Analyst Consensus ?
ConsensusBuy40 ratings
Bullish2152.5%
Neutral1947.5%
Bearish00.0%
Air Products and Chemicals, Inc. · APD · FY2025 Q1 · Calendar Q1 2025
Air Products Maintains Outlook as Pricing Offsets Lower Volume
The quarter supports a measured version of the growth thesis: pricing strength, productivity, and hydrogen investment provide support, but lower volume, one-time helium benefits, tariffs, and project execution risks temper the outlook.
Reported After market closeNYSEBasic Materials
$66.05B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $2.85
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $2.96B
Revenue surprise
—
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-5.4%
Event window
SPY move
-0.9%
Same window
Abnormal move
-4.5%
Stock minus SPY
Volume
1.5×
Versus trailing sessions
Subsequent drift
-2.2%
Up to 20 sessions
APDSPY benchmark
Ask FN2 about APD FY2025 Q1
Transcript, numbers and history already loaded
What drove APD's -5.4% move after FY2025 Q1 earnings?What changed in APD's guidance and outlook in FY2025 Q1?Give me the bull and bear case for APD after FY2025 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current analysis shifts the emphasis from the prior quarter's guidance and project progress to maintained guidance supported by pricing and productivity. It also highlights the completed LNG divestiture's lower-volume, better-mix effect, the Uzbekistan restart, and tariff exposure.
Guidance delta
Management maintained full-year 2025 guidance; Q2 adjusted EPS guidance was $2.75-$2.85.
Key takeaways
- Q1 adjusted EPS of $2.86 exceeded the top end of guidance, according to the supplied analysis.
- Margins expanded despite a 2% volume decline linked to the LNG divestiture.
- Pricing, productivity, and a one-time helium sale supported the quarter.
- Management highlighted Uzbekistan, major hydrogen projects, and a cash-flow-positive target for FY2027.
Management priorities
- Execute pricing actions across the Americas, Europe, and Asia.
- Restart the Uzbekistan facility in Q3 and pursue full run-rate thereafter.
- Advance Louisiana blue hydrogen partnerships and other offtake arrangements.
- Continue productivity programs and target net cash-flow positivity by FY2027.
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Beat
Miss
Match
Analyst 52W Price Targets
$296.6Current
$257Low
$323.75Average
$373High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 16, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Citigroup | Neutral | Neutral | Maintain | Oct 7, 2026 |
| UBS | Neutral | Neutral | Maintain | Oct 5, 2026 |
| Argus Research | Buy | Buy | Maintain | Sep 9, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Aug 6, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 31, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Jul 31, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Jul 17, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | May 5, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | May 1, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | Apr 21, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Apr 13, 2026 |
| Jefferies | Buy | Buy | Maintain | Feb 2, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Nov 11, 2025 |
| Barclays | Overweight | Overweight | Maintain | May 2, 2025 |
| Redburn Atlantic | Neutral | Sell | Upgrade | Oct 25, 2024 |
| Vertical Research | Buy | Hold | Upgrade | Oct 7, 2024 |
