APD Air Products and Chemicals, Inc. Common Stock
$304.76
Price · Aug 19, 2026
Fundamentals as of Jul 30, 2026
52W Range
$229–$315
88% of range
Analyst Rating
BUY
27 analysts
Price Target
$343
+13% upside
P/E (TTM)
-172.2
ROE
-2.5%
Net Profit Margin
-3.3%
About Air Products and Chemicals, Inc. Common Stock Company overview from Wikipedia
Air Products and Chemicals, Inc. is a U.S.-based international corporation whose principal business is selling gases and chemicals for industrial use. Air Products is headquartered in Trexlertown, Pennsylvania, in the Lehigh Valley region of eastern Pennsylvania.
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Air Products and Chemicals, Inc. is a U.S.-based international corporation whose principal business is selling gases and chemicals for industrial use. Air Products is headquartered in Trexlertown, Pennsylvania, in the Lehigh Valley region of eastern Pennsylvania.
As of 2024, Air Products is the fifth-largest employer in the Lehigh Valley.
History
20th century
Air Products was founded in Detroit in 1940 by Leonard Parker Pool with the objective of establishing on-site production and sales of various forms of industrial gas.
The following year, in 1941, the U.S. entered World War II, and Air Products began manufacturing mobile generators for the production of oxygen used in high elevation military flights and necessary to meet the needs of the U.S. Air Force and allied air forces.
In 1944, the company relocated its headquarters from Detroit to Chattanooga, Tennessee, where it expanded its oxygen production manufacturing capacity to meet the needs of the U.S. military and its allies in their war against Nazi Germany and the Axis powers.
Following the end of World War II, the company relocated its headquarters and operations to Emmaus, Pennsylvania in the manufacturing-intensive Lehigh Valley region of eastern Pennsylvania. In the late 1950s, it completed the development of its current corporate headquarters in neighboring Trexlertown.
Air Products serves customers in technology, energy, healthcare, food, and industrial markets worldwide with atmospheric industrial gases, including oxygen, nitrogen, argon, hydrogen, and carbon dioxide, process and specialty gases, performance materials, and chemical intermediates.
Air Products produces refinery hydrogen, liquified natural gas technologies and equipment, epoxy additives, gas cabinets, advanced coatings, and adhesives.
21st century
In 2001, Air Products Received an Award of Merit from the WateReuse Association for Outstanding Water Conservation Efforts for conserving 62 million US gallons (230,000 m3) of drinking water annually by converting to recycled water for the cooling process at its Santa Clara, California manufacturing facility. The award was presented during the 25th Annual WateReuse Symposium. WRA recognizes projects that have advanced the acceptance of water reuse through education, sound science, and technology using reclamation, recycling, reuse, or desalination for the benefit of the public and the environment.
Air Products provided the liquid hydrogen and liquid oxygen fuel for the Space Shuttle external tank. Air Products has had a working relationship with NASA for five decades, supplying the liquid hydrogen used for every Space Shuttle launch and the Mercury and Apollo missions.
Air Products is included on the Dow Jones Sustainability North America Index as one of the best performing sustainable companies for the period of 2008 to 2011.
In January 2004, Air Products (NYSE: APD) was named a Maplecroft Climate Innovation Indexes (CIIs) Leader, the 17th largest U.S.-based company that has undergone evaluation of its climate-related innovation and carbon management programs. Air Products is currently working on several preeminent carbon capture and storage demonstration projects around the world.
In 2010, Air Products was awarded the Rushlight Hydrogen and Fuel Cells industry award for the Series 10 hydrogen fuelling station, which celebrates the leading environmental technologies and innovations by organizations throughout the United Kingdom and Ireland by promoting development in hydrogen and fuel cells and enabling further development and funding to be granted toward reducing carbon emissions.
In March 2010, Corporate Responsibility magazine named Air Products to its 100 Best Corporate Citizens List.
In 2013, Air Products' high purity built-in purifier argon was used to determine a more accurate value for the Boltzmann constant.
In September 2015, Air Products announced its intent to spin off its Materials Technologies business. This new stand alone company was named Versum Materials. The spinoff was completed on October 3, 2016. Versum was later acquired by pharmaceutical company Merck.
In January 2017, Air Products completed the sale of its Performance Materials division to Evonik, leaving the company focused on its industrial gases business.
Air Products initially refused to cease operations in Russia in response to the 2022 invasion of Ukraine and the international sanctions subsequently levied against Russia. However, according to Yale School of Management, the company reversed its position and has since divested its interests in Russia.
In 2022, Air Products announced plans for the development of a green hydrogen production plan in the United Kingdom, located in the Humberside region. In June 2025, the company withdrew its involvement and investment following a 'lack of commitment' by the British government.
Corporate affairs
Chief executives
Leonard Pool: 1940-1973
Ed Donley: 1973-1986
Dexter Baker: 1986-1992
Hap Wagner: 1992-2000
JP Jones: 2000-2008
John McGlade: 2008 -2014
Seifi Ghasemi: 2014 - 2025
Eduardo Menezes: 2025 - present
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
APD Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$304.76
