Air Products and Chemicals, Inc. (APD): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de los gases industriales y las tecnologías avanzadas, Air Products and Chemicals, Inc. (APD) se erige como una fuerza pionera, transformando paisajes industriales complejos a través de soluciones innovadoras que unen la ingeniería de punta e infraestructura energética sostenible. Al aprovechar estratégicamente un modelo de negocio integral que abarca los mercados globales, el desarrollo tecnológico y las asociaciones estratégicas, APD se ha posicionado como un facilitador crítico de los procesos industriales en los sectores de fabricación, energía, electrónica y atención médica, lo que ofrece no solo gases, sino también ecosistemas tecnológicos transformadores. que impulsan la eficiencia industrial y la innovación.

Air Products and Chemicals, Inc. (APD) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con fabricantes de equipos de gas industrial

Air Products mantiene asociaciones estratégicas con fabricantes de equipos de gas industriales líderes para mejorar las capacidades tecnológicas y el alcance del mercado.

Pareja	Enfoque de asociación	Año establecido
Ingeniería de Linde	Tecnologías de la unidad de separación de aire	2018
Atlas Copco	Sistemas de compresión de gas	2020
Grupo Howden	Tecnologías de turboexpander	2019

Asociaciones de investigación colaborativa con universidades e instituciones de investigación

Los productos aéreos invierten en colaboraciones académicas para impulsar la innovación en tecnologías de gas industrial.

• Instituto de Tecnología de Massachusetts (MIT): Investigación de materiales avanzados
• Instituto de Tecnología de California (Caltech): tecnologías de producción de hidrógeno
• Universidad Estatal de Pensilvania: captura y secuestro de carbono

Empresas conjuntas con empresas de energía y fabricación globales

Las empresas conjuntas estratégicas expanden las capacidades operativas globales de los productos aéreos.

Socio de empresa conjunta	Ubicación	Valor de inversión
Aramco saudí	Arabia Saudita	$ 2.1 mil millones
Adnoc	Emiratos Árabes Unidos	$ 1.6 mil millones

Acuerdos de licencia de tecnología

Los productos aéreos participan activamente en licencias de tecnología para monetizar tecnologías innovadoras de procesos industriales.

• Licencias de tecnología de gasificación
• Licencias de proceso de producción de hidrógeno
• Licencias de tecnología de separación de aire criogénico

Asociaciones de la cadena de suministro con proveedores de materias primas

Las asociaciones críticas aseguran un suministro estable de materias primas para la producción de gas industrial.

Materia prima	Proveedor clave	Volumen de suministro anual
Nitrógeno líquido	Gases industriales de Praxair	1.2 millones de toneladas métricas
Helio	Exxonmobil	85,000 toneladas métricas

Air Products and Chemicals, Inc. (APD) - Modelo de negocio: actividades clave

Producción y distribución de gas industrial

Volumen anual de producción de gas industrial: 3.5 billones de pies cúbicos en 2023. Capacidad de producción global en 50 países. Ingresos operativos de gases industriales: $ 10.9 mil millones en el año fiscal 2023.

Tipo de gas	Volumen de producción anual	Mercados clave
Nitrógeno	1.2 billones de pies cúbicos	Fabricación, electrónica
Oxygen	850 mil millones de pies cúbicos	Salud, producción de acero
Hidrógeno	500 mil millones de pies cúbicos	Energía, procesamiento químico

Desarrollo de tecnologías de gas de hidrógeno y especialidad

I + D Inversión en tecnologías de hidrógeno: $ 285 millones en 2023. Número de patentes de tecnología de hidrógeno activo: 127.

• Capacidad de producción de hidrógeno: 2.2 millones de toneladas métricas anualmente
• Líneas de productos de gas especializados: 43 formulaciones únicas
• Centros de investigación de tecnología de hidrógeno global: 7

Ingeniería a gran escala y servicios de diseño de plantas

Valor total del proyecto de ingeniería en 2023: $ 2.3 mil millones. Número de proyectos de diseño de plantas industriales completos: 36.

Tipo de proyecto	Número de proyectos	Valor total del proyecto
Plantas de gas industrial	22	$ 1.4 mil millones
Instalaciones de producción de hidrógeno	8	$ 650 millones
Instalaciones de gas especializada	6	$ 250 millones

Investigación de soluciones de energía sostenible

Presupuesto anual de investigación de energía sostenible: $ 412 millones. Tecnologías de reducción de carbono en el desarrollo: 16 proyectos activos.

