Air Products and Chemicals, Inc. earnings overview

APD FY2026 Q2 · Calendar Q2 2026

Air Products and Chemicals, Inc.

Air Products delivered a strong Q2 FY2026, with EPS of $3.20 (up 19% YoY) beating the $3.06 consensus by 4.6% and revenue of $3.17B topping estimates by 3.3%. Operating margin reached 23.7%. Management raised full-year EPS guidance to $13.00-$13.25 from the prior $12.85-$13.15 and maintained capex discipline with a $1B reduction to roughly $4B. Despite the beat-and-raise, the stock declined 1.8% on an abnormal basis and drifted 7.1% lower over subsequent sessions. Key growth catalysts include the Samsung specialty-gas project, NEOM hydrogen/ammonia commissioning, and aerospace demand. The persistent helium pricing headwind (~4% EPS impact) and the pending Darrow project decision remain the primary overhangs.