Market Cap
$67.96B
P/E (TTM)
-172.2
EPS (TTM)
$-1.77
Revenue (TTM)
$12.04B
Div Yield
2.3%
ROE
-2.5%
Debt/Equity
0.0
52W Range
$229 – $315
APD Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$12.04B
2017-09-30
→
2025-09-30
EPS
$-1.77
2017-09-30
→
2025-09-30
Free Cash Flow
$-3.77B
2017-09-30
→
2025-09-30
Margins
-3.3%
2017-09-30
→
2020-09-30
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
APD
Peer Median
P/E (TTM)
-172.2
30.6
P/S (TTM)
5.6
1.8
P/B
4.5
1.8
EV / EBITDA
96.2
—
Price / FCF
-18.0
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
APD
Peer Median
Operating Margin
-7.3%
—
Net Profit Margin
-3.3%
5.9%
ROA
-0.98%
2.9%
ROE
-2.5%
5.9%
ROIC
-4.6%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
APD
Peer Median
Debt / Equity
0.0
67.1
Current Ratio
1.4
1.7
Quick Ratio
0.9
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
APD
Peer Median
Revenue YoY
-0.52%
—
Revenue CAGR 3Y
-1.8%
—
Revenue CAGR 5Y
6.3%
—
EPS YoY
66.3%
—
Net Income YoY
66.4%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
APD
Peer Median
Payout Ratio
-401.6%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
2.3%
Payout Ratio
-401.6%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| July 1, 2026 | $1.8100 |
| April 1, 2026 | $1.8100 |
| Jan. 2, 2026 | $1.7900 |
| Oct. 1, 2025 | $1.7900 |
| July 1, 2025 | $1.7900 |
| April 1, 2025 | $1.7900 |
| Jan. 2, 2025 | $1.7700 |
| Oct. 1, 2024 | $1.7700 |
| July 1, 2024 | $1.7700 |
| March 28, 2024 | $1.7700 |
| Dec. 29, 2023 | $1.7500 |
| Sept. 29, 2023 | $1.7500 |
| June 30, 2023 | $1.7500 |
| March 31, 2023 | $1.7500 |
| Dec. 30, 2022 | $1.6200 |
| Sept. 30, 2022 | $1.6200 |
| June 30, 2022 | $1.6200 |
| March 31, 2022 | $1.6200 |
| Dec. 31, 2021 | $1.5000 |
| Sept. 30, 2021 | $1.5000 |
APD Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
27 analysts
- Strong Buy 5 18.5%
- Buy 13 48.1%
- Hold 9 33.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
19 analysts · 2026-08-15
Median
$350.00
Mean
$343.37
← Below all targets
$304.76
Low
$314.00
High
$365.00
Median target
$350.00
+14.8%
Mean target
$343.37
+12.7%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.03%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $3.47 | $3.38 | 0.09% |
| March 31, 2026 | $3.20 | $3.10 | 0.10% |
| Dec. 31, 2025 | $3.16 | $3.08 | 0.08% |
| Sept. 30, 2025 | $3.39 | $3.42 | -0.03% |
| June 30, 2025 | $3.09 | $3.02 | 0.07% |
| March 31, 2025 | $2.69 | $2.86 | -0.17% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.04B | $12.10B | $12.60B | $12.70B | $10.32B | $8.86B | $8.92B | · | $8.19B | $7.50B | $7.82B | |
| Cost of Revenue | $8.26B | $8.17B | $8.83B | $9.34B | $7.19B | $5.86B | $5.98B | · | $5.75B | $5.18B | $5.60B | |
| Gross Profit | · | · | · | · | · | $3.00B | $2.91B | · | $2.44B | $2.33B | $2.96B | |
| R&D Expense | $96M | $100M | $106M | $103M | $94M | $84M | $73M | · | $58M | $72M | $76M | |
| SG&A Expense | $906M | $942M | $957M | $901M | $828M | $776M | $750M | · | $714M | $684M | $773M | |
| Operating Income | $-877M | $4.47B | $2.49B | $2.34B | $2.28B | $2.24B | $2.14B | · | $1.44B | $1.54B | $1.23B | |
| Interest Expense | · | · | $178M | $128M | $142M | $109M | $137M | · | $121M | $115M | $103M | |
| Other Non-op | $3M | $-74M | $-39M | $62M | $74M | $31M | $67M | · | $17M | $-5M | $0 | |
| Pretax Income | $-441M | $4.82B | $2.88B | $2.75B | $2.51B | $2.42B | $2.29B | · | $1.42B | $1.55B | $1.27B | |
| Income Tax | $-94M | $945M | $551M | $501M | $463M | $478M | $480M | · | $261M | $433M | $300M | |
| Net Income | $-394M | $3.83B | $2.30B | $2.26B | $2.10B | $1.89B | $1.76B | · | $3.00B | $631M | $1.28B | |
| EPS (Basic) | $-1.77 | $17.21 | $10.35 | $10.16 | $9.47 | $8.53 | $7.99 | · | $13.76 | $2.92 | $5.95 | |
| EPS (Diluted) | $-1.77 | $17.18 | $10.33 | $10.14 | $9.43 | $8.49 | $7.94 | · | $13.65 | $2.89 | $5.88 | |
| Shares (Basic) | 222,700,000 | 222,500,000 | 222,300,000 | 222,000,000 | 221,600,000 | 221,200,000 | 220,300,000 | · | 218,000,000 | 216,400,000 | 214,900,000 | |
| Shares (Diluted) | 222,700,000 | 222,800,000 | 222,700,000 | 222,500,000 | 222,500,000 | 222,300,000 | 221,600,000 | · | 219,800,000 | 218,300,000 | 217,300,000 | |
| EBITDA | $687M | $5.92B | $3.85B | $3.68B | $3.60B | $3.42B | $3.23B | · | $2.29B | $3.03B | $2.64B |
Balance Sheet 30
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.86B | $2.98B | $1.62B | $2.71B | $4.47B | $5.25B | $2.25B | $2.79B | $3.27B | $1.29B | $183M | |
| Short-term Investments | $0 | $5M | $332M | $591M | $1.33B | $1.10B | $166M | $185M | $404M | $0 | · | |
| Receivables | $1.90B | $1.82B | $1.70B | $1.79B | $1.45B | $1.27B | $1.26B | $1.21B | $1.17B | $1.15B | $1.41B | |
| Inventory | $776M | $766M | $652M | $514M | $454M | $405M | $388M | $396M | $335M | $255M | $658M | |
| Prepaid Expense | $175M | $180M | $177M | $157M | $119M | $164M | $77M | $130M | $191M | $94M | $67M | |
| Other Current Assets | $690M | $611M | $722M | $516M | $551M | $483M | $478M | $400M | $403M | $538M | $344M | |
| Current Assets | $5.83B | $6.36B | $5.20B | $6.28B | $8.38B | $8.68B | $4.62B | $5.11B | $5.88B | $4.32B | $2.79B | |
| PP&E (Net) | $25.34B | $23.37B | $17.47B | $14.16B | $13.25B | $11.96B | $10.34B | · | $8.44B | $8.26B | $8.24B | |
| PP&E (Gross) | $42.75B | $39.95B | $32.75B | $28.16B | $27.49B | $25.18B | $22.33B | · | $19.55B | $18.66B | $19.46B | |
| Accum. Depreciation | $17.42B | $16.58B | $15.27B | $14.00B | $14.23B | $13.21B | $12.00B | · | $11.11B | $10.40B | $10.72B | |
| Goodwill | $964M | $905M | $862M | $823M | $912M | $892M | $797M | · | $722M | $845M | $837M | |
| Intangibles | $294M | $312M | $335M | $348M | $421M | $436M | $420M | · | $368M | $388M | $508M | |
| Other Non-current Assets | $1.02B | $1.17B | $1.23B | $947M | $1.51B | $943M | $604M | · | $642M | $671M | $649M | |
| Total Assets | $41.06B | $39.57B | $32.00B | $27.19B | $26.86B | $25.17B | $18.94B | $19.20B | $18.47B | $18.03B | $17.32B | |
