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Air Products and Chemicals
Air Products and Chemicals (APD) investor relations material
Air Products and Chemicals Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary30 Jan, 2026
Executive summary
Adjusted EPS rose 10% year-over-year to $3.16, with adjusted operating income up 12% and sales up 6% to $3.1B, driven by higher energy cost pass-through, favorable currency, and improved pricing, despite flat volumes and helium headwinds.
Operating margin improved to 24.4%, and return on capital was 11%, with GAAP EPS at $3.04 and GAAP operating income up 14%.
Full-year adjusted EPS guidance maintained at $12.85–$13.15, with 7%-9% growth at the midpoint, and Q2 EPS expected at $2.95–$3.10.
Strategic focus on price, productivity, disciplined capital deployment, and advancing clean energy projects, including major negotiations with Yara and progress on the NEOM Green Hydrogen Complex.
Dividend increased for the 44th consecutive year, with $0.4B returned to shareholders in Q1.
Financial highlights
Adjusted operating income rose 12% to $0.8B, with margin up 140 bps to 24.4%; GAAP operating margin up 170 bps to 23.7%.
Net income attributable to shareholders was $678.2M, up from $617.4M year-over-year.
Cash provided by operating activities was $900.7M, with capital expenditures of $910.7M, mainly for clean energy projects.
Sales growth driven by energy pass-through (+3%), currency (+2%), and price (+1%), with volume flat.
Equity affiliates' income rose 14% to $172.2M, mainly from the Americas and Europe.
Outlook and guidance
FY26 adjusted EPS guidance set at $12.85–$13.15, up 7–9% year-over-year; Q2 EPS expected at $2.95–$3.10, up 10–15% year-over-year.
FY26 capital expenditures projected at ~$4.0B, down ~$1B from prior year, with $1B dedicated to traditional industrial gas projects.
New asset contributions expected in the second half; minimal market growth assumed due to macro headwinds.
Continued investment in energy transition and core business projects, funded by existing cash and operating cash flows.
Future earnings impact from clean energy projects
What drives base business resilience despite headwinds?
Capital deployment strategy for large projects
Darrow project: What is the capital cost hurdle?
NEOM deconsolidation: P&L impact?
Electronics segment: Growth drivers and outlook?
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Next Air Products and Chemicals earnings date
Q2 202630 Apr, 2026
Air Products and Chemicals
Next Air Products and Chemicals earnings date
Q2 202630 Apr, 2026
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Frequently asked questions
Industrial Gases Experts
Air Products and Chemicals, more often than not referred to as Air Products, is an American company operating globally. The core of its business is selling various types of gases and chemicals, and a majority of the company’s revenues are generated from the Americas, Asia, and Europe. The company is headquartered in Allentown, Pennsylvania and its shares have been trading on the NYSE since 1962.
History and Spin-Off
Air Products was founded in 1940 in Detroit, Michigan by Leonard Parker Pool. His idea was to sell Oxygen to mid-level consumers, but business proved slow at first. When the US got involved in the Second World War, this all changed. Air Products began selling oxygen generators to help the Allied war effort. After the war, Air Products gained enough momentum to continue to grow and eventually started selling a wide array of different gases and chemicals to civilian clients.
Air Products has, like many similar companies, conducted various spin-offs during the years. These spin-offs allow the two resulting companies to better hone in on one niche and area of specialization. One of the most notable ones was the spin-off of its Materials Technologies business into Versum (now a part of MERCK).
The Products and Customers
Air Products supplies customers in a wide array of fields. Their primary customer base can be found in technology, energy, food production, industries, healthcare, and more. Wherever there is a need for specialty gases, Air Products is more than likely ready to supply it. The company supplies various atmospheric gases such as oxygen, nitrogen, argon, carbon dioxide, and hydrogen. Outside of these, it also supplies process and specialty gases as well as various coatings and related technology and equipment. When looking at the competition, we find names such as Air Liquide and Linde amongst Air Products peers.
A Long-Standing Relationship with NASA
Air Products has had a working relationship with NASA for decades. It has supplied the liquid oxygen and hydrogen needed for the space shuttle’s external tanks. The gases supplied by Air Products have been used for every space shuttle launch in recent decades, as well as the Apollo and Mercury missions.
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