Air Products reported revenue of $3.103 billion for Q1 of fiscal 2026, a 6% increase versus $2.932 billion in the year-ago quarter, and topped consensus of $3.051 billion. Adjusted EPS came in at $3.16, up 10% from $2.87 a year earlier and surpassing both the high end of company guidance and the Street estimate of $3.04. Management reaffirmed full-year adjusted EPS guidance in the range of $12.85 to $13.15 and expects capital expenditures of approximately $4.0 billion. For Q2, Air Products projects adjusted EPS between $2.95 and $3.10, compared with the consensus of $3.02.

The company secured more than $140 million in new agreements with NASA to deliver 36.5 million pounds of liquid hydrogen to U.S. launch sites. This extension builds on Air Products’ partnership that dates back to 1957 and provides supply continuity for Artemis missions and other government and commercial launch activities. The contract covers deliveries through the end of calendar 2030 and is expected to contribute approximately $20 million in operating income annually.

Air Products, a Dividend Aristocrat, has raised its payout for over 40 consecutive years and currently offers a yield near 2.7%. In fiscal 2025 the company generated roughly $3.2 billion in free cash flow and returned nearly 80% of that to shareholders through dividends and share repurchases. Its S&P credit rating of A with a stable outlook reflects disciplined capital allocation and a net debt-to-EBITDA ratio of approximately 1.8x, supporting the firm’s long-term dividend growth objectives.