Author: Akanksha Bakshi

Toyota Motor Corporation (NYSE:TM) stock rose on Monday after the automaker signed a binding agreement to join fuel-cell company cellcentric as an equal shareholder.

S&P 500 futures gained 0.43%, providing a supportive broader-market backdrop.

What Is Toyota’s New Fuel-Cell Partnership?

Toyota, Volvo Group (OTC:VOLVF) and Daimler Truck AG (OTC:DTRUY) will each own one-third of cellcentric following completion of the transaction.

The agreement follows a non-binding deal signed in late March. Closing is expected around the end of 2026 or early 2027, subject to regulatory approvals.

The companies plan to strengthen cellcentric’s technological capabilities, manufacturing scale and competitiveness in fuel-cell systems for heavy-duty commercial applications.

They also intend to support the development of hydrogen supply, infrastructure and the broader hydrogen ecosystem alongside industry associations and partners.

cellcentric will remain an independent company serving heavy-duty road and off-road transportation, coaches, rail, stationary power generation and other industrial applications.

TM Stock: Key Levels and Momentum Indicators

TM is stabilizing in the near term but remains in a broader downtrend. The stock trades above its 20-day and 50-day SMAs, yet remains below its 100-day and 200-day averages.

The May death cross reinforces the bearish longer-term setup. RSI at 51.47 is neutral, signaling balanced momentum.

Bulls will look for a move toward the longer-term averages, while bears will watch whether recent support holds if premarket gains fade.

• Key Resistance: $203.00 — a round-number area that lines up closely with the 200-day SMA zone where rebounds can stall
• Key Support: $171.00 — a nearby pivot area above the 52-week low ($166.10) where buyers previously stepped in

Toyota Earnings Preview for August 2026

The countdown is on: Toyota Motor is set to report earnings on August 10, 2026 (estimated).

• EPS Estimate: $5.33 (Up from $4.47 YoY)
• Valuation: P/E of 9.8x (Indicates value opportunity)

Toyota’s Benzinga Edge Scorecard Breakdown

Below is the Benzinga Edge scorecard for Toyota Motor Corporation American Depositary Shares (Each representing ten Ordinary Shares), highlighting its strengths and weaknesses compared to the broader market:

• Momentum: Weak (Score: 15.52) — The stock is lagging on trend strength despite the current premarket lift.
• Quality: Bullish (Score: 98.75) — The scorecard flags strong underlying business/financial quality versus the broader market.
• Value: Bullish (Score: 99.57) — Screens as attractively valued on this model, aligning with the low 9.8x P/E context.
• Growth: Bullish (Score: 85.07) — Indicates stronger growth characteristics than most peers in the broader universe.

The Verdict: Toyota Motor’s Benzinga Edge signal reveals a value-and-quality-heavy setup with solid growth traits, but weak momentum.

TM Price Action: Toyota Motor shares were up 2.68% at $182.18 at the time of publication on Monday, according to Benzinga Pro data.

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Air Products & Chemicals Inc. (NYSE:APD) stock surged more than 9% on Tuesday after the company scrapped several clean-energy projects and shifted its focus toward higher-return investments.

Investors appeared to welcome the move, viewing the project cancellations as a step toward stronger capital discipline and improved long-term returns.

Air Products Scraps Louisiana Clean Energy Project

Air Products said Tuesday it will not proceed with its Louisiana Clean Energy Complex after determining the project no longer met its return criteria.

The decision will result in pre-tax charges of up to $2.9 billion, or about $2.2 billion after tax, in the company’s fiscal third quarter of 2026, primarily for asset write-downs and contract terminations.

The company will also discontinue a zero-carbon liquid hydrogen facility in Casa Grande, Arizona, and several smaller clean-energy distribution projects, citing weak commercial conditions, project-specific economic challenges and slower-than-expected growth in hydrogen-for-mobility markets.

Separately, Air Products said it is finalizing a marketing and distribution agreement with Yara International ASA for renewable ammonia from the NEOM Green Hydrogen Project in Saudi Arabia. The company said the agreement is independent of the Louisiana project decision.

