Linde PLC

Latest Results (25.01.2026):

Linde PLC reported third‑quarter 2025 results showing modest top‑line growth and continued strong cash generation. For Q3 2025, sales were $8,615 million (up 3% YoY), GAAP net income was $1,929 million (up 24%) with diluted EPS $4.09 (up 27%), and adjusted EPS was $4.21 (up 7%). Adjusted operating profit was $2,558 million (up 3%) with an adjusted operating margin of 29.7% (up 10 bps). Operating cash flow rose to $2,948 million (+8% YoY) and free cash flow was $1,672 million; the company returned $1,685 million to shareholders during the quarter. Linde PLC reiterated full‑year 2025 adjusted EPS guidance of $16.35–$16.45 (up 5–6%) and expects full‑year capex of $5.0–$5.5 billion.

Key financials

Q3 2025 sales: $8,615M (+3% YoY). Underlying sales +2% (price attainment), volumes flat, acquisitions +1%. GAAP diluted EPS $4.09 (+27%); adjusted diluted EPS $4.21 (+7%). Adjusted operating profit $2,558M (+3%).

Margins and profitability

Reported operating profit margin was 27.5%; adjusted operating profit margin was 29.7% (up 10 basis points YoY). Linde cited higher pricing and productivity initiatives as main drivers of adjusted profit growth.

Cash flow and shareholder returns

Operating cash flow: $2,948M (+8% YoY). Capital expenditures in the quarter were $1,276M, leaving free cash flow of $1,672M. During Q3 the company returned $1,685M to shareholders (dividends plus net buybacks).

Guidance and capital spending

Q4 2025 adjusted diluted EPS guide: $4.10–$4.20 (up 3–6% YoY; 1–4% ex an estimated 2% currency tailwind). Full‑year 2025 adjusted EPS guide: $16.35–$16.45 (up 5–6%). Full‑year capex expected $5.0–$5.5B to support growth and maintenance; the company noted a $7.1B contractual sale of gas project backlog.

Regional and segment performance

Americas: sales $3,846M (+6%), underlying +4% (pricing +3%, volumes +1%); operating profit $1,199M (31.2% margin). APAC: sales $1,741M (+1%), underlying -1% (pricing -1%), operating profit $490M (28.1% margin). EMEA: sales $2,178M (+3%), underlying -1% (pricing +2%, volumes -3%), operating profit $781M (35.9% margin). Linde Engineering sales $519M (-15%); order intake $269M and third‑party sale of equipment backlog $2.9B.

Balance sheet and returns metrics

Cash and cash equivalents $4,509M; total debt ~$25.9B and net debt ~$21.4B (adjusted net debt $21.4B). Diluted shares ~471.5M. Reported 4‑quarter adjusted after‑tax return on capital (adjusted ROC) remained very strong (about 24.6% on a trailing basis).