0000002969-26-000020 | 10-Q | XBRL Viewer | AIR Products Chemicals INC

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Share-Based Compensation (Market-Based Deferred Stock Unit Valuation Assumptions) (Details) - Market Based Deferred Stock Unit	6 Months Ended
	Mar. 31, 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	34.50%
Risk-free interest rate	3.60%
Expected dividend yield	2.70%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (f)(2)(v)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 718
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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+ Details

Business and Asset Actions (Project Exit Costs) (Details) - Project Exit Costs - USD ($) $ in Millions	3 Months Ended	6 Months Ended	13 Months Ended
	Mar. 31, 2026	Mar. 31, 2026	Mar. 31, 2026
Restructuring Cost and Reserve [Line Items]
Project exit costs	$ 0.0	$ 28.3	$ 3,600.0
Noncash expenses			3,300.0
Impairment of property and equipment			2,500.0
Estimated effect on cash flows, total			360.0
Restructuring Reserve [Roll Forward]
Amount accrued at beginning of period		178.3
Changes in estimates		9.3
Cash payments		(67.0)	(240.0)
Amount accrued at end of period	$ 120.6	$ 120.6	$ 120.6

Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]
Dividends per share (in dollars per share)	$ 1.81	$ 1.79	$ 3.60	$ 3.56

Consolidated Statements of Equity (Unaudited) - USD ($)
$ in Millions

Total

Air Products Share-holders' Equity

Common Stock

Capital in Excess of Par Value

Retained Earnings

AOCL

Treasury Stock

Non-controlling Interests

Beginning balance at Sep. 30, 2024

$ 18,673.7

$ 17,036.5

$ 249.4

$ 1,253.2

$ 19,545.7

$ (2,027.7)

^[1]

$ (1,984.1)

$ 1,637.2

Stockholders' Equity [Roll Forward]

Net income

(1,087.7)

(1,113.2)

25.5

Other comprehensive income

(391.6)

(450.0)

^[1]

58.4

Dividends on common stock

(792.1)

Distributions to noncontrolling interests

(1.4)

Share-based compensation

51.0

Issuance of treasury shares for award plans

(25.7)

(12.8)

(12.9)

Investments by noncontrolling interests

362.4

Purchase of noncontrolling interests

(5.9)

Other equity transactions

(3.1)

0.0

(3.1)

Ending balance at Mar. 31, 2025

16,779.6

14,703.4

249.4

1,291.4

17,637.3

(2,477.7)

^[1],[2]

(1,997.0)

2,076.2

Beginning balance at Dec. 31, 2024

18,738.7

16,692.3

249.4

1,260.9

19,767.3

(2,586.2)

^[2]

(1,999.1)

2,046.4

Stockholders' Equity [Roll Forward]

Net income

(1,737.5)

(1,730.6)

(6.9)

Other comprehensive income

63.8

108.5

^[2]

(44.7)

Dividends on common stock

(398.3)

Share-based compensation

36.7

Issuance of treasury shares for award plans

(3.9)

(6.0)

2.1

Investments by noncontrolling interests

81.4

Other equity transactions

(1.3)

(0.2)

(1.1)

0.0

Ending balance at Mar. 31, 2025

16,779.6

14,703.4

249.4

1,291.4

17,637.3

(2,477.7)

^[1],[2]

(1,997.0)

2,076.2

Beginning balance at Sep. 30, 2025

17,349.8

15,024.9

249.4

1,306.5

17,558.6

(2,087.8)

^[1]

(2,001.8)

2,324.9

Stockholders' Equity [Roll Forward]

Net income

1,416.2

1,388.6

27.6

Other comprehensive income

54.7

30.3

^[1]

24.4

Dividends on common stock

(801.7)

Distributions to noncontrolling interests

(0.4)

Share-based compensation

24.2

Issuance of treasury shares for award plans

(11.8)

(10.2)

(1.6)

Investments by noncontrolling interests

120.1

Purchase of noncontrolling interests

0.0

(3.3)

3.3

Other equity transactions

(1.3)

Ending balance at Mar. 31, 2026

18,149.8

15,649.9

249.4

1,317.2

18,144.2

(2,057.5)

^[1],[2]

(2,003.4)

2,499.9

Beginning balance at Dec. 31, 2025

17,837.1

15,411.3

249.4

1,305.6

17,838.0

(1,977.1)

^[2]

(2,004.6)

2,425.8

Stockholders' Equity [Roll Forward]

Net income

724.8

710.4

14.4

Other comprehensive income

(80.2)

(80.4)

^[2]

0.2

Dividends on common stock

(403.1)

Share-based compensation

13.7

Issuance of treasury shares for award plans

(0.9)

(2.1)

1.2

Investments by noncontrolling interests

59.5

Other equity transactions

(1.1)

0.0

(1.1)

Ending balance at Mar. 31, 2026

$ 18,149.8

$ 15,649.9

$ 249.4

$ 1,317.2

$ 18,144.2

$ (2,057.5)

^[1],[2]

$ (2,003.4)

$ 2,499.9

[1]	(A)Accumulated other comprehensive loss.
[2]	Accumulated other comprehensive loss

Supplemental Information (Related Party Transactions) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025	Sep. 30, 2025
Related Party Transaction [Line Items]
Sales and other income	$ 105.0	$ 70.0	$ 190.0	$ 150.0
Trade receivables, net	1,937.7		1,937.7		$ 1,901.2
Current portion of long-term debt	173.5		173.5		716.3
Related Party
Related Party Transaction [Line Items]
Trade receivables, net	205.0		205.0		105.0
Current portion of long-term debt	61.0		61.0		59.0
Related Party \| Lu-An Clean Energy Company Transaction
Related Party Transaction [Line Items]
Total debt	$ 244.3		$ 244.3		$ 236.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
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-Name Accounting Standards Codification
-Section 45
-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Fair Value Measurements (Schedule of Recurring Fair Value Measurements) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Mar. 31, 2026	Sep. 30, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Assets at Fair Value	$ 328.4	$ 244.4
Total Liabilities at Fair Value	182.5	93.6
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Assets at Fair Value	0.0	0.0
Total Liabilities at Fair Value	0.0	0.0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Assets at Fair Value	328.4	244.4
Total Liabilities at Fair Value	182.5	93.6
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Assets at Fair Value	0.0	0.0
Total Liabilities at Fair Value	0.0	0.0
Forward exchange contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	77.2	81.3
Derivative liabilities	98.2	69.5
Forward exchange contracts \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0.0	0.0
Derivative liabilities	0.0	0.0
Forward exchange contracts \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	77.2	81.3
Derivative liabilities	98.2	69.5
Forward exchange contracts \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0.0	0.0
Derivative liabilities	0.0	0.0
Interest Rate Management Contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	251.2	163.1
Derivative liabilities	84.3	24.1
Interest Rate Management Contracts \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0.0	0.0
Derivative liabilities	0.0	0.0
Interest Rate Management Contracts \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	251.2	163.1
Derivative liabilities	84.3	24.1
Interest Rate Management Contracts \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0.0	0.0
Derivative liabilities	$ 0.0	$ 0.0

Commitments and Contingencies (Pace, Piedmont and Pasadena - Narrative) (Details) $ in Millions	3 Months Ended			12 Months Ended
	Jun. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2012 USD ($) surfaceImpoundmentUnit	Sep. 30, 2008 USD ($)	Sep. 30, 2006 USD ($)	Mar. 31, 2026 USD ($)	Sep. 30, 2025 USD ($)
Environmental
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies							$ 83.9	$ 85.6
Accrual for environmental loss contingencies, maximum payout period							30 years
Pace, Florida
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies						$ 42.0	$ 53.1
Change in estimated exposure		$ 19.0	$ 19.0
Pace, Florida \| Environmental
Loss Contingencies [Line Items]
Site Contingency, Cost Review, Period							5 years
Accrual for environmental loss contingencies, maximum payout period							30 years
Pace, Florida \| Discontinued operations
Loss Contingencies [Line Items]
Pretax environmental expense		$ 19.0	$ 19.0			$ 42.0
Piedmont, South Carolina
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies					$ 24.0		$ 9.8
Change in estimated exposure	$ 9.0
Piedmont, South Carolina \| Discontinued operations
Loss Contingencies [Line Items]
Pretax environmental expense	$ 9.0				$ 24.0
Pasadena, Texas
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies							$ 9.7
Number of closed facilities \| surfaceImpoundmentUnit				2
Total anticipated exposure				$ 13.0

Business Segment Information (Schedule of Segment Reporting Information) (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Mar. 31, 2026

Mar. 31, 2025

Sep. 30, 2025

Segment Reporting Information [Line Items]

Sales

$ 3,171.8

$ 2,916.2

$ 6,274.3

$ 5,847.7

Cost of sales

(2,184.4)

(2,053.9)

(4,291.9)

(4,070.4)

Selling and administrative expense

(227.2)

(222.0)

(455.9)

(464.4)

Operating income (loss)

752.7

(2,328.0)

1,487.2

(1,684.4)

Depreciation and amortization

745.7

750.4

Equity affiliates' income

179.4

145.5

351.6

296.1

Investment in net assets of and advances to equity affiliates

5,409.3

$ 5,366.1

Total assets

^[1]

41,644.7

41,059.5

Operating Segments

Segment Reporting Information [Line Items]

Sales

3,171.8

2,916.2

6,274.3

5,847.7

Cost of sales

(2,184.4)

(2,053.9)

(4,291.9)

(4,070.4)

Selling and administrative expense

(227.2)

(222.0)

(455.9)

(464.4)

Other segment items

(7.5)

(9.0)

(17.3)

(8.1)

Operating income (loss)

752.7

631.3

1,509.2

1,304.8

Depreciation and amortization

375.0

383.6

745.7

750.4

Equity affiliates' income

179.4

152.3

351.6

302.9

Expenditures for long-lived assets

2,358.8

4,009.1

Investment in net assets of and advances to equity affiliates

5,409.3

5,366.1

Total assets

41,644.7

41,059.5

Americas | Operating Segments

Segment Reporting Information [Line Items]

Sales

1,383.9

1,287.2

2,725.6

2,574.8

Cost of sales

(959.5)

(873.5)

(1,846.1)

(1,728.6)

Selling and administrative expense

(53.8)

(49.8)

(109.0)

(104.2)

Other segment items

3.3

1.8

7.2

11.9

Operating income (loss)

373.9

365.7

777.7

753.9

Depreciation and amortization

171.7

178.4

343.6

351.8

Equity affiliates' income

55.8

31.2

107.5

66.3

Expenditures for long-lived assets

958.8

1,488.7

Investment in net assets of and advances to equity affiliates

632.2

555.2

Total assets

12,651.3

12,058.7

Asia | Operating Segments

Segment Reporting Information [Line Items]

Sales

832.6

774.1

1,664.1

1,591.2

Cost of sales

(561.6)

(554.4)

(1,134.8)

(1,126.5)

Selling and administrative expense

(33.0)

(30.0)

(61.0)

(61.5)

Other segment items

2.0

1.7

4.0

4.6

Operating income (loss)

240.0

191.4

472.3

407.8

Depreciation and amortization

116.8

131.8

229.5

254.7

Equity affiliates' income

11.7

10.5

25.5

20.8

Expenditures for long-lived assets

186.5

192.7

Investment in net assets of and advances to equity affiliates

348.1

331.3

Total assets

6,736.1

6,712.2

Europe | Operating Segments

Segment Reporting Information [Line Items]

Sales

789.0

727.4

1,571.0

1,424.6

Cost of sales

(508.9)

(474.0)

(1,000.6)

(923.4)

Selling and administrative expense

(69.7)

(59.2)

(136.7)

(121.1)

Other segment items

1.2

1.3

1.4

1.9

Operating income (loss)

211.6

195.5

435.1

382.0

Depreciation and amortization

72.5

56.8

142.3

111.3

Equity affiliates' income

31.9

27.7

55.3

45.9

Expenditures for long-lived assets

389.9

545.6

Investment in net assets of and advances to equity affiliates

661.3

649.9

Total assets

7,118.7

6,916.8

Middle East and India | Operating Segments

Segment Reporting Information [Line Items]

Sales

29.2

32.8

59.5

65.6

Cost of sales

(21.5)

(32.3)

(41.4)

(58.0)

Selling and administrative expense

(4.6)

(6.3)

(9.6)

(14.1)

Other segment items

1.5

2.9

1.9

3.0

Operating income (loss)

4.6

(2.9)

10.4

(3.5)

Depreciation and amortization

6.0

6.4

12.2

12.9

Equity affiliates' income

79.2

78.2

163.7

163.2

Expenditures for long-lived assets

762.4

1,721.5

Investment in net assets of and advances to equity affiliates

3,651.8

3,713.2

Total assets

11,520.1

10,919.4

Corporate and other | Operating Segments

Segment Reporting Information [Line Items]

Sales

137.1

94.7

254.1

191.5

Cost of sales

(132.9)

(119.7)

(269.0)

(233.9)

Selling and administrative expense

(66.1)

(76.7)

(139.6)

(163.5)

Other segment items

(15.5)

(16.7)

(31.8)

(29.5)

Operating income (loss)

(77.4)

(118.4)

(186.3)

(235.4)

Depreciation and amortization

8.0

10.2

18.1

19.7

Equity affiliates' income

0.8

$ 4.7

(0.4)

6.7

Expenditures for long-lived assets

61.2

$ 60.6

Investment in net assets of and advances to equity affiliates

115.9

116.5

Total assets

$ 3,618.5

$ 4,452.4

[1]

Includes balances associated with a consolidated variable interest entity ("VIE"), including amounts reflected in "Total Assets" that can only be used to settle obligations of the VIE of $7,896.0 and $7,134.7 as of 31 March 2026 and 30 September 2025, respectively, as well as liabilities of the VIE reflected within "Total Liabilities" for which creditors do not have recourse to the general credit of Air Products of $5,295.6 and $4,937.7 as of 31 March 2026 and 30 September 2025, respectively. Refer to Note 3, Variable Interest Entities, for additional information regarding the NEOM Green Hydrogen Company joint venture.

Earnings (Loss) Per Share (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Numerator
Net Income (Loss) Attributable to Air Products	$ 710.4	$ (1,730.6)	$ 1,388.6	$ (1,113.2)
Denominator (in millions)
Weighted average common shares — Basic (in shares)	222.8	222.8	222.8	222.7
Effect of dilutive securities:
Employee award plans (in shares)	0.1	0.0	0.1	0.0
Weighted average common shares — Diluted (in shares)	222.9	222.8	222.9	222.7
Per Share Data (U.S. Dollars per share)
Basic earnings per share attributable to Air Products (in dollars per share)	$ 3.19	$ (7.77)	$ 6.23	$ (5.00)
Diluted earnings per share attributable to Air Products (in dollars per share)	$ 3.19	$ (7.77)	$ 6.23	$ (5.00)

Business and Asset Actions (Global Cost Reduction Plan) (Details) $ in Millions	6 Months Ended		34 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2026 USD ($) position
Restructuring Cost and Reserve [Line Items]
Charge for severance and other postemployment benefits		$ 66.1
Global Cost Reduction Plan
Restructuring Cost and Reserve [Line Items]
Charge for severance and other postemployment benefits	$ 0.0		$ 207.7
Number of employees to whom involuntary termination benefits are payable \| position			3,600
Restructuring Reserve [Roll Forward]
Amount accrued at beginning of period	101.6
Cash payments	(29.8)
Currency translation adjustment	(0.5)
Amount accrued at end of period	$ 71.3		$ 71.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Revenue Recognition

6 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION

The majority of our revenue is generated from our sale of gas customers within the regional industrial gases segments. We distribute product to our industrial gas customers through either our on-site or merchant supply mode depending on various factors, including the customer's volume requirements and location. We also design and manufacture equipment for air separation, hydrocarbon recovery and purification, and liquid helium and liquid hydrogen transport and storage. The Corporate and other segment serves our sale of equipment customers.

Disaggregation of Revenue

The tables provided below present our consolidated sales disaggregated by supply mode for each of our reportable segments. We believe this presentation best depicts the nature, timing, type of customer, and contract terms for our sales.


	Three Months Ended 31 March 2026
	Americas	Asia	Europe	Middle East and India	Corporate and other	Total	%

On-site	$840.4	$580.8	$274.6	$15.9	$—	$1,711.7	54	%
Merchant	543.5	251.8	514.4	13.3	—	1,323.0	42	%
Sale of equipment	—	—	—	—	137.1	137.1	4	%
Total	$1,383.9	$832.6	$789.0	$29.2	$137.1	$3,171.8	100	%

	Three Months Ended 31 March 2025
	Americas	Asia	Europe	Middle East and India	Corporate and other	Total	%

On-site	$760.5	$523.1	$249.2	$19.7	$—	$1,552.5	53	%
Merchant	526.7	251.0	478.2	13.1	—	1,269.0	44	%
Sale of equipment	—	—	—	—	94.7	94.7	3	%
Total	$1,287.2	$774.1	$727.4	$32.8	$94.7	$2,916.2	100	%


	Six Months Ended 31 March 2026
	Americas	Asia	Europe	Middle East and India	Corporate and other	Total	%
On-site	$1,624.3	$1,150.5	$538.6	$32.2	$—	$3,345.6	53	%
Merchant	1,101.3	513.6	1,032.4	27.3	—	2,674.6	43	%
Sale of equipment	—	—	—	—	254.1	254.1	4	%
Total	$2,725.6	$1,664.1	$1,571.0	$59.5	$254.1	$6,274.3	100	%

	Six Months Ended 31 March 2025
	Americas	Asia	Europe	Middle East and India	Corporate and other	Total	%
On-site	$1,473.6	$1,052.4	$477.5	$37.3	$—	$3,040.8	52	%
Merchant	1,101.2	538.8	947.1	28.3	—	2,615.4	45	%
Sale of equipment	—	—	—	—	191.5	191.5	3	%
Total	$2,574.8	$1,591.2	$1,424.6	$65.6	$191.5	$5,847.7	100	%

Interest income associated with financing and lease arrangements accounted for approximately 1% of our total consolidated sales for the periods presented.

Remaining Performance Obligations

As of 31 March 2026, the transaction price allocated to remaining performance obligations is estimated to be approximately $28 billion. This amount includes fixed-charge contract provisions associated with our on-site and sale of equipment supply modes. We estimate that approximately half of this revenue will be recognized over the next five years and the balance thereafter.

Our remaining performance obligations do not include (1) expected revenue associated with new on-site plants that are not yet on-stream; (2) consideration associated with contracts that have an expected duration of less than one year; and (3) variable consideration for which we recognize revenue at the amount to which we have the right to invoice, including energy cost pass-through to customers.

In the future, actual amounts will differ due to events outside of our control, including, but not limited to, inflationary price escalations; currency exchange rates; and amended, terminated, or renewed contracts.

