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Air Products
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Latest analysis
Updated Nov 5, 2026
Air Products delivers 12% EPS growth in FY2026 and sets $14.15-$14.50 EPS target for FY2027 as electronics backlog surges to $3.3B
Air Products executed a decisive pivot in FY2026, delivering 12% adjusted EPS growth to $13.45 and expanding operating margin 70 basis points to 24.4% while cutting total capex by $1.8 billion versus FY2025. The company built its industrial gas project backlog to $3.3 billion — anchored by over $2 billion in electronics project wins in the last 12 months — while simultaneously winding down energy transition legacy projects. The FY2027 EPS guidance of $14.15-$14.50 (5%-8% growth) is underpinned by continued electronics volume growth, pricing recovery, and $50 million of incremental cost savings, with positive net cash flow expected for the first time in multiple years.
Tone: bullishRevenue
$12B
APD 10-K · FY 2025
Employees
21,300
Revenue FY2024
$12.1B
Founded
1940
Profile
APD 10-K Item 1 · Nov 20, 2025Air Products and Chemicals, Inc. is a world-leading industrial gases company founded in 1940 and headquartered in Allentown, Pennsylvania. The company produces and distributes atmospheric gases, process gases, and specialty gases to customers across refining, chemicals, metals, electronics, and other industries in approximately 50 countries. It also develops, engineers, builds, owns, and operates large-scale clean hydrogen projects and sells specialized industrial equipment including turbomachinery, membrane systems, and cryogenic containers.
Read filing description ↓ Collapse description ↑
Air Products and Chemicals, Inc., a Delaware corporation founded in 1940, is a world-leading industrial gases company that has built a reputation for its innovation, operational excellence, and commitment to safety and environmental stewardship. Focused on serving energy, environmental, and emerging markets and generating a cleaner future, we offer products and services that improve our customers' operations and sustainability. We serve a broad range of industries, including refining, chemicals, metals, electronics, manufacturing, medical, and food, providing essential industrial gases, related equipment, and applications expertise. We also develop, engineer, build, own, and operate some of the world's largest clean hydrogen projects supporting the transition to low- and zero-carbon energy, particularly in industrial applications and the heavy-duty transportation sector. Additionally, our sale of equipment businesses provide specialized products such as turbomachinery, membrane systems, and cryogenic containers to customers worldwide. We manage our operations, assess performance, and report earnings under five reportable segments: Americas, Asia, Europe, Middle East and India, and Corporate and other. Our industrial gases business produces and sells atmospheric gases such as oxygen, nitrogen, and argon; process gases such as hydrogen, helium, carbon dioxide, carbon monoxide, and syngas; and specialty gases. Overall regional industrial gases sales constituted over 90% of consolidated sales in fiscal years 2025, 2024, and 2023. We conduct business in approximately 50 countries and regions throughout the world, with approximately 60% of fiscal year 2025 sales derived from customers outside the United States.
Primary products
- oxygen
- nitrogen
- argon
- hydrogen
- helium
- carbon dioxide
Business segments
End markets
Geographies
Named customers
We do not have a homogeneous customer base or end market, and no single customer accounts for more than 10% of our consolidated sales. We do have concentrations of customers in specific industries, primarily refining, chemicals, and electronics. Within each of these industries, we have several large-volume customers with long-term contracts.
Named competitors
“We derive a competitive advantage in locations where we have pipeline networks, which enable us to provide a reliable and economic supply of products to our larger customers.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Sales of $12.0 billion decreased 1% versus prior year, as 4% lower volumes were partially offset by 2% higher energy cost pass-through to customers and 1% higher pricing driven by non-helium merchant products across all regions.
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