Q4 25 EPS
$3.39
BEAT +0.30%
Est. $3.38
Q4 25 Revenue
$3.17B
BEAT +0.72%
Est. $3.14B
vs S&P Since Q4 25
+8.7%
BEATING MARKET
APD +16.1% vs S&P +7.4%
Full Year 2025 Results
FY 25 EPS
$12.03
BEAT +0.30%
Est. $11.99
FY 25 Revenue
$12.04B
BEAT +0.19%
Est. $12.01B
Market Reaction
Did APD Beat Earnings? Q4 2025 Results
Air Products & Chemicals delivered a narrow but meaningful beat in fiscal Q4 2025, posting adjusted EPS of $3.39 against a consensus estimate of $3.38, a 0.30% beat, while revenue of $3.17 billion edged past the $3.14 billion estimate by 0.72%, even … Read more Air Products & Chemicals delivered a narrow but meaningful beat in fiscal Q4 2025, posting adjusted EPS of $3.39 against a consensus estimate of $3.38, a 0.30% beat, while revenue of $3.17 billion edged past the $3.14 billion estimate by 0.72%, even as sales slipped 0.7% year-over-year. The headline numbers, however, sit atop a turbulent year defined by roughly $795 million in Q4 pre-tax charges tied to the company's sweeping exit from clean energy generation and distribution projects, part of a broader strategic reset under new CEO Eduardo Menezes that drove a full-year GAAP loss per share of $1.74. Europe emerged as the quarter's brightest spot, with sales up 8% and operating income climbing 15% on stronger merchant volumes and pricing discipline. Looking ahead, management guided fiscal 2026 adjusted EPS of $12.85 to $13.15, representing 7% to 9% growth, supported by new plant onstreams and a leaner capital expenditure plan of approximately $4 billion, and the company extended its streak of consecutive annual dividend increases to 43 years.
Key Takeaways
- • Non-helium merchant pricing improvements across segments
- • Productivity improvements and disciplined cost management
- • Higher energy cost pass-through partially offsetting volume declines
- • Europe segment outperformance with 8% sales growth and 15% operating income growth
- • Lower global helium demand negatively impacting volumes
- • Prior-year LNG sale and one-time asset sale creating unfavorable volume comparisons
APD YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
APD Revenue by Segment
With YoY comparisons, source: SEC Filings
APD Revenue by Geography
With YoY comparisons, source: SEC Filings
“As I reflect on the accomplishments of our team this year, I am encouraged that we are setting challenging but achievable targets and delivering on those commitments. As we move through fiscal 2026, we remain focused on high-return industrial gas projects with strong customer relationships, disciplined capital allocation, operational excellence and productivity, and right-sizing the organization to fit our project needs. With this focus, we have a solid roadmap for improving operating margins and unlocking significant value for our shareholders. I am confident in our team's ability to execute with discipline and deliver results.”
— Eduardo Menezes, Q4 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% |