Technical Analysis

Tuesday’s rally pushed Air Products further above its key moving averages. The stock traded about 5.8% above its 20-day simple moving average of $280.95 and roughly 8.6% above its 200-day SMA of $273.66, reinforcing the longer-term uptrend.

Momentum also improved. The moving average convergence/divergence indicator remained above its signal line with a positive histogram, suggesting buying pressure continues to strengthen.

However, the 20-day SMA remains below the 50-day SMA, indicating short-term momentum has not fully confirmed the breakout.

The next resistance level sits near $307.50, just below the 52-week high of $307.96. Initial support is around $274.50, close to the 200-day moving average.

Earnings And Analyst Outlook

Air Products is expected to report fiscal third-quarter results on or around July 30.

Wall Street expects earnings of $3.34 per share, up from $3.09 a year earlier, on revenue of $3.19 billion, compared with $3.02 billion in the prior-year quarter.

The stock trades at about 28.6 times forward earnings, reflecting a premium valuation. Analysts maintain a consensus Buy rating with an average price forecast of $321.44. Recent analyst actions include:

• Morgan Stanley maintained an Equal-Weight rating and raised its price forecast to $310 on May 5.
• RBC Capital maintained an Outperform rating and raised its price forecast to $341 on May 5.
• UBS maintained a Neutral rating and raised its price forecast to $316 on May 1.

Top ETF Exposure

• State Street Materials Select Sector SPDR ETF (NYSE:XLB): 4.69% Weight
• The Materials Select Sector SPDR Fund (NYSE:XLB): 4.66% Weight
• Vanguard Materials ETF (NYSE:VAW): 4.08% Weight

Significance: Because APD carries significant weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.

Air Products Price Action

APD Stock Price Activity: Air Products shares were up 9.33% at $296.68 at the time of publication on Tuesday, according to Benzinga Pro data.

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FreeCast Inc. (NASDAQ:CAST) stock fell about 16% on Monday after short seller Fugazi Research published a bearish report questioning the streaming company’s valuation, financial health, and corporate governance.

Report Questions Valuation

Fugazi Research said FreeCast’s recent stock rally is disconnected from the company’s financial condition, arguing that CAST is “extremely overvalued” and “fundamentally of ZERO value” despite investor enthusiasm around its Starlink reseller announcement.

The report said FreeCast generated $92,909 in revenue in the quarter ended March 31, 2026, while incurring a loss of more than $4.5 million.

For the first nine months of fiscal 2026, revenue totaled $350,859, while net loss reached $10.18 million, meaning the company lost about $29 for every $1 it earned.

The company ended the quarter with $119,302 in cash, $8.12 million in total liabilities, a $205.4 million accumulated deficit, and a going-concern warning.

Fugazi also cited a $7.29 million working-capital deficit and said the company’s cash balance implied less than a week of runway at its current burn rate, absent additional financing.

Starlink Rally And Listing Structure

Fugazi said the June 18 Starlink Business reseller announcement helped fuel a sharp rally, but the agreement disclosed no contract value, minimum purchase commitment, exclusivity provision, revenue target, or signed customer.

The firm also said FreeCast’s direct listing created no lockup period for existing shareholders and did not bring meaningful operating capital into the business.

Insider Control And Dilution Risk

The report highlighted FreeCast’s reliance on CEO William Mobley and Nextelligence, saying related-party financing, preferred stock, voting control, and a material portion of reported revenue all flow through entities tied to Mobley.

Fugazi also pointed to a $50 million equity purchase agreement as a potential source of future dilution.

Broader company context remains weak, according to the report: FreeCast has minimal revenue, recurring losses, limited cash, a working-capital deficit, and an ongoing need for financing.

Fugazi concluded that recent promotional headlines changed the stock story, not the business, and said the company is more likely to keep relying on financing than create value for public shareholders.

