Total Revenue

–0.5% (from $2,930.2M to $2,916.2M)

Nearly flat revenue; modest declines resulted as stronger on-site performance was offset by lower Corporate & Other revenue and mixed effects in other regions, reflecting underlying market volatility built on previous period outcomes. " "

Americas Revenue

+3.3% (from $1,245.8M to $1,287.2M)

The improvement in Americas revenue is driven by higher volumes and improved pricing, building on prior gains and benefiting from strong operational conditions and non‐recurring business elements that boosted performance compared to Q2 2024. " "

Europe Revenue

+8.9% (from $667.9M to $727.4M)

A robust gain reflecting significant volume growth and effective pricing strategies, which amplified previous period improvements, indicating strong market demand and better contract dynamics in the European region. " "

Corporate & Other Revenue

–53% (from $201.1M to $94.7M)

A steep decline largely resulting from the divestiture of the LNG business that had previously augmented this segment, marking a major shift from Q2 2024’s elevated figures. " "

On-site Revenue

+10.5% (from $1,404.4M to $1,552.5M)

Increased by considerable volume gains and heightened demand for on-site activities; this continuity of prior trends in volumes and contract wins helped push revenues higher compared to the previous period. " "

Operating Income

Swing from +$637.2M to –$2,328.0M

A dramatic reversal into loss territory, reflecting significant non-recurring charges, cost escalations, and adverse market conditions that substantially undermined margins versus Q2 2024’s healthy operating income. " "

Net Income

Swing from +$580.9M to –$1,737.5M

Severe deterioration in profitability due to the operating loss in addition to extraordinary expense items and margin pressures that reversed the previous period’s positive net income, resulting in a roughly 400% adverse swing. " "

Basic Earnings per Share (EPS)

From $2.57 to –$7.77

The sharp negative shift in EPS underscores the compounded impact of operating losses and one-off charges, dramatically reversing Q2 2024’s earnings per share and highlighting the turnaround in per-share profitability. " "

Cash Provided by Operating Activities

–59% (from $801.7M to $328.1M)

Declining cash generation is attributable to increased working capital outflows and unfavorable adjustments compared to the prior period, signaling a deterioration in operational liquidity despite underlying operating performance improvements in other segments. " "

Adjusted EPS

FY 2025

maintained full‐year guidance, specific figures not disclosed "

$11.85 to $12.15 "

no prior guidance

Base Business Growth

FY 2025

no prior guidance

2% to 5% "

no prior guidance

Capital Expenditures

FY 2025

no prior guidance

$5 billion "

no prior guidance

Operating Margin

FY 2025

no prior guidance

24% (with a roadmap to 30%) " "

no prior guidance

ROCE

FY 2025

no prior guidance

Double-digit expected "

no prior guidance

Adjusted EPS

Q3 2025

no prior guidance (Q3 2025 guidance not provided in Q1 2025)

$2.90 to $3.00 "

no prior guidance

Core industrial gas portfolio optimization

In Q4 2024, the call emphasized optimizing the core business through stable performance, disciplined capital allocation, and a focus on efficiency. " " In Q3 2024, the discussion included divesting non‐core businesses and expanding key on-site investments to strengthen the core. " " Q1 2025 did not address these topics [Q1: none].

Q2 2025 provided detailed updates on portfolio optimization with rigorous plans to improve operating margins (targeting 30%), focused cost productivity, disciplined capital allocation, and deliberate project cancellations to sharpen the core business. " " " "

Recurring enhanced focus on core optimization – the current call deepens the commitment compared to previous periods, shifting back to fundamentals.

Cost efficiency initiatives and headcount reductions

Q1 2025 highlighted a 5% workforce reduction with projected savings from cost productivity actions. " In Q4 2024, executives detailed productivity measures that contributed positively to adjusted EPS, with headcount management playing a role. " " " Q3 2024 mentioned ongoing productivity actions, though without specific headcount reduction details. " "

Q2 2025 provided a more comprehensive outline of headcount reductions (with a plan to cut 2,500–3,000 positions by 2026–2028, including ongoing reductions of 1,300 and 500 tied to strategic divestitures), along with clear targets for cost savings in both operating and capitalized costs. " " "

Increasing focus on aggressive cost‐cutting and structured headcount realignment – the current period shows a more ambitious and granular approach.

