A fixed rule set over this filing's XBRL figures and the number of high-severity risks found in it — no model judgement.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Air Products reported Q3 FY2026 revenue of $3.16B (up 4.6% YoY), but recorded a GAAP net loss of $1.44B due to $2.9B in pre-tax project exit charges, while adjusted EPS grew 12% to $3.47.
Revenue
$3.16B
+4.58% YoY
EPS (Diluted)
-$6.47
-302.19% YoY
Operating Income
-$2.1B
-365.25% YoY
Air Products & Chemicals (APD) reported Q3 FY2026 revenue of $3.16B, up 4.6% year over year. The company posted a net loss of $1.44B, with diluted EPS of -$6.47. The company posted an operating loss of $2.1B. APD's fiscal Q3 FY2026 corresponds to calendar Q2 2026.
APD posted Q3 FY2026 revenue of $3.16B (+4.6% YoY), but GAAP net income fell to -$1.44B due to $2.9B in project exit charges, despite adjusted EPS growing 12% to $3.47.
Last 4 quarters: 3 beats, 1 miss
Air Products recognized pre-tax charges of $2.9B ($2.2B after-tax, or $9.92 per share) in Q3 FY2026 following decisions to cancel a clean energy complex in Louisiana, a green hydrogen facility in Arizona, and smaller distribution projects, resulting in a GAAP operating loss of $2.10B.
Source: 10-Q Item 2 MD&A, p.48, 51
Excluding project exit charges and prior-year one-off items, adjusted operating income increased 9% YoY to $810.3M, and adjusted operating margin expanded 110 bps to 25.6%, supported by higher on-site volumes, favorable foreign exchange, and net pricing gains.
Source: 10-Q Item 2 MD&A, p.48, 51
Americas sales grew 5% YoY to $1.32B on 7% volume gains; Asia sales rose 9% to $886M driven by 6% volume growth; and Europe sales increased 6% to $815.7M on higher energy cost pass-throughs and pricing.
Source: 10-Q Item 2 MD&A, p.53-55
For the first nine months of FY2026, cumulative operating cash flow grew 65.8% YoY to $3.31B compared to $2.00B in the prior-year period, while cumulative investing cash outflows dropped to $3.31B.
Source: 10-Q Item 2 MD&A, p.57
The recognition of $2.9B in pre-tax project exit charges in Q3 FY2026 underscores significant capital deployment and cancellation risks surrounding high-budget clean energy assets, which can severely impact GAAP profitability.
Source: 10-Q Income Statement (XBRL)
Total liabilities stood at $23.85B with a Debt-to-Equity ratio of 1.72, while stockholders' equity fell 10.6% YoY to $13.88B, increasing financial risk if operational disruptions persist.
Source: 10-Q Balance Sheet (XBRL)
Cash and cash equivalents declined 57.8% YoY to $980.5M at the end of Q3 FY2026, reducing the cash cushion available to absorb unexpected capital needs or ongoing debt servicing.
Source: 10-Q Balance Sheet (XBRL)
This analysis does not extract a guidance section. Companies issue revenue and EPS outlook in the 8-K press release and on the earnings call rather than in the 10-Q itself — though the filing's management discussion can contain forward-looking statements, which appear in the highlights above where they were material.
Air Products & Chemicals (APD) is next expected to report on , when the following quarter's results and any updated outlook will be available.
See the APD earnings preview — expected date, analyst estimates and what to watch →
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $3.16B | $3.02B | +4.58% |
Cost of Revenue | $2.13B | $2.04B | +4.16% |
Operating Income | -$2.1B | $790.6M | -365.25% |
Net Income | -$1.44B | $713.8M | -301.85% |
EPS (Basic) | -$6.47 | $3.20 | -302.19% |
EPS (Diluted) | -$6.47 | $3.20 | -302.19% |
R&D Expense | $21.5M | $24.1M | -10.79% |
SG&A Expense | $219.1M | $222.6M | -1.57% |
Air Products (APD) reported GAAP diluted EPS of -$6.47 in Q3 FY2026 due to $2.2B in after-tax project exit charges. However, on an adjusted non-GAAP basis, APD reported adjusted EPS of $3.47, an increase of 12% YoY.
APD reported Q3 FY2026 sales of $3.16B, up 4.6% YoY, driven by higher on-site volumes across the Americas and Asia. However, GAAP operating loss reached $2.10B due to $2.9B in pre-tax project exit charges from cancelling clean energy projects in Louisiana and Arizona.
Americas segment sales grew 5% YoY to $1.32B on 7% volume growth, Asia segment sales grew 9% YoY to $886M on 6% volume growth, and Europe segment sales increased 6% YoY to $815.7M.
APD ended Q3 FY2026 with $980.5M in cash and cash equivalents and total assets of $40.45B. Year-to-date operating cash flow expanded 65.8% YoY to $3.31B, maintaining a current ratio of 1.08.
Air Products & Chemicals (APD) is next expected to report earnings on Nov 4, 2026. The date comes from the analyst earnings calendar and can shift until the company confirms it.
Expected release date, analyst estimates & what to watch
APD delivered a strong Q2 FY2026 with revenue rising 8.8% YoY to $3.17B and a dramatic swing to profitability, posting net income of $710.4M versus a loss of $1.73B in the prior-year period.
APD delivered solid Q1 FY2026 results with revenue rising 5.8% YoY to $3.1B and operating income surging 14.1% to $734.5M, reflecting improved margins and disciplined cost management despite a significant increase in total liabilities.
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