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AI核心结论
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.
营业收入
$3.17B
同比 ++8.76%
每股收益（基本）
$3.19
同比 ++141.06%
营业利润
$752.7M
同比 ++132.33%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Air Products & Chemicals (APD) Q2 FY2026 营收 $3.17B，同比增长 8.8%。 净利润 $710.4M，稀释每股收益 $3.19。
APD's revenue increased 8.8% YoY to $3.17B in Q2 FY2026, up from $2.92B in Q2 FY2025, reflecting stronger demand across its industrial gas segments and improved pricing dynamics.
来源: Source: 10-Q Income Statement
Operating income swung to $752.7M from a loss of $2.33B in the prior-year quarter, representing a 132.3% YoY improvement, driven by the absence of large impairment or restructuring charges that weighed on the prior period.
来源: Source: 10-Q Income Statement
Cost of revenue rose 6.4% YoY to $2.18B, a slower pace than revenue growth of 8.8%, indicating modest gross margin improvement as APD benefited from operating leverage in its asset-heavy business model.
来源: Source: 10-Q Income Statement
Fiscal year-to-date operating cash flow surged 75.9% YoY to $2.00B, compared to $1.14B in the same period last year, underscoring the company's robust cash generation capability from its long-term take-or-pay contracts.
来源: Source: 10-Q Cash Flow Statement (YTD)
YTD investing cash outflows declined 47.5% to $2.32B from $4.42B, suggesting a moderation in capital spending pace compared to the prior year's heavy investment cycle, which may reflect project completions or timing of large-scale hydrogen and clean energy projects.
来源: Source: 10-Q Cash Flow Statement (YTD)
APD's debt-to-equity ratio stands at 1.50, reflecting significant financial leverage on its $41.6B asset base. The company's large-scale capital projects in hydrogen and clean energy require sustained debt financing, which could pressure the balance sheet if project returns disappoint or interest rates remain elevated.
来源: Source: 10-Q Balance Sheet
YTD investing cash outflows of $2.32B highlight APD's ongoing commitment to large capital projects. Delays, cost overruns, or demand shortfalls in hydrogen infrastructure could impair returns on invested capital and weigh on future earnings.
来源: Source: 10-Q Cash Flow Statement (YTD)
Cash and equivalents fell 36.2% YoY to $951M, reducing the company's liquidity buffer. While operating cash flow is strong, the declining cash balance alongside high capital expenditure requirements could limit financial flexibility in a downturn.
来源: Source: 10-Q Balance Sheet
R&D expense declined 5.7% YoY to $21.6M, a relatively small figure for a company pursuing cutting-edge hydrogen and clean energy technologies. Underinvestment in R&D could hinder APD's ability to maintain technological leadership in emerging energy markets.
来源: Source: 10-Q Income Statement
SG&A expenses rose 2.3% YoY to $227.2M, slightly outpacing inflation. While manageable currently, continued growth in overhead costs without commensurate revenue expansion could compress operating margins over time.
来源: Source: 10-Q Income Statement
Q2 FY2026 实际 EPS $3.20，分析师一致预期 $3.10，超预期 +3.4%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $3.17B | $2.92B | +8.76% |
营业成本 | $2.18B | $2.05B | +6.35% |
营业利润 | $752.7M | $-2.33B | +132.33% |
净利润 | $710.4M | $-1.73B | +141.05% |
每股收益（基本） | $3.19 | $-7.77 | +141.06% |
每股收益（稀释） | $3.19 | $-7.77 | +141.06% |
研发费用 | $21.6M | $22.9M | -5.68% |
销售及管理费用 | $227.2M | $222M | +2.34% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $41.64B | $38.87B | +7.13% |
流动资产 | $5.01B | $5.19B | -3.37% |
总负债 | $23.49B | $22.09B | +6.34% |
流动负债 | $3.51B | $5.21B | -32.57% |
股东权益 | $15.65B | $14.7B | +6.44% |
现金及等价物 | $951M | $1.49B | -36.23% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流YTD | $2B | $1.14B | +75.86% |
投资活动现金流YTD | $-2.32B | $-4.42B | +47.53% |
筹资活动现金流YTD | $-591.1M | $1.83B | -132.39% |
折旧及摊销YTD | $745.7M | $750.4M | -0.63% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 23.7% | -79.8% | +103.56% |
净利率 | 22.4% | — | — |
净资产收益率 | 4.5% | — | — |
总资产收益率 | 1.7% | — | — |
流动比率 | $1.427 | — | — |
资产负债率 | $1.501 | — | — |
APD reported Q2 FY2026 EPS of $3.19 (basic and diluted) and net income of $710.4M, a dramatic improvement from a loss of $1.73B in Q2 FY2025. The filing does not include analyst consensus estimates, so a formal beat/miss comparison is not available from this document alone.
APD's Q2 FY2026 results highlighted an 8.8% revenue increase to $3.17B and a sharp return to profitability with $710.4M in net income versus a prior-year loss. YTD operating cash flow surged 75.9% to $2.0B, while capital spending moderated, suggesting improving cash generation dynamics.
APD's revenue grew 8.8% YoY to $3.17B in Q2 FY2026, up from $2.92B in Q2 FY2025, driven by stronger industrial gas demand and improved pricing. Cost of revenue grew at a slower 6.4% pace, resulting in gross profit expansion.
Based on the financial data, key risks include APD's high debt-to-equity ratio of 1.50 reflecting significant leverage, execution risk on large capital-intensive hydrogen and clean energy projects, and a 36.2% YoY decline in cash to $951M that reduces liquidity headroom. These risks are inherent to APD's growth strategy of building large-scale clean energy infrastructure.
APD's financial health appears solid, with a current ratio of 1.43 indicating adequate short-term liquidity, strong YTD operating cash flow of $2.0B, and stockholders' equity of $15.6B. However, the debt-to-equity ratio of 1.50 and negative YTD free cash flow of approximately -$314M reflect the capital-intensive nature of its ongoing investment program.