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Linde
Linde (LIN) investor relations material
Linde Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
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.
Why did EMEA Q4 volumes decline in chemicals & energy?
How does 2026 CapEx relate to project backlog?
Explain Q4 adjusted operating margin decline
Backlog trajectory to $7B: What drives it?
Space business: When will it materially impact EPS?
Restructuring: Structural or cyclical benefits?
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Next Linde earnings date
Q1 202630 Apr, 2026
Linde
Next Linde earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Linde plc operates as an industrial gas company in North and South America, Europe, the Middle East, Africa, and the Asia Pacific. The company offers processes, such as oxygen delignification process for removing lignin from wood pulp; bleaching process; refining process; pelletizing process; controlled freezing processes; and gasification of carbonaceous fuels. It also provides machinery and plants for processing various raw materials into bulk chemicals. In addition, the company offers engineering services.
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