| Goldman Sachs | Buy | Buy | Maintain | Aug 5, 2024 |
| Deutsche Bank | Hold | Buy | Downgrade | Jul 22, 2024 |
| TD Cowen | Buy | Buy | Maintain | May 1, 2024 |
| Seaport Global | Neutral | Buy | Downgrade | Feb 6, 2024 |
| Societe Generale | Hold | Buy | Downgrade | Jan 12, 2023 |
| Berenberg | Hold | Hold | Maintain | Oct 12, 2022 |
| Cowen & Co. | Outperform | Outperform | Maintain | Jul 19, 2022 |
| Atlantic Equities | Overweight | Neutral | Upgrade | May 25, 2022 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Dec 9, 2021 |
| Susquehanna | Positive | Neutral | Upgrade | Jun 11, 2021 |
| HSBC | Hold | Hold | Maintain | Jun 3, 2021 |
| Credit Suisse | Outperform | Outperform | Maintain | Feb 5, 2021 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Jul 8, 2020 |
| KeyBanc | Overweight | Overweight | Maintain | Jul 9, 2019 |
| Bank of America | Neutral | Underperform | Upgrade | Apr 25, 2019 |
| Argus | Buy | Buy | Maintain | May 5, 2018 |
| Baird | Neutral | Outperform | Downgrade | Jan 30, 2017 |
| William Blair | Market Perform | Outperform | Downgrade | Oct 31, 2014 |
| BGC FInancial | Hold | Buy | Downgrade | May 20, 2014 |
| Monness, Crespi, Hardt | Neutral | Buy | Downgrade | Jul 24, 2013 |
| Monness Crespi Hardt | Neutral | Buy | Downgrade | Jul 24, 2013 |
| First Analysis | Equal Weight | Overweight | Downgrade | Jul 16, 2013 |
| Raymond James | Outperform | Outperform | Maintain | Jun 14, 2013 |
| S&P Capital IQ | Buy | Hold | Upgrade | Jul 25, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $296.6. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| RBC Capital | Analyst unavailable | $346 | $295.63 | +16.7% | Oct 15, 2026 |
| Barclays | Aleksey Yefremov | $353 | $283.87 | +19.0% | Oct 12, 2026 |
| UBS | Analyst unavailable | $305 | $277.57 | +2.8% | Oct 5, 2026 |
| Argus Research | Alexandra Yates | $329 | $297.71 | +10.9% | Sep 9, 2026 |
| Deutsche Bank | Analyst unavailable | $320 | $291.69 | +7.9% | Aug 3, 2026 |
| Morgan Stanley | Vincent Andrews | $320 | $292.52 | +7.9% | Aug 3, 2026 |
| Bernstein | James Hooper | $373 | $293.66 | +25.8% | Jul 31, 2026 |
| Wells Fargo | Analyst unavailable | $350 | $300.2 | +18.0% | Jul 31, 2026 |
| RBC Capital | Analyst unavailable | $358 | $301.31 | +20.7% | Jul 17, 2026 |
| Bernstein | Analyst unavailable | $345 | $297.29 | +16.3% | Jul 17, 2026 |
| Evercore ISI | Eric Boyes | $342 | $298.92 | +15.3% | Jul 10, 2026 |
| Bernstein | James Hooper | $344 | $302.18 | +16.0% | Jul 1, 2026 |
| Morgan Stanley | Vincent Andrews | $310 | $301.07 | +4.5% | May 5, 2026 |
| Deutsche Bank | Analyst unavailable | $315 | $297.76 | +6.2% | May 4, 2026 |
| Mizuho Securities | John Roberts | $345 | $302.95 | +16.3% | May 1, 2026 |
| BMO Capital | Analyst unavailable | $360 | $300.05 | +21.4% | May 1, 2026 |
| Berenberg Bank | Analyst unavailable | $350 | $291.81 | +18.0% | Apr 20, 2026 |
| Wells Fargo | Michael Sison | $325 | $290.48 | +9.6% | Mar 13, 2026 |
| BMO Capital | John McNulty | $282 | $274.48 | -4.9% | Feb 2, 2026 |
| UBS | Analyst unavailable | $285 | $271.53 | -3.9% | Feb 2, 2026 |
| Bernstein | James Hooper | $315 | $272.02 | +6.2% | Feb 2, 2026 |
| Wells Fargo | Michael Sison | $270 | $272.5 | -9.0% | Feb 2, 2026 |
| Wells Fargo | Michael Sison | $250 | $243.75 | -15.7% | Dec 19, 2025 |
| Mizuho Securities | Analyst unavailable | $290 | $246.38 | -2.2% | Dec 18, 2025 |
| UBS | Analyst unavailable | $250 | $243.68 | -15.7% | Dec 11, 2025 |