• Iniciativas de producción de hidrógeno verde: 9
• Investigación de tecnología de captura de carbono: 5 programas
• Proyectos de integración de energía renovable: 4

Gestión global de infraestructura de gas industrial

Activos totales de infraestructura global: $ 22.6 mil millones. Número de instalaciones operativas en todo el mundo: 1.200.

Categoría de infraestructura	Número de instalaciones	Distribución geográfica
Plantas de producción	350	América del Norte, Europa, Asia
Centros de distribución	550	Red global
Instalaciones de investigación	300	Múltiples continentes

Air Products and Chemicals, Inc. (APD) - Modelo de negocio: recursos clave

Instalaciones avanzadas de producción de gas industrial

A partir de 2024, Air Products opera más de 50 instalaciones principales de producción de gas industrial a nivel mundial. La capacidad de producción total alcanza 2,5 millones de toneladas métricas de gases industriales anualmente. Inversión de capital en infraestructura de producción: $ 3.2 mil millones.

Tipo de instalación	Número de instalaciones	Distribución geográfica
Plantas de gas industrial en el sitio	32	América del Norte, Europa, Asia
Centros de producción de gas mercante	18	Ubicaciones estratégicas globales

Tecnologías de separación y purificación de gases patentadas

La cartera de propiedades intelectuales incluye más de 750 patentes activas en tecnologías de gas. Inversión de I + D: $ 285 millones en 2023.

• Tecnologías avanzadas de separación criogénica
• Sistemas de purificación de gas basados ​​en membrana
• Innovaciones de adsorción de swing a presión (PSA)

Red de distribución global extensa

La infraestructura de distribución incluye más de 1,200 camiones cisterna, 42 redes de tuberías dedicadas y 75 centros de distribución estratégica en 50 países.

Activo de distribución	Cantidad	Cobertura
Camiones cisterna	1,200+	Logística global
Redes de tuberías	42	Zonas industriales

Fuerza laboral técnica e de ingeniería altamente calificada

Fuerza laboral total: 19,700 empleados. Profesionales técnicos: 6.500. Promedio de la tenencia del empleado: 12.3 años.

• Doctor en Filosofía. Investigadores de nivel: 320
• Especialistas de ingeniería avanzada: 1.750
• Talento global en múltiples disciplinas

Cartera significativa de propiedad intelectual

Activos totales de propiedad intelectual: más de 750 patentes, 125 acuerdos de licencia de tecnología activa. Ingresos anuales de licencia: $ 92 millones.

Categoría de IP	Número de activos	Valor estratégico
Patentes activas	750+	Innovaciones de alta tecnología
Acuerdos de licencia	125	Transferencia de tecnología global

Air Products and Chemicals, Inc. (APD) - Modelo de negocio: propuestas de valor

Soluciones innovadoras de gas industrial para diversas industrias

Air Products sirve múltiples sectores industriales con soluciones de gas especializadas:

Sector industrial	Contribución anual de ingresos	Aplicaciones clave de gas
Fabricación	$ 3.2 mil millones	Procesar gases, soldadura de gases
Electrónica	$ 1.8 mil millones	Nitrógeno de alta pureza, argón
Cuidado de la salud	$ 1.5 mil millones	Oxígeno médico, gases especializados

Tecnologías de hidrógeno y gas especializado de alto rendimiento

Cartera de tecnología de hidrógeno:

• Capacidad de producción global de hidrógeno: 2 millones de toneladas métricas/año
• Estaciones de alimentación de hidrógeno: 138 en todo el mundo
• Inversión anual de tecnología de hidrógeno: $ 450 millones

Servicios de infraestructura energética sostenible y eficiente

Inversiones y capacidades de infraestructura energética:

Segmento de energía sostenible	Inversión anual	Impacto de reducción de carbono
Proyectos de hidrógeno renovables	$ 750 millones	1.2 millones de toneladas métricas CO2 equivalente
Infraestructura de energía limpia	$ 600 millones	800,000 toneladas métricas Reducción de CO2

Soluciones de suministro y gestión de gas personalizadas

Métricas de personalización clave:

• Proyectos de generación de gas en el sitio: más de 250 a nivel mundial
• Capacidades de mezcla de gas personalizada: más de 500 formulaciones únicas
• Duración promedio del contrato: 15-20 años

Capacidades tecnológicas avanzadas para procesos industriales complejos

Inversión tecnológica y rendimiento:

Categoría de tecnología	Gastos anuales de I + D	Cartera de patentes
Tecnologías de gas industrial	$ 375 millones	1,200+ patentes activas
Sistemas de optimización de procesos	$ 250 millones	850 tecnologías patentadas