Benzinga has reached out to the company for comment on the short report and is awaiting a response.

CAST Shares Slide Monday

CAST Price Action: FreeCast shares were down 15.74% at $6.800 at the time of publication on Monday, according to Benzinga Pro data.

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On Monday, FuelCell Energy, Inc. (NASDAQ:FCEL) reported fiscal second-quarter results that missed analyst expectations for both revenue and adjusted earnings, reflecting continued operational and market challenges.

FuelCell Energy Earnings And Revenue

Adjusted net loss was 53 cents per share, compared with the estimated 52-cent loss. Revenue fell 5% year over year to $35.589 million, below the $40.496 million forecast.

Net loss attributable to common stockholders was $78.7 million, or $1.45 per share, versus $38.8 million, or $1.79 per share, a year earlier. Adjusted EBITDA loss improved to $17.1 million from $19.3 million.

Revenue declined mainly due to lower service revenue, as no module exchanges occurred, and weaker generation revenue from reduced output during Groton Project repairs. Higher product and Advanced Technologies revenue partly offset the declines.

Segment Performance

Product revenue rose to $18 million from $13 million. Service revenue fell to $4.2 million from $8.1 million, while generation revenue decreased to $8.7 million from $12.1 million.

Advanced Technologies revenue increased to $4.7 million from $4.1 million.

Gross loss widened to $12.9 million from $9.4 million. Operating loss rose to $77.9 million from $35.8 million, partly due to a $42.6 million noncash impairment tied to Groton Project equipment upgrades.

During the earnings call, Chief Financial Officer Michael Bishop said the increase in operating expenses was largely driven by a $42.6 million noncash impairment charge tied to the Groton project.

He said the charge reflects FuelCell Energy’s decision to upgrade the 7.4-megawatt Groton Navy project with its current-generation 2.5-megawatt power blocks to improve reliability.

Bishop emphasized that the investment is aimed at delivering dependable baseload power for a critical U.S. government asset and noted that, excluding the impairment charge, the company’s core operating expenses declined year over year.

Backlog And Strategic Updates

Backlog totaled $1.14 billion as of April 30, down 9.9% from $1.26 billion a year earlier. Generation backlog was $928.5 million, service backlog $155.4 million, product backlog $36.1 million, and Advanced Technologies backlog $15.4 million.

FuelCell reported a second-quarter sales pipeline of 4 gigawatts, up 267% from the first quarter.

The company shipped its first two carbon capture modules to Rotterdam, Netherlands, as part of its collaboration with ExxonMobil Technology and Engineering Co.

ExxonMobil Technology and Engineering Co. is the central research, development, and engineering arm of Exxon Mobil Corporation (NYSE:XOM).

FuelCell launched a standardized 12.5 MW FuelCell Energy Block to reduce time-to-power for AI and data center projects in grid-constrained markets.

The company continued expanding its Torrington, Conn., factory, lifting its annual production capacity target to 500 MW from 350 MW. The project is expected to cost $200 million to $275 million and be completed within 24 months.

“This past quarter reflected strong commercial momentum and disciplined operational execution across the business, including continued progress on our data center strategy,” said Jason Few, President and CEO of FuelCell Energy.

FuelCell Energy Balance Sheet And Outlook

Cash, cash equivalents, and restricted cash totaled $440.9 million as of April 30, up from $341.8 million on October 31.

The company recorded $4.8 million in mark-to-market net losses on natural gas purchase contracts, classified as generation cost of sales.

FuelCell cited risks including economic uncertainty, interest rates, supply chain volatility, regulatory changes, commodity prices, government incentives, financing challenges, and bid-to-revenue conversion.

CEO Jason Few said FuelCell Energy’s project pipeline remains heavily weighted toward the fast-growing data center market. He noted that the company is pursuing opportunities across data centers, distributed generation, utilities, and industrial applications in both domestic and international markets, with potential data center customers accounting for about 89% of the overall pipeline.

