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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Air Products and Chemicals
Air Products and Chemicals (APD) investor relations material
Air Products and Chemicals Q4 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2026 earnings summary5 Nov, 2026
Executive summary
FY26 sales rose 8% to $13.0B; adjusted operating income increased 11% to $3,175M and adjusted EPS rose 12% to $13.45, supported by core industrial gas performance.
Capital expenditures fell $1.8B to $3.306B, net cash flow was neutral, and the traditional industrial gas backlog reached $3.3B, including more than $2.0B of electronics wins.
Financial highlights
FY26 adjusted operating margin was 24.4%, up 70 bps; adjusted return on capital was 11.9%, up 100 bps.
Q4 sales rose 12% to $3.6B; adjusted operating income increased 5% to $856M and adjusted EPS increased 6% to $3.61.
Q4 adjusted operating margin was 24.1%, down 150 bps YoY; higher costs and energy pass-through weighed on margin.
FY26 operating cash flow was $4.681B, up from $3.257B; capital expenditures were $3.306B, down from $5.064B, with neutral net cash flow.
FY26 GAAP operating income was $23M and diluted EPS was $2.39, versus an $877M operating loss and $1.74 per-share loss in FY25; both periods included significant project-related charges.
Outlook and guidance
FY27 adjusted EPS guidance is $14.15–$14.50, up 5%–8%; Q1 guidance is $3.35–$3.45, up 6%–9%.
FY27 adjusted operating income is expected to grow 9%–12%, with equity affiliate income flat; pricing and productivity are expected to more than offset inflation.
FY27 EPS assumes modest market volume growth, including ~2% base growth and ~3% from new assets; helium is expected to be neutral for the year but a Q1 headwind.
FY27 capital expenditures are guided to $3.0B–$3.5B, including over $1B for traditional industrial gas growth and approximately $1.5B to complete NEOM, Edmonton and Rotterdam projects.
Positive FY27 net cash flow is expected as operating cash flow and asset proceeds offset capital expenditures and dividends; no share buybacks are assumed.
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Latest events from Air Products and Chemicals
- Adjusted EPS up 12% to $3.47 despite $2.1B GAAP loss from project exits; guidance raised.APD
Q3 2026 - Strategic refocus and disciplined execution drive growth amid global market volatility.APDBernstein 42nd Annual Strategic Decisions Conference
- Q2 adjusted EPS rose 19% with margin expansion and a raised full-year outlook.APDQ2 2026
- Projected FY25 sales reach $12B, led by on-site supply and global market diversity.APDCompany presentation
- NEOM green ammonia project nears commissioning as energy and helium markets face volatility.APDJPMorgan Industrials Conference 2026
- Adjusted EPS up 10% to $3.16, with strong sales, margins, and a 44th year of dividend growth.APDQ1 2026
- Partnership advances global low-emission ammonia projects with key decisions due by mid-2026.APDPartnership
- Q3 adjusted EPS up 7% to $3.20; hydrogen and LNG milestones, FY24 guidance reaffirmed.APDQ3 2024
- Q4 adjusted EPS up 13% to $3.56; FY25 EPS guidance $12.70–$13.00, capex $4.5B–$5.0B.APDQ4 2024
Next Air Products and Chemicals earnings date
Q1 202729 Jan, 2027
Air Products and Chemicals
Next Air Products and Chemicals earnings date
Q1 202729 Jan, 2027
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Frequently asked questions
Industrial Gases Experts
Air Products and Chemicals, more often than not referred to as Air Products, is an American company operating globally. The core of its business is selling various types of gases and chemicals, and a majority of the company’s revenues are generated from the Americas, Asia, and Europe. The company is headquartered in Allentown, Pennsylvania and its shares have been trading on the NYSE since 1962.
History and Spin-Off
Air Products was founded in 1940 in Detroit, Michigan by Leonard Parker Pool. His idea was to sell Oxygen to mid-level consumers, but business proved slow at first. When the US got involved in the Second World War, this all changed. Air Products began selling oxygen generators to help the Allied war effort. After the war, Air Products gained enough momentum to continue to grow and eventually started selling a wide array of different gases and chemicals to civilian clients.
Air Products has, like many similar companies, conducted various spin-offs during the years. These spin-offs allow the two resulting companies to better hone in on one niche and area of specialization. One of the most notable ones was the spin-off of its Materials Technologies business into Versum (now a part of MERCK).
The Products and Customers
Air Products supplies customers in a wide array of fields. Their primary customer base can be found in technology, energy, food production, industries, healthcare, and more. Wherever there is a need for specialty gases, Air Products is more than likely ready to supply it. The company supplies various atmospheric gases such as oxygen, nitrogen, argon, carbon dioxide, and hydrogen. Outside of these, it also supplies process and specialty gases as well as various coatings and related technology and equipment. When looking at the competition, we find names such as Air Liquide and Linde amongst Air Products peers.
A Long-Standing Relationship with NASA
Air Products has had a working relationship with NASA for decades. It has supplied the liquid oxygen and hydrogen needed for the space shuttle’s external tanks. The gases supplied by Air Products have been used for every space shuttle launch in recent decades, as well as the Apollo and Mercury missions.