Contract Balances

The table below details balances arising from contracts with customers:


		31 March	30 September
	Balance Sheet Location	2026	2025
Assets
Contract assets – current	Other receivables and current assets	$97.8	$152.6
Contract fulfillment costs – current	Other receivables and current assets	85.2	85.4
Contract assets – noncurrent	Other noncurrent assets	106.8	82.3
Contract fulfillment costs – noncurrent	Other noncurrent assets	35.1	33.8
Liabilities
Contract liabilities – current	Payables and accrued liabilities	$247.8	$253.4
Contract liabilities – noncurrent	Other noncurrent liabilities	283.7	283.6

During the first six months of fiscal year 2026, we recognized sales of approximately $120 associated with sale of equipment contracts that were included within our current contract liabilities as of 30 September 2025.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes	6 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Effective Tax Rate For the three and six months ended 31 March 2026, our consolidated income statements include an income tax expense of $158.7 and $318.1, respectively, compared to an income tax benefit of $505.8 and $365.1 for the comparative prior-year periods. The tax expenses in fiscal year 2026 represent an effective tax rate of 18.0% and 18.3% on the pre-tax income reported for the three and six months ended 31 March 2026, respectively. The tax benefits in fiscal year 2025 represented an effective tax rate of 22.5% and 25.1% on the pre-tax losses reported for the three and six months ended 31 March 2025, respectively. The fiscal year 2025 rates were primarily impacted by pre-tax charges of $2.9 billion for business and asset actions and other prior-year items as further discussed below. Prior-Year Business and Asset Actions In fiscal year 2025, we recorded charges related to our decision to exit certain projects and implement other cost-reduction measures as described in Note 4, Business and Asset Actions. These efforts resulted in pre-tax charges of approximately $2.9 billion during the second quarter of fiscal year 2025, which resulted in an overall loss from continuing operations before taxes for the three and six months ended 31 March 2025. The related net tax benefit of these actions, which primarily related to our U.S. operations, totaled $640.6. The related net tax benefit of $640.6 recorded during the second quarter included a cost of $22.5 to establish reserves for uncertain tax positions related to the deductibility of certain costs in foreign subsidiaries as well as a cost of $13.1 primarily related to lower U.S. tax benefits for foreign-derived income. We also incurred a $41.8 increase in our valuation allowance related to tax benefits for foreign business and asset actions for which we could not recognize an income tax benefit. Prior-Year Tax Reform Adjustment Related to Deemed Foreign Dividends During the second quarter of fiscal year 2025, we recorded a net income tax benefit of $34.9 related to our intent to file a refund claim after a review of several U.S. Tax Court cases regarding the U.S. taxation of deemed foreign dividends in the transition year of the U.S. Tax Cuts and Jobs Act (our fiscal year 2018). While we were not a party to these cases, the opinions resulted in a change to our intent to pursue a refund claim. The $34.9 income tax benefit was net of a $67.8 reserve for an uncertain tax position related to the calculation of the refund amount. Prior-Year Tax on Repatriation of Foreign Earnings During the second quarter of fiscal year 2025, we recorded an income tax expense of $31.4 related to estimated withholding taxes on foreign earnings that we no longer intended to indefinitely reinvest. Prior-Year Shareholder Activism-Related Costs During the first six months of fiscal year 2025, we incurred costs of $61.3 related to a proxy contest led by an activist shareholder as further discussed in Note 17, Supplemental Information. The related net tax benefit recorded during the first half of fiscal year 2025 was $8.4. Cash Paid for Taxes, Net of Refunds Income tax payments, net of refunds, were $263.4 and $710.1 for the six months ended 31 March 2026 and 2025, respectively. Fiscal year 2025 included tax payments related to the sale of the LNG business.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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+ Details

Variable Interest Entities (Tables)

6 Months Ended

Mar. 31, 2026

Consolidated Variable Interest Entities Disclosure [Abstract]

Schedule of Variable Interest Entities (NGHC)

The table below summarizes balances associated with NGHC as reflected on our consolidated balance sheets:


	31 March	30 September
	2026	2025
Assets
Cash and cash items	$54.8	$40.3

Trade receivables, net	11.2	1.1

Prepaid expenses	14.9	20.7
Other receivables and current assets	125.4	107.2
Total Current Assets	$206.3	$169.3



Plant and equipment, net	7,282.1	6,593.9


Operating lease right-of-use assets, net	210.6	218.0


Other noncurrent assets	197.0	153.5
Total Noncurrent Assets	$7,689.7	$6,965.4
Total Assets	$7,896.0	$7,134.7
Liabilities
Payables and accrued liabilities	$128.0	$201.7
Accrued income taxes	3.0	1.2
Short-term borrowings	46.5	24.0

Total Current Liabilities	$177.5	$226.9
Long-term debt	5,080.2	4,677.6

Noncurrent operating lease liabilities	18.0	17.8
Other noncurrent liabilities	2.7	1.6
Deferred income taxes	17.2	13.8
Total Noncurrent Liabilities	$5,118.1	$4,710.8
Total Liabilities	$5,295.6	$4,937.7
Equity
Accumulated other comprehensive income	$49.6	$38.3
Noncontrolling interests	1,640.2	1,493.6

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Variable Interest Entities (NGHC Joint Venture By Balance Sheet Items) (Details) - USD ($)
$ in Millions

Mar. 31, 2026

Sep. 30, 2025

Assets

Cash and cash items

$ 951.0

$ 1,856.0

Trade receivables, net

1,937.7

1,901.2

Prepaid expenses

171.2

174.9

Other receivables and current assets

717.8

689.5

Total Current Assets

5,012.6

5,825.8

Plant and equipment, net

26,693.7

25,337.8

Operating lease right-of-use assets, net

917.8

944.0

Other noncurrent assets

1,122.4

1,021.3

Total Noncurrent Assets

36,632.1

35,233.7

Total Assets

^[1]

41,644.7

41,059.5

Liabilities

Payables and accrued liabilities

2,856.9

3,237.7

Accrued income taxes

118.7

179.4

Short-term borrowings

314.4

34.7

Total Current Liabilities

3,513.3

4,218.6

Noncurrent operating lease liabilities

600.1

616.0

Other noncurrent liabilities

1,378.6

1,348.1

Deferred income taxes

733.0

579.6

Total Noncurrent Liabilities

19,981.6

19,491.1

Total Liabilities

^[1]

23,494.9

23,709.7

Equity

Accumulated other comprehensive income

(2,057.5)

(2,087.8)

Noncontrolling interests

^[1]

2,499.9

2,324.9

Variable Interest Entity, Primary Beneficiary

Assets

Cash and cash items

54.8

40.3

Trade receivables, net

11.2

1.1

Prepaid expenses

14.9

20.7

Other receivables and current assets

125.4

107.2

Total Current Assets

206.3

169.3

Plant and equipment, net

7,282.1

6,593.9

Operating lease right-of-use assets, net

210.6

218.0

Other noncurrent assets

197.0

153.5

Total Noncurrent Assets

7,689.7

6,965.4

Total Assets

7,896.0

7,134.7

Liabilities

Payables and accrued liabilities

128.0

201.7

Accrued income taxes

3.0

1.2

Short-term borrowings

46.5

24.0

Total Current Liabilities

177.5

226.9

Long-term debt

5,080.2

4,677.6

Noncurrent operating lease liabilities

18.0

17.8

Other noncurrent liabilities

2.7

1.6

Deferred income taxes

17.2

13.8

Total Noncurrent Liabilities

5,118.1

4,710.8

Total Liabilities

5,295.6

4,937.7

Equity

Accumulated other comprehensive income

49.6

38.3

Noncontrolling interests

$ 1,640.2

$ 1,493.6

[1]

Financial Instruments (Tables)

6 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Instruments

The table below summarizes our outstanding currency price risk management instruments:


	31 March 2026		30 September 2025
	US$ Notional	Years Average Maturity	US$ Notional	Years Average Maturity
Forward Exchange Contracts:
Cash flow hedges	$4,250.1	0.5	$3,625.5	0.6
Net investment hedges	76.8	0.3	73.9	0.8
Not designated	2,105.2	1.2	2,968.6	1.2
Total Forward Exchange Contracts	$6,432.1	0.7	$6,668.0	0.9

The table below summarizes our outstanding interest rate management contracts and cross currency interest rate swaps:


	31 March 2026						30 September 2025
	US$ Notional	Average Pay %		Average Receive %		Years Average Maturity	US$ Notional	Average Pay %		Average Receive %		Years Average Maturity
Interest rate swaps (fair value hedge)	$600.0	SOFR		1.80	%	2.1	$800.0	SOFR		1.64	%	2.0
Interest rate swaps (cash flow hedge)(A)	$3,563.1	2.82	%	SOFR		19.6	$3,106.0	2.78	%	SOFR		20.1
Interest rate swaps (not designated)(A)	$—	—	%	SOFR		0.0	$269.1	3.28	%	SOFR		20.2
Cross currency interest rate swaps (net investment hedge)	$2,054.9	2.08	%	3.70	%	2.1	$70.3	4.86	%	4.53	%	0.5
Cross currency interest rate swaps (cash flow hedge)	$84.2	4.70	%	2.88	%	0.9	$247.7	5.21	%	3.12	%	1.6
Cross currency interest rate swaps (not designated)	$15.4	0.15	%	1.85	%	1.1	$—	—	%	—	%	0.0

(A)We temporarily discontinued cash flow hedge accounting for certain floating-to-fixed interest rate swaps related to project financing for the NEOM Green Hydrogen Project beginning in the third quarter of fiscal year 2024 due to changes in the anticipated drawdown timeline for the hedged borrowings. As of 1 January 2026, all swaps were re-designated as cash flow hedges. Refer to Note 3, Variable Interest Entities, for additional information.

Schedule of Cumulative Basis Adjustments for Fair Value Hedges

The table below provides the amounts recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:


	Carrying amounts of hedged item		Cumulative hedging adjustment, included in carrying amount
	31 March	30 September	31 March	30 September
Balance Sheet Location	2026	2025	2026	2025
Current portion of long-term debt	$—	$549.7	$—	($0.3)
Long-term debt	$1,524.7	$1,522.5	($21.5)	($23.1)

Schedule of Fair Value and Balance Sheet Location of Derivative Instruments

The table below summarizes the fair value and balance sheet location of our outstanding derivatives:


	Balance Sheet Location	31 March	30 September	Balance Sheet Location	31 March	30 September
		2026	2025		2026	2025
Derivatives Designated as Hedging Instruments:
Forward exchange contracts	Other receivables and current assets	$57.4	$50.7	Payables and accrued liabilities	$63.2	$21.4
Interest rate management contracts	Other receivables and current assets	3.2	13.1	Payables and accrued liabilities	2.0	0.3
Forward exchange contracts	Other noncurrent assets	15.5	10.1	Other noncurrent liabilities	2.4	3.4
Interest rate management contracts	Other noncurrent assets	248.0	138.2	Other noncurrent liabilities	81.7	23.8
Total Derivatives Designated as Hedging Instruments		$324.1	$212.1		$149.3	$48.9
Derivatives Not Designated as Hedging Instruments:
Forward exchange contracts	Other receivables and current assets	$4.3	$17.8	Payables and accrued liabilities	$4.4	$14.2

Forward exchange contracts	Other noncurrent assets	—	2.7	Other noncurrent liabilities	28.2	30.5
Interest rate management contracts	Other noncurrent assets	—	11.8	Other noncurrent liabilities	0.6	—
Total Derivatives Not Designated as Hedging Instruments		$4.3	$32.3		$33.2	$44.7
Total Derivatives		$328.4	$244.4		$182.5	$93.6

Schedule of Gains and Losses Recognized in Other Comprehensive Income Related Net Investment and Cash Flow Hedges

The tables below summarize gains (losses) recognized in other comprehensive income during the period related to our net investment and cash flow hedging relationships:


	Three Months Ended		Six Months Ended
	31 March		31 March
	2026	2025	2026	2025
Net Investment Hedging Relationships
Forward exchange contracts	$1.7	($20.0)	($3.4)	$33.9
Foreign currency debt	59.0	(112.4)	54.8	28.0
Cross currency interest rate swaps(A)	5.5	—	(2.7)	0.4
Total Amount Recognized in OCI	66.2	(132.4)	48.7	62.3
Tax effects	(15.9)	32.1	(11.7)	(15.4)
Net Amount Recognized in OCI	$50.3	($100.3)	$37.0	$46.9

(A)Excluded components for cross currency interest rate swaps are recognized in “Payables and accrued liabilities” and “Other receivables and current assets” as a component of accrued interest payable and accrued interest receivable, respectively. These excluded components are recorded in “Other non-operating income (expense), net” over the life of the cross currency interest rate swap consistent with forward exchange contracts.


	Three Months Ended		Six Months Ended
	31 March		31 March
	2026	2025	2026	2025
Derivatives in Cash Flow Hedging Relationships
Forward exchange contracts	($8.3)	$43.4	($9.1)	($134.4)
Forward exchange contracts, excluded components	(3.0)	(4.8)	(10.4)	(6.3)
Other(A)	8.3	(79.7)	52.9	143.3
Total Amount Recognized in OCI	(3.0)	(41.1)	33.4	2.6
Tax effects	2.1	(3.9)	1.2	18.1
Net Amount Recognized in OCI	($0.9)	($45.0)	$34.6	$20.7

(A)Other primarily includes interest rate and cross currency interest rate swaps for which excluded components are recognized in “Payables and accrued liabilities” and “Other receivables and current assets” as a component of accrued interest payable and accrued interest receivable, respectively. These excluded components are recorded in “Other non-operating income (expense), net” over the life of the cross currency interest rate swap consistent with forward exchange contracts. Other also includes the recognition of our share of gains and losses, net of tax, related to interest rate swaps held by our equity affiliates.

Schedule of Amounts Recognized in Income Related to Cash Flow and Fair Value Hedges

The tables below summarize the location and amounts recognized in income related to our cash flow and fair value hedging relationships by contract type:


	Three Months Ended 31 March
	Sales		Cost of Sales		Interest Expense			Other Non-Operating Income (Expense), Net
	2026	2025	2026	2025		2026	2025		2026	2025
Total presented in consolidated income statements that includes effects of hedging below	$3,171.8	$2,916.2	$2,184.4	$2,053.9		$49.5	$42.2		$0.9	($18.6)
(Gain) Loss Effects of Cash Flow Hedging:

Forward Exchange Contracts:
Amount reclassified from OCI into income	($0.2)	$0.2	($0.7)	$6.7		$—	$—		$17.8	($24.9)

Amount excluded from effectiveness testing recognized in earnings based on amortization approach	—	—	—	—		—	—		5.3	4.3
Other:
Amount reclassified from OCI into income	—	—	—	—		(0.4)	—		(0.3)	4.4

Total (Gain) Loss Reclassified from OCI to Income	(0.2)	0.2	(0.7)	6.7		(0.4)	—		22.8	(16.2)
Tax effects	—	(0.1)	0.2	(1.5)		0.1	—		(5.5)	3.9
Net (Gain) Loss Reclassified from OCI to Income	($0.2)	$0.1	($0.5)	$5.2		($0.3)	$—		$17.3	($12.3)
(Gain) Loss Effects of Fair Value Hedging:

Other:
Hedged items	$—	$—	$—	$—		($1.3)	$11.2		$—	$—
Derivatives designated as hedging instruments	—	—	—	—		1.3	(11.2)		—	—
Total (Gain) Loss Recognized in Income	$—	$—	$—	$—		$—	$—		$—	$—



	Six Months Ended 31 March
	Sales		Cost of Sales		Interest Expense			Other Non-Operating Income (Expense), Net
	2026	2025	2026	2025		2026	2025		2026	2025
Total presented in consolidated income statements that includes effects of hedging below	$6,274.3	$5,847.7	$4,291.9	$4,070.4		$104.0	$84.8		($0.5)	$20.3

(Gain) Loss Effects of Cash Flow Hedging:
Forward Exchange Contracts:
Amount reclassified from OCI into income	($1.3)	$0.4	($0.5)	$7.6		$—	$—		$25.0	$104.4

Amount excluded from effectiveness testing recognized in earnings based on amortization approach	—	—	—	—		—	—		10.8	10.4
Other:
Amount reclassified from OCI into income	—	—	—	—		(0.8)	0.5		9.7	(12.9)

Total (Gain) Loss Reclassified from OCI to Income	(1.3)	0.4	(0.5)	7.6		(0.8)	0.5		45.5	101.9
Tax effects	0.2	(0.1)	0.2	(1.6)		0.2	(0.2)		(10.6)	(23.6)
Net (Gain) Loss Reclassified from OCI to Income	($1.1)	$0.3	($0.3)	$6.0		($0.6)	$0.3		$34.9	$78.3

(Gain) Loss Effects of Fair Value Hedging:
Other:
Hedged items	$—	$—	$—	$—		$1.9	$0.3		$—	$—
Derivatives designated as hedging instruments	—	—	—	—		(1.9)	(0.3)		—	—
Total (Gain) Loss Recognized in Income	$—	$—	$—	$—		$—	$—		$—	$—

Schedule of Effects of Derivatives Not Designated as a Hedging Instrument

The tables below summarize the location and amounts recognized in income related to our derivatives not designated as hedging instruments by contract type:


	Three Months Ended 31 March
	Other Income (Expense), Net		Other Non-Operating Income (Expense), Net
	2026	2025	2026	2025
The Effects of Derivatives Not Designated as Hedging Instruments:
Forward exchange contracts	($0.7)	($2.8)	$0.2	$1.1
De-designated interest rate swaps	—	—	—	11.5
Other	—	—	0.3	—
Total (Gain) Loss Recognized in Income	($0.7)	($2.8)	$0.5	$12.6



	Six Months Ended 31 March
	Other Income (Expense), Net		Other Non-Operating Income (Expense), Net
	2026	2025	2026	2025
The Effects of Derivatives Not Designated as Hedging Instruments:
Forward exchange contracts	($0.2)	($6.7)	($0.2)	($0.8)
De-designated interest rate swaps	—	—	(1.9)	(27.3)
Other	—	—	0.8	(1.7)
Total (Gain) Loss Recognized in Income	($0.2)	($6.7)	($1.3)	($29.8)

Earnings (Loss) Per Share (Tables)

6 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings Per Share

The table below details the computation of basic and diluted earnings (loss) per share:


	Three Months Ended		Six Months Ended
	31 March		31 March
	2026	2025	2026	2025
Numerator


Net income (loss) attributable to Air Products	$710.4	($1,730.6)	$1,388.6	($1,113.2)
Denominator (in millions)
Weighted average common shares — Basic	222.8	222.8	222.8	222.7
Effect of dilutive securities:
Employee award plans	0.1	—	0.1	—
Weighted average common shares — Diluted	222.9	222.8	222.9	222.7
Per Share Data (U.S. Dollars per share)


Basic earnings (loss) per share attributable to Air Products	$3.19	($7.77)	$6.23	($5.00)



Diluted earnings (loss) per share attributable to Air Products	$3.19	($7.77)	$6.23	($5.00)

Retirement Benefits (Tables)

6 Months Ended

Mar. 31, 2026

Retirement Benefits [Abstract]

Schedule of Net Periodic (Benefit) Cost

The components of net periodic cost for our defined benefit pension plans for the three and six months ended 31 March 2026 and 2025 were as follows:


	Pension Benefits
	2026			2025
Three Months Ended 31 March	U.S.	International	Total	U.S.	International	Total
Service cost	$1.9	$2.6	$4.5	$2.3	$2.7	$5.0
Non-service cost:
Interest cost	29.1	15.0	44.1	29.9	13.8	43.7
Expected return on plan assets	(35.3)	(17.2)	(52.5)	(33.2)	(14.5)	(47.7)
Prior service cost amortization	0.3	0.2	0.5	0.3	0.2	0.5
Actuarial loss amortization	8.5	2.7	11.2	11.7	2.4	14.1

Settlements	1.2	0.1	1.3	—	0.1	0.1


Other	—	0.3	0.3	—	—	—
Net Periodic Cost	$5.7	$3.7	$9.4	$11.0	$4.7	$15.7



	Pension Benefits
	2026			2025
Six Months Ended 31 March	U.S.	International	Total	U.S.	International	Total
Service cost	$3.8	$5.6	$9.4	$4.6	$5.6	$10.2
Non-service cost:
Interest cost	58.1	29.6	87.7	59.8	27.7	87.5
Expected return on plan assets	(70.5)	(34.2)	(104.7)	(66.4)	(29.2)	(95.6)
Prior service cost amortization	0.6	0.5	1.1	0.6	0.4	1.0
Actuarial loss amortization	17.4	5.2	22.6	23.4	4.8	28.2

Settlements	1.2	0.1	1.3	—	0.1	0.1


Other	—	0.6	0.6	—	0.1	0.1
Net Periodic Cost	$10.6	$7.4	$18.0	$22.0	$9.5	$31.5

Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Carrying Value and Fair Value of Financial Instruments

The carrying values and fair values of financial instruments were as follows:


	31 March 2026		30 September 2025
	Carrying Value	Fair Value	Carrying Value	Fair Value
Assets
Derivatives
Forward exchange contracts	$77.2	$77.2	$81.3	$81.3
Interest rate management contracts	251.2	251.2	163.1	163.1
Liabilities
Derivatives
Forward exchange contracts	$98.2	$98.2	$69.5	$69.5
Interest rate management contracts	84.3	84.3	24.1	24.1
Long-term debt, including current portion and related party	17,443.4	16,975.9	17,663.7	17,348.7

The carrying amounts reported on the consolidated balance sheets for cash and cash items, trade receivables, payables and accrued liabilities, accrued income taxes, and short-term borrowings approximate fair value due to the short-term nature of these instruments. Accordingly, these items have been excluded from the above table.

Schedule of Fair Value Assets and Liabilities Measured On Recurring Basis

The table below summarizes assets and liabilities on the consolidated balance sheets that are measured at fair value on a recurring basis:


	31 March 2026				30 September 2025
	Total	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3
Assets at Fair Value



Derivatives
Forward exchange contracts	$77.2	$—	$77.2	$—	$81.3	$—	$81.3	$—
Interest rate management contracts	251.2	—	251.2	—	163.1	—	163.1	—
Total Assets at Fair Value	$328.4	$—	$328.4	$—	$244.4	$—	$244.4	$—
Liabilities at Fair Value
Derivatives
Forward exchange contracts	$98.2	$—	$98.2	$—	$69.5	$—	$69.5	$—
Interest rate management contracts	84.3	—	84.3	—	24.1	—	24.1	—
Total Liabilities at Fair Value	$182.5	$—	$182.5	$—	$93.6	$—	$93.6	$—

Schedule of Fair Value Measurements, Nonrecurring

The table below presents the nonrecurring fair value measurements of these long-lived assets, categorized within the fair value hierarchy:


Balance Sheet Location	Total Estimated Value	Level 1	Level 2	Level 3
Assets held for sale	$454.7	$—	$—	$454.7
Plant and equipment, net	6.9	—	—	6.9

Income Taxes (Effective Tax Rate-Business and Asset Actions) (Details) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2025 USD ($)	Mar. 31, 2025 USD ($)
Income Tax Disclosure [Abstract]
Business and asset actions, including equity affiliate income	$ 2,900.0	$ 2,900.0
Restructuring charges tax benefit	640.6
Cost to establish reserves for uncertain tax positions	22.5
Effective income tax rate reconciliation, foreign derived income, amount	13.1
Valuation allowance against deferred tax assets	$ 41.8	$ 41.8

Basis of Presentation and Major Accounting Policies	6 Months Ended
Basis of Presentation and Major Accounting Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation and Major Accounting Policies	BASIS OF PRESENTATION AND MAJOR ACCOUNTING POLICIES As used in this report, unless the context indicates otherwise, the terms “we”, “our”, “us”, the “Company”, "Air Products", or “registrant” include our controlled subsidiaries and affiliates. Basis of Presentation The interim consolidated financial statements of Air Products and Chemicals, Inc. and its controlled subsidiaries included herein have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). The accompanying notes are an integral part of these statements. Certain information normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") has been condensed or omitted as permitted under such rules and regulations. In management’s opinion, the accompanying statements reflect adjustments necessary to fairly present our financial position, results of operations, and cash flows for the periods indicated and contain adequate disclosures to make the information presented not misleading. Adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the notes to the interim consolidated financial statements. Certain prior period information has been reclassified to conform to the current year presentation. To fully understand the basis of presentation, the interim consolidated financial statements and related notes included herein should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended 30 September 2025 (the "2025 Form 10-K"), which was filed with the SEC on 20 November 2025. Results of operations for interim periods are not necessarily indicative of the results of operations for a full year. Major Accounting Policies Refer to our 2025 Form 10-K for a description of our major accounting policies. There were no significant changes to these accounting policies during the first six months of fiscal year 2026. Estimates and Assumptions Preparation of the interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in these statements and the accompanying notes. Actual results could differ from those estimates.

