[APD] Air Products: Q4 FY2026 Earnings Test On-Site Growth After Project Exits

Air Products is an industrial gases company that supplies oxygen, nitrogen, argon, hydrogen, helium and other gases to refining, chemicals, metals, electronics, manufacturing, medical and food customers, and it describes itself as the leading global hydrogen supplier[1]. Fourth quarter fiscal 2026 (three months ended September 30, 2026) and full fiscal year 2026 results are scheduled for 2026-11-05, so the Air Products Q4 earnings test arrives a week from now[2]. In the latest reported quarter, fiscal Q3 2026, sales were $3.16 billion, up 5%, with volume adding 3 percentage points and pricing and currency adding 1 point each; adjusted operating income was $810.3 million, up 9%, and adjusted EPS was $3.47, up 12%[3], above the top of the company's prior guidance[1]. In the same quarter, the company booked about $2.9 billion of pre-tax charges to exit the Louisiana Clean Energy Complex and other projects, producing a GAAP operating loss of $2.1 billion and a loss of $6.47 per share[1]. On July 30 the company guided fiscal Q4 adjusted EPS to $3.55-$3.65, raised full-year guidance to $13.39-$13.49, and cut its full-year capital expenditure outlook to about $3.5 billion[1]. As of October 29, Drillr's compilation of 13 analysts put the fiscal Q4 EPS consensus at $3.61 (range $3.51-$3.67), 11 analysts put fiscal Q4 revenue at $3.334 billion (range $3.113 billion-$3.445 billion), and 12 analysts put full-year EPS at $13.45; the table does not state its basis, so the EPS figures are read as adjusted EPS because they match company guidance[4].

Three things matter most in this report. The first is whether new plants keep lifting on-site volumes: volume added $60 million to the Q3 operating income bridge, driven mainly by new assets and the Gulf Coast HyCO (hydrogen and carbon monoxide) facilities[5], and management attributed the guided 5%-8% year-over-year EPS growth in Q4 to new assets, pricing and productivity[6], so a volume decline or lower Americas profit would remove the main support for that guidance. The second is whether merchant price increases can outrun power costs and falling helium prices: price net of power costs added only $16 million to Q3 operating income[5], helium still cut EPS by about 2%, and management flagged helium as a Q4 headwind[6], which determines whether the 25.6% adjusted operating margin keeps improving year over year. The third is whether cash comes back after the large-project exits: nine-month capital expenditures were $2.646 billion[7] and operating cash flow was $3.310 billion[8], the roughly $3.5 billion full-year capex outlook implies about $850 million in Q4, and exit-related cash spending is capped at $925 million[9]; whether both hold bears directly on when $17.7 billion of total debt starts to fall[10].

Company Background and Business Structure

Air Products is in the middle of a turn away from large energy transition projects and back toward its core industrial gases business. The company called fiscal 2025 a transitional year: after a new chief executive joined in February 2025, it cancelled or descoped several large energy transition projects and tightened its return thresholds and risk-sharing requirements[11]. Management set three priorities for fiscal 2026: unlocking earnings growth, optimizing large projects and maintaining capital discipline[6].

Revenue falls into three supply modes, on-site, merchant and sale of equipment, and their contract terms differ sharply. On-site supply uses large plants built beside customer facilities or central pipeline systems, under contracts that typically run 15 to 20 years, commonly include fixed monthly charges or minimum purchase requirements, and escalate prices based on external indices[12]; swings in electricity, natural gas and hydrocarbon prices are passed to customers through pricing formulas, surcharges and cost pass-through provisions[13]. In fiscal 2025, on-site sales were $6.180 billion, or 52%; merchant sales were $5.337 billion, or 44%; and equipment sales were $520 million, or 4%[14]. Merchant supply serves smaller customers by liquid tanker and cylinder and includes helium, which is why the company separates non-helium product lines when it explains Americas merchant pricing[15].

