Revenue Growth Driven by Higher Sales Volume
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: 10-Q Income Statement
该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
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.
营收
31.72亿美元
同比 +8.76%
每股收益（稀释）
3.19美元
同比 +141.06%
营业利润
7.53亿美元
同比 +132.33%
SEC XBRL 原值
Air Products & Chemicals (APD) Q2 FY2026 营收 31.72亿美元，同比增长 8.8%。 营业利润率 23.7%，去年同期为 -79.8%。 APD 的财年 Q2 FY2026 对应日历 Q1 2026。
近 4 个季度：3 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | 3.47 | 3.38 | 超预期 +2.7% |
| 2026年3月本次财报 | 3.20 | 3.10 | 超预期 +3.4% |
| 2025年12月 | 3.16 | 3.08 | 超预期 +2.7% |
| 2025年9月 | 3.39 | 3.42 | 不及预期 -0.8% |
2026年3月 实际 EPS 3.20美元，分析师一致预期 3.10美元，超预期 +3.4%。
由 AI 基于本次 SEC 报告整理
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: 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: 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: 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: 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: 10-Q Cash Flow Statement (YTD)
由 AI 基于本次 SEC 报告整理 · 高 2 中 2 低 1
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: 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: 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: 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: 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: 10-Q Income Statement
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 31.72 亿美元 | 29.16 亿美元 | +8.76% |
营业成本 亿美元 | 21.84 亿美元 | 20.54 亿美元 | +6.35% |
营业利润 亿美元 | 7.53 亿美元 | -23.28 亿美元 | +132.33% |
净利润 亿美元 | 7.10 亿美元 | -17.31 亿美元 | +141.05% |
每股收益（基本） 美元 | 3.19 美元 | -7.77 美元 | +141.06% |
每股收益（稀释） 美元 | 3.19 美元 | -7.77 美元 | +141.06% |
研发费用 万美元 | 2160.00 万美元 | 2290.00 万美元 | -5.68% |
销售及管理费用 亿美元 | 2.27 亿美元 | 2.22 亿美元 | +2.34% |
答案基于本次 SEC 报告与本页数据