Air Products and Chemicals, Inc. (APD): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des gaz industriels et des technologies avancées, Air Products and Chemicals, Inc. (APD) est une force pionnière, transformant des paysages industriels complexes à travers des solutions innovantes qui pont l'ingénierie de pointe et les infrastructures énergétiques durables. En tirant stratégiquement un modèle commercial complet qui couvre les marchés mondiaux, le développement technologique et les partenariats stratégiques, APD s'est positionné comme un catalyseur critique des processus industriels à travers les secteurs de la fabrication, de l'énergie, de l'électronique et de la santé - offrant non seulement des gaz, mais des écosystèmes technologiques transformateurs qui stimulent l'efficacité industrielle et l'innovation.

Air Products and Chemicals, Inc. (APD) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les fabricants d'équipements de gaz industriel

Air Products maintient des partenariats stratégiques avec les principaux fabricants d'équipements de gaz industriels pour améliorer les capacités technologiques et la portée du marché.

Partenaire	Focus de partenariat	Année établie
Linde Engineering	Technologies d'unité de séparation d'air	2018
Atlas Copco	Systèmes de compression de gaz	2020
Groupe Howden	Turboexpander Technologies	2019

Partenariats de recherche collaborative avec les universités et les institutions de recherche

Air Products investit dans des collaborations académiques pour stimuler l'innovation dans les technologies du gaz industriel.

• Institut de technologie du Massachusetts (MIT): recherche avancée des matériaux
• California Institute of Technology (Caltech): technologies de production d'hydrogène
• Pennsylvania State University: Capture et séquestration du carbone

Coentreprises avec des entreprises mondiales d'énergie et de fabrication

Les coentreprises stratégiques étendent les capacités opérationnelles mondiales des produits aériens.

Coentreprise	Emplacement	Valeur d'investissement
SAUDI ARAMCO	Arabie Saoudite	2,1 milliards de dollars
ADNOC	Émirats arabes unis	1,6 milliard de dollars

Accords de licence de technologie

Les produits Air s'engage activement dans les licences technologiques pour monétiser les technologies de processus industriels innovants.

• Licence de technologie de gazéification
• Licence de processus de production d'hydrogène
• Licence de technologie de séparation d'air cryogénique

Partenariats de la chaîne d'approvisionnement avec les fournisseurs de matières premières

Les partenariats critiques garantissent une alimentation stable pour la production de gaz industriel.

Matière première	Fournisseur clé	Volume de l'offre annuelle
Azote liquide	Gaz industriels praxair	1,2 million de tonnes métriques
Hélium	Exxonmobil	85 000 tonnes métriques

Air Products and Chemicals, Inc. (APD) - Modèle d'entreprise: Activités clés

Production et distribution du gaz industriel

Volume annuel de production de gaz industriel: 3,5 billions de pieds cubes en 2023. Capacité de production mondiale dans 50 pays. Revenus opérationnels des gaz industriels: 10,9 milliards de dollars au cours de l'exercice 2023.

Type de gaz	Volume de production annuel	Marchés clés
Azote	1,2 billion de pieds cubes	Fabrication, électronique
Oxygen	850 milliards de pieds cubes	Soins de santé, production d'acier
Hydrogène	500 milliards de pieds cubes	Énergie, traitement chimique

Développement des technologies du gaz hydrogène et spécialisé

Investissement en R&D dans les technologies d'hydrogène: 285 millions de dollars en 2023. Nombre de brevets actifs de technologies d'hydrogène: 127.

• Capacité de production d'hydrogène: 2,2 millions de tonnes métriques par an
• Fortes de produits de gaz spécialisés: 43 formulations uniques
• Centres de recherche mondiale sur la technologie de l'hydrogène: 7

Services d'ingénierie et de conception d'usines à grande échelle

Valeur totale du projet d'ingénierie en 2023: 2,3 milliards de dollars. Nombre de projets de conception d'usines industrielles achevées: 36.

Type de projet	Nombre de projets	Valeur totale du projet
Plantes à gaz industrielles	22	1,4 milliard de dollars
Installations de production d'hydrogène	8	650 millions de dollars
Installations de gaz spécialisés	6	250 millions de dollars

Recherche de solutions énergétiques durables

Budget annuel de recherche sur l'énergie durable: 412 millions de dollars. Technologies de réduction du carbone dans le développement: 16 projets actifs.

