Every material Form 8-K Air Products has filed with the SEC since November 18, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Air Products & Chemicals reported fiscal 2026 full-year sales of $13.0 billion, up eight percent, alongside an adjusted EPS of $13.45. For fiscal 2027, the company expects adjusted EPS between $14.15 and $14.50 and capital expenditures of $3.0 billion to $3.5 billion.
Fiscal 2026 full-year sales reached $13.0 billion, increasing eight percent compared to the prior year.
Adjusted EPS for fiscal 2026 rose 12 percent to $13.45, exceeding the guidance midpoint.
Fiscal 2027 full-year adjusted EPS guidance was set in the range of $14.15 to $14.50.
Fiscal 2027 capital expenditures are projected to be between $3.0 billion and $3.5 billion.
Air Products reported fiscal third-quarter 2026 GAAP results that include a $1,440.8 million net loss attributable to the company, driven by about $2.9 billion of pre-tax charges tied to project exits announced June 30, 2026. On a non-GAAP basis, adjusted EPS rose 12 percent to $3.47 and the company raised its full-year fiscal 2026 adjusted EPS guidance, which matters to shareholders because it signals stronger underlying earnings even as reported results turned sharply negative.
GAAP loss per share was $6.47 versus earnings of $3.24 per share a year earlier; sales rose 5 percent to $3.2 billion
Adjusted EPS of $3.47 rose 12 percent; adjusted operating income of $810 million rose 9 percent
Full-year fiscal 2026 adjusted EPS guidance raised to $13.39 to $13.49; fourth-quarter guidance is $3.55 to $3.65
Company will not proceed with the Louisiana Clean Energy Complex, discontinued the Casa Grande, Arizona hydrogen facility, and expects capital expenditures of about $3.5 billion for fiscal 2026
Air Products said it will exit its Louisiana Clean Energy Complex and its Casa Grande, Arizona green hydrogen project, along with other smaller clean energy projects. The company expects a pre-tax charge of up to $2.9 billion ($2.2 billion after tax) in its fiscal 2026 third quarter, which will weigh on reported results for shareholders.
Pre-tax charge of up to $2.9 billion, or $2.2 billion after tax, expected in fiscal 2026 third quarter
Cash expenditures related to the charges are estimated not to exceed $925 million, based on contractual terms
Louisiana exit followed a review; the company said expected returns did not meet its return criteria
Further charge details will be provided in the Form 10-Q for the period ending June 30, 2026
Air Products reported fiscal second-quarter 2026 results on April 30, 2026, with adjusted EPS of $3.20, up 19% from a year earlier, and sales of $3.2 billion, up 9%. The company raised its full-year fiscal 2026 adjusted EPS guidance to $13.00 to $13.25, which suggests higher expected profit for shareholders, though the company said it remains cautious about the macroeconomic environment.
Q2 fiscal 2026 GAAP EPS was $3.19, compared with a loss of $7.77 a year earlier, which included about $2.9 billion in business and asset action charges.
Adjusted operating income was $753 million, up 19%, and adjusted operating margin was 23.7%, up from 21.6%.
Q3 fiscal 2026 adjusted EPS guidance is $3.25 to $3.35; full-year capital expenditure expectation of about $4.0 billion is unchanged.
Samsung selected Air Products to build, own and operate production facilities and a bulk specialty gas supply system for a new semiconductor fab in South Korea.
Air Products reported first quarter fiscal 2026 results on January 30, 2026, with GAAP operating income of $735 million, up 14%, and GAAP EPS of $3.04, up 10%. Adjusted EPS of $3.16 was above the top end of the company's guidance, and it kept its full-year fiscal 2026 adjusted EPS guidance of $12.85 to $13.15, which matters to shareholders because it signals management's expectations for the year.
First quarter sales of $3.1 billion rose 6%, while volumes were flat due to lower helium demand.
Adjusted EPS of $3.16 rose 10% and exceeded the top end of prior guidance; adjusted operating income of $757 million rose 12%.
Fiscal 2026 second quarter adjusted EPS guidance is $2.95 to $3.10; full-year capital expenditures are still expected to be about $4.0 billion.
Quarterly dividend increased to $1.81 per share, the 44th consecutive year of dividend increases.
