Air Products and Chemicals (APD) Q1 2026 Earnings
How Did APD Stock React to Q1 2026 Earnings?
S&P 500 over the same 30 days: −0.99%.
Did APD Beat Earnings? Q1 2026 Results
No. Air Products and Chemicals reported Q1 2026 earnings of $3.04 a share on Jan 30, 2026, missing the $3.04 consensus estimate by 0.0%. Revenue was $3.1B against a $3.1B estimate.
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.
- 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 and Chemicals CEO, on the earnings call
What Was Air Products and Chemicals's Outlook in Q1 2026?
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
| Metric | Q1 2026 | Q1 2025 | Year over year |
|---|---|---|---|
| Revenue | $3.1B | $2.9B | +5.8% |
| Gross Profit | $995.0M | $915.0M | +8.7% |
| Operating Income | $734.5M | $643.6M | +14.1% |
| Net Income | $678.2M | $617.4M | +9.9% |
APD Revenue by Segment
APD Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.