Air Products and Chemicals (APD) Q4 2025 Earnings
How Did APD Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: +1.90%.
Did APD Beat Earnings? Q4 2025 Results
Yes. Air Products and Chemicals reported Q4 2025 earnings of $3.39 a share on Nov 6, 2025, beating the $3.38 consensus estimate by 0.2%. Revenue was $3.2B against a $3.2B estimate.
Air Products & Chemicals delivered a narrow but meaningful beat in fiscal Q4 2025, posting adjusted EPS of $3.39 against a consensus estimate of $3.38, a 0.30% beat, while revenue of $3.17 billion edged past the $3.14 billion estimate by 0.72%, even as sales slipped 0.7% year-over-year. The headline numbers, however, sit atop a turbulent year defined by roughly $795 million in Q4 pre-tax charges tied to the company's sweeping exit from clean energy generation and distribution projects, part of a broader strategic reset under new CEO Eduardo Menezes that drove a full-year GAAP loss per share of $1.74. Europe emerged as the quarter's brightest spot, with sales up 8% and operating income climbing 15% on stronger merchant volumes and pricing discipline. Looking ahead, management guided fiscal 2026 adjusted EPS of $12.85 to $13.15, representing 7% to 9% growth, supported by new plant onstreams and a leaner capital expenditure plan of approximately $4 billion, and the company extended its streak of consecutive annual dividend increases to 43 years.
- Non-helium merchant pricing improvements across segments
- Productivity improvements and disciplined cost management
- Higher energy cost pass-through partially offsetting volume declines
- Europe segment outperformance with 8% sales growth and 15% operating income growth
- Lower global helium demand negatively impacting volumes
- Prior-year LNG sale and one-time asset sale creating unfavorable volume comparisons
“As I reflect on the accomplishments of our team this year, I am encouraged that we are setting challenging but achievable targets and delivering on those commitments. As we move through fiscal 2026, we remain focused on high-return industrial gas projects with strong customer relationships, disciplined capital allocation, operational excellence and productivity, and right-sizing the organization to fit our project needs. With this focus, we have a solid roadmap for improving operating margins and unlocking significant value for our shareholders. I am confident in our team's ability to execute with discipline and deliver results.”
Air Products and Chemicals CEO, on the earnings call
What Was Air Products and Chemicals's Outlook in Q4 2025?
Air Products expects full-year fiscal 2026 adjusted EPS in the range of $12.85 to $13.15, representing 7%-9% growth over FY2025 adjusted EPS of $12.03. For Q1 FY2026, adjusted EPS guidance is $2.95 to $3.10, representing 3%-8% growth. Capital expenditures are expected at approximately $4 billion for FY2026, down significantly from the $5.1 billion spent in FY2025. The company remains focused on high-return industrial gas projects, disciplined capital allocation, operational excellence, and right-sizing the organization.
APD YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $3.2B | $3.2B | −0.6% |
| Gross Profit | $1.0B | $1.1B | −5.7% |
| Operating Income | $16.8M | $2.4B | −99.3% |
| Net Income | $4.9M | $2.0B | −99.8% |
APD Revenue by Segment
APD Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.