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Air Products: Samsung, Semiconductors & Hydrogen—Can New Projects Offset The Darrow Uncertainty?

Air Products delivered second quarter fiscal 2026 results showing overall operating income growth across its segments, with earnings per share (EPS) increasing 19% year-over-year to $3.20. This improvement was driven by higher volumes, productivity gains, favorable currency impacts, and better-than-anticipated helium volumes, particularly from aerospace activities. The company’s operating margin expanded over 200 basis points to 23.7%, supported by strong on-site business volumes and cost efficiencies. Return on capital remained stable at 11.4%, with slight sequential improvement. The company maintained a strategic focus on three priorities: unlocking earnings growth, optimizing large project execution, and maintaining capital discipline. It raised its fiscal 2026 EPS guidance, now anticipating 8% to 10% growth at midpoint, bolstered by pricing actions, productivity, and new asset contributions. The second half outlook includes increased volumes in refining, electronics, and aerospace markets, offset partially by ongoing helium price headwinds due to Middle East supply disruptions.