Air Products and Chemicals, Inc. · APD · FY2025 Q4 · Calendar Q4 2025
Air Products: Growth Plans Advance, but Helium and Capex Matter
Management's plan supports a constructive earnings trajectory through pricing, productivity, workforce savings, and new hydrogen and electronics-gas assets. The thesis is not yet de-risked: helium remains a stated headwind, capex is roughly $4 billion, and major project execution and regulatory milestones remain ahead.
Earnings scorecard
Reported versus consensusMarket reaction
prior-close to event-session closeAsk FN2 about APD FY2025 Q4
Transcript, numbers and history already loadedFree account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management highlighted progress on NEOM, a roughly $4 billion FY2026 capex plan, workforce optimization expected to generate approximately $250 million in annual savings, and a projected 4% helium headwind in 2026.
Guidance delta
Management maintained its outlook for high-single-digit FY2026 EPS growth, while FY2026 capex guidance was set at roughly $4 billion.
Key takeaways
- FY2025 EPS beat guidance, and the dividend was increased for the 43rd consecutive year.
- Management expects high-single-digit FY2026 EPS growth from pricing, productivity, and new assets.
- FY2026 capex guidance is roughly $4 billion, reflecting project wins and higher maintenance spending.
- Helium is expected to create a 4% adverse impact in 2026.
- NEOM green ammonia is 90% complete and targeted for 2027 commissioning.
Management priorities
- Deliver pricing and productivity improvements across segments.
- Advance NEOM green ammonia toward 2027 commissioning and European commercialization.
- Finalize the Louisiana hydrogen and ammonia project, including offtake agreements.
- Expand electronics-gas capacity in Taiwan and Asia.
- Execute workforce optimization targeting approximately $250 million in annual savings.
Follow APD with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeEarnings History
Analyst 52W Price Targets
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 5, 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 |
|---|---|---|---|---|
| Argus Research | Buy | Buy | Maintain | Sep 9, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Aug 6, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 31, 2026 |
| UBS | Neutral | Neutral | Maintain | Jul 31, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Jul 31, 2026 |
| Citigroup | Neutral | Neutral | 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 $279.45. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Argus Research | Alexandra Yates | $329 | $297.71 | +17.7% | Sep 9, 2026 |
| Deutsche Bank | Analyst unavailable | $320 | $291.69 | +14.5% | Aug 3, 2026 |
| Morgan Stanley | Vincent Andrews | $320 | $292.52 | +14.5% | Aug 3, 2026 |
| Bernstein | James Hooper | $373 | $293.66 | +33.5% | Jul 31, 2026 |
| Wells Fargo | Analyst unavailable | $350 | $300.2 | +25.2% | Jul 31, 2026 |
| RBC Capital | Analyst unavailable | $358 | $301.31 | +28.1% | Jul 17, 2026 |
| Bernstein | Analyst unavailable | $345 | $297.29 | +23.5% | Jul 17, 2026 |
| Evercore ISI | Eric Boyes | $342 | $298.92 | +22.4% | Jul 10, 2026 |
| Bernstein | James Hooper | $344 | $302.18 | +23.1% | Jul 1, 2026 |
| Morgan Stanley | Vincent Andrews | $310 | $301.07 | +10.9% | May 5, 2026 |
| Deutsche Bank | Analyst unavailable | $315 | $297.76 | +12.7% | May 4, 2026 |
| Mizuho Securities | John Roberts | $345 | $302.95 | +23.5% | May 1, 2026 |
| BMO Capital | Analyst unavailable | $360 | $300.05 | +28.8% | May 1, 2026 |
