Q2 26 EPS
$3.20
Q2 26 Revenue
$3.17B
Did APD Beat Earnings? Q2 2026 Results
Air Products & Chemicals delivered a strong fiscal second quarter, with adjusted EPS of $3.20 beating the top end of its own guidance range on the strength of 19% year-over-year earnings growth, while quarterly revenue climbed 9% to $3.17 billion, ca… Read more Air Products & Chemicals delivered a strong fiscal second quarter, with adjusted EPS of $3.20 beating the top end of its own guidance range on the strength of 19% year-over-year earnings growth, while quarterly revenue climbed 9% to $3.17 billion, carried by higher volumes, favorable currency, and energy cost pass-through. Asia was the quarter's clearest bright spot, with segment operating income rising 25% to $240.00 million, aided by reduced depreciation on gasification assets classified as held for sale and broad productivity gains, while Europe and Americas also contributed positive results despite headwinds from softer helium pricing across all regions. GAAP EPS of $3.19 reflected a sharp improvement against a prior-year period weighed down by roughly $2.90 billion in business and asset exit charges. On the strategic front, Air Products secured a contract with Samsung to supply gas infrastructure for an advanced semiconductor fab in South Korea. Management raised its full-year fiscal 2026 adjusted EPS guidance to $13.00 to $13.25 and set third-quarter guidance at $3.25 to $3.35, signaling confidence in continued momentum through the back half of the year.
Key Takeaways
- • Higher on-site volumes across segments
- • Favorable currency impact of 4% on consolidated sales
- • Productivity improvements and lower depreciation driving cost reductions
- • Non-helium pricing improvements partially mitigating helium pricing headwind
- • Higher energy cost pass-through contributing 2% to sales growth
- • Reduced depreciation in Asia due to gasification assets classified as held for sale
APD Forward Guidance & Outlook
Air Products raised its fiscal 2026 full-year adjusted EPS guidance to $13.00–$13.25, reflecting strong first-half outperformance and market volume gains. Fiscal Q3 2026 adjusted EPS guidance is set at $3.25–$3.35, representing 5%–8% growth over Q3 FY2025 adjusted EPS of $3.09. Capital expenditures are still expected at approximately $4.0 billion for fiscal 2026. The company remains cautious given macroeconomic uncertainty but expects second-half benefits from continued non-helium pricing actions, progress on productivity initiatives, and new assets ramping up.
APD YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
APD Revenue by Segment
With YoY comparisons, source: SEC Filings
APD Revenue by Geography
With YoY comparisons, source: SEC Filings
“Despite macroeconomic volatility, Air Products delivered 19% growth in adjusted EPS and adjusted operating income improvement across segments. We saw higher on-site volumes and made continued progress on productivity and pricing. We also took actions to strengthen helium supply chain resilience for customers, including drawing from our U.S. storage cavern, increasing U.S. liquefaction, and optimizing our logistics network and container fleet. Looking ahead, we remain focused on our key priorities—unlocking earnings growth, optimizing large projects and maintaining capital discipline.”
— Eduardo Menezes, Q2 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% |