Air Products & Chemicals (APD) Q3 FY2026 earnings: revenue $3.2 billion, up 4.6% on the year

Air Products & Chemicals, Inc. (APD) reported revenue of $3.2 billion for Q3 FY2026, the quarter ended 30 June 2026, up 4.6% on the same quarter a year earlier. Net income was -$1.4 billion, and diluted earnings per share $-6.47. The figures are the company's own, from the 10-Q it filed with the SEC on 30 July 2026.

Revenue

$3.2 billion

+4.6% on the year · -0.3% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

-66.3%

26.2% a year earlier

Q4 FY2024Q3 FY2026

Net income

-$1.4 billion

Q4 FY2024Q3 FY2026

Diluted EPS

-$6.47

Q4 FY2024Q3 FY2026

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

What management said

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

Adjusted EPS up 12 percent: Adjusted EPS was $3.47, up 12 percent from $3.09, and benefited from higher equity affiliates' income. The figure exceeded the top of the prior third-quarter guidance of $3.25 to $3.35.
Adjusted operating income up nine percent: Adjusted operating income was $810 million, up nine percent, on higher on-site volumes, favorable currency and higher pricing, partly offset by higher costs. Adjusted operating margin was 25.6 percent, up 110 basis points.
GAAP loss driven by project charges: GAAP operating loss was $2.1 billion and GAAP loss per share was $6.47, driven by about $2.9 billion pre-tax of charges for project exits announced June 30, 2026.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	3,161	3,172	3,023	-0.3%	+4.6%
Cost of revenue	2,125	2,184	2,040	-2.7%	+4.2%
Gross profit	1,036	987	983	+4.9%	+5.4%
Gross margin	32.8%	31.1%	32.5%
Research and development	21.5	21.6	24.1	-0.5%	-10.8%
Selling, general and administrative	219	227	223	-3.6%	-1.6%
Operating income	-2,097	753	791
Operating margin	-66.3%	23.7%	26.2%
Interest expense	49.4	49.5	61.4	-0.2%	-19.5%
Pre-tax income	-1,938	884	891
Income tax	-515	159	160
Effective tax rate	n/a	18.0%	17.9%
Net income	-1,441	710	714
Net margin	-45.6%	22.4%	23.6%
Diluted EPS	-$6.47	$3.19	$3.20

$ 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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	1,305	1,104	856	+18.3%	+52.5%
Capital expenditure	996	1,108	1,496	-10.1%	-33.4%
Free cash flow	310	-3.9	-640
Free cash flow margin	9.8%	-0.1%	-21.2%
Cash from investing	-993	-1,076	-1,262
Cash from financing	-285	-101	1,209
Depreciation and amortisation	385	375	401	+2.8%	-3.9%
Share-based compensation	12.3	16.0	11.0	-23.1%	+11.8%
Dividends paid	403	399	398	+1.1%	+1.2%
Dividend per share	$1.81	$1.81	$1.79	0.0%	+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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	13,884	15,650	15,538	-11.3%	-10.6%
Non-controlling interest	2,713	2,500	2,230	+8.5%	+21.6%
Debt	17,668	17,758	17,694	-0.5%	-0.2%
Operating lease liabilities	490	600	647	-18.4%	-24.2%
Other liabilities	5,692	5,137	5,550	+10.8%	+2.6%
Total liabilities and equity	40,446	41,645	41,659	-2.9%	-2.9%
Fixed assets	24,995	26,694	25,640	-6.4%	-2.5%
Goodwill	957	959	970	-0.1%	-1.3%
Intangible assets	278	284	302	-1.8%	-7.9%
Investments	n/a	n/a	0.0
Cash and equivalents	980	951	2,324	+3.1%	-57.8%
Receivables	1,882	1,938	1,944	-2.9%	-3.2%
Inventory	752	768	798	-2.1%	-5.8%
Other assets	10,601	10,052	9,682	+5.5%	+9.5%
Total assets	40,446	41,645	41,659	-2.9%	-2.9%

Questions

What was Air Products & Chemicals' revenue in Q3 FY2026?

Air Products & Chemicals (APD) reported revenue of $3.2 billion for Q3 FY2026, the quarter ended 30 June 2026, up 4.6% on the same quarter a year earlier.

How much did Air Products & Chemicals earn in Q3 FY2026?

Net loss for Q3 FY2026 was $1.4 billion, and the diluted loss per share $6.47.

When did Air Products & Chemicals report Q3 FY2026 results?

Air Products & Chemicals filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 30 July 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 30 June 2026, filed 30 July 2026: the filing.