Inferra AIResearch Tools

Inferra AI / Company / APD

Air Products

APD · Materials

Last earnings Jul 30, 2026  ·  Next earnings Nov 5, 2026

Key results

GAAP operating incomequarter

$791 million

GAAP operating income of $791 million, up seven percent Adjusted EPS* of $3.09, down three percent adjusted

SEC original ↗Air Products — Earnings release (8-K exhibit)EX-99Jul 31, 2025

EPSquarter

$3.09

GAAP operating income of $791 million, up seven percent Adjusted EPS* of $3.09, down three percent adjusted

SEC original ↗Air Products — Earnings release (8-K exhibit)EX-99Jul 31, 2025

(July 31, 2025) - Air Products (NYSE APD) today reported third quarter fiscal 2025 GAAP results, including GAAP EPS of $3.24, up four percent, and GAAP operating income of $791 million, up seven percent, each compared to the prior year.

SEC original ↗Air Products — Earnings release (8-K exhibit)EX-99Jul 31, 2025

Adjusted operating incomequarter

$741 million

For the quarter, on a non-GAAP basis, adjusted operating income of $741 million was flat as higher on-sites, higher non-helium pricing, and lower costs were largely offset by the September 2024 LNG sale, lower global helium demand, and project exits.

SEC original ↗Air Products — Earnings release (8-K exhibit)EX-99Jul 31, 2025

Business Segment Americas revenuequarter

$1.3 billion

-more- Page 2 of 15 Fiscal 2025 Third Quarter Results by Business Segment Americas sales of $1.3 billion were up two percent versus the prior year, as seven percent higher energy cost-pass through and one percent higher pricing were partially offset by six percent lower volumes.

SEC original ↗Air Products — Earnings release (8-K exhibit)EX-99Jul 31, 2025

Operating incomequarter

$374 million

Operating income of $374 million decreased four percent from the prior year as higher costs primarily maintenance-related depreciation previously announced project exits, and helium headwinds were partially offset by favorable non-helium pricing, net of power and fuel costs.

SEC original ↗Air Products — Earnings release (8-K exhibit)EX-99Jul 31, 2025

Operating marginquarter

29.7 percent

Operating margin of 29.7 percent decreased 200 basis points, primarily due to higher energy cost pass-through.

SEC original ↗Air Products — Earnings release (8-K exhibit)EX-99Jul 31, 2025

Operating income of $217 million increased eight percent and operating margin of 26.8 percent increased 150 basis points from the prior year, as favorable costs driven by productivity improvements and lower maintenance were partially offset by lower helium pricing.

SEC original ↗Air Products — Earnings release (8-K exhibit)EX-99Jul 31, 2025

Operating income of $225 million increased 10% from the prior year, primarily on higher non-helium merchant pricing, net of power and fuel costs, and favorable currency.

SEC original ↗Air Products — Earnings release (8-K exhibit)EX-99Jul 31, 2025

AI analysis

Q3 FY2025 · reported Jul 31, 2025

Based on: Earnings release + parent 8-K — transcript not held

EPS · Q3 FY2025
$3.09
EX-99 · Jul 31, 2025
GAAP operating income · Q3 FY2025
$791M
EX-99 · Jul 31, 2025
Adjusted operating income · Q3 FY2025
$741M
EX-99 · Jul 31, 2025
Business Segment Americas revenue · Q3 FY2025
$1.3B
EX-99 · Jul 31, 2025

Headline figures

MetricQ3 FY2025Prior qtrYear ago
GAAP operating income$791 million——
EPS$3.09——
Adjusted operating income$741 million——
Business Segment Americas revenue$1.3 billion——
Operating income$374 million——
Operating margin29.7 percent——

EX-99 · Jul 31, 2025

Guidance · company-stated

EPS

“(A) $8.81 $17.24”

Adjusted EPS

“(A) $3.56 $12.43”

operating income

“for our Corporate and other segment of approximately $25, $35,”

Guidance stated in the release's OUTLOOK table; no direction stated — figures as stated in the table.