Revenue Recognition (Tables)

6 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Consolidated Sales Disaggregated by Supply Mode


	Three Months Ended 31 March 2026
	Americas	Asia	Europe	Middle East and India	Corporate and other	Total	%

On-site	$840.4	$580.8	$274.6	$15.9	$—	$1,711.7	54	%
Merchant	543.5	251.8	514.4	13.3	—	1,323.0	42	%
Sale of equipment	—	—	—	—	137.1	137.1	4	%
Total	$1,383.9	$832.6	$789.0	$29.2	$137.1	$3,171.8	100	%

	Three Months Ended 31 March 2025
	Americas	Asia	Europe	Middle East and India	Corporate and other	Total	%

On-site	$760.5	$523.1	$249.2	$19.7	$—	$1,552.5	53	%
Merchant	526.7	251.0	478.2	13.1	—	1,269.0	44	%
Sale of equipment	—	—	—	—	94.7	94.7	3	%
Total	$1,287.2	$774.1	$727.4	$32.8	$94.7	$2,916.2	100	%


	Six Months Ended 31 March 2026
	Americas	Asia	Europe	Middle East and India	Corporate and other	Total	%
On-site	$1,624.3	$1,150.5	$538.6	$32.2	$—	$3,345.6	53	%
Merchant	1,101.3	513.6	1,032.4	27.3	—	2,674.6	43	%
Sale of equipment	—	—	—	—	254.1	254.1	4	%
Total	$2,725.6	$1,664.1	$1,571.0	$59.5	$254.1	$6,274.3	100	%

	Six Months Ended 31 March 2025
	Americas	Asia	Europe	Middle East and India	Corporate and other	Total	%
On-site	$1,473.6	$1,052.4	$477.5	$37.3	$—	$3,040.8	52	%
Merchant	1,101.2	538.8	947.1	28.3	—	2,615.4	45	%
Sale of equipment	—	—	—	—	191.5	191.5	3	%
Total	$2,574.8	$1,591.2	$1,424.6	$65.6	$191.5	$5,847.7	100	%

Schedule of Contract Assets and Liabilities

The table below details balances arising from contracts with customers:


		31 March	30 September
	Balance Sheet Location	2026	2025
Assets
Contract assets – current	Other receivables and current assets	$97.8	$152.6
Contract fulfillment costs – current	Other receivables and current assets	85.2	85.4
Contract assets – noncurrent	Other noncurrent assets	106.8	82.3
Contract fulfillment costs – noncurrent	Other noncurrent assets	35.1	33.8
Liabilities
Contract liabilities – current	Payables and accrued liabilities	$247.8	$253.4
Contract liabilities – noncurrent	Other noncurrent liabilities	283.7	283.6

Business Segment Information (Tables)

6 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Summary by Business Segment


	Americas	Asia	Europe	Middle East and India	Corporate and other	Total
Three Months Ended 31 March 2026
Sales(A)	$1,383.9	$832.6	$789.0	$29.2	$137.1	$3,171.8
Cost of sales	(959.5)	(561.6)	(508.9)	(21.5)	(132.9)	(2,184.4)
Selling and administrative expense	(53.8)	(33.0)	(69.7)	(4.6)	(66.1)	(227.2)
Other segment items(B)	3.3	2.0	1.2	1.5	(15.5)	(7.5)
Operating income (loss)(C)	373.9	240.0	211.6	4.6	(77.4)	752.7
Other segment information:
Depreciation and amortization	171.7	116.8	72.5	6.0	8.0	375.0
Equity affiliates' income	55.8	11.7	31.9	79.2	0.8	179.4

Three Months Ended 31 March 2025
Sales(A)	$1,287.2	$774.1	$727.4	$32.8	$94.7	$2,916.2
Cost of sales	(873.5)	(554.4)	(474.0)	(32.3)	(119.7)	(2,053.9)
Selling and administrative expense	(49.8)	(30.0)	(59.2)	(6.3)	(76.7)	(222.0)
Other segment items(B)	1.8	1.7	1.3	2.9	(16.7)	(9.0)
Operating income (loss)(C)	365.7	191.4	195.5	(2.9)	(118.4)	631.3
Other segment information:
Depreciation and amortization	178.4	131.8	56.8	6.4	10.2	383.6
Equity affiliates' income(D)	31.2	10.5	27.7	78.2	4.7	152.3

Six Months Ended 31 March 2026
Sales(A)	$2,725.6	$1,664.1	$1,571.0	$59.5	$254.1	$6,274.3
Cost of sales	(1,846.1)	(1,134.8)	(1,000.6)	(41.4)	(269.0)	(4,291.9)
Selling and administrative expense	(109.0)	(61.0)	(136.7)	(9.6)	(139.6)	(455.9)
Other segment items(B)	7.2	4.0	1.4	1.9	(31.8)	(17.3)
Operating income (loss)(C)	777.7	472.3	435.1	10.4	(186.3)	1,509.2
Other segment information:
Depreciation and amortization	343.6	229.5	142.3	12.2	18.1	745.7
Equity affiliates' income (loss)	107.5	25.5	55.3	163.7	(0.4)	351.6
Expenditures for long-lived assets	958.8	186.5	389.9	762.4	61.2	2,358.8
Six Months Ended 31 March 2025
Sales(A)	$2,574.8	$1,591.2	$1,424.6	$65.6	$191.5	$5,847.7
Cost of sales	(1,728.6)	(1,126.5)	(923.4)	(58.0)	(233.9)	(4,070.4)
Selling and administrative expense	(104.2)	(61.5)	(121.1)	(14.1)	(163.5)	(464.4)
Other segment items(B)	11.9	4.6	1.9	3.0	(29.5)	(8.1)
Operating income (loss)(C)	753.9	407.8	382.0	(3.5)	(235.4)	1,304.8
Other segment information:
Depreciation and amortization	351.8	254.7	111.3	12.9	19.7	750.4
Equity affiliates' income(D)	66.3	20.8	45.9	163.2	6.7	302.9
Expenditures for long-lived assets	1,488.7	192.7	545.6	1,721.5	60.6	4,009.1
As of 31 March 2026
Investment in net assets of and advances to equity affiliates	$632.2	$348.1	$661.3	$3,651.8	$115.9	$5,409.3
Total assets	12,651.3	6,736.1	7,118.7	11,520.1	3,618.5	41,644.7
As of 30 September 2025
Investment in net assets of and advances to equity affiliates	$555.2	$331.3	$649.9	$3,713.2	$116.5	$5,366.1
Total assets	12,058.7	6,712.2	6,916.8	10,919.4	4,452.4	41,059.5

(A)Sales relate to external customers only. All intersegment sales are eliminated in consolidation.

(B)For the regional segments, other segment items primarily include impacts from transactions not directly related to our principal earnings activities, such as technology and royalty income and gains and losses on asset sales. For the Corporate and other segment, other segment items primarily include research and development expense and the net impact of gains and losses on foreign currency transactions.

(C)Operating income (loss) for our reportable segments does not include gains or losses that management does not consider to be indicative of underlying business performance, such as charges related to business and asset actions. Refer below for a reconciliation of total segment operating income to consolidated results.

(D)Segment equity affiliates’ income for the three and six months ended 31 March 2025 excludes a $6.8 impairment charge related to a joint venture in China, which was recorded as part of our business and asset actions during the second quarter of fiscal year 2025. As a result, total segment equity affiliates’ income does not reconcile to equity affiliates’ income for the total company as reported on the consolidated income statements for the three and six months ended 31 March 2025.

Reconciliation of Segments to Consolidated Operating Income

The table below reconciles total segment operating income to income (loss) before taxes as reflected on our consolidated income statements:



	Three Months Ended		Six Months Ended
	31 March		31 March
	2026	2025	2026	2025
Total Segment Operating Income	$752.7	$631.3	$1,509.2	$1,304.8



Business and asset actions	—	(2,927.9)	(22.0)	(2,927.9)



Shareholder activism-related costs	—	(31.4)	—	(61.3)


Consolidated Operating Income (Loss)	$752.7	($2,328.0)	$1,487.2	($1,684.4)
Equity affiliates' income	179.4	145.5	351.6	296.1
Interest expense	49.5	42.2	104.0	84.8
Other non-operating income (expense), net	0.9	(18.6)	(0.5)	20.3
Income (Loss) Before Taxes	$883.5	($2,243.3)	$1,734.3	($1,452.8)

Business and Asset Actions (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		13 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026
Restructuring Cost and Reserve [Line Items]
Business and asset actions, including equity affiliate income		$ 2,900.0		$ 2,900.0
Business and asset actions, including equity affiliate income, attributable to Air Products after tax		2,300.0		2,300.0
Business and asset actions, attributable to noncontrolling interest		3.5		3.5
Project Exit Costs
Restructuring Cost and Reserve [Line Items]
Project exit costs	$ 0.0		$ 28.3		$ 3,600.0
Business and asset actions, total pre-tax charge			28.3
Business and asset actions, attributable to Air Products after tax			24.6
Project Exit Costs \| Operating income
Restructuring Cost and Reserve [Line Items]
Project exit costs			22.0
Project Exit Costs \| Other non‑operating income (expense), net
Restructuring Cost and Reserve [Line Items]
Project exit costs			$ 6.3
Project Exit Costs \| Income (Loss) from Equity Method Investments
Restructuring Cost and Reserve [Line Items]
Project exit costs		$ 6.8		$ 6.8

Basis of Presentation and Major Accounting Policies (Policies)	6 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The interim consolidated financial statements of Air Products and Chemicals, Inc. and its controlled subsidiaries included herein have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). The accompanying notes are an integral part of these statements. Certain information normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") has been condensed or omitted as permitted under such rules and regulations. In management’s opinion, the accompanying statements reflect adjustments necessary to fairly present our financial position, results of operations, and cash flows for the periods indicated and contain adequate disclosures to make the information presented not misleading. Adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the notes to the interim consolidated financial statements. Certain prior period information has been reclassified to conform to the current year presentation. To fully understand the basis of presentation, the interim consolidated financial statements and related notes included herein should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended 30 September 2025 (the "2025 Form 10-K"), which was filed with the SEC on 20 November 2025. Results of operations for interim periods are not necessarily indicative of the results of operations for a full year.
Estimates and Assumptions	Estimates and Assumptions Preparation of the interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in these statements and the accompanying notes. Actual results could differ from those estimates.
New Accounting Guidance to be Implemented	New Accounting Guidance to be Implemented Climate-Related Disclosures In March 2024, the SEC issued Release No. 33-11275, "The Enhancement and Standardization of Climate-Related Disclosures for Investors", which includes final rules for providing annual qualitative and quantitative disclosures regarding certain climate-related topics. As a result of legal challenges, the SEC issued an order in April 2024 to stay the effectiveness of the rules pending the completion of judicial review of the consolidated challenges before the United States Court of Appeals for the Eighth Circuit. The SEC subsequently announced its withdrawal of its legal defense to such challenges in March 2025; however, the rules have not been formally rescinded by the SEC. In April 2025, the appellate court suspended its proceedings indefinitely and directed the SEC to file a status report outlining its next steps. In response, the SEC stated in July 2025 that it does not intend to revisit the rules and requested the court to rule on the pending petitions. In September 2025, the appellate court declined the SEC's request and placed the litigation in abeyance, which will remain in effect until the SEC reconsiders the rules by notice-and-comment rulemaking or renews its defense. We continue to monitor these developments. Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740)—Improvements to Income Tax Disclosures”, to expand income tax disclosures, primarily through disaggregation requirements for the rate reconciliation and income taxes paid. The update will be effective in our Annual Report on Form 10-K for the fiscal year ending 30 September 2026, although early adoption is permitted. The amendments should be applied on a prospective basis with a retrospective option. We are evaluating the impact this update will have on our disclosures. Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”, which requires additional disclosures of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, intangible asset amortization, as well as selling expenses in the notes to the financial statements. In January 2025, the FASB clarified that the update will be effective in our Annual Report on Form 10-K for the fiscal year ending 30 September 2028 as well as interim periods thereafter, although early adoption is permitted. The amendments should be applied either prospectively after the effective date or retrospectively to any or all periods presented. We are evaluating the impact this update will have on our disclosures. Measurement of Credit Losses for Accounts Receivable and Contract Assets In July 2025, the FASB issued ASU 2025-09, “Measurement of Credit Losses for Accounts Receivable and Contract Assets”, which allows an entity to elect a practical expedient to assume that current conditions as of the balance sheet date do not change when estimating expected credit losses. This update will be effective at the beginning of fiscal year 2027, although early adoption is permitted. The amendments should be applied on a prospective basis. We are evaluating the implications of this update. At this time, we do not expect it will have a material impact on our financial statements. Accounting for Internal-Use Software In September 2025, the FASB issued ASU 2025-06, “Targeted Improvements to the Accounting for Internal-Use Software”, which establishes criteria for commencing cost capitalization for software projects. This update will be effective at the beginning of fiscal year 2029, although early adoption is permitted. The amendments can be applied prospectively, retrospectively, or via a modified prospective transition method. We are evaluating the impact this update will have on our financial statements. Government Grants In December 2025, the FASB issued ASU 2025-10, “Accounting for Government Grants Received by Business Entities”, which provides guidance on the recognition, measurement, and presentation of government grants. This update will be effective at the beginning of fiscal year 2030, although early adoption is permitted. The amendments can be applied on a modified prospective approach, modified retrospective approach, or a full retrospective approach. We are evaluating the impact this update will have on our financial statements. Interim Reporting In December 2025, the FASB issued ASU 2025-11, “Interim Reporting (Topic 270): Narrow-Scope Improvements”. This guidance addresses the form and content of interim financial statements, lists interim disclosures required by other codification topics, and establishes a principle for disclosing events since the end of the last annual reporting period that have a material impact. This update will be effective for interim periods beginning in fiscal year 2029, although early adoption is permitted. The ASU can be applied prospectively or retrospectively. We are evaluating the impact this update will have on our disclosures.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

Business Segment Information (Reconciliation of Segment Operating Income to Consolidated Results) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Operating income (loss)	$ 752.7	$ (2,328.0)	$ 1,487.2	$ (1,684.4)
Business and asset actions	0.0	(2,927.9)	(22.0)	(2,927.9)
Shareholder activism-related costs	0.0	(31.4)	0.0	(61.3)
Equity affiliates' income	179.4	145.5	351.6	296.1
Interest expense	49.5	42.2	104.0	84.8
Other non-operating income (expense), net	0.9	(18.6)	(0.5)	20.3
Income (Loss) Before Taxes	883.5	(2,243.3)	1,734.3	(1,452.8)
Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)	752.7	631.3	1,509.2	1,304.8
Equity affiliates' income	179.4	152.3	351.6	302.9
Segment Reconciling Items
Segment Reporting Information [Line Items]
Business and asset actions	0.0	(2,927.9)	(22.0)	(2,927.9)
Shareholder activism-related costs	$ 0.0	$ (31.4)	$ 0.0	$ (61.3)

Fair Value Measurements (Schedule of the Carrying Values and Fair Values of Financial Instruments) (Details) - USD ($) $ in Millions	Mar. 31, 2026	Sep. 30, 2025
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion and related party, carrying value	$ 17,443.4	$ 17,663.7
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion and related party, fair value	16,975.9	17,348.7
Forward exchange contracts \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	77.2	81.3
Derivative liabilities	98.2	69.5
Forward exchange contracts \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	77.2	81.3
Derivative liabilities	98.2	69.5
Interest Rate Management Contracts \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	251.2	163.1
Derivative liabilities	84.3	24.1
Interest Rate Management Contracts \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	251.2	163.1
Derivative liabilities	$ 84.3	$ 24.1

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

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Debt (Repayments) (Details) - USD ($) $ in Millions	6 Months Ended
Debt (Repayments) (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025	Oct. 31, 2025
Debt Instrument [Line Items]
Payments on long-term debt	$ 588.7	$ 332.3
Senior Note One Point Five Percent \| Senior Notes
Debt Instrument [Line Items]
Payments on long-term debt	$ 550.0
Interest rate			1.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Earnings (Loss) Per Share

6 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS (LOSS) PER SHARE

The table below details the computation of basic and diluted earnings (loss) per share:


	Three Months Ended		Six Months Ended
	31 March		31 March
	2026	2025	2026	2025
Numerator


Net income (loss) attributable to Air Products	$710.4	($1,730.6)	$1,388.6	($1,113.2)
Denominator (in millions)
Weighted average common shares — Basic	222.8	222.8	222.8	222.7
Effect of dilutive securities:
Employee award plans	0.1	—	0.1	—
Weighted average common shares — Diluted	222.9	222.8	222.9	222.7
Per Share Data (U.S. Dollars per share)


Basic earnings (loss) per share attributable to Air Products	$3.19	($7.77)	$6.23	($5.00)



Diluted earnings (loss) per share attributable to Air Products	$3.19	($7.77)	$6.23	($5.00)

Antidilutive share based awards were not material for the three and six months ended 31 March 2026 and 2025.

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Mar. 31, 2026

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The tables below summarize changes in accumulated other comprehensive loss ("AOCL"), net of tax, attributable to Air Products for the three and six months ended 31 March 2026:



	Derivatives qualifying as hedges	Foreign currency translation adjustments	Pension and postretirement benefits	Total
Balance at 31 December 2025	$74.1	($1,564.2)	($487.0)	($1,977.1)
Other comprehensive loss before reclassifications	(0.9)	(105.5)	—	(106.4)
Amounts reclassified from AOCL	16.3	—	9.9	26.2
Net current period other comprehensive income (loss)	15.4	(105.5)	9.9	(80.2)
Amount attributable to noncontrolling interests	2.3	(2.1)	—	0.2
Balance at 31 March 2026	$87.2	($1,667.6)	($477.1)	($2,057.5)



	Derivatives qualifying as hedges	Foreign currency translation adjustments	Pension and postretirement benefits	Total
Balance at 30 September 2025	$49.3	($1,640.7)	($496.4)	($2,087.8)
Other comprehensive income (loss) before reclassifications	34.6	(32.0)	—	2.6
Amounts reclassified from AOCL	32.9	—	19.2	52.1
Net current period other comprehensive income (loss)	67.5	(32.0)	19.2	54.7
Amount attributable to noncontrolling interests	29.6	(5.1)	(0.1)	24.4
Balance at 31 March 2026	$87.2	($1,667.6)	($477.1)	($2,057.5)

Schedule of Reclassification out of Accumulated Other Comprehensive Loss

The table below summarizes the reclassifications out of AOCL and the affected line item on the consolidated income statements:


	Three Months Ended		Six Months Ended
	31 March		31 March
	2026	2025	2026	2025
Loss (Gain) on Cash Flow Hedges, net of tax
Sales	($0.2)	$0.1	($1.1)	$0.3
Cost of sales	(0.5)	5.2	(0.3)	6.0

Interest expense	(0.3)	—	(0.6)	0.3
Other non-operating income (expense), net	17.3	(12.3)	34.9	78.3
Total Loss (Gain) on Cash Flow Hedges, net of tax	$16.3	($7.0)	$32.9	$84.9

Currency translation adjustment associated with business and asset actions	$—	$2.5	$—	$2.5



Pension and Postretirement Benefits, net of tax(A)	$9.9	$11.0	$19.2	$22.0

(A)The components of net periodic benefit/cost reclassified out of AOCL include items such as prior service cost amortization, actuarial loss amortization, settlements, and curtailments and are included in “Other non-operating income (expense), net” on the consolidated income statements. Refer to Note 11, Retirement Benefits, for additional information.

Fair Value Measurements (Schedule of Nonrecurring Fair Value Measurements) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended	13 Months Ended
	Sep. 30, 2025	Sep. 30, 2025	Mar. 31, 2026
Long Lived Assets Held-for-sale [Line Items]
Plant and equipment, net	$ 25,337.8	$ 25,337.8	$ 26,693.7
Project Exit Costs
Long Lived Assets Held-for-sale [Line Items]
Impairment of property and equipment			2,500.0
Fair Value, Nonrecurring \| Project Exit Costs
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale			454.7
Plant and equipment, net			6.9
Fair Value, Nonrecurring \| Project Exit Costs \| Level 3
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale			454.7
Plant and equipment, net			$ 6.9
Fair Value, Nonrecurring \| Project Exit Costs \| Assets held for sale
Long Lived Assets Held-for-sale [Line Items]
Impairment of property and equipment	$ 350.6
Fair Value, Nonrecurring \| Project Exit Costs \| Plant and equipment, net
Long Lived Assets Held-for-sale [Line Items]
Impairment of property and equipment		$ 2,100.0

Revenue Recognition (Remaining Performance Obligations) (Details) $ in Billions	Mar. 31, 2026 USD ($)
Revenue from Contract with Customer [Abstract]
Transaction price allocated to remaining performance obligations	$ 28
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligation	50.00%
Estimated timing of recognition of performance obligation	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2031-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligation	50.00%
Estimated timing of recognition of performance obligation

Financial Instruments

6 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

FINANCIAL INSTRUMENTS

Currency Price Risk Management

Our earnings, cash flows, and financial position are exposed to foreign currency risk from foreign currency-denominated transactions and net investments in foreign operations. It is our policy to seek to minimize our cash flow volatility from changes in currency exchange rates. This is accomplished by identifying and evaluating the risk that our cash flows will change in value due to changes in exchange rates and by executing strategies necessary to manage such exposures. Our objective is to maintain economically balanced currency risk management strategies that provide adequate downside protection.

