Q2 25 EPS
$2.69
MISS 4.86%
Est. $2.83
Q2 25 Revenue
$2.92B
MISS 0.51%
Est. $2.93B
vs S&P Since Q2 25
-14.2%
TRAILING MARKET
APD +14.8% vs S&P +29.0%
Market Reaction
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% y… Read more 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
APD YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
APD Revenue by Segment
With YoY comparisons, source: SEC Filings
APD Revenue by Geography
With YoY comparisons, source: SEC Filings
APD Earnings Trends
APD vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
APD EPS Trend
Earnings per share: estimate vs actual
APD Revenue Trend
Quarterly revenue: estimate vs actual
APD Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | $3.20 | — | $3.17B | — |
| Q1 26 MISS | $3.04 | $3.04 | -0.01% | $3.10B | +1.70% |
| Q4 25 BEAT FY | $3.38 | $3.39 | +0.30% | $3.17B | +0.72% |
| FY Full Year | $11.99 | $12.03 | +0.30% | $12.04B | +0.19% |
| Q3 25 BEAT | $2.99 | $3.09 | +3.20% | $3.02B | +1.21% |
| Q2 25 MISS | $2.83 | $2.69 | -4.86% | $2.92B | -0.51% |