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Linde

LIN Q4 2025 Earnings

Reported Feb 5, 2026 at 7:47 AM ET · SEC Source

Q4 25 EPS

$4.20

BEAT +0.72%

Est. $4.17

Q4 25 Revenue

$8.76B

BEAT +1.35%

Est. $8.65B

vs S&P Since Q4 25

+5.0%

BEATING MARKET

LIN +9.4% vs S&P +4.3%

Full Year 2025 Results

FY 25 EPS

$16.46

BEAT +0.33%

Est. $16.41

FY 25 Revenue

$34.00B

BEAT +0.39%

Est. $33.87B

Market Reaction

Did LIN Beat Earnings? Q4 2025 Results

Linde delivered a clean beat to close out 2025, with fourth-quarter adjusted EPS of $4.20 edging past the $4.17 consensus estimate by 0.72% and revenue of $8.76 billion topping expectations by 1.35% while rising 5.8% year over year. The industrial ga… Read more Linde delivered a clean beat to close out 2025, with fourth-quarter adjusted EPS of $4.20 edging past the $4.17 consensus estimate by 0.72% and revenue of $8.76 billion topping expectations by 1.35% while rising 5.8% year over year. The industrial gas giant's results were underpinned by a combination of 2% price attainment and volume growth from fresh project startups, a formula that helped lift adjusted operating profit to $2.58 billion even as operating margin dipped 40 basis points to 29.5%. For the full year, Linde generated $10.40 billion in operating cash flow, up 10%, and returned $7.40 billion to shareholders, reinforcing the capital discipline that has kept investor sentiment broadly constructive heading into 2026. Management's forward guidance calls for full-year 2026 adjusted EPS of $17.40 to $17.90, implying 6% to 9% growth, supported by a $10.00 billion project backlog that signals durable contracted demand well beyond the current quarter.

Key Takeaways

  • • 2% price attainment across segments
  • • 1% volume growth primarily from project startups
  • • Continued productivity initiatives across all segments
  • • Bolt-on acquisitions contributing 1% to sales growth
  • • Electronics end market strength, particularly in Americas and APAC
  • • Operating cash flow up 8% YoY in Q4 to $3.0 billion
24/7 Wall St

LIN YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

LIN Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26
24/7 Wall St

LIN Revenue by Geography

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“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.”

— Sanjiv Lamba, Q4 2025 Earnings Press Release

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