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Air Products raises 2027 EPS guidance on backlog growth and capex discipline

Nov 5, 2026, 6:13 AM EST1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

Upbeat 2027 adj EPS guide, backlog expansion, and lower capex imply stronger profitability and potential multiple expansion; execution risk remains a watch.

AI summary

What happened, with direct paths to the underlying reporting

Air Products posted a solid 2026 performance, delivering GAAP EPS of $2.39 and adjusted EPS of $13.45 while expanding its project backlog with more than $2 billion in new electronics wins. The company reduced capital spending and guided for 2027 adjusted EPS of $14.15–$14.50 with capex of $3.0–$3.5 billion, signaling sustained earnings growth and disciplined investments, though execution risk remains tied to project timing.

APD 2026 GAAP EPS $2.39; adjusted EPS $13.45.
FY2026 sales $13.0B; adjusted op income $3.2B; margin 24.4%.
Backlog expanded with over $2.0B of new electronics wins.
Guidance: 2027 adj EPS $14.15-$14.50; capex $3.0-$3.5B.
Q4 2026 GAAP EPS $2.62; adjusted EPS $3.61.

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