Linde Plc.
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +3.54%.
Did LIN Beat Earnings? Q2 2025 Results
Linde delivered a clean beat across the board in the second quarter of 2025, with adjusted EPS of $4.09 topping the $4.04 consensus estimate by 1.36% and revenue of $8.49 billion edging past expectations by 1.40% on 2.8% year-over-year growth. The industrial gas giant credited higher pricing, particularly a 3% pricing gain in the Americas segment, as the primary engine behind results, helping offset softer manufacturing volumes in a muted industrial economy. Adjusted operating profit margin expanded 80 basis points to 30.1%, while operating cash flow surged 15% to $2.21 billion, enabling $1.81 billion in shareholder returns through dividends and buybacks. Hedge funds and institutional investors have taken note, with the stock held by 75 hedge funds as of Q1 2025. CEO Sanjiv Lamba pointed to a growing project backlog of $7.10 billion, including a new long-term low-carbon ammonia supply agreement on the U.S. Gulf Coast, as evidence of durable demand. Management set full-year 2025 adjusted EPS guidance at $16.30 to $16.50, representing 5% to 6% growth, with third-quarter EPS expected between $4.10 and $4.20.
- 2% price attainment across segments
- Continued productivity initiatives across all segments
- 80 basis point expansion in adjusted operating profit margin to 30.1%
- Americas growth driven by chemicals & energy end market
- EMEA margin expansion of 240 basis points despite lower volumes
“For the second quarter, Linde once again demonstrated strong resiliency as our employees delivered high-quality results against a muted industrial economy. EPS grew 6% and operating margins expanded 80 basis points versus prior year. In addition, we continue to secure future, contractual growth with the addition of several new wins to the project backlog, including another long-term agreement to supply gases to a world-scale low-carbon ammonia facility in the U.S. Gulf Coast. The current $7.1 billion sale-of-gas backlog will ensure attractive growth for years to come, and I'm confident in our ability to add even more high-quality projects, especially in the electronic and clean energy end markets.”
Linde CEO, on the earnings call
Forward Guidance & Outlook
For Q3 2025, Linde expects adjusted diluted EPS in the range of $4.10 to $4.20, up 4% to 7% versus prior-year quarter, or 3% to 6% excluding 1% estimated currency tailwind. For full-year 2025, the company expects adjusted diluted EPS of $16.30 to $16.50, up 5% to 6% versus prior year, or 4% to 5% excluding 1% estimated currency tailwind. Full-year capital expenditures are expected to be in the range of $5.0 billion to $5.5 billion to support growth and maintenance requirements including the $7.1 billion contractual sale of gas project backlog. Management maintains a measured view of underlying macro trends for the second half of 2025.
LIN YoY Financials
LIN Revenue by Segment
LIN Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.