EarningsQ3 2026 Earnings Report
MX:APD Q3 2026 EPS Results
Actual EPS$59.53
Consensus EPS$57.35
Beat/MissBeat by +$2.18
One Year Ago EPS$53.01
MX:APD Q3 2026 Revenue Results
Actual Revenue$54.24B
Expected Revenue$54.93B
Beat/MissMissed by -$696.68M
YoY Revenue Growth+4.59%
Earnings Announcement Details
QuarterQ3 2026
Date07/30/2026
TimeBefore Open
Conference CallThursday, July 30, 2026
MX:APD Upcoming Earnings
Air Products and Chemicals's next earnings date is estimated for November 5, 2026, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:APD Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presented a mixture of clear operational and financial strengths — solid top-line growth, improving margins, raised FY guidance, strong Asia and Americas performance, healthy backlog focused on electronics, positive free cash flow and shareholder returns — alongside significant strategic and one-time negatives, most notably a large $2.9 billion pretax charge for project exits and ongoing uncertainties around first-of-a-kind NGHC commissioning and pricing exposure. Management emphasized disciplined capital allocation, progress on project optimization and productive commercial steps (e.g., Yara agreement) but acknowledged macro and regional risks (Europe softness, helium market dynamics). Overall, the quarter reflects resilient core operations and a constructive outlook tempered by meaningful project-level write-offs and execution/commissioning risk.Company Guidance
Operating Income and Margin Expansion
Operating income increased 9% year-over-year in Q3 FY2026 and operating margin improved to 25.6%, up more than 100 basis points versus prior year, driven by volume and price improvements despite higher costs.
Earnings Per Share Outperformance and Raised Guidance
EPS of $3.47 in the quarter, up 12% year-over-year and above guidance. Year-to-date EPS are up 14% and full-year EPS guidance was raised to $13.39–$13.49, implying 11%–12% growth versus prior year.
Volume Growth from On‑Site and New Assets
Volume improvement led by higher on-site results, new assets coming onstream in Asia and the Americas, and helium-related improvements; new assets contributed ~3% year-on-year benefit to results.
Strong Regional Performance – Asia and Americas
Asia operating income grew 18% and Americas operating income improved 6%, driven by new assets, on-site volumes and HyCO contributions; Europe also posted a 2% operating income increase driven by pricing.
Return on Capital and Equity Affiliate Contributions
Return on capital rose to 11.7%, up ~60 basis points year-over-year. Strong equity affiliate contributions (notably Mexico and Saudi Arabia) supported results in the quarter.
Backlog and Project Wins Focused on Electronics
Traditional industrial gas backlog is approximately $3 billion; over $1.5 billion in project wins in the last 6 months, with a significant portion skewed to electronics opportunities.
Free Cash Flow, Dividend Returns and Leverage
Year-to-date free cash flow positive as operating cash flow exceeded maintenance/backlog spending. Returned $1.2 billion to shareholders in dividends YTD. Net debt-to-EBITDA ratio is 2.1x (including proportionate NGHC exposure).
Strategic Commercial Agreement for NEOM Product
Signed a marketing and distribution agreement with Yara for renewable ammonia from the NEOM Green Hydrogen Project, creating an integrated value chain for green ammonia distribution; not expected to have a material financial impact in FY2027.
Helium Performance Better Than Expected
Helium headwind in the quarter was about 2% (better than the prior guidance of ~3%), aided by electronics momentum in Asia and significant supply from the Texas cavern (40% of Q3 volume).
Productivity Progress
Headcount reduction and productivity initiatives delivered approximately $75 million of savings year-to-date, supporting margin resilience.
MX:APD Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed