APD Air Products & Chemicals margins

Relative Growth: Rel. Growth: 8

Relative Strength: Rel. Strength: 56

Relative Valuation: Rel. Valuation: 13

Relative Profitability: Rel. Profitability: 24

Gross margin

32.1%

Operating margin

-4.7%

EBITDA margin

12.9%

Net margin

-0.4%

Currently, Air Products & Chemicals shows a gross margin of 32.1%, an operating margin of -4.7%, an EBITDA margin of 12.9%, and a net margin of -0.4%; its operating margin is negative at -4.7%, and its net margin is negative at -0.4%. Gross margin showed the largest improvement, gaining by 0.2 percentage points. EBITDA margin saw the largest decline, dropping by 17.1 percentage points.

APD margin history

Gross, operating, EBITDA and net margin trends

Air Products & Chemicals's margins averaged 31.62% gross, 10.79% operating, 32.13% EBITDA, and 14.86% net during the last 3 years. Against the three-year averages, gross margin is above its three-year average and operating, EBITDA, and net margins are below their three-year averages.

APD margin expansion

Year-over-year margin changes in percentage points

Gross margin expanded by 0.2 percentage points, while operating margin contracted by 3.8 percentage points, EBITDA margin by 17.1 percentage points, and net margin by 13.3 percentage points.

Gross margin expansion

0.2pp

Operating margin expansion

-3.8pp

EBITDA margin expansion

-17.1pp

Net margin expansion

-13.3pp

APD Gross margin

Reviewing the last 3 years, Air Products & Chemicals recorded an average gross margin of 31.62%. Air Products & Chemicals's current gross margin is 32.1% and is 0.5 percentage points above its three-year average. The highest gross margin for Air Products & Chemicals was 32.5% in Dec 2024, while the lowest was 29.9% in Sep 2023.

APD Operating margin

Across the last 3 years, Air Products & Chemicals's operating margin averaged 10.79%. The current operating margin stands at -4.7%, 15.5 percentage points below its three-year average. Operating margin was highest at 23.9% in Sep 2024 and lowest at -7.8% in Sep 2025.

APD EBITDA margin

Air Products & Chemicals recorded an average EBITDA margin of 32.13% across the last 3 years. The current EBITDA margin stands at 12.9%, 19.2 percentage points below its three-year average. EBITDA margin was highest at 53.7% in Dec 2024 and lowest at 10.7% in Sep 2025.

APD Net margin

Over the last 3 years, Air Products & Chemicals recorded an average net margin of 14.86%. Air Products & Chemicals's current net margin is -0.4% and is 15.3 percentage points below its three-year average. The highest net margin for Air Products & Chemicals was 31.9% in Dec 2024, while the lowest was -3.3% in Sep 2025.

APD margin group comparison

Margins compared with peer-group, industry and sector averages

Air Products & Chemicals's gross margin of 32.1% is higher than the industry and its peers average but lower than the Basic Materials sector average. But when looking at the Basic Materials sector average of 32.3%, Air Products & Chemicals's gross margin is only 0.6% lower.

APD margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Air Products & Chemicals's gross margin?

For the period ending Jun 30, 2026, APD recorded a gross margin of 32.1%.

What is Air Products & Chemicals's operating margin?

For the period ending Jun 30, 2026, APD recorded an operating margin of -4.7%.

What is Air Products & Chemicals's EBITDA margin?

For the period ending Jun 30, 2026, APD recorded an EBITDA margin of 12.9%.

What is Air Products & Chemicals's net margin?

The current net margin for APD is -0.4% as of Jun 30, 2026.

What are the average margins of APD?

Air Products & Chemicals's average margins over the last 3 years were 31.6% gross, 10.8% operating, 32.1% EBITDA, and 14.9% net.

What are the highest historical margins of APD?

Looking back across 5 years, APD reached 32.5% gross in Dec 2024, 23.9% operating in Sep 2024, 53.7% EBITDA in Dec 2024, and 31.9% net in Dec 2024.

What are the lowest historical margins of APD?

Across the 5-year period, APD posted its lowest margins at 26.5% gross in Sep 2022, -7.8% operating in Sep 2025, 10.7% EBITDA in Sep 2025, and -3.3% net in Sep 2025.