Loading
Sentiment · FY2026 Q2
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Both you and Air Products had very strong EBIT growth in Europe. I think for both of you, it was double digits, which was a step-up.”
An analyst notes that Air Products, like Linde, posted double-digit European EBIT growth this quarter, prompting management to attribute the gain mainly to FX and pricing/productivity actions.
“This quarter marked the second full quarter of ownership of the LNG business acquired from Air Products, which continues to grow at accretive sales and margin rates.”
Honeywell's LNG business, acquired from Air Products, continues to perform ahead of expectations with accretive sales and margin growth.
“I think this project, at least from an ammonia producer's perspective, suffers from some of the challenges that we saw with the OCI project, and why we opted not to participate in that, that discussion, which is the hydrogen producer in this case Air Products, is looking to earn a nice return risk free off of the production of hydrogen and enter into take-or-pay agreements with the ammonia loop operator, at something that is a very high operating cost.”
CF explains it passed on partnering in Air Products' hydrogen-to-ammonia project because Air Products' take-or-pay structure locks in a risk-free return for itself at the expense of the ammonia loop operator's gas cost economics.
“Porthos will store approximately 37 million tons of CO2 transported from the Port of Rotterdam from customers such as Air Liquide, Air Products, ExxonMobil and Shell.”
Air Products is one of the industrial customers that will transport captured CO2 through the Porthos project, for which Emerson was selected to provide instrumentation.
“we announced our latest supply contracts with NASA to provide liquid hydrogen to multiple U.S. facilities.”
NASA is a long-standing Air Products customer; the new liquid-hydrogen supply contracts underscore continued aerospace-segment demand.
“we are in advanced negotiations on a marketing and distribution agreement where Yara would distribute and commercialize all the renewable ammonia that is not used by our products to produce green hydrogen in Europe.”
Under the proposed Saudi Arabia arrangement, Yara would distribute and commercialize the renewable ammonia Air Products does not convert to green hydrogen, giving Yara an offtake/distribution role in the project.
“we are in advanced negotiations with Yara International on the low-emission ammonia projects in Saudi Arabia and the U.S.”
Air Products is in advanced negotiations to partner with Yara International on low-emission ammonia projects, a collaboration that would pair Air Products' industrial-gas scope with Yara's ammonia and crop-nutrition network.
“We were really the pioneers in the area, initially with Intel, now with the other players.”
Air Products identifies Intel as its original electronics-gases customer as it describes its position in the fast-growing electronics segment.
“it looks like Air Products just like handed price back to customers and Linde didn't.”
An analyst contrasts Air Products' European pricing with Linde, noting Linde held price and now enjoys a wider margin, a favorable read-through on Linde's European pricing discipline.
“So -- last year, during this quarter, we had contributions from World Energy of about $24 million. That was a onetime item, and we do not expect this headwind to continue moving forward.”
Air Products exited a project tied to World Energy that had contributed about $24 million in prior-year volume; the project's end removes a revenue headwind for Air Products and may reflect a wind-down of World Energy's related sustainable-fuels initiative.
“And we and our potential customers and Total, we are all following this these regulations to decide where we should build this project.”
TotalEnergies is a contracted customer for Air Products' European ammonia-dissociation project starting 2030; both parties are awaiting EU member-state regulatory transposition before deciding where to build the facility.
“For NEOM, you're now delaying the downstream investment until you get regulatory clarity - what does that mean for the agreement with Total?”
Air Products' green hydrogen offtake agreement with Total (for European refinery supply starting 2030) is being delayed pending regulatory clarity in each European country; management confirms the agreement remains in place but downstream investment is paused.
“there was a lawsuit that became public about 2 weeks ago that shows Air Products went World Energy, a good amount of money that World Energy has since defaulted on.”
An analyst raised a recent lawsuit disclosing that World Energy defaulted on money owed to Air Products tied to their SAF joint venture, a data point in tension with management's characterization of the partnership as strong.
“the relationship between Air Products and World Energy is excellent. And we are working in concert, hand-in-hand to make that project a successful investment.”
Air Products characterizes its sustainable aviation fuel joint-venture partnership with World Energy (Paramount, California project, currently on hold pending permits) as strong.