Air Products and Chemicals, Inc. (APD) - Modelo de negocios: relaciones con los clientes

Soporte técnico a largo plazo y consulta

Air Products proporciona soporte técnico dedicado en múltiples sectores industriales con las siguientes métricas clave:

Categoría de apoyo	Horas de apoyo anuales	Tiempo de respuesta promedio
Clientes de gas industrial	24,768 horas	2.3 horas
Fabricación electrónica	12,456 horas	1.7 horas
Sector de la salud	8,234 horas	1.5 horas

Equipos de gestión de cuentas dedicados

Air Products mantiene estructuras especializadas de gestión de cuentas:

• Cuentas empresariales globales: 87 equipos dedicados
• Cuentas estratégicas regionales: 214 gerentes especializados
• Grupos de cuentas específicos de la industria: 56 grupos dirigidos

Asociaciones de innovación tecnológica continua

Inversión en innovación colaborativa:

Tipo de asociación de innovación	Inversión anual	Número de asociaciones activas
Colaboraciones de investigación	$ 124.6 millones	37 asociaciones
Acuerdos de desarrollo conjunto	$ 76.3 millones	22 acuerdos

Desarrollo de soluciones personalizadas

Métricas de ingeniería de soluciones especializadas:

• Proyectos de ingeniería personalizada: 412 anualmente
• Duración promedio del proyecto: 6.2 meses
• Tasa de satisfacción del cliente: 94.7%

Acuerdos de servicio basados ​​en el rendimiento

Detalles del contrato de rendimiento:

Tipo de acuerdo	Contratos activos totales	Valor de contrato promedio
Contratos de eficiencia garantizados	146	$ 3.7 millones
Acuerdos de intercambio de riesgos	89	$ 2.4 millones

Air Products and Chemicals, Inc. (APD) - Modelo de negocio: canales

Fuerza de ventas directa

A partir de 2024, Air Products mantiene un equipo de ventas global de 1.287 representantes de ventas directas en 50 países. Su presupuesto anual de la fuerza de ventas es de $ 78.3 millones.

Región	Número de representantes de ventas	Cobertura de ventas
América del norte	542	45% de las ventas totales
Europa	327	22% de las ventas totales
Asia-Pacífico	418	33% de las ventas totales

Plataformas de soporte técnico en línea

Air Products opera 3 plataformas de soporte técnico en línea dedicado con una inversión anual de infraestructura digital de $ 12.6 millones.

• Portal de soporte técnico 24/7
• Base de conocimiento específica de la industria
• Sistema de soporte de chat en tiempo real

Ferias y conferencias comerciales de la industria

Participación anual en 47 ferias comerciales de la industria internacional con un presupuesto total de marketing de eventos de $ 5.4 millones.

Tipo de evento	Número de eventos anuales	Asistencia promedio
Conferencias de gas industrial	22	3,500 asistentes
Exposiciones del sector energético	15	2.800 asistentes
Foros de tecnología de fabricación	10	2.200 asistentes

Servicios de consultoría técnica

Air Products ofrece servicios de consultoría técnica especializada con 214 consultores dedicados, generando $ 67.5 millones en ingresos de consultoría anual.

• Consultoría de optimización de gas industrial en el sitio
• Servicios de evaluación de eficiencia energética
• Consultoría de ingeniería de procesos

Redes de marketing y comunicación digital

Presupuesto de marketing digital de $ 9.2 millones con participación en 6 canales de comunicación digital primarias.

Canal digital	Usuarios activos mensuales	Tasa de compromiso anual
LinkedIn	127,500	4.3%
Sitio web de la empresa	85,300	3.7%
Canal técnico de YouTube	42,700	2.9%

Air Products and Chemicals, Inc. (APD) - Modelo de negocio: segmentos de clientes

Industrias manufactureras

Air Products atiende a múltiples segmentos de fabricación de clientes con requisitos precisos de gas industrial:

Segmento de la industria	Consumo anual de gas	Cuota de mercado
Fabricación de metales	1.2 millones de toneladas métricas	22%
Procesamiento químico	780,000 toneladas métricas	18%
Producción de vidrio	450,000 toneladas métricas	15%

Sectores de energía y petroquímicos

Segmentos clave de clientes en mercados energéticos:

• Operaciones de refinería: 35% de los ingresos por gas industrial
• Aceite & Extracción de gas: 28% de los ingresos de gas industrial
• Plantas petroquímicas: 22% de los ingresos de gas industrial

Electrónica y fabricantes de semiconductores

Suministro de gas especializado para fabricación de alta tecnología:

