APD earnings analysis
What we found in APD's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Air Products reported significant improvements in Q2 2026, with revenue of $3.2 billion, an increase of 9% from the previous year. Operating income rebounded sharply to $752.7 million, a dramatic recovery from an operating loss of $2.3 billion in Q2 2025. EPS surged to $3.19, up from a loss per share of $7.77 previously, reflecting strong operational performance despite lower helium pricing that offset some gains.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Revenue increased 9% to $3.2 billion, up $255.6 million YoY.
- Operating Income Recovery
- Operating income of $752.7 million, an increase of 132% from prior year's loss of $2.3 billion.
- Significant EPS Improvement
- EPS rose to $3.19, up $10.96 from a prior year loss of $7.77.
- Adjusted Operating Margin Improvement
- Adjusted operating margin improved to 23.7% from 21.6% YoY.
- Positive Equity Affiliates Income Growth
- Equity affiliates' income increased by 23% to $179.4 million.
- Positive Cash Flow Outlook
- Operating cash flow trends are turning positive as operational fundamentals improve.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Continued Helium Pricing Pressure
- Lower helium pricing negatively impacted overall selling prices, a key concern going forward.
- High Capital Expenditure Dynamics
- Maintaining high investment levels creates cash flow strain amidst ongoing project financing needs.
- Sector-Specific Risks from Geopolitical Issues
- Heightened geopolitical tensions may impact operational stability and costs.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $3.19
- Gross margin
- 31.1%
- Operating margin
- 23.7%
- Segment
- Americas $1.384B, Asia $832.6M, Europe $789M, Middle East $29.2M, Corporate $137.1M
What they said about what is next.
No specific numeric guidance provided; management’s outlook remains optimistic but cautious amid market dynamics.
The filing reads better than the one before it.
What came before.
- 10-Q · January 30, 2026
- Air Products reported a solid Q1 with sales of $3,102.5 million (up $171.0 million vs prior year Q1 $2,931.5) and diluted EPS of $3.04 (vs $2.77 prior year). Operating income improved to $734.5 million (from $643.6) and…
- 10-Q · July 31, 2025
- Air Products reported Q3 sales of $3,022.7 million (up from $2,985.5 million in the year‑ago quarter) with operating income of $790.6 million and diluted EPS of $3.20. Quarter-over‑quarter results recovered from the…
- 10-Q · May 1, 2025
- Air Products reported a modest revenue decline to $2,916.2 million (down $14.0 million or ~0.5% year-over-year) but recorded a large operating loss of $2,328.0 million and diluted loss per share of $7.77 for the…
- 10-Q · February 6, 2025
- Air Products reported quarterly sales of $2,931.5 million, down $65.9 million (‑2.2%) versus prior-year quarter, while diluted EPS attributable to Air Products ticked up to $2.77 from $2.73. Gross margin was roughly…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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