Air Products (APD) reported net income of $532.1 million in fiscal 2026, ended September 30, compared with a net loss of $394.5 million the previous year. Earnings per share (EPS) from continuing operations were $2.39, versus a loss of $1.74. Operating income was $23 million, versus an operating loss of $877 million. Both periods include significant charges related to project exits.
Full-year revenue totaled $13.0 billion, up 8%, with volumes 4% higher, energy cost pass-through 2% higher and favorable currency of 2%. Adjusted operating income (non-GAAP, excluding items the company considers non-recurring) was $3.2 billion, up 11%, and adjusted EPS came in at $13.45, up 12%. Asset and business charges for the year totaled about $3.2 billion before taxes, mainly from the exit of clean energy projects announced on June 30, 2026, including a complex in Louisiana and a green hydrogen plant in Casa Grande, Arizona.
In fiscal fourth quarter 2026, net income was $584.3 million and EPS was $2.62, versus $0.02 a year earlier. Revenue was $3.6 billion, up 12%. Adjusted EPS was $3.61, up 6%, and adjusted operating income was $856 million, up 5%. The quarter's charges mainly reflect the write-down of two coal gasification plants in China, one of which was sold in October 2026.
Capital expenditures (capex, non-GAAP) were $3.3 billion, down $1.8 billion. For fiscal 2027, the company projects adjusted EPS of $14.15 to $14.50 and, for the first fiscal quarter, $3.35 to $3.45. Expected capex is $3.0 billion to $3.5 billion.
