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…
Earnings analysis · 10-Q
APD earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $3.19
- Segment
- Americas $1.384B, Asia $832.6M, Europe $789M, Middle East $29.2M, Corporate $137.1M
What stood out
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Strong Revenue Growth
Revenue increased 9% to $3.2 billion, up $255.6 million YoY.
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Operating Income Recovery
Operating income of $752.7 million, an increase of 132% from prior year's loss of $2.3 billion.
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Significant EPS Improvement
EPS rose to $3.19, up $10.96 from a prior year loss of $7.77.
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Adjusted Operating Margin Improvement
Adjusted operating margin improved to 23.7% from 21.6% YoY.
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Positive Equity Affiliates Income Growth
Equity affiliates' income increased by 23% to $179.4 million.
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Positive Cash Flow Outlook
Operating cash flow trends are turning positive as operational fundamentals improve.
What to watch
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Continued Helium Pricing Pressure
Lower helium pricing negatively impacted overall selling prices, a key concern going forward.
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High Capital Expenditure Dynamics
Maintaining high investment levels creates cash flow strain amidst ongoing project financing needs.
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Sector-Specific Risks from Geopolitical Issues
Heightened geopolitical tensions may impact operational stability and costs.
Management's outlook
No specific numeric guidance provided; management’s outlook remains optimistic but cautious amid market dynamics.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.