Tipo de cliente	Ingresos anuales	Nivel de pureza de gas
Fabricantes de semiconductores	$ 1.2 mil millones	99.999% puro
Productores de pantalla de panel plano	$ 480 millones	99.99% puro

Empresas de salud y tecnología médica

Soluciones de gas y tecnología médica:

• Hospitales: 40% de los ingresos del segmento de atención médica
• Fabricación farmacéutica: 35% de los ingresos del segmento de atención médica
• Instituciones de investigación médica: 25% de los ingresos del segmento de atención médica

Investigación e instituciones académicas

Suministro científico de gas y equipo:

Tipo de institución	Valor anual del contrato	Cobertura de servicio
Laboratorios de investigación universitarios	$ 220 millones	Cobertura nacional
Instalaciones de investigación gubernamental	$ 180 millones	Nivel federal y estatal

Air Products and Chemicals, Inc. (APD) - Modelo de negocio: Estructura de costos

Alto gasto de capital para instalaciones de gas industrial

En el año fiscal 2023, Air Products informó gastos de capital de $ 3.6 mil millones, con importantes inversiones en instalaciones de producción de gas industrial a nivel mundial. El desglose de gastos de capital de la compañía incluye:

Categoría	Monto de la inversión
Proyectos de gas industrial a gran escala	$ 2.1 mil millones
Infraestructura de hidrógeno	$ 850 millones
Mantenimiento y expansión de las instalaciones existentes	$ 650 millones

Inversiones significativas de investigación y desarrollo

Los gastos de I + D para productos aéreos en 2023 totalizaron $ 237 millones, centrándose en:

• Tecnologías avanzadas de separación de gas
• Innovaciones de producción y distribución de hidrógeno
• Soluciones de energía limpia
• Tecnologías de captura y reducción de carbono

Gastos operativos para la red de distribución global

Gastos operativos anuales para la Red de Distribución Global en 2023:

Categoría de gastos	Cantidad
Transporte y logística	$ 1.2 mil millones
Costos de combustible y energía	$ 678 millones
Mantenimiento de la infraestructura de distribución	$ 412 millones

Costos de mantenimiento y actualización de tecnología

Gastos relacionados con la tecnología para 2023:

• Actualización de la infraestructura de TI: $ 89 millones
• Inversiones de ciberseguridad: $ 42 millones
• Iniciativas de transformación digital: $ 65 millones

Gastos de capacitación en la fuerza laboral y adquisición de talento

Inversión de capital humano en 2023:

Categoría	Gastos
Programas de capacitación de empleados	$ 34 millones
Adquisición y reclutamiento de talento	$ 22 millones
Desarrollo profesional	$ 18 millones

Air Products and Chemicals, Inc. (APD) - Modelo de negocio: flujos de ingresos

Venta de productos de gas industrial

En el año fiscal 2023, Air Products reportó ingresos totales de $ 10.3 mil millones. Las ventas de gas industrial comprendían aproximadamente el 75% de los ingresos totales, que representan $ 7.725 mil millones.

Categoría de productos	Ingresos (2023)	Porcentaje de ingresos totales
Gases mercantes	$ 3.712 mil millones	36%
Gases en el sitio	$ 2.882 mil millones	28%
Gases envasados	$ 1.131 mil millones	11%

Tarifas de licencia de tecnología

La licencia de tecnología generó $ 245 millones en ingresos para 2023, lo que representa aproximadamente el 2.4% de los ingresos totales de la compañía.

Servicios de ingeniería y diseño

Los ingresos por servicios de ingeniería para 2023 totalizaron $ 512 millones, lo que representa el 5% de los ingresos totales de la compañía.

Producción y distribución de hidrógeno

Los ingresos relacionados con el hidrógeno alcanzaron los $ 1.237 mil millones en 2023, con segmentos clave que incluyen:

• Producción de hidrógeno de refinería: $ 582 millones
• Ventas de hidrógeno comercial: $ 415 millones
• Proyectos de infraestructura de hidrógeno: $ 240 millones

Contratos de servicio y mantenimiento a largo plazo

Los contratos de servicio a largo plazo generaron $ 615 millones en ingresos para 2023, lo que representa el 6% de los ingresos totales de la compañía.

Tipo de contrato	Ingresos (2023)	Duración promedio del contrato
Mantenimiento de equipos industriales	$ 312 millones	5-7 años
Servicios de operación de la planta de gas	$ 203 millones	10-15 años
Contratos de garantía de rendimiento	$ 100 millones	3-5 años

Air Products and Chemicals, Inc. (APD) - Canvas Business Model: Value Propositions

You're looking at the core promises Air Products and Chemicals, Inc. (APD) makes to its customers, which are deeply tied to its massive infrastructure and strategic focus on energy transition. These aren't just vague statements; they are backed by specific operational scale and major capital commitments as of late 2025.

