Companies /Basic Materials

Linde Plc.

NASDAQ: LIN Specialty Chemicals
$485.35
▼ $4.98 (−1.02%) today
Markets closed · 7:39pm ET

Q3 2025 Earnings

Reported Oct 31, 2025, 6:45am ET · SEC source
$4.21
Beat +0.75%
EPS · est. $4.18
$8.6B
Miss −0.01%
Revenue · est. $8.6B
−2.5%
Trailing market
LIN vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−1.8%−0.9%0+0.9%Oct 31Oct 31report 6:45am ETearnings−0.4%−1.2%
−1.8%−0.9%0+0.9%Oct 31Oct 31earnings−0.4%−1.2%
LIN −1.2%S&P 500 −0.4%
−1.8%−0.9%0+0.9%Oct 31Oct 31report 6:45am ETearnings−0.8%−1.2%
−1.8%−0.9%0+0.9%Oct 31Oct 31earnings−0.8%−1.2%
LIN −1.2%NASDAQ −0.8%
−2%0+2%Oct 30Nov 7report 6:45am ETearnings−1.9%−0.8%
−2%0+2%Oct 30Nov 7earnings−1.9%−0.8%
LIN −0.8%S&P 500 −1.9%
−6%−3%0Oct 30Nov 7report 6:45am ETearnings−3.6%−0.8%
−6%−3%0Oct 30Nov 7earnings−3.6%−0.8%
LIN −0.8%NASDAQ −3.6%
−2.70%
Day of report
−1.46%
Next session
+0.53%
One week
−2.19%
30 days

S&P 500 over the same 30 days: +0.27%.

Did LIN Beat Earnings? Q3 2025 Results

Linde delivered a clean earnings beat in the third quarter of 2025, posting adjusted EPS of $4.21 against a consensus estimate of $4.18, a 0.75% beat, as disciplined pricing and productivity execution offset flat volumes across its industrial gas operations. Revenue of $8.62 billion rose 3.1% year over year, essentially matching consensus, with the top-line growth powered by a 2% pricing contribution while volumes remained largely static amid what CEO Sanjiv Lamba described as a guarded outlook on any near-term industrial recovery. The Americas segment was the clearest bright spot, with sales climbing 6% on a combination of pricing gains and modest volume growth in electronics and metals end markets. Operating cash flow of $2.95 billion surged 8%, and the company returned $1.69 billion to shareholders during the quarter, drawing fresh analyst upgrades on the strength of its defensive earnings profile. Looking ahead, Linde guided Q4 2025 adjusted EPS to a range of $4.10 to $4.20 and narrowed its full-year 2025 target to $16.35 to $16.45, up 5% to 6% year over year.

Key Takeaways
  • 2% underlying sales growth driven by price attainment with flat volumes
  • Continued productivity initiatives across all segments
  • Americas segment led with 6% sales growth on higher pricing and volumes in electronics, manufacturing, and metals & mining
  • EMEA operating margin expanded 260 basis points to 35.9%
  • Operating cash flow grew 8% year over year to $2.9 billion

“Despite stagnant industrial activity, Linde employees once again demonstrated resilient results by growing operating cash flow 8% and EPS to an all-time high of $4.21, all while maintaining industry leading margins and return on capital.”

Linde CEO, on the earnings call

Forward Guidance & Outlook

For Q4 2025, Linde expects adjusted diluted EPS of $4.10 to $4.20, up 3% to 6% versus the prior-year quarter (1% to 4% excluding an estimated 2% currency tailwind). For full-year 2025, adjusted diluted EPS is expected in the range of $16.35 to $16.45, up 5% to 6% versus prior year with estimated currency impact flat. Full-year capital expenditures are expected in the range of $5.0 billion to $5.5 billion to support growth and maintenance requirements including a $7.1 billion contractual sale-of-gas project backlog. The company remains guarded on any near-term industrial recovery.

LIN YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$3.0B$6.0B$9.0B$8.4B$8.6BRevenue$2.2B$2.4BOperating Income$1.6B$1.9BNet Income
$0$3.0B$6.0B$9.0BRevenueOperating IncomeNet Income

LIN Revenue by Segment

Americas$3.8B+6.0%
EMEA
Asia Pacific
APAC
Linde Engineering$519.0M−15.0%

LIN Revenue by Geography

Americas$3.8B+6.0%
EMEA$2.2B+3.0%
Asia Pacific$1.7B+1.0%

Figures from SEC filings and company reports. Not investment advice.