Research · Sep 3, 2026
[APD] Air Products Thesis 2026: NEOM Project Wind-Down Resets Clean Hydrogen Strategy
Air Products FY25 (Sep 30, 2025 FYE) at $12.04B revenue (~flat). Op income collapsed to -$877M from $4.47B FY24 on NEOM wind-down + clean H2 project impairments. EPS -$1.77 (vs $17.18 FY24). 3,600 headcount reductions since 2022 = ~$250M annual cost savings. FY26 guide: EPS $12.85-$13.15 (+7-9%), Q1 $2.95-$3.10, capex ~$4B with ~$1B traditional industrial gas.