| Accounts Payable | $3.24B | $2.93B | $2.89B | $2.77B | $2.22B | $1.83B | $1.64B | $1.84B | $1.81B | $1.65B | $1.64B | |
| Short-term Debt | $35M | $84M | $260M | $11M | $2M | $8M | $58M | $54M | $144M | $936M | $1.49B | |
| Current Liabilities | $4.22B | $4.18B | $3.90B | $3.47B | $2.80B | $2.42B | $1.82B | $2.36B | $2.49B | $3.28B | $3.64B | |
| Capital Leases | $616M | $678M | $631M | $592M | $503M | $336M | · | · | · | · | · | |
| Deferred Tax | $580M | $1.16B | $1.27B | $1.25B | $1.18B | $963M | $794M | · | $778M | $710M | $803M | |
| Other Non-current Liabilities | $1.35B | $1.35B | $1.12B | $1.10B | $1.64B | $1.92B | $1.71B | · | $1.61B | $1.82B | $1.55B | |
| Total Liabilities | $23.71B | $20.90B | $16.34B | $13.49B | $12.77B | $12.73B | $7.55B | $8.03B | $8.28B | $10.82B | $9.95B | |
| Long-term Debt | · | · | · | · | · | · | · | · | · | $5.29B | $4.38B | |
| Total Debt | $35M | $84M | $260M | $11M | $2M | $8M | $58M | · | $144M | $6.23B | $5.88B | |
| Common Stock | $249M | $249M | $249M | $249M | $249M | $249M | $249M | · | $249M | $249M | $249M | |
| Retained Earnings | $17.56B | $19.55B | $17.29B | $16.52B | $15.68B | $14.88B | $14.14B | · | $12.85B | $10.48B | $10.58B | |
| Treasury Stock | $2.00B | $1.98B | $1.97B | $1.98B | $1.99B | $2.00B | $2.03B | · | $2.16B | $2.23B | $2.36B | |
| AOCI | $-2.09B | $-2.03B | $-2.45B | $-2.79B | $-1.52B | $-2.14B | $-2.38B | · | $-1.85B | $-2.39B | $-2.13B | |
| Stockholders' Equity | $15.02B | $17.04B | $14.31B | $13.14B | $13.54B | $12.08B | $11.05B | · | $10.09B | $7.08B | $7.25B | |
| Liabilities + Equity | $41.06B | $39.57B | $32.00B | $27.19B | $26.86B | $25.17B | $18.94B | $19.20B | $18.47B | $18.03B | $17.33B | |
| Shares Outstanding | 223,000,000 | 222,372,418 | 222,199,845 | 221,838,696 | 221,396,755 | 221,017,459 | 220,415,262 | · | 218,346,074 | 217,350,825 | 215,359,113 |
Cash Flow 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1.56B | $1.45B | $1.36B | $1.34B | $1.32B | $1.19B | $1.08B | · | $866M | $855M | $858M | |
| Stock-based Comp | $76M | $62M | $60M | $48M | $44M | $54M | $41M | · | $40M | $31M | $40M | |
| Deferred Tax | $-555M | $-69M | $-25M | $32M | $94M | $165M | $58M | · | $-38M | $62M | $9M | |
| Amort. of Intangibles | $37M | $32M | $32M | $36M | $37M | $34M | $33M | · | $23M | $22M | $24M | |
| Restructuring | $3.75B | $57M | $245M | $74M | $0 | $0 | · | · | · | · | · | |
| Other Non-cash | $2.57B | $-1.63B | $-488M | $-504M | $-224M | $-26M | $28M | · | $-1.33B | $1.05B | $175M | |
| Operating Cash Flow | $3.26B | $3.65B | $3.21B | $3.17B | $3.34B | $3.26B | $2.97B | · | $2.53B | $2.26B | $2.05B | |
| CapEx | $7.02B | $6.80B | $4.63B | $2.93B | $2.46B | $2.51B | $1.99B | · | $1.04B | $908M | $1.16B | |
| Debt Issued | $4.39B | $4.68B | $3.52B | $766M | $179M | $4.90B | $0 | · | $2M | $387M | $340M | |
| Net Debt Issued | $3.96B | $4.19B | $2.90B | $366M | $-284M | $4.49B | $-429M | · | $-482M | $475M | $-370M | |
| Stock Repurchased | · | · | · | · | · | · | · | · | · | · | $0 | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | · | $0 | |
| Dividends Paid | $1.58B | $1.56B | $1.50B | $1.38B | $1.26B | $1.10B | $994M | · | $788M | $721M | $678M | |
| Net Change in Cash | $-1.12B | $1.36B | $-1.09B | $-1.76B | $-784M | $3.00B | $-543M | · | $1.94B | $1.29B | $-130M | |
| Taxes Paid | $941M | $616M | $645M | $369M | $384M | $380M | $324M | · | $1.35B | $441M | $393M | |
| Free Cash Flow | $-3.77B | $-3.15B | $-1.42B | $244M | $871M | $756M | $980M | · | $1.49B | $1.65B | $823M | |
| Levered FCF | · | · | $-1.56B | $139M | $755M | $668M | $872M | · | $1.40B | $1.57B | $744M |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | · | · | · | · | 33.9% | 32.7% | · | 29.7% | 32.8% | 29.8% | |
| Operating Margin | -7.3% | 36.9% | 19.8% | 18.4% | 22.1% | 25.3% | 24.0% | · | 17.4% | 22.1% | 17.2% | |
| Net Margin | -3.3% | 31.6% | 18.3% | 17.8% | 20.3% | 21.3% | 19.7% | · | 36.6% | 6.6% | 12.9% | |
| Pretax Margin | -3.7% | 39.8% | 22.9% | 21.7% | 24.3% | 27.4% | 25.7% | · | 17.3% | 22.4% | 17.5% | |
| EBITDA Margin | 5.7% | 48.9% | 30.6% | 29.0% | 34.9% | 38.6% | 36.2% | · | 28.0% | 31.8% | 26.6% | |
| ROA | -0.98% | 10.7% | 7.8% | 8.3% | 8.1% | 8.6% | 9.2% | · | 16.4% | 3.6% | 7.3% | |
| ROE | -2.5% | 24.4% | 16.8% | 16.9% | 16.4% | 16.3% | 16.1% | · | 35.0% | 8.8% | 17.5% | |
| ROIC | -4.6% | 21.0% | 13.9% | 14.5% | 13.7% | 14.9% | 15.2% | · | 11.4% | 11.5% | 9.8% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.4 | 1.5 | 1.3 | 1.8 | 3.0 | 3.6 | 2.5 | · | 2.4 | 1.3 | 0.8 | |
| Quick Ratio | 0.9 | 1.1 | 0.9 | 1.5 | 2.6 | 3.2 | 2.0 | · | 1.9 | 0.9 | 0.4 | |
| Debt / Equity | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.9 | 0.8 | |
| LT Debt / Equity | · | · | · | · | · | · | · | · | · | 0.7 | 0.5 | |
| Interest Coverage | · | · | 14.1 | 18.3 | 16.1 | 20.5 | 15.7 | · | 11.8 | 18.2 | 16.4 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.3 | 0.4 | 0.5 | 0.4 | 0.4 | 0.5 | · | 0.4 | 0.5 | 0.6 | |
| Inventory Turnover | 10.7 | 11.5 | 15.2 | 19.3 | 16.7 | 14.8 | 15.2 | · | 19.5 | 10.0 | 10.2 | |
| Receivables Turnover | 6.5 | 6.9 | 7.2 | 7.8 | 7.6 | 7.0 | 7.2 | · | 7.1 | 6.7 | 6.8 |
Growth Rates 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -0.52% | -4.0% | -0.78% | 23.0% | 16.6% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -1.8% | 5.4% | 12.5% | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 6.3% | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | · | 66.3% | 1.9% | 7.5% | 11.1% | · | · | · | · | · | · | |
| EPS CAGR 3Y | · | 22.1% | 6.8% | · | · | · | · | · | · | · | · | |
| Net Income YoY | · | 66.4% | 1.9% | 7.5% | 11.3% | · | · | · | · | · | · | |
| Net Income CAGR 3Y | · | 22.2% | 6.8% | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 7.5% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $12.04B | $12.10B | $12.60B | $12.70B | $10.32B | $8.86B | $8.92B | · | $8.19B | $7.50B | $7.82B | |
