Air Products reported fiscal 2026 results

Item 2.02. Results of Operations and Financial Condition.

On 5 November 2026, Air Products and Chemicals, Inc. issued a press release announcing its earnings for the fourth quarter and full fiscal year 2026. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

The information in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise be subject to liability under that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth therein.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description

99.1 Press Release dated 5 November 2026 .

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Air Products and Chemicals, Inc.

(Registrant)

Date: 5 November 2026

By: /s/ Melissa N. Schaeffer

Melissa N. Schaeffer

Executive Vice President and Chief Financial Officer

EXHIBIT-99.1

Exhibit 99.1

News Release

Air Products Reports Fiscal 2026 Full-Year and Fourth Quarter Results; Provides Fiscal 2027 Guidance

Delivered double-digit adjusted EPS growth in fiscal 2026 | Improved core business performance

Reduced capital spend relative to prior year | Expanded backlog, including over $2.0 billion of new electronics wins⁸

Fiscal 2026 Full-Year Summary of Results ( comparison versus prior year)

Q4 FY26 Summary of Results ( comparison versus prior year)

• GAAP EPS # of $2.62 and operating income of $633 million reflect the impact of project exits, primarily related to two China coal gasification plants

• Adjusted EPS * of $3.61 exceeded guidance midpoint;¹ adjusted operating income * of $856 million

Guidance

Fiscal 2026 Full-Year Consolidated Results ( comparison versus prior year)

LEHIGH VALLEY, Pa. (November 5, 2026) - Air Products (NYSE:APD) today reported full-year fiscal 2026 GAAP results, including operating income of $23 million, operating margin of 0.2 percent, and EPS # of $2.39. This compares with an operating loss of $877 million, operating margin of negative 7.3 percent, and loss per share # of $1.74 in the prior year. Both periods reflect significant charges related to business and asset actions, primarily associated with previously announced project exit decisions. The non-GAAP financial measures discussed below exclude these charges, as well as other items, as described in the "Reconciliations of Non-GAAP Financial Measures" section of this release.

Fiscal 2026 full-year sales of $13.0 billion increased eight percent, or $954 million, on four percent higher volumes, two percent higher energy cost pass-through, and two percent favorable currency.⁴

On a non-GAAP basis, fiscal 2026 full-year adjusted operating income* of $3.2 billion increased 11 percent over the prior year, primarily due to higher on-site volumes, favorable currency, and higher pricing. These benefits were partially offset by higher costs, driven by fixed-cost inflation and higher incentive compensation, partially offset by productivity improvements and lower depreciation. Adjusted operating margin * of 24.4 percent improved 70 basis points. Adjusted EPS * of $13.45 increased 12 percent over the prior year and also benefited from higher equity affiliates' income.

# Per share amounts are calculated and presented on a diluted basis from continuing operations attributable to Air Products.

* Certain results in this release include references to non-GAAP financial measures on a consolidated, continuing operations basis. Additional information regarding these measures and reconciliations of GAAP to non-GAAP historical results can be found below. Management is unable to reconcile, without unreasonable efforts, the Company's forecasted range of adjusted EPS or capital expenditures to a comparable GAAP range or amount because management is not able to predict the timing or occurrence of events or transactions that management believes are not representative of the Company's underlying business performance or the timing or occurrence of future investment activity, which are necessary to calculate forward-looking adjusted EPS from continuing operations and capital expenditures, respectively. Refer to the "Capital Expenditures" and "Adjusted EPS Outlook" sections below for additional information.

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Fiscal 2026 Fourth Quarter Consolidated Results (comparison versus prior year)

Air Products also reported fiscal 2026 fourth quarter GAAP results, including operating income of $633 million, operating margin of 17.8 percent, and EPS # of $2.62. This compares with operating income of $17 million, operating margin of 0.5 percent, and EPS # of $0.02 in the fourth quarter of fiscal 2025. Both periods reflect significant business and asset action charges. Prior-year charges included project exit decisions and the initial impairment of two China coal gasification plants. Current-year charges primarily reflect updated estimates associated with the sale process for these plants, including one sold in October 2026. The non-GAAP financial measures discussed below exclude these charges, as well as other items, as described in the "Reconciliations of Non-GAAP Financial Measures" section of this release.

On a non-GAAP basis, fourth quarter adjusted operating income * of $856 million² increased five percent on higher volumes and pricing actions, partially offset by higher costs. The higher volumes were primarily driven by on-sites, including a significant asset sale associated with an early contract termination in the Americas, and contributions from new asset