Air Liquide earnings
MyStockButler's October 2026 analysis: Air Liquide reported second-quarter revenue of approximately €7.0 billion, up 5.2%, while comparable growth accelerated to 3.5%. Air Liquide's next release will test whether comparable growth holds.
What has Air Liquide guided for 2026 and 2027?
Management’s margin targets need adjustment before comparison. Energy pass-through can raise both revenue and costs without adding much profit, so the targets exclude energy effects. The 2026 target also excludes amortisation from the DIG Airgas acquisition. Management promises a 100-basis-point margin improvement in 2026 and another 100 basis points in 2027. Together, the steps lift the cumulative target over 2022–2027 to 560 basis points.
Management also promises recurring net-profit growth at constant exchange rates in 2026. That means judging profit as if currencies had not moved. Its BEYOND strategy targets average recurring earnings-per-share growth of 10% through 2030, alongside average sales growth of 5%. It also targets 400–600 basis points of cumulative margin improvement and recurring return on capital employed above 11% in 2030. ROCE asks whether operating profit justifies the money tied up in plants, equipment and working capital. The €4 billion buyback planned for 2027–2028 could raise earnings per share by reducing the number of shares.
| Period | Low | High | Given on | |
|---|---|---|---|---|
| Operating margin improvement, excluding energy and DIG Airgas PPA (basis points) | Year to Dec 2026 | 100 | 100 | Jul 28, 2026 |
| Operating margin improvement, excluding energy (basis points) | Year to Dec 2027 | 100 | 100 | Jul 28, 2026 |
| Cumulative operating margin improvement, excluding energy (basis points) | 2022–2027 | 560 | 560 | Jul 28, 2026 |
| Recurring net profit growth at constant exchange rates | Year to Dec 2026 | Jul 28, 2026 | ||
| Share buyback program (EUR millions) | 2027–2028 | 4,000 | 4,000 | Oct 5, 2026 |
What this means. Several sales and revenue figures are estimates published before the company reported its third-quarter results, so they are not actual results.
Did Air Liquide keep its promises?
The record merits 4/5. Across five checked years, the directional margin and recurring-profit promises were fulfilled, while efficiencies exceeded the €400 million benchmark in four years and fell short once. That supports confidence in delivery, but the longer targets remain ambitions rather than forecasts.
| What management forecast | Checked | Above | Within | Below |
|---|---|---|---|---|
| Operating margin excluding energy passthrough impact | 5 years | 0 | 5 | 0 |
| Recurring net profit growth, at constant exchange rates | 5 years | 0 | 5 | 0 |
| Efficiencies | 5 years | 4 | 0 | 1 |
What this means. The four out of five score likely counts only promises that beat the forecast, while results marked within the forecast are not counted as better than promised.
What were Air Liquide's last eight reported periods?
As of October 24, 2026, the latest actual results were for the second quarter and first half; the third quarter had not yet been reported. Second-quarter revenue was approximately €7.0 billion, up 5.2%, while comparable growth accelerated to 3.5%.
| 6 months to Jun 2026 | 6 months to Dec 2025 | 6 months to Jun 2025 | 6 months to Dec 2024 | 6 months to Jun 2024 | 6 months to Dec 2023 | 6 months to Jun 2023 | 6 months to Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13,827.9 | 13,218.0 | 13,722.2 | 13,679.2 | 13,378.6 | 13,627.3 | 13,980.3 | 15,727.4 |
| Operating income | 2,770.4 | 2,588.8 | 2,689.9 | 2,431.9 | 2,513.7 | 2,057.8 | 2,513.7 | 2,274.9 |
| Net income | 1,822.6 | 1,716.8 | 1,801.1 | 1,625.2 | 1,680.9 | 1,356.4 | 1,721.6 | 1,454.0 |
| EPS, diluted | 2.86 | 2.68 | 2.83 | 2.55 | 2.64 | 2.13 | 2.70 | 2.28 |
What this means. The latest free cash flow is negative partly because ending receivables-factoring programmes used EUR 1,042 million of cash, which does not mean the company lost that much money.
What should I watch in Air Liquide's next release?
The nearest checkpoint is October 29, 2026, when Air Liquide publishes third-quarter revenue. Analysts expect Q3 revenue of €7.164 billion but comparable growth of only 2.8%. Those measures can diverge because reported revenue includes currency, energy and acquisitions.