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FORM 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended 31 December 2025 or TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromto Commission File Number 001-04534 AIR PRODUCTS AND CHEMICALS, INC. (Exact name of registrant as specified in its charter) 23-1274455 Delaware (I.R.S. Employer Identification No.) 1940 Air Products BoulevardAllentown, Pennsylvania 18106-5500(Address of principal executive offices and Zip Code) 610-481-4911(Registrant’s telephone number, including area code) Not Applicable(Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Actof 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company.See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and"emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reportingcompany☐Emerging growthcompany If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ The number of shares of common stock, par value $1 per share, outstanding at 31 December 2025 was 222,656,008. AIR PRODUCTS AND CHEMICALS, INC. and SubsidiariesQUARTERLY REPORT ON FORM 10-QFor the quarterly period ended 31 December 2025 TABLE OF CONTENTS Forward-Looking Statements PART I—FINANCIAL INFORMATION Item1. Financial Statements (Unaudited)Consolidated Income Statements – Three Months Ended 31 December 2025 and 2024Consolidated Comprehensive Income Statements – Three Months Ended 31 December 2025 and 2024Consolidated Balance Sheets – 31 December 2025 and 30 September 2025Consolidated Statements of Cash Flows – Three Months Ended 31 December 2025 and 2024Consolidated Statements of Equity – Three Months Ended 31 December 2025 and 2024Notes to Consolidated Financial Statements Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations38Item 3. Quantitative and Qualitative Disclosures About Market Risk58Item 4. Controls and Procedures58 PART II—OTHER INFORMATION Item 1A. Risk FactorsItem5. Other InformationItem6. ExhibitsSignature FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains “forward-looking statements” within the safe harbor provisions of the PrivateSecurities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely tohistorical or current facts and can generally be identified by words such as “anticipate,” “believe,” “could,” “estimate,”“expect,” “forecast,” "future," “goal,” “intend,” “may,” “outlook,” “plan,” “position,” “possible,” “potential,” “project,” “should,”“target,” “will,” “would,” and similar expressions or variations thereof, or the negative thereof, but these terms are not theexclusive means of identifying such statements. Forward-looking statements are based on management’s expectationsand assumptions as of the date of this report and are not guarantees of future performance. You are cautioned not toplace undue reliance on our forward-looking statements. Forward-looking statements may relate to a number of matters, including expectations regarding revenue, margins,expenses, earnings, tax provisions, cash flows, pension obligations, share repurchases or other statements regardingeconomic conditions or our business outlook; statements regarding capital expenditures and plans, projects, investmentopportunities, and potential transactions that are subject to ongoing negotiations and their expected impact and timing;strategies and objectives for our future operations, including our ability to win new projects and execute the projects in ourbacklog; and statements regarding our expectations with respect to pending legal