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Mar 31
Air Products Q2 2025 Earnings Report
Air Products reported a significant GAAP net loss in Q2 2025 due to strategic charges, despite stable adjusted earnings.
Key Takeaways
Air Products posted a GAAP net loss of $1.73 billion driven by $2.3 billion in after-tax charges related to project exits and workforce reductions. However, adjusted EPS remained solid at $2.69, and revenue held steady at $2.92 billion.
GAAP EPS was -$7.77 due to $2.3 billion in after-tax charges.
Adjusted EPS came in at $2.69, reflecting core business stability.
Revenue was $2.92 billion, essentially flat year-over-year.
Three major U.S. projects were exited, triggering strategic write-downs.
Air Products
Air Products
Air Products Revenue by Segment
Air Products Revenue by Geographic Location
Revenue by Segment
Americas Revenue
CapyFin.comAsia Revenue
CapyFin.comEurope Revenue
CapyFin.comCorporate and Other Revenue
CapyFin.comRevenue by Geographic Location
Americas Revenue
CapyFin.comAsia Revenue
CapyFin.comEurope Revenue
CapyFin.com Forward Guidance
Air Products expects adjusted EPS of $11.85 to $12.15 for FY25 and $2.90 to $3.00 for Q3 FY25, with $5 billion in capital expenditures planned.
Positive Outlook
- Adjusted EPS outlook for Q3 remains solid at $2.90–$3.00.
- Full-year adjusted EPS guidance narrowed but remains strong.
- Capex commitment of ~$5B signals continued investment.
- Strong pricing trends in non-helium merchant products.
- Productivity improvements partially offset cost pressures.
Challenges Ahead
- Exiting major U.S. projects led to $2.3B in after-tax charges.
- LNG divestiture and weak helium demand lowered volumes.
- Cost inflation and maintenance expenses pressured margins.
- Currency headwinds impacted international segments.
- Shareholder activism costs added to non-operating expenses.
Revenue & Expenses
Visualization of income flow from segment revenue to net income