Air Products reported fiscal Q1 adjusted earnings per share of $3.16, surpassing the consensus estimate of $3.04. Revenue for the quarter reached approximately $3.1 billion, above the projected $3.05 billion and representing a 6% year-over-year increase. The growth was driven by a 3% uplift from energy cost pass-through, 2% favorable currency translation and 1% higher pricing, while volumes remained flat as increased on-site deliveries offset lower helium demand and a non-recurring merchant sale in the prior period.

On a GAAP basis, Air Products achieved earnings per share of $3.04, up 10% versus the prior year, and operating income of $735 million, a 14% improvement. GAAP operating margin expanded to 23.7%, a 170 basis-point gain, even after a 50 basis-point headwind from higher energy cost pass-through in the Americas segment. The adjusted operating income was $757 million, a 12% rise, with an adjusted operating margin of 24.4%, up 140 basis points compared to the year-ago quarter.

The company maintained its full-year adjusted EPS guidance in the range of $12.85 to $13.15 and set Q2 adjusted EPS guidance of $2.95 to $3.10. Capital expenditures for fiscal 2026 are expected to be approximately $4.0 billion, reflecting ongoing investments in project optimization and capacity expansion while preserving a disciplined capital allocation approach.

Recent strategic developments include advanced negotiations with Yara International for low-emission ammonia projects in the U.S. and Saudi Arabia, and a $140 million contract award from NASA for liquid hydrogen supply to multiple facilities. The board approved an increase to the quarterly dividend to $1.81 per share, marking the 44th consecutive year of dividend growth. The company’s current ratio stands at 1.38, underscoring strong liquidity to support future growth initiatives.