By region, the Americas is the largest segment, while nearly all of Middle East and India profit comes from joint ventures. In fiscal 2025, Americas sales were $5.126 billion, Asia $3.271 billion, Europe $2.985 billion and Middle East and India $135.9 million[14]; regional industrial gases together made up over 90% of consolidated sales, about half of it atmospheric gases[16]. In fiscal Q3 2026, Middle East and India operating income was only $8.0 million, while its equity affiliates' income was $101.1 million; at June 30 the segment held $3.813 billion of equity affiliate investments and $11.887 billion of total assets[17], with the equity income coming mainly from affiliates in Saudi Arabia[18]. The Americas segment also includes a Mexican affiliate, which drove most of the equity income growth in fiscal Q2 2026[19].

Energy is the company's most important cost, and that shapes the profit sensitivity of each supply mode. The annual report states that electricity is the largest cost component in producing atmospheric gases, while hydrogen, carbon monoxide and syngas use natural gas or other hydrocarbons as feedstock[13]. Equipment sales have become a smaller share of revenue, falling to $520 million in fiscal 2025 from $878.4 million in fiscal 2024[14].

Financial History and Current Position

Revenue has been broadly flat over the last three fiscal years, while operating profit has been heavily distorted by project exit charges. According to the annual segment sales table, revenue was $12.600 billion in fiscal 2023, $12.101 billion in fiscal 2024 and $12.037 billion in fiscal 2025[14]. Fiscal 2025 sales fell 1%: volume subtracted 4 points while energy cost pass-through and pricing added 2 points and 1 point, and the volume decline mainly reflected the September 2024 LNG sale, lower global helium demand and project exits[11].

The fiscal 2025 GAAP loss came from one-time charges, and the adjusted business still earned about $2.9 billion of operating income. GAAP operating loss was $877.0 million, including about $3.7 billion of pre-tax project exit charges; adjusted operating income was about $2.9 billion, down 3%; equity affiliates' income was $647.7 million, flat year over year; and the net loss was $354.4 million[11]. Operating cash flow was about $3.3 billion, after an $851.6 million working capital outflow and about $395 million of tax payments tied to the LNG sale[20]; capital expenditures were $5.1 billion, slightly below $5.2 billion in fiscal 2024, mostly for the NEOM green hydrogen project in Saudi Arabia and the clean energy complexes in Louisiana and Alberta, Canada[21].

Adjusted earnings improved in each of the first three quarters of fiscal 2026. Fiscal Q1 adjusted EPS was $3.16, up 10%, with a 24.4% adjusted operating margin[22]; fiscal Q2 adjusted EPS was $3.20 against $2.69 a year earlier, and adjusted operating income was $752.7 million, up 19%[19]; fiscal Q3 adjusted EPS was $3.47, and equity affiliates' income was $205.2 million, up 22%[3]. Nine-month sales were $9.435 billion versus $8.870 billion a year earlier, and total segment operating income was $2.320 billion versus $2.046 billion[17].

Cash generation in the first nine months of fiscal 2026 was much stronger than a year earlier, but debt has not yet come down. Nine-month operating cash flow was $3.310 billion versus $1.996 billion, mainly because the working capital outflow shrank from $1.070 billion to $210.8 million[8]. Capital expenditures were $2.646 billion versus $4.003 billion; this non-GAAP measure excludes $817.1 million of NGHC (the NEOM green hydrogen joint venture) spending not funded by Air Products[7]. The company paid $1.2 billion of dividends, and total debt was $17.7 billion at June 30, unchanged from the prior fiscal year-end; during the period it drew $543 million of non-recourse NGHC project financing and repaid $550 million of maturing notes[10].

The comparison base for this report has to be derived from existing disclosures. Subtracting the $8.870 billion of sales for the first nine months of fiscal 2025[17] from full-year fiscal 2025 sales of $12.037 billion[14] gives fiscal Q4 2025 sales of about $3.167 billion. Management said Q4 guidance represents 5%-8% year-over-year growth[6], which implies prior-year adjusted EPS of about $3.38; standalone fiscal Q4 2025 segment data are not separately available in the current materials, so Americas operating income and similar metrics will need to be checked against the prior-year quarter when results are released.