Forward Exchange Contracts

We enter into forward exchange contracts to reduce the cash flow exposure to foreign currency fluctuations associated with highly anticipated cash flows and certain firm commitments, such as the purchase of plant and equipment. We also enter into forward exchange contracts to hedge the cash flow exposure on intercompany loans and third-party debt. This portfolio of forward exchange contracts consists primarily of the U.S. Dollar and each of the Chinese Renminbi, Canadian Dollar, and South Korean Won. The maximum remaining term of any forward exchange contract currently outstanding and designated as a cash flow hedge at 31 March 2026 is 2.3 years.

Forward exchange contracts are also used to hedge the value of investments in certain foreign subsidiaries and affiliates by creating a liability in a currency in which we have a net equity position. The primary currency pair in this portfolio of forward exchange contracts is the U.S. Dollar and Chilean Peso.

We also utilize forward exchange contracts that are not designated as hedges. These contracts are used to economically hedge foreign currency-denominated monetary assets and liabilities, primarily working capital. The primary objective of these forward exchange contracts is to protect the value of foreign currency-denominated monetary assets and liabilities from the effects of volatility in foreign exchange rates that might occur prior to their receipt or settlement. This portfolio of forward exchange contracts consists of multiple foreign currency pairs, with a profile that changes from time to time depending on our business activity and sourcing decisions.

The table below summarizes our outstanding currency price risk management instruments:


	31 March 2026		30 September 2025
	US$ Notional	Years Average Maturity	US$ Notional	Years Average Maturity
Forward Exchange Contracts:
Cash flow hedges	$4,250.1	0.5	$3,625.5	0.6
Net investment hedges	76.8	0.3	73.9	0.8
Not designated	2,105.2	1.2	2,968.6	1.2
Total Forward Exchange Contracts	$6,432.1	0.7	$6,668.0	0.9

We also use foreign currency-denominated debt to hedge the foreign currency exposures of our net investment in certain foreign subsidiaries. The designated foreign currency-denominated debt and related accrued interest was €3,142.0 million ($3,631.9 million) at 31 March 2026 and €3,188.1 million ($3,741.5 million) at 30 September 2025. The designated foreign currency-denominated debt is presented within "Long-term debt" on our consolidated balance sheets.

Debt Portfolio Management

It is our policy to identify, on a continuing basis, the need for debt capital and to evaluate the financial risks inherent in funding the Company with debt capital. Reflecting the result of this ongoing review, we manage our debt portfolio and hedging program with the intent to (1) reduce funding risk with respect to borrowings made by us to preserve our access to debt capital and provide debt capital as required for funding and liquidity purposes, and (2) manage the aggregate interest rate risk and the debt portfolio in accordance with certain debt management parameters.

Interest Rate Management Contracts

We enter into interest rate swaps to change the fixed/variable interest rate mix of our debt portfolio in order to maintain the percentage of fixed- and variable-rate debt within the parameters set by management. In accordance with these parameters, the agreements are used to manage interest rate risks and costs inherent in our debt portfolio. Our interest rate management portfolio generally consists of fixed-to-floating interest rate swaps (which are designated as fair value hedges), pre-issuance interest rate swaps and treasury locks (which hedge the interest rate risk associated with anticipated fixed-rate debt issuances and are designated as cash flow hedges), and floating-to-fixed interest rate swaps (which are designated as cash flow hedges). As of 31 March 2026, the outstanding interest rate swaps were denominated in U.S. Dollars. The notional amount of the interest rate swap agreements is equal to or less than the designated debt being hedged. When interest rate swaps are used to hedge variable-rate debt, the indices of the swaps and the debt to which they are designated are the same. It is our policy not to enter into any interest rate management contracts which lever a move in interest rates on a greater than one-to-one basis.

Cross Currency Interest Rate Swap Contracts

We enter into cross currency interest rate swap contracts when our risk management function deems necessary. These contracts may entail both the exchange of fixed- and floating-rate interest payments periodically over the life of the agreement and the exchange of one currency for another currency at inception and at a specified future date. The contracts are used to hedge either certain net investments in foreign operations or non-functional currency cash flows related to intercompany loans. The current cross currency interest rate swap portfolio consists of fixed-to-fixed swaps primarily between the U.S. Dollar and each of the Chinese Renminbi, South Korean Won, and New Taiwan Dollar.

The table below summarizes our outstanding interest rate management contracts and cross currency interest rate swaps:


	31 March 2026						30 September 2025
	US$ Notional	Average Pay %		Average Receive %		Years Average Maturity	US$ Notional	Average Pay %		Average Receive %		Years Average Maturity
Interest rate swaps (fair value hedge)	$600.0	SOFR		1.80	%	2.1	$800.0	SOFR		1.64	%	2.0
Interest rate swaps (cash flow hedge)(A)	$3,563.1	2.82	%	SOFR		19.6	$3,106.0	2.78	%	SOFR		20.1
Interest rate swaps (not designated)(A)	$—	—	%	SOFR		0.0	$269.1	3.28	%	SOFR		20.2
Cross currency interest rate swaps (net investment hedge)	$2,054.9	2.08	%	3.70	%	2.1	$70.3	4.86	%	4.53	%	0.5
Cross currency interest rate swaps (cash flow hedge)	$84.2	4.70	%	2.88	%	0.9	$247.7	5.21	%	3.12	%	1.6
Cross currency interest rate swaps (not designated)	$15.4	0.15	%	1.85	%	1.1	$—	—	%	—	%	0.0

The table below provides the amounts recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:


	Carrying amounts of hedged item		Cumulative hedging adjustment, included in carrying amount
	31 March	30 September	31 March	30 September
Balance Sheet Location	2026	2025	2026	2025
Current portion of long-term debt	$—	$549.7	$—	($0.3)
Long-term debt	$1,524.7	$1,522.5	($21.5)	($23.1)

The table below summarizes the fair value and balance sheet location of our outstanding derivatives:


	Balance Sheet Location	31 March	30 September	Balance Sheet Location	31 March	30 September
		2026	2025		2026	2025
Derivatives Designated as Hedging Instruments:
Forward exchange contracts	Other receivables and current assets	$57.4	$50.7	Payables and accrued liabilities	$63.2	$21.4
Interest rate management contracts	Other receivables and current assets	3.2	13.1	Payables and accrued liabilities	2.0	0.3
Forward exchange contracts	Other noncurrent assets	15.5	10.1	Other noncurrent liabilities	2.4	3.4
Interest rate management contracts	Other noncurrent assets	248.0	138.2	Other noncurrent liabilities	81.7	23.8
Total Derivatives Designated as Hedging Instruments		$324.1	$212.1		$149.3	$48.9
Derivatives Not Designated as Hedging Instruments:
Forward exchange contracts	Other receivables and current assets	$4.3	$17.8	Payables and accrued liabilities	$4.4	$14.2

Forward exchange contracts	Other noncurrent assets	—	2.7	Other noncurrent liabilities	28.2	30.5
Interest rate management contracts	Other noncurrent assets	—	11.8	Other noncurrent liabilities	0.6	—
Total Derivatives Not Designated as Hedging Instruments		$4.3	$32.3		$33.2	$44.7
Total Derivatives		$328.4	$244.4		$182.5	$93.6

Refer to Note 9, Fair Value Measurements, which defines fair value, describes the method for measuring fair value, and provides additional disclosures regarding fair value measurements.

The tables below summarize gains (losses) recognized in other comprehensive income during the period related to our net investment and cash flow hedging relationships:


	Three Months Ended		Six Months Ended
	31 March		31 March
	2026	2025	2026	2025
Net Investment Hedging Relationships
Forward exchange contracts	$1.7	($20.0)	($3.4)	$33.9
Foreign currency debt	59.0	(112.4)	54.8	28.0
Cross currency interest rate swaps(A)	5.5	—	(2.7)	0.4
Total Amount Recognized in OCI	66.2	(132.4)	48.7	62.3
Tax effects	(15.9)	32.1	(11.7)	(15.4)
Net Amount Recognized in OCI	$50.3	($100.3)	$37.0	$46.9


	Three Months Ended		Six Months Ended
	31 March		31 March
	2026	2025	2026	2025
Derivatives in Cash Flow Hedging Relationships
Forward exchange contracts	($8.3)	$43.4	($9.1)	($134.4)
Forward exchange contracts, excluded components	(3.0)	(4.8)	(10.4)	(6.3)
Other(A)	8.3	(79.7)	52.9	143.3
Total Amount Recognized in OCI	(3.0)	(41.1)	33.4	2.6
Tax effects	2.1	(3.9)	1.2	18.1
Net Amount Recognized in OCI	($0.9)	($45.0)	$34.6	$20.7

The tables below summarize the location and amounts recognized in income related to our cash flow and fair value hedging relationships by contract type:


	Three Months Ended 31 March
	Sales		Cost of Sales		Interest Expense			Other Non-Operating Income (Expense), Net
	2026	2025	2026	2025		2026	2025		2026	2025
Total presented in consolidated income statements that includes effects of hedging below	$3,171.8	$2,916.2	$2,184.4	$2,053.9		$49.5	$42.2		$0.9	($18.6)
(Gain) Loss Effects of Cash Flow Hedging:

Forward Exchange Contracts:
Amount reclassified from OCI into income	($0.2)	$0.2	($0.7)	$6.7		$—	$—		$17.8	($24.9)

Amount excluded from effectiveness testing recognized in earnings based on amortization approach	—	—	—	—		—	—		5.3	4.3
Other:
Amount reclassified from OCI into income	—	—	—	—		(0.4)	—		(0.3)	4.4

Total (Gain) Loss Reclassified from OCI to Income	(0.2)	0.2	(0.7)	6.7		(0.4)	—		22.8	(16.2)
Tax effects	—	(0.1)	0.2	(1.5)		0.1	—		(5.5)	3.9
Net (Gain) Loss Reclassified from OCI to Income	($0.2)	$0.1	($0.5)	$5.2		($0.3)	$—		$17.3	($12.3)
(Gain) Loss Effects of Fair Value Hedging:

Other:
Hedged items	$—	$—	$—	$—		($1.3)	$11.2		$—	$—
Derivatives designated as hedging instruments	—	—	—	—		1.3	(11.2)		—	—
Total (Gain) Loss Recognized in Income	$—	$—	$—	$—		$—	$—		$—	$—



	Six Months Ended 31 March
	Sales		Cost of Sales		Interest Expense			Other Non-Operating Income (Expense), Net
	2026	2025	2026	2025		2026	2025		2026	2025
Total presented in consolidated income statements that includes effects of hedging below	$6,274.3	$5,847.7	$4,291.9	$4,070.4		$104.0	$84.8		($0.5)	$20.3

(Gain) Loss Effects of Cash Flow Hedging:
Forward Exchange Contracts:
Amount reclassified from OCI into income	($1.3)	$0.4	($0.5)	$7.6		$—	$—		$25.0	$104.4

Amount excluded from effectiveness testing recognized in earnings based on amortization approach	—	—	—	—		—	—		10.8	10.4
Other:
Amount reclassified from OCI into income	—	—	—	—		(0.8)	0.5		9.7	(12.9)

Total (Gain) Loss Reclassified from OCI to Income	(1.3)	0.4	(0.5)	7.6		(0.8)	0.5		45.5	101.9
Tax effects	0.2	(0.1)	0.2	(1.6)		0.2	(0.2)		(10.6)	(23.6)
Net (Gain) Loss Reclassified from OCI to Income	($1.1)	$0.3	($0.3)	$6.0		($0.6)	$0.3		$34.9	$78.3

(Gain) Loss Effects of Fair Value Hedging:
Other:
Hedged items	$—	$—	$—	$—		$1.9	$0.3		$—	$—
Derivatives designated as hedging instruments	—	—	—	—		(1.9)	(0.3)		—	—
Total (Gain) Loss Recognized in Income	$—	$—	$—	$—		$—	$—		$—	$—

The tables below summarize the location and amounts recognized in income related to our derivatives not designated as hedging instruments by contract type:


	Three Months Ended 31 March
	Other Income (Expense), Net		Other Non-Operating Income (Expense), Net
	2026	2025	2026	2025
The Effects of Derivatives Not Designated as Hedging Instruments:
Forward exchange contracts	($0.7)	($2.8)	$0.2	$1.1
De-designated interest rate swaps	—	—	—	11.5
Other	—	—	0.3	—
Total (Gain) Loss Recognized in Income	($0.7)	($2.8)	$0.5	$12.6



	Six Months Ended 31 March
	Other Income (Expense), Net		Other Non-Operating Income (Expense), Net
	2026	2025	2026	2025
The Effects of Derivatives Not Designated as Hedging Instruments:
Forward exchange contracts	($0.2)	($6.7)	($0.2)	($0.8)
De-designated interest rate swaps	—	—	(1.9)	(27.3)
Other	—	—	0.8	(1.7)
Total (Gain) Loss Recognized in Income	($0.2)	($6.7)	($1.3)	($29.8)

The amount of unrealized gains and losses related to cash flow hedges as of 31 March 2026 that are expected to be reclassified to earnings in the next twelve months is not material.

The cash flows related to derivative contracts are generally reported in the operating activities section of the consolidated statements of cash flows.

Credit Risk-Related Contingent Features

Certain derivative instruments are executed under agreements that require us to maintain a minimum credit rating with both Standard & Poor’s and Moody’s. If our credit rating falls below this threshold, the counterparty to the derivative instruments has the right to request full collateralization on the derivatives’ net liability position. The net liability position of derivatives with credit risk-related contingent features was $91.3 and $43.3 as of 31 March 2026 and 30 September 2025, respectively. Because our current credit rating is above the various pre-established thresholds, no collateral has been posted on these liability positions.

Counterparty Credit Risk Management

We execute financial derivative transactions with counterparties that are highly rated financial institutions, all of which are investment grade at this time. Some of our underlying derivative agreements give us the right to require the institution to post collateral if its credit rating falls below the pre-established thresholds with Standard & Poor’s, Moody’s, or Fitch. The collateral that the counterparties would be required to post was $259.6 and $174.0 as of 31 March 2026 and 30 September 2025, respectively. No financial institution is required to post collateral at this time, as all have credit ratings at or above threshold.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Variable Interest Entities (JIGPC Joint Venture) (Details) - USD ($) $ in Billions	3 Months Ended
	Dec. 31, 2021	Mar. 31, 2026	Sep. 30, 2025
Jazan Integrated Gasification and Power Company ("JIGPC")
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage		55.00%
Ownership percentage attributable to noncontrolling partner (in percent)		4.00%
Investment balance		$ 3.0	$ 3.1
Jazan Integrated Gasification and Power Company ("JIGPC") \| Aramco
Schedule of Equity Method Investments [Line Items]
Term of project agreement (in years)	25 years

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Financial Instruments (Gains and Losses Recognized In Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Net Investment Hedging Relationships
Tax effects	$ (15.6)	$ 34.3	$ (14.4)	$ (11.9)
Net Amount Recognized in OCI	(105.5)	102.3	(32.0)	(521.7)
Derivatives in Cash Flow Hedging Relationships
Tax effects	2.1	(3.9)	1.2	18.1
Net Amount Recognized in OCI	(0.9)	(45.0)	34.6	20.7
Net investment hedges
Net Investment Hedging Relationships
Total Amount Recognized in OCI	66.2	(132.4)	48.7	62.3
Tax effects	(15.9)	32.1	(11.7)	(15.4)
Net Amount Recognized in OCI	50.3	(100.3)	37.0	46.9
Net investment hedges \| Forward exchange contracts
Net Investment Hedging Relationships
Total Amount Recognized in OCI	1.7	(20.0)	(3.4)	33.9
Net investment hedges \| Foreign currency debt
Net Investment Hedging Relationships
Total Amount Recognized in OCI	59.0	(112.4)	54.8	28.0
Net investment hedges \| Cross currency interest rate swaps(A)
Net Investment Hedging Relationships
Total Amount Recognized in OCI	5.5	0.0	(2.7)	0.4
Cash flow hedges
Derivatives in Cash Flow Hedging Relationships
Total Amount Recognized in OCI	(3.0)	(41.1)	33.4	2.6
Tax effects	2.1	(3.9)	1.2	18.1
Net Amount Recognized in OCI	(0.9)	(45.0)	34.6	20.7
Cash flow hedges \| Forward exchange contracts
Derivatives in Cash Flow Hedging Relationships
Total Amount Recognized in OCI	(8.3)	43.4	(9.1)	(134.4)
Cash flow hedges \| Forward exchange contracts, excluded components
Derivatives in Cash Flow Hedging Relationships
Total Amount Recognized in OCI	(3.0)	(4.8)	(10.4)	(6.3)
Cash flow hedges \| Other
Derivatives in Cash Flow Hedging Relationships
Total Amount Recognized in OCI	$ 8.3	$ (79.7)	$ 52.9	$ 143.3

Goodwill (Schedule of Accumulated Impairment Losses) (Details) - USD ($) $ in Millions	Mar. 31, 2026	Sep. 30, 2025
Goodwill [Line Items]
Goodwill, gross	$ 1,244.4	$ 1,238.6
Goodwill, accumulated impairment losses	(285.7)	(274.7)
Goodwill, net	958.7	963.9
Americas
Goodwill [Line Items]
Goodwill, accumulated impairment losses	(285.7)	(274.7)
Goodwill, net	$ 145.0	$ 143.5

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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- Definition

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+ Details

Financial Instruments (Carrying Amount and Cumulative Hedging Adjustment) (Details) - USD ($) $ in Millions	Mar. 31, 2026	Sep. 30, 2025
Current portion of long-term debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying amounts of hedged item	$ 0.0	$ 549.7
Cumulative hedging adjustment, included in carrying amount	0.0	(0.3)
Long-term debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying amounts of hedged item	1,524.7	1,522.5
Cumulative hedging adjustment, included in carrying amount	$ (21.5)	$ (23.1)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Inventories (Schedule of Inventory) (Details) - USD ($) $ in Millions	Mar. 31, 2026	Sep. 30, 2025
Inventory Disclosure [Abstract]
Finished goods	$ 196.5	$ 191.9
Work in process	42.4	42.4
Raw materials, supplies, and other	529.0	542.2
Inventories	$ 767.9	$ 776.5

Goodwill

6 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

GOODWILL

Changes to the carrying amount of consolidated goodwill by segment for the six months ended 31 March 2026 are as follows:


	Americas	Asia	Europe	Middle East and India	Corporate and other	Total
Goodwill, net as of 30 September 2025	$143.5	$172.5	$597.9	$15.8	$34.2	$963.9


Currency translation	1.5	(0.7)	(6.1)	—	0.1	(5.2)
Goodwill, net as of 31 March 2026	$145.0	$171.8	$591.8	$15.8	$34.3	$958.7


	31 March	30 September
	2026	2025
Goodwill, gross	$1,244.4	$1,238.6
Accumulated impairment losses(A)	(285.7)	(274.7)
Goodwill, net	$958.7	$963.9

(A) Accumulated impairment losses are attributable to our Latin America reporting unit ("LASA") within the Americas segment and include the impact of currency translation.

We review goodwill for impairment annually in the fourth quarter of the fiscal year and whenever events or changes in circumstances indicate that the carrying value of goodwill might not be recoverable.

- Definition

The entire disclosure for goodwill.

