Air Products & Chemicals (APD) Q2 FY2026 earnings: revenue $3.2 billion, up 8.8% on the year

Air Products & Chemicals, Inc. (APD) reported revenue of $3.2 billion for Q2 FY2026, the quarter ended 31 March 2026, up 8.8% on the same quarter a year earlier. Net income was $710 million, and diluted earnings per share $3.19. The figures are the company's own, from the 10-Q it filed with the SEC on 30 April 2026.

Revenue

$3.2 billion

+8.8% on the year · +2.2% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

23.7%

-79.8% a year earlier

Q3 FY2024Q2 FY2026

Net income

$710 million

+4.7% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$3.19

+4.9% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 1 new, 1 kept.

Adjusted EPS rose 19 percent: Adjusted EPS of $3.20 and adjusted operating income of $753 million each rose 19 percent, and adjusted EPS was above the top of the prior $2.95 to $3.10 guidance.
On-site volumes drove profit: Adjusted operating income growth was attributed to higher on-site volumes, favorable currency, and lower costs from productivity and depreciation, net of fixed-cost inflation and higher Americas maintenance.
Adjusted operating margin rose to 23.7%: Adjusted operating margin was 23.7 percent against 21.6 percent a year earlier, driven by volumes and productivity, partly offset by energy cost pass-through and price.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	3,172	3,102	2,916	+2.2%	+8.8%
Cost of revenue	2,184	2,108	2,054	+3.6%	+6.4%
Gross profit	987	995	862	-0.8%	+14.5%
Gross margin	31.1%	32.1%	29.6%
Research and development	21.6	20.4	22.9	+5.9%	-5.7%
Selling, general and administrative	227	229	222	-0.7%	+2.3%
Operating income	753	734	-2,328	+2.5%
Operating margin	23.7%	23.7%	-79.8%
Interest expense	49.5	54.5	42.2	-9.2%	+17.3%
Pre-tax income	884	851	-2,243	+3.8%
Income tax	159	159	-506	-0.4%
Effective tax rate	18.0%	18.7%	n/a
Net income	710	678	-1,731	+4.7%
Net margin	22.4%	21.9%	-59.3%
Diluted EPS	$3.19	$3.04	-$7.77	+4.9%

$ million except per share.

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	1,104	901	328	+22.5%	+236.4%
Capital expenditure	1,108	1,251	1,892	-11.5%	-41.4%
Free cash flow	-3.9	-350	-1,563
Free cash flow margin	-0.1%	-11.3%	-53.6%
Cash from investing	-1,076	-1,243	-2,237
Cash from financing	-101	-490	1,551
Depreciation and amortisation	375	371	384	+1.2%	-2.2%
Share-based compensation	16.0	10.6	38.3	+50.9%	-58.2%
Dividends paid	399	398	394	+0.1%	+1.2%
Dividend per share	$1.81	$1.79	$1.79	+1.1%	+1.1%
Diluted shares, weighted	223m	223m	223m	0.0%	+0.0%
Shares outstanding at period end	223m	223m	223m	+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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	15,650	15,411	14,703	+1.5%	+6.4%
Non-controlling interest	2,500	2,426	2,076	+3.1%	+20.4%
Debt	17,758	17,532	15,858	+1.3%	+12.0%
Operating lease liabilities	600	607	637	-1.1%	-5.9%
Other liabilities	5,137	5,265	5,598	-2.4%	-8.2%
Total liabilities and equity	41,645	41,241	38,873	+1.0%	+7.1%
Fixed assets	26,694	26,142	24,033	+2.1%	+11.1%
Goodwill	959	972	887	-1.3%	+8.1%
Intangible assets	284	294	282	-3.7%	+0.7%
Investments	n/a	n/a	111
Cash and equivalents	951	1,026	1,491	-7.3%	-36.2%
Receivables	1,938	1,895	1,846	+2.3%	+5.0%
Inventory	768	788	770	-2.6%	-0.2%
Other assets	10,052	10,123	9,452	-0.7%	+6.3%
Total assets	41,645	41,241	38,873	+1.0%	+7.1%

Questions

What was Air Products & Chemicals' revenue in Q2 FY2026?