| Net Income TTM | $-394M | $3.83B | $2.30B | $2.26B | $2.10B | $1.89B | $1.76B | · | $3.00B | $631M | $1.28B | |
| Market Cap | $60.82B | $66.10B | $62.91B | $51.67B | $56.60B | $65.83B | $48.81B | · | $32.97B | $30.23B | $25.42B | |
| Enterprise Value | $59.00B | $63.20B | $61.23B | $48.38B | $50.80B | $59.48B | $46.45B | · | $29.43B | $34.95B | $31.09B | |
| P/E | -154.1 | 17.3 | 27.4 | 23.0 | 27.2 | 35.1 | 27.9 | · | 11.1 | 48.1 | 20.1 | |
| P/S | 5.1 | 5.5 | 5.0 | 4.1 | 5.5 | 7.4 | 5.5 | · | 4.0 | 4.0 | 3.2 | |
| P/B | 4.0 | 3.9 | 4.4 | 3.9 | 4.2 | 5.4 | 4.4 | · | 3.3 | 4.3 | 3.5 | |
| P / Tangible Book | 4.4 | 4.2 | 4.8 | 4.3 | 4.6 | 6.1 | · | · | · | · | · | |
| P / Cash Flow | 18.7 | 18.1 | 19.6 | 16.3 | 17.0 | 20.2 | 16.4 | · | 13.0 | 11.2 | 10.4 | |
| P / FCF | -16.1 | -21.0 | -44.3 | 211.7 | 65.0 | 87.1 | 49.8 | · | 22.1 | 18.3 | 30.9 | |
| EV / EBITDA | 85.8 | 10.7 | 15.9 | 13.2 | 14.1 | 17.4 | 14.4 | · | 12.8 | 11.5 | 11.8 | |
| EV / FCF | -15.7 | -20.1 | -43.1 | 198.2 | 58.3 | 78.7 | 47.4 | · | 19.7 | 21.2 | 37.8 | |
| EV / Revenue | 4.9 | 5.2 | 4.9 | 3.8 | 4.9 | 6.7 | 5.2 | · | 3.6 | 4.7 | 4.0 | |
| Dividend Yield | 2.6% | 2.4% | 2.4% | 2.7% | 2.2% | 1.7% | 2.0% | · | 2.4% | 2.4% | 2.7% | |
| Earnings Yield | -0.65% | 5.8% | 3.6% | 4.4% | 3.7% | 2.9% | 3.6% | · | 9.0% | 2.1% | 5.0% | |
| Payout Ratio | -401.6% | 40.9% | 65.1% | 61.3% | 59.9% | 58.5% | 56.5% | · | 26.3% | 114.3% | 53.0% | |
| Annual Payout | $1.58B | $1.56B | $1.50B | $1.38B | $1.26B | $1.10B | $994M | · | $788M | $721M | $678M |
Income Statement 15
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.16B | $3.17B | $3.10B | $3.17B | $3.02B | $2.92B | $2.93B | $3.19B | $2.99B | $2.93B | $3.00B | $3.19B | $3.03B | $3.20B | $3.17B | $3.57B | |
| Cost of Revenue | $2.12B | $2.18B | $2.11B | $2.15B | $2.04B | $2.05B | $2.02B | $2.10B | $2.01B | $1.99B | $2.07B | $2.21B | $2.07B | $2.28B | $2.27B | $2.62B | |
| R&D Expense | $22M | $22M | $20M | $27M | $24M | $23M | $22M | $22M | $27M | $25M | $26M | $25M | $29M | $27M | $24M | $31M | |
| SG&A Expense | $219M | $227M | $229M | $219M | $223M | $222M | $242M | $228M | $235M | $241M | $238M | $233M | $239M | $251M | $234M | $224M | |
| Operating Income | $-2.10B | $753M | $734M | $17M | $791M | $-2.33B | $644M | $2.42B | $738M | $637M | $667M | $739M | $644M | $460M | $652M | $626M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $60M | $54M | · | $47M | $41M | $41M | · | |
| Other Non-op | $4M | $900.0K | $-1M | $-12M | $-6M | $-19M | $39M | $-48M | $-1M | $-9M | $-15M | $-13M | $-12M | $-14M | $-600.0K | $20M | |
| Pretax Income | $-1.94B | $884M | $851M | $121M | $891M | $-2.24B | $790M | $2.50B | $850M | $711M | $757M | $841M | $750M | $571M | $720M | $711M | |
| Income Tax | $-515M | $159M | $159M | $111M | $160M | $-506M | $141M | $538M | $141M | $130M | $135M | $154M | $140M | $121M | $136M | $131M | |
| Net Income | $-1.44B | $710M | $678M | $5M | $714M | $-1.73B | $617M | $1.95B | $697M | $572M | $609M | $693M | $596M | $440M | $572M | $583M | |
| EPS (Basic) | $-6.47 | $3.19 | $3.04 | $0.03 | $3.20 | $-7.77 | $2.77 | $8.77 | $3.13 | $2.57 | $2.74 | $3.11 | $2.68 | $1.98 | $2.58 | $2.62 | |
| EPS (Diluted) | $-6.47 | $3.19 | $3.04 | $0.03 | $3.20 | $-7.77 | $2.77 | $8.75 | $3.13 | $2.57 | $2.73 | $3.12 | $2.67 | $1.97 | $2.57 | $2.62 | |
| Shares (Basic) | 222,800,000 | 222,800,000 | 222,800,000 | -445,600,000 | 222,800,000 | 222,800,000 | 222,700,000 | -445,000,000 | 222,500,000 | 222,500,000 | 222,500,000 | -444,600,000 | 222,400,000 | 222,300,000 | 222,200,000 | -443,900,000 | |
| Shares (Diluted) | 222,800,000 | 222,900,000 | 222,900,000 | -445,900,000 | 222,900,000 | 222,800,000 | 222,900,000 | -445,500,000 | 222,800,000 | 222,700,000 | 222,800,000 | -445,400,000 | 222,800,000 | 222,700,000 | 222,600,000 | -445,100,000 | |
| EBITDA | $-2.10B | $753M | $1.11B | · | $791M | $-2.33B | $1.01B | · | $738M | $637M | $1.02B | · | $644M | $460M | $974M | · |
Balance Sheet 29
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $980M | $951M | $1.03B | $1.86B | $2.32B | $1.49B | $1.85B | $2.98B | $2.38B | $2.54B | $1.96B | · | $1.64B | $2.24B | $3.13B | · | |
| Short-term Investments | · | · | · | $0 | $0 | $111M | $118M | $5M | $62M | $103M | $272M | · | $269M | $271M | $20M | · | |
| Receivables | $1.88B | $1.94B | $1.89B | $1.90B | $1.94B | $1.85B | $1.81B | $1.82B | $1.71B | $1.72B | $1.73B | · | $1.93B | $1.71B | $1.83B | · | |
| Inventory | $752M | $768M | $788M | $776M | $798M | $770M | $739M | $766M | $756M | $721M | $709M | · | $664M | $646M | $635M | · | |
| Prepaid Expense | $155M | $171M | $164M | $175M | $234M | $262M | $202M | $180M | $171M | $263M | $207M | · | $179M | $225M | $165M | · | |
| Other Current Assets | $719M | $718M | $757M | $690M | $848M | $708M | $640M | $611M | $601M | $719M | $774M | · | $670M | $623M | $543M | · | |
| Current Assets | $4.96B | $5.01B | $5.10B | $5.83B | $6.15B | $5.19B | $5.35B | $6.36B | $5.68B | $6.06B | $5.65B | · | $5.35B | $5.72B | $6.32B | · | |
| PP&E (Net) | $25.00B | $26.69B | $26.14B | $25.34B | $25.64B | $24.03B | $24.73B | $23.37B | $21.48B | $20.00B | $18.94B | $17.47B | $16.51B | $15.70B | $15.04B | $14.16B | |
| PP&E (Gross) | $43.12B | $44.55B | $43.79B | $42.75B | $42.99B | $40.65B | $41.10B | $39.95B | $37.60B | $35.91B | $34.79B | · | $31.72B | $30.75B | $29.77B | · | |
| Accum. Depreciation | $18.13B | $17.86B | $17.64B | $17.42B | $17.35B | $16.61B | $16.37B | $16.58B | $16.12B | $15.91B | $15.86B | · | $15.20B | $15.05B | $14.73B | · | |
| Goodwill | $957M | $959M | $972M | $964M | $970M | $887M | $866M | $905M | $879M | $883M | $899M | $862M | $892M | $884M | $876M | $823M | |
| Intangibles | $278M | $284M | $294M | $294M | $302M | $282M | $288M | $312M | $310M | $318M | $339M | · | $359M | $367M | $363M | · | |
