LINDE (LIN) Company Report

Sales of $8.8 billion in Q4 (+6% y/y, +2% q/q) with underlying growth of 3% (2% price, 1% volume); operating profit of $2.6 billion (29.5% margin) and EPS of $4.20 (+6%).
Full-year 2026 EPS guidance of $17.40–$17.90 (+6–9% y/y) assumes a 1% FX tailwind and 0% base volume change; Q1 sees a 3% FX tailwind.
Capital allocation: Q4 operating cash flow exceeded $3 billion; FY2025 investment of ~$6 billion in growth projects; $7.4 billion returned to shareholders; record project backlog of $10 billion (excludes ~$500 million in space launch propellant contracts).
Demand divergence: AI and digital infrastructure markets strong while traditional manufacturing, metals and chemicals remain weak; China merchant shipments outpaced 5% official IP growth , and electronics and India end markets exhibit robust momentum.

1 day ago

Transcript

Linde announces Q4 2025 earnings results

LIN

Earnings

Guidance Update

Share Buyback

Linde reported Q4 sales of $8.8 billion (+6% YoY), operating profit of $2.6 billion with a 29.5% margin, and EPS of $4.20 (+6% YoY); the company repurchased $1.4 billion of shares in the quarter.
For full-year 2025, Linde achieved record EPS, operating cash flow, and operating margins, delivered a 24.2% return on capital, returned over $7 billion to shareholders, and closed the year with a $10 billion project backlog.
Guidance for 2026 projects EPS of $17.40–$17.90 (up 6%–9% YoY) assuming a 1% FX tailwind and flat volumes, with a 3% FX benefit expected in Q1.

1 day ago

Transcript

Linde reports Q4 2025 results

LIN

Earnings

Guidance Update

Share Buyback

Sales of $8.8 B, up 6% year-over-year (2% sequentially); underlying growth of 3% ex-FX (2% pricing, 1% volumes)
Operating profit $2.6 B at a 29.5% margin; EPS $4.20, +6% as share count reductions offset higher tax rate
Fourth-quarter operating cash flow exceeded $3 B; full-year return of $7.4 B to shareholders, including $1.4 B in Q4 share repurchases
Project backlog at a record $10 B, excluding over $500 M of rocket-propellant investments for space-launch contracts
2026 EPS guidance of $17.40–$17.90 (+6–9%), based on a 1% FX tailwind and 0% base-volume change

1 day ago

Transcript

Linde reports Q4 2025 results

LIN

Earnings

Guidance Update

Share Buyback

Q4 2025 adjusted sales of $8,764 M (+6% YoY), operating profit of $2,585 M (+4% YoY), EPS of $4.20 (+6%), and operating cash flow of $3.03 B (+8%)
FY 2025 adjusted sales of $33,986 M (+3%), EPS of $16.46 (+6%), record operating cash flow $10.35 B (+10%), and after-tax ROC 24.2%
2026 guidance: adjusted EPS of $17.40–17.90 (+6–9%), CAPEX of $5.0–5.5 B, midpoint assumes no economic improvement
Capital allocation: $5.7 B invested in the business and $7.4 B returned to shareholders in 2025 (including $4.6 B buybacks and $2.8 B dividends)

1 day ago

Presentation

Linde reports Q4 and FY 2025 results

LIN

Earnings

Guidance Update

Share Buyback

Full-year 2025 sales of $34.0 billion (up 3% YoY), adjusted operating profit of $10.1 billion (up 4%), and adjusted EPS of $16.46 (up 6%).
Q4 2025 sales of $8.8 billion (up 6% YoY), adjusted operating profit of $2.6 billion (up 4%), and adjusted EPS of $4.20 (up 6%).
Operating cash flow of $3.03 billion in Q4 (up 8% YoY) and $10.4 billion for the full year (up 10%), with free cash flow of $1.57 billion and $7.4 billion returned to shareholders in 2025.
2026 guidance: Q1 adjusted EPS of $4.20–4.30 (up 6–9%) and full-year adjusted EPS of $17.40–17.90 (up 6–9%).

