Air Products & Chemicals Inc.

Earnings Growth: Air Products reported earnings per share (EPS) of $3.20 for Q2 Fiscal 2026, a 19% increase year-over-year (YOY). Improved volumes, productivity, and favorable currency impacts contributed to this growth. Year-to-date, the company reaffirmed its full-year EPS guidance, now projected to be between $13.00 and $13.25, reflecting an expected growth rate of 8% to 10% from the previous year.

Operating Margins and Cash Flow: The operating margin rose to 23.7%, an increase of over 200 basis points compared to the prior year, attributed to strong volumes, improved productivity, and increased pricing on non-helium merchant products, particularly in the Americas and Europe. The company has returned $800 million to shareholders in dividends in the first half of the fiscal year.

Challenges from Helium Supply: The ongoing conflict in the Middle East, particularly related to helium supply from Qatar, continues to be a significant headwind. It is expected to negatively affect helium pricing in 2026, with the company indicating that helium will remain a drag on EPS through the year, limiting some pricing flexibility in long-term contracts.