| Other Non-current Assets | $1.65B | $1.12B | $1.10B | $1.02B | $1.09B | $1.09B | $1.41B | $1.17B | $1.28B | $1.24B | $1.03B | · | $1.01B | $1.02B | $953M | · | |
| Total Assets | $40.45B | $41.64B | $41.24B | $41.06B | $41.66B | $38.87B | $40.02B | $39.57B | $36.97B | $35.92B | $34.12B | · | $30.93B | $29.44B | $28.28B | · | |
| Accounts Payable | $3.53B | $2.86B | $3.04B | $3.24B | $3.37B | $3.42B | $3.02B | $2.93B | $3.17B | $2.78B | $2.72B | · | $3.06B | $2.49B | $2.55B | · | |
| Short-term Debt | $127M | $314M | $67M | $35M | $536M | $773M | $68M | $84M | $159M | $184M | $16M | · | $559M | $7M | $2M | · | |
| Current Liabilities | $4.58B | $3.51B | $3.50B | $4.22B | $4.76B | $5.21B | $4.81B | $4.18B | $4.47B | $4.06B | $3.12B | · | $3.95B | $2.80B | $3.28B | · | |
| Capital Leases | $490M | $600M | $607M | $616M | $647M | $637M | $655M | $678M | $639M | $652M | $635M | · | $636M | $632M | $627M | · | |
| Deferred Tax | $638M | $733M | $662M | $580M | $674M | $670M | $1.20B | $1.16B | $1.18B | $1.28B | $1.25B | · | $1.22B | $1.26B | $1.25B | · | |
| Other Non-current Liabilities | $1.37B | $1.38B | $1.34B | $1.35B | $1.35B | $1.32B | $1.35B | $1.35B | $1.11B | $1.09B | $1.11B | · | $1.14B | $1.10B | $1.12B | · | |
| Total Liabilities | $23.85B | $23.49B | $23.40B | $23.71B | $23.89B | $22.09B | $21.28B | $20.90B | $20.29B | $19.59B | $17.99B | · | $15.56B | $14.75B | $13.76B | · | |
| Total Debt | $127M | $314M | $67M | · | $536M | $773M | $68M | · | $159M | $184M | $16M | · | $559M | $7M | $2M | · | |
| Common Stock | $249M | $249M | $249M | $249M | $249M | $249M | $249M | $249M | $249M | $249M | $249M | · | $249M | $249M | $249M | · | |
| Retained Earnings | $16.30B | $18.14B | $17.84B | $17.56B | $17.95B | $17.64B | $19.77B | $19.55B | $17.99B | $17.69B | $17.51B | · | $16.99B | $16.78B | $16.73B | · | |
| Treasury Stock | $2.00B | $2.00B | $2.00B | $2.00B | $2.00B | $2.00B | $2.00B | $1.98B | $1.99B | $1.97B | $1.97B | · | $1.97B | $1.97B | $1.98B | · | |
| AOCI | $-1.99B | $-2.06B | $-1.98B | $-2.09B | $-1.97B | $-2.48B | $-2.59B | $-2.03B | $-2.39B | $-2.28B | $-2.12B | · | $-2.30B | $-2.16B | $-2.22B | · | |
| Stockholders' Equity | $13.88B | $15.65B | $15.41B | $15.02B | $15.54B | $14.70B | $16.69B | $17.04B | $15.10B | $14.91B | $14.87B | · | $14.14B | $14.06B | $13.94B | · | |
| Liabilities + Equity | $40.45B | $41.64B | $41.24B | $41.06B | $41.66B | $38.87B | $40.02B | $39.57B | $36.97B | $35.92B | $34.12B | · | $30.93B | $29.44B | $28.28B | · | |
| Shares Outstanding | · | · | · | 223,000,000 | · | · | · | 222,372,418 | · | · | · | 222,199,845 | · | · | · | 221,838,696 |
Cash Flow 16
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $385M | $375M | $371M | $413M | $401M | $384M | $367M | $381M | $360M | $361M | $349M | $357M | $340M | $340M | $322M | $333M | |
| Stock-based Comp | $12M | $16M | $11M | $11M | $11M | $38M | $16M | $16M | $18M | $15M | $14M | $14M | $15M | $15M | $16M | $11M | |
| Deferred Tax | $-637M | $47M | $78M | $-58M | $43M | $-534M | $-6M | $5M | $-81M | $-7M | $14M | $-11M | $-43M | $15M | $14M | $-37M | |
| Restructuring | $2.91B | $0 | $22M | $795M | $24M | $2.93B | $0 | $0 | $0 | $57M | · | $0 | $59M | $186M | · | $74M | |
| Other Non-cash | · | · | $-237M | · | · | · | $-183M | · | · | · | $-359M | · | · | · | $-204M | · | |
| Operating Cash Flow | $1.31B | $1.10B | $901M | $1.26B | $856M | $328M | $812M | $957M | $1.26B | $802M | $627M | $1.00B | $845M | $639M | $719M | $957M | |
| CapEx | $996M | $1.11B | $1.25B | $1.52B | $1.50B | $1.89B | $2.12B | $2.08B | $1.61B | $1.67B | $1.45B | $1.46B | $1.32B | $1.01B | $834M | $787M | |
| Investing Cash Flow | $-993M | $-1.08B | $-1.24B | · | $-1.26B | $-2.24B | $-2.18B | · | $-1.55B | $-1.56B | $-1.67B | · | $-1.92B | $-2.22B | $-256M | · | |
| Debt Issued | $205M | $57M | $382M | $408M | $1.98B | $1.54B | $459M | $558M | $471M | $2.84B | $810M | $1.40B | $225M | $1.42B | $476M | $409M | |
| Net Debt Issued | · | · | $-187M | · | · | · | $447M | · | · | · | $756M | · | · | · | $280M | · | |
| Dividends Paid | $403M | $399M | $398M | $398M | $398M | $394M | $394M | $394M | $394M | $389M | $389M | $389M | $389M | $360M | $359M | $359M | |
| Financing Cash Flow | $-285M | $-101M | $-490M | · | $1.21B | $1.55B | $274M | · | $135M | $1.35B | $1.36B | · | $496M | $689M | $-86M | · | |
| Net Change in Cash | $30M | $-75M | $-830M | $-468M | $833M | $-354M | $-1.13B | $604M | $-159M | $572M | $346M | $-21M | $-605M | $-889M | $420M | $-246M | |
| Taxes Paid | $125M | $154M | $109M | $85M | $146M | $586M | $124M | $114M | $180M | $232M | $90M | $158M | $161M | $238M | $88M | $28M | |
| Free Cash Flow | · | · | $-350M | · | · | · | $-1.31B | · | · | · | $-819M | · | · | · | $-115M | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | · | $-863M | · | · | · | $-148M | · |
Profitability 7
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -66.3% | 23.7% | 23.7% | · | 26.2% | -79.8% | 21.9% | · | 24.7% | 21.8% | 22.2% | · | 21.2% | 14.4% | 20.5% | · | |
| Net Margin | -45.6% | 22.4% | 21.9% | · | 23.6% | -59.3% | 21.1% | · | 23.3% | 19.5% | 20.3% | · | 19.6% | 13.7% | 18.0% | · | |
| Pretax Margin | -61.3% | 27.9% | 27.4% | · | 29.5% | -76.9% | 27.0% | · | 28.4% | 24.3% | 25.3% | · | 24.7% | 17.8% | 22.7% | · | |
| EBITDA Margin | -66.3% | 23.7% | 35.6% | · | 26.2% | -79.8% | 34.5% | · | 24.7% | 21.8% | 33.9% | · | 21.2% | 14.4% | 30.7% | · | |
| ROA | -3.5% | 1.8% | 1.7% | · | 1.8% | -4.6% | 1.7% | · | 2.1% | 1.8% | 1.9% | · | 2.0% | 1.6% | 2.1% | · | |
| ROE | -9.8% | 4.7% | 4.2% | · | 4.7% | -11.7% | 3.9% | · | 4.8% | 4.0% | 4.2% | · | 4.3% | 3.1% | 4.1% | · | |
| ROIC | -11.0% | 3.9% | 3.9% | · | 4.0% | -11.7% | 3.2% | · | 4.0% | 3.5% | 3.7% | · | 3.6% | 2.6% | 3.8% | · |
Liquidity & Solvency 4
