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Sankey diagram of Air Products and Chemicals, Inc.. A complete text table follows the diagram.
Dedicated plants supply large customers under long-term arrangements, merchant trucks and pipelines serve the broader market, and equipment sales extend the technology platform.
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All Sankey flows are reported filing amounts. The business-model categories are reported revenue-recognition types, not editorial allocations. Regional volume, operating income, affiliate earnings, plant investment and capital expenditure observations come directly from filing tables.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| On-site industrial gas plants | 1 | $1.7B | 54% of sales; dedicated customer supply |
| Merchant gas network | 1 | $1.3B | 42% of sales; distributed supply |
| Equipment & technology sales | 1 | $137M | 4% of sales |
| Industrial-gas ecosystem sales | 2 | $3.2B | 8.8% year-over-year growth |
| Produce, power & distribute gases | 3 | $2.2B | Reported cost of sales |
| Gross profit | 3 | $987M | 31.1% gross margin |
| Sell & administer the global network | 4 | $227M | Reported selling & administrative |
| Other net segment costs | 4 | $7.5M | Reported segment reconciliation |
| Operating income | 4 | $753M | 23.7% operating margin |
| Equity-affiliate income | 4 | $179M | Joint-venture earnings |
| Other non-operating income | 4 | $0.9 | Reported net other income |
| Income before interest & tax | 5 | $933M | Reported components combined |
| Interest expense | 6 | $49.5M | Reported financing cost |
| Income before tax | 6 | $884M | Reported pretax result |
| Income tax | 7 | $173M | Reported provision |
| Net income | 7 | $710M | Reported consolidated result |
| From | To | Value |
|---|---|---|
| On-site industrial gas plants | Industrial-gas ecosystem sales | $1.7B |
| Merchant gas network | Industrial-gas ecosystem sales | $1.3B |
| Equipment & technology sales | Industrial-gas ecosystem sales | $137M |
| Industrial-gas ecosystem sales | Produce, power & distribute gases | $2.2B |
| Industrial-gas ecosystem sales | Gross profit | $987M |
| Gross profit | Sell & administer the global network | $227M |
| Gross profit | Other net segment costs | $7.5M |
| Gross profit | Operating income | $753M |
| Operating income | Income before interest & tax | $753M |
| Equity-affiliate income | Income before interest & tax | $179M |
| Other non-operating income | Income before interest & tax | $0.9 |
| Income before interest & tax | Interest expense | $49.5M |
| Income before interest & tax | Income before tax | $884M |
| Income before tax | Income tax | $173M |
| Income before tax | Net income | $710M |