Companies /Basic Materials

Air Products & Chemicals Inc

NYSE: APD Specialty Chemicals
$304.36
▼ $2.31 (−0.75%) today
Markets open · 1:10pm ET

Q1 2026 Earnings

Reported Jan 30, 2026, 7:40am ET · SEC source
$3.04
Miss −0.01%
EPS · est. $3.04
$3.1B
Beat +1.70%
Revenue · est. $3.1B
+1.6%
Beating market
APD vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+3%Jan 30Jan 30report 7:40am ETearnings−0.0%+5.0%
0+3%Jan 30Jan 30earnings−0.0%+5.0%
APD +5.0%S&P 500 −0.0%
0+3%Jan 30Jan 30report 7:40am ETearnings−0.9%+5.0%
0+3%Jan 30Jan 30earnings−0.9%+5.0%
APD +5.0%NASDAQ −0.9%
0+4%+8%Jan 29Feb 6report 7:40am ETearnings−0.1%+8.8%
0+4%+8%Jan 29Feb 6earnings−0.1%+8.8%
APD +8.8%S&P 500 −0.1%
−5%0+5%+10%Jan 29Feb 6report 7:40am ETearnings−2.8%+8.8%
−5%0+5%+10%Jan 29Feb 6earnings−2.8%+8.8%
APD +8.8%NASDAQ −2.8%
+6.44%
Day of report
−0.55%
Next session
+3.90%
One week
+0.62%
30 days

S&P 500 over the same 30 days: −0.99%.

Did APD Beat Earnings? Q1 2026 Results

Air Products & Chemicals opened fiscal 2026 on solid footing, posting first-quarter revenue of $3.10 billion, a 5.8% increase year-over-year that cleared the $3.05 billion consensus estimate by 1.70%, even as adjusted GAAP EPS of $3.04 landed essentially in line with the $3.04 consensus, missing by a negligible 0.01%. The headline numbers reflected a base business holding its ground despite persistent helium headwinds, with Europe emerging as the quarter's standout, delivering 20% operating income growth as higher on-site volumes, favorable currency, and non-helium pricing drove margins up 190 basis points to 28.6%. Fresh NASA liquid hydrogen supply contracts valued at more than $140.00 million underscored the company's positioning in the clean energy transition, while a 44th consecutive annual dividend increase to $1.81 per share signaled management's confidence in the outlook. Air Products reaffirmed full-year fiscal 2026 adjusted EPS guidance of $12.85 to $13.15, with second-quarter adjusted EPS guidance of $2.95 to $3.10 implying 10% to 15% year-over-year growth.

Key Takeaways
  • Favorable business mix and non-helium pricing net of power and fuel costs
  • Productivity improvements and lower maintenance costs
  • Higher energy cost pass-through contributing 3% to revenue growth
  • 2% favorable currency impact on revenue
  • Europe segment driven by higher on-site volumes including recovery from prior-year turnaround
  • Asia segment benefited from productivity-driven cost improvements and reduced depreciation from gasification assets held for sale

“We had strong results from the base business, with a 10 percent increase in adjusted EPS compared to the prior year period and also posted a 12 percent improvement in adjusted operating income despite helium headwinds in the quarter. This is a solid start as the Air Products team continues to focus on unlocking earnings growth, optimizing large projects and maintaining capital discipline.”

Air Products & Chemicals CEO, on the earnings call

Forward Guidance & Outlook

Air Products maintains its full-year fiscal 2026 adjusted EPS guidance of $12.85 to $13.15. For fiscal Q2 2026, adjusted EPS guidance is $2.95 to $3.10, representing 10%–15% year-over-year growth. The company continues to expect fiscal 2026 capital expenditures of approximately $4.0 billion.

APD YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$900.0M$1.8B$2.7B$2.9B$3.1BRevenue$915.0M$995.0MGross Profit$643.6M$734.5MOperating Income$617.4M$678.2MNet Income
$0$900.0M$1.8B$2.7BRevenueGross ProfitOperating IncomeNet Income

APD Revenue by Segment

Americas$1.3B+4.0%
Asia$831.5M+2.0%
Europe$782.0M+12.0%
Corporate and other$117.0M+21.0%
Middle East and India

APD Revenue by Geography

Americas$1.3B+4.0%
Asia$831.5M+2.0%
Europe$782.0M+12.0%
Middle East

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