Air Products and Chemicals, Inc. APD

Revenue Intelligence Report • 53 quarters of SEC filing data • Updated 2026-03-06

Air Products and Chemicals, Inc. demonstrates a challenging return on investment from its spending, with R&D and SG&A expenditures negatively impacting long-run revenue by $122.99 and $9.70 per dollar spent, respectively. Despite these hurdles, the company reported a quarterly revenue of $3,102 million, slightly above the predicted $2,934 million, reflecting a 5.4% error in forecasting accuracy. Looking ahead, the fiscal year forecast anticipates a revenue of $12 billion, representing a modest 0.1% year-over-year growth. Investors should consider the implications of the company's spending efficiency as it navigates its revenue growth trajectory.

Next FY Revenue

$11.98B

+0.1% YoY

R&D Multiplier

$-122.99 per $1

SG&A Multiplier

$-9.70 per $1

Model Accuracy

3.4% MAPE

Holdout validation: The model predicted $3B vs the actual $3B — an error of 5.4%.

⚠ Model limitation: This company shows negative spending multipliers, meaning increases in spending have not directly translated into revenue growth. This typically occurs with commodity-driven companies or hypergrowth companies.

Revenue Forecast

Quarterly Detail

Quarter	Model Forecast	Actual	95% Range	YoY Growth	Status
Q3 2025	$3B	$3B	$3B – $3B	-1.7%	✓ In range
Q4 2025	$3B		$3B – $3B	+1.5%
Q1 2026	$3B		$3B – $3B	+3.2%
Q2 2026	$3B		$3B – $3B	-0.9%
Q3 2026	$3B		$3B – $3B	-3.2%

How Spending Drives Revenue

Reading this chart: Each line shows the cumulative revenue generated per $1 spent over subsequent quarters. The effect builds over 4-5 quarters as investments mature.

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