Operating Model

Revenue depends on supplied volumes, contract prices and energy pass-through, and the company splits each quarter's sales change into four factors. On-site revenue is roughly contracted volume times an index-escalated price plus energy cost pass-through, and fixed monthly charges and minimum purchase terms make volume depend mainly on new plant start-ups and pipeline assets[12]. Merchant revenue is roughly volume times a market-driven price. Fiscal Q3 2026 sales grew 5%, made up of volume +3%, pricing +1% and currency +1%[3].

Operating profit changes with volume, price net of power costs, currency and costs, while energy pass-through enlarges revenue but adds almost no profit. In the Q3 bridge, volume added $60 million, currency $21 million and price net of power costs $16 million, while higher costs subtracted $28 million, mainly fixed-cost inflation and incentive compensation[5]. Energy pass-through dilutes margins: it cut the Europe margin by about 50 basis points in Q3[18], and about 100 basis points of the 150-basis-point decline in the fiscal 2025 Americas margin also came from pass-through[15].

Equity affiliates' income sits outside operating income but flows straight into EPS, so quarterly EPS can move at a different pace from operating profit. Q3 equity affiliates' income was $205.2 million, driven mainly by affiliates in the Americas and Middle East and India segments[5], and management credited the EPS beat to better-than-expected volume and higher affiliate contributions[6]. In timing terms, a new plant contributes volume in the quarter it starts up, non-helium price increases depend on merchant contract repricing, and affiliate income depends on how the underlying projects operate in their home countries.

The central cash constraint is whether operating cash flow covers capex and dividends, and project exit cash payments also run through operating cash flow. Operating cash flow is roughly adjusted EBITDA minus taxes and interest, plus or minus working capital, minus project exit cash payments; reported capital expenditures are a non-GAAP measure that excludes NGHC spending funded by non-recourse project debt and partners[7]. In fiscal 2025, operating cash flow of about $3.3 billion[20] fell short of $5.1 billion of capex[21], and the gap was filled by new borrowing and NGHC project financing[10]. Management's longer-term framework is about $1.5 billion a year for traditional industrial gas projects and, including remaining committed projects, total annual capex of $2 billion to $2.5 billion[6].

Industry and Competitive Position

Air Products competes in an oligopolistic industry led by a few global companies, and its pipeline networks are its main structural advantage. The annual report names Air Liquide, Linde and Messer as global competitors and lists price, supply reliability and application development as the bases of competition; where it owns pipelines, the company can supply large customers more reliably and economically[16].

Electronics has become the main source of new growth projects. In fiscal Q2 2026, Samsung selected the company to build, own and operate multiple production facilities and a bulk specialty gas system for a new advanced fab in South Korea[23]; in Q3 it signed with a Taiwan semiconductor manufacturer to build four large air separation units, bulk gas systems and new underground pipelines[1]. Management said electronics makes up about two-thirds of the opportunity pipeline, while chemicals and steel opportunities are mostly replacement assets[24], and that the traditional industrial gas backlog is about $3 billion, including more than $1.5 billion won in the last six months, mostly for electronics customers[6].

The company's energy transition footprint has shrunk sharply, leaving NEOM as the main remaining project. In June 2026 it decided to exit the Louisiana Clean Energy Complex and the Casa Grande project in Arizona, citing challenging commercial conditions, weak project economics and slower than expected development in some markets, largely hydrogen for mobility[9]. NEOM has a marketing and distribution agreement with Yara for its green ammonia[1].

The available materials limit any competitive comparison. The frozen record contains no competitor revenue, margin or order data, so the company's relative performance against Linde and Air Liquide cannot be quantified; volume and price percentages are only sales decompositions and cannot be traced to specific plants or customers; and helium revenue and profit are not disclosed separately, leaving only management's verbal estimates of the EPS effect.