• Initiatives de production d'hydrogène vert: 9
• Recherche de technologie de capture de carbone: 5 programmes
• Projets d'intégration d'énergie renouvelable: 4

Gestion mondiale des infrastructures de gaz industrielles

Total des actifs d'infrastructure mondiale: 22,6 milliards de dollars. Nombre d'installations opérationnelles dans le monde: 1 200.

Catégorie d'infrastructure	Nombre d'installations	Distribution géographique
Plantes de production	350	Amérique du Nord, Europe, Asie
Centres de distribution	550	Réseau mondial
Installations de recherche	300	CONTINISTES multiples

Air Products and Chemicals, Inc. (APD) - Modèle d'entreprise: Ressources clés

Installations avancées de production de gaz industrielles

En 2024, Air Products exploite plus de 50 installations de production de gaz industrielles dans le monde. La capacité de production totale atteint 2,5 millions de tonnes de gaz industriels par an. Investissement en capital dans les infrastructures de production: 3,2 milliards de dollars.

Type d'installation	Nombre d'installations	Distribution géographique
Plantes à gaz industrielles sur place	32	Amérique du Nord, Europe, Asie
Centres de production de gaz marchands	18	Emplacements stratégiques mondiaux

Technologies de séparation et de purification des gaz propriétaires

Le portefeuille de propriété intellectuelle comprend plus de 750 brevets actifs dans les technologies du gaz. Investissement en R&D: 285 millions de dollars en 2023.

• Technologies de séparation cryogénique avancées
• Systèmes de purification des gaz à base de membrane
• Innovations d'adsorption de swing de pression (PSA)

Réseau de distribution mondial étendu

L'infrastructure de distribution comprend plus de 1 200 camions-citernes, 42 réseaux de pipelines dédiés et 75 centres de distribution stratégiques dans 50 pays.

Actif de distribution	Quantité	Couverture
Camions-citernes	1,200+	Logistique mondiale
Réseaux de pipeline	42	Zones industrielles

Travail technique et ingénierie hautement qualifié

Total de la main-d'œuvre: 19 700 employés. Professionnels techniques: 6 500. Tenure moyenne des employés: 12,3 ans.

• doctorat chercheurs de niveau: 320
• Spécialistes d'ingénierie avancée: 1 750
• Talent mondial dans plusieurs disciplines

Portfolio de propriété intellectuelle importante

Actifs totaux de propriété intellectuelle: 750+ brevets, 125 accords de licence de technologie active. Revenus de licence annuelle: 92 millions de dollars.

Catégorie IP	Nombre d'actifs	Valeur stratégique
Brevets actifs	750+	Innovations de haute technologie
Accords de licence	125	Transfert de technologie mondiale

Air Products and Chemicals, Inc. (APD) - Modèle d'entreprise: propositions de valeur

Solutions innovantes de gaz industrielles pour diverses industries

Les produits aériens servent plusieurs secteurs industriels avec des solutions de gaz spécialisées:

Secteur de l'industrie	Contribution annuelle des revenus	Applications de gaz clés
Fabrication	3,2 milliards de dollars	Processus des gaz, soudage des gaz
Électronique	1,8 milliard de dollars	Azote de haute pureté, argon
Soins de santé	1,5 milliard de dollars	Oxygène médical, gaz spécialisés

Hydrogène haute performance et technologies de gaz spécialisé

Portfolio de technologies d'hydrogène:

• Capacité mondiale de production d'hydrogène: 2 millions de tonnes métriques / an
• Stations d'alimentation en hydrogène: 138 dans le monde
• Investissement annuel sur la technologie de l'hydrogène: 450 millions de dollars

Services d'infrastructure énergétique durables et efficaces

Investissements et capacités des infrastructures énergétiques:

Segment d'énergie durable	Investissement annuel	Impact de la réduction du carbone
Projets d'hydrogène renouvelable	750 millions de dollars	1,2 million de tonnes métriques CO2 équivalent
Infrastructure d'énergie propre	600 millions de dollars	800 000 tonnes métriques CO2

Solutions d'alimentation en gaz personnalisées et de gestion

Métriques de personnalisation clés:

• Projets de production de gaz sur place: 250+ dans le monde
• Capacités de mélange de gaz personnalisées: 500+ formulations uniques
• Durée du contrat moyen: 15-20 ans

Capacités technologiques avancées pour des processus industriels complexes

Investissement et performance technologique:

Catégorie de technologie	Dépenses de R&D annuelles	Portefeuille de brevets
Technologies de gaz industriel	375 millions de dollars	1 200+ brevets actifs
Systèmes d'optimisation du processus	250 millions de dollars	850 technologies propriétaires

Air Products and Chemicals, Inc. (APD) - Modèle d'entreprise: relations avec les clients

