Air Products reported first-quarter fiscal 2026 revenue of $3.103 billion, a 6% increase from $2.932 billion a year earlier and $52 million above consensus. Adjusted earnings per share rose 10% to $3.16, surpassing the high end of company guidance and analyst estimates by $0.12. Management noted a 12% improvement in adjusted operating income despite challenges in the helium segment, attributing the outperformance to robust demand in core industrial gases and effective cost controls.

The company maintained full-year adjusted EPS guidance of $12.85 to $13.15, in line with analyst models, and reaffirmed planned capital expenditures of approximately $4 billion. For the second quarter, adjusted EPS is forecast between $2.95 and $3.10, bracketing the consensus of $3.02. CEO Eduardo Menezes emphasized a continued focus on unlocking earnings growth, optimizing returns on large projects and preserving capital discipline throughout the year.

Following the earnings release, major brokerages raised their price targets while keeping neutral or equal-weight ratings. One firm lifted its target from $260 to $280, and another from $250 to $270, reflecting confidence in sustained margin expansion and project execution. These upward revisions underscore analysts’ expectations for steady cash flow generation and the resilience of Air Products’ base business.

Air Products secured over $140 million in new contracts with NASA to supply 36.5 million pounds of liquid hydrogen to U.S. launch facilities. This award extends a collaboration that began in 1957 and highlights the company’s leadership in cryogenic gas technologies. The multi-year agreement is expected to contribute meaningfully to hydrogen sales volumes and leverage existing infrastructure investments.