Air Products director Lisa A. Davis, a board member since March 2020, told the company on November 23, 2025 that she will not stand for re-election and will retire when the 2026 Annual Meeting of Shareholders concludes. The filing states there were no disagreements with the company over operations, policies or practices behind her decision, which cites personal reasons, so it signals no governance dispute.
Davis notified the company on November 23, 2025 that she will retire from the board for personal reasons.
The 2026 Annual Meeting of Shareholders is scheduled for January 28, 2026.
Davis will remain Chair of the Management Development and Compensation Committee until that meeting.
The company states there were no disagreements with Davis over operations, policies or practices.
Air Products reported a fiscal 2025 GAAP loss of $1.74 per diluted share and an operating loss of $877 million, compared with GAAP earnings of $17.24 per share in fiscal 2024. The results include about $3.7 billion in pre-tax charges for business and asset actions, while adjusted EPS of $12.03 beat the guidance midpoint but fell 3% from the prior year. The company also guided fiscal 2026 adjusted EPS to $12.85 to $13.15 and expects capital expenditures of about $4 billion.
Fiscal 2025 sales were $12.0 billion, down 1% from the prior year, with GAAP diluted loss per share of $1.74 versus $17.24 in fiscal 2024
Pre-tax business and asset action charges were about $3.7 billion ($3.0 billion after tax, or $13.68 per share)
Adjusted EPS of $12.03 exceeded the guidance midpoint and decreased 3% from the prior year
Fiscal 2026 adjusted EPS guidance is $12.85 to $13.15; first quarter guidance is $2.95 to $3.10; capital expenditures expected at about $4 billion
Air Products & Chemicals' board elected Howard Ungerleider as a director effective September 1, 2025, and assigned him to the Audit and Finance Committee. The filing describes him as independent under NYSE standards, and his background includes serving as Dow Inc.'s CFO from 2014 to 2023.
Board elected Howard Ungerleider as a director on August 18, 2025, effective September 1, 2025
Ungerleider will serve on the Audit and Finance Committee, also effective September 1, 2025
Board determined he will be an independent director under NYSE listing standards
He was Dow Inc. President from 2018 to 2023 and Chief Financial Officer from 2014 to 2023
Air Products reported fiscal third-quarter 2025 results, with sales of $3.0 billion, up 1%, and GAAP EPS of $3.24, up 4%, while adjusted EPS fell 3% to $3.09. The company revised its fiscal 2025 adjusted EPS guidance to $11.90 to $12.10 and expects capital expenditures of about $5 billion for the year, which gives shareholders an updated outlook for the year's final quarter.
Q3 GAAP operating income was $791 million, up 7%, helped by $99 million in pre-tax gains from asset and subsidiary sales.
Q3 adjusted operating income was flat at $741 million, and adjusted EPS was $3.09, down 3%, as the September 2024 LNG sale and lower helium demand offset cost gains.
Fiscal 2025 adjusted EPS guidance is revised to $11.90 to $12.10, with fourth-quarter adjusted EPS guidance of $3.27 to $3.47.
Year-to-date through June 30, 2025, the company recorded $2.95 billion in business and asset action charges, and net loss attributable to Air Products was $399.4 million.
Air Products & Chemicals disclosed that Executive Vice President, General Counsel and Secretary Sean D. Major resigned on July 7, 2025, effective July 11, 2025. The company said his successor will be named at a later date, so the legal chief role is temporarily without a named successor.
Sean D. Major resigned as EVP, General Counsel and Secretary on July 7, 2025, effective July 11, 2025
Major will receive severance and benefits under the Executive Separation Program, described in the December 3, 2024 proxy statement
No successor has been named; the company says one will be announced at a later date
Air Products reported a fiscal second-quarter net loss of $1.7 billion, or $7.77 per share, after an after-tax charge of $2.3 billion tied to exiting three U.S. projects and other business actions. Excluding that charge, adjusted EPS of $2.69 fell six percent from a year earlier on flat sales of $2.9 billion, and the company revised its fiscal 2025 adjusted EPS guidance to $11.85 to $12.15.