Core Debates

Can new plants carry growth: will on-site volumes and Americas profit keep rising year over year in the fiscal fourth quarter?

This debate matters because on-site supply is more than half of revenue and is protected by long contracts and minimum purchases, making it the company's most stable profit source. Consolidated volume fell 4% in fiscal 2025 because of the LNG sale, weaker helium demand and project exits[11]; in fiscal 2026, volume was flat in Q1[22], up 4% in Q2[19] and up 3% in Q3[3]. The company attributes the last two quarters' growth to new assets and the Gulf Coast HyCO facilities, and Q4 is the quarter that tests whether that growth continues and delivers the $3.55-$3.65 guidance[5].

Q3 segment data show growth concentrated in the Americas and Asia, while European volume is still falling. Americas sales were $1.321 billion with volume up 7%, and operating income rose 6% to $395.4 million from $374.1 million, driven by the HyCO facilities and a new on-site asset but partly offset by fixed-cost inflation, distribution costs and project development costs[18][17]. Asia volume rose 6% and operating income rose 18% to $256.4 million; Europe volume fell 2%[18].

There is another reading of Q3 profit growth: part of it did not come from on-site volume. Asia's 210-basis-point margin gain partly reflected lower depreciation after certain gasification assets were classified as held for sale[18], and the EPS beat also came partly from affiliate contributions[6]. The financial transmission runs from new plant start-ups and HyCO and pipeline assets to on-site volume, which shows up as volume's contribution to sales (+3% in Q3) and the volume line of the profit bridge ($60 million), then flows into adjusted operating income ($810.3 million) and adjusted EPS ($3.47)[5].

What remains unresolved is whether new-asset growth can offset weak demand in Europe and China and when the backlog turns into volume. In Q4, the points to watch are whether consolidated volume contribution stays positive and is still attributed to new assets and HyCO, whether Americas operating income keeps growing year over year, and whether the backlog stays near $3 billion[6]. If consolidated volume turns negative, Americas operating income falls year over year, or profit growth comes mainly from suspended depreciation and equity income rather than volume, the view that new plants are carrying growth would weaken.

Can pricing outrun power costs and falling helium prices: will merchant pricing keep supporting margins in the fiscal fourth quarter?

This debate matters because merchant gases are about 44% of revenue, carry short contracts and need market-based price increases to cover power costs[14]. Electricity is the largest cost in producing atmospheric gases[13], so changes in merchant power costs have to be absorbed through pricing; helium became a drag from fiscal 2025 as demand fell[11], and consolidated pricing fell 1% in fiscal Q2 2026 because of lower helium prices[19]. Adjusted operating margin has risen year over year each quarter in fiscal 2026, and Q4 tests whether that improvement can continue while helium stays weak.

Pricing recovered in Q3, but only modestly and unevenly across regions. Consolidated pricing contributed +1%[3], the same as in Q1[22], and price net of power costs added $16 million to Q3 operating income[5]. European pricing rose 2%, but 3% higher energy pass-through created an approximate 50-basis-point margin headwind, and the Europe margin fell 90 basis points to 28.3%[18]. Adjusted operating margin was 25.6%, up 110 basis points from 24.5% a year earlier[5].

Helium beat guidance in Q3, but the nature of the improvement is still debated. Management said helium cut EPS by about 2%, better than the roughly 3% it had guided, helped by new long-term helium contracts with electronics customers in Asia and the US; at the same time, supply from Qatar has been very limited and the company is drawing on inventory in its US storage cavern[6][24]. The alternative reading is that the improvement reflects a short-term volume rebound under tight supply rather than stabilizing prices, and management still lists helium as a Q4 headwind[6]. The financial transmission runs from non-helium price increases, power costs and helium prices to merchant pricing, which shows up as the "price net of power costs" line of the profit bridge and the helium drag on EPS, and ultimately in adjusted operating margin[5].

