Q3 25 EPS
$4.21
BEAT +0.75%
Est. $4.18
Q3 25 Revenue
$8.62B
MISS 0.01%
Est. $8.62B
vs S&P Since Q3 25
+15.6%
BEATING MARKET
LIN +21.2% vs S&P +5.7%
Market Reaction
Did LIN Beat Earnings? Q3 2025 Results
Linde delivered a clean earnings beat in the third quarter of 2025, posting adjusted EPS of $4.21 against a consensus estimate of $4.18, a 0.75% beat, as disciplined pricing and productivity execution offset flat volumes across its industrial gas ope… Read more Linde delivered a clean earnings beat in the third quarter of 2025, posting adjusted EPS of $4.21 against a consensus estimate of $4.18, a 0.75% beat, as disciplined pricing and productivity execution offset flat volumes across its industrial gas operations. Revenue of $8.62 billion rose 3.1% year over year, essentially matching consensus, with the top-line growth powered by a 2% pricing contribution while volumes remained largely static amid what CEO Sanjiv Lamba described as a guarded outlook on any near-term industrial recovery. The Americas segment was the clearest bright spot, with sales climbing 6% on a combination of pricing gains and modest volume growth in electronics and metals end markets. Operating cash flow of $2.95 billion surged 8%, and the company returned $1.69 billion to shareholders during the quarter, drawing fresh analyst upgrades on the strength of its defensive earnings profile. Looking ahead, Linde guided Q4 2025 adjusted EPS to a range of $4.10 to $4.20 and narrowed its full-year 2025 target to $16.35 to $16.45, up 5% to 6% year over year.
Key Takeaways
- • 2% underlying sales growth driven by price attainment with flat volumes
- • Continued productivity initiatives across all segments
- • Americas segment led with 6% sales growth on higher pricing and volumes in electronics, manufacturing, and metals & mining
- • EMEA operating margin expanded 260 basis points to 35.9%
- • Operating cash flow grew 8% year over year to $2.9 billion
LIN YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
LIN Revenue by Segment
With YoY comparisons, source: SEC Filings
LIN Revenue by Geography
With YoY comparisons, source: SEC Filings
“Despite stagnant industrial activity, Linde employees once again demonstrated resilient results by growing operating cash flow 8% and EPS to an all-time high of $4.21, all while maintaining industry leading margins and return on capital.”
— Sanjiv Lamba, Q3 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% |