Linde reported Q3 2025 adjusted EPS of $4.21 (+7% YoY) on sales of $8.62 billion (+3%), maintained industry-leading margins, and narrowed full-year adjusted EPS guidance to $16.35–$16.45 (+5%–6%).
Despite flat volumes, pricing and cost discipline lifted adjusted operating profit to $2.56 billion (+3%) with a 29.7% margin (+10 bps), while operating cash flow rose 8% to $2.95 billion.
Details:
Headline figures: Net income was $1.93 billion (GAAP), with diluted EPS of $4.09 (+27%). Adjusted net income reached $1.99 billion and adjusted EPS $4.21 (+7%). Sales increased 3% to $8.62 billion as price contributed +2% and M&A +1%.
Profitability: GAAP operating profit was $2.37 billion; adjusted operating profit $2.56 billion (+3%), yielding a 29.7% adjusted margin (+10 bps YoY).
Cash & returns: Operating cash flow rose to $2.95 billion; free cash flow was $1.67 billion after $1.28 billion of capex. Linde returned $1.69 billion via dividends and buybacks in the quarter.
Guidance: Q4 adjusted EPS expected at $4.10–$4.20 (+3%–6% YoY; +1%–4% ex-FX). Full-year 2025 adjusted EPS $16.35–$16.45 (+5%–6%; FX ~flat). Full-year capex remains $5.0–$5.5 billion, supporting growth and a $7.1 billion sale-of-gas project backlog.
Segments:
Americas: Sales $3.85B (+6%); underlying +4% on +3% price and +1% volume (electronics, manufacturing, metals & mining). OP $1.20B; margin 31.2% (down 70 bps YoY; −30 bps ex pass-through).
EMEA: Sales $2.18B (+3%); underlying −1% (price +2%, volumes −3% amid softer metals & manufacturing). OP $781M; margin 35.9% (+260 bps; +220 bps ex pass-through).
APAC: Sales $1.74B (+1%); underlying −1% on stable volumes and lower helium pricing (−1%). OP $490M; margin 28.1% (−90 bps).
Linde Engineering: Sales $519M (−15%); OP $101M (19.5% margin). Order intake $269M; third-party equipment backlog $2.9B.
Linde’s steady price realization, high return on capital, and project backlog highlight the defensive profile of industrial gases through cyclical slowdowns. The company continues to spend heavily on on-site and clean-energy projects—including hydrogen and carbon capture—while maintaining top-tier margins. Regional trends diverged: EMEA margin expansion offset a softer APAC mix due to helium pricing, and Americas benefited from electronics and manufacturing volumes. With FX largely neutral for 2025 and volumes broadly flat, management’s tighter EPS range signals confidence in pricing, productivity, and capital deployment to drive earnings and cash flow into 2026.