Air Products & Chemicals (APD) reported revenue of $3.2 billion for Q2 FY2026, the quarter ended 31 March 2026, up 8.8% on the same quarter a year earlier.

How much did Air Products & Chemicals earn in Q2 FY2026?

Net income for Q2 FY2026 was $710 million, and diluted earnings per share $3.19.

When did Air Products & Chemicals report Q2 FY2026 results?

Air Products & Chemicals filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 30 April 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,841	2,994	2,945	3,189	3,570	3,175	3,200	3,034	3,191	2,997	2,930	2,986	3,188	2,932	2,916	3,023	3,167	3,102	3,172	3,161
Cost of revenue	2,006	2,224	2,152	2,342	2,621	2,272	2,283	2,071	2,207	2,067	1,992	2,006	2,104	2,016	2,054	2,040	2,146	2,108	2,184	2,125
Gross profit	835	771	794	847	949	902	917	963	984	930	939	980	1,083	915	862	983	1,021	995	987	1,036
Gross margin	29%	26%	27%	27%	27%	28%	29%	32%	31%	31%	32%	33%	34%	31%	30%	33%	32%	32%	31%	33%
R&D	25.7	23.3	23.7	24.8	31.1	24.4	27.2	29.3	24.7	25.7	25.4	27.0	22.1	22.0	22.9	24.1	27.3	20.4	21.6	21.5
SG&A	202	233	227	217	224	234	251	239	233	238	241	235	228	242	222	223	219	229	227	219
Operating income	617	523	562	627	626	652	460	644	739	667	637	738	2,424	644	-2,328	791	16.8	734	753	-2,097
Operating margin	22%	17%	19%	20%	18%	21%	14%	21%	23%	22%	22%	25%	76%	22%	-80%	26%	1%	24%	24%	-66%
Interest expense	33.4	30.5	32.3	32.7	32.5	41.2	40.9	47.4	48.0	53.5	59.9	55.7	49.7	42.6	42.2	61.4	67.8	54.5	49.5	49.4
Pre-tax income	692	663	660	721	711	720	571	750	841	757	711	850	2,503	790	-2,243	891	121	851	884	-1,938
Tax rate	18%	17%	19%	19%	18%	19%	21%	19%	18%	18%	18%	17%	22%	18%	n/a	18%	92%	19%	18%	n/a
Net income	610	560	530	582	583	572	440	596	693	609	572	697	1,950	617	-1,731	714	4.9	678	710	-1,441
Net margin	21%	19%	18%	18%	16%	18%	14%	20%	22%	20%	20%	23%	61%	21%	-59%	24%	0%	22%	22%	-46%
Diluted EPS	$2.73	$2.52	$2.38	$2.62	$2.62	$2.57	$1.97	$2.67	$3.11	$2.73	$2.57	$3.13	$8.75	$2.77	-$7.77	$3.20	$0.02	$3.04	$3.19	-$6.47
Operating cash flow	n/a	785	520	908	n/a	719	639	845	n/a	627	802	1,261	n/a	812	328	856	n/a	901	1,104	1,305
Capital expenditure	616	664	770	706	787	834	1,007	1,322	1,463	1,446	1,669	1,607	2,075	2,118	1,892	1,496	1,518	1,251	1,108	996
Free cash flow	n/a	121	-250	203	n/a	-115	-368	-477	n/a	-819	-868	-345	n/a	-1,306	-1,563	-640	n/a	-350	-3.9	310
Dividends paid	332	332	333	359	359	359	360	389	389	389	389	394	394	394	394	398	398	398	399	403
Shares outstanding	221m	222m	222m	222m	222m	222m	222m	222m	222m	222m	222m	222m	222m	222m	223m	223m	223m	223m	223m	223m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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 March 2026, filed 30 April 2026: the filing.