+ References + Details

Cover	6 Months Ended
Cover	Mar. 31, 2026 shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-04534
Entity Registrant Name	AIR PRODUCTS AND CHEMICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	23-1274455
Entity Address, Address Line One	1940 Air Products Boulevard
Entity Address, City or Town	Allentown
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	18106-5500
City Area Code	610
Local Phone Number	481-4911
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	222,680,686
Entity Central Index Key	0000002969
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock, par value $1.00 per share
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	APD
Security Exchange Name	NYSE
0.500% Euro Notes due 2028
Entity Information [Line Items]
Title of 12(b) Security	0.500% Euro Notes due 2028
Trading Symbol	APD28
Security Exchange Name	NYSE
2.950% Notes due 2031
Entity Information [Line Items]
Title of 12(b) Security	2.950% Euro Notes due 2031
Trading Symbol	APD31
Security Exchange Name	NYSE
0.800% Euro Notes due 2032
Entity Information [Line Items]
Title of 12(b) Security	0.800% Euro Notes due 2032
Trading Symbol	APD32
Security Exchange Name	NYSE
3.250% Euro Notes due 2032
Entity Information [Line Items]
Title of 12(b) Security	3.250% Euro Notes due 2032
Trading Symbol	APD32B
Security Exchange Name	NYSE
4.000% Euro Notes due 2035
Entity Information [Line Items]
Title of 12(b) Security	4.000% Euro Notes due 2035
Trading Symbol	APD35
Security Exchange Name	NYSE
3.450% Notes due 2037
Entity Information [Line Items]
Title of 12(b) Security	3.450% Euro Notes due 2037
Trading Symbol	APD37
Security Exchange Name	NYSE

Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Sales	$ 3,171.8	$ 2,916.2	$ 6,274.3	$ 5,847.7
Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 3,171.8	$ 2,916.2	$ 6,274.3	$ 5,847.7
Percent sales by supply mode	100.00%	100.00%	100.00%	100.00%
Americas \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 1,383.9	$ 1,287.2	$ 2,725.6	$ 2,574.8
Asia \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	832.6	774.1	1,664.1	1,591.2
Europe \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	789.0	727.4	1,571.0	1,424.6
Middle East and India \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	29.2	32.8	59.5	65.6
Corporate and other \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	137.1	94.7	254.1	191.5
On-site \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 1,711.7	$ 1,552.5	$ 3,345.6	$ 3,040.8
Percent sales by supply mode	54.00%	53.00%	53.00%	52.00%
On-site \| Americas \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 840.4	$ 760.5	$ 1,624.3	$ 1,473.6
On-site \| Asia \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	580.8	523.1	1,150.5	1,052.4
On-site \| Europe \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	274.6	249.2	538.6	477.5
On-site \| Middle East and India \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	15.9	19.7	32.2	37.3
On-site \| Corporate and other \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0	0.0	0.0
Merchant \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 1,323.0	$ 1,269.0	$ 2,674.6	$ 2,615.4
Percent sales by supply mode	42.00%	44.00%	43.00%	45.00%
Merchant \| Americas \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 543.5	$ 526.7	$ 1,101.3	$ 1,101.2
Merchant \| Asia \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	251.8	251.0	513.6	538.8
Merchant \| Europe \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	514.4	478.2	1,032.4	947.1
Merchant \| Middle East and India \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	13.3	13.1	27.3	28.3
Merchant \| Corporate and other \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0	0.0	0.0
Sale of Equipment \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 137.1	$ 94.7	$ 254.1	$ 191.5
Percent sales by supply mode	4.00%	3.00%	4.00%	3.00%
Sale of Equipment \| Americas \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Sale of Equipment \| Asia \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0	0.0	0.0
Sale of Equipment \| Europe \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0	0.0	0.0
Sale of Equipment \| Middle East and India \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0	0.0	0.0
Sale of Equipment \| Corporate and other \| Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 137.1	$ 94.7	$ 254.1	$ 191.5
Financing And Lease Arrangment \| Revenue Benchmark \| Revenue Source Concentration Risk
Disaggregation of Revenue [Line Items]
Interest income associated with financing and lease arrangements as a percentage of total consolidated sales			1.00%	1.00%

Debt	6 Months Ended
Debt	Mar. 31, 2026
Debt Disclosure [Abstract]
Debt	DEBT U.S. Committed Credit Facilities On 26 March 2026, we amended our existing 364-day $500 revolving credit agreement to extend its maturity date from 26 March 2026 to 25 March 2027. The amendment also provides that if we elect to convert the facility into a term loan, the maturity date of the term loan would be 25 March 2028. Fees incurred in connection with the amendment were not material. We also maintain a five-year $3.0 billion revolving credit agreement that matures on 31 March 2029. Both the 364-day agreement and the five-year agreement are syndicated committed facilities that provide a source of liquidity and support our commercial paper program through the availability of senior unsecured debt to us and certain of our subsidiaries. No borrowings were outstanding under either of the agreements as of 31 March 2026 or 30 September 2025. Repayments During the first quarter of fiscal year 2026, we repaid at maturity $550.0 aggregate principal amount of our 1.50% senior notes due October 2025, plus accumulated and unpaid interest through the maturity date. Related Party Debt Refer to Note 17, Supplemental Information.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes (Effective Tax Rate-Shareholder Activism-Related Costs) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Legal, executive separation, and other professional service fees in connection with response to proxy contest	$ 0.0	$ 31.4	$ 0.0	$ 61.3
Net tax benefit related to legal, executive separation, and other professional service fees in connection with response to proxy contest				$ 8.4

Revenue Recognition (Contract Assets and Liabilities) (Details) - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2026	Sep. 30, 2025
Contract Assets and Liabilities
Contract assets – current	$ 97.8	$ 152.6
Contract fulfillment costs – current	85.2	85.4
Contract assets – noncurrent	106.8	82.3
Contract fulfillment costs – noncurrent	35.1	33.8
Contract liabilities – current	247.8	253.4
Contract liabilities – noncurrent	283.7	$ 283.6
Revenue recognized that was previously included in current contract liabilities	$ 120.0

Accumulated Other Comprehensive Loss

6 Months Ended

Mar. 31, 2026

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Loss

ACCUMULATED OTHER COMPREHENSIVE LOSS

The tables below summarize changes in accumulated other comprehensive loss ("AOCL"), net of tax, attributable to Air Products for the three and six months ended 31 March 2026:



	Derivatives qualifying as hedges	Foreign currency translation adjustments	Pension and postretirement benefits	Total
Balance at 31 December 2025	$74.1	($1,564.2)	($487.0)	($1,977.1)
Other comprehensive loss before reclassifications	(0.9)	(105.5)	—	(106.4)
Amounts reclassified from AOCL	16.3	—	9.9	26.2
Net current period other comprehensive income (loss)	15.4	(105.5)	9.9	(80.2)
Amount attributable to noncontrolling interests	2.3	(2.1)	—	0.2
Balance at 31 March 2026	$87.2	($1,667.6)	($477.1)	($2,057.5)



	Derivatives qualifying as hedges	Foreign currency translation adjustments	Pension and postretirement benefits	Total
Balance at 30 September 2025	$49.3	($1,640.7)	($496.4)	($2,087.8)
Other comprehensive income (loss) before reclassifications	34.6	(32.0)	—	2.6
Amounts reclassified from AOCL	32.9	—	19.2	52.1
Net current period other comprehensive income (loss)	67.5	(32.0)	19.2	54.7
Amount attributable to noncontrolling interests	29.6	(5.1)	(0.1)	24.4
Balance at 31 March 2026	$87.2	($1,667.6)	($477.1)	($2,057.5)

The table below summarizes the reclassifications out of AOCL and the affected line item on the consolidated income statements:


	Three Months Ended		Six Months Ended
	31 March		31 March
	2026	2025	2026	2025
Loss (Gain) on Cash Flow Hedges, net of tax
Sales	($0.2)	$0.1	($1.1)	$0.3
Cost of sales	(0.5)	5.2	(0.3)	6.0

Interest expense	(0.3)	—	(0.6)	0.3
Other non-operating income (expense), net	17.3	(12.3)	34.9	78.3
Total Loss (Gain) on Cash Flow Hedges, net of tax	$16.3	($7.0)	$32.9	$84.9

Currency translation adjustment associated with business and asset actions	$—	$2.5	$—	$2.5



Pension and Postretirement Benefits, net of tax(A)	$9.9	$11.0	$19.2	$22.0

Variable Interest Entities (NGHC Joint Venture Project Financing) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2023	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025	Sep. 30, 2025
Variable Interest Entity [Line Items]
Long-term debt proceeds				$ 439.2	$ 2,002.5
Short-term borrowings		$ 314.4		$ 314.4		$ 34.7
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Voting interest in joint venture				33.33%
Value of engineering, procurement, and construction agreement	$ 6,700.0
Short-term borrowings		46.5		$ 46.5		24.0
Variable Interest Entity, Primary Beneficiary \| Nonrecourse
Variable Interest Entity [Line Items]
Total principal borrowings		5,400.0		5,400.0		4,900.0
Variable Interest Entity, Primary Beneficiary \| NEOM Green Hydrogen Project Financing, Primary \| Nonrecourse
Variable Interest Entity [Line Items]
Project financing maximum borrowing capacity		$ 6,100.0		$ 6,100.0
Amount of expected debt funding (percent)		73.00%		73.00%
Variable Interest Entity, Primary Beneficiary \| NEOM Green Hydrogen Project Financing, Working Capital \| Nonrecourse
Variable Interest Entity [Line Items]
Project financing maximum borrowing capacity		$ 500.0		$ 500.0
Variable Interest Entity, Primary Beneficiary \| Saudi Riyal Facility Stated-Rate 2.00% \| Nonrecourse
Variable Interest Entity [Line Items]
Long-term debt proceeds		$ 415.0
Interest rate, stated percentage		2.00%		2.00%
Variable Interest Entity, Primary Beneficiary \| Saudi Riyal Loan Facility Variable-Rate 5.02% \| Nonrecourse
Variable Interest Entity [Line Items]
Short-term borrowings		$ 46.5		$ 46.5		$ 24.0
Interest rate, variable percentage		5.02%		5.02%
Variable Interest Entity, Primary Beneficiary \| De-designated interest rate swap
Variable Interest Entity [Line Items]
Unrealized gain (loss) on de-designated cash flow hedging instruments, before tax			$ 11.5		(27.3)
Unrealized gain (loss) on de-designated cash flow hedging instruments, amount attributable to noncontrolling interests			7.5		(17.7)
Unrealized gain (loss) on de-designated cash flow hedging instruments, amount attributable to Air Products, after tax			$ 3.0		$ (7.3)

Variable Interest Entities (World Energy) (Details) $ in Billions	13 Months Ended
	Mar. 31, 2026 USD ($)
World Energy \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Cumulative project exit costs	$ 1.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Retirement Benefits

6 Months Ended

Mar. 31, 2026

Retirement Benefits [Abstract]

Retirement Benefits

RETIREMENT BENEFITS

The components of net periodic cost for our defined benefit pension plans for the three and six months ended 31 March 2026 and 2025 were as follows:


	Pension Benefits
	2026			2025
Three Months Ended 31 March	U.S.	International	Total	U.S.	International	Total
Service cost	$1.9	$2.6	$4.5	$2.3	$2.7	$5.0
Non-service cost:
Interest cost	29.1	15.0	44.1	29.9	13.8	43.7
Expected return on plan assets	(35.3)	(17.2)	(52.5)	(33.2)	(14.5)	(47.7)
Prior service cost amortization	0.3	0.2	0.5	0.3	0.2	0.5
Actuarial loss amortization	8.5	2.7	11.2	11.7	2.4	14.1

Settlements	1.2	0.1	1.3	—	0.1	0.1


Other	—	0.3	0.3	—	—	—
Net Periodic Cost	$5.7	$3.7	$9.4	$11.0	$4.7	$15.7



	Pension Benefits
	2026			2025
Six Months Ended 31 March	U.S.	International	Total	U.S.	International	Total
Service cost	$3.8	$5.6	$9.4	$4.6	$5.6	$10.2
Non-service cost:
Interest cost	58.1	29.6	87.7	59.8	27.7	87.5
Expected return on plan assets	(70.5)	(34.2)	(104.7)	(66.4)	(29.2)	(95.6)
Prior service cost amortization	0.6	0.5	1.1	0.6	0.4	1.0
Actuarial loss amortization	17.4	5.2	22.6	23.4	4.8	28.2

Settlements	1.2	0.1	1.3	—	0.1	0.1


Other	—	0.6	0.6	—	0.1	0.1
Net Periodic Cost	$10.6	$7.4	$18.0	$22.0	$9.5	$31.5

Our service costs are primarily included within "Cost of sales" and "Selling and administrative expense" on our consolidated income statements. The amount of service costs capitalized in the first six months of fiscal years 2026 and 2025 were not material. The non-service related impacts are presented outside operating results within "Other non-operating income (expense), net."

For the six months ended 31 March 2026 and 2025, our cash contributions to funded pension plans and benefit payments under unfunded pension plans were $13.8 and $14.3, respectively. Total contributions for fiscal year 2026 are expected to be approximately $25 to $35. During fiscal year 2025, total contributions were $29.9.

During the three and six months ended 31 March 2026, we recognized actuarial loss amortization of $0.4 and $1.1 for our other postretirement benefits plans. During the three and six months ended 31 March 2025, we recognized actuarial gain amortization of $0.1 and $0.4 for our other postretirement benefits plans.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Business and Asset Actions (Tables)

6 Months Ended

Mar. 31, 2026

Restructuring and Related Activities [Abstract]

Summary of Carrying Amount of Accrual for Business and Asset Actions

The table below provides a reconciliation of the beginning and ending liability balances associated with project exit activities, which are reflected within “Payables and Accrued Liabilities” on our consolidated balance sheets:


Amount accrued as of 30 September 2025			$178.3
Changes in estimates			9.3


Cash payments			(67.0)

Amount accrued as of 31 March 2026			$120.6

The table below provides a reconciliation of the beginning and ending liability balances associated with our global cost reduction plan, which are reflected within “Payables and Accrued Liabilities” on our consolidated balance sheets:









Amount accrued as of 30 September 2025			$101.6

Cash payments			(29.8)
Currency translation adjustment			(0.5)
Amount accrued as of 31 March 2026			$71.3

Variable Interest Entities

6 Months Ended

Mar. 31, 2026

Consolidated Variable Interest Entities Disclosure [Abstract]

Variable Interest Entities

VARIABLE INTEREST ENTITIES

We are the primary beneficiary of the NEOM Green Hydrogen Company joint venture ("NGHC"), a variable interest entity ("VIE") that is consolidated in our Middle East and India segment. We are not the primary beneficiary of any other material VIEs.

Our other material VIEs are those in which we hold variable interests but are not the primary beneficiary. We have an equity interest and exercise significant influence in the Jazan Integrated Gasification and Power Company joint venture ("JIGPC"), which we account for as an equity method investment in our Middle East and India segment. We have no equity interest in World Energy, LLC ("World Energy"), but hold a variable interest through a financing receivable that was fully reserved in connection with our exit from the sustainable aviation fuel ("SAF") expansion project during the second quarter of fiscal year 2025.

NGHC Joint Venture

The NEOM Green Hydrogen Project is a multi-billion dollar green hydrogen-based ammonia production facility that is being constructed in NEOM City, Saudi Arabia. Owned and operated by NGHC, the facility will be powered by renewable energy to produce green ammonia for Air Products as the exclusive offtaker under a long-term take-if-tendered agreement.

Air Products is an equal owner in NGHC with our joint venture partners, ACWA Power and NEOM Company. While we only hold one-third of the voting interests in the joint venture, substantially all the activities of the joint venture involve or are conducted on behalf of Air Products. Since we have disproportionately few voting rights relative to our economic interests in the joint venture, we determined that NGHC is a VIE. In addition, we determined that we are the primary beneficiary of NGHC since we have the power to unilaterally direct certain significant activities, including key design and construction decisions, and we share power with our joint venture partners related to other activities that are significant to the economic performance of NGHC. Therefore, we consolidate NGHC within the Middle East and India segment.

Under the project financing discussed below, the assets of NGHC can only be used to settle obligations of the joint venture, and creditors of NGHC do not have recourse to the general credit of Air Products. A table summarizing balances associated with NGHC as reflected on our consolidated balance sheets is provided on page 15.

Project Financing

In May 2023, NGHC finalized the $6.7 billion engineering, procurement, and construction agreement, naming Air Products as the main contractor and system integrator for the facility. To support the project, NGHC secured project financing that is non-recourse to Air Products of approximately $6.1 billion, which is expected to fund about 73% of the project and is being drawn over the construction period. At the same time, NGHC secured additional credit facilities totaling approximately $500, primarily for NGHC's working capital needs. These facilities are also non-recourse to Air Products. Total principal borrowings were $5.4 billion and $4.9 billion as of 31 March 2026 and 30 September 2025, respectively. Long-term principal borrowings of approximately $415 during the first six months of fiscal year 2026 were primarily drawn under a 2.00% stated-rate Saudi Riyal facility.

The borrowings discussed above are primarily from long-term facilities that are presented net of unamortized discounts and debt issuance costs within "Long-term debt" on our consolidated balance sheets. Short-term borrowings were $46.5 and $24.0 as of 31 March 2026 and 30 September 2025, respectively, under a variable-rate Saudi Riyal facility that carried an interest rate of 5.02% as of 31 March 2026.

Interest Rate Swaps

In May 2023, NGHC entered into floating-to-fixed interest rate swaps designed to hedge long-term variable-rate debt facilities available under the project financing during the construction period. In fiscal year 2024, we discontinued cash flow hedge accounting for certain swaps due to changes in the anticipated drawdown timeline for the hedged borrowings. As a result of the de-designation, unrealized gains and losses related to the affected swaps were recorded in "Other non-operating income (expense), net" on our consolidated income statements.

During the three months ended 31 March 2025, we recorded an unrealized loss of $11.5 ($7.5 attributable to our noncontrolling partners, or $3.0 attributable to Air Products after tax). For the six months ended 31 March 2025, the total amount recorded was a net unrealized gain of $27.3 ($17.7 attributable to our noncontrolling partners, or $7.3 attributable to Air Products after tax).

We re-designated the affected swaps as cash flow hedges when the outstanding borrowings under the available project financing became commensurate with the swaps’ notional values. As of 1 January 2026, all swaps were re-designated as cash flow hedges. The unrealized gain on swaps that remained de-designated during the first quarter of fiscal year 2026 was not material.

NGHC Balance Sheet

The table below summarizes balances associated with NGHC as reflected on our consolidated balance sheets:


	31 March	30 September
	2026	2025
Assets
Cash and cash items	$54.8	$40.3

Trade receivables, net	11.2	1.1

Prepaid expenses	14.9	20.7
Other receivables and current assets	125.4	107.2
Total Current Assets	$206.3	$169.3



Plant and equipment, net	7,282.1	6,593.9


Operating lease right-of-use assets, net	210.6	218.0


Other noncurrent assets	197.0	153.5
Total Noncurrent Assets	$7,689.7	$6,965.4
Total Assets	$7,896.0	$7,134.7
Liabilities
Payables and accrued liabilities	$128.0	$201.7
Accrued income taxes	3.0	1.2
Short-term borrowings	46.5	24.0

Total Current Liabilities	$177.5	$226.9
Long-term debt	5,080.2	4,677.6

Noncurrent operating lease liabilities	18.0	17.8
Other noncurrent liabilities	2.7	1.6
Deferred income taxes	17.2	13.8
Total Noncurrent Liabilities	$5,118.1	$4,710.8
Total Liabilities	$5,295.6	$4,937.7
Equity
Accumulated other comprehensive income	$49.6	$38.3
Noncontrolling interests	1,640.2	1,493.6

JIGPC Joint Venture

JIGPC is a joint venture with Saudi Aramco Power Company (a subsidiary of Aramco), ACWA Power, and Air Products Qudra (“APQ”). JIGPC entered into project financing to purchase power blocks, gasifiers, air separation units, syngas cleanup assets, and utilities to supply electricity, steam, hydrogen, and utilities to Aramco’s refinery and terminal complex under a 25-year agreement, which commenced in the first quarter of fiscal year 2022. JIGPC recorded financing receivables upon acquisition of the assets and recognizes financing income over the supply term.

We determined JIGPC is a VIE for which we exercise significant influence but are not the primary beneficiary as we do not have the power to direct the activities that are most significant to its economic performance. Instead, these activities, including plant dispatch, operating and maintenance decisions, budgeting, capital expenditures, and financing, require unanimous approval of the owners or are controlled by the customer. Accordingly, we account for our 55% investment, which includes 4% that is attributable to the noncontrolling partner of APQ, under the equity method within the Middle East and India segment.

Our loss exposure is limited to the carrying value of our investment in the joint venture which, including amounts attributable to noncontrolling interests, totaled approximately $3.0 billion and $3.1 billion as of 31 March 2026 and 30 September 2025, respectively.

Our total investment in JIGPC primarily consists of shareholder loans that qualify as in-substance common stock in the joint venture. Certain shareholders receive a preferred cash distribution pursuant to the joint venture agreement, which specifies each shareholder’s share of income after considering the amount of cash available for distribution. As such, the earnings attributable to Air Products may not be proportionate to our ownership interest in the venture.

World Energy

In November 2023, we purchased an SAF facility in Paramount, California, from World Energy and accounted for the transaction as a financing arrangement because the agreement contained an embedded sales-type lease. Additionally, we entered into a Master Project Agreement ("MPA") that included terms for operation of the acquired facility as well as amended terms for the construction and operation of an SAF expansion project subject to construction at the same location. We determined that World Energy is a VIE, and our financing receivable represented a variable interest in World Energy. We are not the primary beneficiary as we did not control key operating decisions.

In February 2025, we terminated the MPA and announced our decision to exit the project. Cumulative project exit charges recorded in connection with this decision total approximately $1.9 billion, the majority of which were recognized in the second quarter of fiscal year 2025 and primarily related to the write-down of plant and equipment. We have no further loss exposure related to our variable interest in World Energy because these charges also included the establishment of an allowance for credit loss equal to the value of the financing receivable. However, future impacts to earnings may occur as we finalize our exit from the project.

Project exit charges related to World Energy were recorded with other business and asset actions discussed in Note 4, Business and Asset Actions.

Debt (U.S. Committed Credit Facilities) (Details) - Revolving credit agreement	6 Months Ended
	Mar. 31, 2026 USD ($)
364-Day Agreement \| Line of Credit
Debt Instrument [Line Items]
Debt instrument term	364 days
Maximum borrowing capacity	$ 500,000,000
Credit facility, amount borrowed and outstanding	$ 0
Credit Agreement 2024 \| Line of Credit
Debt Instrument [Line Items]
Debt instrument term	5 years
Maximum borrowing capacity	$ 3,000,000,000.0
Credit facility, amount borrowed and outstanding	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Income Taxes (Cash Paid for Taxes, Net of Refunds) (Details) - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax payments, net of refunds	$ 263.4	$ 710.1

Supplemental Information (Changes in Estimates) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Change in Accounting Estimate [Line Items]
Operating income (loss)	$ 752.7	$ (2,328.0)	$ 1,487.2	$ (1,684.4)
Contracts accounted for under percentage of completion
Change in Accounting Estimate [Line Items]
Operating income (loss)	$ (25.0)	$ (15.0)	$ (58.0)	$ (45.0)

- Definition

The net result for the period of deducting operating expenses from operating revenues.

