68B
22% margin
The numbers
| Item | Value | Share of revenue | Year over year |
|---|---|---|---|
| Revenue | 3.10 | 100% | +6% |
| Onsite | 1.63 | 53% | +10% |
| Merchant | 1.35 | 43% | +0% |
| Sale of equipment | 0.12 | 4% | +21% |
| Cost of revenue | −2.11 | 68% | |
| Gross profit | 1.00 | 32% margin | +1pp |
| R&D | −0.02 | 1% | +0pp |
| SG&A | −0.23 | 7% | −1pp |
| Other | −0.01 | 0% | +0pp |
| Operating profit | 0.74 | 24% margin | +2pp |
| Other income, net | 0.10 | ||
| Tax | −0.16 | ||
| Net profit | 0.68 | 22% margin | +1pp |
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