Analyst Consensus ?
ConsensusBuy40 ratings
Bullish2152.5%
Neutral1947.5%
Bearish00.0%
Air Products and Chemicals, Inc. · APD · FY2026 Q2 · Calendar Q2 2026
APD Q2 FY2026: EPS Up 19% to $3.20, Full-Year Guidance Raised
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.
Reported Before market openNYSEBasic Materials
$65.21B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$3.20
Consensus $3.06
EPS surprise
+4.6%
Reported versus consensus
Reported revenue
$3.17B
Consensus $3.07B
Revenue surprise
+3.3%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-0.8%
Event window
SPY move
+1.0%
Same window
Abnormal move
-1.8%
Stock minus SPY
Volume
2.2×
Versus trailing sessions
Subsequent drift
-7.1%
Up to 20 sessions
APDSPY benchmark
Ask FN2 about APD FY2026 Q2
Transcript, numbers and history already loaded
Why did APD fall 0.8% after beating EPS estimates in FY2026 Q2?What changed in APD's guidance and outlook in FY2026 Q2?Give me the bull and bear case for APD after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
EPS rose to $3.20 from $3.16 in Q1 FY2026, with YoY growth accelerating from 10% to 19%. Full-year EPS guidance raised to $13.00-$13.25 from $12.85-$13.15. Operating margin at 23.7%, down from 24.4% in Q1. Revenue of $3.17B exceeded consensus by 3.3%. NEOM renewable power substation energized on schedule despite regional conflict. Samsung specialty-gas project identified as largest semiconductor investment to date.
Guidance delta
Full-year EPS guidance raised to $13.00-$13.25 from the prior $12.85-$13.15, implying 8-10% YoY earnings growth. Capex maintained at approximately $4B for FY2026, a $1B reduction.
Key takeaways
- EPS rose 19% YoY to $3.20 and operating margin reached 23.7%
- Full-year EPS guidance raised to a target of $13.00-$13.25
- Capital spending reduced by approximately $1B; FY2026 capex held at roughly $4B
- Helium pricing continues to drag earnings (~4% EPS impact) but supply-chain resilience is in place
- Strong growth outlook in electronics and aerospace, anchored by Samsung, NEOM, and space-launch gas supply
Management priorities
- Complete NEOM renewable power commissioning and begin hydrogen/ammonia production
- Ramp up Samsung multi-phase specialty-gas facilities in South Korea
- Build and operate a new ASU in Florida for space-launch customers
- Secure longer-term helium contracts, particularly in Asian electronics
- Reach a go/no-go decision on the Darrow ammonia project by mid-year
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$307.11Current
$257Low
$323.75Average
$373High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 27, 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 |
|---|---|---|---|---|
| RBC Capital | Outperform | Outperform | Maintain | Oct 15, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Oct 7, 2026 |
| UBS | Neutral | Neutral | Maintain | Oct 5, 2026 |
| Argus Research | Buy | Buy | Maintain | Sep 9, 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 $307.11. 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 | +12.7% | Oct 15, 2026 |
| Barclays | Aleksey Yefremov | $353 | $283.87 | +14.9% | Oct 12, 2026 |
| UBS | Analyst unavailable | $305 | $277.57 | -0.7% | Oct 5, 2026 |
| Argus Research | Alexandra Yates | $329 | $297.71 | +7.1% | Sep 9, 2026 |
| Deutsche Bank | Analyst unavailable | $320 | $291.69 | +4.2% | Aug 3, 2026 |
| Morgan Stanley | Vincent Andrews | $320 | $292.52 | +4.2% | Aug 3, 2026 |
| Bernstein | James Hooper | $373 | $293.66 | +21.5% | Jul 31, 2026 |
| Wells Fargo | Analyst unavailable | $350 | $300.2 | +14.0% | Jul 31, 2026 |
| RBC Capital | Analyst unavailable | $358 | $301.31 | +16.6% | Jul 17, 2026 |
| Bernstein | Analyst unavailable | $345 | $297.29 | +12.3% | Jul 17, 2026 |
| Evercore ISI | Eric Boyes | $342 | $298.92 | +11.4% | Jul 10, 2026 |
| Bernstein | James Hooper | $344 | $302.18 | +12.0% | Jul 1, 2026 |
| Morgan Stanley | Vincent Andrews | $310 | $301.07 | +0.9% | May 5, 2026 |
| Deutsche Bank | Analyst unavailable | $315 | $297.76 | +2.6% | May 4, 2026 |
| Mizuho Securities | John Roberts | $345 | $302.95 | +12.3% | May 1, 2026 |
| BMO Capital | Analyst unavailable | $360 | $300.05 | +17.2% | May 1, 2026 |
