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Sep 30, 2025
Air Products Q4 2025 Earnings Report
Air Products posted modest profits and strong adjusted results in Q4 2025 despite large restructuring charges.
Key Takeaways
Air Products reported minimal GAAP profit for Q4 2025 but exceeded expectations on an adjusted basis, demonstrating resilience in its core industrial gas operations despite one-time charges related to business and asset actions.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Air Products expects adjusted EPS to grow in FY2026, supported by high-return gas projects and disciplined capital allocation.
Positive Outlook
- FY26 adjusted EPS guidance of $12.85–$13.15
- Q1 FY26 adjusted EPS guidance of $2.95–$3.10
- Focus on high-return industrial gas projects
- Operational excellence and productivity improvements
- Capital expenditures projected at ~$4 billion
Challenges Ahead
- Business and asset restructuring charges may continue
- Global helium demand remains weak
- Ongoing cost inflation pressures
- Maintenance-related expenses remain elevated
- Project exits and LNG sale impact revenue base
Historical Earnings Impact
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Avg. Return Before/After Earnings
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