+ References

+ Details

Goodwill (Schedule of Goodwill by Segment) (Details) $ in Millions	6 Months Ended
	Mar. 31, 2026 USD ($)
Goodwill [Roll Forward]
Goodwill, net, beginning balance	$ 963.9
Currency translation	(5.2)
Goodwill, net, ending balance	958.7
Americas
Goodwill [Roll Forward]
Goodwill, net, beginning balance	143.5
Currency translation	1.5
Goodwill, net, ending balance	145.0
Asia
Goodwill [Roll Forward]
Goodwill, net, beginning balance	172.5
Currency translation	(0.7)
Goodwill, net, ending balance	171.8
Europe
Goodwill [Roll Forward]
Goodwill, net, beginning balance	597.9
Currency translation	(6.1)
Goodwill, net, ending balance	591.8
Middle East and India
Goodwill [Roll Forward]
Goodwill, net, beginning balance	15.8
Currency translation	0.0
Goodwill, net, ending balance	15.8
Corporate and other
Goodwill [Roll Forward]
Goodwill, net, beginning balance	34.2
Currency translation	0.1
Goodwill, net, ending balance	$ 34.3

- Definition

+ References

+ Details

Retirement Benefits (Schedule of Net Periodic Benefit Cost) (Details) - Pension Plan - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 4.5	$ 5.0	$ 9.4	$ 10.2
Interest cost	44.1	43.7	87.7	87.5
Expected return on plan assets	(52.5)	(47.7)	(104.7)	(95.6)
Prior service cost amortization	0.5	0.5	1.1	1.0
Actuarial loss amortization	11.2	14.1	22.6	28.2
Settlements	1.3	0.1	1.3	0.1
Other	0.3	0.0	0.6	0.1
Net Periodic Cost	9.4	15.7	$ 18.0	$ 31.5
Non-service Net Periodic Cost, location			Other non-operating income (expense), net	Other non-operating income (expense), net
U.S.
Defined Benefit Plan Disclosure [Line Items]
Service cost	1.9	2.3	$ 3.8	$ 4.6
Interest cost	29.1	29.9	58.1	59.8
Expected return on plan assets	(35.3)	(33.2)	(70.5)	(66.4)
Prior service cost amortization	0.3	0.3	0.6	0.6
Actuarial loss amortization	8.5	11.7	17.4	23.4
Settlements	1.2	0.0	1.2	0.0
Other	0.0	0.0	0.0	0.0
Net Periodic Cost	5.7	11.0	10.6	22.0
International
Defined Benefit Plan Disclosure [Line Items]
Service cost	2.6	2.7	5.6	5.6
Interest cost	15.0	13.8	29.6	27.7
Expected return on plan assets	(17.2)	(14.5)	(34.2)	(29.2)
Prior service cost amortization	0.2	0.2	0.5	0.4
Actuarial loss amortization	2.7	2.4	5.2	4.8
Settlements	0.1	0.1	0.1	0.1
Other	0.3	0.0	0.6	0.1
Net Periodic Cost	$ 3.7	$ 4.7	$ 7.4	$ 9.5

Financial Instruments (Narrative) (Details) € in Millions	6 Months Ended		12 Months Ended
Financial Instruments (Narrative) (Details) € in Millions	Mar. 31, 2026 USD ($)	Mar. 31, 2026 EUR (€)	Sep. 30, 2025 USD ($)	Sep. 30, 2025 EUR (€)
Derivative [Line Items]
Net liability position of derivatives with credit risk-related contingent features	$ 91,300,000		$ 43,300,000
Collateral posted on liability positions with credit risk-related contingent features	0
Collateral amount that counterparties would be required to post	$ 259,600,000		174,000,000.0
Forward exchange contracts \| Cash flow hedges
Derivative [Line Items]
Maximum remaining maturity of foreign currency derivatives	2 years 3 months 18 days	2 years 3 months 18 days
Foreign currency debt \| Euro Denominated
Derivative [Line Items]
Notional amount included in designated foreign currency denominated debt	$ 3,631,900,000	€ 3,142.0	$ 3,741,500,000	€ 3,188.1

Financial Instruments (Currency Price Risk Management Instruments) (Details) - Forward exchange contracts - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Mar. 31, 2026	Sep. 30, 2025
Derivative [Line Items]
US$ Notional	$ 6,432.1	$ 6,668.0
Years Average Maturity	8 months 12 days	10 months 24 days
Designated as hedging instrument \| Cash flow hedges
Derivative [Line Items]
US$ Notional	$ 4,250.1	$ 3,625.5
Years Average Maturity	6 months	7 months 6 days
Designated as hedging instrument \| Net investment hedges
Derivative [Line Items]
US$ Notional	$ 76.8	$ 73.9
Years Average Maturity	3 months 18 days	9 months 18 days
Not designated as hedging instrument
Derivative [Line Items]
US$ Notional	$ 2,105.2	$ 2,968.6
Years Average Maturity	1 year 2 months 12 days	1 year 2 months 12 days

Consolidated Income Statements (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Sales	$ 3,171.8	$ 2,916.2	$ 6,274.3	$ 5,847.7
Cost of sales	2,184.4	2,053.9	4,291.9	4,070.4
Selling and administrative expense	227.2	222.0	455.9	464.4
Research and development expense	21.6	22.9	42.0	44.9
Business and asset actions	0.0	2,927.9	22.0	2,927.9
Shareholder activism-related costs	0.0	31.4	0.0	61.3
Other income (expense), net	14.1	13.9	24.7	36.8
Operating Income (Loss)	752.7	(2,328.0)	1,487.2	(1,684.4)
Equity affiliates' income	179.4	145.5	351.6	296.1
Interest expense	49.5	42.2	104.0	84.8
Other non-operating income (expense), net	0.9	(18.6)	(0.5)	20.3
Income (Loss) Before Taxes	883.5	(2,243.3)	1,734.3	(1,452.8)
Income tax expense (benefit)	158.7	(505.8)	318.1	(365.1)
Net Income (Loss)	724.8	(1,737.5)	1,416.2	(1,087.7)
Net income (loss) attributable to noncontrolling interests	14.4	(6.9)	27.6	25.5
Net Income (Loss) Attributable to Air Products	$ 710.4	$ (1,730.6)	$ 1,388.6	$ (1,113.2)
Per Share Data (U.S. Dollars per share)
Basic earnings per share attributable to Air Products (in dollars per share)	$ 3.19	$ (7.77)	$ 6.23	$ (5.00)
Diluted earnings per share attributable to Air Products (in dollars per share)	$ 3.19	$ (7.77)	$ 6.23	$ (5.00)
Weighted Average Common Shares (in millions)
Basic (in shares)	222.8	222.8	222.8	222.7
Diluted (in shares)	222.9	222.8	222.9	222.7

Financial Instruments (Fair Value and Balance Sheet Location of Derivatives) (Details) - USD ($) $ in Millions	Mar. 31, 2026	Sep. 30, 2025
Derivative [Line Items]
Total Derivatives, Assets	$ 328.4	$ 244.4
Total Derivatives, Liabilities	182.5	93.6
Designated as hedging instrument
Derivative [Line Items]
Total Derivatives, Assets	324.1	212.1
Total Derivatives, Liabilities	149.3	48.9
Designated as hedging instrument \| Other Receivables and Current Assets \| Forward exchange contracts
Derivative [Line Items]
Total Derivatives, Assets	57.4	50.7
Designated as hedging instrument \| Other Receivables and Current Assets \| Interest Rate Management Contracts
Derivative [Line Items]
Total Derivatives, Assets	3.2	13.1
Designated as hedging instrument \| Other Noncurrent Assets \| Forward exchange contracts
Derivative [Line Items]
Total Derivatives, Assets	15.5	10.1
Designated as hedging instrument \| Other Noncurrent Assets \| Interest Rate Management Contracts
Derivative [Line Items]
Total Derivatives, Assets	248.0	138.2
Designated as hedging instrument \| Payables and Accrued Liabilities \| Forward exchange contracts
Derivative [Line Items]
Total Derivatives, Liabilities	63.2	21.4
Designated as hedging instrument \| Payables and Accrued Liabilities \| Interest Rate Management Contracts
Derivative [Line Items]
Total Derivatives, Liabilities	2.0	0.3
Designated as hedging instrument \| Other Noncurrent Liabilities \| Forward exchange contracts
Derivative [Line Items]
Total Derivatives, Liabilities	2.4	3.4
Designated as hedging instrument \| Other Noncurrent Liabilities \| Interest Rate Management Contracts
Derivative [Line Items]
Total Derivatives, Liabilities	81.7	23.8
Not designated as hedging instrument
Derivative [Line Items]
Total Derivatives, Assets	4.3	32.3
Total Derivatives, Liabilities	33.2	44.7
Not designated as hedging instrument \| Other Receivables and Current Assets \| Forward exchange contracts
Derivative [Line Items]
Total Derivatives, Assets	4.3	17.8
Not designated as hedging instrument \| Other Noncurrent Assets \| Forward exchange contracts
Derivative [Line Items]
Total Derivatives, Assets	0.0	2.7
Not designated as hedging instrument \| Other Noncurrent Assets \| Interest Rate Management Contracts
Derivative [Line Items]
Total Derivatives, Assets	0.0	11.8
Not designated as hedging instrument \| Payables and Accrued Liabilities \| Forward exchange contracts
Derivative [Line Items]
Total Derivatives, Liabilities	4.4	14.2
Not designated as hedging instrument \| Other Noncurrent Liabilities \| Forward exchange contracts
Derivative [Line Items]
Total Derivatives, Liabilities	28.2	30.5
Not designated as hedging instrument \| Other Noncurrent Liabilities \| Interest Rate Management Contracts
Derivative [Line Items]
Total Derivatives, Liabilities	$ 0.6	$ 0.0

Commitments and Contingencies (Litigation and Environmental - Narrative) (Details) - Environmental $ in Millions	Mar. 31, 2026 USD ($) site	Sep. 30, 2025 USD ($)
Loss Contingencies [Line Items]
Approximate number of sites on which settlement has not been reached \| site	26
Accrual for environmental loss contingencies	$ 83.9	$ 85.6
Accrual for environmental loss contingencies, maximum payout period	30 years
Minimum
Loss Contingencies [Line Items]
Estimate of possible exposure from environmental loss contingencies	$ 83.0
Maximum
Loss Contingencies [Line Items]
Estimate of possible exposure from environmental loss contingencies	$ 97.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 27
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482395/460-10-55-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

Consolidated Comprehensive Income Statements (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Tax effect on translation adjustments	$ 15.6	$ (34.3)	$ 14.4	$ 11.9
Tax effect on net gain (loss) on derivatives	(2.1)	3.9	(1.2)	(18.1)
Tax effect on derivatives reclassification adjustments	5.2	(2.3)	10.0	25.5
Tax effect on pension and postretirement benefits reclassification adjustments	$ 3.5	$ 3.6	$ 6.9	$ 6.9

Inventories

6 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

The components of inventories are as follows:


	31 March	30 September
	2026	2025
Finished goods	$196.5	$191.9
Work in process	42.4	42.4
Raw materials, supplies, and other	529.0	542.2
Inventories	$767.9	$776.5

Accumulated Other Comprehensive Loss (Rollforward) (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Mar. 31, 2026

Mar. 31, 2025

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Beginning balance

$ 17,837.1

$ 18,738.7

$ 17,349.8

$ 18,673.7

Other comprehensive loss before reclassifications

(106.4)

2.6

Amounts reclassified from AOCL

26.2

52.1

Total Other Comprehensive Income (Loss)

(80.2)

63.8

54.7

(391.6)

Amount attributable to noncontrolling interests

0.2

(44.7)

24.4

58.4

Ending balance

18,149.8

16,779.6

18,149.8

16,779.6

Derivatives qualifying as hedges

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Beginning balance

74.1

49.3

Other comprehensive loss before reclassifications

(0.9)

34.6

Amounts reclassified from AOCL

16.3

32.9

Total Other Comprehensive Income (Loss)

15.4

67.5

Amount attributable to noncontrolling interests

2.3

29.6

Ending balance

87.2

Foreign currency translation adjustments

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Beginning balance

(1,564.2)

(1,640.7)

Other comprehensive loss before reclassifications

(105.5)

(32.0)

Amounts reclassified from AOCL

0.0

Total Other Comprehensive Income (Loss)

(105.5)

(32.0)

Amount attributable to noncontrolling interests

(2.1)

(5.1)

Ending balance

(1,667.6)

Pension and postretirement benefits

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Beginning balance

(487.0)

(496.4)

Other comprehensive loss before reclassifications

0.0

Amounts reclassified from AOCL

9.9

19.2

Total Other Comprehensive Income (Loss)

9.9

19.2

Amount attributable to noncontrolling interests

0.0

(0.1)

Ending balance

(477.1)

AOCL attributable to Air Products

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Beginning balance

(1,977.1)

^[1]

(2,586.2)

^[1]

(2,087.8)

^[2]

(2,027.7)

^[2]

Total Other Comprehensive Income (Loss)

(80.4)

^[1]

108.5

^[1]

30.3

^[2]

(450.0)

^[2]

Ending balance

^[1],[2]

$ (2,057.5)

$ (2,477.7)

$ (2,057.5)

$ (2,477.7)

[1]	Accumulated other comprehensive loss
[2]	(A)Accumulated other comprehensive loss.

Income Taxes (Effective Tax Rate-Tax Reform Adjustment Related to Deemed Foreign Dividends) (Details) $ in Millions	6 Months Ended
	Mar. 31, 2025 USD ($)
Income Tax Disclosure [Abstract]
Tax reform adjustment related to deemed foreign dividends	$ 34.9
Unrecognized tax benefits	$ 67.8

Business and Asset Actions

6 Months Ended

Mar. 31, 2026

Restructuring and Related Activities [Abstract]

Business and Asset Actions

BUSINESS AND ASSET ACTIONS

Our consolidated income statement for the six months ended 31 March 2026 includes charges for business and asset actions of $28.3 ($24.6 after tax) related to project exit decisions reached in fiscal year 2025. Of these charges, $22.0 were recorded to operating income to update cost estimates as we settle project‑related commitments and dispose of associated assets, and $6.3 were recorded in "Other non‑operating income (expense), net" for losses on cross‑currency interest rate swaps terminated in connection with the early repayment of related intercompany loans for one of the affected gasification projects in China. No additional charges were recorded during the second quarter of fiscal year 2026.

Our consolidated prior-year income statements for the three and six months ended 31 March 2025 included charges of approximately $2.9 billion, reflecting initial project exit charges as well as costs incurred in connection with our global cost reduction plan. Of these charges, $2.3 billion was attributable to Air Products after tax ($3.5 attributable to noncontrolling partners), including $6.8 recorded in equity affiliates’ income related to an other‑than‑temporary impairment of a joint venture in China formed to develop clean hydrogen infrastructure in the region.

Project Exit Costs

Project exit decisions reached in fiscal year 2025 were part of a review initiated by our Board of Directors and Chief Executive Officer to focus resources on projects we believe will deliver the greatest value to our shareholders. These actions primarily affected clean‑energy generation and distribution projects, including three U.S.-based projects within the Americas segment, as well as several smaller-scale projects across our global portfolio. The exit decisions were driven by several factors, including challenging commercial conditions and unfavorable regulatory actions, as well as customer‑related challenges for two coal gasification plants in China that resulted in assets and liabilities being classified as held for sale. Assets held for sale as of 31 March 2026 and 30 September 2025 primarily included plant and equipment. We continue to pursue the sale of these assets and remain engaged in marketing and negotiation efforts.

Cumulative charges incurred in connection with these decisions total approximately $3.6 billion, the majority of which were recognized in the second quarter of fiscal year 2025. Noncash expenses of approximately $3.3 billion included $2.5 billion to write down plant and equipment, with the remainder primarily related to other assets associated with our exit from the SAF expansion project with World Energy as discussed in Note 3, Variable Interest Entities.

Cash obligations primarily relate to costs to terminate contractual commitments and settle asset retirement obligations. Total cash outflows are expected to be approximately $360 once the actions are fully implemented. Approximately $240 has been paid through 31 March 2026.


Amount accrued as of 30 September 2025			$178.3
Changes in estimates			9.3


Cash payments			(67.0)

Amount accrued as of 31 March 2026			$120.6

Both the held-for-sale assets and other marketable plant and equipment were subject to Level 3 fair value measurements due to the use of significant unobservable inputs. There were no material changes to the valuation assumptions during the first six months of fiscal year 2026. Refer to Note 9, Fair Value Measurements, for additional information.

Estimates related to the actions described above reflect our best judgment based on information available at the time the charges were recorded. Final settlement of these items may differ materially from current estimates, which could impact our consolidated financial statements in future periods. While we expect the related exit activities to be substantially completed in fiscal year 2026, we cannot predict the occurrence of future events and circumstances that could extend the timing of certain actions beyond this period. In addition, the related project review remains ongoing and may result in additional costs in future periods.

Global Cost Reduction Plan

In June 2023, we initiated a global cost reduction plan that provides severance and other postemployment benefits to employees designated for involuntary separation. In accordance with our accounting policy, we recognize related costs in the period management formally commits to a defined set of actions under the plan. Benefits are determined based on the terms of our established ongoing benefit arrangements. Since the plan was initiated, we have incurred cumulative costs totaling $207.7 for approximately 3,600 employees globally. No costs were recorded for the plan during the first half of fiscal year 2026. Our consolidated prior-year income statement reflects costs of $66.1 for actions identified during the second quarter of fiscal year 2025.









Amount accrued as of 30 September 2025			$101.6

Cash payments			(29.8)
Currency translation adjustment			(0.5)
Amount accrued as of 31 March 2026			$71.3

The remaining liability as of 31 March 2026 relates to employees identified during fiscal year 2025. We expect implementation of these actions to be substantially complete by the end of fiscal year 2026. However, position eliminations are subject to legal requirements that vary by jurisdiction, which may extend this process beyond this period in certain cases.

Share-Based Compensation

6 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

SHARE-BASED COMPENSATION

Our share-based compensation program includes performance and time-based deferred stock units. We issue shares from treasury stock upon the payout of deferred stock units. As of 31 March 2026, there were 0.6 million shares available for future grant under our Long-Term Incentive Plan ("LTIP"), which is shareholder approved.

Share-based compensation cost recognized on the consolidated income statements is summarized below:


	Three Months Ended		Six Months Ended
	31 March		31 March
	2026	2025	2026	2025
Before-tax share-based compensation cost(A)	$16.0	$38.3	$26.3	$54.8
Income tax benefit	(3.8)	(9.0)	(6.2)	(13.0)
After-tax share-based compensation cost	$12.2	$29.3	$20.1	$41.8

(A)Fiscal year 2025 includes noncash executive separation costs of $22.4 to accelerate vesting of share-based awards. Refer to the "Shareholder Activism-Related Costs" disclosure in Note 17, Supplemental Information, for additional information.

Before-tax share-based compensation cost is primarily included in "Selling and administrative expense" on our consolidated income statements. The amount of share-based compensation cost capitalized in the first six months of fiscal years 2026 and 2025 was not material.

Deferred Stock Units

During the six months ended 31 March 2026, we granted 100,048 performance shares to be earned over the performance period beginning 1 October 2025 and ending 30 September 2028.

The award conditions are equally weighted between market-based awards, which consider total shareholder return ("TSR") measured against a fixed group of companies that comprise the S&P 500 Industrials Index and the S&P Materials Index and awards that consider an internal performance measure for return on capital.

The fair value of the portion of the awards subject to the achievement of return on capital targets were valued based on the closing stock price of $260.86 on the grant date. The portion of the awards subject to market conditions were valued using a Monte Carlo simulation on the date of grant with an estimated grant-date fair value of $275.21 per unit. The model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the grant and calculates the fair value of the awards.

The calculation of the fair value of market-based deferred stock units used the following assumptions:


Expected volatility	34.5	%
Risk-free interest rate	3.6	%
Expected dividend yield	2.7	%

In addition, during the six months ended 31 March 2026, we granted 130,557 time-based deferred stock units at a weighted average grant-date fair value of $260.73.

We generally expense the grant-date fair value of these awards on a straight-line basis over the applicable vesting period. For the portion of performance shares subject to the achievement of return on capital, we consider the probability of meeting performance targets when recording compensation expense throughout the performance period.

