Air Products
Supplies industrial gases through customer-adjacent plants, pipelines, bulk deliveries and cylinders.
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Profile
Produces atmospheric, process and specialty gases for refineries, chemical plants, metals producers, electronics manufacturers and other industrial customers, alongside cryogenic and gas-processing equipment. Roughly half of sales come from long-term on-site contracts, tying returns to reliable operation of customer-adjacent plants and pipeline networks.
Supplies oxygen, nitrogen, argon, hydrogen, helium, carbon dioxide, syngas and specialty gases through on-site plants, pipelines, bulk deliveries and cylinders. Operations span the Americas, Asia, Europe, the Middle East and India; the equipment business sells cryogenic systems, turboexpanders and transport containers worldwide.
Builds and operates production near large-volume customers, earning approximately half of sales through long-term contracts with fixed charges or minimum purchases. Pipeline networks support reliability and delivery economics; merchant gases serve smaller or variable demand.
Results depend on plant uptime, electricity and natural-gas inputs, customer volumes and energy-cost pass-throughs. Strategy refocused on traditional industrial gases after canceling the Louisiana complex and smaller clean-energy projects. NEOM remains under construction, with Yara marketing renewable ammonia not sold directly as hydrogen.
Company facts
Categories
Key statistics
Year to date +23.0% · Average volume (30d) 1.0M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 3, 2026 | Deutsche Bank | Reiterate | Hold | $315 | $320 |
| Aug 3, 2026 | Morgan Stanley | Target | $310 | $320 | |
| Jul 31, 2026 | Bernstein | Reiterate | Outperform | $345 | $373 |
| Jul 31, 2026 | Wells Fargo | Reiterate | Overweight | $325 | $350 |
| Jul 17, 2026 | RBC Capital | Reiterate | Outperform | $358 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q3 FY26 | $3.34 | $3.47 | +3.9% | $3.20B | $3.16B | −1.3% | +2.02% |
| Apr 30, 2026Q2 FY26 | $3.06 | $3.20 | +4.6% | $3.07B | $3.17B | +3.3% | +0.34% |
| Jan 30, 2026Q1 FY26 | $3.04 | $3.16 | +3.9% | $3.05B | $3.10B | +1.7% | −0.55% |
| Nov 6, 2025Q4 FY25 | $3.38 | $3.39 | +0.3% | $3.18B | $3.17B | −0.3% | +0.37% |
Financial highlights
| 12 quarters | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $2.92B | $3.02B | $3.17B | $3.10B | $3.17B | $3.16B | |
| Gross profit | $862.3M | $982.6M | $1.02B | $995.0M | $987.4M | $1.04B | |
| Operating income | −$2.33B | $790.6M | $16.8M | $734.5M | $752.7M | −$2.10B | |
| Net income | −$1.73B | $713.8M | $4.9M | $678.2M | $710.4M | −$1.44B | |
| Diluted EPS | −$7.77 | $3.20 | $0.02 | $3.04 | $3.19 | −$6.46 | |
| Gross margin | 29.6% | 32.5% | 32.3% | 32.1% | 31.1% | 32.8% | |
| Operating margin | -79.8% | 26.2% | 0.5% | 23.7% | 23.7% | -66.3% |
Fiscal years (4-quarter sums)FY21 $10.32B · FY22 $12.70B · FY23 $12.60B · FY24 $12.10B · FY25 $12.04B
Revenue by product · Q3 FY26
Revenue by geography · Q3 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $980.5M · Total debt $18.16B · Total assets $40.45B · Shareholders' equity $13.88B
Dividends
Raised for 41 straight years — most recently to $1.81 from $1.79 in Apr 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 1, 2026 | Jul 1 | Aug 10 | $1.81 | |
| Apr 1, 2026 | Apr 1 | May 11 | $1.81 | raised from $1.79 |
| Jan 2, 2026 | Jan 2 | Feb 9 | $1.79 | |
| Oct 1, 2025 | Oct 1 | Nov 10 | $1.79 | |
| Jul 1, 2025 | Jul 1 | Aug 11 | $1.79 | |
| Apr 1, 2025 | Apr 1 | May 12 | $1.79 | raised from $1.77 |
| Jan 2, 2025 | Jan 2 | Feb 10 | $1.77 | |
| Oct 1, 2024 | Oct 1 | Nov 12 | $1.77 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 222.69M · Float 222.57M · 100.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 18.32M | 8.23% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 14.54M | 6.53% | 13F | Aug 13, 2026 |
| State Farm Mutual Automobile Insurance Co | 11.84M | 5.32% | 13F | Aug 12, 2026 |
| Capital Research Global Investors | 10.60M | 4.76% | 13F | Aug 12, 2026 |
| State Street Corp | 10.27M | 4.61% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 1, 2026 | Melissa N. Schaeffer | officer: Exec Vice President and CFO | −2,714 | $303.76 |
| Feb 12, 2026 | Mantle Ridge LP | director, other: Director by deputization | −70,175 | $284.21 |
| Apr 3, 2025 | Andrew W. Evans | director | −5 | $283.20 |
| Apr 2, 2025 | Andrew W. Evans | director | +5 | $294.96 |
Peers
- Linde
World's #1 industrial gas company; direct rival in every segment worldwide.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Air Products | $308.09 | +0.03% | $68.61B | — | 21.6 | 5.4 | +4.6% |
| Linde | $489.36 | −0.03% | $226.45B | 31.6 | 26.2 | 6.4 | +9.4% |
| Median | 31.6 | 26.2 | 6.4 | +9.4% |