| Argus Research | Analyst unavailable | $265 | $239.96 | -10.7% | Dec 11, 2025 |
| Deutsche Bank | Analyst unavailable | $255 | $230.8 | -14.0% | Dec 10, 2025 |
| Wolfe Research | Chris Parkinson | $315 | $241.4 | +6.2% | Dec 8, 2025 |
| Mizuho Securities | Analyst unavailable | $300 | $256.86 | +1.1% | Nov 7, 2025 |
| UBS | Analyst unavailable | $350 | $272.95 | +18.0% | Oct 6, 2025 |
| Goldman Sachs | Analyst unavailable | $335 | $272.72 | +12.9% | Oct 1, 2025 |
| UBS | Joshua Spector | $324 | $277.62 | +9.2% | May 2, 2025 |
| UBS | Joshua Spector | $335 | $265.3 | +12.9% | Apr 15, 2025 |
| Mizuho Securities | John Roberts | $385 | $333.37 | +29.8% | Dec 2, 2024 |
| UBS | Joshua Spector | $375 | $278.23 | +26.4% | Nov 18, 2024 |
| BMO Capital | John McNulty | $350 | $313.8 | +18.0% | Nov 14, 2024 |
| Jefferies | Laurence Alexander | $364 | $285.5 | +22.7% | Oct 7, 2024 |
| Evercore ISI | Stephen Richardson | $365 | $285.5 | +23.1% | Oct 7, 2024 |
| Citigroup | Patrick Cunningham | $345 | $285.5 | +16.3% | Oct 7, 2024 |
| Barclays | Michael Leithead | $295 | $281.74 | -0.5% | Aug 5, 2024 |
| Vertical Research | Kevin McCarthy | $261 | $236.34 | -12.0% | May 1, 2024 |
| Barclays | Analyst unavailable | $295 | $262.64 | -0.5% | Aug 8, 2022 |
| Deutsche Bank | Analyst unavailable | $290 | $260.32 | -2.2% | Aug 5, 2022 |
| Wells Fargo | Analyst unavailable | $243 | $227.58 | -18.1% | Jul 18, 2022 |
| Mizuho Securities | Analyst unavailable | $286 | $238.06 | -3.6% | Jul 7, 2022 |
| Jefferies | Analyst unavailable | $257 | $239.29 | -13.4% | Jun 16, 2022 |
| Vertical Research | Kevin McCarthy | $335 | $297.5 | +12.9% | Jan 4, 2022 |
| Wolfe Research | Josh Silverstein | $331 | $289.87 | +11.6% | Dec 9, 2021 |
| Evercore ISI | Stephen Richardson | $330 | $292.58 | +11.3% | Dec 7, 2021 |
| Berenberg Bank | Anthony Manning | $320 | $310.72 | +7.9% | Nov 10, 2021 |
| Societe Generale | Peter Clark | $334 | $291.42 | +12.6% | Jun 22, 2021 |
| Susquehanna | Sandy Klugman | $350 | $293.8 | +18.0% | Jun 11, 2021 |
| HSBC | Sriharsha Pappu | $269 | $297.38 | -9.3% | Jun 3, 2021 |
| Morgan Stanley | Vincent Andrews | $335 | $286.68 | +12.9% | May 12, 2021 |
Track every rating change on APD the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationOperating globally, Air Products and Chemicals, Inc. (APD) is a prominent supplier of industrial gases, specialized equipment, and associated services. The company's diverse product range includes atmospheric gases such as oxygen, nitrogen, and argon, as well as various process gases like hydrogen, helium, carbon dioxide, carbon monoxide, and syngas. They also provide a selection of specialty gases. APD is involved in the fabrication of crucial machinery for gas production and handling, including air separation units and non-cryogenic generators.…
Historical context
All APD earningsLatest beats and misses
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- MRSHFY2026 Q3 · October 15, 2026+3.0% EPS+4.6% move
- ERICFY2026 Q3 · October 15, 2026+28.6% EPS+11.8% move
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One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-01-23T00:02:36.799981+00:00
- Polygon adjusted daily market bars · 2026-10-16T03:10:44.476656+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-16T03:10:44.473941+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-16. For educational purposes only; not investment advice.