Air Products Q3 2026 Results
Air Products (NYSE:APD) posted third‑quarter fiscal 2026 adjusted earnings per share of $3.47, beating the Street estimate of $3.33. Revenue for the quarter was $3.16 billion, slightly below the consensus forecast of $3.19 billion, representing a 5 % year‑on‑year increase from $3.02 billion.
Adjusted operating income rose 9 % YoY to $810 million, and the adjusted operating margin expanded 110 basis points to 25.6 %. The margin improvement stemmed from 3 % higher on‑site volumes, 1 % higher pricing and a 1 % favorable currency effect, partially offset by higher costs.
The company lifted its full‑year fiscal 2026 adjusted EPS guidance to a range of $13.39‑$13.49, with a midpoint of $13.44, above the analyst consensus of $13.22. For the fourth quarter, Air Products projects adjusted EPS of $3.55‑$3.65.
Capital expenditures for the full year were revised down to approximately $3.5 billion. The reduction follows a $2.9 billion pre‑tax charge incurred in the quarter related to the June 30 decision to exit the Clean Energy Complex in Louisiana and to discontinue a zero‑carbon liquid hydrogen facility in Arizona.
Regional performance showed Americas sales of $1.32 billion, up 5 % YoY, with operating income of $395 million, a 6 % increase. Asia sales grew 9 % to $886 million, and operating income surged 18 % to $256 million, driven by higher on‑site volumes and new assets. Europe sales rose 6 % to $816 million, with operating income up 2 % to $231 million. Income from Middle‑East and India equity affiliates increased 18 % to $101 million.
Chief Executive Officer Eduardo Menezes said the company delivered 12 % growth in adjusted EPS and high‑single‑digit improvement in adjusted operating income despite macroeconomic volatility, attributing the results to disciplined execution of its underlying business.
Following the release, Air Products’ shares edged up 0.59 %.