Financial Instruments (Effects of Derivatives Not Designated as a Hedging Instrument) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Other Income (Expense), Net
Derivative Instruments, Gain (Loss) [Line Items]
Total (Gain) Loss Recognized in Income	$ (0.7)	$ (2.8)	$ (0.2)	$ (6.7)
Other Income (Expense), Net \| Forward exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total (Gain) Loss Recognized in Income	(0.7)	(2.8)	(0.2)	(6.7)
Other Income (Expense), Net \| De-designated interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Total (Gain) Loss Recognized in Income	0.0	0.0	0.0	0.0
Other Income (Expense), Net \| Other
Derivative Instruments, Gain (Loss) [Line Items]
Total (Gain) Loss Recognized in Income	0.0	0.0	0.0	0.0
Other non‑operating income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Total (Gain) Loss Recognized in Income	0.5	12.6	(1.3)	(29.8)
Other non‑operating income (expense), net \| Forward exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total (Gain) Loss Recognized in Income	0.2	1.1	(0.2)	(0.8)
Other non‑operating income (expense), net \| De-designated interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Total (Gain) Loss Recognized in Income	0.0	11.5	(1.9)	(27.3)
Other non‑operating income (expense), net \| Other
Derivative Instruments, Gain (Loss) [Line Items]
Total (Gain) Loss Recognized in Income	$ 0.3	$ 0.0	$ 0.8	$ (1.7)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Share-Based Compensation (Tables)

6 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Recognized Share-Based Compensation Cost

Share-based compensation cost recognized on the consolidated income statements is summarized below:


	Three Months Ended		Six Months Ended
	31 March		31 March
	2026	2025	2026	2025
Before-tax share-based compensation cost(A)	$16.0	$38.3	$26.3	$54.8
Income tax benefit	(3.8)	(9.0)	(6.2)	(13.0)
After-tax share-based compensation cost	$12.2	$29.3	$20.1	$41.8

Schedule of Assumptions for Fair Value of Market-Based Deferred Stock Units

The calculation of the fair value of market-based deferred stock units used the following assumptions:


Expected volatility	34.5	%
Risk-free interest rate	3.6	%
Expected dividend yield	2.7	%

Goodwill (Tables)

6 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes to the carrying amount of consolidated goodwill by segment for the six months ended 31 March 2026 are as follows:


	Americas	Asia	Europe	Middle East and India	Corporate and other	Total
Goodwill, net as of 30 September 2025	$143.5	$172.5	$597.9	$15.8	$34.2	$963.9


Currency translation	1.5	(0.7)	(6.1)	—	0.1	(5.2)
Goodwill, net as of 31 March 2026	$145.0	$171.8	$591.8	$15.8	$34.3	$958.7


	31 March	30 September
	2026	2025
Goodwill, gross	$1,244.4	$1,238.6
Accumulated impairment losses(A)	(285.7)	(274.7)
Goodwill, net	$958.7	$963.9

(A) Accumulated impairment losses are attributable to our Latin America reporting unit ("LASA") within the Americas segment and include the impact of currency translation.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Accumulated Other Comprehensive Loss (Reclassification) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Sales	$ (3,171.8)	$ (2,916.2)	$ (6,274.3)	$ (5,847.7)
Cost of sales	2,184.4	2,053.9	4,291.9	4,070.4
Interest expense	49.5	42.2	104.0	84.8
Other non-operating income (expense), net	(0.9)	18.6	0.5	(20.3)
Net Income attributable to Air Products	(710.4)	1,730.6	(1,388.6)	1,113.2
Reclassification out of Accumulated Other Comprehensive Income \| Loss (Gain) on Cash Flow Hedges, net of tax
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Sales	(0.2)	0.1	(1.1)	0.3
Cost of sales	(0.5)	5.2	(0.3)	6.0
Interest expense	(0.3)	0.0	(0.6)	0.3
Other non-operating income (expense), net	17.3	(12.3)	34.9	78.3
Net Income attributable to Air Products	16.3	(7.0)	32.9	84.9
Reclassification out of Accumulated Other Comprehensive Income \| Foreign currency translation adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net Income attributable to Air Products	0.0	2.5	0.0	2.5
Reclassification out of Accumulated Other Comprehensive Income \| Pension and Postretirement Benefits, net of tax
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net Income attributable to Air Products	$ 9.9	$ 11.0	$ 19.2	$ 22.0

Financial Instruments (Cash Flow and Fair Value Hedges Location and Amounts Recognized) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Total presented in consolidated income statements that includes effects of hedging below
Sales	$ 3,171.8	$ 2,916.2	$ 6,274.3	$ 5,847.7
Cost of sales	2,184.4	2,053.9	4,291.9	4,070.4
Interest expense	49.5	42.2	104.0	84.8
Other non-operating income (expense), net	0.9	(18.6)	(0.5)	20.3
(Gain) Loss Effects of Cash Flow Hedging:
Tax effects	(5.2)	2.3	(10.0)	(25.5)
Net (Gain) Loss Reclassified from OCI to Income	16.3	(7.0)	32.9	84.9
Cash flow hedges \| Sales
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	(0.2)	0.2	(1.3)	0.4
Tax effects	0.0	(0.1)	0.2	(0.1)
Net (Gain) Loss Reclassified from OCI to Income	(0.2)	0.1	(1.1)	0.3
Cash flow hedges \| Cost of Sales
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	(0.7)	6.7	(0.5)	7.6
Tax effects	0.2	(1.5)	0.2	(1.6)
Net (Gain) Loss Reclassified from OCI to Income	(0.5)	5.2	(0.3)	6.0
Cash flow hedges \| Interest Expense
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	(0.4)	0.0	(0.8)	0.5
Tax effects	0.1	0.0	0.2	(0.2)
Net (Gain) Loss Reclassified from OCI to Income	(0.3)	0.0	(0.6)	0.3
Cash flow hedges \| Other non‑operating income (expense), net
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	22.8	(16.2)	45.5	101.9
Tax effects	(5.5)	3.9	(10.6)	(23.6)
Net (Gain) Loss Reclassified from OCI to Income	17.3	(12.3)	34.9	78.3
Cash flow hedges \| Forward exchange contracts \| Sales
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	(0.2)	0.2	(1.3)	0.4
Cash flow hedges \| Forward exchange contracts \| Cost of Sales
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	(0.7)	6.7	(0.5)	7.6
Cash flow hedges \| Forward exchange contracts \| Interest Expense
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	0.0	0.0	0.0	0.0
Cash flow hedges \| Forward exchange contracts \| Other non‑operating income (expense), net
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	17.8	(24.9)	25.0	104.4
Cash flow hedges \| Forward exchange contracts, excluded components \| Sales
(Gain) Loss Effects of Cash Flow Hedging:
Amount excluded from effectiveness testing recognized in earnings based on amortization approach	0.0	0.0	0.0	0.0
Cash flow hedges \| Forward exchange contracts, excluded components \| Cost of Sales
(Gain) Loss Effects of Cash Flow Hedging:
Amount excluded from effectiveness testing recognized in earnings based on amortization approach	0.0	0.0	0.0	0.0
Cash flow hedges \| Forward exchange contracts, excluded components \| Interest Expense
(Gain) Loss Effects of Cash Flow Hedging:
Amount excluded from effectiveness testing recognized in earnings based on amortization approach	0.0	0.0	0.0	0.0
Cash flow hedges \| Forward exchange contracts, excluded components \| Other non‑operating income (expense), net
(Gain) Loss Effects of Cash Flow Hedging:
Amount excluded from effectiveness testing recognized in earnings based on amortization approach	5.3	4.3	10.8	10.4
Cash flow hedges \| Other \| Sales
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	0.0	0.0	0.0	0.0
Cash flow hedges \| Other \| Cost of Sales
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	0.0	0.0	0.0	0.0
Cash flow hedges \| Other \| Interest Expense
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	(0.4)	0.0	(0.8)	0.5
Cash flow hedges \| Other \| Other non‑operating income (expense), net
(Gain) Loss Effects of Cash Flow Hedging:
Amount reclassified from OCI into income	(0.3)	4.4	9.7	(12.9)
Fair Value Hedges \| Sales
(Gain) Loss Effects of Fair Value Hedging:
Total (Gain) Loss Recognized in Income	0.0	0.0	0.0	0.0
Fair Value Hedges \| Cost of Sales
(Gain) Loss Effects of Fair Value Hedging:
Total (Gain) Loss Recognized in Income	0.0	0.0	0.0	0.0
Fair Value Hedges \| Interest Expense
(Gain) Loss Effects of Fair Value Hedging:
Total (Gain) Loss Recognized in Income	0.0	0.0	0.0	0.0
Fair Value Hedges \| Other non‑operating income (expense), net
(Gain) Loss Effects of Fair Value Hedging:
Total (Gain) Loss Recognized in Income	0.0	0.0	0.0	0.0
Fair Value Hedges \| Other \| Sales
(Gain) Loss Effects of Fair Value Hedging:
Hedged items	0.0	0.0	0.0	0.0
Derivatives designated as hedging instruments	0.0	0.0	0.0	0.0
Fair Value Hedges \| Other \| Cost of Sales
(Gain) Loss Effects of Fair Value Hedging:
Hedged items	0.0	0.0	0.0	0.0
Derivatives designated as hedging instruments	0.0	0.0	0.0	0.0
Fair Value Hedges \| Other \| Interest Expense
(Gain) Loss Effects of Fair Value Hedging:
Hedged items	(1.3)	11.2	1.9	0.3
Derivatives designated as hedging instruments	1.3	(11.2)	(1.9)	(0.3)
Fair Value Hedges \| Other \| Other non‑operating income (expense), net
(Gain) Loss Effects of Fair Value Hedging:
Hedged items	0.0	0.0	0.0	0.0
Derivatives designated as hedging instruments	$ 0.0	$ 0.0	$ 0.0	$ 0.0

Income Taxes (Effective Tax Rate-Tax on Repatriation of Foreign Earnings) (Details) $ in Millions	6 Months Ended
	Mar. 31, 2025 USD ($)
Income Tax Disclosure [Abstract]
Repatriation of foreign earnings	$ 31.4

New Accounting Guidance	6 Months Ended
New Accounting Guidance	Mar. 31, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Guidance	NEW ACCOUNTING GUIDANCE New Accounting Guidance to be Implemented Climate-Related Disclosures In March 2024, the SEC issued Release No. 33-11275, "The Enhancement and Standardization of Climate-Related Disclosures for Investors", which includes final rules for providing annual qualitative and quantitative disclosures regarding certain climate-related topics. As a result of legal challenges, the SEC issued an order in April 2024 to stay the effectiveness of the rules pending the completion of judicial review of the consolidated challenges before the United States Court of Appeals for the Eighth Circuit. The SEC subsequently announced its withdrawal of its legal defense to such challenges in March 2025; however, the rules have not been formally rescinded by the SEC. In April 2025, the appellate court suspended its proceedings indefinitely and directed the SEC to file a status report outlining its next steps. In response, the SEC stated in July 2025 that it does not intend to revisit the rules and requested the court to rule on the pending petitions. In September 2025, the appellate court declined the SEC's request and placed the litigation in abeyance, which will remain in effect until the SEC reconsiders the rules by notice-and-comment rulemaking or renews its defense. We continue to monitor these developments. Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740)—Improvements to Income Tax Disclosures”, to expand income tax disclosures, primarily through disaggregation requirements for the rate reconciliation and income taxes paid. The update will be effective in our Annual Report on Form 10-K for the fiscal year ending 30 September 2026, although early adoption is permitted. The amendments should be applied on a prospective basis with a retrospective option. We are evaluating the impact this update will have on our disclosures. Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”, which requires additional disclosures of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, intangible asset amortization, as well as selling expenses in the notes to the financial statements. In January 2025, the FASB clarified that the update will be effective in our Annual Report on Form 10-K for the fiscal year ending 30 September 2028 as well as interim periods thereafter, although early adoption is permitted. The amendments should be applied either prospectively after the effective date or retrospectively to any or all periods presented. We are evaluating the impact this update will have on our disclosures. Measurement of Credit Losses for Accounts Receivable and Contract Assets In July 2025, the FASB issued ASU 2025-09, “Measurement of Credit Losses for Accounts Receivable and Contract Assets”, which allows an entity to elect a practical expedient to assume that current conditions as of the balance sheet date do not change when estimating expected credit losses. This update will be effective at the beginning of fiscal year 2027, although early adoption is permitted. The amendments should be applied on a prospective basis. We are evaluating the implications of this update. At this time, we do not expect it will have a material impact on our financial statements. Accounting for Internal-Use Software In September 2025, the FASB issued ASU 2025-06, “Targeted Improvements to the Accounting for Internal-Use Software”, which establishes criteria for commencing cost capitalization for software projects. This update will be effective at the beginning of fiscal year 2029, although early adoption is permitted. The amendments can be applied prospectively, retrospectively, or via a modified prospective transition method. We are evaluating the impact this update will have on our financial statements. Government Grants In December 2025, the FASB issued ASU 2025-10, “Accounting for Government Grants Received by Business Entities”, which provides guidance on the recognition, measurement, and presentation of government grants. This update will be effective at the beginning of fiscal year 2030, although early adoption is permitted. The amendments can be applied on a modified prospective approach, modified retrospective approach, or a full retrospective approach. We are evaluating the impact this update will have on our financial statements. Interim Reporting In December 2025, the FASB issued ASU 2025-11, “Interim Reporting (Topic 270): Narrow-Scope Improvements”. This guidance addresses the form and content of interim financial statements, lists interim disclosures required by other codification topics, and establishes a principle for disclosing events since the end of the last annual reporting period that have a material impact. This update will be effective for interim periods beginning in fiscal year 2029, although early adoption is permitted. The ASU can be applied prospectively or retrospectively. We are evaluating the impact this update will have on our disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating Activities
Net income (loss)	$ 1,416.2	$ (1,087.7)
Less: Net income attributable to noncontrolling interests	27.6	25.5
Net Income (Loss) Attributable to Air Products	1,388.6	(1,113.2)
Adjustments to reconcile income to cash provided by operating activities:
Depreciation and amortization	745.7	750.4
Deferred income taxes	125.6	(540.1)
Tax reform repatriation	0.0	(34.9)
Business and asset actions	22.0	2,927.9
Undistributed earnings of equity method investments	(34.7)	(129.4)
Gain on sale of assets and investments	(4.0)	(12.3)
Share-based compensation	26.5	54.7
Noncurrent lease receivables	24.1	28.0
Other adjustments	(18.1)	(87.8)
Working capital changes that provided (used) cash, excluding effects of acquisitions:
Trade receivables	(17.5)	(66.9)
Inventories	5.0	(24.4)
Other receivables	(22.2)	6.5
Payables and accrued liabilities	(246.4)	(47.7)
Other working capital	9.8	(571.0)
Cash Provided by Operating Activities	2,004.4	1,139.8
Investing Activities
Additions to plant and equipment, including long-term deposits	(2,358.8)	(4,009.1)
Investments in and advances to unconsolidated affiliates	(20.0)	(365.4)
Investments in financing receivables	0.0	(35.8)
Proceeds from sale of assets and investments	49.0	36.5
Purchases of short-term investments	0.0	(117.6)
Proceeds from short-term investments	0.0	11.1
Proceeds from other investing activities	11.0	60.9
Cash Used for Investing Activities	(2,318.8)	(4,419.4)
Financing Activities
Long-term debt proceeds	439.2	2,002.5
Payments on long-term debt	(588.7)	(332.3)
Net increase in commercial paper and short-term borrowings	269.7	645.6
Dividends paid to shareholders	(797.0)	(787.4)
Investments by noncontrolling interests	120.5	355.7
Other financing activities	(34.8)	(59.0)
Cash (Used for) Provided by Financing Activities	(591.1)	1,825.1
Effect of Exchange Rate Changes on Cash	0.5	(33.8)
Decrease in cash and cash items	(905.0)	(1,488.3)
Cash and cash items – Beginning of Year	1,856.0	2,979.7
Cash and Cash Items – End of Period	$ 951.0	$ 1,491.4

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Millions

Mar. 31, 2026

Sep. 30, 2025

Common stock, par value (in dollars per share)

$ 1

Common stock, issued (in shares)

249,455,584

Treasury stock, at cost (in shares)

26,774,898

26,867,328

Total Assets

^[1]

$ 41,644.7

$ 41,059.5

Total Liabilities

^[1]

23,494.9

23,709.7

Variable Interest Entity, Primary Beneficiary

Total Assets

7,896.0

7,134.7

Total Liabilities

$ 5,295.6

$ 4,937.7

[1]

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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+ Details

- Definition

Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.

+ References

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+ Details

Share-Based Compensation (Compensation Cost Recognized in Income Statement) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]
Before-tax share-based compensation cost(A)	$ 16.0	$ 38.3	$ 26.3	$ 54.8
Income tax benefit	(3.8)	(9.0)	(6.2)	(13.0)
After-tax share-based compensation cost	$ 12.2	29.3	$ 20.1	41.8
Executive Separation Costs
Share-Based Payment Arrangement [Abstract]
Share-based payment arrangement, accelerated cost		22.4		22.4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, accelerated cost		$ 22.4		$ 22.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Comprehensive Income Statements (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 724.8	$ (1,737.5)	$ 1,416.2	$ (1,087.7)
Other Comprehensive Income (Loss), net of tax:
Translation adjustments, net of tax	(105.5)	102.3	(32.0)	(521.7)
Net gain on derivatives, net of tax	(0.9)	(45.0)	34.6	20.7
Reclassification adjustments:
Currency translation adjustment	0.0	2.5	0.0	2.5
Derivatives, net of tax	16.3	(7.0)	32.9	84.9
Pension and postretirement benefits, net of tax	9.9	11.0	19.2	22.0
Total Other Comprehensive Income (Loss)	(80.2)	63.8	54.7	(391.6)
Comprehensive Income (Loss)	644.6	(1,673.7)	1,470.9	(1,479.3)
Net income (loss) attributable to noncontrolling interests	14.4	(6.9)	27.6	25.5
Other Comprehensive Income (Loss) Attributable to Noncontrolling Interests	0.2	(44.7)	24.4	58.4
Comprehensive Income (Loss) Attributable to Air Products	$ 630.0	$ (1,622.1)	$ 1,418.9	$ (1,563.2)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Supplemental Information	6 Months Ended
Supplemental Information	Mar. 31, 2026
Disclosure Text Block Supplement [Abstract]
Supplemental Information	SUPPLEMENTAL INFORMATION Related Party Transactions We have related party sales to some of our equity affiliates and joint venture partners as well as other income primarily from fees charged for use of Air Products' patents and technology. Sales to and other income from related parties totaled approximately $105 and $190 for the three and six months ended 31 March 2026, respectively, and $70 and $150 for the three and six months ended 31 March 2025, respectively. Sales agreements with related parties include terms that are consistent with those that we believe would have been negotiated at an arm’s length with an independent party. As of 31 March 2026 and 30 September 2025, our consolidated balance sheets included related party trade receivables of approximately $205 and $105, respectively. Related party debt consists of shareholder loans with our joint venture partner, Lu’An Clean Energy Company. Total debt owed to related parties was $244.3 and $236.5 as of 31 March 2026 and 30 September 2025, respectively. These amounts included $61.0 and $59.0, respectively, in "Current portion of long-term debt" on the consolidated balance sheets. Prior-Year Shareholder Activism-Related Costs We recorded shareholder activism-related costs in fiscal year 2025 in connection with a proxy contest that concluded in January 2025 following certification of the election of directors at the 2025 Annual Meeting of Shareholders. Costs of $31.4 ($31.0 after tax) incurred during the second quarter of fiscal year 2025 primarily reflect executive separation costs for our former chief executive officer following the Board of Directors’ appointment of a new chief executive officer, which included a noncash expense of $22.4 related to the acceleration of vesting of share‑based awards and $7.3 in severance and other cash benefits. Costs of $61.3 ($52.9 after tax) incurred during the first six months of fiscal year 2025 also included legal and other professional service fees, as well as incremental proxy solicitation costs related to the 2025 Annual Meeting of Shareholders, which were largely incurred during the first quarter of fiscal year 2025. Changes in Estimates Changes in estimates on sale of equipment projects accounted for under the cost incurred input method are recognized as a cumulative adjustment for the inception-to-date effect of such change. We recorded changes to project revenue and cost estimates that unfavorably impacted operating income by approximately $25 and $58 for the three and six months ended 31 March 2026, respectively, and operating loss by approximately $15 and $45 for the three and six months ended 31 March 2025, respectively.

Fair Value Measurements

6 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

Fair value is defined as an exit price, or the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels as follows:

Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 — Inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the asset or liability.

Level 3 — Inputs that are unobservable for the asset or liability based on our own assumptions about the assumptions market participants would use in pricing the asset or liability.

The methods and assumptions used to measure the fair value of financial instruments are as follows:

Derivatives

The fair value of our interest rate management contracts and forward exchange contracts are quantified using the income approach and are based on estimates using standard pricing models. These models consider the value of future cash flows as of the balance sheet date, discounted to a present value using discount factors that match both the time to maturity and currency of the underlying instruments. These standard pricing models utilize inputs that are derived from or corroborated by observable market data such as interest rate yield curves as well as currency spot and forward rates; therefore, the fair value of our derivatives is classified as a Level 2 measurement. On an ongoing basis, we randomly test a subset of our valuations against valuations received from the transaction’s counterparty to validate the accuracy of our standard pricing models. Counterparties to these derivative contracts are highly rated financial institutions.

Refer to Note 8, Financial Instruments, for a description of derivative instruments, including details related to the balance sheet line classifications.

Long-term Debt, Including Related Party

The fair value of our debt is based on estimates using standard pricing models that consider the value of future cash flows as of the balance sheet date, discounted to a present value using discount factors that match both the time to maturity and currency of the underlying instruments. These standard valuation models utilize observable market data such as interest rate yield curves and currency spot rates; therefore, the fair value of our debt is classified as a Level 2 measurement.

The carrying values and fair values of financial instruments were as follows:


	31 March 2026		30 September 2025
	Carrying Value	Fair Value	Carrying Value	Fair Value
Assets
Derivatives
Forward exchange contracts	$77.2	$77.2	$81.3	$81.3
Interest rate management contracts	251.2	251.2	163.1	163.1
Liabilities
Derivatives
Forward exchange contracts	$98.2	$98.2	$69.5	$69.5
Interest rate management contracts	84.3	84.3	24.1	24.1
Long-term debt, including current portion and related party	17,443.4	16,975.9	17,663.7	17,348.7

The table below summarizes assets and liabilities on the consolidated balance sheets that are measured at fair value on a recurring basis:


	31 March 2026				30 September 2025
	Total	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3
Assets at Fair Value



Derivatives
Forward exchange contracts	$77.2	$—	$77.2	$—	$81.3	$—	$81.3	$—
Interest rate management contracts	251.2	—	251.2	—	163.1	—	163.1	—
Total Assets at Fair Value	$328.4	$—	$328.4	$—	$244.4	$—	$244.4	$—
Liabilities at Fair Value
Derivatives
Forward exchange contracts	$98.2	$—	$98.2	$—	$69.5	$—	$69.5	$—
Interest rate management contracts	84.3	—	84.3	—	24.1	—	24.1	—
Total Liabilities at Fair Value	$182.5	$—	$182.5	$—	$93.6	$—	$93.6	$—

Nonrecurring Fair Value Measurements – Project Exit Activities

We estimate the value of certain long-lived assets associated with exited projects using Level 3 inputs under the fair value hierarchy due to the absence of observable market prices and significant reliance on management judgment and estimation techniques. These assets are described below. For additional information regarding project exit activities, refer to Note 4, Business and Asset Actions.

