Air Products Q2 EPS Jumps 19%, Raises Full-Year Forecast to $13.00–$13.25
Air Products posted Q2 GAAP operating income $753 million and GAAP EPS $3.19, each up 130% y/y, with adjusted EPS $3.20 rising 19% and surpassing guidance. The company raised full-year adjusted EPS outlook to $13.00–$13.25, secured Samsung semiconductor gas contracts and increased U.S. helium output for resilience.
1. Q2 Financial Performance
Air Products delivered GAAP operating income of $753 million and GAAP EPS of $3.19, each up 130% year-over-year, driven by the absence of prior-year charges. On a non-GAAP basis, adjusted operating income was $753 million and adjusted EPS reached $3.20, up 19% thanks to higher volumes, favorable currency and cost improvements.
2. Updated Guidance and Forecast
The company raised its fiscal 2026 adjusted EPS guidance to a range of $13.00–$13.25 and provided Q3 adjusted EPS guidance of $3.25–$3.35. Management reiterated approximately $4.0 billion in capital expenditures for FY26 while emphasizing continued capital discipline.
3. Strategic Growth Initiatives
Air Products won a contract with Samsung to build, own and operate multiple gas production facilities for a new advanced semiconductor fab in South Korea. It also bolstered helium supply chain resilience by increasing U.S. production, drawing from a dedicated storage cavern, expanding liquefaction and optimizing its container fleet, and supplied liquid hydrogen and helium for NASA’s Artemis II mission.