What remains unresolved is whether non-helium price increases can keep covering power costs and whether helium prices have bottomed. In Q4, the points to watch are whether consolidated pricing contributes at least +1% and price net of power costs stays positive, whether the helium drag stays at or below 2%, whether the company updates on Qatar supply and cavern inventory, and whether the Europe margin stabilizes. If helium prices keep falling and offset non-helium increases, or power costs rise faster than merchant prices and keep squeezing European margins, the year-over-year improvement in adjusted operating margin could stall.

Will cash come back after the big-project exits: can capital spending and exit costs stay within guidance in the fiscal fourth quarter?

This debate matters because the company poured capital into large energy transition projects for several years, and operating cash flow did not cover capex. Fiscal 2025 capex was $5.1 billion[21] against operating cash flow of about $3.3 billion[20]; the new management team has cancelled projects since 2025, and on June 30, 2026 it announced exits from the Louisiana Clean Energy Complex and Casa Grande with pre-tax charges of up to $2.9 billion ($2.2 billion after tax)[9], which produced the $2.1 billion GAAP operating loss in Q3[1]. Q4 is the first full quarter after these decisions and can test whether capex is really falling and exit cash costs are under control.

Nine-month cash data have improved clearly, but debt has stayed where it was. Operating cash flow was $3.310 billion, up from $1.996 billion a year earlier[8]; capex was $2.646 billion, down from $4.003 billion[7]; the full-year capex outlook fell from about $4.0 billion at Q2[23] to about $3.5 billion[1], implying about $850 million in Q4. Total debt was $17.7 billion at June 30, unchanged from the prior fiscal year-end[10].

Exit costs and asset recovery remain highly uncertain, and part of the capex decline may only be a timing shift. The company estimates exit-related cash spending at no more than $925 million and anticipates lower spending once settlements with third parties are finalized[9]; it is working to sell an intact 4,000-ton-per-day ammonia unit and reuse air separation equipment in its own operations, and management called the earlier roughly $1 billion recovery estimate preliminary[24]. Management acknowledged that part of the lower full-year capex outlook reflects payment timing, and the alternative reading is that some spending could return in fiscal 2027[6]. The financial transmission runs from project cancellations to lower capex, alongside contract termination payments recorded in operating cash flow; what remains after subtracting capex and dividends ($1.2 billion in the first nine months) from operating cash flow determines whether total debt can fall[10].

NEOM's start-up timing and price risk are a further unknown beyond cash recovery. The annual report anticipated NEOM coming onstream and delivering green ammonia in 2027[25]; the Yara agreement removes volume risk but leaves price risk with Air Products, and management does not anticipate a material effect on fiscal 2027 earnings[24][6]. In Q4, the points to watch are whether full-year capex stays at or below about $3.5 billion, whether the fiscal 2027 capex framework lands at $2 billion to $2.5 billion, whether full-year operating cash flow is clearly above fiscal 2025, whether additional exit charges appear, and how the ammonia unit sale and NEOM commissioning progress. If exit cash spending exceeds the $925 million cap, or NEOM commissioning slips while the company still carries price risk, the view that cash is coming back would weaken.

Risks and Falsifiers

Weak macro demand is a direct threat to non-electronics merchant volume. Management pointed to weak industrial demand and overcapacity in Europe and parts of Asia, including China[6]; European volume fell 2% in Q3[18], and merchant sales in Europe and Asia together were about 26% of fiscal 2025 revenue[14]. If European volume returns to growth in Q4 and Asian merchant volume holds steady, this risk has not materialized.

Operating risk at the Saudi joint ventures is concentrated in equity affiliates' income. Middle East and India profit comes mainly from Saudi affiliates; the segment's Q3 equity income was $101.1 million, up 18%, and company-wide equity affiliates' income was $205.2 million[18][17]. After an attack at the Jazan project site, management said it did not anticipate a material financial impact but could not share details because of joint venture agreements[24]. If Middle East and India equity income in Q4 is no lower than in Q3 and the joint venture partner publicly confirms no material impact, this risk is falsified.

