Q1 25 EPS
$3.95
BEAT +0.68%
Est. $3.92
Q1 25 Revenue
$8.11B
MISS 1.69%
Est. $8.25B
vs S&P Since Q1 25
-13.2%
TRAILING MARKET
LIN +15.8% vs S&P +29.0%
Market Reaction
Did LIN Beat Earnings? Q1 2025 Results
Linde delivered a mixed but fundamentally solid first quarter, with disciplined pricing and margin execution carrying the headline earnings number above expectations even as revenue fell slightly short. The industrial gas giant posted adjusted EPS of… Read more Linde delivered a mixed but fundamentally solid first quarter, with disciplined pricing and margin execution carrying the headline earnings number above expectations even as revenue fell slightly short. The industrial gas giant posted adjusted EPS of $3.95, edging past the $3.92 consensus estimate by 0.68%, while revenue of $8.11 billion came in 1.69% below expectations and was essentially flat year-over-year, up just 0.1%. The clearest explanation for the earnings resilience lies in Linde's pricing discipline, which drove 120 basis points of adjusted operating profit margin expansion to 30.1%, pushing adjusted operating profit to $2.44 billion despite volume headwinds in metals, mining, and manufacturing. The Americas segment was the brightest regional story, with underlying sales growth of 4% anchored in electronics and chemicals. Operating cash flow climbed 11% to $2.16 billion, and the company returned $1.81 billion to shareholders in the quarter. Looking ahead, management guided full-year 2025 adjusted EPS of $16.20 to $16.50, representing 4% to 6% growth, signaling confidence in the business model even amid a cautious macroeconomic backdrop.
Key Takeaways
- • 2% price attainment driving underlying sales growth of 1%
- • Adjusted operating profit margin expansion of 120 basis points to 30.1%
- • Continued productivity initiatives across all segments
- • Disciplined capital allocation
- • Americas segment 4% underlying sales growth led by electronics and chemicals & energy end markets
- • Industry-leading return on capital of 25.7%
LIN YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
LIN Revenue by Segment
With YoY comparisons, source: SEC Filings
LIN Revenue by Geography
With YoY comparisons, source: SEC Filings
“While first quarter macroeconomic headwinds largely played out as anticipated, Linde employees delivered another resilient performance by expanding operating margins 120 basis points to 30.1%, growing EPS (excluding FX) by 8%, and maintaining industry leading return on capital of 25.7%. These results were achieved through disciplined capital allocation and proactive management actions.”
— Sanjiv Lamba, Q1 2025 Earnings Press Release
LIN Earnings Trends
LIN vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
LIN EPS Trend
Earnings per share: estimate vs actual
LIN Revenue Trend
Quarterly revenue: estimate vs actual
LIN Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $4.33 | — | $8.78B | +2.09% |
| Q4 25 BEAT FY | $4.17 | $4.20 | +0.72% | $8.76B | +1.35% |
| FY Full Year | $16.41 | $16.46 | +0.33% | $34.00B | +0.39% |
| Q3 25 BEAT | $4.18 | $4.21 | +0.75% | $8.62B | -0.01% |
| Q2 25 BEAT | $4.04 | $4.09 | +1.36% | $8.50B | +1.40% |
| Q1 25 BEAT | $3.92 | $3.95 | +0.68% | $8.11B | -1.69% |