What dominates the section
- Large-scale clean hydrogen, carbon capture, gasification, and other projects require multiyear execution and billions of dollars.
The risks most specific to Air Products & Chemicals
- Risks Related to Our Business
Risks related to the approval, execution, and operation of our projects, particularly with respect to our largest projects, may adversely affect our operations or financial results
Multiyear clean hydrogen, carbon capture, gasification, and other projects require challenging execution and billions of dollars of investment.
- Risks Related to Our Business
Interruption in ordinary sources of raw material or energy supply or an inability to recover increases in energy and raw material costs from customers could result in lost sales or reduced profitability
Natural gas and other hydrocarbons are primary feedstocks, while electricity, gas, and diesel are major costs that may be difficult to recover.
- Legal and Regulatory Risks
Legislative, regulatory, societal, and market efforts to address global climate change may impact our business and create financial risk
Climate-change policies, regulations, societal pressures, and market shifts could affect Air Products’ hydrogen business and create financial risk.
- Legal and Regulatory Risks
Costs and expenses resulting from compliance with environmental regulations may negatively impact our operations and financial results
Air emissions, land and water discharges, and hazardous-waste rules could increase compliance costs and reduce operating results.
- Risks Related to Our Business
New technologies create performance risks that could impact our financial results or reputation
New technologies and offerings implemented at unfamiliar scales could create performance problems, financial losses, or reputational damage.
- Legal and Regulatory Risks
Actions of activist shareholders may be disruptive and costly
Activist shareholder actions or proposals, including those from Mantle Ridge L.P., could disrupt operations and impose costs.
- Risks Related to Our Business
The security of our information technology systems could be compromised, which could adversely affect our ability to operate
Compromised information systems or service providers could disrupt safe operations, customer interfaces, internal controls, or financial reporting.
- Legal and Regulatory Risks
Our business depends on our ability to attract, develop, engage, and retain qualified employees
Competitive labor markets may make it difficult to retain employees with specialized technical experience.
- Legal and Regulatory Risks
Inability to compete effectively in a segment could adversely impact sales and financial performance
Large global and regional competitors could introduce new technologies, products, or capacity that reduce demand or pricing for Air Products’ offerings.
- Risks Related to Economic Conditions
Our extensive international operations can be adversely impacted by operational, economic, political, security, legal, and currency translation risks that could decrease profitability
With approximately 60% of fiscal 2024 sales outside the United States, foreign operations expose Air Products to political, legal, security, and currency risks.
All 19 risk factors
Headings as the filing states them, in filing order.
Risks Related to Economic Conditions
- 01Changes in global and regional economic conditions, the markets we serve, or the financial markets may adversely affect our results of operations and cash flows
- 02Unfavorable conditions in the global economy or regional economies, the markets we serve, or financial markets may decrease the demand for our goods and services and adversely impact our revenues, operating results, and cash flows
- 03Our extensive international operations can be adversely impacted by operational, economic, political, security, legal, and currency translation risks that could decrease profitability
Risks Related to Our Business
- 04Risks related to the approval, execution, and operation of our projects, particularly with respect to our largest projects, may adversely affect our operations or financial results
- 05We are subject to extensive government regulation in the jurisdictions in which we do business. Regulations addressing, among other things, import/export restrictions, anti-bribery and corruption, and taxes, can negatively impact our financial condition, results of operation, and cash flows
- 06We may be unable to successfully identify, execute or effectively integrate acquisitions, manage our joint ventures, or effectively disentangle divested businesses
- 07The security of our information technology systems could be compromised, which could adversely affect our ability to operate
- 08Interruption in ordinary sources of raw material or energy supply or an inability to recover increases in energy and raw material costs from customers could result in lost sales or reduced profitability
- 09New technologies create performance risks that could impact our financial results or reputation
- 10Protecting our intellectual property is critical to our technological development, and we may suffer competitive harm from infringement on such rights
Legal and Regulatory Risks
- 11Legislative, regulatory, societal, and market efforts to address global climate change may impact our business and create financial risk
- 12Our operations may present a safety risk to our employees and others
- 13Our business depends on our ability to attract, develop, engage, and retain qualified employees
- 14Our financial results may be affected by various legal and regulatory proceedings, including antitrust, tax, environmental, or other matters
- 15Costs and expenses resulting from compliance with environmental regulations may negatively impact our operations and financial results
- 16A change of tax law in key jurisdictions could result in a material increase in our tax expense
- 17Actions of activist shareholders may be disruptive and costly
- 18Catastrophic events could disrupt our operations or the operations of our suppliers or customers, having a negative impact on our business, financial results, and cash flows
- 19Inability to compete effectively in a segment could adversely impact sales and financial performance
Other Air Products & Chemicals 10-Ks
- 2025 10-K risk factors
19 risks. Air Products relies heavily on international markets, generating about 60% of fiscal 2025 sales outside the United States. Large-scale clean energy and hydrogen projects involve billions in capital and complex engineering execution risks. Energy and hydrocarbons represent the largest cost components and expose operations to supply and pricing volatility.
Filed Nov 20, 2025
About this page
Item 1A of the 10-K on EDGAR was split into its risk factors and, where the company's previous 10-K is on file, each heading was matched to last year's and the text compared word for word. The headings are the filing's own. The one-line readings and the overview were written by a language model from the text of the new, dropped, and rewritten risks; they refer to risks by position and cannot misquote a heading.