APD · CIK 0000002969

What Air Products & Chemicals, Inc. told the SEC could break it.

2 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.

A limited set so far, we surface every cited disclosure we’ve extracted for APD. More may follow as additional filings are processed.

In its own words

What could break it.

Geographic concentration

China — $1.93B sales = 16.1% of consolidated FY2025 revenue; complex projects with political disruption riskhigh
Air Products derived $1,933.5M (16.1%) of FY2025 consolidated sales from China, its largest single foreign market; the company also has large capital-intensive projects in China with exposure to political and economic disruptions.
“Sales to External Customers Fiscal Year Ended 30 September 2025 2024 2023 United States $ 4,692.5 $ 4,914.0 $ 5,234.2 China 1,933.5 1,951.5 1,988.1 Other foreign operations 5,411.3 5,235.1 5,377.7 Total $ 12,037.3 $ 12,100.6 $ 12,600.0”
SEC filing →As of 2025313 others exposed to China →

Regulatory & policy

international tariffs and trade sanctions — ~60% of sales from outside the US exposed to trade policy disruptionsmedium
Approximately 60% of Air Products' FY2025 sales came from outside the United States; the company faces risk from tariffs, import/export restrictions, and sanctions in foreign jurisdictions that could cause demand volatility, supply disruptions, or loss of property.
“In fiscal year 2025, approximately 60% of our sales were derived from customers outside the United States and many of our operations, suppliers, customers, and employees are located outside the United States. Our operations in foreign jurisdictions may be subject to risks including exchange control regulations, import and trade restrictions, tariffs, trade policy and other potentially detrimental domestic and foreign governmental practices or policies affecting U.S. companies doing business abroad.”
SEC filing →As of 2025

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What could break it.

Geographic concentration

China — $1.93B sales = 16.1% of consolidated FY2025 revenue; complex projects with political disruption riskhigh
Air Products derived $1,933.5M (16.1%) of FY2025 consolidated sales from China, its largest single foreign market; the company also has large capital-intensive projects in China with exposure to political and economic disruptions.
“Sales to External Customers Fiscal Year Ended 30 September 2025 2024 2023 United States $ 4,692.5 $ 4,914.0 $ 5,234.2 China 1,933.5 1,951.5 1,988.1 Other foreign operations 5,411.3 5,235.1 5,377.7 Total $ 12,037.3 $ 12,100.6 $ 12,600.0”
SEC filing →As of 2025313 others exposed to China →

Regulatory & policy

international tariffs and trade sanctions — ~60% of sales from outside the US exposed to trade policy disruptionsmedium
Approximately 60% of Air Products' FY2025 sales came from outside the United States; the company faces risk from tariffs, import/export restrictions, and sanctions in foreign jurisdictions that could cause demand volatility, supply disruptions, or loss of property.
“In fiscal year 2025, approximately 60% of our sales were derived from customers outside the United States and many of our operations, suppliers, customers, and employees are located outside the United States. Our operations in foreign jurisdictions may be subject to risks including exchange control regulations, import and trade restrictions, tariffs, trade policy and other potentially detrimental domestic and foreign governmental practices or policies affecting U.S. companies doing business abroad.”
SEC filing →As of 2025