Companies /Basic Materials

Linde Plc.

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

Q4 2025 Earnings

Reported Feb 5, 2026, 7:47am ET · SEC source
$4.20
Beat +0.55%
EPS · est. $4.18
$8.8B
Beat +1.35%
Revenue · est. $8.6B
+4.0%
Beating market
LIN vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−4%−2%0Feb 5Feb 6report 7:47am ETearnings+1.0%−5.3%
−4%−2%0Feb 5Feb 6earnings+1.0%−5.3%
LIN −5.3%S&P 500 +1.0%
−4%−2%0Feb 5Feb 6report 7:47am ETearnings+1.3%−5.3%
−4%−2%0Feb 5Feb 6earnings+1.3%−5.3%
LIN −5.3%NASDAQ +1.3%
−3%0Feb 4Feb 13report 7:47am ETearnings−0.4%+0.2%
−3%0Feb 4Feb 13earnings−0.4%+0.2%
LIN +0.2%S&P 500 −0.4%
−3%0+3%Feb 4Feb 13report 7:47am ETearnings−0.2%+0.2%
−3%0+3%Feb 4Feb 13earnings−0.2%+0.2%
LIN +0.2%NASDAQ −0.2%
−2.88%
Day of report
−2.49%
Next session
+2.86%
One week
+3.97%
30 days

S&P 500 over the same 30 days: −0.06%.

Did LIN Beat Earnings? Q4 2025 Results

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.

Key Takeaways
  • 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

Forward Guidance & Outlook

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

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$3.0B$6.0B$9.0B$8.3B$8.8BRevenue$2.2B$2.0BOperating Income$1.7B$1.5BNet Income
$0$3.0B$6.0B$9.0BRevenueOperating IncomeNet Income

LIN Revenue by Segment

Americas$3.9B+8.0%
EMEA$2.2B+6.0%
Asia Pacific$1.7B+3.0%
APAC
Linde Engineering$615.0M−2.0%

LIN Revenue by Geography

Americas$3.9B+8.0%
EMEA$2.2B+6.0%
Asia Pacific$1.7B+3.0%

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