Companies /Basic Materials

Air Products & Chemicals Inc

NYSE: APD Specialty Chemicals
$304.35
▼ $2.32 (−0.75%) today
Markets open · 1:13pm ET

Q2 2025 Earnings

Reported May 1, 2025, 7:39am ET · SEC source
$2.69
Miss −4.86%
EPS · est. $2.83
$2.9B
Miss −0.51%
Revenue · est. $2.9B
−2.7%
Trailing market
APD vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−3%0+3%+6%May 1May 2report 7:39am ETearnings+1.2%+5.3%
−3%0+3%+6%May 1May 2earnings+1.2%+5.3%
APD +5.3%S&P 500 +1.2%
−3%0+3%+6%May 1May 2report 7:39am ETearnings+1.2%+5.3%
−3%0+3%+6%May 1May 2earnings+1.2%+5.3%
APD +5.3%NASDAQ +1.2%
−3%0+3%+6%Apr 30May 9report 7:39am ETearnings+0.7%+2.0%
−3%0+3%+6%Apr 30May 9earnings+0.7%+2.0%
APD +2.0%S&P 500 +0.7%
−4%0+4%Apr 30May 9report 7:39am ETearnings+1.0%+2.0%
−4%0+4%Apr 30May 9earnings+1.0%+2.0%
APD +2.0%NASDAQ +1.0%
+0.39%
Day of report
+2.01%
Next session
−0.93%
One week
+4.09%
30 days

S&P 500 over the same 30 days: +6.74%.

Did APD Beat Earnings? Q2 2025 Results

Air Products & Chemicals delivered a disappointing fiscal second quarter, with adjusted earnings per share of $2.69 missing the $2.83 consensus estimate by 4.86%, while revenue of $2.92 billion came in just 0.51% below expectations and slipped 0.5% year-over-year. The headline figures were overshadowed by a sweeping strategic overhaul under newly appointed CEO Eduardo Menezes, whose project review triggered a $2.93 billion pre-tax charge, including roughly $2.40 billion in non-cash write-downs tied to the cancellation of three U.S. clean energy projects, swinging GAAP results to a net loss of $1.73 billion. Even stripping out those charges, adjusted EPS declined 6% from the prior year, pressured by lower volumes following the September 2024 LNG divestiture, persistent helium market weakness that management expects to continue through 2027, and elevated maintenance and depreciation costs. Looking ahead, the company guided full-year fiscal 2025 adjusted EPS to $11.85 to $12.15 and fiscal Q3 adjusted EPS to $2.90 to $3.00, while affirming roughly $5 billion in capital expenditures as Menezes refocuses the business on its core industrial gases operations.

Key Takeaways
  • Favorable non-helium merchant pricing partially offset volume declines
  • Volume decline driven by September 2024 LNG divestiture and lower global helium demand
  • Higher on-site business volumes partially offset overall volume decline
  • Higher costs from inflation, planned maintenance, and depreciation
  • Productivity improvements across regions partially offset cost increases
  • Four percent higher energy cost pass-through contributed to flat sales
  • Two percent unfavorable currency impact on sales
  • Middle East and India equity affiliates' income grew 6% driven by Saudi Arabia affiliate

Forward Guidance & Outlook

Air Products revised full-year fiscal 2025 adjusted EPS guidance to $11.85–$12.15 (previously higher). For fiscal Q3 2025, adjusted EPS guidance is $2.90–$3.00, representing a 6%–9% decline versus Q3 FY24 adjusted EPS of $3.20. Capital expenditures are expected at approximately $5 billion for full-year fiscal 2025. The Board continues to evaluate strategic opportunities that could result in additional costs for business and asset actions in future periods.

APD YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$900.0M$1.8B$2.7B$2.9B$2.9BRevenue
$0$900.0M$1.8B$2.7BRevenue

APD Revenue by Segment

Americas$1.3B+3.0%
Asia$774.1M−1.0%
Europe$727.4M+9.0%
Corporate and other$94.7M
Middle East and India$32.8M

APD Revenue by Geography

Americas$1.3B+3.0%
Asia$774.1M−1.0%
Europe$727.4M+9.0%
Middle East$32.8M

Figures from SEC filings and company reports. Not investment advice.