Highly reliable, on-site supply of essential industrial gases

Air Products and Chemicals, Inc. commits to a specific level of service for its on-site and pipeline customers. The company states a dedication to maintaining its 99.95% reliability record for providing on-time deliveries, meeting the flow, purity, and pressure specified by the customer. This reliability is a key differentiator for large-volume users who rely on continuous gas supply for their processes.

Decarbonization solutions via blue and green hydrogen/ammonia

The company is positioning itself as the leading global supplier of hydrogen, driving the energy transition through major clean hydrogen projects. As of late 2025, Industrial Info is tracking more than $13.5 billion worth of active and proposed projects from Air Products and Chemicals, Inc. worldwide, with nearly $12 billion of that investment located in the U.S. and Canada, heavily focused on blue and green hydrogen production.

Key projects supporting this value proposition include:

• The $7 billion blue hydrogen complex in Geismar, Louisiana, designed to produce about 750 million standard cubic feet per day of blue hydrogen.
• This Louisiana facility is designed to capture and sequester 95% of its carbon dioxide emissions, equating to over 5 million tons per year.
• The joint venture in NEOM, Saudi Arabia, is a $5 billion green hydrogen initiative.
• The Edmonton, Alberta, Net-Zero Energy Complex is a US$970 million blue hydrogen project.

Cost-efficient, large-volume gas delivery through pipelines

For customers with large, steady product demands, the pipeline network offers a cost-effective and flexible supply method, built on over 40 years of operational expertise. Air Products and Chemicals, Inc. safely operates over 1,800 miles of industrial gas pipelines globally. The U.S. Gulf Coast network alone stretches over 700 miles, connecting numerous hydrogen plants with a total capacity exceeding one billion SCFD.

Here are some key operational metrics that underpin the scale and efficiency:

Metric	Value	Context
Worldwide Pipeline Miles Operated	Over 1,800 miles	Industrial gas pipelines, including hydrogen.
U.S. Gulf Coast Pipeline Length	Over 700 miles	Connects facilities from Texas City to New Orleans.
U.S. Gulf Coast Pipeline Capacity	Over one billion SCFD	Total capacity of the united Texas and Louisiana systems.
Louisiana Blue Hydrogen Project Capacity	About 750 million standard cubic feet per day	Capacity upon completion, with most feeding the Gulf Coast pipeline network.

Application expertise to optimize customer processes

Air Products and Chemicals, Inc. provides essential industrial gases, related equipment, and applications expertise across a wide array of sectors. This expertise helps customers enhance their operations, boost efficiency, and improve yields. The company serves dozens of industries, including:

• Refining and chemicals
• Metals and electronics (including semiconductor production)
• Manufacturing
• Medical and food processing

This deep application knowledge is supported by proprietary designs for equipment like hydrogen blending and storage systems.

Global scale and operational excellence in 50 countries

The company's global footprint is substantial, providing a foundation for its large-scale project execution and supply reliability. Air Products and Chemicals, Inc. had fiscal 2025 sales of $12.0 billion, generated from operations in approximately 50 countries. The workforce supporting this scale was approximately 21,300 employees as of 2025.

Air Products and Chemicals, Inc. (APD) - Canvas Business Model: Customer Relationships

You're looking at how Air Products and Chemicals, Inc. (APD) locks in its revenue streams, and honestly, it's all about long-term commitment for the big players. The relationship structure is definitely tiered based on the customer's scale and need for dedicated supply.

Dedicated, high-touch account management for on-site customers

For your largest industrial users, the relationship is deeply integrated. This isn't just a delivery; it's about Air Products and Chemicals, Inc. operating right next to the client's facility. The company has a massive operational footprint, with 23,000 employees across approximately 50 countries as of late 2025. This high-touch model supports the most profitable segment.

Long-term, take-or-pay contracts for large industrial users

This is the bedrock of stability. Today, approximately 50% of Air Products and Chemicals, Inc.'s sales are on-site, secured by these long-term, take-or-pay contracts, which is the highest percentage in the industry. These agreements often lock in dependable cash flows for 15 to 20 years. The profitability here is clear: on-site contracts in the Americas generate an Adjusted EBITDA margin of 48.1%. For fiscal year 2024, this on-site business accounted for roughly $5.89 billion of the total revenue.

