GAAP Loss Driven by $2.9B Clean Energy Project Exit Charges
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.
Core Operational Strength Boosts Non-GAAP Operating Income
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.
Regional Segment Revenue Growth Led by Volume in Americas and Asia
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.