Air Products & Chemicals (APD) risk factors, FY2025 10-K

Air Products & Chemicals's FY2025 10-K, filed Nov 20, 2025, lists 20 risk factors in 4 groups. Against the prior year's 19: 2 new, 1 dropped, 4 substantially reworded.

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Risk factors listed
204 groups
New this year
2vs 19 last year
Dropped
1since the prior 10-K
Substantially reworded
4of those kept
Section length
6k wordsItem 1A

What the changes say

  • Financing access and borrowing costs are now highlighted as risks to cash flows and operations.
  • Pension assumptions, interest rates, inflation, and asset returns are identified as risks to liabilities and cash flows.
  • Climate regulation now includes GHG disclosure costs; technology, labor, and supply-chain risk wording also changed.

What changed since the prior 10-K

New

  • NewRisks Related to Economic Conditions

    Changes in global and regional economic conditions may impact our ability to obtain financing or increase the cost of obtaining financing which may adversely impact our operations and financial results

    Credit-market disruption or lower debt ratings could restrict financing or increase borrowing costs, affecting cash flows and operations.

  • NewRisks Related to Our Business

    Risks related to pension benefit plans may adversely impact our results of operations and cash flows

    Changes in pension assumptions, interest rates, inflation, or asset returns could increase liabilities, expense, or required contributions.

Dropped

  • DroppedLegal and Regulatory Risks

    Actions of activist shareholders may be disruptive and costly

Reworded

  • 37% rewrittenLegal and Regulatory Risks

    Our business depends on our ability to attract, develop, engage, and retain qualified employees

    The risk no longer cites headcount growth and related cost increases; fiscal 2024 headcount is now described as reaching as high as 23,000.

  • 33% rewrittenLegal and Regulatory Risks

    Legislative, regulatory, societal, and market efforts to address global climate change may impact our business and create financial risk

    The risk now adds that GHG disclosure regimes, including for CO2, may create direct and indirect operating costs.

  • 32% rewrittenRisks Related to Our Business

    New technologies create performance risks that could impact our financial results or reputation, and failure to develop new technologies may harm our competitive position

    The risk now covers technologies procured exclusively from third-party suppliers, expanding the technology-performance concern beyond internally developed technologies.

    Was: New technologies create performance risks that could impact our financial results or reputation

  • 29% rewrittenRisks 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

    The risk removes the specific dependence of crude helium resale on suppliers’ natural gas production.

All 20 risk factors

Headings as the filing states them, in filing order.

Risks Related to Economic Conditions

  1. 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
  2. 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
  3. 03Our extensive international operations can be adversely impacted by operational, economic, political, security, legal, and currency translation risks that could decrease profitability
  4. 04Changes in global and regional economic conditions may impact our ability to obtain financing or increase the cost of obtaining financing which may adversely impact our operations and financial resultsNew

Risks Related to Our Business

  1. 05Risks 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
  2. 06We 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
  3. 07We may be unable to successfully identify, execute or effectively integrate acquisitions, manage our joint ventures, or effectively disentangle divested businesses
  4. 08The security of our information technology systems could be compromised, which could adversely affect our ability to operate
  5. 09Interruption 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 profitability29% rewritten
  6. 10New technologies create performance risks that could impact our financial results or reputation, and failure to develop new technologies may harm our competitive position32% rewritten
  7. 11Protecting our intellectual property is critical to our technological development, and we may suffer competitive harm from infringement on such rights
  8. 12Risks related to pension benefit plans may adversely impact our results of operations and cash flowsNew

Legal and Regulatory Risks

  1. 13Legislative, regulatory, societal, and market efforts to address global climate change may impact our business and create financial risk33% rewritten
  2. 14Our operations may present a safety risk to our employees and others
  3. 15Our business depends on our ability to attract, develop, engage, and retain qualified employees37% rewritten
  4. 16Our financial results may be affected by various legal and regulatory proceedings, including antitrust, tax, environmental, or other matters
  5. 17Costs and expenses resulting from compliance with environmental regulations may negatively impact our operations and financial results
  6. 18A change of tax law in key jurisdictions could result in a material increase in our tax expense

General Risk Factors

  1. 19Catastrophic 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
  2. 20Inability to compete effectively in a segment could adversely impact sales and financial performance

Other Air Products & Chemicals 10-Ks

  • FY2024 10-K risk factors
    19 risks

    Large-scale clean hydrogen, carbon capture, gasification, and other projects require multiyear execution and billions of dollars.

    Filed Nov 21, 2024

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.