| Berenberg Bank | Analyst unavailable | $350 | $291.81 | +25.2% | Apr 20, 2026 |
| Wells Fargo | Michael Sison | $325 | $290.48 | +16.3% | Mar 13, 2026 |
| BMO Capital | John McNulty | $282 | $274.48 | +0.9% | Feb 2, 2026 |
| UBS | Analyst unavailable | $285 | $271.53 | +2.0% | Feb 2, 2026 |
| Bernstein | James Hooper | $315 | $272.02 | +12.7% | Feb 2, 2026 |
| Wells Fargo | Michael Sison | $270 | $272.5 | -3.4% | Feb 2, 2026 |
| Wells Fargo | Michael Sison | $250 | $243.75 | -10.5% | Dec 19, 2025 |
| Mizuho Securities | Analyst unavailable | $290 | $246.38 | +3.8% | Dec 18, 2025 |
| UBS | Analyst unavailable | $250 | $243.68 | -10.5% | Dec 11, 2025 |
| Argus Research | Analyst unavailable | $265 | $239.96 | -5.2% | Dec 11, 2025 |
| Deutsche Bank | Analyst unavailable | $255 | $230.8 | -8.7% | Dec 10, 2025 |
| Wolfe Research | Chris Parkinson | $315 | $241.4 | +12.7% | Dec 8, 2025 |
| Mizuho Securities | Analyst unavailable | $300 | $256.86 | +7.4% | Nov 7, 2025 |
| UBS | Analyst unavailable | $350 | $272.95 | +25.2% | Oct 6, 2025 |
| Goldman Sachs | Analyst unavailable | $335 | $272.72 | +19.9% | Oct 1, 2025 |
| UBS | Joshua Spector | $324 | $277.62 | +15.9% | May 2, 2025 |
| UBS | Joshua Spector | $335 | $265.3 | +19.9% | Apr 15, 2025 |
| Mizuho Securities | John Roberts | $385 | $333.37 | +37.8% | Dec 2, 2024 |
| UBS | Joshua Spector | $375 | $278.23 | +34.2% | Nov 18, 2024 |
| BMO Capital | John McNulty | $350 | $313.8 | +25.2% | Nov 14, 2024 |
| Jefferies | Laurence Alexander | $364 | $285.5 | +30.3% | Oct 7, 2024 |
| Evercore ISI | Stephen Richardson | $365 | $285.5 | +30.6% | Oct 7, 2024 |
| Citigroup | Patrick Cunningham | $345 | $285.5 | +23.5% | Oct 7, 2024 |
| Barclays | Michael Leithead | $295 | $281.74 | +5.6% | Aug 5, 2024 |
| Vertical Research | Kevin McCarthy | $261 | $236.34 | -6.6% | May 1, 2024 |
| Barclays | Analyst unavailable | $295 | $262.64 | +5.6% | Aug 8, 2022 |
| Deutsche Bank | Analyst unavailable | $290 | $260.32 | +3.8% | Aug 5, 2022 |
| Wells Fargo | Analyst unavailable | $243 | $227.58 | -13.0% | Jul 18, 2022 |
| Mizuho Securities | Analyst unavailable | $286 | $238.06 | +2.3% | Jul 7, 2022 |
| Jefferies | Analyst unavailable | $257 | $239.29 | -8.0% | Jun 16, 2022 |
| Vertical Research | Kevin McCarthy | $335 | $297.5 | +19.9% | Jan 4, 2022 |
| Wolfe Research | Josh Silverstein | $331 | $289.87 | +18.4% | Dec 9, 2021 |
| Evercore ISI | Stephen Richardson | $330 | $292.58 | +18.1% | Dec 7, 2021 |
| Berenberg Bank | Anthony Manning | $320 | $310.72 | +14.5% | Nov 10, 2021 |
| Societe Generale | Peter Clark | $334 | $291.42 | +19.5% | Jun 22, 2021 |
| Susquehanna | Sandy Klugman | $350 | $293.8 | +25.2% | Jun 11, 2021 |
| HSBC | Sriharsha Pappu | $269 | $297.38 | -3.7% | Jun 3, 2021 |
| Morgan Stanley | Vincent Andrews | $335 | $286.68 | +19.9% | 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 earningsBasic Materials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| HMY Harmony Gold Mining Company Limited | FY2026 Q4 · Calendar Q3 2026 | 0.0% | -6.2% | Harmony Gold posts record FY2026 while Eva Copper risks remain |
Latest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the APD recap when the next report posts
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 · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-05T21:20:43.460826+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-05T21:20:43.457986+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 2026-10-05. For educational purposes only; not investment advice.