The earnings call presented a mixed picture. While Air Products exceeded EPS guidance and made strides in cost savings and digital transformation, it faced challenges with declining sales volume, helium demand weakness, and project exits. Economic uncertainties continue to pose risks.

Company Guidance -

Q4 2025

During the Air Products' Third Quarter 2025 Earnings Release Conference Call, the company provided detailed financial guidance and updates on their strategic initiatives. The adjusted earnings per share (EPS) of $3.09 surpassed their guidance range of $2.90 to $3.00, despite a 4% decline in sales volume primarily due to the sale of the LNG business and lower helium demand. They maintained their fiscal full-year adjusted EPS guidance at $11.90 to $12.10 and projected capital expenditures of approximately $5 billion for the year. The company highlighted a global cost reduction plan aimed at achieving annual savings between $185 million and $195 million, and reaffirmed their commitment to achieving operating margins of 30% and a return on capital employed (ROCE) in the mid- to high-teens by 2030. They also emphasized ongoing investments in AI and digital transformation to drive productivity. The potential for growth in their core industrial gas business, particularly in hydrogen and electronics, was underscored, along with disciplined capital allocation strategies.

Exceeded EPS Guidance

Adjusted earnings per share of $3.09 exceeded the upper end of guidance ($2.90 to $3.00).

Cost Savings and Productivity Initiatives

Annual savings from global cost reduction plan expected to be $185 million to $195 million. Current productivity actions have already realized significant savings with further reductions in SG&A as a percentage of sales.

Digital Transformation and AI Initiatives

Investments in AI and digital tools are expected to significantly change operations, particularly in energy management.

Strong Base Business Performance

Despite significant global headwinds, the base business showed resilience with continued pricing strength in non-helium products across all regions.

Air Products and Chemicals (APD) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

APD Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 06, 2025	2025 (Q4)	3.40 / -	3.56	―	―	―
Jul 31, 2025	2025 (Q3)	3.00 / 3.09	3.2	-3.44% (-0.11)
May 01, 2025	2025 (Q2)	2.83 / 2.69	2.85	-5.61% (-0.16)
Feb 06, 2025	2025 (Q1)	2.86 / 2.86	2.82	1.42% (+0.04)
Nov 07, 2024	2024 (Q4)	3.48 / 3.56	3.15	13.02% (+0.41)
Aug 01, 2024	2024 (Q3)	3.03 / 3.20	2.98	7.38% (+0.22)
Apr 30, 2024	2024 (Q2)	2.70 / 2.85	2.74	4.01% (+0.11)
Feb 05, 2024	2024 (Q1)	2.98 / 2.82	2.64	6.82% (+0.18)
Nov 07, 2023	2023 (Q4)	3.11 / 3.15	2.89	9.00% (+0.26)
Aug 03, 2023	2023 (Q3)	2.92 / 2.98	2.62	13.74% (+0.36)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

APD Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 31, 2025	$290.13	$287.88	-0.78%
May 01, 2025	$269.37	$270.43	+0.39%
Feb 06, 2025	$329.03	$324.07	-1.51%
Nov 07, 2024	$301.08	$307.06	+1.99%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.