Air Products Posts $13B FY2026 Sales; Guides FY2027 Higher

Air Products and Chemicals, Inc. reported fiscal 2026 sales of $13.0 billion on Thursday, up 8% from $12.0 billion a year earlier, and said adjusted earnings rose 12% to $13.45 a share as the industrial gases company guided fiscal 2027 adjusted earnings higher.

GAAP earnings from continuing operations were $2.39 a diluted share, compared with a loss of $1.74 a year earlier. Both years include large charges tied to project exits. Adjusted operating income was $3.2 billion, up 11%. Capital expenditures fell to $3.3 billion from $5.1 billion. The Lehigh Valley, Pennsylvania-based company trades as APD on the New York Stock Exchange.

Fourth-quarter sales and earnings

Fourth-quarter sales were $3.56 billion, up 12% from $3.17 billion a year earlier, on higher volumes, pricing, energy cost pass-through and favorable currency. GAAP diluted earnings were $2.62 a share, versus $0.02 a year earlier. Adjusted earnings were $3.61 a share, up 6% from $3.39. Adjusted operating income was $856 million, up 5%.

Americas sales rose 27% to $1.63 billion. Asia sales rose 4% to $909 million. Europe sales rose 8% to $856 million. Corporate and other sales fell 34% to $122 million.

Project exit charges

GAAP operating income for the full year was $23 million, reflecting about $3.2 billion in pre-tax business and asset action charges, mainly from clean-energy project exits announced in June 2026 and updated estimates on two China coal gasification plants held for sale. One of those plants was sold in October 2026, the company said in its earnings release filed with the Securities and Exchange Commission.

Fiscal 2027 outlook

Air Products guided full-year fiscal 2027 adjusted earnings to $14.15 to $14.50 a share and first-quarter adjusted earnings to $3.35 to $3.45 a share. It expects fiscal 2027 capital expenditures of $3.0 billion to $3.5 billion. The company said its industrial gas project backlog expanded, including more than $2.0 billion of new electronics wins.

Sources: PR Newswire, Air Products Exhibit 99.1 (SEC), Air Products Form 8-K (SEC)