Linde (LIN) Q4 2025 Earnings
How Did LIN Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: −0.06%.
Did LIN Beat Earnings? Q4 2025 Results
Yes. Linde reported Q4 2025 earnings of $4.20 a share on Feb 5, 2026, beating the $4.18 consensus estimate by 0.5%. Revenue was $8.8B against a $8.6B estimate.
Linde delivered a clean beat to close out 2025, with fourth-quarter adjusted EPS of $4.20 edging past the $4.17 consensus estimate by 0.72% and revenue of $8.76 billion topping expectations by 1.35% while rising 5.8% year over year. The industrial gas giant's results were underpinned by a combination of 2% price attainment and volume growth from fresh project startups, a formula that helped lift adjusted operating profit to $2.58 billion even as operating margin dipped 40 basis points to 29.5%. For the full year, Linde generated $10.40 billion in operating cash flow, up 10%, and returned $7.40 billion to shareholders, reinforcing the capital discipline that has kept investor sentiment broadly constructive heading into 2026. Management's forward guidance calls for full-year 2026 adjusted EPS of $17.40 to $17.90, implying 6% to 9% growth, supported by a $10.00 billion project backlog that signals durable contracted demand well beyond the current quarter.
- 2% price attainment across segments
- 1% volume growth primarily from project startups
- Continued productivity initiatives across all segments
- Bolt-on acquisitions contributing 1% to sales growth
- Electronics end market strength, particularly in Americas and APAC
- Operating cash flow up 8% YoY in Q4 to $3.0 billion
“Linde delivered another year of resilient performance, with operating profit, cash flow and backlog each exceeding $10 billion. Operating margins expanded to 29.8%, ROC reached 24.2% and EPS grew 6%. These results underscore the strength of our operating model and the exceptional execution by the Linde team worldwide.”
Linde CEO, on the earnings call
What Was Linde's Outlook in Q4 2025?
For full-year 2026, Linde expects adjusted diluted EPS of $17.40 to $17.90, representing 6%-9% growth versus prior year (5%-8% excluding estimated currency tailwinds). Q1 2026 adjusted EPS is expected at $4.20 to $4.30, up 6%-9% year-over-year (3%-6% excluding an estimated 3% favorable currency impact). Full-year 2026 capital expenditures are expected in the range of $5.0 billion to $5.5 billion to support operating growth requirements, including the contractual sale of gas backlog.
LIN YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $8.8B | $8.3B | +5.8% |
| Operating Income | $2.0B | $2.2B | −8.1% |
| Net Income | $1.5B | $1.7B | −11.3% |
LIN Revenue by Segment
LIN Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.