| Berenberg Bank | Analyst unavailable | $350 | $291.81 | +14.0% | Apr 20, 2026 |
| Wells Fargo | Michael Sison | $325 | $290.48 | +5.8% | Mar 13, 2026 |
| BMO Capital | John McNulty | $282 | $274.48 | -8.2% | Feb 2, 2026 |
| UBS | Analyst unavailable | $285 | $271.53 | -7.2% | Feb 2, 2026 |
| Bernstein | James Hooper | $315 | $272.02 | +2.6% | Feb 2, 2026 |
| Wells Fargo | Michael Sison | $270 | $272.5 | -12.1% | Feb 2, 2026 |
| Wells Fargo | Michael Sison | $250 | $243.75 | -18.6% | Dec 19, 2025 |
| Mizuho Securities | Analyst unavailable | $290 | $246.38 | -5.6% | Dec 18, 2025 |
| UBS | Analyst unavailable | $250 | $243.68 | -18.6% | Dec 11, 2025 |
| Argus Research | Analyst unavailable | $265 | $239.96 | -13.7% | Dec 11, 2025 |
| Deutsche Bank | Analyst unavailable | $255 | $230.8 | -17.0% | Dec 10, 2025 |
| Wolfe Research | Chris Parkinson | $315 | $241.4 | +2.6% | Dec 8, 2025 |
| Mizuho Securities | Analyst unavailable | $300 | $256.86 | -2.3% | Nov 7, 2025 |
| UBS | Analyst unavailable | $350 | $272.95 | +14.0% | Oct 6, 2025 |
| Goldman Sachs | Analyst unavailable | $335 | $272.72 | +9.1% | Oct 1, 2025 |
| UBS | Joshua Spector | $324 | $277.62 | +5.5% | May 2, 2025 |
| UBS | Joshua Spector | $335 | $265.3 | +9.1% | Apr 15, 2025 |
| Mizuho Securities | John Roberts | $385 | $333.37 | +25.4% | Dec 2, 2024 |
| UBS | Joshua Spector | $375 | $278.23 | +22.1% | Nov 18, 2024 |
| BMO Capital | John McNulty | $350 | $313.8 | +14.0% | Nov 14, 2024 |
| Jefferies | Laurence Alexander | $364 | $285.5 | +18.5% | Oct 7, 2024 |
| Evercore ISI | Stephen Richardson | $365 | $285.5 | +18.8% | Oct 7, 2024 |
| Citigroup | Patrick Cunningham | $345 | $285.5 | +12.3% | Oct 7, 2024 |
| Barclays | Michael Leithead | $295 | $281.74 | -3.9% | Aug 5, 2024 |
| Vertical Research | Kevin McCarthy | $261 | $236.34 | -15.0% | May 1, 2024 |
| Barclays | Analyst unavailable | $295 | $262.64 | -3.9% | Aug 8, 2022 |
| Deutsche Bank | Analyst unavailable | $290 | $260.32 | -5.6% | Aug 5, 2022 |
| Wells Fargo | Analyst unavailable | $243 | $227.58 | -20.9% | Jul 18, 2022 |
| Mizuho Securities | Analyst unavailable | $286 | $238.06 | -6.9% | Jul 7, 2022 |
| Jefferies | Analyst unavailable | $257 | $239.29 | -16.3% | Jun 16, 2022 |
| Vertical Research | Kevin McCarthy | $335 | $297.5 | +9.1% | Jan 4, 2022 |
| Wolfe Research | Josh Silverstein | $331 | $289.87 | +7.8% | Dec 9, 2021 |
| Evercore ISI | Stephen Richardson | $330 | $292.58 | +7.5% | Dec 7, 2021 |
| Berenberg Bank | Anthony Manning | $320 | $310.72 | +4.2% | Nov 10, 2021 |
| Societe Generale | Peter Clark | $334 | $291.42 | +8.8% | Jun 22, 2021 |
| Susquehanna | Sandy Klugman | $350 | $293.8 | +14.0% | Jun 11, 2021 |
| HSBC | Sriharsha Pappu | $269 | $297.38 | -12.4% | Jun 3, 2021 |
| Morgan Stanley | Vincent Andrews | $335 | $286.68 | +9.1% | 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
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| SHW The Sherwin-Williams Company | FY2026 Q3 · Calendar Q4 2026 | — | -2.6% | Sherwin-Williams Q3: Growth, Costs and 2027 Savings |
| CX CEMEX, S.A.B. de C.V. | FY2026 Q3 · Calendar Q4 2026 | +12.0% | -0.1% | CEMEX sustains growth while shifting focus to efficiency and asset pruning |
Latest beats and misses
Who reports nextBeat on EPS
- CLSFY2026 Q3 · October 26, 2026+12.6% EPS+12.1% move
- CINFFY2026 Q3 · October 26, 2026+39.5% EPS+2.3% move
- VZFY2026 Q3 · October 26, 2026+3.1% EPS-3.5% move
- CXFY2026 Q3 · October 26, 2026+12.0% EPS-0.1% move
- CDNSFY2026 Q3 · October 26, 2026+2.9% EPS+1.8% move
- BAHFY2027 Q2 · October 23, 2026+18.9% EPS-0.3% move
Missed on EPS
- PSA-POFY2026 Q3 · October 26, 2026-32.1% EPS— move
- PSA-PKFY2026 Q3 · October 26, 2026-32.1% EPS— move
- PSA-PGFY2026 Q3 · October 26, 2026-32.1% EPS— move
- PSAFY2026 Q3 · October 26, 2026-32.1% EPS+1.8% move
- SUIFY2026 Q3 · October 26, 2026-20.0% EPS-4.1% move
- PSA-PIFY2026 Q3 · October 26, 2026-32.1% EPS— 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 · 2026-07-29T15:33:07.429679+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T15:33:07.426953+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 2026-07-29. For educational purposes only; not investment advice.