APD US S&P 500Russell 1000 Earnings call
Air Products (APD) · Q2 2026 results
Share price: $315.18 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · fiscal Q3 2026
Net income turned to a loss from a profit last quarter, guidance cut. The language turned more cautious.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Turned loss
Net income vs Q1 2026
Guidance cut
Net income -1.44B vs 710.4M
Revenue −0.3%
Why Net income fell because the company recorded a pretax charge of $2.9 billion this quarter.
2 · How management spoke
More cautious
Language tone vs last period
Language: restrained — more cautious than in Q1 2026.
3 · What stood out
Figure
APD recorded a $2.9 billion pretax charge in Q3 2026, significantly impacting quarterly results and reducing reported earnings.
Valuation
Reverse DCF. Free cash flow from the last full fiscal year, grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
Valuation unavailable: free cash flow and profit were negative in the last full year and on average over the last three, so there is nothing to discount.
Current price
$315.18
close of 2026-11-11
Revenue growth, 3 years
−1.8% a year
compound annual rate (CAGR)
Free cash flow 2023
−$1.4B
Free cash flow 2024
−$3.1B
Free cash flow 2025
−$3.8B
Read between the lines
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Key theme
Europe is lagging on volumes, but Americas HyCO is strong and refineries are mixed.
Source quote
“In Europe, we're not seeing great volume improvements, but we are seeing great volume improvements in our HyCO business in the Americas. In the refinery space, I would say it's a little bit more of a mixed bag. The rest, again, you can see in our volumes.”
-
Key theme
New assets are already contributing in electronics, with strong returns and growing backlog there.
Source quote
“We had new assets coming onstream this year, and you are seeing the contributions of those assets in the electronics... I will tell you, though, we continue to see some really strong returns and ramping up in the electronics space, both from a backlog as well as the supply. In the refinery space, I would say it's a little bit more of a mixed bag.”
-
Guidance ↓
APD cut its full-year capital expenditure forecast by $500 million, signaling reduced investment plans.
Source quote
“From a CapEx perspective, we did reduce our CapEx forecast for this year by about $500 million.”
-
Guidance
Spending is being cut, but investment in the backlog of industrial gas projects, especially electronics, continues.
Source quote
“While we expect to reduce capital expenditures overall, we will remain focused on investing in our backlog of traditional industrial gas projects, especially in the electronics end market.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Restrained — more cautious than in Q1 2026.
Sentences that drove the tone
“Earnings per share of $3.47 increased 12% from the prior year due to the base business growth as well as strong equity affiliate contributions.”
“However, we do have some concerns over the macroeconomic environment, largely in Asia and Europe that we are building into a no significant market growth because of that uncertainty moving...”
“We continue to expect EPS growth to be achieved primarily through volume growth from new asset contributions, pricing actions and continued productivity.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 3.16B | 3.17B | −0.3% | 3.02B | +4.6% |
| Operating income | -2.10B | 752.7M | Turned loss | 790.6M | Turned loss |
| Net income | -1.44B | 710.4M | Turned loss | 713.8M | Turned loss |
| EPS | -6.47 | 3.19 | Turned loss | 3.20 | Turned loss |
| P/E | 12-mo loss | 30.7 | — | 40.5 | — |
Topics
Most discussed now
- Air Products does continue to collect against those gasification assets held for sale.
- New Air Products is having ongoing conversations with good strategic purchasers of those assets.
- Air Products continues to be able to invest in its underlying industrial gas projects, and the distribution to those will be...
- Air Products sees a lot of value for these assets in the market, as you can see in the transactions that...
- On the case of the ammonia loop, which is a very important asset, making sure that Air Products can commercialize that...
Faded since Q1 2026
- Fading It's not the LNG source is the local natural gas grid there.
- Fading It is not an easy supply chain because you have from East Texas to Kansas, like 900 miles one way.
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Impairment; Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K
- Shareholder vote results · SEC 8-K
- Director or officer change; Other events · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K