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# Air Products and Chemicals (APD): Recent Events ## Filings that contain financial statements Air Products furnishes its quarterly results as an Exhibit 99.1 press release to a Form 8-K. These releases carry condensed consolidated income statements, and the most recent ones also carry balance sheets and cash flow statements. - Form 8-K filed 30 July 2026, accession 0000002969-26-000034: fiscal third quarter 2026 (three and nine months ended 30 June 2026). Contains the consolidated income statement, balance sheet (30 June 2026 vs. 30 September 2025) and statement of cash flows, with non-GAAP reconciliations. - Form 8-K filed 30 April 2026, accession 0000002969-26-000018: fiscal second quarter 2026 (quarter and six months ended 31 March 2026), same set of statements. - Form 8-K filed 30 January 2026, accession 0000002969-26-000006: fiscal first quarter 2026 (quarter ended 31 December 2025), same set of statements. - Form 8-K filed 6 November 2025, accession 0000002969-25-000051: fiscal fourth quarter and full year 2025 (year ended 30 September 2025), same set of statements. The Form 10-Q for the quarter ended 30 June 2026 is accession 0000002969-26-000036 (filed 30 July 2026). ## Earnings and guidance - **30 July 2026 (Form 8-K, 0000002969-26-000034), fiscal Q3 2026.** GAAP operating loss of $2.1 billion and loss per share of $6.47, driven by about $2.9 billion of pre-tax charges ($2.2 billion after tax, or $9.92 per share) for the project exits announced on 30 June 2026. Adjusted EPS was $3.47, up 12 percent and above the top end of guidance, and adjusted operating income was $810 million, up 9 percent. Sales were $3.2 billion, up 5 percent (volumes +3 percent, price +1 percent, currency +1 percent). Full-year fiscal 2026 adjusted EPS guidance was raised to $13.39 to $13.49 (from $13.00 to $13.25), with fourth-quarter adjusted EPS guidance of $3.55 to $3.65. Fiscal 2026 capital expenditures are now expected at about $3.5 billion, down from about $4.0 billion previously. The release also announced a long-term agreement for Air Products San Fu to build, own and operate four air separation units and pipeline systems for a semiconductor manufacturer's expansion in Taiwan. - **30 April 2026 (0000002969-26-000018), fiscal Q2 2026.** GAAP EPS of $3.19 and operating income of $753 million, each up over 130 percent against a prior-year quarter that included project-exit charges. Adjusted EPS was $3.20, up 19 percent and above the top of guidance. Full-year adjusted EPS guidance was raised to $13.00 to $13.25 (from $12.85 to $13.15) and capital expenditures were held at about $4.0 billion. Highlights included a Samsung semiconductor-fab supply award in South Korea and steps to strengthen helium supply resilience; helium pricing was a headwind in the quarter. - **30 January 2026 (0000002969-26-000006), fiscal Q1 2026.** GAAP EPS of $3.04 (up 10 percent) and adjusted EPS of $3.16 (up 10 percent, above the top of guidance). Full-year adjusted EPS guidance was maintained at $12.85 to $13.15 and capital expenditures at about $4.0 billion. The release noted advanced negotiations with Yara International on low-emission ammonia projects in the U.S. and Saudi Arabia, and a quarterly dividend increase to $1.81 per share, the 44th consecutive annual increase. - **6 November 2025 (0000002969-25-000051), fiscal Q4 and full year 2025.** Full-year GAAP loss per share from continuing operations of $1.74 and operating loss of $877 million, reflecting about $3.7 billion of pre-tax business and asset action charges. Full-year adjusted EPS was $12.03 on sales of $12.0 billion. Initial fiscal 2026 guidance: adjusted EPS of $12.85 to $13.15 and capital expenditures of about $4 billion. ## Project exits and impairments - **26 June 2026 determination, 8-K filed 30 June 2026 (0001193125-26-289427).** Under Item 2.06, the company determined it would exit the Louisiana Clean Energy Complex (low-carbon hydrogen and ammonia), the Casa Grande, Arizona green hydrogen facility and other smaller clean energy distribution projects. It expected a pre-tax charge of up to $2.9 billion ($2.2 billion after tax) in fiscal Q3 2026, primarily asset write-downs and contract termination costs. The company said Louisiana returns would not meet its return criteria. The Q3 results release later recorded business and asset actions of $2,907.4 million in the quarter. - **24 February 2025, 8-K (0001193125-25-033509).** After a review by the newly elected Board and CEO, the company announced it would exit three U.S. projects (World Energy sustainable aviation fuel in Paramount, California; Massena, New York green liquid hydrogen; and a Texas carbon monoxide project), with a pre-tax charge not to exceed $3.1 billion in fiscal Q2 2025 and cash costs not expected to exceed $800 million. ## NEOM / Yara - The 30 June 2026 release (0001193125-26-289427, Exhibit 99.1) said Air Products and Yara International were finalizing a marketing and distribution agreement for renewable ammonia from the NEOM Green Hydrogen Project in Saudi Arabia, independent of the Louisiana decision. The 30 July 2026 earnings release (0000002969-26-000034) lists it among highlights as a finalized (signed) agreement. No separate 8-K reports the Yara agreement. ## Financing - **February 2025 (8-K filed 13 February 2025, 0001193125-25-026169).** Underwriting agreement dated 10 February 2025 for EUR 500 million of 2.950% Notes due 2031 and EUR 500 million of 3.450% Notes due 2037, with expected net proceeds of about EUR 992 million, used to repay commercial paper (including the repayment of EUR 300 million of 1.000% Notes due 2025) and for general corporate purposes. - **June 2025 (8-K filed 11 June 2025, 0001193125-25-139014).** Underwriting agreements dated 9 and 10 June 2025 for $600 million of 4.300% Senior Notes due 2028, $500 million of 4.900% Senior Notes due 2032 and EUR 500 million of 3.250% Notes due 2032. Net proceeds were about $1,093 million for the U.S. notes and about EUR 495 million expected for the Eurobonds, for general corporate purposes and commercial paper repayment. - In the Form 10-Q for the quarter ended 30 June 2026 (0000002969-26-000036), the company reported repaying $550.0 million of 1.50% senior notes at maturity in October 2025 and extending its $500 million 364-day revolving credit agreement to 25 March 2027. The 10-Q is the only source for these two items. ## Board and management - 7 July 2025 (0001193125-25-156605): General Counsel and Secretary Sean D. Major resigned effective 11 July 2025; a successor was to be named later. - 20 August 2025 (0001193125-25-183782): Howard Ungerleider, former Dow CFO, was elected a director effective 1 September 2025 and joined the Audit and Finance Committee. - 25 November 2025 (0001193125-25-297255): Director Lisa A. Davis, on the board since 2020, said she would not stand for re-election at the 28 January 2026 annual meeting and would retire at its conclusion, with no disagreements reported. - 29 January 2026 (0001193125-26-029381): Results of the 28 January 2026 annual meeting. All ten nominees were elected, say-on-pay received 96.25 percent of votes cast, and Deloitte & Touche LLP was ratified as auditor for fiscal 2026 (99.68 percent of votes cast). ## Acquisitions and divestitures - No acquisition or divestiture agreement is reported in the 8-Ks reviewed. The 10-Q (0000002969-26-000036) states that two China gasification plants have been held for sale since fiscal Q4 2025 and are still being marketed, with assets held for sale of $475.5 million at 30 June 2026. No sale has been signed or closed. The 10-Q also describes the completed 30 April 2025 acquisition of Ijsfabriek Strombeek in Belgium (consideration of $74.2 million, net of cash acquired).