Next earningsNov 5, 2026Verified from the company’s own announcement

Margin

Operating margin29.7 percent

Capital allocation

Capex$5B

Air Products expects capital expenditures* of approximately $5 billion for full-year fiscal 2025.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

*Certain results in this release, including in the highlights above, include references to non-GAAP financial measures on a consolidated, continuing operations basis and a segment basis

Based on: Earnings release + parent 8-K — transcript not held

Guidance & outlook

EPS: “EPS (A) $8.81 $17.24”

Adjusted EPS: “Adjusted EPS (A) $3.56 $12.43”

operating income: “operating income for our Corporate and other segment of approximately $25, $35,”

EPS (“OUTLOOK”)
“EPS (A) $8.81 $17.24”

Adjusted EPS (“OUTLOOK”)
“Adjusted EPS (A) $3.56 $12.43”

operating income (“OUTLOOK”)
“operating income for our Corporate and other segment of approximately $25, $35,”

Guidance stated in the release's OUTLOOK table; no direction stated — figures as stated in the table.

Capital allocation

Air Products expects capital expenditures* of approximately $5 billion for full-year fiscal 2025.

SEC original ↗Air Products — Earnings release (8-K exhibit)EX-99Jul 31, 2025

*Management is unable to reconcile, without unreasonable efforts, the Company s forecasted range of adjusted EPS or capital expenditures to a comparable GAAP range.

SEC original ↗Air Products — Earnings release (8-K exhibit)EX-99Jul 31, 2025

Similarly, it is not possible, without unreasonable efforts, to reconcile forecasted capital expenditures to future cash used for investing activities because management is not able to identify the timing or occurrence of future investment activity, which is driven by management's assessment of competing opportunities at the time the Company enters into transactions.

SEC original ↗Air Products — Earnings release (8-K exhibit)EX-99Jul 31, 2025

-more- Page 3 of 15 Cautionary Note Regarding Forward-Looking Statements This release contains forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about earnings and capital expenditure guidance, business outlook and investment opportunities.

SEC original ↗Air Products — Earnings release (8-K exhibit)EX-99Jul 31, 2025

On a consolidated basis, these measures include adjusted operating income, adjusted earnings per share ( EPS ), adjusted EBITDA, and capital expenditures, while on a segment basis, we present adjusted EBITDA.

SEC original ↗Air Products — Earnings release (8-K exhibit)EX-99Jul 31, 2025

Adjusting for the impact of non-service pension components provides management and users of our financial statements with a more accurate representation of our underlying business performance because these components are driven by factors that are unrelated to our operations, such as volatility in equity and debt markets.

SEC original ↗Air Products — Earnings release (8-K exhibit)EX-99Jul 31, 2025

Strategy & priorities

We are staying focused on our cost productivity efforts, pricing, operational excellence and capital discipline.

SEC original ↗Air Products — Earnings release (8-K exhibit)EX-99Jul 31, 2025

About Air Products Air Products (NYSE APD) is a world-leading industrial gases company in operation for over 80 years focused on serving energy, environmental, and emerging markets and generating a cleaner future.

SEC original ↗Air Products — Earnings release (8-K exhibit)EX-99Jul 31, 2025

Risks & headwinds

Operating income of $374 million decreased four percent from the prior year as higher costs primarily maintenance-related depreciation previously announced project exits, and helium headwinds were partially offset by favorable non-helium pricing, net of power and fuel costs.

SEC original ↗Air Products — Earnings release (8-K exhibit)EX-99Jul 31, 2025

This headwind was partially offset by lower costs related to sale of equipment and productivity improvements.

SEC original ↗Air Products — Earnings release (8-K exhibit)EX-99Jul 31, 2025

Competitors

Competitors & peers

Named in the company’s own filings

Global Industrial Co (GIC)“Each of the regional industrial gases segments competes against three global industrial gas companies: Air Liquide S.A., Linde plc, and Messer Group GmbH, as well as regional competitors.”Linde plc (LIN)“Each of the regional industrial gases segments competes against three global industrial gas companies: Air Liquide S.A., Linde plc, and Messer Group GmbH, as well as regional competitors.”
Documents

Filings

68 documents

Earnings releases

21 documents

Presentations

0 documents

No presentations for Air Products are held in this edition of the library.

Transcripts

0 documents

No transcripts for Air Products are held in this edition of the library.

Mentioned by

3 companies

Other tracked companies whose held documents mention Air Products by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.