FCEL Price Action: FuelCell Energy shares were up 5.28% at $18.24 at the time of publication on Monday, according to Benzinga Pro data.

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Canadian Solar Inc. (NASDAQ:CSIQ) reported first-quarter results on Thursday that topped Wall Street estimates on both revenue and earnings, driven by stronger-than-expected energy storage shipments and improved margins.

Shares of the solar and Energy storage company traded lower following the results.

Revenue totaled $1.077 billion, down 10% year over year but above the analyst estimate of $950.382 million and at the high end of the company’s guidance range.

The company reported a GAAP net loss attributable to shareholders of $32 million, or 71 cents per share, compared with a loss of $34 million, or 69 cents per share, a year earlier.

The EPS result beat the analyst estimate of a loss of 73 cents per share.

The company also announced the appointment of Colin Parkin as chief executive officer, effective May 14, succeeding founder Shawn Qu, who transitioned to executive chairman and chief technology officer.

Margins Improve As Shipments Beat Guidance

Gross margin improved to 25.1% from 11.7% a year earlier, supported by a $93 million IEEPA tariff refund benefit.

Solar module shipments totaled 2.5 GW, exceeding guidance of 2.2 GW to 2.4 GW, while battery energy storage shipments reached 2.1 GWh, above guidance of 1.7 GWh to 1.9 GWh.

Solar module shipments declined 64% year over year, while storage shipments rose 142%.

U.S. Manufacturing Expansion Continues

Canadian Solar said its 5 GWp Mesquite, Texas solar module facility is expected to expand to 10 GWp capacity in the second half of 2026.

The company also began trial production at its HJT solar cell plant in Jeffersonville, Indiana, with commercial operations targeted for July 2026.

Storage Backlog And Development Pipeline Expand

The company’s e-STORAGE segment had contracted backlog, including long-term service agreements, of $3.5 billion as of May 8.

Recurrent Energy’s solar project pipeline stood at 23.7 GWp, and its battery storage pipeline totaled 80.6 GWh as of March 31.

Operating cash outflow was $209 million in the quarter. Canadian Solar ended the period with $1.9 billion in cash and total debt of $6.8 billion.

Q2 Outlook Trails Estimates

For the second quarter, Canadian Solar forecast revenue of $1 billion to $1.2 billion, below the analyst estimate of $1.520 billion.

The company expects gross margin of 13% to 15%, solar module shipments of 3.1 GW to 3.3 GW, and battery energy storage shipments of 2.8 GWh to 3.2 GWh.

Management cited ongoing solar margin pressure, lithium carbonate price fluctuations, policy uncertainty, and geopolitical volatility as headwinds.

CSIQ Price Action: Canadian Solar shares were down 15.21% at $17.00 at the time of publication on Thursday, according to Benzinga Pro data.

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Snap Inc. (NASDAQ:SNAP) shares jumped on Wednesday after the company released an investor update highlighting its product roadmap and long-term monetization strategy.

Investor Update

The April 2026 presentation highlights Snap’s focus on driving engagement, expanding AR experiences, and growing advertising revenue.

It also includes smaller hardware efforts such as AR Spectacles. The update is viewed as a sentiment catalyst ahead of the next earnings cycle.

Restructuring Plan

Snap announced a restructuring plan to cut about 1,000 jobs, or 16% of its workforce. The company will also eliminate more than 300 open roles to reach net income profitability.

It expects pre-tax charges of $95 million to $130 million, mostly in Q2 2026. The move is projected to reduce annualized costs by more than $500 million by the second half of 2026.

Financial Outlook And AI Strategy

Snap updated its Q1 2026 outlook, projecting revenue of approximately $1.529 billion, up 12% year over year. It expects adjusted EBITDA of about $233 million for the quarter.

The company lowered full-year operating expenses to $2.75 billion and reduced stock-based compensation guidance to $1.05 billion.

The restructuring aligns with Snap’s shift toward an AI-driven operating model, with AI generating over 65% of new code, handling more than 1 million monthly support queries, and identifying over 7,500 bugs. The company is targeting gross margins above 60% in 2026 and aims to reach 1 billion monthly active users.