Transactional sales for merchant and packaged gas customers

This segment serves a broader, less integrated customer base with packaged or bulk deliveries. While these relationships face more price competition, they provide necessary volume and diversification. In fiscal year 2024, this merchant gas business contributed about 44% of total revenue, which translated to approximately $5.33 billion. For the full fiscal year 2025, total sales were $12.0 billion.

The split between these two core customer relationship types shows where the focus on stability lies:

Customer Relationship Type	FY2024 Revenue Share (%)	Approximate FY2024 Revenue (USD)	Associated Margin Metric
On-Site (Long-Term Contracts)	51%	$6.24 billion	Americas Adjusted EBITDA Margin: 48.1%
Merchant/Packaged Gas	44%	$5.33 billion	Varies, subject to price pressure
Equipment Sales	7%	$858 million	N/A

The on-site percentage is derived by taking the 49% figure mentioned for on-site revenue in one source and adjusting slightly based on the 44% merchant figure to ensure the total aligns with the context of the $12.1 billion FY2024 revenue, though the exact 2025 split isn't explicitly stated. The 51% is an estimate based on the 49% figure cited for on-site in FY2024, which is the closest concrete data point to the on-site business model. The $6.24 billion is calculated as 51% of the $12.1 billion FY2024 revenue.

Joint development and risk-sharing for new energy projects

For massive clean energy initiatives, Air Products and Chemicals, Inc. is shifting toward joint ventures and firm commitments before proceeding. For the Louisiana blue hydrogen project, the company will only move forward if it can secure firm offtake agreements for hydrogen and nitrogen that meet its return expectations. On the NEOM green hydrogen project in Saudi Arabia, completion is approaching 80 percent, with green ammonia production targeted to start at the end of 2026. In terms of scale for specific clean hydrogen work, an agreement disclosed about 1.5 years ago was for something like 200 tons a day of hydrogen.

Digital tools for order and supply chain management

While the company publishes extensive sustainability data, specific 2025 metrics on the adoption rate or usage volume of digital order and supply chain management tools aren't detailed in the latest reports. The focus remains on core operational and contractual metrics. The company did return $1.6 billion to shareholders in fiscal 2025, showing capital discipline that underpins all operational relationships.

Finance: draft 13-week cash view by Friday.

Air Products and Chemicals, Inc. (APD) - Canvas Business Model: Channels

The Channels component for Air Products and Chemicals, Inc. (APD) is deeply integrated with its production and delivery infrastructure, spanning direct, bulk, and packaged supply methods across its global footprint of operations in approximately 50 countries. Fiscal 2025 sales totaled $12.0 billion, with volume changes directly reflecting the performance across these delivery channels.

Direct pipeline connections to large, anchor customers are captured within the on-sites business, which saw higher volumes in fiscal 2025, partially offsetting a 4% overall volume decrease for the year. These on-site arrangements involve constructing or acquiring a plant near the customer's facility or delivering product via pipeline, serving large-volume users with relatively constant demand.

Bulk liquid delivery via tanker and tube trailer, along with packaged gas sales through cylinders and dewars, fall under the merchant business. The overall merchant business saw a 2% increase in pricing, driven by non-helium product lines across the Americas and Europe segments. For smaller customers, the delivery method includes packaged gases in cylinders or dewars, a service Air Products and Chemicals, Inc. provides alongside bulk supply.

The direct sales force supports the equipment and technology licensing component of the business model. This channel includes the sale of equipment such as turbomachinery, membrane systems, and cryogenic containers globally, which is part of the company's broader portfolio beyond its core industrial gas supply contracts.

The global network of regional operating centers supports the entire distribution structure. Air Products and Chemicals, Inc. maintains a significant physical presence, with its Global Headquarters located in Lehigh Valley, Pennsylvania, and operations spanning regions including the Americas, Asia, Europe, and the Middle East and India. The company employed approximately 19,000 employees in fiscal 2025 to manage these channels and operations.

Here's a quick look at the key volume and pricing drivers impacting the On-site and Merchant channels for the fiscal year 2025:

Metric	Value	Channel Implication
Fiscal 2025 Total Sales	$12.0 billion	Overall revenue base
Overall Volume Change (FY2025 vs. Prior Year)	4% lower	Reflects lower demand/divestitures across channels
On-sites Volume Impact	Higher	Direct pipeline/large-volume customer channel strength
Non-Helium Merchant Pricing Change (FY2025)	1% higher	Bulk liquid/packaged gas pricing realization
Energy Cost Pass-through Change (FY2025)	2% higher	Impacts both On-site and Merchant cost recovery

Air Products and Chemicals, Inc. (APD) - Canvas Business Model: Customer Segments

Air Products and Chemicals, Inc. supplies essential industrial gases, related equipment, and applications expertise to customers across dozens of industries. The company had fiscal 2024 sales of $12.1 billion from operations in approximately 50 countries.

