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Air Products and Chemicals (APD) investor relations material
Air Products and Chemicals Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Jul, 2025
Executive summary
Q3 adjusted EPS was $3.09, down 3% year-over-year but up 15% sequentially, exceeding guidance despite macroeconomic and helium headwinds, with strong cost productivity and capital discipline.
Q3 sales rose 1% year-over-year to $3.0B, driven by energy cost pass-through, pricing, and currency, offset by lower volumes from LNG divestiture, helium demand, and project exits.
Operating income increased 7% to $791M, with margin up 150 bp to 26.2%, aided by asset sale gains and cost improvements.
Net income grew 2% to $723M; adjusted EBITDA rose 3% to $1.3B; GAAP EPS was $3.24, up 4%.
For the nine months, sales were flat at $8.9B; operating loss of $894M and net loss of $365M reflect $3B in project exit charges.
Financial highlights
Adjusted EPS of $3.09 exceeded guidance but decreased year-over-year due to LNG business sale and project exits.
Q3 sales: $3.0B (+1% YoY); operating income: $791M (+7% YoY); adjusted EBITDA: $1.31B (+3% YoY).
Adjusted operating income was $741M, flat year-over-year; adjusted operating margin was 24.5%, down 20 bps YoY but up 290 bps sequentially.
Major $3B pre-tax charge for project exits in clean energy, mainly in Americas, drove the nine-month loss.
Effective tax rate for Q3 was 17.9%; adjusted effective tax rate was 18.1%.
Outlook and guidance
Full-year adjusted EPS guidance set at $11.90–$12.10; Q4 adjusted EPS expected between $3.27 and $3.47.
Capital expenditures for FY25 expected to be ~$5B, funded by cash and operations.
Board expects to continue increasing quarterly dividends, with $1.6B targeted for 2025.
Guidance reflects a 4% headwind from the LNG business divestiture.
Management continues to review project portfolio; further project exits or charges possible.
Why revise FY25 adjusted EPS guidance?
Assess Asia's volume growth drivers.
Explain NEOM Green Hydrogen project impact.
Assess the impact of AI on Air Products' productivity.
What's the timeline for Darrow partnerships?
Detail the drivers for ROCE improvement.
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Next Air Products and Chemicals earnings date
Q4 20256 Nov, 2025
Next Air Products and Chemicals earnings date
Q4 20256 Nov, 2025
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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.
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