Earnings Releases·Nov 5, 2026, 6:16 AM ET

Air Products — Fiscal 2026 Earnings Summary

Full-year fiscal 2026 sales reached $13.0 billion (up 8% YoY), with adjusted operating income rising 11% to $3.2 billion and adjusted EPS increasing 12% to $13.45; Q4 sales grew 12% to $3.6 billion, while GAAP operating income recovered from an $877 million loss in the prior year to $23 million for the full year.
Fiscal 2027 guidance sets adjusted EPS at $14.15 to $14.50 and capital expenditures between $3.0 billion and $3.5 billion, reflecting a disciplined capital allocation strategy despite Q4 adjusted operating margin declining 150 basis points due to fixed-cost inflation.
The company expanded its project backlog with over $2.0 billion in new electronics wins and reported $4.68 billion in operating cash flow, while capital expenditures decreased $1.8 billion to $3.3 billion and dividends paid totaled $1.6 billion.
Fiscal 2026 results included $3.2 billion in pre-tax charges primarily related to project exits, including the sale of two China coal gasification plants and the Louisiana clean energy complex, alongside a $67.3 million gain on asset sales in the prior year.