Project execution challenges

In Q1 2025, there were mentions of planned facility upgrades and minor restructuring initiatives. " " Q3 2024 discussed uncertainties for specific projects (e.g., Alberta) and cautious timing without extensive detail. " Q4 2024 provided project updates with some focus on financing and permitting but less emphasis on delays or cost overruns.

Q2 2025 offered an in‐depth review of execution challenges including underperforming projects with substantial cost overruns (like the Alberta project at $3.3 billion), significant delays, and multiple project cancellations, combined with major restructuring efforts. " "

Worsening project execution challenges and higher restructuring measures – the current period indicates increased operational difficulties.

Evolving hydrogen strategy

Q1 2025 mentioned the blue hydrogen project in Louisiana with initiation of equity partnership discussions. " Q3 2024 stressed a landmark green hydrogen supply agreement with Total Energies and progress on blue hydrogen projects. " " Q4 2024 provided a robust discussion on a clean, green, and blue hydrogen strategy with strategic partnerships and targeted pricing strategies. " " "

Q2 2025 discussed an extensive evolving hydrogen strategy, covering detailed plans for both green and blue hydrogen – including solar/wind power integration, regulatory and pricing considerations, and multiple strategic partnerships to secure long‐term offtake agreements. " " " "

Consistent evolution with deeper strategic clarity – the strategic outlook is reinforced with more detailed execution plans and partnership focus in the current period.

Financial discipline and capital allocation

Q1 2025 projected net cash flow positivity by FY2027 with mentions of potential equity partnerships. " Q4 2024 similarly forecast a positive net cash flow starting in 2027, emphasizing disciplined capital allocation and project selection. " " Q3 2024 did not include specific commentary on this topic.

Q2 2025 emphasized a more rigorous financial discipline with a target of achieving net cash flow positivity as early as 2026, underpinned by stringent capital spending controls and a view to maintain net cash neutrality during 2026–2028. " " "

Strengthened financial discipline, aiming for earlier positive cash flow – the current call signals an improvement in financial rigor and a tighter capital allocation strategy.

Macroeconomic and geopolitical risks

Q1 2025 discussed rising energy costs, tariff concerns, and noted challenges in China, while emphasizing a cautious pricing approach. " " " " In Q3 2024, comments highlighted global geopolitical instability and a modest improvement in energy cost pass-through. " " " Q4 2024 focused on regional demand uncertainty (especially in China) and pricing challenges. " " "

Q2 2025 addressed volatile macroeconomic conditions with detailed mention of tariffs, energy costs, and market demand issues—such as a 4% earnings decrease due to certain macro pressures—and discussed the difficulties in forecasting amid these conditions. " " "

Consistent cautious tone amid persistent uncertainties – while the themes remain the same, the current commentary provides granular detail on the economic headwinds.

Emerging international growth initiatives

Q1 2025 discussed the Uzbekistan project upgrades and outlined expectations for its contribution along with active pursuit of Asia-region partnerships, particularly for blue hydrogen, despite challenges in China. " " " " " Q3 2024 highlighted positive volume contributions from new assets in Uzbekistan in Europe and noted stable Asia-region sales, albeit with some maintenance downtime. " " Q4 2024 mentioned Uzbekistan’s asset contribution and regional volumes with pricing challenges. " " "

There was no mention of emerging international growth initiatives such as the Uzbekistan project or Asia-region partnerships in Q2 2025.

Decrease in emphasis – the current period sees a deprioritization or delay in discussing international growth initiatives compared to earlier periods.

Declining emphasis on LNG business and helium oversupply

Q1 2025 noted the divestiture of the LNG business and addressed challenges from helium oversupply (impact from Russian helium and a nonrecurring sale). " " Q3 2024 mentioned the planned sale of LNG assets as a strategic divestiture with minimal discussion on helium oversupply. " " Q4 2024 provided detailed context on the LNG sale leading to a 4% headwind and discussed helium pricing pressures in Asia. " " "

Q2 2025 reiterated the strategic shift away from LNG by discussing the divestiture’s impact on sales and margins, and reviewed historical challenges with helium oversupply while noting that operating income from helium remains above pre-COVID levels. " "

Steady strategic shift from LNG with ongoing management of helium challenges – the narrative is consistent, emphasizing a deliberate move away from LNG while managing legacy helium issues.