Jun 2026 (Q3 FY26) — Jul 30, 2026
Air Products Q3 FY26 — Strong Operating Income and Raised Full-Year EPS Guidance
Read the full callAir Products (APD) earnings
- Jun 2026
- Jun 2026 (Q3 FY26)
- Sep 2025
Air Products earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 3,161 | +4.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | -66.3 | −92.5 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | -1,441 | −301.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
11 of 14 judged targets kept · 15 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted EPS growth rate | 5% to 8% | Mar 2026 | Earnings per share were $3.47, up 12% compared to the same period last year. | Achieved |
| Adjusted EPS | $12.85 to $13.15 | Sep 2025 | With this, our fiscal full year guidance is now in the range of $13.39 and to $13.49, which correlates to an 11% to 12% growth from prior year. | Revised Up |
| Darrow project partnerships | get partnerships done | Jun 2025 | We are currently revealing construction bids from EPC firms and remain committed to reaching a go, no-go decision in conjunction with our partners by the middle of this calendar year. | Missed |
3 of Air Products & Chemicals, Inc.'s 29 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 26 more targets are in the full ledger.
Claimed
- Operating income increased 9% compared to the prior year.
- Earnings per share were $3.47, up 12% year-over-year, exceeding guidance.
- Full-year EPS guidance raised to $13.39-$13.49, implying 11%-12% growth.
- Year-to-date productivity savings reached approximately $75 million.
- Over $1.5 billion in new electronics project wins added to the traditional industrial gas backlog in the last 6 months.
Qualified
- Recorded a pretax charge of $2.9 billion due to the decision to exit the Louisiana project, Casa Grande, Arizona project, and other smaller clean energy distribution projects.
- Helium continued to be a headwind, impacting EPS by 2% in the quarter, primarily due to lower space volume in the Americas.
- Higher costs from fixed cost inflation, distribution, and dislocation costs partially offset improvements in the Americas segment.
- Industrial market in Europe and China (outside electronics) described as difficult with overcapacity or high energy costs.
Price
$298.65 −0.31% · −$0.94
Performance +18.0% 1Y
1Y: $253.2 on 17 Oct 2025 → $298.65. High $314.19 (2 Jul 2026), low $230.76 (9 Dec 2025).
- Previous close
- $299.59
- 52-week range
- $230.76 – $314.19
- One year
- +17.48%
Overview
- Symbol
- APD
- Sector
- Materials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
11 of 14 judged targets kept · 15 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted EPS growth rate | 5% to 8% | Mar 2026 | Earnings per share were $3.47, up 12% compared to the same period last year. | Achieved |
| Adjusted EPS | $12.85 to $13.15 | Sep 2025 | With this, our fiscal full year guidance is now in the range of $13.39 and to $13.49, which correlates to an 11% to 12% growth from prior year. | Revised Up |
| Darrow project partnerships | get partnerships done | Jun 2025 | We are currently revealing construction bids from EPC firms and remain committed to reaching a go, no-go decision in conjunction with our partners by the middle of this calendar year. | Missed |
Claimed
- Operating income increased 9% compared to the prior year.
- Earnings per share were $3.47, up 12% year-over-year, exceeding guidance.
- Full-year EPS guidance raised to $13.39-$13.49, implying 11%-12% growth.
- Year-to-date productivity savings reached approximately $75 million.
- Over $1.5 billion in new electronics project wins added to the traditional industrial gas backlog in the last 6 months.
Qualified
- Recorded a pretax charge of $2.9 billion due to the decision to exit the Louisiana project, Casa Grande, Arizona project, and other smaller clean energy distribution projects.
- Helium continued to be a headwind, impacting EPS by 2% in the quarter, primarily due to lower space volume in the Americas.
- Higher costs from fixed cost inflation, distribution, and dislocation costs partially offset improvements in the Americas segment.
- Industrial market in Europe and China (outside electronics) described as difficult with overcapacity or high energy costs.
