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Top analysts & firms
All analyzed callsNot limited to the selected quarter · analysts and firms with 2 or more questions
What does “challenging” mean?
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Most active analysts
Analyst
Firm
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Filed after the FY2026 Q2 call day (Apr 30, 2026) through the next call day (Jul 30, 2026)From SEC 8-K filings
No 8-K events recorded for this window.
Quarter in detail
· FY2026 Q2
Macro signals
↓Trade & Tariffs↑AI & Tech→Supply Chain
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.
Key themes
7
positive📊 company
Volume-Driven Revenue And Earnings Growth
Sales up 9% with operating income growing 19% on improved volumes, currency and lower costs. EPS of $3.20 increased 19% from prior year, exceeding guidance range top end.
Revenue GrowthDemand
mixed🏢 sector
Helium Supply Disruption From Middle East Conflict
Qatar helium supply curtailed representing 1/3 of world volume. APD activated Texas storage cavern and ISO container fleet. Helium pricing remains a headwind but volumes better than expected.
Supply ChainPricing
positive📊 company
Electronics Super Cycle Investment Expansion
Announced largest-ever electronics investment with Samsung in South Korea. Executing approximately $1 billion in ASU and hydrogen projects in Asia with $1.5 billion to $2 billion expected to be added to backlog in next 6 months.
Capex InvestmentCloud & AI
positive📊 company
Operating Margin Expansion And Productivity
Operating margin expanded over 200 basis points to 23.7% despite 50 basis point headwind from energy pass-through. Recognized approximately $50 million in savings year-to-date from head count reduction.
MarginCost Pressure
mixed📊 company
NEOM Green Hydrogen Project Progress
Renewable power side complete with substation energized. Yara marketing and distribution negotiations progressing. Project not impacted by Middle East conflict but long-term green ammonia demand uncertain.
Innovation & R&DCapital Allocation
negative📊 company
Darrow Louisiana Project Uncertainty
Base case remains not moving forward. Reviewing construction bids from EPC firms with go/no-go decision expected by middle of calendar year. Plant configuration with 3 trains in one process area makes downsizing impractical.
Capital AllocationCapex Investment
positive📊 company
Aerospace And Space Launch Growth
Continued volume improvement in launches, engine testing and manufacturing. Supplied liquid hydrogen and liquid helium for NASA Artemis 2 mission. New ASU investment in Florida for space launch customers.
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.
PositiveVolume-Driven Revenue And Earnings Growth
MixedHelium Supply Disruption From Middle East Conflict
PositiveElectronics Super Cycle Investment Expansion
Analyst challenge ratePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. · all analyzed quarters
14%company-level, not the selected quarter
GAAP revenue YoY +8.76% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
▸How this score was built
Base7Base 7GAAP revenue YoY +8.76% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean, no distortion. Sales up 9% consistent with 8.76%.
Share price · trailing year
daily closes, last 12 months — not scoped to the selected quarter · dots mark earnings calls, colored by that quarter’s score
Sources.Tellvest earnings-call sentiment score for Air Products (APD), FY2026 Q2: 9/10. Scores: Air Products’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: APD daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Key financials
FY2026 Q2 selectedReported GAAP figures from SEC filings
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Quarter
Revenue
Rev YoY
EPS
EPS YoY
Op margin
Net margin
FCF
FY2024 Q4
$3.19B
-0.1%
$8.75
+181.4%
76.1%
61.2%
$-1.12B
FY2025 Q1
$2.93B
-2.2%
$2.77
+1.5%
22.0%
21.1%
$-1.31B
FY2025 Q2
$2.92B
-0.5%
$-7.77
-402.3%
-79.8%
-59.3%
$-1.56B
FY2025 Q3
$3.02B
+1.2%
$3.20
+2.2%
26.2%
23.6%
$-640M
FY2025 Q4
$3.17B
-0.6%
$0.02
-99.8%
0.5%
0.2%
$-257M
FY2026 Q1
$3.10B
+5.8%
$3.04
+9.7%
23.7%
21.9%
$-351M
FY2026 Q2Selected
$3.17B
+8.8%
$3.19
+141.1%
23.7%
22.4%
$-4M
FY2026 Q3
$3.16B
+4.6%
$-6.47
-302.2%
-66.3%
-45.6%
$310M
As stated by management
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).
EPS
“Earnings per share of $3.20 increased 19% compared to the prior year quarter”
Revenue
+
EPS+1EPS +1Turnaround from loss: FY2025-Q2 GAAP EPS was -$7.77 (massive ~$3B impairment charge), current $3.19. GAAP EPS YoY 141.06% and operating income YoY 132.33% are both mathematically meaningless due to base-year impairment (qualifying charge on closed list). Management reports adjusted EPS of $3.20, up 19% from prior year adjusted $2.69. Adjusted EPS spread: 19.0 - 8.76 = +10.24 percentage points (outside +5 percentage points). Ex-charge Operating income cross-check: prior-year ex-impairment OI ~$637M, current $752.7M, ex-charge operating income YoY ~+18.2%, spread +9.4 percentage points (outside +5 percentage points, same direction, confirms). Both outside +5 percentage points, same direction. -> +1.
Base7Base 7GAAP revenue YoY +8.76% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean, no distortion. Sales up 9% consistent with 8.76%.+EPS+1EPS +1Turnaround from loss: FY2025-Q2 GAAP EPS was -$7.77 (massive ~$3B impairment charge), current $3.19. GAAP EPS YoY 141.06% and operating income YoY 132.33% are both mathematically meaningless due to base-year impairment (qualifying charge on closed list). Management reports adjusted EPS of $3.20, up 19% from prior year adjusted $2.69. Adjusted EPS spread: 19.0 - 8.76 = +10.24 percentage points (outside +5 percentage points). Ex-charge Operating income cross-check: prior-year ex-impairment OI ~$637M, current $752.7M, ex-charge operating income YoY ~+18.2%, spread +9.4 percentage points (outside +5 percentage points, same direction, confirms). Both outside +5 percentage points, same direction. -> +1.+Guidance+1Guidance +1FY2026 EPS guidance raised from $12.85-$13.15 (mid $13.00) to $13.00-$13.25 (mid $13.125). Change: ($13.125 - $13.00) / $13.00 = +0.96% -> raised <3% -> +1.=Final9
“Sales were up 9%”
Guidance
“raising our fiscal full year guidance to $13 to $13.25 or 8% to 10% growth from the prior year”
Key metric
“operating margin expanded over 200 basis points to 23.7%”
Mentions
Calendar Q1 2026
What APD said about other companies on its FY2026 Q2 call, and what other companies said about APD on their calls covering the same calendar quarter (Q1 2026). Each company's own fiscal quarter is shown next to its name. Extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
Companies APD discussed
6 mentions
NASANot covered by TellvestFY2026 Q2Customer
“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.
Qatar EnergyNot covered by TellvestFY2026 Q2Supplier
“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.
SonatrachNot covered by TellvestFY2026 Q2Supplier
“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.
SamsungNot covered by TellvestFY2026 Q2Customer
“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.
YaraNot covered by TellvestFY2026 Q2Partner
“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.
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
Sales surged 8% to $8.8 billion with EPS of $4.33 up 10%, or 5% excluding favorable currency translation, as margin expansion tracked at the upper end of the range
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
Sales surged 8% to $8.8 billion with EPS of $4.33 up 10%, or 5% excluding favorable currency translation, as margin expansion tracked at the upper end of the range