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Linde (LIN) investor relations material
Linde Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record annual and adjusted EPS, operating cash flow, and margins despite challenging industrial markets, with strong progress in sustainability and diversity initiatives.
Maintained industry-leading 24.2% return on capital and returned over $7 billion to shareholders.
Project backlog at a record $10 billion, with significant investments in clean energy and advanced electronics.
Delivered YoY sales growth in all end-markets, led by Electronics and project startups, and closed over 20 bolt-on acquisitions globally.
Initiated restructuring actions in Q4 to align resources for 2026, expecting benefits mainly in the second half.
Financial highlights
Full-year 2025 sales reached $34.0 billion, up 3% YoY; operating profit $10.1 billion, up 4%; net income $7.77 billion, up 4%.
Diluted/adjusted EPS for 2025 was $16.46, up 6% YoY; Q4 2025 EPS was $4.20, up 6% YoY.
Operating cash flow for 2025 was $10.4 billion, up 10% YoY; capex increased 17% to $5.3 billion.
EBIT margin for 2025 was 29.8%, up 30 bps YoY; ROC at 24.2%.
Returned $7.4 billion to shareholders in 2025 through dividends and buybacks.
Outlook and guidance
2026 adjusted EPS guidance: $17.40–$17.90, representing 6–9% growth over 2025; Q1 2026 EPS guidance: $4.20–$4.30, up 6–9% YoY.
Estimated YoY currency tailwind of 1% for full year and 3% for Q1 2026; capex expected at $5.0–$5.5 billion.
Guidance midpoint assumes no economic improvement; management remains prudent due to macroeconomic uncertainty.
Margin expansion in 2026 expected to exceed the long-term 30–50 basis point range due to restructuring and productivity actions.
- TimeTickerHeadlineOpen
- 7 Feb514167
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Q2 FY26 recurring revenue grew 8% and adjusted EPS guidance was raised to 9-12%.
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