APD · 10-K filed 20 Nov 2025 · year to 30 Sep 2025

Air Products & Chemicals

25 named things its latest annual report says its results depend on, each in the company's own words. 16 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Refining industry

concentrated innamed as a risk

We do have concentrations of customers in specific industries, primarily refining, chemicals, and electronics.Business (Item 1)

Also named by CLH

Other companies

Euro

exposed to its price · approximately $34named as a risk

The Chinese Renminbi and the Euro represent the largest exposures in terms of our foreign earnings.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Chinese Renminbi

exposed to its price · approximately $50named as a risk

We estimate that a 10% reduction in either the Chinese Renminbi or the Euro versus the U.S. Dollar would lower our annual operating income by approximately $50 and $34, respectively.Market risk (Item 7A)

Also named by AAOI, ALB, AOS, BBW, BWA, CGNX, COHR, DD and 15 more

Honeywell International Inc.

approximately $1.6 billion

Our former liquefied natural gas ("LNG") process technology and equipment business was included in the Corporate and other segment until its sale to Honeywell International Inc. on 30 September 2024.Business (Item 1)

Also named by JCI, MTRN, ROK, SOLS

NEOM Green Hydrogen Project

operates in

The increase was primarily due to the issuance of Euro- and U.S. Dollar-denominated senior fixed-rate notes during the second and third quarters of fiscal year 2025, as well as additional borrowings under the project financing associated with the NEOM Green Hydrogen Project as discussed in Note 3, Variable Interest Entities, to the consolidated financial statements.Market risk (Item 7A)

Competitors

Linde plc

competes with

Each of the regional industrial gases segments competes against three global industrial gas companies: Air Liquide S.A., Linde plc, and Messer Group GmbH, as well as regional competitors.Business (Item 1)

Also named by CF, ENTG

Messer Group GmbH

competes with

Also named by LIN

Air Liquide S.A.

competes with

Places

Outside the United States

earns from · approximately 60% of our salesnamed as a risk

In fiscal year 2025, approximately 60% of our sales were derived from customers outside the United States and many of our operations, suppliers, customers, and employees are located outside the United States.Risk factors (Item 1A)

Also named by ARW, BALL, CCK, COO, GGG, GIS, HPE, LITE and 10 more

China

operates innamed as a risk

Certain of our larger and more complex projects are located in markets outside the United States, such as China, India, the Middle East, and Uzbekistan, including in locations where there is the potential for significant economic and political disruptions.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Uzbekistan

operates innamed as a risk

Saudi Arabia

operates in

In addition, we are advancing projects that produce low-carbon hydrogen from hydrocarbons with carbon capture (“blue hydrogen”) and carbon-free hydrogen from renewable energy (“green hydrogen”), such as the NEOM Green Hydrogen Project in Saudi Arabia.Business (Item 1)

Also named by FLS, IEX, SNOW

Amarillo, Texas

operates in

Because helium is generally sourced globally at long distances from point of sale, we maintain an inventory of helium in our fleet of ISO containers as well as in underground storage facilities in Amarillo, Texas and Beaumont, Texas.Business (Item 1)

Commodities and inputs

Natural gas

depends onnamed as a risk

Hydrocarbons, including natural gas, are the primary feedstock for the production of hydrogen, carbon monoxide, and syngas.Risk factors (Item 1A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Electricity

exposed to its pricenamed as a risk

Because our industrial gas facilities use substantial amounts of electricity, inflation and energy price fluctuations have impacted our revenues and earnings and may continue to do so in the future.Risk factors (Item 1A)

Also named by AA, AESI, APLD, ATI, ATO, BA, BMNR, CLF and 22 more

Crude helium

depends onnamed as a risk

Our supply of crude helium for purification and resale is largely dependent upon natural gas production by crude helium suppliers.Risk factors (Item 1A)

Steel

depends on

Steel, aluminum, and capital equipment subcomponents such as compressors are the principal raw materials in the manufacturing of equipment.Business (Item 1)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APG and 104 more

Regulators

U.S. Environmental Protection Agency (EPA)

subject to

In September 2025, the U.S. Environmental Protection Agency (“EPA”) issued a proposed rule to end federal mandatory GHG reporting for almost all sectors (including Subpart P that we are subject to); however, the rule is not yet final and timing is uncertain.Business (Item 1)

Also named by AAON, AAP, ALSN, AMRC, APA, APG, AROC, AYI and 78 more

Laws and programs

U.S. Inflation Reduction Act of 2022

subject tonamed as a risk

For example, we anticipate benefits from tax incentives created by the U.S. Inflation Reduction Act of 2022 for carbon sequestration and clean hydrogen production in future years once our projects in these areas come on-stream in the U.S.Risk factors (Item 1A)

Also named by ABBV, ARE, BKH, DD, DHR, ELV, ENPH, ENS and 30 more

California Cap-and-Trade Program

subject tonamed as a risk

These include the European Union Emission Trading System, the California Cap-and-Trade Program, China’s Emission Trading Scheme, and South Korea’s Emission Trading Scheme.Business (Item 1)

Also named by CRC, CVX, MP, PNW, PSX

Clean Hydrogen Production Tax Credit (45V)

subject tonamed as a risk

For example, in fiscal year 2025, we cancelled a project to build a green liquid hydrogen project in the U.S., based in part on a regulatory development that rendered existing hydroelectric power supply ineligible for the Clean Hydrogen Production Tax Credit (45V) and incurred a significant impairment charge for the amount that we had invested in the project.Risk factors (Item 1A)

European Union Emission Trading System

subject tonamed as a risk

These include the European Union Emission Trading System, the California Cap-and-Trade Program, China’s Emission Trading Scheme, and South Korea’s Emission Trading Scheme.Business (Item 1)

Netherlands CO2 emissions tax

subject tonamed as a risk

In the Netherlands, a CO2 emissions tax was enacted on 1 January 2021.Business (Item 1)

Taiwan Climate Change Response Act

subject tonamed as a risk

In Taiwan, enforcement of the Climate Change Response Act began in 2023.Business (Item 1)

CERCLA

subject to

In the normal course of business, we are involved in legal proceedings under the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA," the federal Superfund law); Resource Conservation and Recovery Act ("RCRA"); and similar state and foreign environmental laws relating to the designation of certain sites for investigation or remediation.Business (Item 1)

Also named by AA, AAOI, ALB, AN, APLD, ATI, AWK, BMY and 27 more