Support technique à long terme et consultation

Air Products fournit un support technique dédié dans plusieurs secteurs industriels avec les mesures clés suivantes:

Catégorie de support	Heures de soutien annuelles	Temps de réponse moyen
Clients du gaz industriel	24 768 heures	2,3 heures
Fabrication d'électronique	12 456 heures	1,7 heures
Secteur de la santé	8 234 heures	1,5 heures

Équipes de gestion des comptes dédiés

Les produits aériens maintiennent des structures de gestion des comptes spécialisés:

• Comptes d'entreprise mondiaux: 87 équipes dédiées
• Comptes stratégiques régionaux: 214 gestionnaires spécialisés
• Clusters de compte spécifiques à l'industrie: 56 groupes ciblés

Partenariats continue de l'innovation technologique

Investissement dans l'innovation collaborative:

Type de partenariat d'innovation	Investissement annuel	Nombre de partenariats actifs
Collaborations de recherche	124,6 millions de dollars	37 partenariats
Accords de développement conjoints	76,3 millions de dollars	22 accords

Développement de solutions personnalisées

Métriques d'ingénierie de solutions spécialisées:

• Projets d'ingénierie personnalisés: 412 par an
• Durée moyenne du projet: 6,2 mois
• Taux de satisfaction du client: 94,7%

Accords de service basés sur les performances

Détails du contrat de performance:

Type d'accord	Contrats actifs totaux	Valeur du contrat moyen
Contrats d'efficacité garanties	146	3,7 millions de dollars
Accords de partage des risques	89	2,4 millions de dollars

Air Products and Chemicals, Inc. (APD) - Modèle d'entreprise: canaux

Force de vente directe

En 2024, Air Products maintient une équipe de vente mondiale de 1 287 représentants des ventes directes dans 50 pays. Leur budget annuel de force de vente est de 78,3 millions de dollars.

Région	Nombre de représentants commerciaux	Couverture des ventes
Amérique du Nord	542	45% du total des ventes
Europe	327	22% du total des ventes
Asie-Pacifique	418	33% du total des ventes

Plateformes de support technique en ligne

Air Products exploite 3 plateformes de support technique en ligne dédiées avec un investissement annuel sur l'infrastructure numérique de 12,6 millions de dollars.

• Portail de support technique 24/7
• Base de connaissances spécifique à l'industrie
• Système de support de chat en temps réel

Salons et conférences de l'industrie

Participation annuelle à 47 salons internationaux de l'industrie avec un budget de marketing d'événement total de 5,4 millions de dollars.

Type d'événement	Nombre d'événements annuels	Fréquentation moyenne
Conférences de gaz industrielles	22	3 500 participants
Expositions du secteur de l'énergie	15	2 800 participants
Forums de la technologie de fabrication	10	2 200 participants

Services de conseil technique

Air Products fournit des services de conseil technique spécialisés avec 214 consultants dédiés, générant 67,5 millions de dollars de revenus de conseil annuels.

• Conseil d'optimisation des gaz industriels sur place
• Services d'évaluation de l'efficacité énergétique
• Consulting d'ingénierie de processus

Réseaux de marketing numérique et de communication

Budget de marketing numérique de 9,2 millions de dollars avec un engagement sur 6 canaux de communication numériques principaux.

Canal numérique	Utilisateurs actifs mensuels	Taux d'engagement annuel
Liendin	127,500	4.3%
Site Web de l'entreprise	85,300	3.7%
Canal technique YouTube	42,700	2.9%

Air Products and Chemicals, Inc. (APD) - Modèle d'entreprise: segments de clientèle

Industries manufacturières

Les produits aériens servent plusieurs segments de clients de fabrication avec des exigences précises de gaz industrielles:

Segment de l'industrie	Consommation de gaz annuelle	Part de marché
Fabrication des métaux	1,2 million de tonnes métriques	22%
Traitement chimique	780 000 tonnes métriques	18%
Production de verre	450 000 tonnes métriques	15%

Secteurs énergétiques et pétrochimiques

Segments de clientèle clés sur les marchés de l'énergie:

• Opérations de raffinerie: 35% des revenus du gaz industriel
• Huile & Extraction au gaz: 28% des revenus du gaz industriel
• Plantes pétrochimiques: 22% des revenus du gaz industriel

Fabricants d'électronique et de semi-conducteurs

Alimentation en gaz spécialisée pour la fabrication de haute technologie:

