Air Products stock sets higher fiscal 2027 earnings outlook

Published on 11/12/2026 at 13:23 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Air Products stock enters fiscal 2027 with higher adjusted earnings guidance after a stronger fourth quarter. Capital spending remains disciplined.

Results reset the fiscal outlook

Fiscal 2026 adjusted EPS rose 12 percent to 13.45 US dollars, while adjusted operating income increased 11 percent to 3.2 billion US dollars.
Management expects fiscal 2027 adjusted EPS of 14.15 to 14.50 US dollars and capital spending of 3.0 billion to 3.5 billion US dollars.
Project exits, including two China coal gasification plants, continued to affect GAAP results and make adjusted metrics important for investors.

Air Products & Chemicals, US0091581068, Illustration mit AI erstellt.

Air Products & Chemicals reported its fiscal 2026 fourth-quarter and full-year results on Thursday, November 5, setting a higher adjusted earnings outlook for fiscal 2027. The industrial-gas producer said adjusted fourth-quarter earnings per share rose six percent year over year to 3.61 US dollars, while sales increased 12 percent to 3.6 billion US dollars. The company published the results in its fiscal 2026 earnings release.

Air Products stock traded at 285.10 euros on Lang & Schwarz at 13:15 CET on Thursday, November 12, 2026.

Adjusted earnings improved despite cost pressure

Fourth-quarter adjusted operating income reached 856 million US dollars, up five percent from the prior year. Higher volumes and pricing actions supported the result, while higher costs reduced the benefit. The adjusted operating margin fell 150 basis points to 24.1 percent.

Volume growth was led by on-site business, new assets and a significant asset sale linked to an early contract termination in the Americas. Americas sales increased 27 percent to 1.6 billion US dollars, with volumes up 26 percent. Operating income in the region rose 20 percent to 469 million US dollars.

GAAP figures showed a sharper improvement because the prior-year comparison included substantial project charges. Fourth-quarter GAAP earnings per share were 2.62 US dollars, compared with 0.02 US dollars a year earlier, while operating income rose to 633 million US dollars from 17 million US dollars. Current-year charges primarily reflected updated estimates related to the sale process for two China coal gasification plants, including one plant sold in October 2026.

Capital discipline shapes fiscal 2027

For the full fiscal year, Air Products reported adjusted earnings per share of 13.45 US dollars, an increase of 12 percent. Adjusted operating income rose 11 percent to 3.2 billion US dollars, and the adjusted operating margin improved 70 basis points to 24.4 percent. Capital expenditures fell by 1.8 billion US dollars to 3.3 billion US dollars.

Management expects fiscal 2027 adjusted earnings per share of 14.15 to 14.50 US dollars. That range implies further earnings growth from the fiscal 2026 adjusted result. First-quarter adjusted earnings guidance stands at 3.35 to 3.45 US dollars. Planned fiscal 2027 capital expenditures range from 3.0 billion to 3.5 billion US dollars.

Chief Executive Officer Eduardo Menezes said the company would focus on improving its core industrial-gas business, strengthening execution and allocating capital with discipline. He also pointed to a larger industrial-gas project backlog and continued operating-income growth as priorities for the new fiscal year.

What investors should watch next

The key issue for shareholders is whether volume growth and new-asset contributions can offset fixed-cost inflation and other cost pressure. The company also expects helium to stabilize over the full fiscal year but identified lower pricing from a strategic-customer contract renewal as a first-quarter headwind.

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