Air Products & Chemicals reported first-quarter fiscal 2026 revenue of $3.103 billion, a 6% increase year-over-year versus $2.932 billion a year earlier, surpassing the consensus estimate of $3.051 billion. Adjusted EPS came in at $3.16, 10% higher than the prior-year period and above both the company’s guidance band and the $3.04 analyst consensus. Management highlighted a 12% improvement in adjusted operating income despite headwinds in its helium business, attributing the strength to disciplined project execution, optimized asset utilization and proactive cost management across its industrial gases portfolio.

The company reaffirmed its full-year adjusted EPS guidance range of $12.85 to $13.15, closely aligned with the street’s $12.96 consensus. Air Products reiterated its plan for approximately $4.0 billion in capital expenditures for fiscal 2026, emphasizing a focus on high-return investments and strict capital allocation frameworks. For the second quarter, management projected adjusted EPS between $2.95 and $3.10, bracketing the consensus of $3.02 and reflecting continued volume growth in core geographies coupled with selective project commissioning.

Following the quarterly results, several major brokerages raised their price targets and maintained their ratings on the stock. JP Morgan’s Jeffrey Zekauskas kept a Neutral stance but boosted his target from $260 to $280, citing resilient free cash flow generation and a robust backlog of project awards. Wells Fargo’s Michael Sison maintained an Equal-Weight rating and raised his target from $250 to $270, pointing to improved operating leverage in the base business and de-risked large-scale hydrogen initiatives. These revisions underscore broad analyst confidence in Air Products’ ability to sustain double-digit earnings growth over the medium term.