Item 2.02 Results of Operations and Financial Condition

On July 23, 2009, Airgas, Inc. (the "Company") reported its earnings for its first quarter ended June 30, 2009, as described in the press release attached as Exhibit 99.1 and incorporated herein by reference.

Non-GAAP Measures:

The press release attached as Exhibit 99.1 contains certain financial measures that are not defined under generally accepted accounting principles (GAAP). The Company presented its Free Cash Flow and Adjusted Cash from Operations measures to provide meaningful insight into the Company's ability to generate cash from operations, which is available for servicing debt obligations and for the execution of its business strategy, including acquisitions, the prepayment of debt, or to support other investing and financing activities. The Company also provided Return on Capital as a non-GAAP measure, which helps investors assess how effectively the Company uses the capital invested in its operations. Company management also uses Return on Capital as one of the metrics for determining employee compensation.

The Company's intent is to provide non-GAAP financial information to enhance investors' understanding of the Company's consolidated financial statements and should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. In addition, it should be noted that the Company's non-GAAP information may be different from the non-GAAP information provided by other companies.

Item 9.01 Financial Statements and Exhibits

(a) None

(b) None

(c) None

(d) Exhibits.

99.1 - Press Release dated July 23, 2009

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