CEO Evan Spiegel said, “change of this magnitude and at this speed is never easy and it will not be seamless,” adding that affected U.S. employees will receive severance, healthcare coverage, equity vesting, and transition support.

SNAP Technical Levels: Key Support and Resistance to Watch

Snap is recovering from a weak longer-term trend, with buyers pushing the stock higher from its March low. The stock is trading 29.7% above its 20-day SMA, indicating strong short-term momentum.

However, it remains 5.7% below its 100-day SMA, suggesting the intermediate trend is not fully repaired.

The moving average structure remains a headwind, with the 20-day SMA below the 50-day SMA. The 50-day SMA is also below the 200-day SMA, signaling a longer-term downtrend.

With the stock still 17.7% below its 200-day SMA, bulls need follow-through to confirm a sustained recovery.

The moving average convergence divergence (MACD), a trend/momentum measure, is above its signal line, which leans toward improving momentum versus earlier in the downtrend. In everyday terms, MACD being above the signal line means upside pressure is currently outweighing downside pressure, even if the bigger trend is still repairing.

• Key Resistance: $6.50 — a round-number area where rebounds often stall if buyers hesitate.
• Key Support: $5.00 — a psychological level that can attract dip-buying if the move fades.

Snap Analyst Consensus & Recent Actions:

Snap has a Hold Rating and an average price target of $9.05 (high: $16.00; low: $5.50) from 34 analysts. Recent analyst moves include:

• Canaccord Genuity: Hold (Lowers Target to $6.00) (April 14)
• Wells Fargo: Equal-Weight (Lowers Target to $6.00) (April 7)
• Freedom Broker: Buy (Lowers Target to $8.00) (February 23)

SNAP Price Action: Snap shares were up 6.23% at $5.94 at the time of publication on Wednesday, according to Benzinga Pro data.

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Palantir Technologies Inc. (NASDAQ:PLTR) on Monday announced it has renewed and expanded its partnership with Stellantis NV (NYSE:STLA) through a new five-year agreement to advance data and artificial intelligence capabilities across the automaker’s operations.

Expanded Platform Deployment

Stellantis will expand its use of Palantir Foundry and begin deploying the Artificial Intelligence Platform (AIP) across select functions and regions. Foundry centralizes and operationalizes data, while AIP integrates AI into workflows with governance controls.

Operational Impact And Integration

The combined platforms aim to unify fragmented datasets, improve transparency, and enable faster decision-making within industrial operations.

AIP will build on Stellantis’ existing data structure in Foundry, linking generative AI with internal data and business processes. The approach is intended to strengthen governance, improve traceability, and support the scaled deployment of AI use cases.

The initiative also supports Stellantis’ Data4All strategy by expanding secure data access across teams.

François Bohuon, General Manager of Palantir France and EMEA Executive, and Grégoire Omont, Europe Operations Lead, stated: “By combining Foundry and AIP, we are helping Stellantis embed secure, governed AI at the heart of its operations — turning data into a decisive advantage across every function and geography.”

PLTR 5.5% Below 20-Day SMA

Currently, the stock is trading 5.5% below its 20-day simple moving average (SMA) and 12.2% below its 100-day SMA, indicating a bearish trend in the short- to medium-term. Over the past 12 months, shares have increased by 69.50%, and they are currently positioned closer to their 52-week highs than lows.

The RSI is at 42.24, which is considered neutral territory, suggesting that the stock is neither overbought nor oversold. Meanwhile, MACD is at 0.7638, below its signal line at 1.3955, indicating bearish pressure on the stock. The combination of neutral RSI and bearish MACD suggests mixed momentum.

• Key Resistance: $161.50
• Key Support: $126.50

PLTR May 4, 2026 Earnings

Palantir Technologies is slated to provide its next financial update on May 4, 2026 (estimated).