Slower contributions from new plants would stall volume growth. Volume added $60 million to Q3 adjusted operating income[5], and the Americas made up about 43% of fiscal 2025 revenue[14]; if the increments from the Gulf Coast HyCO and new pipeline assets fade while merchant demand in Europe and China stays weak, that contribution would shrink. If Q4 volume contribution is at least +3% and Americas operating income grows year over year, the current view is confirmed.

Falling helium prices could offset non-helium price increases. Helium reduced Q3 EPS by about 2%[6], and consolidated pricing fell 1% in Q2 precisely because of lower helium prices[19]. If the Q4 helium drag stays at or below 2% and consolidated pricing is positive, this risk has not grown.

Exit costs and asset recovery are uncertain, and both contract termination talks and the ammonia unit sale could fall short. Cash spending is capped at $925 million against about $2.9 billion of pre-tax charges recognized in Q3[9], and the recovery estimate is still preliminary[24]. If the company discloses settled cash spending below $925 million or announces an asset sale, this risk eases.

Air Products carries NEOM's price risk, and commissioning a first-of-a-kind plant takes a long time. Management explained that NEOM is a first-of-a-kind facility using new technologies that will need an extended commissioning period of uncertain length to reach full output, and that the Yara agreement removes only volume risk[6][24]; Middle East and India total assets were $11.887 billion at June 30[17]. If the company confirms commissioning is on track for a 2027 start-up and keeps its view of no material effect on fiscal 2027 earnings, this risk has not yet materialized.

What to Watch Next

The checkpoints for the three core debates in this report are listed below, with baselines from fiscal Q3 2026 or the first nine months.

• New plants carrying growth: consolidated volume contribution was +3% in Q3; watch whether it stays positive and is still attributed to new assets and HyCO, and treat a negative reading as weakening the view.
• New plants carrying growth: Americas operating income was $395.4 million, up 6%; a year-over-year decline would weaken the view.
• New plants carrying growth: adjusted EPS was $3.47 in Q3; watch whether Q4 lands within $3.55-$3.65 and the full year within $13.39-$13.49.
• Pricing outrunning costs: price net of power costs was $16 million; watch whether it stays positive and consolidated pricing is at least +1%.
• Pricing outrunning costs: the helium drag was about 2% of EPS; watch whether it stays at or below 2% and for updates on Qatar supply and cavern inventory.
• Pricing outrunning costs: adjusted operating margin was 25.6%, up 110 basis points; watch whether it keeps rising and whether the Europe margin stabilizes.
• Cash coming back: nine-month capex was $2.646 billion; watch whether the full year stays at or below about $3.5 billion and the fiscal 2027 framework is $2 billion-$2.5 billion.
• Cash coming back: exit cash spending is capped at $925 million; watch for added charges and progress on the ammonia unit sale.
• Cash coming back: total debt was $17.7 billion; watch whether it starts to fall and whether NEOM commissioning remains consistent with a 2027 start-up.

Conclusion

Air Products' earnings rest mainly on long-term on-site contracts, merchant pricing and joint venture income drive quarterly swings, and nearly all of the cash pressure of recent years came from large energy transition projects. Over the first three quarters of fiscal 2026, adjusted EPS rose from $3.16 to $3.47, and nine-month operating cash flow of $3.310 billion already covered $2.646 billion of capex, but total debt remains $17.7 billion and Q3 added about $2.9 billion of exit charges[22][3][8][7][10]. The central unresolved relationship is whether volume from new plants and non-helium pricing can keep lifting profit despite weaker helium and soft European demand, while lower capex actually turns into lower debt.