The full ledger
Open Air Products & Chemicals, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 29 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q2 FY26) — Apr 30, 2026
Air Products Q2 FY26 — Broad-based operating income growth lifts EPS 19%, full-year guide raised
Read the full callDec 2025 (Q1 FY26) — Jan 30, 2026
Air Products Q1 FY26 — Strong Operating Income Growth Despite Helium Headwinds
Read the full callEvery analysed call
Air Products earnings calls (APD)
Financials
What the filings say
Net profit, year on year: −302% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,188 | 2,932 | 2,916 | 3,023 | 3,167 | 3,103 | 3,172 | 3,161 |
| Operating profit | 2,424 | 644 | -2,328 | 791 | 17 | 735 | 753 | -2,097 |
| Operating margin | 76.1% | 21.9% | −79.8% | 26.2% | 0.5% | 23.7% | 23.7% | −66.3% |
| Interest | 50 | 43 | 42 | 61 | 68 | 55 | 50 | 49 |
| Profit before tax | 2,503 | 791 | -2,243 | 891 | 121 | 851 | 884 | -1,938 |
| Tax rate | 21.5% | 17.8% | 22.6% | 17.9% | 91.7% | 18.7% | 18.0% | 26.6% |
| Net profit | 1,950 | 617 | -1,731 | 714 | 5 | 678 | 710 | -1,441 |
| EPS ($ per share) | — | 2.77 | -7.77 | 3.20 | — | 3.04 | 3.19 | -6.47 |
| Line item | Sep 2018 | Sep 2019 | Sep 2020 | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 249 | 249 | 249 | 249 | 249 | 249 | 249 | 249 |
| Reserves | 13,410 | 14,138 | 14,876 | 15,678 | 16,520 | 17,290 | 19,546 | 17,559 |
| Total liabilities | 8,002 | 7,555 | 12,725 | 12,771 | 13,490 | 16,342 | 20,901 | 23,710 |
| Fixed assets | 9,924 | 10,338 | 11,965 | 13,255 | 14,161 | 17,472 | 23,371 | 25,338 |
| Investments | 185 | 166 | 1,105 | 1,332 | 591 | 332 | 5 | 0 |
| Total assets | 19,178 | 18,943 | 25,169 | 26,859 | 27,193 | 32,003 | 39,575 | 41,060 |
| Line item | Sep 2018 | Sep 2019 | Sep 2020 | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,547 | 2,970 | 3,265 | 3,335 | 3,171 | 3,206 | 3,647 | 3,257 |
| Net cash flow | -482 | -543 | 3,004 | -784 | -1,758 | -1,094 | 1,363 | -1,124 |
| Capital expenditure | -1,568 | -1,990 | -2,509 | -2,464 | -2,926 | -4,626 | -6,797 | -7,023 |
| Free cash flow | 979 | 980 | 756 | 871 | 244 | -1,421 | -3,150 | -3,766 |
APD revenue by segment
Corporate and Other shrank from 6% to 3% of revenue over the last two years.
| Segment | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Americas | 41% | 44% | 44% | 42% | 41% | 43% | 44% | 42% | +4.8% |
| Asia | 26% | 28% | 27% | 27% | 27% | 27% | 26% | 28% | +9.4% |
| Europe | 23% | 24% | 25% | 25% | 25% | 25% | 25% | 26% | +5.9% |
| Corporate and Other | 8% | 3% | 3% | 5% | 6% | 4% | 4% | 3% | -27.9% |
| Middle East and India | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | -9.1% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
25 filings between Oct 28, 2025 and Aug 18, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$20.77M
2 sales by 2 insiders
Compensation
not trading decisions- 10
- Award — granted as compensation
- 7
- Tax withheld — shares kept back by the company to cover tax
Also filed: 5 other filings, 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Mantle Ridge LP | — | $19.94M | Feb 12, 2026 |
| Schaeffer Melissa N. | — | $824.4K | May 1, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 18, 2026 | LEPORE MATTHEW EVP & General Counsel | Tax withheld | 418 | $126.9K |
| May 1, 2026 | Schaeffer Melissa N. Exec Vice President and CFO | Sale | 2,714 | $824.4K |
| Feb 12, 2026 | Mantle Ridge LP Director | Gift | 1,759 | $0 |
| Feb 12, 2026 | Mantle Ridge LP Director | Sale | 70,175 | $19.94M |
| Feb 12, 2026 | Mantle Ridge LP Director | Other | 3,943,847 | $0 |
| Dec 3, 2025 | Lefevere Kurt President, Asia | Tax withheld | 64 | $16.7K |
