Q3 25 EPS
$3.09
BEAT +3.20%
Est. $2.99
Q3 25 Revenue
$3.02B
BEAT +1.21%
Est. $2.99B
vs S&P Since Q3 25
-7.8%
TRAILING MARKET
APD +6.3% vs S&P +14.0%
Market Reaction
Did APD Beat Earnings? Q3 2025 Results
Air Products & Chemicals delivered a modest but clean beat in fiscal Q3 2025, posting adjusted EPS of $3.09 against a consensus estimate of $2.99, a 3.20% beat, while revenue of $3.02 billion edged past expectations by 1.21% and rose 1.3% year-over-y… Read more Air Products & Chemicals delivered a modest but clean beat in fiscal Q3 2025, posting adjusted EPS of $3.09 against a consensus estimate of $2.99, a 3.20% beat, while revenue of $3.02 billion edged past expectations by 1.21% and rose 1.3% year-over-year. The headline numbers, however, masked a more nuanced story: adjusted EPS actually declined three percent from $3.20 in the prior-year quarter, as a four percent volume drop, tied to the September 2024 LNG divestiture, softer global helium demand, and strategic project exits, weighed on organic growth. Partially offsetting that pressure were three percent higher energy cost pass-throughs, favorable pricing, and currency tailwinds, particularly in Europe, where sales climbed 11%. Adjusted EBITDA of $1.31 billion grew three percent year-over-year, offering some reassurance that the company's operational pivot under CEO Eduardo Menezes is beginning to stabilize. Looking ahead, management guided full-year fiscal 2025 adjusted EPS to $11.90 to $12.10, with Q4 adjusted EPS of $3.27 to $3.47, reflecting continued near-term pressure as the company digests roughly $2.90 billion in charges from previously announced project exits.
Key Takeaways
- • Higher energy cost pass-through (3% of sales growth)
- • Higher non-helium merchant pricing
- • Productivity improvements and lower maintenance costs
- • Higher on-site volumes in Asia and Europe
- • Favorable currency impact (1% of sales, 5% in Europe)
- • Gains from sale of Singapore subsidiary ($67.3M) and England office ($31.3M)
APD YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
APD Revenue by Segment
With YoY comparisons, source: SEC Filings
APD Revenue by Geography
With YoY comparisons, source: SEC Filings
“The Air Products team delivered solid results this quarter that exceeded guidance and were higher than last year on a comparable basis, excluding the impact of the LNG sale. We are staying focused on our cost productivity efforts, pricing, operational excellence and capital discipline.”
— Eduardo Menezes, Q3 2025 Earnings Press Release
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% |