After the fiscal Q3 results on July 30, 2026, the material found consisted mainly of news recaps of the results and project exits and brokers' revised views on the shares; it contained no outside assessment of these core debates with an independent judgment and a verifiable author and source, so no outside views are cited here and it is not possible to say where market interpretations agree or conflict. The judgments above rest on the company's own disclosures and form an analytical framework, not a summary of outside opinion.

The coming observations need to be read together, because no single metric is enough to change the view. If Q4 consolidated volume and Americas profit keep growing year over year, price net of power costs stays positive and the helium drag stops widening, while full-year capex holds at about $3.5 billion and exit cash spending stays within $925 million, the view that the return to the core business is improving earnings and cash together would strengthen materially. Conversely, if volume turns negative, profit growth depends mainly on suspended depreciation and equity income, or exit costs exceed the cap and capex rebounds in fiscal 2027, that view would weaken.

Sources

[1] APD Q3 FY2026 8-K filed 2026-07-30 · 2026-07-30 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000002969&type=8-K&dateb=&owner=include&count=40

[2] APD earnings calendar updated 2026-10-29 · 2026-10-29 · Drillr earnings calendar

[3] APD Q3 FY2026 10-Q filed 2026-07-30 · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/2969/000000296926000036/

[4] Drillr analyst estimates APD Q4 FY2026 retrieved 2026-10-29 · 2026-10-29 · Drillr analyst estimates · https://gateway.drillr.ai/mcp/private

[5] APD Q3 FY2026 10-Q operating income bridge filed 2026-07-30 · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/2969/000000296926000036/

[6] APD Q3 FY2026 earnings call 2026-07-30 · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[7] APD Q3 FY2026 10-Q capital expenditures filed 2026-07-30 · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/2969/000000296926000036/

[8] APD Q3 FY2026 10-Q operating cash flow filed 2026-07-30 · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/2969/000000296926000036/

[9] APD project exit 8-K filed 2026-06-30 · 2026-06-30 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000002969&type=8-K&dateb=&owner=include&count=40

[10] APD Q3 FY2026 10-Q debt filed 2026-07-30 · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/2969/000000296926000036/

[11] APD FY2025 10-K filed 2025-11-20 · 2025-11-20 · 10-K · https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/

[12] APD FY2025 10-K on-site contract terms filed 2025-11-20 · 2025-11-20 · 10-K · https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/

[13] APD FY2025 10-K energy cost pass-through filed 2025-11-20 · 2025-11-20 · 10-K · https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/

[14] APD FY2025 10-K revenue by supply mode filed 2025-11-20 · 2025-11-20 · 10-K · https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/

[15] APD FY2025 10-K Americas segment filed 2025-11-20 · 2025-11-20 · 10-K · https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/

[16] APD FY2025 10-K competition filed 2025-11-20 · 2025-11-20 · 10-K · https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/

[17] APD Q3 FY2026 10-Q segment table filed 2026-07-30 · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/2969/000000296926000036/

[18] APD Q3 FY2026 8-K segment results filed 2026-07-30 · 2026-07-30 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000002969&type=8-K&dateb=&owner=include&count=40

[19] APD Q2 FY2026 10-Q filed 2026-04-30 · 2026-04-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/2969/000000296926000020/

[20] APD FY2025 10-K operating cash flow filed 2025-11-20 · 2025-11-20 · 10-K · https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/

[21] APD FY2025 10-K capital expenditures filed 2025-11-20 · 2025-11-20 · 10-K · https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/

[22] APD Q1 FY2026 10-Q filed 2026-01-30 · 2026-01-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/2969/000000296926000008/

[23] APD Q2 FY2026 8-K filed 2026-04-30 · 2026-04-30 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000002969&type=8-K&dateb=&owner=include&count=40

[24] APD Q3 FY2026 earnings call Q&A 2026-07-30 · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[25] APD FY2025 10-K outlook filed 2025-11-20 · 2025-11-20 · 10-K · https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/