Q1 26 EPS
$3.04
MISS 0.01%
Est. $3.04
Q1 26 Revenue
$3.10B
BEAT +1.70%
Est. $3.05B
vs S&P Since Q1 26
+7.8%
BEATING MARKET
APD +12.0% vs S&P +4.1%
Market Reaction
Did APD Beat Earnings? Q1 2026 Results
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 essenti… Read more 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.
Key Takeaways
- • 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
APD YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
APD Revenue by Segment
With YoY comparisons, source: SEC Filings
APD Revenue by Geography
With YoY comparisons, source: SEC Filings
“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.”
— Eduardo Menezes, Q1 2026 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% |