Type de client	Revenus annuels	Niveau de pureté des gaz
Fabricants de semi-conducteurs	1,2 milliard de dollars	99,999% pur
Producteurs d'affichage à panneaux plats	480 millions de dollars	99,99% pur

Sociétés de santé et de technologie médicale

Solutions médicales sur le gaz et la technologie:

• Hôpitaux: 40% des revenus du segment des soins de santé
• Fabrication pharmaceutique: 35% des revenus du segment des soins de santé
• Institutions de recherche médicale: 25% des revenus du segment des soins de santé

Institutions de recherche et universitaires

Alimentation scientifique du gaz et de l'équipement:

Type d'institution	Valeur du contrat annuel	Couverture de service
Laboratoires de recherche universitaire	220 millions de dollars	Couverture nationale
Installations de recherche gouvernementales	180 millions de dollars	Niveau fédéral et étatique

Air Products and Chemicals, Inc. (APD) - Modèle d'entreprise: Structure des coûts

Dépenses en capital élevés pour les installations de gaz industriel

Au cours de l'exercice 2023, Air Products a déclaré des dépenses en capital de 3,6 milliards de dollars, avec des investissements importants dans des installations de production de gaz industrielles dans le monde. La répartition des dépenses en capital de l'entreprise comprend:

Catégorie	Montant d'investissement
Projets de gaz industriel à grande échelle	2,1 milliards de dollars
Infrastructure d'hydrogène	850 millions de dollars
Entretien et expansion des installations existantes	650 millions de dollars

Investissements de recherche et développement importants

Les dépenses de R&D pour les produits aériens en 2023 ont totalisé 237 millions de dollars, en se concentrant sur:

• Technologies de séparation des gaz avancés
• Innovations de production et de distribution d'hydrogène
• Solutions d'énergie propre
• Technologies de capture et de réduction du carbone

Dépenses opérationnelles pour le réseau de distribution mondial

Dépenses opérationnelles annuelles pour le réseau mondial de distribution en 2023:

Catégorie de dépenses	Montant
Transport et logistique	1,2 milliard de dollars
Coûts de carburant et d'énergie	678 millions de dollars
Maintenance des infrastructures de distribution	412 millions de dollars

Coûts de maintenance et de mise à niveau de la technologie

Dépenses liées à la technologie pour 2023:

• Mises à niveau des infrastructures informatiques: 89 millions de dollars
• Investissements en cybersécurité: 42 millions de dollars
• Initiatives de transformation numérique: 65 millions de dollars

Formation de la main-d'œuvre et frais d'acquisition de talents

Investissement en capital humain en 2023:

Catégorie	Frais
Programmes de formation des employés	34 millions de dollars
Acquisition et recrutement de talents	22 millions de dollars
Développement professionnel	18 millions de dollars

Air Products and Chemicals, Inc. (APD) - Modèle d'entreprise: Strots de revenus

Ventes de produits de gaz industriel

Au cours de l'exercice 2023, Air Products a déclaré un chiffre d'affaires total de 10,3 milliards de dollars. Les ventes de gaz industrielles représentaient environ 75% des revenus totaux, ce qui représente 7,725 milliards de dollars.

Catégorie de produits	Revenus (2023)	Pourcentage du total des revenus
Gaz marchands	3,712 milliards de dollars	36%
Gaz sur place	2,882 milliards de dollars	28%
Gaz emballés	1,131 milliard de dollars	11%

Frais de licence de technologie

Les licences technologiques ont généré 245 millions de dollars de revenus pour 2023, ce qui représente environ 2,4% du total des revenus de l'entreprise.

Services d'ingénierie et de conception

Les revenus des services d'ingénierie pour 2023 ont totalisé 512 millions de dollars, représentant 5% du total des revenus de l'entreprise.

Production et distribution d'hydrogène

Les revenus liés à l'hydrogène ont atteint 1,237 milliard de dollars en 2023, avec des segments clés, notamment:

• Production d'hydrogène de la raffinerie: 582 millions de dollars
• Ventes d'hydrogène marchand: 415 millions de dollars
• Projets d'infrastructure d'hydrogène: 240 millions de dollars

Contrats de service et de maintenance à long terme

Les contrats de service à long terme ont généré 615 millions de dollars de revenus pour 2023, ce qui représente 6% du total des revenus de l'entreprise.

Type de contrat	Revenus (2023)	Durée du contrat moyen
Entretien des équipements industriels	312 millions de dollars	5-7 ans
Services de fonctionnement de l'usine de gaz	203 millions de dollars	10-15 ans
Contrats de garantie de performance	100 millions de dollars	3-5 ans

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.