Filing Flows › Air Products & Chemicals (APD) › Q1 FY26
Air Products & Chemicals (APD) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Jan 30, 2026
Air Products & Chemicals (APD) reported revenue of $3.1B for the first quarter fiscal 2026 (Q1 FY26), +6% from a year earlier and -2% from the quarter before. Operating margin was 23.7%, net earnings $678M (21.9% of revenue).
Air Products & Chemicals, Q1 FY26: revenue $3.1B (+6% year over year), operating margin 23.7%, net earnings $678M, operating cash flow $901M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.1B | -2% | +6% |
| Operating profit | $734M | 44× | +14% |
| Net earnings | $678M | 138× | +10% |
| Operating cash flow | $901M | -29% | +11% |
What changed
Revenue was $3.1B in Q1 FY26, up 6% year over year and down 2% from the previous quarter.
Operating profit was $0.73B, a 23.7% margin (up 1.7 points year over year). Of the extra revenue versus a year earlier, 53% reached operating profit, above the 22% margin then. Total costs grew 4% against revenue growth of 6%. The fastest-growing cost line was Other operating costs (+63%). Net earnings were $0.68B, up 10% year over year. The effective tax rate was 18.7%.
Operating cash flow was $0.90B (up 11% year over year), 130% of net earnings. Non-cash charges added back $0.37B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.17B. Capital expenditures of $1.3B exceeded it, leaving free cash flow of −$0.35B.
Questions
What was Air Products & Chemicals' revenue in the first quarter fiscal 2026?
Air Products & Chemicals (APD) reported revenue of $3.1B for the first quarter fiscal 2026 (Q1 FY26), +6% from a year earlier and -2% from the quarter before.
Was Air Products & Chemicals profitable in the first quarter fiscal 2026?
Operating profit was $734M (23.7% of revenue) and net earnings $678M.