$APD · Air Products & Chemicals, Inc.
Air Products filed an 8-K (Item 2.02) furnishing its Q4 and full-year fiscal 2026 earnings release. Full-year adjusted EPS rose 12% to $13.45 on sales of $13.0B (up 8%), while GAAP EPS was $2.39 versus a prior-year loss of $1.74. Q4 adjusted EPS was $3.61, above guidance midpoint, on sales of $3.6B (up 12%). The company guided FY2027 adjusted EPS to $14.15–$14.50 and capex to $3.0B–$3.5B.
- FY2026 adjusted EPS of $13.45 rose 12% and exceeded guidance midpoint.
- FY2026 sales of $13.0B grew 8%, or $954M, on 4% higher volumes.
- Q4 adjusted EPS of $3.61 beat guidance midpoint; Q4 sales of $3.6B rose 12%.
- FY2027 adjusted EPS guidance set at $14.15–$14.50; Q1 at $3.35–$3.45.
- Capex fell $1.8B to $3.3B in FY2026; FY2027 capex guided to $3.0B–$3.5B.
Markets closed — no regular-session reaction yet; extended-hours move not captured here.
Double-digit adjusted EPS growth plus a raised FY2027 outlook signals a turnaround from prior-year project-exit losses.
Industrial gas peers are emphasizing capital discipline and backlog expansion; Air Products' $1.8B capex reduction and $2.0B+ electronics wins fit that playbook.
GAAP results remain burdened by $3.15B in business and asset action charges tied to project exits, including two China coal gasification plants.