Air Products earnings date and guidance
Air Products' next results are expected on November 5, 2026. The key watch is whether NEOM commissioning and sales become economic.
What has Air Products guided for fiscal 2026?
Air Products’ weighted price can reach $321.75 in October 2027 and $367.57 in October 2029 if its earnings recovery and projects produce adequate returns and cash. Management’s July 30, 2026 guidance calls for FY2026 adjusted EPS of $13.39–$13.49, an 11%–12% increase. It also calls for $3.5 billion of FY2026 capital expenditures, including $1.0 billion for traditional industrial-gas projects, and $1.6 billion of shareholder returns. Cost reductions target $240–$260 million in annual pre-tax savings once complete.
The cost programme charged $123.7 million in fiscal 2025. It should produce annual pre-tax savings of $240 million to $260 million once fully implemented. Those charges recognise expected costs, but severance payments can continue afterward, and the savings depend on completing the planned changes.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Full-year adjusted EPS | Year to Sep 2026 | 13.39 | 13.49 | Jul 30, 2026 |
| Fourth quarter adjusted EPS | Quarter to Sep 2026 | 3.55 | 3.65 | Jul 30, 2026 |
| Capital expenditures | Year to Sep 2026 | 3,500.0 | 3,500.0 | Jul 30, 2026 |
| Capital expenditures dedicated to traditional industrial gas projects | Year to Sep 2026 | 1,000.0 | 1,000.0 | Jul 30, 2026 |
| Return to shareholders | Year to Sep 2026 | 1,600.0 | 1,600.0 | Jul 30, 2026 |
| Annual pre-tax savings | Annual run rate after global cost reduction plan completion | 240.0 | 260.0 | Nov 20, 2025 |
What this means. The company's capital expenditure figure is not all the cash it plans to spend because it excludes certain project spending paid for by outside financing and partners.
What were Air Products' revenue and profit trends over the last eight quarters?
Adjusted operating income was about $810 million, up 9%, and adjusted EPS was 3.47, up 12%. Free cash flow was 309.5 million, versus -640.0 million in June 2025. The quarter therefore combines a stronger base business with a major reassessment of capital allocation.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,161.0 | 3,171.8 | 3,102.5 | 3,166.9 | 3,022.7 | 2,916.2 | 2,931.5 | 3,187.5 |
| Gross margin | 32.8% | 31.1% | 32.1% | 32.3% | 32.5% | 29.6% | 31.2% | 34.0% |
| Operating income | -2,097.1 | 752.7 | 734.5 | 16.8 | 790.6 | -2,328.0 | 643.6 | 2,424.4 |
| Net income | -1,440.8 | 710.4 | 678.2 | 4.9 | 721.8 | -1,730.6 | 617.4 | 1,963.8 |
| EPS, diluted | -6.47 | 3.19 | 3.04 | 0.02 | 3.24 | -7.77 | 2.77 | 8.81 |
| = Free cash flow | 309.5 | -3.9 | -350.5 | -256.5 | -640.0 | -1,563.4 | -1,305.9 | -1,118.2 |
What should you watch in Air Products' next results?
The next scheduled results call is November 5, 2026. It should clarify whether the full-year adjusted-EPS forecast and capital plan held, and what management expects for fiscal 2027.
NEOM commissioning and sales are the central milestones. Yara improves the route to market, but the plant still must reach full production and sell output on economic terms. Investors should compare actual output, customer commitments and funding needs with the earnings story.