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.1 | 1.4 | 1.5 | · | 1.3 | 1.0 | 1.1 | · | 1.3 | 1.5 | 1.8 | · | 1.4 | 2.0 | 1.9 | · | |
| Quick Ratio | 0.6 | 0.8 | 0.8 | · | 0.9 | 0.7 | 0.8 | · | 0.9 | 1.1 | 1.3 | · | 1.0 | 1.5 | 1.5 | · | |
| Debt / Equity | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.1 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 10.6 | 12.5 | · | 13.6 | 11.2 | 15.8 | · |
Efficiency 3
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | |
| Inventory Turnover | 2.7 | 2.8 | 2.8 | · | 2.6 | 2.8 | 2.8 | · | 2.8 | 2.9 | 3.1 | · | 3.5 | 4.0 | 4.0 | · | |
| Receivables Turnover | 1.7 | 1.7 | 1.7 | · | 1.7 | 1.6 | 1.7 | · | 1.6 | 1.7 | 1.7 | · | 1.6 | 1.9 | 1.8 | · |
Valuation (TTM) 5
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $12.46B | $12.21B | $11.97B | · | $11.86B | $11.76B | $11.84B | · | $11.95B | $12.16B | $12.41B | · | $12.60B | $12.51B | $12.30B | · | |
| Net Income TTM | $662M | $372M | $279M | · | $297M | $156M | $2.50B | · | $2.47B | $2.22B | $2.22B | · | $2.19B | $2.12B | $2.25B | · | |
| P/E | 99.0 | 175.0 | 199.2 | · | 212.1 | 421.3 | 25.9 | · | 23.2 | 24.4 | 27.5 | · | 30.5 | 30.1 | 30.6 | · | |
| Earnings Yield | 1.0% | 0.57% | 0.50% | · | 0.47% | 0.24% | 3.9% | · | 4.3% | 4.1% | 3.6% | · | 3.3% | 3.3% | 3.3% | · | |
| Payout Ratio | · | · | 58.7% | · | · | · | 63.7% | · | · | · | 63.8% | · | · | · | 62.8% | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 | |
|---|---|---|---|---|---|
| Revenue | $12.04B | $12.10B | $12.60B | $12.70B | $10.32B |
| Operating Margin % | -7.3% | 36.9% | 19.8% | 18.4% | 22.1% |
| Net Income | $-394M | $3.83B | $2.30B | $2.26B | $2.10B |
| Diluted EPS | $-1.77 | $17.18 | $10.33 | $10.14 | $9.43 |
Balance Sheet
| 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Current Ratio | 1.4 | 1.5 | 1.3 | 1.8 | 3.0 |
| Quick Ratio | 0.9 | 1.1 | 0.9 | 1.5 | 2.6 |
Cash Flow
| 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-3.77B | $-3.15B | $-1.42B | $244M | $871M |
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Institutional owners (13F) 1,942 filers · $39.8B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 132 (-133 vs prior Q) | 115 (+30 vs prior Q) | 595 (-15 vs prior Q) | 701 (+38 vs prior Q) | +28.2M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC | $4,262,954,179 | 14,540,399 | 10.71% | Shares |
| Capital Research Global Investors | $3,108,228,298 | 10,602,157 | 7.81% | Shares |
| STATE STREET CORP | $3,011,208,683 | 10,270,853 | 7.57% | Shares |
| Capital International Investors | $2,799,359,866 | 9,567,173 | 7.03% | Shares |
| Dodge & Cox | $2,753,984,278 | 9,393,493 | 6.92% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2,594,223,753 | 8,848,570 | 6.52% | Shares |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO | $1,423,250,226 | 4,854,527 | 3.58% | Shares |
| VIKING GLOBAL INVESTORS LP | $1,389,776,106 | 4,740,351 | 3.49% | Shares |
| NORGES BANK | $1,369,873,875 | 4,672,467 | 3.44% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,251,585,328 | 4,292,081 | 3.14% | Shares |
| Clearbridge Investments, LLC | $739,888,100 | 2,523,665 | 1.86% | Shares |
| Aristotle Capital Management, LLC | $737,001,838 | 2,513,746 | 1.85% | Shares |
| RAYMOND JAMES FINANCIAL INC | $667,572,426 | 2,277,005 | 1.68% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $429,039,521 | 1,463,399 | 1.08% | Shares |
| BANK OF AMERICA CORP /DE/ | $381,997,709 | 1,302,946 | 0.96% | Shares |
| LONDON CO OF VIRGINIA | $375,561,118 | 1,280,962 | 0.94% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $366,407,569 | 1,249,770 | 0.92% | Shares |
| UBS Group AG | $224,467,110 | 765,629 | 0.56% | Call option |
| ENVESTNET ASSET MANAGEMENT INC | $224,244,855 | 764,871 | 0.56% | Shares |
| MILLENNIUM MANAGEMENT LLC | $221,767,509 | 756,421 | 0.56% | Shares |
| FMR LLC | $219,428,204 | 748,442 | 0.55% | Shares |
| UBS Group AG | $184,432,209 | 629,075 | 0.46% | Shares |
| Swiss National Bank | $174,911,188 | 596,600 | 0.44% | Shares |
| ProShare Advisors LLC | $171,802,602 | 585,997 | 0.43% | Shares |
| D. E. Shaw & Co., Inc. | $169,990,162 | 579,815 | 0.43% | Shares |
| BlackRock, Inc. | $166,987,705 | 569,574 | 0.42% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $162,461,592 | 554,136 | 0.41% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $150,958,382 | 514,900 | 0.38% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $144,719,512 | 493,620 | 0.36% | Shares |
| Vanguard Global Advisers, LLC | $140,874,163 | 480,504 | 0.35% | Shares |
| CINCINNATI INSURANCE CO | $137,569,438 | 469,232 | 0.35% | Shares |
| CITADEL ADVISORS LLC | $131,189,255 | 447,470 | 0.33% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $126,230,408 | 430,556 | 0.32% | Shares |
| LPL Financial LLC | $125,300,697 | 427,385 | 0.31% | Shares |
| Empower Advisory Group, LLC | $118,299,612 | 403,505 | 0.30% | Shares |
| Holocene Advisors, LP | $118,171,769 | 403,069 | 0.30% | Shares |
| GOLDMAN SACHS GROUP INC | $112,040,026 | 382,154 | 0.28% | Shares |
| RHUMBLINE ADVISERS | $111,944,799 | 381,830 | 0.28% | Shares |
| VANGUARD GROUP INC | $101,750,749 | 411,913 | 0.26% | Shares |
| Douglas Lane & Associates, LLC | $101,415,181 | 345,914 | 0.25% | Shares |
| National Pension Service | $100,317,694 | 342,171 | 0.25% | Shares |
| Qube Research & Technologies Ltd | $98,877,887 | 337,260 | 0.25% | Shares |
| BRISTOL JOHN W & CO INC /NY/ | $98,765,013 | 336,875 | 0.25% | Shares |
| BARCLAYS PLC | $98,383,000 | 335,572 | 0.25% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $96,946,710 | 330,673 | 0.24% | Shares |
| HighTower Advisors, LLC | $87,822,867 | 299,553 | 0.22% | Shares |
| Legal & General Group Plc | $87,294,640 | 297,751 | 0.22% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $87,279,686 | 297,700 | 0.22% | Call option |
| Haverford Trust Co | $86,059,944 | 293,540 | 0.22% | Shares |