| Dec 3, 2025 | Pellicciotti William J Jr Principal Accounting Officer | Other | 116 | $0 |
| Dec 3, 2025 | Menezes Eduardo F Chief Executive Officer | Other | 38 | $0 |
| Dec 3, 2025 | Maione Francesco President, Americas | Other | 11 | $0 |
| Dec 3, 2025 | Schaeffer Melissa N. Exec Vice President and CFO | Other | 44 | $0 |
| Dec 2, 2025 | Maione Francesco President, Americas | Award | 873 | $0 |
| Dec 2, 2025 | Maione Francesco President, Americas | Tax withheld | 283 | $73.9K |
| Dec 2, 2025 | Maione Francesco President, Americas | Tax withheld | 380 | $99.3K |
| Dec 2, 2025 | Schaeffer Melissa N. Exec Vice President and CFO | Award | 3,205 | $0 |
| Dec 2, 2025 | Schaeffer Melissa N. Exec Vice President and CFO | Tax withheld | 709 | $185.2K |
| Dec 2, 2025 | Bols Ivo President, Europe & Africa | Award | 873 | $0 |
| Dec 2, 2025 | Schaeffer Melissa N. Exec Vice President and CFO | Tax withheld | 1,402 | $366.3K |
| Dec 1, 2025 | LEPORE MATTHEW EVP & General Counsel | Award | 2,107 | $0 |
| Dec 1, 2025 | Bols Ivo President, Europe & Africa | Award | 1,873 | $0 |
| Dec 1, 2025 | Schaeffer Melissa N. Exec Vice President and CFO | Award | 5,152 | $0 |
| Dec 1, 2025 | Maione Francesco President, Americas | Award | 2,498 | $0 |
| Dec 1, 2025 | Lefevere Kurt President, Asia | Award | 1,873 | $0 |
| Dec 1, 2025 | Pellicciotti William J Jr Principal Accounting Officer | Award | 850 | $0 |
| Dec 1, 2025 | Menezes Eduardo F Chief Executive Officer | Award | 17,376 | $0 |
| Oct 28, 2025 | Pellicciotti William J Jr Principal Accounting Officer | Tax withheld | 303 | $77.6K |
| Aug 18, 2025 | LEPORE MATTHEW EVP & General Counsel | Award | 3,471 | $0 |
| Aug 5, 2025 | Brifo Victoria Exec VP, Chief HR Officer | Sale | 1,359 | $397.3K |
| Jun 23, 2025 | Maione Francesco President, Americas | Award | 10,982 | $0 |
| Apr 3, 2025 | Evans Andrew W Director | Sale | 5 | $1.4K |
| Apr 2, 2025 | Evans Andrew W Director | Purchase | 5 | $1.5K |
| Mar 5, 2025 | Nelson Walter L. Sr. VP, Glob Helium & Rare Gas | Sale | 589 | $181.7K |
| Feb 24, 2025 | Menezes Eduardo F Chief Executive Officer | Award | 12,635 | $0 |
| Feb 20, 2025 | Lefevere Kurt President, Asia | Sale | 1,500 | $474.3K |
| Feb 18, 2025 | Mok Wilbur President, Equip. Businesses | Sale | 1,300 | $410.6K |
| Feb 18, 2025 | Bols Ivo President, Europe & Africa | Sale | 18,000 | $5.65M |
| Feb 18, 2025 | Brifo Victoria Exec VP, Chief HR Officer | Sale | 2,362 | $746.0K |
| Feb 13, 2025 | Galovich Brian Exec VP, CIO | Sale | 2,089 | $659.7K |
| Feb 11, 2025 | Hababou Ahmed President, Middle East & India | Sale | 1,608 | $495.2K |
| Feb 10, 2025 | Schaeffer Melissa N. Exec Vice President and CFO | Sale | 3,233 | $993.6K |
| Feb 10, 2025 | Maione Francesco President, Americas | Sale | 2,016 | $616.9K |
| Feb 7, 2025 | Major Sean D Executive VP & General Counsel | Sale | 4,500 | $1.42M |
| Dec 4, 2024 | Lefevere Kurt President, Asia | Award | 172 | $0 |
| Dec 4, 2024 | Lefevere Kurt President, Asia | Tax withheld | 64 | $21.4K |
| Dec 4, 2024 | Lefevere Kurt President, Asia | Tax withheld | 96 | $32.0K |
| Dec 3, 2024 | Major Sean D Executive VP & General Counsel | Tax withheld | 1,446 | $482.5K |
| Dec 3, 2024 | Major Sean D Executive VP & General Counsel | Tax withheld | 1,047 | $349.3K |
| Dec 3, 2024 | Major Sean D Executive VP & General Counsel | Award | 2,827 | $0 |
| Dec 2, 2024 | Nelson Walter L. Sr. VP, Glob Helium & Rare Gas | Other | 4 | $0 |
| Dec 2, 2024 | Brifo Victoria Exec VP, Chief HR Officer | Award | 1,616 | $0 |
| Dec 2, 2024 | Brifo Victoria Exec VP, Chief HR Officer | Award | 1,212 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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