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Jun 30, 2025
Air Products Q3 2025 Earnings Report
Air Products reported stable Q3 2025 results with earnings that exceeded guidance and flat adjusted income year-over-year.
Key Takeaways
Air Products delivered Q3 results that surpassed expectations despite lower helium volumes and the impact of the LNG business divestiture, supported by cost control and productivity improvements.
GAAP EPS rose to $3.24, while adjusted EPS declined slightly to $3.09.
Revenue came in at $3.02 billion, driven by higher pricing and energy cost pass-through.
Net income attributable to Air Products was $713.8 million.
Operating income reached $790.6 million, helped by gains on asset sales.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Air Products narrowed its FY25 adjusted EPS outlook and guided for strong Q4 EPS, supported by cost productivity and capital discipline.
Positive Outlook
- Q3 EPS exceeded internal guidance.
- Capital expenditures remain focused at $5 billion for FY25.
- Cost productivity and operational excellence initiatives are ongoing.
- Positive pricing and lower maintenance costs helped margins.
- Improved performance across Asia and Europe segments.
Challenges Ahead
- Adjusted EPS down 3% YoY due to LNG sale and helium headwinds.
- Lower volumes from the September 2024 LNG divestiture impacted revenue.
- Reduced helium demand continued to be a drag on all regions.
- Corporate sales declined 39% YoY due to LNG business sale.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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