Long-lived assets that met the held-for-sale criteria and are actively being marketed for sale.

Because there were no observable market prices available, fair value, including costs to sell, for long-lived assets that met the held-for-sale criteria was estimated using an internally developed discounted cash flow analysis, which resulted in an impairment charge of $350.6 in the fourth quarter of fiscal year 2025. There were no material changes to valuation assumptions during the first six months of fiscal year 2026. Any gain or loss from the sales will be recognized upon closing of any such transaction based on the carrying amounts classified as held for sale. Interim adjustments may be recorded prior to closing if market participant assumptions or other valuation inputs change, including updates to expected selling price or transaction timing.

Plant and equipment that did not meet the held‑for‑sale criteria but are capable of being sold through secondary equipment markets.

These assets were evaluated for recoverability in fiscal year 2025, and the resulting impairment loss of approximately $2.1 billion was recorded primarily during the second quarter using an orderly liquidation valuation approach. The impairment charge reflects the difference between the estimated liquidation value and the net book value of the assets as of 31 March 2025. There were no material changes in the estimated net realizable value for any remaining assets not disposed as of 31 March 2026.

The table below presents the nonrecurring fair value measurements of these long-lived assets, categorized within the fair value hierarchy:


Balance Sheet Location	Total Estimated Value	Level 1	Level 2	Level 3
Assets held for sale	$454.7	$—	$—	$454.7
Plant and equipment, net	6.9	—	—	6.9

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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-Paragraph 2
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+ Details

Business Segment Information

6 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Business Segment Information

BUSINESS SEGMENT INFORMATION

We determine our reportable segments based on the manner in which our Chief Operating Decision Maker ("CODM") reviews financial results and allocates resources. The accounting policies applied to our reportable segments are consistent with those used in the preparation of our consolidated financial statements. Our reportable segments are as follows:

•Americas;

•Asia;

•Europe;

•Middle East and India; and

•Corporate and other.

The Americas, Asia, Europe, and Middle East and India segments represent the operations of our regional industrial gases business. Each of these segments qualifies as an individual operating segment and does not reflect the aggregation of multiple operating segments. Corporate and other consists of two operating segments that meet the aggregation criteria under GAAP. All segments also include our share of results from several equity method joint ventures.

Our CODM, who is our Chief Executive Officer, evaluates the performance of our reportable segments through segment operating income. This measure is reviewed regularly in internal management reports and serves as a key metric to monitor actual results against forecasts and prior periods. Segment operating income informs decisions related to resource allocation, including capital investments and employees, and supports strategic planning and long-term project development.

Summary by Business Segment


	Americas	Asia	Europe	Middle East and India	Corporate and other	Total
Three Months Ended 31 March 2026
Sales(A)	$1,383.9	$832.6	$789.0	$29.2	$137.1	$3,171.8
Cost of sales	(959.5)	(561.6)	(508.9)	(21.5)	(132.9)	(2,184.4)
Selling and administrative expense	(53.8)	(33.0)	(69.7)	(4.6)	(66.1)	(227.2)
Other segment items(B)	3.3	2.0	1.2	1.5	(15.5)	(7.5)
Operating income (loss)(C)	373.9	240.0	211.6	4.6	(77.4)	752.7
Other segment information:
Depreciation and amortization	171.7	116.8	72.5	6.0	8.0	375.0
Equity affiliates' income	55.8	11.7	31.9	79.2	0.8	179.4

Three Months Ended 31 March 2025
Sales(A)	$1,287.2	$774.1	$727.4	$32.8	$94.7	$2,916.2
Cost of sales	(873.5)	(554.4)	(474.0)	(32.3)	(119.7)	(2,053.9)
Selling and administrative expense	(49.8)	(30.0)	(59.2)	(6.3)	(76.7)	(222.0)
Other segment items(B)	1.8	1.7	1.3	2.9	(16.7)	(9.0)
Operating income (loss)(C)	365.7	191.4	195.5	(2.9)	(118.4)	631.3
Other segment information:
Depreciation and amortization	178.4	131.8	56.8	6.4	10.2	383.6
Equity affiliates' income(D)	31.2	10.5	27.7	78.2	4.7	152.3

Six Months Ended 31 March 2026
Sales(A)	$2,725.6	$1,664.1	$1,571.0	$59.5	$254.1	$6,274.3
Cost of sales	(1,846.1)	(1,134.8)	(1,000.6)	(41.4)	(269.0)	(4,291.9)
Selling and administrative expense	(109.0)	(61.0)	(136.7)	(9.6)	(139.6)	(455.9)
Other segment items(B)	7.2	4.0	1.4	1.9	(31.8)	(17.3)
Operating income (loss)(C)	777.7	472.3	435.1	10.4	(186.3)	1,509.2
Other segment information:
Depreciation and amortization	343.6	229.5	142.3	12.2	18.1	745.7
Equity affiliates' income (loss)	107.5	25.5	55.3	163.7	(0.4)	351.6
Expenditures for long-lived assets	958.8	186.5	389.9	762.4	61.2	2,358.8
Six Months Ended 31 March 2025
Sales(A)	$2,574.8	$1,591.2	$1,424.6	$65.6	$191.5	$5,847.7
Cost of sales	(1,728.6)	(1,126.5)	(923.4)	(58.0)	(233.9)	(4,070.4)
Selling and administrative expense	(104.2)	(61.5)	(121.1)	(14.1)	(163.5)	(464.4)
Other segment items(B)	11.9	4.6	1.9	3.0	(29.5)	(8.1)
Operating income (loss)(C)	753.9	407.8	382.0	(3.5)	(235.4)	1,304.8
Other segment information:
Depreciation and amortization	351.8	254.7	111.3	12.9	19.7	750.4
Equity affiliates' income(D)	66.3	20.8	45.9	163.2	6.7	302.9
Expenditures for long-lived assets	1,488.7	192.7	545.6	1,721.5	60.6	4,009.1
As of 31 March 2026
Investment in net assets of and advances to equity affiliates	$632.2	$348.1	$661.3	$3,651.8	$115.9	$5,409.3
Total assets	12,651.3	6,736.1	7,118.7	11,520.1	3,618.5	41,644.7
As of 30 September 2025
Investment in net assets of and advances to equity affiliates	$555.2	$331.3	$649.9	$3,713.2	$116.5	$5,366.1
Total assets	12,058.7	6,712.2	6,916.8	10,919.4	4,452.4	41,059.5

(A)Sales relate to external customers only. All intersegment sales are eliminated in consolidation.

Reconciliation of Total Segment Operating Income to Consolidated Results

The table below reconciles total segment operating income to income (loss) before taxes as reflected on our consolidated income statements:



	Three Months Ended		Six Months Ended
	31 March		31 March
	2026	2025	2026	2025
Total Segment Operating Income	$752.7	$631.3	$1,509.2	$1,304.8



Business and asset actions	—	(2,927.9)	(22.0)	(2,927.9)



Shareholder activism-related costs	—	(31.4)	—	(61.3)


Consolidated Operating Income (Loss)	$752.7	($2,328.0)	$1,487.2	($1,684.4)
Equity affiliates' income	179.4	145.5	351.6	296.1
Interest expense	49.5	42.2	104.0	84.8
Other non-operating income (expense), net	0.9	(18.6)	(0.5)	20.3
Income (Loss) Before Taxes	$883.5	($2,243.3)	$1,734.3	($1,452.8)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Topic 280
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+ Details

Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions

Mar. 31, 2026

Sep. 30, 2025

Current Assets

Cash and cash items

$ 951.0

$ 1,856.0

Trade receivables, net

1,937.7

1,901.2

Inventories

767.9

776.5

Prepaid expenses

171.2

174.9

Assets held for sale

467.0

427.7

Other receivables and current assets

717.8

689.5

Total Current Assets

5,012.6

5,825.8

Noncurrent Assets

Investment in net assets of and advances to equity affiliates

5,409.3

5,366.1

Plant and equipment, at cost

44,553.5

42,754.8

Less: accumulated depreciation

17,859.8

17,417.0

Plant and equipment, net

26,693.7

25,337.8

Goodwill, net

958.7

963.9

Intangible assets, net

283.5

293.5

Operating lease right-of-use assets, net

917.8

944.0

Noncurrent lease receivables

291.1

307.1

Financing receivables

955.6

1,000.0

Other noncurrent assets

1,122.4

1,021.3

Total Noncurrent Assets

36,632.1

35,233.7

Total Assets

^[1]

41,644.7

41,059.5

Current Liabilities

Payables and accrued liabilities

2,856.9

3,237.7

Accrued income taxes

118.7

179.4

Short-term borrowings

314.4

34.7

Current portion of long-term debt

173.5

716.3

Liabilities held for sale

49.8

50.5

Total Current Liabilities

3,513.3

4,218.6

Noncurrent Liabilities

Noncurrent operating lease liabilities

600.1

616.0

Other noncurrent liabilities

1,378.6

1,348.1

Deferred income taxes

733.0

579.6

Total Noncurrent Liabilities

19,981.6

19,491.1

Total Liabilities

^[1]

23,494.9

23,709.7

Commitments and Contingencies - See Note 12

Air Products Shareholders’ Equity

Common stock (par value $1 per share; issued 2026 and 2025 - 249,455,584 shares)

249.4

Capital in excess of par value

1,317.2

1,306.5

Retained earnings

18,144.2

17,558.6

Accumulated other comprehensive loss

(2,057.5)

(2,087.8)

Treasury stock, at cost (2026 - 26,774,898 shares; 2025 - 26,867,328 shares)

(2,003.4)

(2,001.8)

Total Air Products Shareholders’ Equity

15,649.9

15,024.9

Noncontrolling interests

^[1]

2,499.9

2,324.9

Total Equity

18,149.8

17,349.8

Total Liabilities and Equity

41,644.7

41,059.5

Nonrelated Party

Noncurrent Liabilities

Long-term debt

17,086.6

16,769.9

Related Party

Current Assets

Trade receivables, net

205.0

105.0

Current Liabilities

Current portion of long-term debt

61.0

59.0

Noncurrent Liabilities

Long-term debt

$ 183.3

$ 177.5

[1]

Income Taxes (Effective Tax Rate) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 158.7	$ (505.8)	$ 318.1	$ (365.1)
Effective tax rate	18.00%	22.50%	18.30%	25.10%
Business and asset actions, including equity affiliate income		$ 2,900.0		$ 2,900.0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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-Paragraph 231
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-Paragraph 1
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+ Details

Supplemental Information (Shareholder Activism-Related Costs) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]
Legal, executive separation, and other professional service fees in connection with response to proxy contest	$ 0.0	$ 31.4	$ 0.0	$ 61.3
Shareholder activism-related costs, after tax		31.0		52.9
Charge for severance and other postemployment benefits				66.1
Executive Separation Costs
Restructuring Cost and Reserve [Line Items]
Share-based payment arrangement, accelerated cost		22.4		$ 22.4
Charge for severance and other postemployment benefits		$ 7.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Inventories (Tables)

6 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Inventory

The components of inventories are as follows:


	31 March	30 September
	2026	2025
Finished goods	$196.5	$191.9
Work in process	42.4	42.4
Raw materials, supplies, and other	529.0	542.2
Inventories	$767.9	$776.5

Share-Based Compensation (Narrative) (Details)	6 Months Ended
Share-Based Compensation (Narrative) (Details)	Mar. 31, 2026 $ / shares shares
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units/shares granted (in shares) \| shares	100,048
Performance Shares, Internal Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value for time-based equity awards (in dollars per share) \| $ / shares	$ 260.86
Performance Shares, Market Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value for time-based equity awards (in dollars per share) \| $ / shares	$ 275.21
Time-Based Deferred Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units/shares granted (in shares) \| shares	130,557
Weighted average grant date fair value for time-based equity awards (in dollars per share) \| $ / shares	$ 260.73
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant \| shares	600,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Financial Instruments (Interest Rate Management Contracts and Cross Currency Interest Rate Swaps) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Mar. 31, 2026	Sep. 30, 2025
Interest Rate Swaps Contracts \| Designated as hedging instrument \| Fair Value Hedges
Derivative [Line Items]
US$ Notional	$ 600.0	$ 800.0
Average Pay %	Secured Overnight Financing Rate (SOFR) [Member]	Secured Overnight Financing Rate (SOFR) [Member]
Average Receive %	1.80%	1.64%
Years Average Maturity	2 years 1 month 6 days	2 years
Interest Rate Swaps Contracts \| Designated as hedging instrument \| Cash flow hedges
Derivative [Line Items]
US$ Notional	$ 3,563.1	$ 3,106.0
Average Pay %	2.82%	2.78%
Average Receive %	SOFR	SOFR
Years Average Maturity	19 years 7 months 6 days	20 years 1 month 6 days
Interest Rate Swaps Contracts \| Not designated as hedging instrument
Derivative [Line Items]
US$ Notional	$ 0.0	$ 269.1
Average Pay %	0.00%	3.28%
Average Receive %	SOFR	SOFR
Years Average Maturity	0 years	20 years 2 months 12 days
Cross currency interest rate swaps(A) \| Designated as hedging instrument \| Net investment hedges
Derivative [Line Items]
US$ Notional	$ 2,054.9	$ 70.3
Average Pay %	2.08%	4.86%
Average Receive %	3.70%	4.53%
Years Average Maturity	2 years 1 month 6 days	6 months
Cross currency interest rate swaps(A) \| Designated as hedging instrument \| Cash flow hedges
Derivative [Line Items]
US$ Notional	$ 84.2	$ 247.7
Average Pay %	4.70%	5.21%
Average Receive %	2.88%	3.12%
Years Average Maturity	10 months 24 days	1 year 7 months 6 days
Cross currency interest rate swaps(A) \| Not designated as hedging instrument
Derivative [Line Items]
US$ Notional	$ 15.4	$ 0.0
Average Pay %	0.15%	0.00%
Average Receive %	1.85%	0.00%
Years Average Maturity	1 year 1 month 6 days	0 years

Retirement Benefits (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025	Sep. 30, 2025
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Company contributions			$ 13.8	$ 14.3	$ 29.9
Defined Benefit Pension Plan \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Total expected contributions for current fiscal year	$ 25.0		25.0
Defined Benefit Pension Plan \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Total expected contributions for current fiscal year	35.0		35.0
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Amortization of actuarial loss (gain)	$ 0.4	$ (0.1)	$ 1.1	$ (0.4)

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

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- Definition

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+ Details

Business Segment Information (Narrative) (Details)	6 Months Ended
Business Segment Information (Narrative) (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	5

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Litigation We are involved in various legal proceedings, including commercial, competition, environmental, intellectual property, regulatory, product liability, and insurance matters. We do not currently believe there are any legal proceedings for which it is reasonably possible, individually or in the aggregate, to have a material impact on our financial condition, results of operations, or cash flows. Environmental 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), the Resource Conservation and Recovery Act ("RCRA"), and similar state and foreign environmental laws relating to the designation of certain sites for investigation or remediation. Presently, there are 26 sites on which a final settlement or remediation has not been achieved where we, usually along with others, have been designated as a potentially responsible party by environmental authorities or are otherwise engaged in investigation or remediation, including cleanup activity at certain of our former and current manufacturing sites. We continually monitor these sites for which we have environmental exposure. Accruals for environmental loss contingencies are recorded when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. As of 31 March 2026 and 30 September 2025, the consolidated balance sheets included accruals of $83.9 and $85.6, respectively, primarily as part of other noncurrent liabilities. These environmental liabilities will be paid over a period of up to 30 years. We estimate the exposure for environmental loss contingencies to range from $83 to a reasonably possible upper exposure of $97 as of 31 March 2026. Actual costs to be incurred at identified sites in future periods may vary from the estimates, given inherent uncertainties in evaluating environmental exposures. Using reasonably possible alternative assumptions of the exposure level could result in an increase to the environmental accrual. Due to these inherent uncertainties, a significant increase to the reasonably possible upper exposure level could occur if a new site is designated, the scope of remediation is increased, a different remediation alternative is identified, or a significant increase in our proportionate share occurs. We do not expect that any sum we may have to pay in connection with environmental matters in excess of the amounts recorded or disclosed above would have a material adverse impact on our financial position or results of operations in any one year. Pace As of 31 March 2026, $53.1 of the environmental accrual was related to our facility in Pace, Florida. In 2006, we sold our Amines business, which included operations at the Pace facility and recognized a liability for retained environmental obligations associated with remediation activities at the facility. We are required by the Florida Department of Environmental Protection ("FDEP") and the United States Environmental Protection Agency ("USEPA") to continue our remediation efforts. We recognized a before-tax expense of $42 in fiscal year 2006 in results from discontinued operations and recorded an environmental accrual of $42 in continuing operations on the consolidated balance sheets. In the first quarter of 2015, we entered into a consent order with the FDEP requiring us to continue our remediation efforts at the Pace facility and complete a cost review every five years. In fiscal year 2020, we completed an updated cost review of the environmental remediation status at the Pace facility and increased our environmental accrual for this site by $19 in continuing operations on the consolidated balance sheet and recognized a before-tax expense of $19 in results from discontinued operations. In fiscal year 2024, we completed our most recent cost review of the environmental remediation status at the Pace facility. Based on our review, we expect ongoing activities to continue for 30 years. Additionally, we increased our estimate of near-term spending for an optimized groundwater recovery system and future annual costs due to higher inflation. As a result of these changes, we increased our environmental accrual for this site by $19 in continuing operations on the consolidated balance sheets and recognized a before-tax expense of $19 in results from discontinued operations in fiscal year 2024. There have been no significant changes to the estimated exposure. We have implemented many of the remedial corrective measures at the Pace facility required under the 1995 consent orders issued by the FDEP and the USEPA. Contaminated soils have been bioremediated, and the treated soils have been secured in a lined on-site corrective action management unit. Several groundwater recovery systems have been installed to contain and remove contamination from groundwater. We completed an extensive assessment of the site to determine the efficacy of existing measures, what additional corrective measures may be needed, and whether newer remediation technologies that were not available in the 1990s might be better suited for groundwater remediation. Based on assessment results, we completed a focused feasibility study that identified alternative approaches that may more effectively remove contaminants. We continue to review alternative remedial approaches with the FDEP, and we completed additional field work during 2021 to support the design of an improved groundwater recovery network. This network targets areas of higher contaminant concentration and avoids areas of high groundwater iron which has proven to be a significant operability issue for the project. The design of the optimized recovery system was completed in fiscal year 2024, with construction expected to begin in fiscal year 2026. In the fourth quarter of fiscal year 2024, we completed an updated cost review which resulted in a change in assumptions regarding future operating costs as discussed above. Piedmont As of 31 March 2026, $9.8 of the environmental accrual was related to a production facility site in Piedmont, South Carolina. On 30 June 2008, we sold our Elkton, Maryland, and Piedmont, South Carolina, production facilities and the related North American atmospheric emulsions and global pressure sensitive adhesives businesses. In connection with the sale, we recognized a liability for retained environmental obligations associated with remediation activities at the Piedmont site. This site is under active remediation for contamination caused by an insolvent prior owner. We are required by the South Carolina Department of Environmental Services ("SCDES") to address both contaminated soil and groundwater. Numerous areas of soil contamination have been addressed, and contaminated groundwater is being recovered and treated. The SCDES issued its final approval to the site-wide feasibility study on 13 June 2017 and the Record of Decision for the site on 27 June 2018, after which we signed a Consent Agreement Amendment memorializing our obligations to complete the cleanup of the site. Remediation has started in accordance with the design, which includes in-situ chemical oxidation treatment, as well as soil vapor extraction to remove volatile organic compounds from the unsaturated soils beneath the impacted areas of the plant. We estimate that source area remediation and groundwater recovery and treatment will continue through 2033. Thereafter, we currently expect this site to go into a state of monitored natural attenuation through 2038. We recognized a before-tax expense of $24 in 2008 as a component of income from discontinued operations and recorded an environmental liability of $24 in continuing operations on the consolidated balance sheets. In the third quarter of fiscal year 2025, we completed an updated cost review of the environmental remediation status at Piedmont. Based on our review, we increased our estimate of remaining costs due to the extended period of time that will be required to complete the remediation along with higher annual costs due to inflation. As a result of these changes, we increased the environmental accrual for this site by $9 in continuing operations on the consolidated balance sheets and recognized a before-tax expense of $9 in results from discontinued operations. Pasadena As of 31 March 2026, $9.7 of the environmental accrual was related to a production facility site in Pasadena, Texas. During fiscal year 2012, management committed to permanently shutting down our polyurethane intermediates production facility in Pasadena, Texas. In shutting down and dismantling the facility, we have undertaken certain obligations related to soil and groundwater contaminants. We have been pumping and treating groundwater to control off-site contaminant migration in compliance with regulatory requirements and under the approval of the Texas Commission on Environmental Quality ("TCEQ"). We estimate that the pump and treat system will continue to operate until 2042. We continue to perform additional work to address other environmental obligations at the site. This additional work includes remediating impacted soils as required, maintaining recovery wells, continuing post closure care for two closed RCRA surface impoundment units, and maintaining engineering controls. Additionally, we have conducted an interim corrective action to treat impacted soils as recommended in the TCEQ 2019 Annual Report. We are currently in the process of renewing the site's RCRA permit. In 2012, we estimated the total exposure at this site to be $13. There have been no significant changes to the estimated exposure.