Air Products Q3 FY26: $9.92/share of exits hides a $3.47 adjusted EPS beat
Air Products' fiscal 2026 third quarter looks catastrophic on a GAAP basis and healthy underneath: a $1.4408 billion net loss and a $6.47 loss per share, caused by $2.9 billion of pre-tax charges for exiting the Louisiana clean energy complex, Casa Grande hydrogen and smaller projects. Adjusted EPS of $3.47 beat the $3.3772 consensus. The real question is whether the slimmed-down project pipeline now converts into steadier cash.
1 · Expected vs. Actual
Free preview belowGAAP EPS swung to a loss of $6.47 from $3.20 a year ago, almost entirely because of $2.9 billion of pre-tax business and asset action charges worth $9.92 per share after tax. Adjusted EPS of $3.47 rose 12% and beat the $3.3772 consensus. Adjusted operating income of $810 million rose 9%, and adjusted operating margin of 25.6% improved 110 basis points.
Revenue of $3.161 billion rose 4.6% from $3.0227 billion a year earlier, with management crediting 3% higher volumes, 1% higher pricing and 1% favorable currency. Gross margin of 32.8% was up from 32.5%. Onsite sales of $1.6709 billion carried the quarter, Merchant added $1.387 billion, and equipment sales contributed just $103.1 million.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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