2 days ago

8-K

Linde reports Q4 and full-year 2025 results

LIN

Earnings

Guidance Update

Dividends

Full-year 2025: sales of $34.0 billion (+3% YoY), adjusted operating profit of $10.1 billion (+4%), adjusted EPS of $16.46 (+6%)
Q4 2025: sales of $8.8 billion (+6% YoY), adjusted operating profit of $2.6 billion (+4%), adjusted EPS of $4.20 (+6%)
Operating cash flow of $10.4 billion (+10%) for 2025; project backlog of $10.0 billion; returned $7.4 billion to shareholders via dividends and share buybacks
2026 guidance: Q1 adjusted EPS of $4.20–$4.30 and full-year adjusted EPS of $17.40–$17.90, each up 6–9%

2 days ago

Press Release

Linde PLC secures $1.5B revolving credit facility

LIN

Debt Issuance

Linde PLC and certain subsidiaries entered into an unsecured $1.5 billion 364-day revolving credit agreement with Bank of America, N.A. as administrative agent and a syndicate of lenders, maturing December 3, 2026.
Initial borrowers are Linde PLC, Linde Inc., Linde GmbH and Linde Finance B.V., with additional subsidiaries eligible to join subject to customary conditions.
The facility includes $50 million USD and €25 million swingline commitments, available for general corporate purposes.
Loans bear interest based on SOFR, EURIBOR, SONIA or base rate plus a ratings-based margin, and the agreement contains no financial maintenance covenant.
As of the signing date, there were no outstanding borrowings under the new credit agreement.

Dec 3, 2025, 9:03 PM

8-K

Linde plc issues €1.75 billion notes under debt programme

LIN

Debt Issuance

On November 20, 2025, Linde plc issued €600 million floating-rate notes due November 2027, €650 million 3.125% notes due November 2032 and €500 million 3.750% notes due November 2038 under its Euro debt issuance programme.
Net proceeds were approximately €1,737 million, before other fees and expenses, to be used for general corporate purposes.
The 2027 notes carry interest at 3-month EURIBOR + 22 bps, reset quarterly ; the 2032 notes pay a 3.125% coupon and the 2038 notes a 3.750% coupon.
These senior unsecured notes are guaranteed by Linde GmbH and Linde Inc. and were admitted to the official list of the Luxembourg Stock Exchange for trading on the Euro MTF market.

Nov 20, 2025, 9:01 PM

8-K

Linde: Saudi PIF Cuts U.S. Equity Holdings to $19.4B Ahead of Crown Prince DC Visit

LIN

New Projects/Investments

Saudi Arabia’s Public Investment Fund trimmed its U.S. equity portfolio to $19.4 billion by end-Q3 2023, marking an 18% quarter-over-quarter reduction and divesting from companies including Linde.
The PIF’s top U.S. stakes were in Uber ($7.1 billion), Electronic Arts ($5 billion) and Lucid Group ($4.2 billion) at quarter-end.
This reallocation aligns with Vision 2030, shifting focus to domestic investments, with $57 billion earmarked for 2024 and $70 billion post-2025 in local projects.

Nov 16, 2025, 6:45 AM

Bloomberg

Linde reports Q3 2025 earnings, updates 2025 guidance

LIN

Earnings

Guidance Update

M&A

Linde reported Q3 2025 sales of $8.62 billion, with net income up 24% to $1.93 billion and adjusted EPS of $4.21, above expectations.
The company projected 5–6% adjusted EPS growth for full-year 2025 to $16.35–$16.45 and issued Q4 EPS guidance of $4.10–$4.20.
Underlying sales fell 1% year-over-year due to stable volumes but pricing pressure mainly from helium.
Linde increased its stake in Dubai-based Airtec from 49% to over 90% in September 2025.

Oct 31, 2025, 5:10 PM

Morningstar

Earnings Transcripts

Quarterly earnings call transcripts for LINDE.

Q4 2025

Feb 5, 2026

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Q3 2025

Oct 31, 2025

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Q2 2025

Aug 1, 2025

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View All Transcripts

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LINDE (LIN)

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Guillermo Bichara

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Laurence Alexander

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Stephen Richardson

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