| NEUBERGER BERMAN GROUP LLC | $85,622,271 | 292,346 | 0.22% | Shares |
| Bahl & Gaynor LLC | $85,045,361 | 290,079 | 0.21% | Shares |
| California Public Employees Retirement System | $78,742,284 | 268,580 | 0.20% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $75,173,293 | 258,781 | 0.19% | Shares |
| Yaupon Capital Management LP | $73,295,000 | 250,000 | 0.18% | Put option |
| FIFTH THIRD BANCORP | $72,874,497 | 248,566 | 0.18% | Shares |
| Corient Private Wealth LP | $71,029,377 | 242,273 | 0.18% | Shares |
| STALEY CAPITAL ADVISERS INC | $66,482,102 | 226,762 | 0.17% | Shares |
| Capital International, Inc./CA/ | $65,876,960 | 224,698 | 0.17% | Shares |
| CITADEL ADVISORS LLC | $65,789,592 | 224,400 | 0.17% | Call option |
| MILLENNIUM MANAGEMENT LLC | $65,115,278 | 222,100 | 0.16% | Put option |
| ALLIANCEBERNSTEIN L.P. | $64,170,112 | 220,903 | 0.16% | Shares |
| ANCHOR CAPITAL ADVISORS LLC | $61,452,972 | 209,608 | 0.15% | Shares |
| Woodline Partners LP | $60,773,575 | 207,291 | 0.15% | Shares |
| Mariner, LLC | $60,714,709 | 207,102 | 0.15% | Shares |
| STOREBRAND ASSET MANAGEMENT AS | $60,532,875 | 206,470 | 0.15% | Shares |
| STRS OHIO | $59,723,111 | 203,708 | 0.15% | Shares |
| CONFLUENCE INVESTMENT MANAGEMENT LLC | $59,409,094 | 202,637 | 0.15% | Shares |
| WORLDQUANT MILLENNIUM ADVISORS LLC | $58,870,251 | 200,799 | 0.15% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $58,600,818 | 199,880 | 0.15% | Shares |
| AVIVA PLC | $56,163,906 | 191,568 | 0.14% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $55,833,199 | 190,440 | 0.14% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $54,403,067 | 185,562 | 0.14% | Shares |
| Susquehanna Portfolio Strategies, LLC | $54,304,852 | 185,227 | 0.14% | Shares |
| Quantinno Capital Management LP | $54,280,262 | 185,143 | 0.14% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $51,482,408 | 175,600 | 0.13% | Put option |
| Ensign Peak Advisors, Inc | $51,207,992 | 174,664 | 0.13% | Shares |
| Zurich Insurance Group Ltd/FI | $51,206,232 | 174,658 | 0.13% | Shares |
| SATURNA CAPITAL CORP | $51,162,563 | 174,439 | 0.13% | Shares |
| RNC CAPITAL MANAGEMENT LLC | $50,710,252 | 172,966 | 0.13% | Shares |
| PNC Financial Services Group, Inc. | $49,156,025 | 167,665 | 0.12% | Shares |
| Cetera Investment Advisers | $48,519,612 | 165,494 | 0.12% | Shares |
| Vest Financial, LLC | $47,609,500 | 162,390 | 0.12% | Shares |
| MILLENNIUM MANAGEMENT LLC | $47,026,072 | 160,400 | 0.12% | Call option |
| BOSTON FINANCIAL MANGEMENT LLC | $45,236,790 | 155,967 | 0.11% | Shares |
| ASSETMARK, INC | $43,819,629 | 149,463 | 0.11% | Shares |
| CINCINNATI FINANCIAL CORP | $42,774,962 | 145,900 | 0.11% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $42,632,939 | 145,578 | 0.11% | Shares |
| Perpetual Ltd | $42,533,382 | 145,076 | 0.11% | Shares |
| FORT WASHINGTON INVESTMENT ADVISORS INC /OH/ | $42,503,477 | 144,974 | 0.11% | Shares |
| FIRST TRUST ADVISORS LP | $42,357,454 | 144,476 | 0.11% | Shares |
| MARSHALL WACE, LLP | $41,600,775 | 141,895 | 0.10% | Shares |
| APG Asset Management N.V. | $40,462,584 | 157,790 | 0.10% | Shares |
| Baird Financial Group, Inc. | $40,311,664 | 137,498 | 0.10% | Shares |
| SMITH CHAS P & ASSOCIATES PA CPAS | $38,843,078 | 133,716 | 0.10% | Shares |
| Cardinal Capital Management, Inc. | $37,401,459 | 128,753 | 0.09% | Shares |
| Squarepoint Ops LLC | $37,279,303 | 127,155 | 0.09% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $37,103,416 | 127,727 | 0.09% | Shares |
| PFA Pension, Forsikringsaktieselskab | $36,152,588 | 123,312 | 0.09% | Shares |
| TOCQUEVILLE ASSET MANAGEMENT L.P. | $35,992,536 | 122,766 | 0.09% | Shares |
| KEYBANK NATIONAL ASSOCIATION/OH | $35,871,184 | 122,352 | 0.09% | Shares |
Company insiders 70 insiders · 18 officers · 22 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| John E Mcglade | Chairman, President and CEO | Dec. 6, 2013 F | 159,367 | 0 | 0 | $0 |
| Paul E Huck | Sr. V.P. CFO | Nov. 26, 2012 F | 99,655 | 0 | 0 | $0 |
| John R Owings | V.P. & CFO | Nov. 19, 2003 A | 14,400 | 0 | 0 | $0 |
| Guillermo Novo | Executive V.P. | Sept. 12, 2016 F | 11,933 | 0 | 0 | $0 |
| John D. Stanley | SR VP and General Counsel | Aug. 25, 2016 M | 18,882 | 0 | 0 | $0 |
| Patricia A Mattimore | Senior Vice President | July 24, 2014 M | 7,205 | 0 | 0 | $0 |
| Stephen J Jones | Sr. V.P. | July 24, 2014 M | 31,541 | 0 | 0 | $0 |
| John W Marsland | Sr. V.P. | July 26, 2013 M | 10,199 | 0 | 0 | $0 |
| Lynn C Minella | Sr. V.P. Human Resources | April 26, 2012 M | 53,241 | 0 | 0 | $0 |
| Robert D Dixon | Sr.V.P. and G.M. | Nov. 16, 2011 A | 19,006 | 0 | 0 | $0 |
| Michael F Hilton | Sr. V.P. and G.M. | Dec. 1, 2009 A | 22,539 | 0 | 0 | $0 |
| Scott A Sherman | Sr. V.P. and G.M. | Nov. 30, 2009 F | 34,029 | 0 | 0 | $0 |
| Douglas W Brown | V.P., General Counsel & Sec. | Aug. 22, 2007 M | 36,957 | 0 | 0 | $0 |
| Arthur T Katsaros | Group V.P. - Dev & Tech | Feb. 13, 2007 M | 6,324 | 0 | 0 | $0 |
| Mark L Bye | Group V.P. Gases & Equip. | May 2, 2006 M | 3,851 | 0 | 0 | $0 |
| Robert E Gadomski | Exec. V.P. Gases & Equip. | Dec. 19, 2003 J | 45,350 | 0 | 0 | $0 |
| Leonard Broese Van Groenou | V.P. Human Resources | Dec. 18, 2003 J | 21,365 | 0 | 0 | $0 |
| Andrew E Cummins | Group V.P. - Chemicals | Aug. 22, 2003 M | 17,498 | 0 | 0 | $0 |
| Alfred Stern | Director | June 30, 2026 A | — | 0 | 0 | $0 |
| Wayne Thomas Smith | Director | June 30, 2026 A | 3,316 | 0 | 0 | $0 |
| Jessica Graziano | Director | June 30, 2026 A | — | 0 | 0 | $0 |
| Howard I Ungerleider | Director | June 30, 2026 A | — | 0 | 0 | $0 |
| Bhavesh V. Patel | Director | June 30, 2026 A | — | 0 | 0 | $0 |
| Tonit M Calaway | Director | June 30, 2026 A | — | 0 | 0 | $0 |
| Andrew W Evans | Director | June 30, 2026 A | 5 | 1 | 1 | $59 |
| REILLEY DENNIS H | Director | June 30, 2026 A | — | 0 | 0 | $0 |
