Analyst Consensus ?
ConsensusBuy40 ratings
Bullish2152.5%
Neutral1947.5%
Bearish00.0%
Air Products and Chemicals, Inc. · APD · FY2026 Q3 · Calendar Q3 2026
Air Products raises outlook as capex falls and project risks reset
The quarter supports a constructive view of Air Products' earnings trajectory through resilient electronics demand, pricing and new-asset contributions. The case is tempered by helium headwinds, geopolitical exposure and the execution burden from project exits and asset redeployment.
Reported Before market openNYSEBasic Materials
$62.23B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$3.47
Consensus $3.34
EPS surprise
+3.9%
Reported versus consensus
Reported revenue
$3.16B
Consensus $3.20B
Revenue surprise
-1.3%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+2.0%
Event window
SPY move
+1.7%
Same window
Abnormal move
+0.3%
Stock minus SPY
Volume
1.3×
Versus trailing sessions
Subsequent drift
+1.8%
Up to 20 sessions
APDSPY benchmark
Ask FN2 about APD FY2026 Q3
Transcript, numbers and history already loaded
Why did APD rise 2.0% after beating EPS estimates in FY2026 Q3?What changed in APD's guidance and outlook in FY2026 Q3?Give me the bull and bear case for APD after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management paired stronger operating performance with a higher full-year outlook, a lower capex plan and a new Yara renewable-ammonia agreement. The company also disclosed its exit from Louisiana and other clean-energy projects, shifting emphasis toward industrial-gas growth and capital discipline.
Guidance delta
Raised full-year earnings-growth guidance while lowering capital-spending guidance.
Key takeaways
- Industrial-gas demand remains supported by electronics and new on-site assets.
- The Yara agreement expands the renewable-ammonia value chain, but is not expected to affect FY27 results.
- Exiting Louisiana and other clean-energy projects changes the capital-allocation profile while introducing asset-redeployment risk.
Management priorities
- Build the industrial-gas backlog, particularly in electronics.
- Execute the Yara renewable-ammonia marketing and distribution agreement.
- Maintain capital discipline while supporting cash returns and future growth.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$279.46Current
$257Low
$322.55Average
$373High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 22, 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 $279.46. 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 | -8.8% | Dec 10, 2025 |
| Wolfe Research | Chris Parkinson | $315 | $241.4 | +12.7% | Dec 8, 2025 |
| Mizuho Securities | Analyst unavailable | $300 | $256.86 | +7.3% | 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
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% move
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Sources
- Earnings call transcript and parsed analysis · 2026-08-13T16:12:32.562433+00:00
- FN2 earnings calendar · 2026-09-04T01:23:15.205020+00:00
- Polygon adjusted daily market bars · 2026-09-22T05:30:50.761025+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-22T05:30:50.757451+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 . For educational purposes only; not investment advice.