Q2 fiscal 2025 GAAP net loss of $1.7 billion and loss per share of $7.77, versus net income of $581 million and EPS of $2.57 a year earlier
Adjusted EPS of $2.69, down six percent; sales of $2.9 billion, flat versus the prior year
Fiscal 2025 adjusted EPS guidance revised to $11.85 to $12.15; third-quarter guidance $2.90 to $3.00
Eduardo F. Menezes named CEO and Board member; quarterly dividend increased to $1.79 per share, the 43rd consecutive annual increase
Air Products said a review by its newly elected Board and CEO led it to exit three U.S. projects. The company expects a pre-tax charge of no more than $3.1 billion in its fiscal 2025 second quarter, mainly for asset write-downs and contract terminations, with cash expenditures of no more than $800 million. The release says the charge will not affect fiscal 2025 adjusted earnings per share, but the size of the one-time charge and cash outlay is significant for shareholders.
Pre-tax charge not to exceed $3.1 billion in fiscal 2025 second quarter, primarily to write down assets and terminate contracts
Cash expenditures related to the charges estimated not to exceed $800 million
Exited projects: World Energy sustainable aviation fuel expansion in Paramount, California; Massena, New York green liquid hydrogen plant; carbon monoxide project in Texas
Company says the charge will not affect fiscal 2025 adjusted EPS; updates due in Form 10-Q for quarter ending March 31, 2025
Air Products reported fiscal first-quarter 2025 results with GAAP EPS of $2.77, up 1%, and GAAP net income of $650 million, up 5%. The company kept its full-year fiscal 2025 adjusted EPS guidance of $12.70 to $13.00 and raised its quarterly dividend to $1.79 per share, while sales fell 2% to $2.9 billion.
GAAP net income of $650 million, up 5%; GAAP net income margin of 22.2%, up 150 basis points
Adjusted EPS of $2.86, up 1%; adjusted EBITDA of $1.2 billion, up 1%
First-quarter sales of $2.9 billion, down 2% from the prior year, with volumes down 2%
Fiscal 2025 adjusted EPS guidance of $12.70 to $13.00 maintained; second-quarter guidance of $2.75 to $2.85
Air Products said Eduardo F. Menezes will succeed Seifollah "Seifi" Ghasemi as chief executive officer effective February 7, 2025, and will join the board and its executive committee. The board also named Wayne T. Smith chairman and Dennis H. Reilley vice chairman, and Mr. Ghasemi is leaving the company under his existing employment agreement.
Mr. Menezes, age 61, previously served as executive vice president of Linde plc for Europe, the Middle East and Africa, with over $8 billion in sales and 18,000 employees
Initial base salary of $1,270,000 and fiscal 2025 annual incentive target of 145% of base salary, pro-rated for partial year
Fiscal 2025 equity incentive with an aggregate grant date fair value of $9,888,000, pro-rated, split 60% performance shares and 40% restricted stock units
Mr. Ghasemi will receive severance and benefits under his Amended and Restated Employment Agreement dated May 17, 2023
Air Products said preliminary fiscal first-quarter 2025 GAAP EPS was $2.77 and adjusted EPS was $2.86, with adjusted EPS above the top of its prior $2.75 to $2.85 guidance range. The figures are preliminary and subject to change because quarter-end close processes are not complete, and the company will release full results on February 6, 2025. Shareholders get an early read on a quarter that beat the company's own guidance, though both GAAP and adjusted EPS rose only about 1% from the prior year.
Preliminary Q1 FY25 GAAP EPS of $2.77, up from $2.73 a year earlier (about 1%)
Preliminary adjusted EPS of $2.86, up from $2.82 a year earlier, versus prior guidance of $2.75 to $2.85
Adjusted EPS excludes $0.10 per share in shareholder activism costs tied to a proxy contest led by Mantle Ridge L.P., and a $0.05 per share gain on de-designated cash flow hedges
Full Q1 FY25 results to be released before market open on February 6, 2025
Air Products said directors David H.Y. Ho and Matthew H. Paull will retire and not stand for re-election at the 2025 Annual Meeting of Shareholders, and its board approved two new nominees, Bhavesh V. "Bob" Patel and Alfred Stern. The filing reports no financial results; for shareholders, the change affects board composition, which will remain at nine directors, six of whom will have been appointed in the last five years.
Ho and Paull notified the company on November 17, 2024, and both have served as directors since 2013
Retirements take effect immediately after the conclusion of the 2025 Annual Meeting
Nominees Patel and Stern would take their board seats as of the Annual Meeting date if elected
Patel is a former CEO of W.R. Grace and LyondellBasell; Stern is CEO and Executive Board Chairman of the OMV Group
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