Air Products dividend
Air Products' current annualized dividend is $7.24 per share. Its free cash flow has moved from positive to negative while dividends continued, so the dividend was not funded by current operations after investment spending alone.
How much does Air Products pay per share?
Air Products kept raising its dividend while investment spending exceeded free cash flow, so financing helped carry the company through its expansion.
Dividends begin at the current annualized rate of $7.24. The base case reaches $7.28, then $7.48 and $7.68, extending the long record of increases at a restrained pace. The bear case holds $7.24 before cutting to $6.52, because negative free cash flow and debt could override that record. The bull case reaches $7.32, then $7.64 and $7.96, assuming stronger cash generation.
| Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 | |
|---|---|---|---|---|---|
| Real free cash flow per share | -17.25 | -14.42 | -6.65 | 0.88 | 3.71 |
| − Dividends paid, per share | 7.11 | 7.02 | 6.72 | 6.22 | 5.65 |
| − Share buybacks, per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
What this means. Real free cash flow is lower because it also subtracts the value of shares given to employees as pay.
Is Air Products' dividend covered by its cash?
Free cash flow moved from positive to negative over the years shown, while dividends continued and share repurchases did not add to the cash burden. The company used operating cash, asset-sale proceeds, new borrowing and cash on hand together. Negative free cash flow does not prevent a dividend; it means the dividend is not being funded by current operations after investment spending alone.
| Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 | |
|---|---|---|---|---|---|
| Free cash flow | -3,765.8 | -3,150.0 | -1,420.7 | 244.1 | 871.0 |
| − Dividends paid | 1,584.1 | 1,564.9 | 1,496.6 | 1,383.3 | 1,256.7 |
| − Share buybacks | 0 | 0 | 0 | 0 | 0 |
| = Paid out more than the free cash flow | 5,357.1 | 4,740.7 | 3,033.2 | 1,144.0 | 391.0 |
| Paid out, % of free cash flow | not meaningful | not meaningful | not meaningful | 566.7% | 144.3% |
What this means. The company paid dividends even when its business was not generating enough free cash, so it had to use savings or borrow money.
What could change Air Products' dividend?
Management said Air Products was free-cash-flow positive year to date in fiscal 2026 and had paid $1.2 billion in dividends by its latest results call. That is an encouraging sign, but the fiscal year was incomplete, NEOM still required commissioning, and exit payments and other commitments remained. Air Products’ plan worked best where long contracts supported dedicated assets; its clean-hydrogen expansion worked only unevenly, and the final test is whether future cash can fund investment and dividends without steadily increasing debt.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| EBITDA | 5,600 (5,100 / 5,800) | 5,850 (5,200 / 6,300) | 6,120 (5,350 / 6,800) |
| Dividends per share | 7.28 (7.24 / 7.32) | 7.48 (6.52 / 7.64) | 7.68 (6.52 / 7.96) |
| Net debt | 16,400 (18,400 / 15,700) | 15,600 (19,700 / 14,500) | 14,600 (20,800 / 13,000) |
What is Air Products' dividend yield today?
The October 2029 range is $218.02 to $551.57. Today's price is $299.59. The bear case has a 28% probability, the base case 55%, and the bull case 17%, reflecting stronger evidence for gradual recovery than for either failure or exceptional execution.