A breakaway hose coupling includes axially separable housing sections (20; 22) maintained in coupled relationship with each other by a frangible coupling pin or set screw (74). Each housing section includes a valve controlled flow passage in which a spring biassed valve (30, 44; 60, 44') closes the flow passage when the housing sections are separated. Valve stems (42; 42') on the respective valves move into axial abutment with each other as the housing sections are coupled to mutually hold the respective valves open when the housing sections are coupled.