Air Products

APD · Materials · Market cap $66.8B

Q2 FY26 Mar 31, 2026 reported Apr 30, 2026

Revenue$3.2B +9% year over year

Gross profit$1B

Operating profit$0.8B

Net profit$0.7B 22% margin

Numbers and detail

All figures in billions of U.S. dollars, for Q2 FY26 (period ends Mar 31, 2026).
Item	Value	Share of revenue	Year over year
Revenue	3.2	100%	+9%
Onsite	1.7	53%	+10%
Merchant	1.3	41%	+4%
Sale of Equipment	0.1	3%	+45%
Cost of revenue	−2.2	69%
Gross profit	1	31% margin	+2pp
Research & development	−0	1%	+0pp
SG&A	−0.2	7%	+0pp
Operating profit	0.8	24% margin	+104pp
Tax	−0.2
Net profit	0.7	22%	+82pp

All figures in billions of U.S. dollars, for Q1 FY26 (period ends Dec 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	3.1	100%	+6%
Onsite	1.6	52%	+10%
Merchant	1.4	45%	+0%
Sale of Equipment	0.1	3%	+21%
Cost of revenue	−2.1	68%
Gross profit	1	32% margin	+1pp
Research & development	−0	1%	+0pp
SG&A	−0.2	7%	−1pp
Other	−0	0%	+0pp
Operating profit	0.7	24% margin	+2pp
Tax	−0.1
Net profit	0.7	22%	+1pp

All figures in billions of U.S. dollars, for Q4 FY25 (period ends Sep 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	3.2	100%	−1%
Onsite	1.6	50%	+2%
Merchant	1.4	44%	+2%
Sale of Equipment	0.2	6%	−28%
Cost of revenue	−2.1	66%
Gross profit	1	32% margin	−2pp
Research & development	−0	1%	+0pp
SG&A	−0.2	7%	+0pp
Other	−0.8	24%	+0pp
Operating profit	0	1% margin	−76pp
Tax	−0.1
Net profit	0	0%	−61pp

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Jun 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	3	100%	+1%
Onsite	1.5	50%	+8%
Merchant	1.3	43%	+1%
Sale of Equipment	0.1	3%	−39%
Cost of revenue	−2	67%
Gross profit	1	33% margin	+0pp
Research & development	−0	1%	+0pp
SG&A	−0.2	7%	−1pp
Operating profit	0.8	26% margin	+1pp
Tax	−0.2
Net profit	0.7	24%	+0pp

Quarter by quarter

Pick a quarter and the diagram above changes. Bars compare revenue across the quarters we hold.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q2 FY26	Mar 31, 2026	Apr 30, 2026	$3.2B	+9%	25%	$0.7B	22%
Q1 FY26	Oct 1 – Dec 31, 2025	Jan 30, 2026	$3.1B	+6%	23%	$0.7B	22%
Q4 FY25	Jul 1 – Sep 30, 2025	Nov 20, 2025	$3.2B	−1%	0%	$0B	0%
Q3 FY25	Apr 1 – Jun 30, 2025	Jul 31, 2025	$3B	+1%	27%	$0.7B	24%