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Air Products & Chemicals, Inc. 8-K Report, Financial Results (Apr 30, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed April 30, 2026
Period End
April 30, 2026
Security
APD
In the record · 2016–202610-K1010-Q338-K123

APD filed 10 annual reports (10-K), 33 quarterly reports (10-Q) and 123 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Jan ’17Jan ’17
  2. Auditor change8-K · Jul ’18Jul ’18
  3. Leadership change8-K · Sep ’21Sep ’21
  4. Leadership change8-K · Jul ’25Jul ’25

01—Abstract

Summary

Summary of the 8-K filed April 30, 2026. Cited figures are marked; the original filing is the authoritative source.

Air Products (APD) reported fiscal Q2 2026 results (quarter ended March 31, 2026) that were strong on an underlying basis.

Adjusted EPS rose 19% to $3.20a and adjusted operating income rose 19% to $753 million, both above the top end of company guidance. Sales increased 9% to $3.2 billion, driven by 4% higher volumes, 4% favorable currency, and 2% higher energy cost pass-through, partially offset by 1% lower pricing. GAAP EPS of $3.19 and GAAP operating income of $753 million were each up over 130%, but that comparison is flattered by the prior-year $2.9 billion business and asset action charges, so the adjusted figures are the better guide to operating trend.

Helium pricing remained a headwind, partly offset by non-helium pricing gains. Management raised its fiscal 2026 adjusted EPS guidance to $13.00 to $13.25b (from a prior-year adjusted base of $12.03, implying 8% to 10% growth) and guided fiscal Q3 adjusted EPS to $3.25 to $3.35. Capital expenditures are still expected to be about $4.0 billion for the year.

Year-to-date capex through March was $1.79 billionc on the company's non-GAAP definition, so the second half must carry substantial spending. Operating cash flow for the first six months was $2.0 billion, up from $1.1 billion, while cash fell to $951 million from $1.86 billion and short-term borrowings and long-term debt both increased.

Management remains cautious about the macroeconomic backdrop but expects second-half support from non-helium pricing, productivity actions, and new assets ramping up. Investors should watch helium supply and pricing, the execution of large projects, and whether the company can sustain its guidance given the macro uncertainty it cited.

02—Key points

Key Highlights

  1. Adjusted EPS of $3.20 rose 19% year over year and exceeded the top end of guidance; GAAP EPS of $3.19 reflects the lapping of $2.9 billion in prior-year charges.
  2. Fiscal 2026 adjusted EPS guidance raised to $13.00–$13.25 (8%–10% growth over the $12.03 FY2025 adjusted base); fiscal Q3 guidance set at $3.25–$3.35.
  3. Sales rose 9% to $3.2 billion on 4% higher volumes and 4% favorable currency; adjusted operating margin improved to 23.7% from 21.6%.
  4. Americas operating income rose 2% to $374 million (margin down 140 bp on energy pass-through); Asia operating income rose 25% to $240 million, aided by lower depreciation from assets classified as held for sale.
  5. Helium pricing remained a headwind, partly offset by non-helium pricing improvements; the company drew on its U.S. helium storage cavern and increased liquefaction to strengthen supply.
  6. Operating cash flow nearly doubled to $2.0 billion for the six months, but cash on hand fell to $951 million and debt-related balances rose.
  7. Full-year capex guidance held at approximately $4.0 billion; year-to-date capex was $1.79 billion (non-GAAP), implying heavy second-half spending.

03—Questions

Frequently Asked Questions

  1. Why are GAAP EPS and operating income up more than 130%?

    The prior-year quarter included roughly $2.9 billion in business and asset action charges, mainly related to exiting certain clean energy generation and distribution projects, plus shareholder activism costs. Those charges created a large loss in Q2 FY2025, so the year-over-year GAAP comparison is inflated. On an adjusted basis, EPS and operating income each grew 19%.

  2. How much did the guidance change?

    Full-year FY2026 adjusted EPS guidance was raised to $13.00–$13.25. The company also guided Q3 adjusted EPS to $3.25–$3.35, versus $3.09 in Q3 FY2025, an increase of roughly 5% to 8%. Management attributed the upgrade to a strong first half and outperformance in market volume.

  3. What is the impact of helium on Air Products' results?

    Lower helium pricing was the main pricing headwind in both the Americas and Europe and reduced Asia's operating income growth. Management is offsetting this with non-helium pricing actions and volume gains. It has also taken steps to secure helium supply, including drawing from its U.S. storage cavern, increasing U.S. liquefaction, and repositioning ISO container assets.

  4. Is the company's balance sheet and cash position a concern?

    Cash fell to $951 million from $1.86 billion at fiscal year-end, while short-term borrowings rose to $314 million and long-term debt to $17.1 billion. Operating cash flow of $2.0 billion covered dividends of $797 million and part of the $2.4 billion of plant and equipment additions. Investors should monitor leverage as the company funds its roughly $4.0 billion capex program.

04—Continue

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