APD
Air Products and Chemicals, Inc.242.25
-2.76-1.13%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q1 '26
Darrow free option, helium drags
Q&A drilled into Louisiana project's high bar—capex certainty trumps indirect CBAM risks borne by Yara—with Darrow framed as a free option on a no-go base, potential 50% recovery on sunk $2B highly uncertain. Helium headwinds persist at 4% FY EPS drag despite strong aerospace offsetting some volumes. Electronics surges with $1B Capex RFPs and new assets ramping H2. Utilizations stable mid-high 70s; Europe cautious post-turnarounds. Management candid yet non-specific on specifics. Q&A reaffirms guidance amid macro caution. Watch FIDs and helium.
Key Stats
Market Cap
53.92BP/E (TTM)
-Basic EPS (TTM)
-1.74Dividend Yield
0.03%Recent Filings
8-K
Q1 adjusted EPS up 10%
Air Products beat Q1 FY26 guidance with adjusted EPS of $3.16, up 10% year-over-year, and adjusted operating income of $757 million, up 12%, despite helium headwinds. Sales hit $3.1 billion, up 6%, driven by energy pass-through and pricing. Base business shines. Full-year adjusted EPS guidance holds at $12.85–$13.15.
10-Q
Q1 FY2026 results
Air Products posted Q1 FY2026 sales of $3,102.5M, up 6% y/y from $2,931.5M on higher energy pass-through, currency tailwinds, and 1% pricing—yet volumes held flat as helium demand cooled. Operating income climbed 14% y/y to $734.5M (23.7% margin, +170bp), fueled by better mix and cost discipline, despite a $22M hit from prior project exits; diluted EPS rose 10% y/y to $3.04 on 222.9M shares. Cash from operations hit $900.7M, funding $1.3B capex (derived FCF negative), while cash dipped to $1.0B amid heavy project builds like NEOM; total debt sits at $17.5B. Solid lift across Americas, Europe, Asia. But project delays shadow the backlog.
8-K
Shareholders back board, pay
8-K
Director Davis retires 2026
Air Products director Lisa A. Davis, serving since 2020, notified the company on November 23, 2025, of her decision to not stand for re-election at the January 28, 2026 annual meeting and retire thereafter for personal reasons. No disagreements exist with the company. She'll chair the Management Development and Compensation Committee until then. Board praised her energy-sector insights.
10-K
FY2025 results
Air Products posted FY2025 sales of $12.0B, down 1% y/y as 4% lower volumes from the LNG sale, helium weakness, and project exits offset 2% higher energy pass-through and 1% pricing gains in non-helium merchant lines. Adjusted operating income fell 3% to $2.9B amid volume headwinds and cost inflation, yet Q4 momentum built with Europe up 4% y/y on pricing and volumes while Americas held steady despite helium drag. $3.7B charges hammered GAAP results to a $1.74 loss per share, but adjusted EPS dipped just 3% to $12.03. Cash from operations topped $3B; capex to fall to $4B in FY2026. Debt climbed to $17.7B on project financing. Project delays threaten quarterly ramps.
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