• EPS Estimate: 26 cents (Up from 13 cents)
• Revenue Estimate: $1.54 billion (Up from $883.86 million)
• Valuation: P/E of 227.1x (Indicates premium valuation)

Analyst Consensus & Recent Actions: The stock carries a Buy Rating with an average price target of $173.11. Recent analyst moves include:

• Rosenblatt: Buy (Maintains Target to $200.00) (Mar. 25)
• UBS: Buy (Raises Target to $200.00) (Mar. 18)
• Wedbush: Outperform (Maintains Target to $230.00) (Mar. 16)

Benzinga Edge: Growth 98.56, Value 1.45

Below is the Benzinga Edge scorecard for Palantir Technologies, highlighting its strengths and weaknesses compared to the broader market:

• Value: Weak (Score: 1.45) — Trading at a steep premium relative to peers.
• Growth: Strong (Score: 98.56) — High growth potential indicated by strong metrics.
• Momentum: Neutral (Score: 68.79) — Mixed signals in recent trading activity.

The Verdict: Palantir Benzinga Edge signal reveals a growth-heavy profile, suggesting strong market potential despite current value concerns.

PLTR ETF Weights: AIPI 8.93%, IGV 8.32%

• iShares Expanded Tech-Software Sector ETF (BATS:IGV): 8.32% Weight
• Global X Defense Tech ETF (NYSE:SHLD): 5.82% Weight
• REX AI Equity Premium Income ETF (NASDAQ:AIPI): 8.93% Weight

Significance: Because PLTR carries such a heavy weight in these funds, any significant inflows or outflows will likely trigger automatic buying or selling of the stock.

Stock Price Activity: PLTR shares were up 0.52% at $143.80, and STLA was up 1.79% at $6.83 during premarket trading on Monday, according to Benzinga Pro data.

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Target Corp. (NYSE:TGT) announced Wednesday it is lowering prices on more than 3,000 items across apparel, home goods, baby essentials, and select food and beverages as shoppers prepare for the spring season.

The price reductions are mostly 5% to 20% lower than the original prices.

The company is lowering prices on more than 3,000 on-trend items across its apparel and home assortment, baby essentials, and select food and beverages.

“Busy families are thinking about value as they begin to update their homes and wardrobes for spring,” said Cara Sylvester, executive vice president and chief merchandising officer, Target.

“We’re delivering by lowering prices on 3,000 spring favorites across apparel, essentials and home. We’re committed to making it easier than ever for guests to have the fresh style and incredible value they love, with lower prices on the items we know they want.”

The reductions cover women’s and kids’ apparel, bedding and home goods, footwear, including flats, sandals, and sneakers, and everyday essentials, such as baby items and pantry staples.

Expansion and Investment Plans

The pricing initiative is part of Target’s broader growth strategy. The company announced plans to open more than 30 stores in 2026, including its 2,000th location in Fuquay-Varina, North Carolina, and to complete more than 130 remodels.

These efforts are backed by a $5 billion capital investment plan for 2026, alongside hundreds of millions of dollars in additional store payroll and training to improve guest service.

Target also plans to expand next-day delivery to more than 20 new metro areas, reaching 60% of the U.S. population.

Technical Analysis

Currently, Target shares are trading 3.9% above their 20-day simple moving average (SMA) and 9.7% above their 100-day SMA, indicating a strong short-term uptrend.

Over the past 12 months, shares have increased by 7.08%, and they are currently closer to their 52-week highs than their lows, reflecting robust performance.

The RSI is at 64.31, which is in neutral territory, suggesting the stock is neither overbought nor oversold at this time. Meanwhile, the MACD is at 2.9628, above its signal line at 2.8153, indicating bullish momentum for the stock.

The combination of a neutral RSI and a bullish MACD suggests mixed momentum, indicating that while price action is positive, traders should remain cautious as the stock approaches overbought territory.