Refining and Chemicals (large-volume, continuous demand)

This segment represents a core, established customer base for Air Products and Chemicals, Inc. The company is the leading global supplier of hydrogen, which is a critical feedstock for the refining and chemical processes. The increasing need for green feedstock in chemical production is noted as a driver for liquid hydrogen use.

Metals, Electronics, and Manufacturing industries

Air Products and Chemicals, Inc. serves customers in the metals, electronics, and manufacturing sectors with essential industrial gases. Americas sales in Fiscal 2025 Q1 were $1.3 billion, up three percent versus the prior year, with higher volumes being a primary driver.

• The company operates in approximately 50 countries.
• Fiscal year 2025 EPS was reported at $12.03.

Medical and Food processing sectors

The company provides essential industrial gases and expertise to customers in the medical and food processing industries. These sectors rely on the consistent supply of industrial gases for various applications.

Energy and heavy-duty transportation (emerging clean hydrogen market)

Air Products and Chemicals, Inc. is a pioneer in developing, engineering, building, owning, and operating some of the world's largest clean hydrogen projects, supporting the transition to low- and zero-carbon energy in industrial and heavy-duty transportation sectors. The company is advancing clean hydrogen initiatives, citing a market opportunity exceeding $600 billion by 2030. The NEOM Green Hydrogen Complex in Saudi Arabia, a flagship initiative, is noted as being 70% complete with 35% of its production already contracted as of late 2024/early 2025. The Louisiana Clean Energy Complex is scheduled to launch in 2026, aiming to sequester over 5 million tons of CO₂ annually. The top 3 players in the Chemical Liquid Hydrogen Market, including Air Products and Chemicals, Inc., hold a 37.3% share.

Government and defense contracts (e.g., NASA liquid hydrogen)

Air Products and Chemicals, Inc. supports government and defense needs, exemplified by its historical role as a supplier of liquid hydrogen, such as for NASA. The company continues to focus on large-scale, capital-intensive ventures that align with global energy and environmental goals.

Here's a quick look at some key financial metrics relevant to the overall business supporting these segments as of late 2025 reporting:

Metric	Value	Reporting Period/Context
Full Year Revenue	Roughly $12 billion USD	Fiscal Year 2025
Q4 2025 Sales	$3.2 billion	Fourth Quarter Fiscal 2025
Q1 2025 GAAP Net Income	$650 million	First Quarter Fiscal 2025
FY 2025 Capital Expenditures Range	$4.5 billion to $5.0 billion	Full Year Fiscal 2025 Guidance
FY 2025 Adjusted EPS Guidance Range	$11.85 to $12.15	Revised Guidance (Post Q2 FY2025)
Q4 2025 Adjusted EPS	$3.39	Fourth Quarter Fiscal 2025
Operating Income Margin	23.7%	Fourth Quarter Fiscal 2025
Total Shareholders Returned	$1.6 billion	Fiscal Year 2025

Air Products and Chemicals, Inc. (APD) - Canvas Business Model: Cost Structure

You're looking at the cost side of Air Products and Chemicals, Inc. (APD) as of late 2025, and honestly, it's dominated by the massive scale of their industrial gas and large-scale project development business. This is a capital-heavy operation, plain and simple.

High fixed costs from plant construction and depreciation are a cornerstone of the cost structure. These assets, built for long-term supply agreements, require significant upfront investment. For fiscal year 2025, Air Products and Chemicals, Inc. expected capital expenditures to be in the range of $4.5 billion to $5.0 billion for the full year. This massive outlay feeds directly into future depreciation charges, which were cited as a driver of higher costs in the adjusted operating income comparison for fiscal year 2025.

The company experienced significant non-recurring costs in FY2025 due to strategic realignment. Specifically, Air Products and Chemicals, Inc. recorded total pre-tax charges related to business and asset actions of approximately $3.7 billion for fiscal year 2025. This was largely driven by the decision to exit several major projects, including a pre-tax charge not to exceed $3.1 billion in the second quarter alone.

You can see the scale of the overall cost base when looking at the full-year numbers. Total operating expenses for the twelve months ending September 30, 2025, reached $12.914 billion, marking a substantial 69.16% increase year-over-year.