“Various leading companies, including TotalEnergies, as one key example have issued request for quotation, requesting capacity equal to requirements that far exceed the capacity of our green hydrogen project and the construction in NEOM.”
TotalEnergies is cited as an example of major companies issuing large RFQs for green hydrogen capacity that exceed what Air Products' NEOM project can supply, signaling strong latent customer demand.
“we were delighted to announce a 15-year agreement to supply 70,000 tonnes of green hydrogen annually to TotalEnergies beginning in 2030”
Air Products signed a 15-year take-or-pay agreement to supply green hydrogen to TotalEnergies starting 2030, a milestone offtake deal management says validates its clean hydrogen strategy.
Air Products beat the top of guidance with Q1 EPS of $3.16 growing 10% as operating margin expanded 140 basis points on favorable mix and pricing, with broad-based operating income growth across all regions. A Yara partnership was announced for Louisiana and NEOM ammonia distribution, establishing Air Products' downstream pathway for green ammonia monetization. The quarter demonstrated the earnings power of the refocused industrial gas platform.
Capex Investment | Capital Allocation | Margin | Demand | Pricing | Cost Pressure | Supply Chain | Competitive Dynamics | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 9 | 5 | 3 | 3 | 2 | 2 | 1 | 5 |
| 2025Q1 | 3 | 2 | 3 | 3 | 3 | 2 | 2 | |
| 2025Q2 | 10 | 5 | 5 | 1 | 3 | 4 | 1 | 1 |
| 2025Q3 | 5 | 2 | 2 | 3 | 2 | 1 | 2 | 1 |
| 2025Q4 | 11 | 3 | 5 | 4 | 3 | 3 | 2 | 3 |
| 2026Q1 | 10 | 4 | 6 | 6 | 4 | 3 | 2 | 2 |
| 2026Q2 | 5 | 7 | 4 | 5 | 4 | 2 | 5 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|---|
| Capex Investment | 9 | 3 | 10 | 5 | 11 | 10 | 5 |
| Capital Allocation | 5 | 2 | 5 | 2 | 3 | 4 | 7 |
| Margin | 3 | 3 | 5 | 2 | 5 | 6 | 4 |
| Demand | 3 | 3 | 1 | 3 | 4 | 6 | 5 |
| Pricing | 2 | 3 | 3 | 2 | 3 | 4 | 4 |
| Cost Pressure | 2 | 2 | 4 | 1 | 3 | 3 | 2 |
| Supply Chain | 1 | 2 | 1 | 2 | 2 | 2 | 5 |
| Competitive Dynamics | 5 | 1 | 1 | 3 | 2 | 2 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Jeff Zekauskas | JPMorgan | 14 (14%) |
| Patrick Cunningham | Citigroup | 12 (8%) |
| Kevin McCarthy | Vertical Research Partners |
| 10 (0%) |
| Dave Begleiter | Deutsche Bank | 10 (10%) |
| John McNulty | BMO Capital Markets | 10 (30%) |
| Josh Spector | UBS | 10 (10%) |
| Duffy Fischer | Goldman Sachs | 10 (0%) |
| John Roberts | Mizuho Securities | 9 (0%) |
| Chris Parkinson | Wolfe Research | 9 (22%) |
| Vincent Andrews | Morgan Stanley | 6 (17%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 1 | 14 (14%) |
| Citigroup | 1 | 12 (8%) |
| Goldman Sachs | 2 | 12 (0%) |
| Deutsche Bank | 1 | 10 (10%) |
| BMO Capital Markets | 1 | 10 (30%) |
| Vertical Research Partners | 1 | 10 (0%) |
| UBS | 1 | 10 (10%) |
| Wolfe Research | 1 | 9 (22%) |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
APD Air Products | 9 | +8.8% | |
| ALB Albemarle Corporation | 9 | +32.7% | |
| DD DuPont | 6 | -45.2% | |
| ECL Ecolab | 7 | +10.0% | |
| IFF International Flavors & Fragrances | 6 | -3.6% | |
| LIN Linde plc | 9 | +8.3% | |
| LYB LyondellBasell | 4 | -6.3% | |
| PPG PPG Industries | 6 | +6.7% | |
| SHW The Sherwin-Williams Company | 6 | +6.8% |