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Air Products & Chemicals

Air Products & Chemicals (APD) Q3 2026 Earnings

Reported Jul 30, 2026 at 6:58 AM ET · SEC Source

Q3 26 EPS

$3.47

BEAT +3.80%

Est. $3.34

Q3 26 Revenue

$3.16B

MISS 1.28%

Est. $3.20B

vs S&P Since Q3 26

-1.0%

TRAILING MARKET

APD +3.1% vs S&P +4.1%

Market Reaction

Did APD Beat Earnings? Q3 2026 Results

Air Products & Chemicals delivered a stronger-than-expected bottom line in fiscal Q3 2026, posting adjusted EPS of $3.47 against a consensus estimate of $3.34, a beat of 3.80%, even as revenue of $3.16 billion came in fractionally light of the $3.20 … Read more Air Products & Chemicals delivered a stronger-than-expected bottom line in fiscal Q3 2026, posting adjusted EPS of $3.47 against a consensus estimate of $3.34, a beat of 3.80%, even as revenue of $3.16 billion came in fractionally light of the $3.20 billion analysts had anticipated but still grew 4.6% year over year. The headline story, however, was the $2.90 billion in pre-tax charges tied to the company's June 30 decision to exit the Louisiana Clean Energy Complex, discontinue a zero-carbon liquid hydrogen facility in Arizona, and wind down smaller clean energy distribution projects, producing a GAAP loss per share of $6.47 that stood in sharp contrast to the robust adjusted results. Strip out those items and the picture brightens considerably, with adjusted operating income rising to $810 million on 110 basis points of margin expansion to 25.6%. Asia was the standout segment, delivering 18% operating income growth. Looking ahead, management raised full-year fiscal 2026 adjusted EPS guidance to $13.39 to $13.49 and guided Q4 adjusted EPS to $3.55 to $3.65, signaling confidence despite acknowledged macroeconomic uncertainty.

Key Takeaways

  • • Higher on-site volumes including new assets
  • • Favorable pricing actions
  • • Favorable currency impacts
  • • Higher equity affiliates' income from Middle East and India
  • • HyCO facility volume growth in Americas
  • • Improved helium volumes in Asia
  • • Lower depreciation on certain gasification assets classified as held for sale

APD Forward Guidance & Outlook

Air Products raised its full-year fiscal 2026 adjusted EPS guidance to $13.39–$13.49 and guided fiscal Q4 2026 adjusted EPS to $3.55–$3.65, representing 5%–8% growth over the prior-year Q4 adjusted EPS of $3.39 and 11%–12% full-year growth. The company now expects fiscal 2026 capital expenditures of approximately $3.5 billion, reduced following portfolio optimization decisions. Management remains cautious given macroeconomic uncertainty but expects benefits from new asset contributions, pricing actions, and productivity initiatives.

24/7 Wall St

APD YoY Financials

Q3 2026 vs Q3 2025, source: SEC Filings

24/7 Wall St

APD Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q3 26
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APD Revenue by Geography

With YoY comparisons, source: SEC Filings

Q2 25 Q3 26

“Despite macroeconomic volatility, Air Products delivered 12 percent growth in adjusted EPS and high single-digit adjusted operating income improvement this quarter through continued discipline in our underlying business. Having taken additional decisions to further optimize our large project portfolio, we have a clear pathway to reduce capital expenditures and drive continued profitable growth through high-quality, traditional industrial gas projects. We are also pleased to have finalized our marketing and distribution agreement with Yara, creating the first fully integrated value chain for renewable ammonia by enabling product from the world's first large-scale green ammonia plant to be sold and delivered through Yara's existing global supply chain.”

— Eduardo Menezes, Q3 2026 Earnings Press Release

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