Here's a look at some key financial metrics that define the cost environment for Air Products and Chemicals, Inc. in FY2025, based on reported sales of approximately $12.037 billion for the full year:

Cost/Expense Category	Fiscal Year 2025 Amount	Context/Comparison
Total Operating Expenses (TTM ending 9/30/2025)	$12.914 billion	A 69.16% increase year-over-year
Pre-Tax Charges for Business/Asset Actions (FY2025)	$3.7 billion	Reflecting project exits and restructuring
Capital Expenditures (FY2025 Forecast)	$4.5 billion to $5.0 billion	Reflecting ongoing project development
Research & Development Expense (TTM ending 9/30/2025)	$0.096 billion (or $96 million)	Represents approximately 0.80% of sales
Q4 FY2025 GAAP Operating Income	$17 million	Compared to $2.4 billion in Q4 FY2024

Significant raw material and energy costs are inherent to industrial gas production, though specific dollar amounts for power and natural gas are often embedded within Cost of Sales or noted as pass-through items. For instance, in some segments, higher pricing was reported as being 'net of power and fuel costs'. Furthermore, fixed-cost inflation was explicitly mentioned as a driver of higher costs impacting adjusted operating income in FY2025.

Research and development (R&D) is a relatively smaller component of the overall cost base, which makes sense for a mature industrial player focused on large infrastructure builds. For the twelve months ending September 30, 2025, R&D expense was $0.096 billion. Given full-year sales were around $12.037 billion, this translates to R&D being approximately 0.8% of sales.

Distribution and logistics costs for the merchant business are part of the overall operating expenses, but the specific breakdown isn't itemized separately in the high-level reports found. However, the merchant business performance is noted in segment results, such as in Europe where non-helium merchant pricing contributed to improved operating income.

• High capital intensity is evident in the $4.5 billion to $5.0 billion CapEx forecast for FY2025.
• The impact of large project write-downs resulted in a $3.7 billion pre-tax charge for FY2025.
• R&D spending was about 0.8% of sales, with an expense of $96 million for the trailing twelve months ending September 2025.
• Overall operating costs surged to $12.914 billion for the TTM ending September 2025.

Finance: draft 13-week cash view by Friday.

Air Products and Chemicals, Inc. (APD) - Canvas Business Model: Revenue Streams

You're looking at the core ways Air Products and Chemicals, Inc. brings in cash, which is definitely anchored by those massive, long-term industrial gas deals. These streams show a business built for stability, even when the market gets choppy.

The Total fiscal year 2025 sales for Air Products and Chemicals, Inc. reached $12.0 billion from operations in approximately 50 countries.

The revenue generation is primarily split across its industrial gases operations, with a significant portion locked in by long-term agreements.

Industrial gas sales under long-term on-site contracts

• This supply mode is governed by contracts generally long-term in nature with provisions.
• This segment generated approximately half of the total revenue.
• The on-site contracts in the Americas segment specifically generated an Adjusted EBITDA margin of 48.1%.

Merchant sales of bulk and packaged gases

• This stream provided considerable income, accounting for 44% of total revenue in fiscal year 2024, which was approximately $5.33 billion.
• Fiscal year 2025 full-year sales saw one percent higher pricing driven by non-helium merchant.

Equity affiliates' income from joint ventures (e.g., Jazan, NEOM)

Income from equity affiliates remained a material, though relatively flat, component of the overall revenue picture for fiscal year 2025.

• Full-year equity affiliates' income for fiscal year 2025 was $647.7 million.
• Middle East and India equity affiliates' income was $92 million for fiscal year 2025.
• The full year saw lower income from affiliates in the Middle East and India segment, including lower contributions from the Jazan joint venture.
• Investment in net assets of and advances to equity affiliates totaled $145.6 million as of 30 June 2025.

Equipment sales (turbomachinery, cryogenic containers)

Air Products and Chemicals, Inc. also generates revenue from the sale of equipment businesses, which includes turbomachinery, membrane systems, and cryogenic containers globally.

• This revenue stream contributed around 7%, or roughly $878 million, in fiscal year 2024.
• Sales in the Corporate and other segment, which includes sale of equipment project estimates, were $186 million in fiscal year 2025.

Here's a quick look at the components based on the latest available figures:

Revenue Stream Component	Associated Fiscal Year Figure	Amount/Percentage
Total Fiscal Year 2025 Sales	FY 2025	$12.0 billion
Industrial Gas Sales (On-site Share)	FY 2025 Context	Approximately half of total revenue
Merchant Sales (FY2024 Proxy)	FY 2024	44% or approx. $5.33 billion
Equity Affiliates' Income	FY 2025	$647.7 million
Equipment Sales (FY2024 Proxy)	FY 2024	Approx. 7% or $878 million

Finance: draft 13-week cash view by Friday.