Air Products & Chemicals (APD) Q1 FY2026 earnings: revenue $3.1 billion, up 5.8% on the year
Air Products & Chemicals, Inc. (APD) reported revenue of $3.1 billion for Q1 FY2026, the quarter ended 31 December 2025, up 5.8% on the same quarter a year earlier. Net income was $678 million, up 9.8% on the year, and diluted earnings per share $3.04. The figures are the company's own, from the 10-Q it filed with the SEC on 30 January 2026.
Revenue
$3.1 billion
+5.8% on the year · -2.0% on the quarter
Q2 FY2024Q1 FY2026
Operating margin
23.7%
22.0% a year earlier
Q2 FY2024Q1 FY2026
Net income
$678 million
+9.8% on the year · +13,740.8% on the quarter
Q2 FY2024Q1 FY2026
Diluted EPS
$3.04
+9.7% on the year · +15,100.0% on the quarter
Q2 FY2024Q1 FY2026
this quarterthe same quarter a year earlierHover a bar for its figure.
What management said
Guidance figures: 1 new, 2 kept.
Adjusted EPS above guidance top end: Adjusted EPS was $3.16, up 10 percent, above the top of the $2.95 to $3.10 first-quarter guidance given in the prior release. Adjusted operating income was $757 million.
Operating income rose on mix and pricing: GAAP operating income was $735 million, up 14 percent, attributed to business mix, non-helium pricing net of power and fuel costs, and lower costs.
Europe sales and profit grew: Europe operating income was $224 million, up 20 percent, with operating margin of 28.6 percent, up 190 basis points. Currency, volumes and pricing were the main drivers.
$ million except per share. Read moreFourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
Q1 FY2026
Q4 FY2025
Q1 FY2025
On the quarter
On the year
Last 8 quarters
Operating cash flow
901
n/a
812
+11.0%
Capital expenditure
1,251
1,518
2,118
-17.6%
-40.9%
Free cash flow
-350
n/a
-1,306
Free cash flow margin
-11.3%
n/a
-44.5%
Cash from investing
-1,243
n/a
-2,182
Cash from financing
-490
n/a
274
Depreciation and amortisation
371
413
367
-10.2%
+1.1%
Share-based compensation
10.6
10.7
16.4
-0.9%
-35.4%
Dividends paid
398
398
394
0.0%
+1.2%
Dividend per share
$1.79
n/a
$1.77
+1.1%
Diluted shares, weighted
223m
223m
223m
+0.1%
0.0%
Shares outstanding at period end
223m
223m
222m
+0.0%
+0.1%
Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.
Balance sheet
$ million
Q1 FY2026
Q4 FY2025
Q1 FY2025
On the quarter
On the year
Last 8 quarters
Shareholders' equity
15,411
15,025
16,692
+2.6%
-7.7%
Non-controlling interest
2,426
2,325
2,046
+4.3%
+18.5%
Short-term borrowings
n/a
34.7
n/a
Debt
17,532
17,996
14,470
-2.6%
+21.2%
Operating lease liabilities
607
616
655
-1.5%
-7.3%
Other liabilities
5,265
5,063
6,153
+4.0%
-14.4%
Total liabilities and equity
41,241
41,060
40,017
+0.4%
+3.1%
Fixed assets
26,142
25,338
24,731
+3.2%
+5.7%
Goodwill
972
964
866
+0.8%
+12.1%
Intangible assets
294
294
288
+0.3%
+2.4%
Investments
n/a
0.0
118
Cash and equivalents
1,026
1,856
1,846
-44.7%
-44.4%
Receivables
1,895
1,901
1,807
-0.3%
+4.8%
Inventory
788
776
739
+1.5%
+6.6%
Other assets
10,123
9,931
9,623
+1.9%
+5.2%
Total assets
41,241
41,060
40,017
+0.4%
+3.1%
Questions
What was Air Products & Chemicals' revenue in Q1 FY2026?
Air Products & Chemicals (APD) reported revenue of $3.1 billion for Q1 FY2026, the quarter ended 31 December 2025, up 5.8% on the same quarter a year earlier.
How much did Air Products & Chemicals earn in Q1 FY2026?
Net income for Q1 FY2026 was $678 million, up 9.8% on the year, and diluted earnings per share $3.04.
When did Air Products & Chemicals report Q1 FY2026 results?
Air Products & Chemicals filed its 10-Q for the quarter ended 31 December 2025 with the SEC on 30 January 2026.
Each quarter as filed, linked to its filing. Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.
10-Q for the period ended 31 December 2025, filed 30 January 2026: the filing.