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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 Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary30 Jul, 2026
Executive summary
Q3 2026 sales increased 5% year-over-year to $3.2 billion, driven by higher volumes, pricing, and favorable currency impacts.
Adjusted operating income rose 9% to $810 million, and adjusted EPS increased 12% to $3.47, exceeding guidance, with strong contributions from Asia and the Americas.
GAAP results reflect a $2.9 billion pre-tax charge for project exits, resulting in a $2.1 billion operating loss and a net loss of $1.4 billion.
Announced exit from the Louisiana and Casa Grande projects, optimizing the project portfolio and focusing on redeploying or selling associated assets.
Finalized a marketing and distribution agreement with Yara for renewable ammonia from the NEOM Green Hydrogen Project and announced a long-term electronics growth agreement in Taiwan.
Financial highlights
Adjusted operating margin improved 110 basis points year-over-year to 25.6%.
Equity affiliates' income rose 22% in Q3 2026 to $205 million, mainly from Americas and Middle East/India segments.
Cash provided by operating activities for the first nine months was $3.3 billion, up from $2.0 billion in the prior year.
Capital expenditures for the first nine months were $2.6 billion, focused on clean energy projects.
Interest expense decreased 20% year-over-year in Q3 2026 due to higher capitalized interest.
Outlook and guidance
Raised full-year fiscal 2026 adjusted EPS guidance to $13.39–$13.49, representing 11%-12% growth; Q4 adjusted EPS expected at $3.55–$3.65.
Fiscal 2026 capital expenditures projected at approximately $3.5 billion, down from prior year.
Dividend payments projected to total $1.6 billion in 2026, marking the 44th consecutive year of increases.
Cautious outlook due to macroeconomic uncertainty, but expects benefits from new assets, pricing, and productivity initiatives.
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Latest events from Air Products and Chemicals
- Strategic refocus and disciplined execution drive growth amid global market volatility.APD
Bernstein 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
- Global hydrogen expansion accelerates with policy support, innovation, and robust demand.APDJefferies Global Industrial Conference 2024
Next Air Products and Chemicals earnings date
Q4 20265 Nov, 2026
Air Products and Chemicals
Next Air Products and Chemicals earnings date
Q4 20265 Nov, 2026
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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.