Full-Year Highlights
- Sales $34.0 billion, up 3% YoY, underlying sales up 2%
- Operating profit $8.9 billion, adjusted operating profit $10.1 billion, up 4%
- Operating profit margin 26.3%; adjusted operating profit margin 29.8%
- EPS $14.61; adjusted EPS $16.46, up 6% YoY
- Operating cash flow of $10.4 billion, up 10% YoY
- Total project backlog of $10.0 billion
- Returned $7.4 billion to shareholders through dividends and share repurchases
Fourth-Quarter Highlights
- Sales $8.8 billion, up 6% YoY, underlying sales up 3%
- Operating profit $2.0 billion, adjusted operating profit $2.6 billion, up 4%
- Operating profit margin 23.0%; adjusted operating profit margin 29.5%
- EPS $3.26; adjusted EPS $4.20, up 6% YoY
- Operating cash flow of $3.0 billion, up 8% YoY
2026 Guidance
- First-quarter 2026 adjusted EPS guidance $4.20 – $4.30, represents 6%-9% growth or 3%-6% ex FX
- Full-year 2026 adjusted EPS guidance $17.40 – $17.90, represents 6%-9% growth or 5%-8% ex FX
Woking, UK, February 5, 2026 – Linde plc (Nasdaq: LIN) today reported fourth-quarter 2025 net income of $1,530 million and diluted earnings per share of $3.26, down 11% and 9%, respectively. Excluding Linde AG purchase accounting impacts and restructuring charge impacts, adjusted net income was $1,968 million, up 4% versus prior year. Adjusted earnings per share was $4.20, 6% above prior year.
Linde’s sales for the fourth quarter were $8,764 million, up 6% versus prior year. Compared to prior year, underlying sales increased 3% from 2% price attainment and 1% volumes, primarily from project startups. In addition, acquisitions increased sales by 1%.
Fourth-quarter operating profit was $2,018 million. Adjusted operating profit of $2,585 million was up 4% versus prior year led by higher price and continued productivity initiatives across all segments. Adjusted operating profit margin of 29.5% was 40 basis points below prior year.
Fourth-quarter operating cash flow of $3,030 million increased 8% versus prior year. After capital expenditures of $1,458 million, free cash flow was $1,572 million. During the quarter, the company returned $2,085 million to shareholders through dividends and stock repurchases, net of issuances.
For full-year 2025, sales were $34.0 billion, up 3% versus 2024. Compared to prior year, sales increased 3% from 2% price attainment and 1% bolt-on acquisitions, while volumes remained stable. Operating profit was $8.9 billion and adjusted operating profit was $10.1 billion, 4% above prior year. Adjusted operating profit margin was 29.8% of sales, 30 basis points higher than 2024. Diluted earnings per share was $14.61 and adjusted diluted earnings per share was $16.46, up 6% versus prior year.
In 2025, Linde generated strong operating cash flow of $10.4 billion. The company invested $5.3 billion in capital expenditures and returned $7.4 billion to shareholders in the form of dividends and share buybacks, net of issuances.
Commenting on the financial results and business outlook, Chief Executive Officer Sanjiv Lamba said, “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.”
Lamba continued, “With disciplined capital allocation, strong network density and an increasing project pipeline, Linde is well positioned to capture high-quality wins in 2026 and continue to create shareholder value regardless of macroeconomic uncertainties.”
For the full year 2026, the company expects adjusted diluted earnings per share to be in the range of $17.40 to $17.90, up 6% to 9% versus prior year or 5% to 8% when excluding estimated currency tailwinds. Full-year capital expenditures are expected to be in the range of $5.0 billion to $5.5 billion to support operating growth requirements, including the contractual sale of gas backlog. For the first quarter of 2026, adjusted earnings per share is expected to be in the range of $4.20 to $4.30, up 6% to 9% above prior-year quarter or 3% to 6% when assumed estimated favourable currency of 3%.
Fourth-Quarter 2025 Results by Segment
Americas sales of $3,884 million were up 8% versus prior year. Compared with fourth quarter 2024, underlying sales increased 4%, driven by 3% higher pricing and 1% higher volumes, primarily in the electronics end market. Operating profit of $1,202 million was 30.9% of sales.
APAC (Asia Pacific) sales of $1,726 million were up 3% versus prior year. Compared with fourth quarter 2024, underlying sales increased 2%, driven by 2% higher volumes, primarily in the electronics and chemicals & energy end markets, including project start-ups. Operating profit of $502 million was 29.1% of sales.
EMEA (Europe, Middle East & Africa) sales of $2,178 million were up 6% versus prior year. Compared with fourth quarter 2024, underlying sales decreased 2%, as 1% higher pricing was more than offset by 3% lower volumes, mainly in the chemicals & energy end market. Operating profit of $772 million was 35.4% of sales.
Linde Engineering sales were $615 million, down 2% versus prior year, and operating profit was $103 million or 16.7% of sales. Order intake for the quarter was $434 million and third-party sale of equipment backlog was $2.7 billion.
Earnings Call
A teleconference on Linde’s fourth-quarter 2025 results is being held today at 9:00 am EDT.
| Live conference call | US Toll-Free Dial-In Number: 1 888 770 7292 UK Toll-Free Dial-In Number: 0800 358 0970 Access code: 6877110 |
| Live webcast (listen-only) | https://www.linde.com/investors/financial-reports |