Air Products & Chemicals, Inc. (APD) · Nov 5, 2026 · Earnings

Air Products earnings meet guidance as 2027 growth resets lower

In line — FY26 adjusted EPS $13.45 vs. $13.39–$13.49 guide; Q4 $3.61 vs. $3.55–$3.65

Air Products’ earnings landed within its prior EPS guidance, while 2027 points to steadier growth from core industrial gases, electronics wins and lower capital spending.

Air Products is in the middle of a strategic reset: after abandoning the Louisiana clean-energy complex, the Casa Grande hydrogen project and other smaller projects, it is redirecting capital toward traditional industrial gases, electronics demand and projects with clearer returns. That backdrop was already known before this release.

The quarter and year landed essentially where the market was already set up for them. Q4 adjusted EPS was $3.61 versus prior guidance of $3.55–$3.65, and full-year adjusted EPS was $13.45 versus $13.39–$13.49. Published estimates were also around $3.61 for Q4 and $13.45 for the year, leaving no clean earnings surprise.

Figure	Q4/FY26	Comparison	Consensus / guide
Adjusted EPS (Q4) (Adjusted EPS reconciliation)	$3.61	$3.39	$3.55–$3.65 guide
Adjusted EPS (FY) (Adjusted EPS reconciliation)	$13.45	$12.03	$13.39–$13.49 guide
Adjusted operating income (FY) (Adjusted Measures)	$3,175.2M (+11%)	$2,857.7M
Adjusted operating margin (Q4) (Adjusted Measures)	24.1% (-150 bp)	25.6%
Sales (Q4) (Segment results)	$3,555.6M (+12.3%)	$3,166.9M
Capital expenditures (FY) (Capital Expenditures)	$3,305.8M (-34.7%)	$5,064.1M
Adjusted EPS outlook (FY27) (Adjusted EPS Outlook)	$14.15–$14.50	$13.45	5%–8% growth

The underlying industrial-gas business is improving, but not cleanly. Full-year adjusted operating income rose 11% on higher on-site volumes, pricing and favorable currency, and the Americas delivered particularly strong volume growth. But Q4 adjusted margin fell 150 basis points as inflation, incentive compensation and other costs absorbed much of the operating improvement. The wider corporate loss also shows that the portfolio cleanup is still creating friction.

The more important change is capital allocation, not the EPS print. Capital expenditures fell to $3.3 billion from $5.1 billion, consistent with exiting capital-heavy projects and concentrating spending on traditional industrial-gas growth. The company also cited more than $2 billion of new electronics wins, which gives the refocused strategy a tangible demand pipeline rather than making this only a retreat from hydrogen. That supports the business reset, although the filing does not establish how quickly those wins convert into earnings.

GAAP results remain heavily distorted by the cleanup. Fiscal 2026 included roughly $3.2 billion of pre-tax business and asset charges, including updated write-downs on the China coal-gasification plants; the company reported only $23 million of GAAP operating income despite $3.2 billion of adjusted operating income. Those charges were largely anticipated from the June project exits and third-quarter report, so the new information is less the accounting loss than the evidence that the remaining core business can grow while capital intensity comes down.

Bottom line: This is an in-line earnings report with a modestly better strategic signal: the core gases business is advancing and spending is falling, but margins are still under pressure and the hydrogen-project cleanup continues to obscure GAAP profitability. The story is improving through sharper focus, not being rewritten by the quarter.**

What to watch next

FY27 first-quarter results, early February 2027

Original filing on SEC EDGAR

More Air Products & Chemicals, Inc. news

Adjusted EPS beat estimates and full-year guidance rose, despite major project-exit charges

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

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Air Products earnings meet guidance as 2027 growth resets lower

What to watch next

More Air Products & Chemicals, Inc. news

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