• Key Resistance: $126.00
• Key Support: $110.00

Analyst Consensus & Recent Actions

The stock has a Neutral rating and an average price target of $118.46. Recent analyst moves include:

• DA Davidson: Buy (Raises Target to $140.00) (Mar. 10)
• JP Morgan: Neutral (Raises Target to $120.00) (Mar. 5)
• Evercore ISI Group: In-Line (Raises Target to $120.00) (Mar. 5)

Benzinga Edge Scorecard

Below is the Benzinga Edge scorecard for Target, highlighting its strengths and weaknesses compared to the broader market:

• Value: Strong (Score: 82.37) — Trading at a reasonable valuation compared to peers.
• Quality: Weak (Score: 21.23) — Indicates some concerns about financial health.
• Momentum: Bullish (Score: 72.24) — Stock is outperforming the broader market.

The Verdict: Target’s Benzinga Edge signal reveals a mixed outlook. While the strong Value score suggests potential for growth, the weak Quality score indicates caution and suggests that investors should monitor financial health closely.

Top ETF Exposure

• The Consumer Staples Select Sector SPDR Fund (NYSE:XLP): 2.91% Weight
• ALPS Sector Dividend Dogs ETF (NYSE:SDOG): 2.17% Weight
• Invesco S&P Ultra Dividend Revenue ETF (NYSE:RDIV): 5.21% Weight

Significance: Because TGT carries significant weight in these funds, any significant inflows or outflows will likely trigger automatic buying or selling of the stock.

TGT Price Action: Target shares were down 0.01% at $120.73 during premarket trading on Wednesday, according to Benzinga Pro data.

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The Home Depot Inc. (NYSE:HD) reported fourth-quarter fiscal 2025 results on Tuesday that exceeded analyst expectations for both revenue and adjusted earnings. Shares rose following the announcement.

Fourth Quarter Results

Fourth-quarter sales were $38.198 billion, a 3.8% year-over-year decrease, but above the $38.119 billion estimate. This quarter included 13 weeks, compared to 14 weeks in the prior year. Comparable sales increased 0.4%, with U.S. comparable sales up 0.3%.

GAAP diluted earnings per share were $2.58, down from $3.02 a year ago. Adjusted diluted earnings per share were $2.72, exceeding the $2.54 estimate but below last year’s $3.13.

Operating income was $3.849 billion, with an operating margin of 10.1%. Adjusted operating margin was 10.5%.

Comparable customer transactions declined 1.6% for the quarter, while the comparable average ticket increased 2.4%. Total customer transactions were 366.5 million, down 8.5%. The average ticket was $91.28, up 2.4%.

Full-Year Performance

For fiscal 2025, sales increased 3.2% to $164.7 billion. Comparable sales rose 0.3%, with U.S. comparable sales up 0.5%. GAAP diluted EPS was $14.23, down from $14.91 in fiscal 2024.

Adjusted diluted EPS was $14.69, compared to $15.24 a year earlier. Operating income was $20.890 billion, with an operating margin of 12.7%. Adjusted operating margin was 13.1%.

Fiscal-year customer transactions totaled 1,601.5 million, a 2.2% decrease. The average ticket increased 1.4% to $90.56.

Cash Flow And Balance Sheet

Operating cash flow for fiscal 2025 was $16.325 billion, down from $19.810 billion in fiscal 2024. Capital expenditures totaled $3.679 billion. Year-end cash and cash equivalents were $1.389 billion.

“Throughout fiscal 2025, our teams did an incredible job engaging with our customers and growing market share, and I would like to thank them for their hard work and dedication,” said Ted Decker, chair, president, and CEO.

“For the fourth quarter, our results were largely in line with our expectations, reflecting the lack of storm activity in the third quarter and ongoing consumer uncertainty and pressure in housing. Adjusting for storms, underlying demand was relatively stable throughout the year.”

The company raised its quarterly dividend by 1.3% to $2.33 per share, payable on March 26, 2026, to shareholders of record as of March 12, 2026.