| Evert Henkes | Director | Dec. 31, 2015 A | — | 0 | 0 | $0 |
| Douglas W Ford | Director | Dec. 31, 2015 A | 0 | 0 | 0 | $0 |
| William L Davis | Director | Dec. 31, 2015 A | 1,000 | 0 | 0 | $0 |
| Lawrence S Smith | Director | March 31, 2015 A | 9,850 | 0 | 0 | $0 |
| Michael J Donahue | Director | Dec. 31, 2013 A | 2,000 | 0 | 0 | $0 |
| Ursula F Fairbairn | Director | Dec. 31, 2013 A | 1,135 | 0 | 0 | $0 |
| Mario Baeza | Director | Dec. 31, 2013 A | 620 | 0 | 0 | $0 |
| Edward E Hagenlocker | Director | Jan. 25, 2012 M | 0 | 0 | 0 | $0 |
| Charles H Noski | Director | June 30, 2010 A | 0 | 0 | 0 | $0 |
| John P Jones III | Director | Feb. 21, 2008 S | 0 | 0 | 0 | $0 |
| Terrence Murray | Director | March 31, 2006 A | — | 0 | 0 | $0 |
| Lawrason D Thomas | Director | Dec. 31, 2005 A | 1,500 | 0 | 0 | $0 |
| James F Hardymon | Director | Dec. 31, 2005 A | — | 0 | 0 | $0 |
| Paula Rosput Reynolds | Director | Aug. 23, 2004 M | 50 | 0 | 0 | $0 |
| AIR PRODUCTS & CHEMICALS INC /DE/ | 10% owner | Oct. 1, 2016 J | 0 | 0 | 0 | $0 |
| Melissa N. Schaeffer | — | May 1, 2026 S | 14,212 | 0 | 1 | $-824,405 |
| Lisa Ann Davis | — | Dec. 31, 2025 A | — | 0 | 0 | $0 |
| Kurt Lefevere | — | Dec. 3, 2025 F | 3,415 | 0 | 0 | $0 |
| Francesco Maione | — | Dec. 3, 2025 J | 11 | 0 | 0 | $0 |
| William J Pellicciotti Jr | — | Dec. 3, 2025 J | 143 | 0 | 0 | $0 |
| Eduardo F Menezes | — | Dec. 3, 2025 J | 38 | 0 | 0 | $0 |
| Ivo Bols | — | Dec. 2, 2025 A | 12,834 | 0 | 0 | $0 |
| Matthew Lepore | — | Dec. 1, 2025 A | 5,578 | 0 | 0 | $0 |
| Victoria Brifo | — | Aug. 5, 2025 S | 8,686 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 2 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Pershing Square Capital Management, L.P., PS Management GP, LLC, William A. Ackman ×5 filings | May 16, 2017 | — | Initial filing | — | SEC |
| Mellon Bank (DE) National Association, as Trustee under Air Products and Chemicals, Inc. Flexible Employee Benefits Trust ×2 filings | Jan. 25, 2002 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 161 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| IBAT · iShares Trust | 6.87% | 16,527 SH | Aug. 8, 2026 | Daily |
| IYM · iShares Trust | 4.85% | 161,129 SH | Aug. 8, 2026 | Daily |
| FMAT · FIDELITY COVINGTON TRUST | 4.28% | 86,035 NS | April 30, 2026 | N-PORT |
| RSPM · Invesco Exchange-Traded Fund Trust | 4.05% | 24,580 SH | Aug. 8, 2026 | Daily |
| VAW · VANGUARD WORLD FUND | 3.88% | 593,669 SH | Aug. 8, 2026 | Daily |
| CCOR · Listed Funds Trust | 3.60% | 3,315 NS | April 30, 2026 | N-PORT |
| UYM · ProShares Trust | 3.17% | 4,553 NS | May 31, 2026 | N-PORT |
| PYZ · Invesco Exchange-Traded Fund Trust | 3.04% | 7,775 SH | Aug. 8, 2026 | Daily |
| GEND · Spinnaker ETF Series | 2.61% | 390 NS | April 30, 2026 | N-PORT |
| MXI · iShares Trust | 2.12% | 25,103 SH | Aug. 8, 2026 | Daily |
| TMDV · ProShares Trust | 1.62% | 256 NS | May 31, 2026 | N-PORT |
| RUNN · Strategic Trust | 1.61% | 20,011 NS | May 31, 2026 | N-PORT |
| KNG · First Trust Exchange-Traded Fund IV | 1.48% | 166,324 NS | April 30, 2026 | N-PORT |
| NOBL · ProShares Trust | 1.39% | 550,373 NS | May 31, 2026 | N-PORT |
| ESLV · Strategy Shares | 1.22% | 477 NS | April 30, 2026 | N-PORT |
| CGDG · Capital Group Dividend Growers ETF | 1.18% | 214,901 NS | May 31, 2026 | N-PORT |
| DIVD · EA Series Trust | 1.16% | 679 NS | April 30, 2026 | N-PORT |
| SNPD · DBX ETF Trust | 1.15% | 108 NS | May 29, 2026 | N-PORT |
| SZNE · Pacer Funds Trust | 1.10% | 492 NS | April 30, 2026 | N-PORT |
| CGCV · Capital Group Conservative Equity E… | 1.07% | 67,584 NS | May 31, 2026 | N-PORT |
| CGUS · Capital Group Core Equity ETF | 0.90% | 351,555 NS | May 31, 2026 | N-PORT |
| FXZ · First Trust Exchange-Traded AlphaDE… | 0.82% | 10,489 NS | April 30, 2026 | N-PORT |
| HDV · iShares Trust | 0.78% | 385,526 SH | Aug. 8, 2026 | Daily |
| CGDV · Capital Group Dividend Value ETF | 0.74% | 935,454 NS | May 31, 2026 | N-PORT |
| XT · iShares Trust | 0.63% | 81,752 SH | Aug. 8, 2026 | Daily |
| VOE · VANGUARD INDEX FUNDS | 0.56% | 715,217 SH | Aug. 8, 2026 | Daily |
| IMCV · iShares Trust | 0.50% | 19,221 SH | Aug. 8, 2026 | Daily |
| DFLV · Dimensional ETF Trust | 0.48% | 94,846 NS | April 30, 2026 | N-PORT |
| IMCB · iShares Trust | 0.45% | 25,572 SH | Aug. 8, 2026 | Daily |
| ESUM · Strategy Shares | 0.44% | 2,281 NS | April 30, 2026 | N-PORT |
| IMCG · iShares Trust | 0.41% | 55,474 SH | Aug. 8, 2026 | Daily |
| HEQQ · J.P. Morgan Exchange-Traded Fund Tr… | 0.40% | 420 NS | April 30, 2026 | N-PORT |
| DGRO · iShares Trust | 0.37% | 537,720 SH | Aug. 8, 2026 | Daily |
| XOEF · iShares Trust | 0.37% | 281 SH | Aug. 8, 2026 | Daily |
| DFUV · Dimensional ETF Trust | 0.33% | 160,879 NS | April 30, 2026 | N-PORT |
| VO · VANGUARD INDEX FUNDS | 0.32% | 2,412,957 SH | Aug. 8, 2026 | Daily |
| FDRR · FIDELITY COVINGTON TRUST | 0.30% | 6,819 NS | April 30, 2026 | N-PORT |
| CRTC · DBX ETF Trust | 0.29% | 1,342 NS | May 31, 2026 | N-PORT |
| VIG · VANGUARD SPECIALIZED FUNDS | 0.28% | 1,258,043 SH | Aug. 8, 2026 | Daily |
| EQL · ALPS ETF Trust | 0.28% | 13,910 NS | May 31, 2026 | N-PORT |
| VYM · VANGUARD WHITEHALL FUNDS | 0.27% | 874,367 SH | Aug. 8, 2026 | Daily |
| FDLO · FIDELITY COVINGTON TRUST | 0.26% | 12,213 NS | April 30, 2026 | N-PORT |
| USXF · iShares Trust | 0.25% | 12,324 SH | Aug. 8, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.24% | 6,696 SH | Aug. 8, 2026 | Daily |
| DFVE · DoubleLine ETF Trust | 0.24% | 228 NS | March 31, 2026 | N-PORT |
| IWX · iShares Trust | 0.24% | 32,383 SH | Aug. 8, 2026 | Daily |
| VTV · VANGUARD INDEX FUNDS | 0.24% | 2,119,882 SH | Aug. 8, 2026 | Daily |
| PFM · Invesco Exchange-Traded Fund Trust | 0.24% | 6,337 SH | Aug. 8, 2026 | Daily |
| IVE · iShares Trust | 0.22% | 369,321 SH | Aug. 8, 2026 | Daily |
| VOOV · VANGUARD ADMIRAL FUNDS | 0.22% | 51,261 SH | Aug. 8, 2026 | Daily |