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Sentiment · FY2026 Q3
| 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 | 16 (13%) |
| Patrick Cunningham | Citigroup | 13 (15%) |
| Duffy Fischer | Goldman Sachs | 13 (0%) |
| Kevin McCarthy | Vertical Research Partners | 12 (0%) |
| Dave Begleiter | Deutsche Bank | 12 (25%) |
| Josh Spector | UBS | 11 (18%) |
| Chris Parkinson | Wolfe Research | 11 (18%) |
| John McNulty | BMO Capital Markets | 11 (27%) |
| John Roberts | Mizuho Securities | 10 (0%) |
| James Hooper | Bernstein | 7 (0%) |
| 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 | 16 (13%) |
| Citigroup | 1 | 13 (15%) |
| Goldman Sachs | 1 | 13 (0%) |
| Deutsche Bank | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $3.19B | -0.1% | $8.75 | +181.4% | 34.0% | 76.1% | 61.2% | $-1.12B |
| FY2025 Q1 | $2.93B | -2.2% | $2.77 | +1.5% | 31.2% | 22.0% | 21.1% | $-1.31B |
| FY2025 Q2 | $2.92B | -0.5% | $-7.77 |
| 12 (25%) |
| Vertical Research Partners | 1 | 12 (0%) |
| UBS | 1 | 11 (18%) |
| BMO Capital Markets | 1 | 11 (27%) |
| Wolfe Research | 1 | 11 (18%) |
Air Products delivered Q2 EPS of $3.20 growing 19% as sales rose 9% driven by volume-led growth across the core industrial gas portfolio, the strongest top-line performance in several quarters. A helium supply disruption from the Middle East conflict created a mixed impact on pricing and availability. The electronics super cycle drove investment expansion as semiconductor fabrication demand for industrial gases accelerated.
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 |
| -402.3% |
| 29.6% |
| -79.8% |
| -59.3% |
| $-1.56B |
| FY2025 Q3 | $3.02B | +1.3% | $3.20 | +2.2% | 32.5% | 26.2% | 23.6% | $-640M |
| FY2025 Q4 | $3.17B | -0.6% | $0.02 | -99.7% | 32.3% | 0.5% | 0.2% | $-257M |
| FY2026 Q1 | $3.10B | +5.8% | $3.04 | +9.7% | 32.1% | 23.7% | 21.9% | $-351M |
| FY2026 Q2 | $3.17B | +8.8% | $3.19 | +141.1% | 31.1% | 23.7% | 22.4% | $2.35B |
| FY2026 Q3 | $3.16B | +4.6% | $-6.46 | -301.9% | 32.8% | -66.3% | -45.6% | $310M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What APD and other companies said about each other on FY2026 Q2 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“We were very proud to be part of the recent NASA Artemis 2 mission where our products supply liquid hydrogen and liquid helium using our proprietary liquid helium pumps.”
Air Products supplied liquid hydrogen and liquid helium to NASA's Artemis 2 mission, underscoring an ongoing aerospace/space-launch customer relationship.
“considering you, I believe, did $900 million to build some in TSMC, does that imply that the multi-stages for Samsung would be in excess of that amount.”
An analyst references Air Products' roughly $900 million industrial-gas build for TSMC as a benchmark for the larger Samsung project, implying continued large semiconductor gas capex.
“in addition to our long-term partnerships in Algeria with Sonatrach and in Qatar with Qatar Energy.”
Qatar Energy is a long-term helium supply partner in Qatar; that supply was curtailed by the Middle East conflict, forcing Air Products onto contingency sources.
“in addition to our long-term partnerships in Algeria with Sonatrach and in Qatar with Qatar Energy.”
Sonatrach is a long-term helium supply partner for Air Products in Algeria, part of its resilient multi-source helium supply chain.
“the project we announced yesterday to build, own and operate multiple production facilities in both specialty gas supply systems for a new advanced fab with Samsung in South Korea.”
Air Products' largest-ever electronics investment supplies industrial gases to a new Samsung advanced semiconductor fab in South Korea, signaling major Samsung fab expansion.
“On NEOM, negotiations on a marketing and distribution agreement with Yara are progressing in line with expectations.”
Air Products is negotiating a marketing and distribution agreement with Yara for offtake from its NEOM green ammonia project, positioning Yara as a key downstream partner.
| 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% |