Fiscal 2026 Outlook

For fiscal 2026, Home Depot expects total sales growth of 2.5% to 4.5% and comparable sales growth of flat to 2.0%. The company projects GAAP EPS of $14.23 to $14.80, compared to the $14.79 estimate, and adjusted EPS of $14.69 to $15.28, compared to the $15.07 estimate.

Expected sales are $168.800 billion to $172.093 billion, compared to the $171.255 billion estimate.

The company forecasts a gross margin of about 33.1%, an operating margin of 12.4% to 12.6%, and an adjusted operating margin of 12.8% to 13.0%.

It expects an effective tax rate of 24.3%, net interest expense of $2.3 billion, capital expenditures at 2.5% of total sales, and about 15 new stores.

HD Price Action: Home Depot shares were up 2.85% at $387.72 during premarket trading on Tuesday, according to Benzinga Pro data.

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Air Products & Chemicals Inc (NYSE:APD) reported first-quarter fiscal 2026 results on Friday, delivering an earnings and revenue beat that pushed the stock higher in early trading.

The industrial gases company posted revenue of $3.103 billion, up 6% from $2.932 billion a year earlier and above the $3.051 billion analyst estimate.

Adjusted EPS was $3.16, up 10% year over year and exceeding the top end of company guidance. The result beat the $3.04 analyst estimate.

Sales growth reflected higher energy cost pass-through, favorable currency, and pricing. Volumes were flat as higher on-site volumes were offset by lower helium demand and a significant, non-recurring helium sale in the Americas segment in the prior year.

GAAP operating income rose 14% to $735 million. GAAP operating margin increased 170 basis points to 23.7%, despite an approximate 50-basis-point headwind from higher energy cost pass-through in the Americas segment. GAAP EPS was $3.04, up from $2.77.

On a non-GAAP basis, adjusted operating income increased 12% to $757 million. Adjusted operating margin rose 140 basis points to 24.4%.

Chief Executive Officer Eduardo Menezes said, “We had strong results from the base business, with a 10% increase in adjusted EPS compared to the prior year period, and also posted a 12% improvement in adjusted operating income despite helium headwinds in the quarter. This is a solid start as the Air Products team continues to focus on unlocking earnings growth, optimizing large projects, and maintaining capital discipline.”

Segment Performance

Americas sales of $1.3 billion were up 4% from the prior year, as 6% higher energy cost pass-through and 2% higher pricing were partially offset by 4% lower volumes. Operating income rose 4% to $404 million, while operating margin was flat at 30.1%.

Asia sales rose 2% to $832 million. Operating income increased 7% to $232 million, and operating margin improved by 140 basis points to 27.9%, driven by productivity improvements and reduced depreciation on gasification assets classified as held for sale.

Europe sales climbed 12% to $782 million. Operating income rose 20% to $224 million, and operating margin expanded 190 basis points to 28.6%.

Middle East and India equity affiliates’ income was $85 million, flat year over year. Corporate and other sales increased 21% to $117 million, and operating loss narrowed to $109 million.

Cash Flow and Balance Sheet

Cash provided by operating activities totaled $900.7 million. Cash and cash items ended the quarter at $1.026 billion.

Long-term debt stood at $17.115 billion, with $169.8 million in the current portion of long-term debt and $66.7 million in short-term borrowings.

The company recorded business and asset actions charges of $28.3 million, or $24.6 million after tax, or $0.11 per share, related to project exits announced in fiscal 2025.

Outlook

Air Products affirmed full-year fiscal 2026 adjusted EPS guidance of $12.85 to $13.15, compared with the $12.96 analyst estimate. The company continues to expect fiscal 2026 capital expenditures of approximately $4.0 billion.

Second-quarter adjusted EPS is expected to range from $2.95 to $3.10, versus the $3.02 estimate.

Recent developments include advanced negotiations with Yara International for low-emission ammonia projects, a quarterly dividend increase to $1.81 per share, and NASA supply contracts totaling more than $140 million.

APD Price Action: Air Products shares were up 0.67% at $257.74 during premarket trading on Friday, according to Benzinga Pro data.

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